Mahanadi Coalfields IPO
Bidding opens on 19 November 2026, in 3 days, and closes on 23 November 2026.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 16 November 2026. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹66.18 Cr
- Lot size
- Not announced
- Minimum investment
- Not announced
- Face value
- ₹2.00
- Fresh issue
- Not announced
- Offer for sale
- ₹66.18 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 19 November 2026 to 23 November 2026
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Anchor investor biddingNext
18 November 2026 in 2 days
One day before the public window, for institutional anchors.
Bidding opens
19 November 2026
Bidding closes
23 November 2026
Basis of allotment
25 November 2026
Refunds initiated
26 November 2026
Shares credited to Demat
26 November 2026
Listing on the exchange
27 November 2026
Issue dates
Grey market premium
Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.
| Date | Premium per share |
|---|---|
| 2026-11-14 | 9.25 |
| 2026-11-15 | 7 |
| 2026-11-16 | 7 |
Day by day, 3 records
| Date | Premium per share | Implied listing price | Implied gain |
|---|---|---|---|
| 16 November 2026 | ₹7.00 | Not recorded | 0.00% |
| 15 November 2026 | ₹7.00 | Not recorded | 0.00% |
| 14 November 2026 | ₹9.25 | Not recorded | 0.00% |
About Mahanadi Coalfields
Mahanadi Coalfields Ltd. mines and sells non-coking coal from the Talcher and Ib Valley coalfields in Odisha. It runs 17 mines as of June 30, 2026: 14 opencast and three underground. The company is a wholly owned subsidiary of Coal India Ltd. It sells coal under long-term Fuel Supply Agreements to power utilities and to steel, cement, aluminium, sponge iron and paper producers across several states. It also runs the Ib Valley Coal Washery, with capacity of 10 million tonnes a year, producing washed coal with lower ash content. Rail links, dedicated coal corridors, rapid loading systems and access to east coast ports move the coal out. Mahanadi Coalfields employed 20,526 permanent people as of September 30, 2026. It incorporated in April 1992 and is registered in Burla, Sambalpur, Odisha.
Promoters
- Government of India
- Coal India Ltd.
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|
| Assets | 50,687.79 | 53,590.53 | 55,358.27 | 57,711.68 |
| Total Income | 33,590.34 | 33,028.65 | 33,899.28 | 17,107.83 |
| Profit After Tax | 11,841.55 | 10,825.12 | 10,698.12 | 4,880.66 |
| EBITDA | 16,636.91 | 15,331.11 | 16,084.93 | 7,463.98 |
| NET Worth | 16,119.91 | 18,343.49 | 21,371.23 | 22,399.80 |
| Reserves and Surplus | 14,700.91 | 16,873.51 | 19,932.31 | 20,945.38 |
| Total Borrowing | 3.95 | 3.35 | 3.16 | 2.76 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Sep 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹16.16 | Profit after tax divided by the number of shares. |
| Net asset value per share | ₹32.29 | What the company owns, less what it owes, per share. |
| Return on capital employed | 73.26% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 53.87% | The offer document’s own name for return on shareholders’ funds. |
| Profit margin | 31.56% | Profit after tax as a share of income. |
| Operating margin | 47.45% | Operating profit as a share of income, before interest, tax and depreciation. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Mahanadi Coalfields is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Mahanadi Coalfields Ltd.This issue | 16.13 | — | ₹32.29 | 53.87% |
| Bharat Coking Coal Ltd | 0.28 | — | ₹12.53 | 2.07% |
| Coal India Ltd | 50.46 | 7.95 | ₹195.22 | 27.78% |
| National Mineral Development Corporation Ltd | 8.47 | 10.24 | ₹38.73 | 23.28% |
| PT Bukit Asam (Persero) Tbk | 1.36 | 10 | ₹10.47 | 13.16% |
| Yancoal Australia Ltd | 20.11 | 20.81 | ₹410.11 | 4.83% |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Questions people ask
Bidding runs from 19 November 2026 to 23 November 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
The most recent recorded premium is ₹7.00 per share, against ₹9.25 when recording began on 14 November 2026. The movement across those days says more than either number on its own.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Mahanadi Coalfields issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 16 November 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.