India’s Bharat Coking Coal soars on listing, valued at $2.2 billion

BENGALURU, January 19, 2026 – Shares of India’s top coking coal miner, Bharat Coking Coal, surged by as much as 96% on the company’s market debut, valuing the Coal India unit at USD 2.2 billion, Reuters reported on Monday.

Bharat Coking Coal’s stock opened at 45 rupees on the National Stock Exchange before easing to 42.19 rupees, still 83.4% above its issue price of 23 rupees. The IPO is the first on India’s mainboard in 2026 and attracted USD 13 billion in bids, making it one of India’s most heavily subscribed listings of state-run companies in recent years.

Bharat Coking Coal is India’s leading producer of coking coal, a critical input for steelmaking, and the success of its listing is interpreted as a sign of optimism in the domestic steel sector.

“One can look at Bharat Coking Coal as a proxy player for steelmakers, which currently enjoy a strong business outlook,” Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, commented to Reuters.

According to statements made to Reuters by Bharat Coking Coal chairman and managing director, Manoj Kumar Agarwal, the company plans to acquire coking coal mines in Australia and Russia within the next two to three years.

Bharat Coking Coal is a subsidiary of Coal India, one of the world’s largest coal producers and a key supplier of thermal and coking coal to the power and steel sectors in India. It operates through eight subsidiaries and plays a strategic role in India’s energy security.

Photo by Albert Hyseni

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