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Mahanadi Coalfields Ltd

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Coal India subsidiary that mines non-coking coal in the Talcher and Ib Valley coalfields of Odisha, supplying mainly power utilities. The issue is entirely an offer for sale by Coal India Ltd.

Issue details

Price band

TBA

Face value

₹2

Lot size

TBA

Minimum investment

TBA

Issue size

TBA

Fresh issue

—

Offer for sale

TBA

Issue type

Book Built

Exchange

NSE, BSE

Key dates

Opens

19 Nov 2026

Closes

23 Nov 2026

Allotment

25 Nov 2026

Refunds

26 Nov 2026

Shares in demat

26 Nov 2026

Listing

27 Nov 2026

Subscription and listing

Subscription

Not open yet

Listing price

Not listed yet

Registrar

Kfin Technologies Ltd

Lead manager

SBI Capital Markets Ltd, Axis Capital Ltd, BOB Capital Markets Ltd, IDBI Capital Markets & Securities Ltd, IIFL Capital Services Ltd

Issue structure

Shares reserved per category and share of the total issue

QIB

QIB

—

—

Not more than 50% of the Net Offer

Not more than 50% of the Net Offer

Retail

Retail

—

—

Not less than 35% of the Net Offer

Not less than 35% of the Net Offer

NII

NII

—

—

Not less than 15% of the Net Offer

Not less than 15% of the Net Offer

About the company

Mahanadi Coalfields is a wholly owned subsidiary of Coal India Ltd, incorporated in April 1992 and based in Sambalpur, Odisha. It mines non-coking coal in the Talcher and Ib Valley coalfields and, as of June 30, 2026, operated 17 mines, 14 opencast and three underground. Most of its coal goes to power utilities under long-term fuel supply agreements, with other customers in cement, sponge iron, steel, aluminium and paper. It reported total income of ₹33,899.28 Cr in FY26 and had 20,526 permanent employees as of September 30, 2026.

Founded

1992, Sambalpur (Odisha)

1992, Sambalpur (Odisha)

Promoters

Government of India, Coal India Ltd

Government of India, Coal India Ltd

Products and segments

Non-coking coal mining through opencast and underground mines in the Talcher and Ib Valley coalfields; washed and beneficiated coal, including the 10 MTPA Ib Valley Coal Washery; coal handling and evacuation infrastructure

Non-coking coal mining through opencast and underground mines in the Talcher and Ib Valley coalfields; washed and beneficiated coal, including the 10 MTPA Ib Valley Coal Washery; coal handling and evacuation infrastructure

Promoter holding

100% pre-issue; 90% post-issue

100% pre-issue; 90% post-issue

Financial performance

Restated figures in ₹ crore, latest period first

₹ crore, latest first. Full table on desktop.

Period

Total income

Income

EBITDA

PAT

Net worth

Borrowings

Debt

Assets

H1 FY27 (Sep 2026)

H1 FY27 (Sep 2026)

17,107.83

17,107.83

7,463.98

4,880.66

4,880.66

22,399.80

2.76

2.76

57,711.68

FY26

FY26

33,899.28

33,899.28

16,084.93

10,698.12

10,698.12

21,371.23

3.16

3.16

55,358.27

FY25

FY25

33,028.65

33,028.65

15,331.11

10,825.12

10,825.12

18,343.49

3.35

3.35

53,590.53

FY24

FY24

33,590.34

33,590.34

16,636.91

11,841.55

11,841.55

16,119.91

3.95

3.95

50,687.79

ROE

—

ROCE

73.26%

Debt / equity

—

PAT margin

31.56%

P/E post issue

—

Market cap

TBA

Use of IPO money

Offer for sale by Coal India Ltd (no proceeds to company)

TBA

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Last updated:

Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.