Mahanadi Coalfields IPO Details
Mahanadi Coalfields Limited filed its draft red herring prospectus with SEBI on 8 Sep 2026 and Sebi Approval received on 4 Nov 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 8 Sep 2026
- SEBI Approval
- 4 Nov 2026
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Mahanadi Coalfields IPO status
Mahanadi Coalfields Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 8 Sep 2026 |
|---|---|
| Days since filing | 56 |
| SEBI observation | 4 Nov 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Mahanadi Coalfields Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹33,028.65 Cr to ₹33,899.28 Cr, and profit after tax fell from ₹10,825.12 Cr to ₹10,698.12 Cr. The PAT margin for 31 Mar 2026 was 31.56%.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 57,693.76 | 55,358.27 | 53,590.53 | 50,687.79 |
| Total Income | 8,437.92 | 33,899.28 | 33,028.65 | 33,590.34 |
| Profit After Tax | 2,398.78 | 10,698.12 | 10,825.12 | 11,841.55 |
| EBITDA | 3,641.37 | 16,084.93 | 15,331.11 | 16,636.91 |
| Net Worth | 23,769.02 | 21,371.23 | 18,343.49 | 16,119.91 |
| Reserve & Surplus | 22,335.07 | 19,932.31 | 16,873.51 | 14,700.91 |
| Total Borrowings | 2.94 | 3.16 | 3.35 | 3.95 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| ROCE % | 14.48 | 73.26 | 83.17 | 107.04 |
| RoNW % | 10.63 | 53.87 | 62.82 | 80.56 |
| Pat Margin % | 28.43 | 31.56 | 32.77 | 35.25 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Mahanadi Coalfields Ltd | 2 | — | 16.13 | 16.13 | 53.87% | 32.29 |
| Coal India Ltd | 10 | 7.95 | 50.46 | 50.46 | 27.78% | 195.22 |
| Bharat Coking Coal Ltd | 10 | — | 0.28 | 0.28 | 2.07% | 12.53 |
| National Mineral Development Corporation Ltd | 1 | 10.24 | 8.47 | 8.47 | 23.28% | 38.73 |
| PT Bukit Asam (Persero) Tbk | 0 | 10.00 | 1.36 | 1.36 | 13.16% | 10.47 |
| Yancoal Australia Ltd | 0 | 20.81 | 20.11 | 20.05 | 4.83% | 410.11 |
Notes
All the financial information for listed industry peers mentioned above is on a consolidated basis.
For Coal India Limited, Bharat Coking Coal Limited and National Mineral Development Corporation Limited, P/E ratio is calculated as closing share price as of August 28, 2026, divided by the diluted EPS for year ended March 31, 2026.
For PT Bukit Asam (Persero) Tbk and Yancoal Australia Limited, P/E ratio is calculated as closing share price as of August 28, 2026 divided by the diluted EPS for year ended December 31, 2025. Closing share price have been converted into Indian Rupee at foreign exchange rate of ₹68.62 per AUD and ₹ 0.0054 per IDR.
Basic and diluted EPS refers to the diluted EPS sourced from the financial statements of the respective peer group companies
For Mahanadi Coalfields Limited, Coal India Limited, Bharat Coking Coal Limited and National Mineral Development Corporation Limited, NAV per equity share represents Net worth as of the end of the financial year ended March 31, 2026 divided by the number of equity shares (i.e., equity shares and instruments entirely equity in nature) outstanding at the end of the year
For PT Bukit Asam (Persero) Tbk and Yancoal Australia Limited, NAV per Equity Share represents Net worth as of the end of the Financial Year ended December 31, 2025, divided by the number of equity Shares (i.e., equity shares and instruments entirely equity in nature) outstanding at the end of the year
RoNW is calculated as restated profit after tax for the year attributable to owners of the holding company divided by average net worth as of the last day of the relevant year. Average Net worth of particular year is the sum of opening net worth and closing net worth divided by two.
The shares do not have a par value or face value, as the concept of par value for shares has been abolished under the applicable corporate laws of the jurisdiction of incorporation.
Closing prices are based on data obtained from Bloomberg
P/E above 100 is not meaningful.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to utilize the Offer Proceeds for the following Objects.
| Sr | Objective |
|---|---|
| 1 | The Mahanadi Coalfields Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders. |
About Mahanadi Coalfields Limited
Mahanadi Coalfields Limited, incorporated in April 1992, is India’s largest coal producer by production volume and is primarily engaged in the exploration, mining and production of non-coking coal. The Company operates predominantly in the Talcher and Ib Valley coalfields of Odisha, which are among the country’s key coal-producing regions. It produces multiple grades and varieties of coal, including washed and beneficiated coal, catering primarily to the power sector and a diverse range of industrial customers engaged in cement, sponge iron, steel, aluminium and paper manufacturing.
Mahanadi Coalfields is a wholly owned subsidiary of Coal India Limited and was established with the objective of increasing domestic coal production and supporting India’s growing energy requirements. The Company operates a large and diversified mining portfolio comprising opencast and underground mines, supported by an integrated network of coal handling plants, rapid loading systems, silos, railway infrastructure and other coal evacuation facilities. As of June 30, 2026, the Company operated 17 mines, comprising 14 opencast mines and three underground mines.
The Company follows a highly mechanised mining model, with extensive deployment of advanced mining equipment, including surface miners, draglines, shovels, dumpers and other heavy earth-moving machinery. The use of surface miners enables efficient extraction of coal while reducing dependence on drilling and blasting, thereby helping minimise explosives usage, ground vibration, dust and noise. Its predominantly opencast mining operations, high degree of mechanisation and favourable geographical location have contributed to efficient production, improved productivity and effective cost management.
Mahanadi Coalfields also operates the Ib Valley Coal Washery, which has an installed capacity of 10 million tonnes per annum. The washery produces washed coal with relatively lower ash content, which is particularly suited for high-efficiency power generation. The Company has developed an extensive coal evacuation infrastructure comprising railway connectivity, dedicated coal corridors, roads, rapid loading systems and other mechanised loading facilities. Its strategic location in eastern India also provides access to ports along the eastern coast, supporting the efficient movement of coal to customers across various regions.
The Company derives a significant portion of its revenue from long-term Fuel Supply Agreements (FSAs), providing relatively stable demand visibility from customers, including major power utilities across multiple states in India. In addition to its core mining operations, Mahanadi Coalfields continues to focus on research and development, operational efficiency, technological advancement and sustainable mining practices. Its
Promoters
President of India through Ministry of Coal
Coal India Ltd.
Contact details
Mahanadi Coalfields Ltd.
Jagruti Vihar
Burla
Sambalpur, Odisha, 768020
Tel: +91 (0663) 254 2977
Email: cs.mcl@coalindia.in
Website:https://www.mahanadicoal.in/
Mahanadi Coalfields IPO FAQs
- Has Mahanadi Coalfields IPO filed for an IPO?
- Mahanadi Coalfields Limited filed its draft red herring prospectus (DRHP) with SEBI on 8 Sep 2026.
- When will the Mahanadi Coalfields IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Mahanadi Coalfields IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.