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PROSPECTUS
Dated January 13, 2026
Please read Section 26 of the Companies Act, 2013
100% Book Built Issue
(Please scan this QR Code to view this Prospectus)
BHARAT COKING COAL LIMITED
CORPORATE IDENTITY NUMBER: U10101JH1972GOI000918
REGISTERED AND CORPORATE OFFICE CONTACT PERSON TELEPHONE AND E-MAIL WEBSITE
Koyla Bhawan, Koyla Nagar, Dhanbad Jharkhand, Bani Kumar Parui Telephone: +91 326-2230190
www.bcclweb.in
India – 826005 Company Secretary and Compliance Officer Email: cos.bccl@coalindia.in
OUR PROMOTERS: PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF COAL, GOVERNMENT OF INDIA AND COAL INDIA LIMITED
DETAILS OF THE OFFER TO PUBLIC
FRESH OFFER FOR SALE TOTAL OFFER ELIGIBILITY AND SHARE RESERVATION AMONG QIBS, NIIS,
TYPE OF OFFER
ISSUE SIZE SIZE^ SIZE**^ RIIS, ELIGIBLE EMPLOYEES, ELIGIBLE SHAREHOLDERS
Offer for Sale Not applicable 465,700,000 equity 465,700,000 The Offer was made pursuant to Regulation 6(1) of the Securities and Exchange
shares of face value ₹ equity shares of Board of India (Issue of Capital and Disclosure Requirements) Regulations,
10 each aggregating to face value ₹ 10 2018, as amended (“SEBI ICDR Regulations”). For further details, see “Other
₹10,687.82 million each aggregating Regulatory and Statutory Disclosures – Eligibility for the Offer” on page 483.
to ₹10,687.82 For details of share reservation among QIBs, NIIs, RIIs Eligible Employees and
million Eligible Shareholders, see “Offer Structure” beginning on page 505.
DETAILS OF THE SELLING SHAREHOLDER, OFFER FOR SALE AND WEIGHTED AVERAGE COST OF ACQUISITION PER EQUITY SHARE
NAME OF THE SELLING TYPE MAXIMUM NUMBER OF OFFERED WACA (IN ₹ PER EQUITY
SHAREHOLDER SHARES/ AMOUNT SHARE)*#
Coal India Limited Promoter Selling Shareholder 465,700,000^ equity shares of face value ₹ 10 10.00
each aggregating to ₹10,687.82 million^
*WACA: Weighted average cost of acquisition. WACA is the total cost incurred for acquiring the securities of the Company as of date divided by the total number of securities acquired less the
amount received pursuant to the transfer/sale of any securities (if any) divided by the total number of securities sold/transferred.
#As certified by Nag & Associates, Chartered Accountants, by way of their certificate dated January 13, 2026.
^Subject to finalisation of basis of Allotment.
**A Discount of 4.35% on the Offer Price (equivalent to ₹ 1 per Equity Share) was offered to Eligible Employees bidding in the Employee Reservation Portion.
RISKS IN RELATION TO THE FIRST OFFER
This being the first public issue of our Company, there has been no formal market for the Equity Shares of our Company. The face value of our Equity Shares is ₹ 10 each.
The Floor Price, Cap Price and the Offer Price (as determined by our Company, in consultation with the BRLMs on the basis of the assessment of market demand for the
Equity Shares by way of the Book Building Process and in accordance with SEBI ICDR Regulations, and as stated in “Basis for Offer Price” beginning on page 123 should not
be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in
the Equity Shares or regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to take the risk of
losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Offer. For taking an investment decision,
investors must rely on their own examination of our Company and the Offer including the risks involved. The Equity Shares in the Offer have not been recommended or
approved by the Securities and Exchange Board of India (“SEBI”), nor does the SEBI guarantee the accuracy or adequacy of the contents of this Prospectus. Specific
attention of the investors is invited to “Risk Factors” beginning on page 33.
OUR COMPANY’S AND SELLING SHAREHOLDER’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Prospectus contains all information with regard to our Company and
the Offer, which is material in the context of the Offer, that the information contained in this Prospectus is true and correct in all material aspects and is not misleading in
any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission or inclusion of which makes this
Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Further, the Promoter Selling
Shareholder, accepts responsibility for and confirms only the statements specifically made or confirmed by such Promoter Selling Shareholder in this Prospectus solely in
relation to such Promoter Selling Shareholder and the Offered Shares and assumes responsibility that such statements are true and correct in all material respects and are
not misleading in any material aspect.
LISTING
The Equity Shares to be offered through the Red Herring Prospectus and this Prospectus are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited
(“NSE”, and together with BSE, the “Stock Exchanges”). For the purposes of the Offer, NSE is the Designated Stock Exchange.
BOOK RUNNING LEAD MANAGERS
NAME OF THE BOOK RUNNING LEAD MANAGER AND LOGO CONTACT PERSON(S) TELEPHONE AND E-MAIL
IDBI Capital Markets & Securities Telephone: +91 22 4069 1953
Sri Krishna Tapariya / Himanshu Shekhar Jha
Limited Email: bccl.ipo@idbicapital.com
Telephone: +91 22 6807 7100
ICICI Securities Limited Rahul Sharma / Ashik Joisar
E-mail: bccl.ipo@icicisecurities.com
DETAILS OF REGISTRAR TO THE OFFER
NAME AND LOGO OF REGISTRAR CONTACT PERSON TELEPHONE AND E-MAIL
Telephone: +91 40 6716 2222/18003094001
KFin Technologies Limited M. Murali Krishan
E-mail: bccl.ipo@kfintech.com
BID/OFFER PERIOD
ANCHOR INVESTOR BIDDING BID/OFFER OPENED ON BID/OFFER CLOSED ON
Thursday, January 8, Friday, January 9, 2026 Tuesday, January
DATE
2026 13, 2026
1PROSPECTUS
Dated January 13, 2026
Please read Section 26 of the Companies Act, 2013
100% Book Built Issue
(Please scan this QR Code to view this Prospectus)
BHARAT COKING COAL LIMITED
Our Company was incorporated in Bihar as “Bharat Coking Coal Limited”, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 01, 1972, issued by the Registrar of Companies, Bihar at Patna.
Thereafter, our Company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by our shareholders in the extraordinary general meeting held on April 28, 2025, and a fresh certificate of incorporation
dated May 7, 2025, was issued by the Registrar of Companies, Central Processing Centre. For further details relating to the change in the name and registered office of our Company, see “History and Certain Corporate Matters” on page 262.
Registered and Corporate Office: Koyla Bhawan, Koyla Nagar, Dhanbad, Jharkhand, India – 826005
Contact Person: Bani Kumar Parui, Company Secretary and Compliance Officer; Telephone: +91 326-2230190
E-mail: cos.bccl@coalindia.in; Website: www.bcclweb.in; Corporate Identity Number: U10101JH1972GOI000918
OUR PROMOTERS: PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF COAL, GOVERNMENT OF INDIA AND COAL INDIA LIMITED
INITIAL PUBLIC OFFERING OF 465,700,000^ EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF BHARAT COKING COAL LIMITED (THE “COMPANY”) FOR CASH AT A PRICE
OF ₹ 23 PER EQUITY SHARE INCLUDING A PREMIUM OF ₹ 13 PER EQUITY SHARE (THE “OFFER PRICE”) THROUGH AN OFFER FOR SALE (THE “OFFER”) OF 465,700,000^ EQUITY SHARES
AGGREGATING TO ₹ 10,687.82 MILLION BY COAL INDIA LIMITED (THE “PROMOTER SELLING SHAREHOLDER” OR “SELLING SHAREHOLDER” AND SUCH EQUITY SHARES OFFERED BY THE
SELLING SHAREHOLDER, THE “OFFERED SHARES”).
^ Subject to finalisation of Basis of Allotment
THE OFFER INCLUDES A RESERVATION OF 23,285,000^ EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH, AGGREGATING TO ₹ 512.27 MILLION (CONSTITUTING 0.50% OF THE POST-OFFER PAID-
UP EQUITY SHARE CAPITAL) FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (“EMPLOYEE RESERVATION PORTION”) AND A RESERVATION OF 46,570,000^ EQUITY SHARES AGGREGATING TO
₹ 1,071.11 MILLION (CONSTITUTING 1.00% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL) FOR SUBSCRIPTION BY ELIGIBLE SHAREHOLDERS (“SHAREHOLDER RESERVATION
PORTION”). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION AND THE SHAREHOLDER RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE OFFER
AND THE NET OFFER CONSTITUTED 10.00% AND 8.50%, RESPECTIVELY, OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. OUR COMPANY OFFERED A DISCOUNT OF
₹ 1 ON THE OFFER PRICE TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION (“EMPLOYEE DISCOUNT”).
^ Subject to finalisation of Basis of Allotment
*A Discount of 4.35% on the Offer Price (equivalent to ₹ 1 per Equity Share) was offered to Eligible Employees bidding in the Employee Reservation Portion.
THE FACE VALUE OF THE EQUITY SHARES IS ₹ 10 EACH. THE OFFER PRICE IS 2.30 TIMES THE FACE VALUE OF THE EQUITY SHARES
The Offer was made in terms of Rule 19(2)(b) of SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations
wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations not more than 50% of the Net Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), Our
Company allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”),of which 40% was made available for allocation as follows:
(i) 33.33% to domestic Mutual Funds, and (ii) 6.67% to life insurance companies and pension funds, subject to valid Bids having been received from domestic Mutual Funds, life insurance companies and pension funds at or above the
price at which allocation was made to Anchor Investors (“Anchor Investor Allocation Price”). In the event of under-subscription in (ii) above, the allocation was made to domestic Mutual Funds. In the event of undersubscription or
non-allocation in the Anchor Investor Portion, the balance Equity Shares was added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion was made available for
allocation on a proportionate basis to Mutual Funds only, subject to valid Bids having been received at or above the Offer Price, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all
QIBs, including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Net Offer was made available for allocation to Non-Institutional Investors (“Non-Institutional
Portion”) of which one-third of the Non-Institutional Portion was made available for allocation to Bidders with an application size of more than ₹ 0.20 million and up to ₹ 1.00 million and two-thirds of the Non-Institutional Portion
was made available for allocation to Bidders with an application size of more than ₹ 1.00 million and undersubscription in either of these two sub-categories of the Non-Institutional Portion was allocated to Bidders in the other sub-
category of the Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, not less than 35% of the Net Offer was made available for
allocation to Retail Individual Investors (“Retail Portion”), in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. Further, Equity Shares were allocated on a
proportionate basis to Eligible Employees and Eligible Shareholders who applied under the Employee Reservation Portion and Shareholders Reservation Portion respectively, subject to valid Bids having been received from them at or
above the Offer Price. All Bidders (except Anchor Investors) utilised the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (defined hereinafter) in case
of UPI Bidders (defined hereinafter), as applicable, pursuant to which their corresponding Bid Amount was blocked by the SCSBs or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of the respective
Bid Amounts. Anchor Investors were not permitted to participate in the Offer through the ASBA Process. For further details, see “Offer Procedure” on page 511.
RISKS IN RELATION TO THE FIRST OFFER
This being the first public issue of our Company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is ₹ 10. The Offer Price, Floor Price and Cap Price, as determined by our Company, in
consultation with the BRLMs on the basis of the assessment of market demand for the Equity Shares by way of the Book Building Process and in accordance with the SEBI ICDR Regulations and as stated in “Basis for Offer Price”
beginning on page 123, should not be taken to be indicative of the market price of the Equity Shares after such Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares nor
regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read the
risk factors carefully before taking an investment decision in this Offer. For taking an investment decision, investors must rely on their own examination of the Company and the Offer, including the risks involved. The Equity Shares
have not been recommended or approved by SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of this Prospectus. Specific attention of the investors is invited to “Risk Factors” beginning on page 33.
OUR COMPANY’S AND SELLING SHAREHOLDER’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the
information contained in this Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the
omission of which makes this Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Further, the Promoter Selling Shareholder, accepts responsibility for
and confirms only the statements specifically made or confirmed by such Promoter Selling Shareholder in this Prospectus solely in relation to such Promoter Selling Shareholder and the Offered Shared and assumes responsibility that
such statements are true and correct in all material respects and are not misleading in any material respect.
LISTING
The Equity Shares offered through the Red Herring Prospectus and this Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares
pursuant to their letters each dated September 3, 2025. For the purposes of the Offer, NSE is the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and this Prospectus has been filed with the RoC in accordance
with Section 32 and Section 26(4) of the Companies Act. For details of the material contracts and documents which were made available for inspection from the date of the Red Herring Prospectus up to the Bid/Offer Closing Date, see
“Material Contracts and Documents for Inspection” beginning on page 583.
BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER
IDBI Capital Markets & Securities Limited ICICI Securities Limited KFin Technologies Limited
6th Floor, IDBI Tower ICICI Venture House, Selenium Tower-B, Plot 31 & 32, Gachibowli, Financial District,
WTC Complex, Cuffe Parade, Appasaheb Marathe Marg, Nanakramguda, Serilingampally,
Mumbai – 400 005, Maharashtra, India Prabhadevi, Mumbai – 400 025, Maharashtra, India Hyderabad – 500 032, Telangana, India
Telephone: +91 22 40691953 Telephone: +91 22 6807 7100 Telephone:+91 40 6716 2222/18003094001
E-mail: bccl.ipo@idbicapital.com E-mail: bccl.ipo@icicisecurities.com E-mail: bccl.ipo@kfintech.com
Investor Grievance E-mail: redressal@idbicapital.com Investor Grievance ID: customercare@icicisecurities.com Investor Grievance E-mail: einward.ris@kfintech.com
Website: www.idbicapital.com Website: www.icicisecurities.com Website: www.kfintech.com
Contact Person: Sri Krishna Tapariya / Himanshu Shekhar Jha Contact Person: Rahul Sharma/ Ashik Joisar Contact Person: M. Murali Krishan
SEBI Registration Number: INM000010866 SEBI Registration No.: INM000011179 SEBI Registration no: INR000000221
BID/OFFER PROGRAMME
Anchor Investor Bidding Date Thursday, January 8, Bid/Offer opened on Friday, January 9, 2026 Bid/Offer closed on Tuesday, January 13, 2026
2026
2(This page is intentionally left blank)
1TABLE OF CONTENTS
SECTION I: GENERAL ...................................................................................................................................... 1
DEFINITIONS AND ABBREVIATIONS ...................................................................................................... 1
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA
AND CURRENCY OF PRESENTATION ................................................................................................... 18
FORWARD-LOOKING STATEMENTS .................................................................................................... 22
SUMMARY OF THE OFFER DOCUMENT ............................................................................................... 24
SECTION II: RISK FACTORS ........................................................................................................................ 33
SECTION III: INTRODUCTION .................................................................................................................... 85
THE OFFER ................................................................................................................................................... 85
SUMMARY OF RESTATED FINANCIAL INFORMATION ................................................................... 87
GENERAL INFORMATION ........................................................................................................................ 96
CAPITAL STRUCTURE ............................................................................................................................. 106
OBJECTS OF THE OFFER ........................................................................................................................ 120
BASIS FOR OFFER PRICE ........................................................................................................................ 123
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS ..................................................................... 141
SECTION IV: ABOUT OUR COMPANY ..................................................................................................... 146
INDUSTRY OVERVIEW ............................................................................................................................ 146
OUR BUSINESS ........................................................................................................................................... 215
KEY REGULATIONS AND POLICIES .................................................................................................... 253
HISTORY AND CERTAIN CORPORATE MATTERS ........................................................................... 262
OUR MANAGEMENT ................................................................................................................................ 267
OUR PROMOTERS AND PROMOTER GROUP .................................................................................... 293
DIVIDEND POLICY .................................................................................................................................... 298
SECTION V: FINANCIAL INFORMATION ............................................................................................... 299
RESTATED FINANCIAL INFORMATION ............................................................................................. 299
OTHER FINANCIAL INFORMATION .................................................................................................... 421
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS ....................................................................................................................................... 422
CAPITALISATION STATEMENT ............................................................................................................ 461
FINANCIAL INDEBTEDNESS .................................................................................................................. 462
SECTION VI: LEGAL AND OTHER INFORMATION ............................................................................. 464
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS ............................................... 464
GOVERNMENT AND OTHER APPROVALS ......................................................................................... 478
OUR GROUP COMPANIES ....................................................................................................................... 481
OTHER REGULATORY AND STATUTORY DISCLOSURES ............................................................. 482
SECTION VII: OFFER RELATED INFORMATION ................................................................................. 498
TERMS OF THE OFFER ............................................................................................................................ 498
OFFER STRUCTURE ................................................................................................................................. 505
OFFER PROCEDURE ................................................................................................................................. 511
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ........................................ 532
SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF THE ARTICLES OF
ASSOCIATION ................................................................................................................................................ 534
SECTION IX: OTHER INFORMATION ..................................................................................................... 583
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION .................................................. 583
DECLARATION .......................................................................................................................................... 586
2SECTION I: GENERAL
DEFINITIONS AND ABBREVIATIONS
This Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or
implies, shall have the meaning as provided below. References to any legislation, act, regulation, circulars,
notifications, clarifications, directions, rules, guidelines, or policies shall be to such legislation, act, regulation,
circulars, notifications, clarifications, directions, rules, guidelines or policies as amended, supplemented or re-
enacted from time to time, and any reference to a statutory provision shall include any subordinate legislation
made from time to time under that provision.
The words and expressions used in this Prospectus but not defined herein shall have, to the extent applicable, the
same meaning ascribed to such terms under the SEBI ICDR Regulations, the Companies Act, the SCRA, the
Depositories Act and the rules and regulations made thereunder. Further, the Offer related terms used but not
defined in this Prospectus shall have the meaning ascribed to such terms under the General Information
Document (as defined hereinafter). In case of any inconsistency between the definitions used in this Prospectus
and the definitions included in the General Information Document, the definitions used in this Prospectus shall
prevail.
Notwithstanding the foregoing, the terms used in “Industry Overview”, “Key Regulations and Policies”,
“Statement of Possible Special Tax Benefits”, “Restated Financial Information”, “Basis for Offer Price”,
“History and Certain Corporate Matters”, “Financial Indebtedness”, “Restriction on Foreign Ownership of
Indian Securities” “Other Regulatory and Statutory Disclosures”, “Outstanding Litigation and Material
Developments”, “Description of Equity Shares and Terms of Articles of Association” and “Offer Procedure” on
pages 146, 253, 141, 299, 123, 262, 462, 532, 482, 464, 534 and 511 respectively, shall have the meaning ascribed
to them in the relevant section.
General Terms
Term Description
“our Company” or “the Bharat Coking Coal Limited having its registered and corporate office at Koyla
Company” or “Bharat Bhawan, Koyla Nagar, Dhanbad, Jharkhand, India – 826005.
Coking Coal Limited” or
“BCCL”
“we”, “us” or “our” Unless the context otherwise requires or implies, refers to our Company,
Company Related Terms
Term Description
“Articles of Association” Articles of association of our Company, as amended
or “AoA”
Audit Committee The audit committee of our Board as described in “Our Management-Committees
of the Board” on page 276
“Auditors” or “Statutory Nag & Associates, Chartered Accountants, the current statutory auditors of our
Auditors” Company.
“Board” or “Board of Board of directors of our Company, as appointed from time to time as described in
Directors” “Our Management-Board of Directors” beginning on page 267
CAG Comptroller and Auditor General of India
“Chairman cum Managing Chairman cum Managing Director of our Board, Chief Executive Officer and
Director” or “CMD” or Director (Finance), additional charge of our Company, being Manoj Kumar
“Chief Executive Officer” Agarwal, as described in “Our Management – Board of Directors” on page 267
or “CEO” or “Director
(Finance), additional
charge”
Company Secretary and Company Secretary and Compliance Officer of our Company, namely Bani Kumar
Compliance Officer Parui, as described in “Our Management – Key Managerial Personnel” on page
284
1Term Description
“Corporate Promoter” or Our Promoter, namely Coal India Limited as described in “Our Promoters and
“CIL” Promoter Group” on page 293
Corporate Social The corporate social responsibility committee of our Board as described in “Our
Responsibility Committee Management – Committees of the Board” on page 276
Chief Financial Officer” or Chief Financial Officer of the Company, namely Satya Raju Masapogu, as
“CFO” described in “Our Management” on page 267
Director (Human Director (Human Resources) of our Board, namely Murli Krishna Ramaiah, as
Resources) described in “Our Management – Board of Directors” on page 267
Director (Technical) Director (Technical) of our Board, namely Sanjay Kumar Singh and Niladri Roy
as described in “Our Management – Board of Directors” on page 267
Equity Shares Equity shares of our Company of face value of ₹ 10 each
“Executive Directors” or Executive Directors of our Company, as described in “Our Management – Board
“Functional Directors” of Directors” on page 267
“Non-Official Independent Independent Directors on our Board, as disclosed in “Our Management – Board of
Director” or “Independent Directors” on page 267
Director”
IPO Committee The IPO committee of our Board as described in “Our Management – Committees
of the Board” on page 276
“Key Managerial Key managerial personnel of our Company identified in accordance with
Personnel” or “KMP” Regulation 2(1)(bb) of the SEBI ICDR Regulations as disclosed in “Our
Management – Key Managerial Personnel” on page 284
MoC Ministry of Coal
Materiality Policy The policy adopted by our Board on May 27, 2025 for identification of: (a)
outstanding material litigation proceedings; and (b) material creditors, pursuant to
the requirements of the SEBI ICDR Regulations and for the purposes of disclosure
in the Draft Red Herring Prospectus, the Red Herring Prospectus and this
Prospectus.
“Memorandum of Memorandum of association of our Company, as amended
Association” or “MoA”
Nomination and Nomination and remuneration committee of our Board as described in “Our
Remuneration Committee Management – Committees of the Board” on page 276
Non-Executive Director A Director not being an Executive Director, as described in “Our Management –
Board of Directors” on page 267
Part-time Official Director The Non-Executive Directors of our Board, as described in “Our Management –
Board of Directors” on page 267
Promoters Our Promoters, namely, the President of India, acting through the Ministry of Coal,
Government of India and Coal India Limited
Promoter Group Entities constituting the promoter group of our Company in terms of Regulation
2(1)(pp) of the SEBI ICDR Regulations, as disclosed in “Our Promoters and
Promoter Group” on page 293
“Promoter Selling Coal India Limited
Shareholder” or “Selling
Shareholder”
Registered and Corporate Koyla Bhawan, Koyla Nagar, Dhanbad, Jharkhand, India – 826005
Office
“Registrar of Companies” Registrar of Companies, Jharkhand at Ranchi
or “RoC”
2Term Description
Restated Financial Restated financial statements of our Company, comprising the restated statement
Information of assets and liabilities as at September 30, 2025 and September 30, 2024, March
31, 2025, March 31, 2024 and March 31, 2023 the restated statement of profit and
loss (including other comprehensive income), the restated statement of changes
in equity, the restated statement of cash flow for the six months period ended
September 30, 2025 and September 30, 2024, and the financial years ended March
31, 2025, March 31, 2024 and March 31, 2023, the summary statement of material
accounting policies, and other explanatory notes, prepared in terms of the
requirements of Section 26 of Part I of Chapter III of the Companies Act, the SEBI
ICDR Regulations and the Guidance Note on Reports in Company Prospectuses
(Revised 2019) issued by the ICAI, as amended from time to time.
Risk Management The risk management committee of our Board as described in “Our Management
Committee – Committees of the Board” on page 276
Senior Management Senior management of our Company in terms of applicable laws, and as described
in “Our Management – Senior Management” on page 284
Shareholders The holders of the Equity Shares of our Company from time to time
SRK Report Report titled “An Independent Technical Report on the Coal Resources and
Reserves of Bharat Coking Coal Limited, India” dated December 2, 2025,
exclusively prepared by SRK Consulting and commissioned for the Company,
specifically in connection with the Offer, pursuant to an engagement letter dated
January 22, 2025
SRK / SRK Consulting SRK Mining Services (India) Private Limited
Stakeholders’ Relationship Stakeholders’ relationship committee of our Company in terms of applicable laws,
Committee and as described in “Our Management – Committees of the Board” on page 276
Offer Related Terms
Term Description
Abridged Prospectus A memorandum containing such salient features of a prospectus as may be specified
by the SEBI in this regard
Acknowledgement Slip The slip or document issued by the relevant Designated Intermediary to a Bidder as
proof of registration of the Bid cum Application Form
“Allotment” or “Allot” Allotment of the Equity Shares pursuant to the transfer of the Offered Shares
or “Allotted” pursuant to the Offer for Sale, in each case to the successful Bidders
Allotment Advice Note or advice or intimation of Allotment sent to each successful Bidder who has
been or is to be Allotted the Equity Shares after the Basis of Allotment has been
approved by the Designated Stock Exchange
Allottee A successful Bidder to whom the Equity Shares are Allotted
Anchor Investor A Qualified Institutional Buyer, who applied under the Anchor Investor Portion, in
accordance with the SEBI ICDR Regulations, the Red Herring Prospectus and this
Prospectus, who Bid for an amount of at least ₹100 million
Anchor Investor The price, in this case being ₹ 23 per Equity Share, at which allocation was done to
Allocation Price the Anchor Investors in terms of the Red Herring Prospectus and this Prospectus.
The Anchor Investor Allocation Price was determined by our Company in
consultation with the BRLMs
Anchor Investor The form used by an Anchor Investor to make a Bid in the Anchor Investor Portion
Application Form and which was considered as an application for the Allotment in accordance with the
requirements specified under the SEBI ICDR Regulations and the Red Herring
Prospectus and this Prospectus
Anchor Investor One Working Day prior to the Bid/Offer Opening Date, on which Bids by Anchor
Bid/Offer Period Investors were submitted and allocation to Anchor Investors was completed, i.e.,
Thursday, January 8, 2026.
Anchor Investor Offer The final price, in this case being ₹ 23 per Equity Share, at which Equity Shares were
Price Allotted to Anchor Investors in terms of the Red Herring Prospectus and this
Prospectus, which price was equal to or higher than the Offer Price, but not higher
than the Cap Price. The Anchor Investor Offer Price was decided by our Company
in consultation with the BRLMs
3Term Description
Anchor Investor Pay-In With respect to the Anchor Investor(s), it was the Anchor Investor Bidding Date i.e.,
Date Thursday, January 8, 2026.
Anchor Investor 60% of the QIB Portion being 118,753,500 Equity Shares, which were allocated by
Portion our Company, in consultation with the BRLMs, to Anchor Investors on a
discretionary basis in accordance with the SEBI ICDR Regulations. 40% of the
Anchor Investor Portion was made available for allocation as follows, (i) 33.33% to
domestic Mutual Funds, and (ii) 6.67% for life insurance companies and pension
funds.
“Application An application, whether physical or electronic, used by ASBA Bidders to make a
Supported by Blocked Bid and to authorize an SCSB to block the Bid Amount in the relevant ASBA
Amount” or “ASBA” Account and includes amounts blocked by the SCSB upon acceptance of UPI
Mandate Request by UPI Bidders using the UPI Mechanism.
ASBA Account A bank account maintained with an SCSB by an ASBA Bidder, as specified in the
ASBA Form submitted by ASBA Bidders, for blocking the Bid Amount mentioned
in the relevant ASBA Form and includes the account of a UPI Bidder, which was
blocked upon acceptance of a UPI Mandate Request made by the UPI Bidder using
the UPI Mechanism
ASBA Bid A Bid made by an ASBA Bidder
ASBA Bidder(s) Bidder(s), except Anchor Investors
ASBA Form An application form, whether physical or electronic, used by ASBA Bidders which
was considered as the application for Allotment in terms of the Red Herring
Prospectus and this Prospectus
Banker(s) to the Offer The Escrow Collection Bank(s), the Refund Bank(s), the Public Offer Account
Bank(s) and the Sponsor Bank(s), as the case may be
Basis of Allotment The basis on which Equity Shares will be Allotted to successful Bidders under the
Offer as described in “Offer Procedure” beginning on page 511
Bid(s) An indication to make an offer during the Bid/Offer Period by ASBA Bidders
pursuant to submission of the ASBA Form, or during the Anchor Investor Bid/Offer
Period by the Anchor Investors pursuant to submission of the Anchor Investor
Application Form, to subscribe to or purchase the Equity Shares at a price within the
Price Band, including all revisions and modifications thereto, in accordance with the
SEBI ICDR Regulations and the Red Herring Prospectus and the relevant Bid cum
application form. The term “Bidding” shall be construed accordingly
Bid Amount In relation to each Bid, the highest value of the optional Bids indicated in the Bid
cum Application Form and in the case of Retail Individual Bidders, Eligible
Employees Bidding under the Employee Reservation Portion and Eligible
Shareholders Bidding under the Shareholder Reservation Portion (subject to the Bid
Amount being up to ₹ 0.20 million), Bidding at the Cut-off Price, the Cap Price
multiplied by the number of Equity Shares Bid for by such Retail Individual Bidder
or Eligible Employees Bidding under the Employee Reservation Portion, and
mentioned in the Bid cum Application Form and which was paid by the Bidder or
blocked in the ASBA Account of the ASBA Bidder, as the case may be, upon
submission of such Bid
In relation to Bids under the Employee Reservation Portion by Eligible Employees,
such Bid Amount did not exceed ₹ 0.50 million (net of Employee Discount).
However, the initial Allotment to an Eligible Employee in the Employee Reservation
Portion shall not exceed ₹0.20 million (net of Employee Discount, if any). In the
event of under-subscription in the Employee Reservation Portion after the initial
allotment, such unsubscribed portion was Allotted on a proportionate basis to
Eligible Employees Bidding in the Employee Reservation Portion for a value in
excess of ₹ 0.20 million (net of Employee Discount, if any), subject to the total
Allotment to an Eligible Employee not exceeding ₹ 0.50 million (net of Employee
Discount, if any).
In relation to Bids under the Shareholders Reservation Portion by Eligible
Shareholders, such Bid Amount did not exceed ₹ 0.20 million. Eligible Shareholders
who applied in the Shareholders Reservation Portion applied at the Cut-off Price and
4Term Description
the Bid Amount was the Cap Price, multiplied by the number of Equity Shares Bid
for by such Eligible Shareholder and mentioned in the Bid cum Application Form.
Bid cum Application The Anchor Investor Application Form or the ASBA Form, as the case may be
Form
Bid Lot 600 Equity Shares and in multiples of 600 Equity Shares thereafter
Bid/Offer Closing Date Except in relation to any Bids received from the Anchor Investors, the date after
which the Designated Intermediaries did not accept any Bids, being Tuesday,
January 13, 2026 which was advertised in all editions of Financial Express, a widely
circulated English national daily newspaper; (ii) all editions of Jansatta, a Hindi
national daily newspaper; and (iii) Dhanbad edition of Bihar Observer a widely
circulated Hindi newspaper, Hindi being the regional language of Jharkhand, where
our Registered and Corporate Office is located), each with wide circulation.
Bid/Offer Opening Except in relation to any Bids received from Anchor Investors, the date on which the
Date Designated Intermediaries started accepting Bids, being Friday, January 9, 2026,
which was advertised in (i) all editions of Financial Express, a widely circulated
English national daily newspaper; (ii) all editions of Jansatta, a Hindi national daily
newspaper; and (iii) Dhanbad edition of Bihar Observer a widely circulated Hindi
newspaper, Hindi being the regional language of Jharkhand, where our Registered
and Corporate Office is located), each with wide circulation
Bid/Offer Period Except in relation to Anchor Investors, the period between the Bid/Offer Opening
Date and the Bid/Offer Closing Date, inclusive of both days, during which
prospective Bidders submitted their Bids, including any revisions thereof, in
accordance with the SEBI ICDR Regulations and in terms of the Red Herring
Prospectus.
“Bidder/ Applicant/ Any prospective investor who made a Bid pursuant to the terms of the Red Herring
Investor” Prospectus and the Bid cum Application Form and unless otherwise stated or
implied, includes an Anchor Investor.
Bidding Centres The centres at which the Designated Intermediaries accepted the ASBA Forms, i.e.,
Designated Branches for SCSBs, Specified Locations for the Syndicate, Broker
Centres for Registered Brokers, Designated RTA Locations for RTAs and
Designated CDP Locations for CDPs.
Book Building Process The book building process, as provided in Schedule XIII of the SEBI ICDR
Regulations, in terms of which the Offer was made.
“Book Running Lead The book running lead managers to the Offer, namely, IDBI Capital Markets &
Managers” or Securities Limited and ICICI Securities Limited.
“BRLMs”
Broker Centres The broker centres notified by the Stock Exchanges where ASBA Bidders submitted
the ASBA Forms to a Registered Broker (in case of UPI Bidders, using the UPI
Mechanism). The details of such Broker Centres, along with the names and contact
details of the Registered Brokers are available on the respective websites of the Stock
Exchanges (www.bseindia.com and www.nseindia.com), updated from time to time.
“CAN” or A notice or intimation of allocation of the Equity Shares sent to Anchor Investors,
“Confirmation of who had been allocated the Equity Shares, on or after the Anchor Investor Bid/Offer
Allocation Note” Period
Cap Price The higher end of the Price Band, i.e. ₹ 23 per Equity Share of face value ₹ 10 each,
above which no Bids were accepted
Cash Escrow and The agreement dated January 2, 2026 entered among our Company, the Promoter
Sponsor Bank Selling Shareholder, the BRLMs, the Bankers to the Offer and Registrar to the Offer
Agreement for, inter alia, collection of the Bid Amounts from Anchor Investors, transfer of
funds to the Public Offer Account and where applicable, refunds of the amounts
collected from Bidders, on the terms and conditions thereof
Client ID Client identification number maintained with one of the Depositories in relation to
dematerialized account
“Collecting Depository A depository participant as defined under the Depositories Act, registered with SEBI
Participant” or “CDP” and who is eligible to procure Bids at the Designated CDP Locations in terms of the
SEB RTA Master Circular and UPI Circulars issued by the SEBI, as per the list
available on the websites of the Stock Exchanges, as updated from time to time
CRISIL CRISIL Limited
5Term Description
CRISIL Report Report titled “Report on Indian Coking Coal Industry” dated November, 2025,
exclusively prepared by CRISIL and commissioned for the Company, specifically in
connection with the Offer, pursuant to an engagement letter dated January 19, 2025.
Cut-off Price The Offer Price in this case being ₹ 23 per Equity Share, finalized by our Company,
in consultation with the BRLMs. Only Retail Individual Bidders bidding in the Retail
Portion and the Eligible Employees Bidding in the Employee Reservation Portion
and Eligible Shareholders Bidding in the Shareholder Reservation Portion were
entitled to Bid at the Cut-off Price. No other category of Bidders were entitled to Bid
at the Cut-off Price
Cut-off Time For all pending UPI Mandate Requests, the Sponsor Bank(s) initiated requests for
blocking of funds in the ASBA Accounts of relevant Bidders with a confirmation
cut-off time of 5:00 pm on the Bid/Offer Closing Date
Demographic Details The demographic details of the Bidders including the Bidder’s address, name of the
Bidder’s father/husband, investor status, occupation, bank account details and UPI
ID, wherever applicable
Designated CDP Such locations of the CDPs where ASBA Bidders submitted the ASBA Forms. The
Locations details of such Designated CDP Locations, along with names and contact details of
the CDPs eligible to accept ASBA Forms were available on the respective websites
of the Stock Exchanges (www.bseindia.com and www.nseindia.com), as updated
from time to time
Designated Date The date on which funds are transferred by the Escrow Collection Bank(s) from the
Escrow Account(s) to the Public Offer Account or the Refund Account, as the case
may be, and/or the instructions were issued to the SCSBs (in case of UPI Bidders,
instruction issued through the Sponsor Bank) for the transfer of amounts blocked by
the SCSBs in the ASBA Accounts to the Public Offer Account or the Refund
Account, as the case may be, in terms of the Red Herring Prospectus and this
Prospectus after finalization of the Basis of Allotment in consultation with the
Designated Stock Exchange following which Equity Shares will be Allotted in the
Offer
Designated In relation to ASBA Forms submitted by Retail Individual Bidders, the Eligible
Intermediaries Employees Bidding in the Employee Reservation Portion, Eligible Shareholders
Bidding in the Shareholders Reservation Portion by authorizing an SCSB to block
the Bid Amount in the ASBA Account, Designated Intermediaries shall mean
SCSBs.
In relation to ASBA Forms submitted by Retail Individual Bidders where the Bid
Amount were blocked upon acceptance of UPI Mandate Request by such Retail
Individual Bidder, as the case may be, using the UPI Mechanism, Designated
Intermediaries shall mean Syndicate, sub-Syndicate/agents, Registered Brokers,
CDPs, SCSBs and RTAs.
In relation to ASBA Forms submitted by QIBs (excluding Anchor Investors) and
Non-Institutional Bidders (not using the UPI Mechanism), Designated
Intermediaries shall mean Syndicate, sub-Syndicate/agents, SCSBs, Registered
Brokers, the CDPs and RTAs
Designated RTA Such locations of the RTAs where Bidders submitted the ASBA Forms to the RTAs.
Locations The details of such Designated RTA Locations, along with names and contact details
of the RTAs eligible to accept ASBA Forms were available on the respective
websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com),
updated from time to time.
Designated Stock National Stock Exchange of India Limited
Exchange
Designated SCSB Such branches of the SCSBs which collected the ASBA Forms used by the ASBA
Branches Bidders and a list of which was available on the website of the SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes and updated
from time to time, or any such other website as may be prescribed by the SEBI
“Draft Red Herring The draft red herring prospectus dated May 30, 2025, filed with the SEBI and issued
Prospectus” or in accordance with the SEBI ICDR Regulations, which did not contain complete
“DRHP”
6Term Description
particulars of the price at which the Equity Shares will be Allotted and the size of the
Offer.
Eligible Employee(s) All or any of the following:
(i) Permanent employees of (i) our Company; (ii) our Corporate Promoter, Coal
India Limited; (iii) wholly-owned subsidiaries of Coal India Limited, and
excludes such employees not eligible to invest in the Offer under applicable
laws, rules, regulations and guidelines, as on the date of filing of the Red Herring
Prospectus with the RoC and who continued to be a permanent employee of our
Company, Corporate Promoter, Coal India Limited, and/or wholly-owned
subsidiaries of Coal India Limited, until the submission of the Bid cum
Application Form and are based, working and present in India;
and
(ii) a Director of our Company (excluding such Directors who were not eligible to
invest in the Offer under applicable laws), whether whole time Director or not,
who was eligible to apply under the Employee Reservation Portion under
applicable law as on the date of filing of the Red Herring Prospectus with the
RoC and who continued to be a Director of our Company, until the submission
of the Bid cum Application Form, but not including Directors who either
themselves or through their relatives or through any body corporate, directly or
indirectly, hold more than 10% of the outstanding Equity Shares of our
Company.
The directors, key managerial personnel, senior management and other employees
of our Company, Corporate Promoter, Coal India Limited, and/or wholly owned
subsidiaries of Coal India Limited, involved in the Offer Price fixation process could
not participate in this Offer and did not constitute Eligible Employee(s) for the
purposes of this Offer
“Eligible FPIs” FPI(s) from jurisdictions outside India where it was not unlawful to make an offer or
invitation under the Offer and in relation to whom the Bid cum Application Form
and the Red Herring Prospectus constituted an invitation to subscribe to or purchase
the Equity Shares offered thereby
Eligible NRI(s) NRI(s) from jurisdictions outside India where it was not unlawful to make an offer
or invitation under the Offer and in relation to whom the Bid cum Application Form
and the Red Herring Prospectus constituted an invitation to subscribe to or purchase
the Equity Shares offered thereby
Eligible Shareholders Individuals and HUFs who were public equity shareholders of our Corporate
Promoter, excluding such other persons not eligible to invest in the Offer under
applicable laws, rules, regulations and guidelines and any depository receipt holder
of our Corporate Promoter, as on the date of the Red Herring Prospectus
The maximum Bid Amount under the Shareholders Reservation Portion by an
Eligible Shareholder did not exceed ₹0.20 million.
Employee Discount A discount of 4.35% to the Offer Price (equivalent of ₹1 per Equity Share of face
value ₹ 10 each) was offered by our Company, in consultation with the BRLMs, to
Eligible Employees.
Employee Reservation The portion of the Offer, being 23,285,000^ Equity Shares of face value ₹ 10 each
Portion aggregating to ₹512.27 million^, not exceeding 5% of the post-Offer paid-up equity
share capital of our Company, available for allocation to Eligible Employees, on a
proportionate basis
^ Subject to finalisation of Basis of Allotment
Escrow Account(s) Account to be opened with the Escrow Collection Bank(s) and in whose favour the
Anchor Investors transferred money through direct credit or NACH or NEFT or
RTGS in respect of the Bid Amount when submitting a Bid
Escrow Collection The bank(s) which are clearing members and registered with the SEBI as a banker
Bank(s) to an issue under the SEBI BTI Regulations and with whom the Escrow Account(s)
was opened, in this case being HDFC Bank Limited
7Term Description
First or sole Bidder Bidder whose name appears first in the Bid cum Application Form or the Revision
Form and in case of joint Bids, whose name also appears as the first holder of the
beneficiary account held in joint names
Floor Price The lower end of the Price Band, i.e. ₹ 21 per Equity Share of face value of ₹ 10
each, below which no Bids were accepted
Fraudulent Borrower Fraudulent borrower as defined under Regulation 2(1)(lll) of the SEBI ICDR
Regulations.
Fugitive Economic An individual who is declared a fugitive economic offender under Section 12 of the
Offender Fugitive Economic Offenders Act, 2018
“General Information The General Information Document for investing in public issues prepared and
Document” or “GID” issued in accordance with the SEBI circular no.
SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 and the UPI Circulars,
as amended from time to time. The General Information Document is available on
the websites of the Stock Exchanges and the BRLMs
Minimum Promoters’ Aggregate of 20% of the fully diluted post-Offer equity share capital of our Company
Contribution that are eligible to form part of the minimum promoters’ contribution, as required
under the provisions of the SEBI ICDR Regulations, held by our Corporate
Promoter, Coal India Limited, that shall be locked-in for a period of eighteen months
from the date of Allotment. For details regarding the Minimum Promoters’
Contribution, see “Capital Structure-Details of Shareholding of our Promoter and
members of the Promoter Group in our Company- Details of minimum Promoters’
contribution and applicable lock in” on page 113
Mutual Fund(s) Mutual fund(s) registered with the SEBI under the Securities and Exchange Board
of India (Mutual Funds) Regulations, 1996
Mutual Fund Portion 5% of the Net QIB Portion, or 3,958,450* Equity Shares, which was made available
for allocation only to Mutual Funds on a proportionate basis, subject to valid Bids
having been received at or above the Offer Price
*Subject to finalisation of the Basis of Allotment
Net Offer The Offer less the Employee Reservation Portion and Shareholder Reservation
Portion
Net QIB Portion The QIB Portion less the number of Equity Shares allocated to the Anchor Investors
“Non-Institutional All Bidders that were not QIBs or Retail Individual Bidders or Eligible Employees
Bidders” or “NIBs” or Bidding in the Employee Reservation Portion or Eligible Shareholders Bidding in
“Non-Institutional” the Shareholder Reservation Portion and who Bid for Equity Shares for an amount
Investors” or “NIIs” of more than ₹0.20 million (but not including NRIs other than Eligible NRIs)
Non-Institutional The portion of the Offer being not less than 15% of the Net Offer, being 59,376,750*
Portion Equity Shares, which was made available for allocation to Non-Institutional Bidders
in accordance with the SEBI ICDR Regulations, out of which (a) one-third of such
portion was reserved for Bidders with application size of more than ₹0.20 million
and up to ₹1.00 million; and (b) two-thirds of such portion was reserved for Bidders
with application size of more than ₹1.00 million, provided that the unsubscribed
portion in either of such sub-categories may be allocated to applicants in the other
sub-category of Non-Institutional Bidders, subject to valid having been received at
or above the Offer Price
*Subject to finalisation of the Basis of Allotment
Non-Resident Person resident outside India, as defined under FEMA and includes NRI(s), FVCIs
and FPIs
“Non-Resident A non-resident Indian as defined under the FEMA
Indians” or “NRI(s)”
Offer The initial public offer of 465,700,000* Equity Shares for cash at a price of ₹23 per
Equity Share aggregating to ₹10,687.82 million* comprising the Offer for Sale
*Subject to finalisation of the Basis of Allotment
Offer Agreement The agreement dated May 30, 2025, entered into among our Company, the Promoter
Selling Shareholder and the BRLMs, pursuant to which certain arrangements are
agreed to in relation to the Offer
8Term Description
Offer for Sale The offer for sale of 465,700,000* Equity Shares aggregating to ₹10,687.82 million*
by the Promoter Selling Shareholder for a cash price of ₹ 23 per Equity Share of face
value ₹ 10 each
*Subject to finalisation of the Basis of Allotment
Offer Price ₹ 23 per Equity Share, which was decided by our Company in consultation with the
BRLMs on the Pricing Date in accordance with the Book Building Process and in
terms of the Red Herring Prospectus and this Prospectus
Offer Proceeds The proceeds of the Offer for Sale which shall be available to the Promoter Selling
Shareholder. For further information about the use of Offer Proceeds, see “Objects
of the Offer” beginning on page 120
Offered Shares 465,700,000* Equity Shares of face value ₹ 10 each aggregating to ₹10,687.82
million* being offered for sale by the Promoter Selling Shareholder in the Offer for
Sale
*Subject to finalisation of the Basis of Allotment
Price Band Price band of a minimum price of ₹21 per Equity Share of face value ₹ 10 each (i.e.,
the Floor Price) and the maximum price of ₹23 per Equity Share of face value ₹ 10
each (i.e., the Cap Price), including any revisions thereof.
Pricing Date The date on which our Company, in consultation with the BRLMs, finalized the
Offer Price, in this case being January 13, 2026.
Prospectus This Prospectus dated January 13, 2026 filed with the RoC in accordance with
Section 26 of the Companies Act and the SEBI ICDR Regulations, containing, inter
alia, the Offer Price that is determined at the end of the Book Building Process, the
size of the Offer and certain other information, including any addenda or corrigenda
thereto
Public Offer Account ‘No-lien’ and ‘non-interest-bearing’ bank account opened in accordance with
Section 40(3) of the Companies Act, with the Public Offer Account Bank to receive
money from the Escrow Account(s) and the ASBA Accounts maintained with the
SCSBs on the Designated Date
Public Offer Account The bank(s) which are clearing members and registered with the SEBI as bankers to
Bank an offer and with which the Public Offer Account was opened, being Axis Bank
Limited
QIB Portion The portion of the Offer being not more than 50% of the Net Offer, being
197,922,500* Equity Shares, which was made available for allocation on a
proportionate basis to QIBs, including the Anchor Investor Portion (in which
allocation was on a discretionary basis, as determined by our Company, in
consultation with the BRLMs), subject to valid Bids having been received at or above
the Offer Price or the Anchor Investor Offer Price, as applicable
*Subject to finalisation of the Basis of Allotment
“Qualified Institutional Qualified institutional buyers as defined under Regulation 2(1)(ss) of the SEBI ICDR
Buyers”, “QIBs” or Regulations
“QIB Bidders”
“Red Herring The Red Herring Prospectus dated January 2, 2026 read with the addendum cum
Prospectus” or “RHP” corrigendum dated January 7, 2026, for the Offer, issued by our Company in
accordance with Section 32 of the Companies Act and the SEBI ICDR Regulations,
which did not have complete particulars of the Offer Price.
Refund Account(s) Account opened with the Refund Bank(s) from which refunds, if any, of the whole
or part of the Bid Amount to the Bidders was made
Refund Bank(s) The bank which are a clearing member registered with SEBI under the SEBI BTI
Regulations, with whom the Refund Account(s) has been opened, in this case being
HDFC Bank Limited
Registered Brokers The stockbrokers registered with the stock exchanges having nationwide terminals,
other than the Members of the Syndicate and eligible to procure Bids in terms of the
SEBI ICDR Master Circular and the UPI Circulars.
9Term Description
Registrar Agreement The agreement dated May 30, 2025 entered into among our Company, the Promoter
Selling Shareholder and the Registrar to the Offer in relation to the responsibilities
and obligations of the Registrar to the Offer pertaining to the Offer
“Registrar and Share Registrar and share transfer agents registered with the SEBI and eligible to procure
Transfer Agents” or Bids at the Designated RTA Locations as per the lists available on the website of the
“RTAs” BSE and NSE, and the UPI Circulars
“Registrar to the Offer” KFin Technologies Limited
or “Registrar”
Resident Indian A person resident in India, as defined under FEMA
“Retail Individual Individual Bidders, other than Eligible Employees who Bid in the Employee
Bidders” or “RIBs” or Reservation Portion and Eligible Shareholders who Bid in the Shareholder
“RII(s)” or “Retail Reservation Portion, who Bid for Equity Shares for an amount of not more than ₹0.20
Individual Investor(s)” million in any of the bidding options in the Net Offer (including HUFs applying
through the karta and Eligible NRIs)
Retail Portion The portion of the Offer being not less than 35% of the Net Offer, being 138,545,750*
Equity Shares, which was made available for allocation to Retail Individual Bidders
in accordance with the SEBI ICDR Regulations, subject to valid Bids having been
received at or above the Offer Price
*Subject to finalisation of the Basis of Allotment
Revision Form The form used by the Bidders to modify the quantity of Equity Shares or the Bid
Amount in their Bid cum Application Forms or any previous Revision Forms. QIBs
and Non-Institutional Bidders were not allowed to withdraw or lower their Bids (in
terms of the quantity of Equity Shares or the Bid Amount) at any stage. Retail
Individual Bidders and Eligible Employees bidding under employee reservation
portion and Eligible Shareholders bidding under shareholder reservation portion
could revise their Bids during the Bid/Offer Period and withdraw their Bids until the
Bid/Offer Closing Date
SCORES Securities and Exchange Board of India Complaint Redress System
“Self-Certified The banks registered with SEBI, which offer the facility of ASBA services, (i) in
Syndicate Banks” or relation to ASBA, where the Bid Amount will be blocked by authorizing an SCSB,
“SCSBs” a list of which is available on the website of SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34
and updated from time to time and at such other websites as may be prescribed by
SEBI from time to time, (ii) in relation to Bidders using the UPI Mechanism, a list
of which is available on the website of SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40
or such other website as may be prescribed by SEBI and updated from time to time.
Applications through UPI in the Offer can be made only through the SCSBs mobile
applications (apps) whose name appears on the SEBI website. The list is available
on the website of SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43
and updated from time to time and at such other websites as may be prescribed by
SEBI from time to time
Shareholders Reservation of 46,570,000 Equity Shares of face value of ₹ 10 each, which was
Reservation Portion available for allocation to Eligible Shareholders, on a proportionate basis. Such
portion did not exceed 10% of the size of the Offer
Share Escrow Agent Share escrow agent to be appointed pursuant to the Share Escrow Agreement, namely
KFin Technologies Limited
Share Escrow The agreement dated December 20, 2025 entered among our Company, the Promoter
Agreement Selling Shareholder and the Share Escrow Agent in connection with the transfer of
the Offered Shares by the Promoter Selling Shareholder and the credit of the Equity
Shares to the demat account of the Allottees
Specified Locations Bidding Centres where the Syndicate accepted ASBA Forms from the Bidders a list
of which was available on the website of SEBI (www.sebi.gov.in), and updated from
time to time
Sponsor Bank(s) Axis Bank Limited and HDFC Bank Limited, being Bankers to the Offer, appointed
by our Company to act as a conduit between the Stock Exchanges and NPCI in order
10Term Description
to push the mandate collect requests and / or payment instructions of the UPI Bidders
using the UPI and carry out other responsibilities, in terms of the UPI Circulars
Stock Exchanges Collectively, BSE and NSE
“Syndicate” or The BRLMs and the Syndicate Members, collectively
“Members of the
Syndicate”
Syndicate Agreement The agreement dated January 2, 2026 entered into among the BRLMs, Registrar, the
Promoter Selling Shareholder and our Company in relation to the collection of Bid
cum Application Forms by the Syndicate
Syndicate Members Intermediaries registered with the SEBI who are permitted to carry out activities as
an underwriter.
Sub-Syndicate The sub-syndicate members appointed by the BRLMs and the Syndicate Members,
Members to collect ASBA Forms and Revision Forms
Systemically Important In the context of a Bidder, a non-banking financial company registered with the RBI
NBFC and as defined under Regulation 2(1)(iii) of the SEBI ICDR Regulations
Underwriters IDBI Capital Markets & Securities Limited and ICICI Securities Limited.
Underwriting The agreement dated January 13, 2026 entered into among the Underwriters, the
Agreement Promoter Selling Shareholder, the Registrar to the Offer and our Company.
“Unified Payments An instant payment mechanism developed by the NPCI
Interface” or “UPI”
UPI Bidders Collectively, individual investors who applied as Retail Individual Bidders in the
Retail Portion, Eligible Employees who applied in the Employee Reservation Portion
and individuals who applied as Non-Institutional Bidders with a Bid Amount of up
to ₹ 0.50 million in the Non-Institutional Portion and the Eligible Shareholders in the
Shareholder Reservation Portion (subject to Bid Amount) who bid under the UPI
Mechanism through ASBA Form(s) submitted with Syndicate Members, Registered
Brokers, Collecting Depository Participants and Registrar and Share Transfer Agents
Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5,
2022, all individual investors applying in public issues where the application amount
is up to ₹0.50 million shall use the UPI Mechanism and provide their UPI ID in the
Bid cum Application Form submitted with: (i) a Syndicate Member, (ii) a stock
broker registered with a recognized stock exchange (whose name is mentioned on
the website of the stock exchange as eligible for such activity), (iii) a depository
participant (whose name is mentioned on the website of the stock exchange as
eligible for such activity), and (iv) a registrar to an issue and share transfer agent
(whose name is mentioned on the website of the stock exchange as eligible for such
activity)
UPI Circulars SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, SEBI
RTA Master Circular (to the extent it pertains to UPI), along with the circulars issued
by the National Stock Exchange of India Limited having reference no. 25/2022 dated
August 3, 2022 and the circular issued by BSE Limited having reference no.
20220803-40 dated August 3, 2022, SEBI ICDR Master Circular no.
SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 dated November 11, 2024, , and the notice
issued by BSE Limited having reference no. 20220803-40 dated August 3, 2022, the
SEBI circular number SEBI/HO/DEPA - II/DEPA - II_SRG/P/CIR/2025/86 dated
June 11, 2025 and any subsequent circulars or notifications issued by SEBI or the
Stock Exchanges in this regard as updated from time to time.
UPI ID An ID created on the UPI for single-window mobile payment system developed by
the NPCI
UPI Mandate Request A request (intimating the UPI Bidder by way of a notification on the UPI linked
mobile application as disclosed by SCSBs on the website of SEBI and by way of an
SMS on directing the UPI Bidder to such UPI linked mobile application) to the UPI
Bidder initiated by the Sponsor Bank to authorize blocking of funds on the UPI
application equivalent to Bid Amount and subsequent debit of funds in case of
Allotment
UPI Mechanism The bidding mechanism that was used by a UPI Bidder in accordance with the UPI
Circulars to make an ASBA Bid in the Offer
11Term Description
UPI PIN Password to authenticate UPI transaction
U.S. Securities Act The United States Securities Act of 1933
“Wilful Defaulter” A wilful defaulter as defined under Regulation 2(1)(III) of the SEBI ICDR
Regulations
Working Day(s) All days on which commercial banks in Mumbai are open for business. In respect of
announcement of Price Band and Bid/Offer Period, Working Day shall mean all
days, excluding Saturdays, Sundays and public holidays, on which commercial banks
in Mumbai are open for business. In respect of the time period between the Bid/ Offer
Closing Date and the listing of the Equity Shares on the Stock Exchanges, Working
Day shall mean all trading days of the Stock Exchanges, excluding Sundays and bank
holidays in India, as per circulars issued by SEBI, including the UPI Circulars
Technical/Industry Related Terms/Abbreviations
Term Description
BCCL Bharat Coking Coal Limited
BU Billion units
CCL Central Coalfields Limited
CCO Coal Controller’s Organization
CEA Central Electricity Authority
CERC Central Electricity Regulatory Commission
CESC Calcutta Electric Supply Corporation
CMPDIL Central Mine Planning and Design Institute Limited
CM (SP) Act Coal Mines (Special Provisions) Act, 2015
CPP Captive power plant
CY Calendar year (01 January to 31 December)
DPL Durgapur projects limited
DRI Direct reduced iron
DSCR Debt service coverage ratio
DVC Damodar Valley Corporation
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
ECL Eastern Coalfields Limited
EC/FC Environment clearance/forest clearance
EHS Environmental, health and safety
EJ Exajoule (unit of energy)
EJ Area East Jharia Area
FSA Fuel supply agreement
FSI Free swelling Index
GCV Gross calorific value
GW Gigawatt
Ha Hectare
HEMM Heavy earth moving machinery
HGI Hardgrove Grindability Index
KPI Key performance indicator
Mcum/Mm3 Million cubic metres
Conventional and General Terms or Abbreviations
Term Description
“₹” or “Rs.” or Indian Rupees
“Rupees” or “INR”
Aadhaar A 12-digit unique identity number issued by the Unique Identification Authority of
India to residents of India.
AGM Annual General Meeting
12Term Description
AIFs Alternative Investments Funds as defined in and registered with SEBI under the
SEBI AIF Regulations
“AS” or “Accounting Accounting Standards issued by the Institute of Chartered Accountants of India
Standards”
AY Assessment Year
“Bn” or “bn” Billion
BNS Bhartiya Nyaya Sanhita, 2023
BSE BSE Limited
CAGR Compounded Annual Growth Rate
“Calendar Year” or Unless the context otherwise requires, shall refer to the twelve-month period ending
“year” or “CY” December 31
Category I AIF AIFs who are registered as “Category I Alternative Investment Funds” under the
SEBI AIF Regulations
Category II AIF AIFs who are registered as “Category II Alternative Investment Funds” under the
SEBI AIF Regulations
Category III AIF AIFs who are registered as “Category III Alternative Investment Funds” under the
SEBI AIF Regulations
Category I FPIs FPIs who are registered as “Category I Foreign Portfolio Investors” under the SEBI
FPI Regulations
Category II FPIs FPIs who are registered as “Category II Foreign Portfolio Investors” under the SEBI
FPI Regulations
CCI Competition Commission of India
CDSL Central Depository Services (India) Limited
CIN Corporate Identity Number
Civil Code or CPC The Code of Civil Procedure, 1908, as amended
Companies Act Companies Act, 1956 and Companies Act, 2013, as applicable
Companies Act, 1956 Erstwhile Companies Act, 1956 (without reference to the provisions thereof that
have ceased to have effect upon notification of the sections of the Companies Act,
2013) along with the relevant rules made thereunder
Companies Act, 2013 Companies Act, 2013, along with the relevant rules, regulations, clarifications,
circulars and notifications issued thereunder
Competition Act Competition Act, 2002
COVID-19 The novel coronavirus disease, which is an infectious disease caused by a newly
discovered coronavirus strain that was discovered in 2019 and has resulted in a global
pandemic
CPSE Central Public Sector Enterprise
CSR Corporate Social Responsibility
Demat Dematerialised
Depositories Together, NSDL and CDSL
Depositories Act Depositories Act, 1996
DIN Director Identification Number
DPE Department of Public Enterprise
DPE Guidelines Corporate governance guidelines of the Department of Public Enterprises, Ministry
of Finance, Government of India
DPIIT Department for Promotion of Industry and Internal Trade, Ministry of Commerce
and Industry, Government of India (earlier known as the Department of Industrial
Policy and Promotion)
DP ID Depository Participant Identification
DP/ Depository A depository participant as defined under the Depositories Act
Participant
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortisation
EGM Extraordinary General Meeting
EPS Earnings Per Share
13Term Description
FDI Foreign direct investment
FDI Policy Consolidated FDI Policy notified by the DPIIT and any modifications thereto or
substitutions thereof, issued from time to time
FEMA Foreign Exchange Management Act, 1999, read with rules and regulations
thereunder
FEMA Non-debt Rules Foreign Exchange Management (Non-debt Instruments) Rules, 2019
Financial Year/ Fiscal/ Unless stated otherwise, the period of 12 months ending March 31 of that particular
FY year
FIR First Information Report
FPI(s) Foreign portfolio investors as defined under the SEBI FPI Regulations
FVCI(s) Foreign venture capital investors as defined and registered under the SEBI FVCI
Regulations
FVCI Regulations Securities and Exchange Board of India (Foreign Venture Capital Investor)
Regulations, 2000
Gazette Gazette of India
GDP Gross Domestic Product
“GoI” or “Government” Government of India
or “Central
Government”
GST Goods and Services Tax
HUF Hindu Undivided Family
IAS Rules Companies (Indian Accounting Standards) Rules, 2015, as amended
ICAI The Institute of Chartered Accountants of India
IFRS International Financial Reporting Standards
IFSC Indian Financial System Code
Ind AS/ Indian Indian Accounting Standards notified under Section 133 of the Companies Act, 2013
Accounting Standards read with Companies (Indian Accounting Standards) Rules, 2015, as amended and
other relevant provisions of the Companies Act, 2013
India Republic of India
Indian GAAP Accounting standards notified under section 133 of the Companies Act, 2013 read
with Companies (Accounting Standards) Rules 2006 (as amended) and the
Companies (Accounts) Rules, 2014, as amended
IPC Indian Penal Code, 1860
IPR Intellectual property rights
IPO Initial public offering
IST Indian Standard Time
IT Information Technology
IT Act The Income Tax Act, 1961, as amended
JORC Code Australasian Joint Ore Reserves Committee‘s Code for Reporting of Mineral
Resources and Ore Reserves
MCA Ministry of Corporate Affairs
“Mn” or “mn” Million
Mutual Fund (s) Mutual Fund(s) means mutual funds registered under the SEBI (Mutual Funds)
Regulations, 1996
N/A or NA or N.A. Not applicable
NACH National Automated Clearing House
NEFT National Electronic Funds Transfer
NPCI National Payments Corporation of India
NPR Nepalese Rupee
NRI Individual resident outside India, who is a citizen of India
NSDL National Securities Depository Limited
NSE National Stock Exchange of India Limited
14Term Description
OCB/Overseas A company, partnership, society or other corporate body owned directly or indirectly
Corporate Body to the extent of at least 60% by NRIs including overseas trusts, in which not less than
60% of beneficial interest is irrevocably held by NRIs directly or indirectly and
which was in existence on October 3, 2003 and immediately before such date had
taken benefits under the general permission granted to OCBs under FEMA. OCBs
are not allowed to invest in the Offer
p.a. Per annum
P/E Price/earnings
P/E Ratio Price/earnings ratio
PAN Permanent account number
PAT Profit after tax
RBI The Reserve Bank of India
RBI Act The Reserve Bank of India Act, 1934, as amended
RTGS Real Time Gross Settlement
Rule 144A Rule 144A under the U.S. Securities Act.
SCRA Securities Contracts (Regulation) Act, 1956, as amended
SCRR Securities Contracts (Regulation) Rules, 1957, as amended
SEBI Securities and Exchange Board of India constituted under the SEBI Act
SEBI Act Securities and Exchange Board of India Act, 1992, as amended
SEBI AIF Regulations Securities and Exchange Board of India (Alternative Investments Funds)
Regulations, 2012, as amended
SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations,
2019, as amended
SEBI FVCI Regulations Securities and Exchange Board of India (Foreign Venture Capital Investors)
Regulations, 2000, as amended
SEBI ICDR Regulations Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, as amended
SEBI ICDR Master SEBI master circular bearing reference number SEBI/HO/CFD/PoD-
Circular 1/P/CIR/2024/0154 dated November 11, 2024
SEBI Listing Securities and Exchange Board of India (Listing Obligations and Disclosure
Regulations Requirements) Regulations, 2015, as amended
SEBI Merchant Bankers Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as
Regulations amended
SEBI RTA Master SEBI master circular bearing number SEBI/HO/MIRSD/POD-1/P/CIR/2024/37
Circular dated May 7, 2024.
SEBI SBEB Regulations Securities and Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021, as amended
SEBI Takeover Securities and Exchange Board of India (Substantial Acquisition of Shares and
Regulations Takeovers) Regulations, 2011, as amended
SEBI VCF Regulations Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996,
as amended
SICA The erstwhile Sick Industrial Companies (Special Provisions) Act, 1985, as amended
STT Securities Transaction Tax
State Government The Government of a State in India
Total Borrowings Current borrowings, Non-current borrowings including current maturities of non-
current borrowings
UIDAI Unique Identification Authority of India
U.S. GAAP Generally Accepted Accounting Principles in the United State of America
U.S./USA/United States United States of America, its territories and possessions, any State of the United
States, and the District of Columbia
USD/US$ United States Dollars
U.S. Securities Act U.S. Securities Act of 1933, as amended
VCFs Venture Capital Funds as defined in and registered with SEBI under the SEBI VCF
Regulations
15Key Performance Indicators (as defined in the Basis for Offer Price section)
Terms Definition
Capital Expenditure Capex refers to the total Capital Expenditure for the respective financial years/
period.
Current ratio Current ratio has been calculated as current assets divided by current liabilities
as at the end of the financial year/ period.
Earning per shares (EPS- Earnings per share (EPS) equals profit for the year/ period attributable to the
Basic and Diluted) shareholders of the company divided by the Weighted average number of Equity
Shares outstanding during the year/ period. Since there is no dilutive capital,
Basic and Diluted EPS would be same.
EBITDA Margin (% of EBITDA Margin (as a percentage of Total Income) refers to the percentage
total income) derived by dividing EBITDA by total income.
EBITDA EBITDA is calculated as restated profit / (loss) for the period / year, plus finance
costs, total taxes, and depreciation and amortisation expense.
EBITDA CAGR EBITDA CAGR is calculated by dividing the EBITDA from operation for the
FY 2025 by the EBITDA from operation for the FY 2023, raising it to the power
of one divided by the number of compounding periods i.e. 2 years, and
subtracting by one
Net asset value (NAV) per Net asset value (NAV) per equity share refers to Net worth as at the end of the
equity share year / period divided by number of equity shares outstanding at the end of the
financial year. Net Worth is the total equity attributable to equity-holders of the
company, as appearing in the Restated Financial Information less OCI - Re-
measurement of Defined Benefits Plans (net of Tax) Reserve.
Offtake (Raw Coal) Refers to the total raw coal dispatched to customers plus the raw coal transferred
to washeries for washing plus any internal or colliery consumption.
Output per Manshift Output per manshift (OMS) in coal mining refers to the average quantity of coal
produced per man per shift
Overburden Removal Refers to overburden removed by the company during the period/financial year.
Overburden refers to the layer of soil, rock, and other material that lies above
coal seams and is required to be removed during opencast mining to access coal
seams
PAT CAGR PAT CAGR is calculated by dividing the PAT for the FY 2025 by the PAT for
the FY 2023, raising it to the power of one divided by the number of
compounding periods i.e. 2 years, and subtracting by one
PAT Margin (% of total PAT Margin (as a percentage of Total Income) refers to the percentage derived
income) by dividing profit after tax for the period/ financial year by total income for the
period/ financial year.
Production of Raw Coal Production of raw coal refers to total raw coal produced by the Company during
the period / financial year.
Production of Washed Refers to production of washed coking coal produced by the Company during
Coking Coal the period / financial year.
Profit after tax (PAT) Profit after tax (PAT) means restated profit / (loss) for the period/financial year
as appearing in the Restated Financial Information
Raw Coal Production from Refers to production of raw coal produced by the Company during the period /
Opencast Mines financial year from Opencast mines including opencast section of mixed mines
Raw Coal Production from Refers to production of raw coal produced by the Company during the period /
Underground Mines financial year from Underground mines including underground section of mixed
mines
Raw Coking Coal Refers to production of raw coking coal produced by the Company during the
Production period / financial year
Raw Non Coking Coal Refers to production of raw non coking coal produced by the Company during
Production the period / financial year
16Return on Average Capital Return on average capital employed (ROCE) refers to the EBIT divided by
Employed (ROCE) average capital employed for the year/period. EBIT means restated profit / (loss)
for the period / year, plus finance costs and total taxes. Capital employed is the
total equity attributable to equity-holders of the company, as appearing in the
Restated Financial Information plus non-current borrowings. Average capital
employed is the sum of opening and closing capital employed divided by two.
Return on Net Worth Return on Net Worth is calculated as restated profit / (loss) for the period / year
divided by average net worth. Net Worth is the total equity attributable to equity-
holders of the company, as appearing in the Restated Financial Information less
OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve. Average
net worth is the sum of opening and closing net worth divided by two.
Revenue CAGR Revenue CAGR is calculated by dividing the Revenue from operation for the FY
2025 by the Revenue from operation for the FY 2023, raising it to the power of
one divided by the number of compounding periods i.e. 2 years, and subtracting
by one.
Revenue from Operations Revenue from operations means the revenue from operations as appearing in the
Restated Financial Information.
Trade receivables as Trade receivables as number of days of Revenue from operations refers to Trade
number of days of Revenue Receivables on the reporting date (excluding unbilled receivables) as appearing
from operations in the Restated Financial Information divided by Revenue from operations
multiplied by number of days in the financial year/ period.
17CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA
AND CURRENCY OF PRESENTATION
Certain Conventions
All references to “India” in this Prospectus are to the Republic of India and its territories and possession and all
references herein to the “Government”, “Indian Government”, “GoI”, “Central Government” or the “State
Government” are to the Government of India, or the governments of any state in India, as applicable.
All references herein to the “US”, the “U.S.” or the “United States” are to the United States of America and its
territories and possessions.
Unless stated otherwise, all references to page numbers in this Prospectus are to the page numbers of this
Prospectus
Time
All references to time in this Prospectus are to Indian Standard Time.
Financial Data
Unless stated otherwise or the context otherwise requires, the financial information and financial ratios in this
Prospectus have been derived from the Restated Financial Information.
The restated financial information of our Company, comprising the restated statement of assets and liabilities as
at September 30, 2025 and September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 the restated
statement of profit and loss (including other comprehensive income), the restated statement of changes in equity,
the restated statement of cash flow for the six months period ended September 30, 2025 and September 30, 2024,
and the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, the summary statement of
material accounting policies, and other explanatory notes, prepared in terms of the requirements of Section 26 of
Part I of Chapter III of the Companies Act, the SEBI ICDR Regulations and the Guidance Note on Reports in
Company Prospectuses (Revised 2019) issued by the ICAI, as amended from time to time and included in the
section titled “Restated Financial Information” beginning on page 299.
In this Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to
rounding off. All figures in decimals have been rounded off to the second decimal, and all percentage figures
have been rounded off to two decimal places.
However, where any figures may have been sourced from third-party industry sources, such figures may be
rounded-off to such number of decimal points as provided in such respective sources. In this Prospectus, (i) the
sum or percentage change of certain numbers may not conform exactly to the total figure given; and (ii) the sum
of the numbers in a column or row in certain tables may not conform exactly to the total figure given for that
column or row; any such discrepancies are due to rounding off.
Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends on
March 31 of that particular calendar year; accordingly, all references to a particular financial year or fiscal, unless
stated otherwise, are to the 12 months period commencing on April 1 of the immediately preceding calendar year
and ending on March 31 of that particular calendar year. Reference in this Prospectus to the terms Fiscal or Fiscal
Year or Financial Year is to the 12 months ended on March 31 of such year, unless otherwise specified.
The degree to which the financial information included in this Prospectus will provide meaningful information is
entirely dependent on the reader’s level of familiarity with Indian accounting policies and practices, Ind AS, the
Companies Act and SEBI ICDR Regulations. Any reliance by persons not familiar with the aforementioned
policies and laws on the financial disclosures presented in this Prospectus should be limited. There are significant
differences between Ind AS, Indian GAAP, U.S. GAAP and IFRS. Our Company does not provide a
reconciliation of its financial statements with Indian GAAP, IFRS or U.S. GAAP requirements. Our Company
has not attempted to explain those differences or quantify their impact on the financial data included in this
Prospectus and it is urged that you consult your own advisors regarding such differences and their impact on our
financial data. For further details in connection with risks involving differences between Ind AS and other
accounting principles, see “Risk Factors – Significant differences exist between Ind AS and other accounting
18principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material
to their assessment of our financial condition” on page 77.
Unless the context otherwise indicates, any percentage amounts, as set forth in “Risk Factors”, “Our Business”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on
pages 33, 215 and 422 respectively, and elsewhere in this Prospectus have been calculated on the basis of amounts
derived from our Restated Financial Information or Non-GAAP financial measures as described below.
Non- GAAP Financial Measures
Certain non-GAAP financial measures relating to our financial performance included in this Prospectus are a
supplemental measure of our performance and liquidity that are not required by, or presented in accordance with,
Ind AS, Indian GAAP, or IFRS. Further, these Non-GAAP Measures are not a measurement of our financial
performance or liquidity under Ind AS, Indian GAAP, or IFRS and should not be considered in isolation or
construed as an alternative to cash flows, profit / (loss) for the year / period or any other measure of financial
performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by
operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, or IFRS. In addition,
these Non-GAAP Measures are not a standardised term and, therefore, a direct comparison of similarly titled
Non-GAAP Measures between companies may not be possible. Other companies may calculate the Non-GAAP
Measures differently from us, limiting their usefulness as a comparative measure. Although the Non-GAAP
Measures are not a measure of performance calculated in accordance with applicable accounting standards, our
Company’s management believes that they are useful to an investor in evaluating us because these are widely
used measures to evaluate a company’s operating performance. See “Risk Factors – Significant differences exist
between Ind AS and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more
familiar with and may consider material to their assessment of our financial condition” on page 77.
Currency and Units of Presentation
All references to:
• “Rupees” or “₹” or “INR” or “Rs.” are to Indian Rupee, the official currency of the Republic of India; and
• “USD” or “US$” or “$” or “U.S. Dollar” are to United States Dollar, the official currency of the United
States of America.
Our Company has presented certain numerical information in this Prospectus in “million” units or in whole
numbers where the numbers have been too small to represent in such units. One million represents 1,000,000, one
billion represents 1,000,000,000 and one trillion represents 1,000,000,000,000. One lakh represents 100,000 and
one crore represents 10,000,000. Certain figures contained in this Prospectus, including financial information,
have been subject to rounding adjustments. Any discrepancies in any table between the totals and the sum of the
amounts listed are due to rounding off. All figures in decimals have been rounded off to two decimal points. In
certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure
given, and (ii) the sum of the figures in a column or row in certain tables may not conform exactly to the total
figure given for that column or row.
Figures sourced from third-party industry sources may be expressed in denominations other than million or may
be rounded off to other than two decimal points in the respective sources, and such figures have been expressed
in this Prospectus in such denominations or rounded-off to such number of decimal points as provided in such
respective sources.
Exchange Rates
This Prospectus contains conversion of certain other currency amounts into Indian Rupees that have been
presented solely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a
representation that these currency amounts could have been, or can be converted into Indian Rupees, at any
particular rate or at all.
The following table sets forth, for the periods indicated, information with respect to the exchange rate between
the Rupee and other currencies:
(in ₹)
Currency Exchange Rate as at
19Septem June March Decemb Septem June March Decemb March Decemb
ber 30, 30, 31, er 31, ber 30, 30, 31, er 31, 31, er 31,
2025 2025 2025 2024 2024 2024 2024 2023 2023 2022
1 USD/ 88.79 85.54 85.58 85.62 83.78 83.45 83.37 83.12 82.22 82.79
US$ / $
Source: www.rbi.org and www.fbil.org.in
Note: If the reference rate is not available on a particular date due to a public holiday, exchange rates of the previous working day have been
disclosed.
Industry and Market Data
Unless stated otherwise, industry and market data used in this Prospectus has been obtained or derived from
publicly available information as well as industry publication and sources. Further, the information has also been
derived from the report titled “Report on Indian Coking Coal Industry” dated November 2025 exclusively
prepared by CRISIL and commissioned for our Company specifically in connection with the Offer, pursuant to
an engagement letter dated January 19, 2025. The CRISIL Report is available at www.bcclweb.in. For risks in
relation to commissioned reports, see “Risk Factors – Certain sections of this Prospectus disclose information
from the CRISIL Report which is a paid report and commissioned and paid for exclusively in connection with the
Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent
risks.” on page 73.
Industry publications generally state that the information contained in such publications has been obtained from
publicly available documents from various sources believed to be reliable. Accordingly, no investment decisions
should be made based on such information. The excerpts of the industry report are disclosed in the Offer
Documents and there are no parts, information, data (which may be relevant for the proposed Offer), left out or
changed in any manner. Data from these sources may also not be comparable. Industry sources and publications
are also prepared based on information as of specific dates and may no longer be current or reflect current trends.
Industry sources and publications may also base their information on estimates and assumptions that may prove
to be incorrect.
CRISIL is an independent agency which has no relationship with our Company, our Promoters, Promoter Group
any of our Directors, Key Managerial Personnel, Senior Management Personnel, or the Book Running Lead
Managers.
The extent to which the market and industry data used in this Prospectus is meaningful depends on the reader’s
familiarity with and understanding of the methodologies used in compiling such data. There are no standard data
gathering methodologies in the industry in which the business of our Company is conducted, and methodologies
and assumptions may vary widely among different industry sources. Industry publications generally state that the
information contained in such publications has been obtained from publicly available documents from various
sources believed to be reliable, but their accuracy and completeness are not guaranteed, and their reliability cannot
be assured. The data used in these sources may have been reclassified by us for the purposes of presentation. Data
from these sources may also not be comparable. Industry sources and publications are also prepared based on
information as of specific dates and may no longer be current or reflect current trends. Industry sources and
publications may also base their information on estimates and assumptions that may prove to be incorrect.
Accordingly, no investment decision should be made solely on the basis of such information. Such data involves
risks, uncertainties and numerous assumptions and is subject to change based on various factors, including those
disclosed in “Risk Factors” on page 33.
In accordance with the SEBI ICDR Regulations, “Basis for Offer Price” on page 123 includes information relating
to our listed peer group companies. Such information has been derived from publicly available sources, and
neither we, nor the BRLMs or any of their affiliates have independently verified such information. Accordingly,
no investment decision should be made solely on the basis of such information.
Certain information has also been derived from the report titled “An Independent Technical Report on the Coal
Resources and Reserves of Bharat Coking Coal Limited, India” dated December 2, 2025, exclusively prepared
by SRK Consulting and commissioned for our Company specifically in connection with the Offer, pursuant to an
engagement letter dated January 22, 2025. The SRK Report was made available at www.bcclweb.in. For risks in
relation to commissioned reports, see “Risk Factors – Information relating to our reserve and resource base
included in this Prospectus are estimates, and our actual production, revenues and expenditure with respect to
our reserves and resources may differ materially from these estimates. Additionally, certain reserve and resource
base information provided in this Prospectus has been prepared and classified in accordance with Indian
20Standard Procedure guidelines (the “ISP Guidelines”), which has not been audited by SRK Mining Services
(India) Private Limited (“SRK”) and differs from international standards.” on page 34.
Notice to Prospective Investors in the United States
The Equity Shares have not been recommended by any U.S. federal or state securities commission or regulatory
authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of
this Prospectus or approved or disapproved the Equity Shares. Any representation to the contrary is a criminal
offence in the United States. In making an investment decision, investors must rely on their own examination of
our Company and the terms of the Offer, including the merits and risks involved.
The Equity Shares have not been and will not be registered under the U.S. Securities Act or any other applicable
law of the United States, and, unless so registered, may not be offered or sold within the United States except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold
only (a) to persons in the United States that are “qualified institutional buyers” (as defined in Rule 144A) and
referred to in this Prospectus as “U.S. QIBs” and, for the avoidance of doubt, the term U.S. QIBs does not refer
to a category of institutional investor defined under applicable Indian regulations and referred to in this Prospectus
as “QIBs”) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act
and in reliance on Rule 144A, and (b) outside the United States in “offshore transactions” (as defined in
Regulation S) in reliance on Regulation S and the applicable laws of the jurisdiction where those offers and sales
are made. For further details, see “Other Regulatory and Statutory Disclosures – Eligibility and Transfer
Restrictions” on page 486.
The Equity Shares have not been registered, listed or otherwise qualified in any other jurisdiction outside India
and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in
compliance with the applicable laws of such jurisdiction.
21FORWARD-LOOKING STATEMENTS
This Prospectus contains certain “forward-looking statements”. All statements contained in this Prospectus that
are not statements of historical fact constitute “forward-looking statements”. All statements regarding our
expected financial condition and results of operations, business, plans and prospects are “forward-looking
statements”. These forward-looking statements generally can be identified by words or phrases such as “aim”,
“anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely to”, “may”, “seek to”, “shall”, “objective”, “plan”,
“project”, “will”, “will continue”, “will pursue”, “can”, “could”, “goal”, “should” or other words or phrases of
similar import. Similarly, statements that describe our strategies, objectives, plans or goals are also forward-
looking statements. However, these are not the exclusive means of identifying forward looking statements. All
forward-looking statements whether made by us or any third parties in this Prospectus are based on our current
plans, estimates, presumptions and expectations and are subject to risks, uncertainties and assumptions about us
that could cause actual results to differ materially from those contemplated by the relevant forward-looking
statement, including but not limited to, regulatory changes pertaining to the industry in which we have businesses
and our ability to respond to them, our ability to successfully implement our strategy, our growth and expansion,
technological changes, our exposure to market risks, general economic and political conditions which have an
impact on our business activities or investments, the monetary and fiscal policies of India, inflation, deflation,
unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the
performance of the financial markets in India and globally, changes in domestic laws, regulations and taxes and
changes in competition in the industry.
Important factors that could cause actual results to differ materially from our expectations include, but are not
limited to, the following:
• Information relating to our reserve and resource base included in this Prospectus are estimates, and our
actual production, revenues and expenditure with respect to our reserves and resources may differ
materially from these estimates. Additionally, certain reserve and resource base information provided in
this Prospectus has been prepared and classified in accordance with Indian Standard Procedure
guidelines (the “ISP Guidelines”), which has not been audited by SRK Mining Services (India) Private
Limited (“SRK”) and differs from international standards.
• Our mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the
eventual exhaustion of coal reserves in these areas or our inability to successfully exploit existing
reserves may adversely affect our business, results of operations, financial conditions and cash flows.
• A significant portion of our revenues is derived from production of raw coking coal, which accounted
for 77.20%, 74.13%, 75.72%, 75.75% and 74.79% of our revenue from operations in the six months
period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline
in demand for raw coking coal could have an adverse impact on our business, results of operations,
financial condition and cash flows.
• We have certain contingent liabilities that have been disclosed in the Restated Financial Information (₹
35,985.90 million as of September 30, 2025), which if materialize, may adversely affect our business,
results of operations, financial condition and cash flows.
• We are dependent upon the pricing and continued supply of raw materials, the costs and supply of which
can be subject to significant variation due to factors outside our control.
Certain information in “Industry Overview”, “Our Business” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations on pages 146, 215 and 422, respectively, of this Prospectus have
been obtained from the report titled “Report on Indian Coking Coal Industry” dated November 2025 exclusively
prepared by CRISIL and commissioned for our Company specifically in connection with the Offer, pursuant to
an engagement letter dated January 19, 2025.
For further discussion of factors that could cause the actual results to differ from the expectations, see “Risk
Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” on pages 33, 215 and 422, respectively. By their nature, certain market risk disclosures are only
estimates, and could be materially different from what actually occurs in the future. As a result, actual future
gains or losses could materially differ from those that have been estimated and are not a guarantee of future
performance.
Forward-looking statements reflect current views as of the date of this Prospectus and are not a guarantee of future
performance. There can be no assurance to investors that the expectations reflected in these forward-looking
22statements will prove to be correct. Given these uncertainties, investors are cautioned not to place undue reliance
on such forward-looking statements and not to regard such statements to be a guarantee of our future performance.
These statements are based on our management’s belief and assumptions, which in turn are based on currently
available information. Although we believe the assumptions upon which these forward-looking statements are
based on are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking
statements based on these assumptions could be incorrect. Given these uncertainties, investors are cautioned not
to place undue reliance on such forward-looking statements and not to regard such statements as a guarantee of
future performance. Neither our Company, our Promoters, our Directors, the BRLMs nor any of their respective
affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after
the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come
to fruition.
In accordance with the requirements of SEBI, our Company shall ensure that investors in India are informed of
material developments from the date of the Prospectus in relation to the statements and undertakings made by
them until the time of the grant of listing and trading permission by the Stock Exchanges for this Offer. In
accordance with the requirements of SEBI and as prescribed under the applicable law, the Selling Shareholder
will ensure (through our Company and the BRLMs) that investors are informed of material developments in
relation to the statements and undertakings specifically undertaken or confirmed by them in this Prospectus until
the receipt of final listing and trading approvals for the Equity Shares pursuant to the Offer. Only statements and
undertakings which are specifically confirmed or undertaken by the Selling Shareholder to the extent of
information pertaining to it in this Prospectus shall be deemed to be statements and undertakings made by the
Selling Shareholder.
23SUMMARY OF THE OFFER DOCUMENT
The following is a general summary of the terms of the Offer and is neither exhaustive, nor does it purport to
contain a summary of all the disclosures in this Prospectus or all details relevant to prospective investors. This
summary should be read in conjunction with, and is qualified in its entirety by, the more detailed information
appearing elsewhere in this Prospectus, including “Risk Factors”, “Objects of the Offer”, “Our Business”,
“Industry Overview”, “Capital Structure”, “The Offer”, “Restated Financial Information”, “Outstanding
Litigation and Material Developments”,“ Offer Procedure” and “Description of Equity Shares and Terms of the
Articles of Association” on page 33, 120, 215, 146, 106, 85, 299, 464, 511, and 534 respectively of this
Prospectus.
Summary of the primary business of the Company
We produce various grades of coking coal, non-coking coal and washed coals for applications primarily in the
steel and power industries. We were incorporated in 1972 to mine and supply coking coal concentrated in mines
located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. We have expanded our operations significantly
over the years, with our coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million
tonnes in Fiscal 2025, which is an increase of 32.74% over Fiscal 2022. Further, our coal production was 15.75
million tonnes in the six months period ended September 30, 2025, as compared to 19.09 million tonnes in six
months period ended September 30, 2024. In Fiscal 2024, we produced 39.11 million tonnes of coking coal and
1.99 million tonnes of non-coking coal, surpassing our previous records of coking coal production.
Summary of the Industry in which the Company operates
Coal and iron ore are the bedrock of India's mineral wealth, playing a critical role in driving the nation's industrial
and economic progress. These minerals not only fuel the country’s energy needs but also support the backbone of
its manufacturing sector, particularly in steel production. (Source: CRISIL Report, Industry Overview on page
162) In Fiscal 2025, the coking coal demand is 67 MMT and is expected to reach 138 MMT in Fiscal 2035. The
total coking coal supply shows a surplus in most years, which is not the case as very limited coking coal is directly
being used in steel industry owning to the inferior quality of Indian coking coal. Going ahead, though the coking
coal supply is expected to be more than the demand, demand of coking coal for steel is expected to increase.
(Source: CRISIL Report, Industry Overview on page 181)
Name of Promoters
As on the date of this Prospectus, our Promoters are the President of India, acting through the Ministry of Coal,
Government of India and Coal India Limited. For further details, see “Our Promoters and Promoter Group” on
page 293.
The Offer
The following table summarizes the details of the Offer. For further details, see “The Offer” and “Offer Structure”
beginning on pages 85 and 505 respectively.
Offer (1) 465,700,000* Equity Shares of face value ₹ 10 each aggregating to ₹
10,687.82 million*
Of which
Offer for Sale (2) 465,700,000* Equity Shares of face value ₹ 10 each aggregating to ₹
10,687.82 million*
The Offer consists of:
Employee Reservation Portion (3) 23,285,000* Equity Shares of face value ₹ 10 each aggregating to ₹
512.27 million*
Shareholder Reservation Portion 46,570,000* Equity Shares of face value ₹ 10 each aggregating to ₹
(4) 1,071.11 million*
Net Offer (5) 395,845,000* Equity Shares of face value ₹ 10 each aggregating to ₹
9,104.44 million*
(1) The Offer has been authorized by a resolution of our Board dated May 27, 2025.
(2) Our Board has taken on record the approval for the Offer for Sale by the Selling Shareholder pursuant to its resolution dated May 27,
2025.
(3) The Promoter Selling Shareholder confirms that the Offered Shares are eligible to be offered for sale in the Offer in accordance with
Regulation 8 of the SEBI ICDR Regulations, as on the date of this Prospectus. The Selling Shareholders has, authorized the inclusion the
24Offered Shares in the Offer for Sale. For details of authorizations received for the Offer for Sale, see “Other Regulatory and Statutory
Disclosures- Authority for the Offer” on page 482.
(3) In the event of under-subscription in the Employee Reservation Portion, the unsubscribed portion was made available for allocation and
Allotment, proportionately to all Eligible Employees who Bid in excess of ₹ 0.20 million (net of Employee Discount), subject to the maximum
value of Allotment made to such Eligible Employee not exceeding ₹ 0.50 million (net of Employee Discount). The unsubscribed portion in the
Employee Reservation Portion after allocation of up to ₹ 0.50 million (net of Employee Discount), was added to the Net Offer. Our Company,
in consultation with the BRLMs, offered a discount of 4.35% on the Offer Price (equivalent of ₹ 1 per Equity Share) to Eligible Employees
bidding in the Employee Reservation Portion. For further details, see “Offer Procedure” and “Offer Structure” beginning on pages 511 and
505, respectively.
(4) The Shareholder Reservation Portion did not exceed 10% of the Offer size made available for allocation to Eligible Shareholders, on a
proportionate basis. For further details, see “Offer Structure” on page 505.
(5) The Net Offer is the Offer less the Employee Reservation Portion and the Shareholders Reservation Portion.
* Subject to finalisation of the Basis of Allotment.
The Offer and Net Offer constituted 10.00% and 8.50% of the post-Offer paid-up Equity Share capital of our
Company.
For further details, see “The Offer” and “Offer Structure” beginning on pages 85 and 505, respectively.
Objects of the Offer
The Promoter Selling Shareholder will be entitled to the entire proceeds of the Offer after deducting its portion of
the Offer expenses and relevant taxes thereon. Our Company will not receive any proceeds from the Offer. The
Objects of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges; and (ii)
carry out the Offer for Sale of 465,700,000 Equity Shares of face value of ₹ 10 each by the Promoter Selling
Shareholder aggregating to ₹ 10,687.82 million.
For further details, see “Objects of the Offer” on page 120.
Aggregate pre- Offer Shareholding of our Promoters and the members of our Promoter Group (other than
our Promoters) and Promoter Selling Shareholder
The aggregate pre-Offer shareholding of our Promoters, members of the Promoter Group (other than the
Promoters) and the Promoter Selling Shareholder as a percentage of the pre-Offer paid-up share capital of the
Company is set out below.
Name of Shareholder No. of Equity Shares held as on the Percentage of the Equity Share
date of this Prospectus capital (%) as on the date of this
Prospectus
Promoters
Coal India Limited* 4,657,000,000# 100.00
President of India, acting through the Ministry Nil Nil
of Coal, Government of India
Total 4,657,000,000# 100.00
* Also the Promoter Selling Shareholder
#Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay
Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited.
As on the date of this Prospectus none of the members of the Promoter Group hold any Equity Shares of our
Company.
For further details, please see “Capital Structure” on page 106.
Shareholding of our Promoters, members of our Promoter Group and additional top 10 shareholders of
our Company
The aggregate shareholding, of each of our Promoters, members of our Promoter Group and additional top 10
shareholders (apart from our Promoters) as on the date of the Price Band advertisement publication and as at the
date of Allotment is set forth below:
Sr. Pre-Offer shareholding as on date of the Post-Offer Shareholding as at Allotment#
No price band advertisement
. Name of Number of Pre-Offer At the lower end of the At the upper end of the price
the Equity shareholdin price band (₹ 21) band (₹ 23)
shareholde Shares^ g on a fully Number of Post-Offer Number of Post-Offer
25r diluted basis Equity shareholdi Equity shareholdin
(%)^ Shares^ ng (%)^ Shares^ g (%)^
Promoters
1. Coal India 4,657,000,000* 100.00 4,191,300,00 90.00 4,191,300,000 90.00%
Limited * 0
2. President of NA NA NA NA NA NA
India, acting
through the
Ministry of
Coal,
Government
of India
Members of our Promoter Group
1. Nil Nil Nil Nil Nil Nil Nil
Additional top 10 shareholders#
NA
^Includes all options that have been exercised until date of prospectus and any transfers of equity shares by existing shareholders after the
date of the pre- Offer and price band advertisement until date of prospectus.
#Based on the Offer Price of ₹ 23 and subject to finalization of the Basis of Allotment.
** Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay
Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited.
Summary of Restated Financial Information
The details of certain financial information as set out under the SEBI ICDR Regulations as of and for the Fiscals
indicated, derived from the Restated Financial Information are as follows:
(in ₹ million, except per share data)
Particulars As of and for the six months period As of and for the Financial Year
ended ended March 31,
September 30, September 30, 2025 2024 2023
2025 2024
Equity share capital(1) 46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
Net worth(2) 58,308.90 60,597.40 65,512.30 53,554.70 37,910.10
Total revenue from operations(3) 56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
Profit for the year/ Period (4) 1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
Restated Earnings per equity share of ₹ 10 0.27* 1.61*
each – Basic (in ₹/ share)(5) (7) 2.66 3.36 1.43
Restated Earnings per equity share of ₹ 10 0.27* 1.61*
each – Diluted (in ₹/ share)(6)(7) 2.66 3.36 1.43
Net asset value per Equity Share(8) 12.52 13.01 14.07 11.50 8.14
Total Borrowings(9) 15,591.30 Nil Nil Nil Nil
Notes:
*Not annualised.
(1) Equity share capital as at the end of the relevant Fiscal Year/ period.
(2) Net worth of the Company means the aggregate value of the paid-up share capital and all reserves created out of the profits and
securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the
accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of
revaluation of assets, write-back of depreciation and amalgamation.
(3) Total revenue from operations for the relevant Fiscal Year/ period
(4) Profit for the relevant Fiscal Year/ Period
(5) Restated Earnings per equity share (Basic) = Restated profit attributable to Shareholders of our Company for the year/ period divided
by weighted average number of Equity Shares outstanding during the year/ period computed in accordance with Ind AS 33.
(6) Restated Earnings per Equity Share (Diluted) = Restated profit attributed to Shareholders of our Company divided by weighted average
number of shares outstanding during the year/ period are adjusted for the effects of all dilutive potential Equity Shares computed in
accordance with Ind AS 33.
(7) Our Company has sub-divided each of its equity shares bearing face value ₹ 1,000 each into 100 equity shares bearing face value ₹ 10
each pursuant to a resolution of our Board dated April 15, 2025 and a resolution of our shareholders dated April 28, 2025. The impact
of the split of shares is considered for the computation of Restated Earnings per equity shares and net asset value per equity share
(8) Net asset value per Equity Share is calculated as total net worth divided by the weighted average number of Equity Shares outstanding
at the end of the year/ period.
(9) Total Borrowings is calculated as sum of non-current borrowings and current borrowings.
For a reconciliation of non-GAAP measures, see “Management’s Discussion and Analysis of our Results of
Operations – Non- GAAP Measures” on page 443.
For further details, see “Restated Financial Information” on page 299.
26Auditor qualifications
There are no qualifications of the Statutory Auditors that have not been given effect to in the Restated Financial
Information.
Summary table of outstanding litigation
A summary of outstanding litigation proceedings involving our Company, Directors and Corporate Promoter, our
Key Managerial Personnel and our Senior Management Personnel in accordance with the SEBI ICDR Regulations
and the Materiality Policy as on the date of this Prospectus as disclosed in “Outstanding Litigation and Other
Material Developments” is provided below:
Disciplinary actions
Number of by the SEBI or stock
Aggregate
Category of Number of Number of actions taken exchanges against Number of
amount
individuals/ Criminal Tax by statutory our Corporate material civil
involved*
entities proceedings proceedings or regulatory Promoter in the last litigations
(in ₹ million)
authority five years including
outstanding action
Company
By our 8 (Not (Not (Not Applicable) 3 7,031.00
Company Applicable) Applicable)
Against our 25 265 8 6 31,999.66
Company
Directors
By our Nil (Not (Not (Not Applicable) Nil Nil
Directors Applicable) Applicable)
Against our 2 1 Nil Nil 0.01
Directors
Corporate Promoter
By our 1 (Not (Not (Not Applicable) 1 312,278.00
Corporate Applicable) Applicable)
Promoter
Against our 2 14 5 46 Nil 20,188.94
Corporate
Promoter
Key Managerial Personnel
By our Nil (Not (Not (Not Applicable) (Not Nil
KMPs Applicable) Applicable) Applicable)
Against our 1 Nil Nil
KMPs
Senior Management
By our SMPs Nil (Not (Not (Not Applicable) (Not Nil
Applicable) Applicable) Applicable)
Against our 8 Nil Nil
SMPs
* To the extent quantifiable.
For further details, see “Outstanding Litigation and Material Developments” on page 464.
Risk factors
Specific attention of Bidders is invited to the section “Risk Factors” on page 33. Bidders are advised to read the
risk factors carefully before taking an investment decision in the Offer. Set forth below are the top 10 risk factors
applicable to our Company:
Sr. No. Description
1. Information relating to our reserve and resource base included in this Prospectus are estimates, and
our actual production, revenues and expenditure with respect to our reserves and resources may differ
materially from these estimates. Additionally, certain reserve and resource base information provided
in this Prospectus has been prepared and classified in accordance with Indian Standard Procedure
guidelines (the “ISP Guidelines”), which has not been audited by SRK Mining Services (India)
Private Limited (“SRK”) and differs from international standards.
272. Our mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the
eventual exhaustion of coal reserves in these areas or our inability to successfully exploit existing
reserves may adversely affect our business, results of operations, financial conditions and cash flows.
3. A significant portion of our revenues is derived from production of raw coking coal, which accounted
for 77.20%, 74.13%, 75.72%, 75.75% and 74.79% of our revenue from operations in the six months
period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Any
decline in demand for raw coking coal could have an adverse impact on our business, results of
operations, financial condition and cash flows.
4. We have certain contingent liabilities that have been disclosed in the Restated Financial Information
(₹ 35,985.90 million as of September 30, 2025), which if materialize, may adversely affect our
business, results of operations, financial condition and cash flows.
5. We are dependent upon the pricing and continued supply of raw materials, the costs and supply of
which can be subject to significant variation due to factors outside our control.
6. Our business largely depends upon our top 10 customers which accounted for 83.89%, 82.46%,
88.88%, 80.79% and 83.10% of our revenue from operations in the six months period ended
September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of
these customers could have an adverse effect on our business, financial condition, results of
operations and cash flows.
7. We depend on a limited number of vendors to provide contractual services and any disruptions in
their supply of services could adversely affect our business, results of operations, financial condition
and cash flows.
8. A portion of our coal production and coal handling operations are conducted through third party
contractors which exposes us to fluctuations in contractual costs and risks relating to the quality of
their services.
9. We are a wholly-owned subsidiary of Coal India Limited and we rely on the support and resources
provided by Coal India Limited. Any misalignment in strategic priorities or changes in Coal India
Limited’s overall strategy could affect our long-term planning and operational stability and may have
an adverse impact on our business, results of operations, financial conditions and cash flows
10. Our ability to negotiate coal distribution and allocation is significantly influenced by the regulatory
framework established by the Government of India under the New Coal Distribution Policy.
Summary of contingent liabilities
As of September 30, 2025, our contingent liabilities as per the Restated Financial Information are as follows:
(in ₹ million)
Particulars As of September 30, 2025
Central Government
Income Tax 3,844.40
Sales Tax: CST 1,527.40
Central Excise 885.30
Service Tax 54.50
Sub-Total 6,311.60
State Government and local authority
Sales Tax: VAT 1,689.90
GST 2,180.90
Royalty 558.80
Holding Tax 2,522.30
Electricity Duty 231.70
Others Statutory Dues (RE/PE Cess) 82.80
Sub-Total 7,266.40
Central Public Sector Enterprises
Sub- Total -
Others
Suits against the Company under litigation 9,591.80
28Particulars As of September 30, 2025
Arbitration proceedings 11,970.10
Misc (Land) 846.00
Sub-Total 22,407.90
Grand Total 35,985.90
For further information on such contingent liabilities, see “Restated Financial Information” and “Risk Factors –
We have certain contingent liabilities that have been disclosed in the Restated Financial Information (₹ 35,985.90
million as of September 30, 2025), which if materialize, may adversely affect our business, results of operations,
financial condition and cash flows.” on page 299 and 38, respectively.
Summary of related party transactions
The summary of related party transactions, as per the requirements under Ind AS 24 – Related Party Disclosures
read with SEBI ICDR Regulations, entered into by our Company for six months periods ended September 30,
2025 and September 30, 2024, Fiscal 2025, Fiscal 2024 and Fiscal 2023, as derived from the Restated Financial
Information are as set out in the table below:
1. Remuneration of Board of Directors & Key Managerial Personnel:
For the Percent For the Percent Percent Percent Percent
For For For
six age of six age of age of age of age of
the the the
months Revenu months Revenu Revenu Revenu Revenu
year year year
period e from period e from e from e from e from
Sl ended ended ended
ended operati ended operati operati operati operati
. Particul Marc Marc Marc
Septem ons Septem ons ons ons ons
N ars h 31, h 31, h 31,
ber 30, (%) ber 30, (%) (%) (%) (%)
o. 2025 2024 2023
2025 2024
(in ₹ (in ₹ (in ₹
(in ₹ (in ₹
millio millio millio
million million
ns) ns) ns)
s) s)
Short
Term
(i) Employ
ee
Benefits
Payment
to
Chairma
n cum
Managin
g
Director
s, Whole
Time
a. 16.50 0.03% 12.50 0.02% 27.10 0.02% 26.40 0.02% 25.30 0.02%
Director
s, Chief
Financia
l Officer
and
Compan
y
Secretar
y
Sitting
Fees to
Indepen Negligi Negligi Negligi Negligi Negligi
b. 0.30 0.80 1.06 1.70 1.70
dent ble ble ble ble ble
Director
s
Post-
(ii Negligi Negligi
Employ - - - - - - 3.90 1.60
) ble ble
ment
29For the Percent For the Percent Percent Percent Percent
For For For
six age of six age of age of age of age of
the the the
months Revenu months Revenu Revenu Revenu Revenu
year year year
period e from period e from e from e from e from
Sl ended ended ended
ended operati ended operati operati operati operati
. Particul Marc Marc Marc
Septem ons Septem ons ons ons ons
N ars h 31, h 31, h 31,
ber 30, (%) ber 30, (%) (%) (%) (%)
o. 2025 2024 2023
2025 2024
(in ₹ (in ₹ (in ₹
(in ₹ (in ₹
millio millio millio
million million
ns) ns) ns)
s) s)
Benefits
Other
(ii Long-
- - - - - - - - - -
i) term
Benefits
Termina
(i
tion - - - - - - - - - -
v)
Benefits
Share
(v
Based - - - - - - - - - -
)
Payment
TOTAL 16.80 0.03% 13.30 0.02% 28.16 0.02% 32.00 0.02% 28.60 0.02%
2. Other Transactions with Related Parties:
Partic Relatio Nature For the six For the six Financial Financial Financial
ulars nship of months period months Year 2025 Year 2024 Year 2023
with Transa ended period ended
the ction September 30, September 30,
Compa 2025 2024
ny Amo Perce Amo Perce Amo Perce Amo Perce Amo Perce
unt ntage unt ntage unt ntage unt ntage unt ntage
(in ₹ of (in ₹ of (in ₹ of (in ₹ of (in ₹ of
milli Reven milli Reven milli Reven milli Reven milli Reven
on) ue on) ue on) ue on) ue on) ue
from from from from from
operat operat operat operat operat
ions ions ions ions ions
Coal Holdin Manag
India g ement 8702 15.38 746. 1078 646. 575.
1.09% 0.78% 0.45% 0.46%
Limite Compa Service .10* % 50 .50 60 20
d ny s
Central
Mine Subsidi
Plannin ary of
Purcha
g and the
se of 286. 389. 866. 802. 1040
Design Holdin 0.51% 0.57% 0.63% 0.56% 0.82%
Service 30 10 00 90 .40
Institut g
s
e Compa
Limite ny
d
Indian
Part of
Institut Trainin
Holdin
e of g 37.8 38.5
g - - - - 0.03% - - 0.03%
Coal Service 0 0
Compa
Manag s
ny
ement
*Includes payment of outstanding dividend on erstwhile Preference Shares. Please refer section titled “Dividend Policy” on page 298..
For further details, see “Restated Financial Information” and “Risk Factors – We have entered into related party
transactions in the past and may continue to do so in the future. Such future related party transactions may
potentially involve conflicts of interest” on pages 299 and 72 respectively.
Details of all financing arrangements
30There have been no financing arrangements whereby our Promoters, members of the Promoter Group, our
Directors and their relatives (as defined in the Companies Act, 2013) have financed the purchase by any other
person of securities of our Company other than in the normal course of the business of the financing entity, during
a period of six months immediately preceding the date of this Prospectus.
Details of price at which specified securities were acquired in the three years preceding the date of this
Prospectus by the Promoters, members of the Promoter Group, the Selling Shareholder or shareholder(s)
with rights to nominate Director(s) or other special rights
Except as disclosed below, our Promoters, members of the Promoter Group, the Selling Shareholder and
Shareholder(s) with nominee director rights or other rights have not acquired any Equity Shares in the last three
years preceding the date of this Prospectus:
Name Nature of Nature of Face Date of Nature of Number of Acquisition % of Pre-
securities acquisition / value acquisition of Consideration securities price per Offer Share
Transaction (in ₹) securities acquired security (in Capital
₹)
Promoters#
Nil*
Promoter Group
Nil*
Shareholders entitled with right to nominate directors
Nil*
As certified by Nag & Associates, Chartered Accountants, pursuant to the certificate dated January 13, 2026.
#Also, a Selling Shareholder.
*There are no allotment and/or secondary transactions of equity shares post March 24, 2020.
Weighted average price at which specified securities were acquired by the Promoter and Selling
Shareholder in the one year preceding the date of this Prospectus
Name Face Value (in ₹) Number of Equity Weighted Average Price
Shares acquired in the at which the Equity
last 1 year Shares acquired in the
last 1 year (in ₹)
Coal India Limited*
Nil**
As certified by Nag & Associates, Chartered Accountants, pursuant to the certificate dated January 13, 2026.
*Also, the Promoter Selling Shareholder
**There are no allotment and/or secondary transactions of equity shares post March 24, 2020
Weighted average cost of acquisition of all shares transacted in the 1 year, 18 months and 3 years preceding
the date of this Prospectus
Period Weighted Average Cost of Cap Price is ‘X’ times the Range of acquisition
Acquisition (in ₹) Weighted Average Cost of price: Lowest Price –
Acquisition* Highest Price (in ₹)*
Last 1 year preceding the Nil# Nil# Nil-Nil
date of this Prospectus
Last 18 months preceding Nil# Nil# Nil-Nil
the date of this Prospectus
Last 3 years preceding the Nil# Nil# Nil-Nil
date of this Prospectus
As certified by Nag & Associates, Chartered Accountants, pursuant to the certificate dated January 13, 2026.
#There are no allotment and/or secondary transactions of equity shares post March 24, 2020.
Average cost of acquisition of shares for Promoters and Selling Shareholder
The average cost of acquisition of Equity Shares by our Promoters as at the date of this Prospectus is set forth
below:
31Name of Promoter Number of Equity Shares Average cost of acquisition % of Pre- Offer Equity
of face value of ₹ 10 each per Equity Share (in ₹) Share capital
held
Coal India Limited* 4,657,000,000^ 10.00 100.00
As certified by Nag & Associates, Chartered Accountants, pursuant to the certificate dated January 13, 2026.
*Also, Promoter Selling Shareholder
^Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay
Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited.
Details of Pre-IPO Placement
Our Company has not undertaken any pre-IPO placement.
Any Issue of Equity Shares for consideration other than cash in the last one year
Our Company has not issued any Equity Shares for consideration other than cash during a period of one year
preceding the date of this Prospectus.
Any Split or consolidation of Equity Shares in the last one year
Except as disclosed in the section “Capital Structure – Notes to capital structure – Equity Share capital history
of our Company” on page 107 in relation to the split of equity shares from face value of ₹ 1,000 each to equity
shares of face value ₹ 10 each, our Company has not undertaken a split or consolidation of the Equity Shares in
the one year preceding the date of this Prospectus.
Exemption from complying with any provisions of securities laws, if any, granted by SEBI
Our Company through its letter dated May 30, 2025, had sought an exemption from SEBI under Regulation 300(1)
of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i) compliance with
Regulation 17 (1) of the SEBI Listing Regulations in relation to the appointment of independent directors; (ii)
compliance with certain corporate governance requirements in relation to composition of the Audit Committee of
the Board of Directors and the terms of reference of the Nomination and Remuneration Committee as specified
under Regulation 19(4) read with Schedule II –Part D of the SEBI Listing Regulations and the Audit Committee
as specified under Regulation 18(3) read with point (2) of para (A) under Schedule II -Part C of the SEBI Listing
Regulations; (iii) clause (1) (b), Schedule XVI of the SEBI ICDR Regulations which states that any change in
more than half of the board of directors after filing of the DRHP, may require filing a fresh draft offer document
with SEBI and; (iv) compliance with Regulation 33(1) read with Regulation 2(o) of the SEBI ICDR Regulations
to allow the permanent employees of each of the wholly-owned subsidiaries of Coal India Limited to participate
in the Offer under the Employee Reservation Portion. SEBI vide its letter bearing reference number
SEBI/CFD/RACDIL2/2025/24344/1 dated September 12, 2025 has granted our Company an exemption from
compliances of the aforesaid corporate governance requirements as prescribed under the SEBI Listing Regulations
until the listing of the Equity Shares of the Company. The exemptions sought under the SEBI Listing Regulations
are granted only till the listing of our Equity Shares and subsequent to listing, our Company is required to comply
with the applicable provisions of the SEBI Listing Regulations. Exemption under Regulation 33(1)(a), read with
Regulation 2(o) of the SEBI ICDR Regulations, to include the permanent employees of the wholly owned
subsidiaries of Coal India Limited within the definition of ‘employee’ solely for the purpose of providing an
employee reservation in the proposed offer, has been granted.
Further, our Company through its letter dated December 3, 2025, had sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i)
the corporate governance in relation composition of the Nomination and Remuneration Committee as specified
under Regulation 19(1)(c) of the SEBI Listing Regulations; (ii) constitution of the committee of Independent
Directors as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations, since
the Company is exempted from complying with Regulation 17(1) of the SEBI Listing Regulations, and has only
one Independent Director on the Board, and (iii) the corporate governance requirements in relation to the
composition of the Stakeholders Relationship Committee and Risk Management Committee as required under
Regulations 20(2A) and 21(2) of the SEBI LODR Regulations respectively. SEBI vide its letter bearing reference
number SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1 dated December 11, 2025 has granted our Company an
exemption from compliance of the aforesaid corporate governance requirements as prescribed under the SEBI
LODR Regulations and the constitution of the committee of independent directors for approval of price band
under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations.
32SECTION II: RISK FACTORS
An investment in our Equity Shares involves a high degree of risk. You should carefully consider all the
information in this Prospectus, including the risks and uncertainties described below, before making an
investment in our Equity Shares. The risks described in this section are those that we consider to be the most
significant to our business, results of operations, cash flows and financial condition as of the date of this
Prospectus.
The risks set out in this section may not be exhaustive and additional risks and uncertainties, not currently known
to us or that we currently do not deem material, may arise or may become material in the future and may also
adversely affect our business, results of operations, cash flows, financial condition and/or prospects. If any or a
combination of the following risks, or other risks that are not currently known or are not currently deemed
material, actually occur, our business, results of operations, cash flows, and financial condition and/or prospects
could be adversely affected, the trading price of our Equity Shares could decline, and investors may lose all or
part of their investment. In order to obtain a complete understanding of our Company and our business,
prospective investors should read this section in conjunction with “Our Business”, “Industry Overview”,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Restated
Financial Information” on pages 215, 146, 422 and 299, respectively, as well as the other financial and statistical
information contained in this Prospectus. In making an investment decision, prospective investors must rely on
their own examination of us and our business and the terms of the Offer including the merits and risks involved.
Prospective investors should consult their tax, financial and legal advisors about the particular consequences of
investing in the Offer. Prospective investors should pay particular attention to the fact that our Company is
incorporated under the laws of India and is subject to a legal and regulatory environment which may differ in
certain respects from that of other countries. In making an investment decision, prospective investors must rely
on their own examinations of us and the terms of the Offer, including the merits and the risks involved.
This Prospectus also contains information relating to our strategies, future plans and forward-looking statements
that involve risks, assumptions, estimates and uncertainties. Our actual results could differ from those anticipated
in these forward-looking statements as a result of certain factors, including the considerations described below
and elsewhere in this Prospectus. For further information, see “Forward-Looking Statements” on page 22.
Our financial year commences on April 1 and ends on March 31 of the subsequent year, and references to a
particular financial year are to the 12 months ended March 31 of that year. Unless otherwise indicated, or the
context otherwise requires, the financial information included herein is based on our Restated Financial
Information included in this Prospectus. For further information, see “Restated Financial Information” on page
299. Unless the context otherwise requires, in this section, references to “the Company”, “our Company” "we",
"us" or "our" refers to Bharat Coking Coal Limited.
We have included certain information in relation to our reserves, resources, capacity utilization and estimates
from the report dated December 2, 2025 prepared by SRK Mining Services (India) Private, an independent mining
and geological consultancy firm (“SRK Report”). Estimates included in the SRK Report are subject to certain
assumptions. Actual reserves and production levels may differ significantly from reserve estimates. For further
information, see “Risk Factors – Information relating to our reserve and resource base included in this Prospectus
are estimates, and our actual production, revenues and expenditure with respect to our reserves and resources
may differ materially from these estimates. Additionally, certain reserve and resource base information provided
in this Prospectus has been prepared and classified in accordance with Indian Standard Procedure guidelines
(the “ISP Guidelines”), which has not been audited by SRK Mining Services (India) Private Limited (“SRK”) and
differs from international standards” on page 34.
Unless otherwise indicated, industry and market data used in this section has been derived from industry
publications, in particular, the report titled “Report on Indian Coking Coal Industry” dated November, 2025 (the
“CRISIL Report”) prepared and issued by CRISIL Limited, pursuant to an engagement letter dated January 19,
2025. The CRISIL Report has been exclusively commissioned and paid for by the Promoter Selling Shareholder
in connection with the Offer. A copy of the CRISIL Report is available on the website of our Company at
www.bcclweb.in. Unless otherwise indicated, financial, operational, industry and other related information
derived from the CRISIL Report and included herein with respect to any particular year/Fiscal refers to such
information for the relevant calendar year/ Fiscal. For further information, see “Risk Factors – Certain sections
of this Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and
paid for exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risks.” on page 73. Also see, “Certain Conventions, Presentation of
Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data” on page 20.
33Internal Risk Factors
1. Information relating to our reserve and resource base included in this Prospectus are estimates, and our
actual production, revenues and expenditure with respect to our reserves and resources may differ
materially from these estimates. Additionally, certain reserve and resource base information provided in
this Prospectus has been prepared and classified in accordance with Indian Standard Procedure guidelines
(the “ISP Guidelines”), which has not been audited by SRK Mining Services (India) Private Limited
(“SRK”) and differs from international standards.
Our future performance depends on, among other things, the accuracy of our estimates of our reserve and resource
base. We base our estimates of our reserve and resource base on geological, engineering and economic data
collected and analysed by Central Mine Planning and Design Institute Limited, a wholly-owned subsidiary of
Coal India Limited, and our internal team of geologists and mining engineers. We prepare and classify our
estimates of reserves and resources in accordance with the ISP Guidelines and have included our estimates of
reserves and resources under ISP Guidelines in this Prospectus. The methodology followed for coal resource
estimation and the resource classification under the ISP Guidelines is different from, and may not be comparable
to, that followed under certain international codes such as the 2004 Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the “JORC Code”) and the Combined Reserves International
Reporting Standards Committee Code (the “CRIRSCO Code”). Accordingly, the degree to which the reserve
and resource estimates included in this Prospectus prepared in accordance with ISP Guidelines will provide
meaningful information is entirely dependent on the reader’s level of familiarity with the ISP Guidelines. We
intend to continue to follow the ISP Guidelines for such reserve base estimation and reporting as a listed company
following this Offer. Consequently, your ability to evaluate our reserve and resource base following this Offer
will continue to depend upon your familiarity with the ISP Guidelines. As a result, any estimates of reserves and
resources that we may prepare following this Offer may not provide you with a basis for comparison of our
estimated reserve and resource base with that of other listed mining companies.
At our request, SRK Mining Services (India) Private Limited (“SRK”), an independent mining and geological
consultancy firm, has conducted an audit on our coal resources and reserves classified in accordance with the
JORC Code. The report by SRK dated December 2, 2025 in accordance with the JORC Code (the “SRK Report”).
The SRK Report also includes a review of our estimates of coal resources and reserves classified in accordance
with the ISP Guidelines and SRK's conclusions are set forth in the report.
There are various factors and assumptions inherent in the estimation of our reserve and resource base and the cost
associated with mining such reserves that may materially differ from actual production, revenues and expenditure
with respect to our reserves. These factors and assumptions include: interpretation of geological and geophysical
data; geological and mining conditions, which may not be fully identified by available exploration data and/or
may differ from our experiences in areas where we currently mine; quality of the coal and the percentage of coal
ultimately recoverable; the assumed effects of regulation, including the issuance of required permits, and taxes
and other payments to governmental agencies; assumptions concerning the timing for the development of the
reserves; and assumptions concerning equipment and productivity, future coal prices, operating costs, including
for critical supplies such as fuel, tires and explosives, capital expenditures and development and reclamation costs.
Many of the factors, assumptions and variables involved in estimation of our reserve and resource base are based
on data which is available as of March 31, 2025 and subject to variations over time. Reserve estimation is a
subjective process of estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy
of any reserve estimate is a function of the quality of available data and engineering and geological interpretation
and judgment. Estimates of different engineers may vary, and results of our mining and production subsequent to
the date of an estimate may lead to revision of estimates. Results of drilling, testing and production subsequent to
the date of such estimates may require revisions in our reserve and resource data. In addition, there can be no
assurance that all our reserves can be economically exploited.
The estimated reserves and resources included in this Prospectus should not be interpreted as an assurance of the
economic lives of our coal reserves and resources or potential or profitability of any future operations. Any
material inaccuracy in, or development of newer technologies to estimate reserves and resources, there may be
significant change in our estimates which could result in decreased profitability from lower than expected revenues
and/or higher than expected costs, which could adversely affect our business prospects, financial condition and
the price of our Equity Shares.
34Further, we do not conduct a formal reconciliation of our resource and reserve estimates from our actual
production which may cause a higher level of variance between our extractable reserve estimates and our actual
production. With respect to our producing mines, we generally estimate the balance of our extractable reserves
based on our initial estimates of extractable reserves contained in the project report for the mine after giving effect
to the mine's historical production. Although additional data is generated as part of the production process, for
example through production drilling, that could enable us to revise the initial estimate of extractable reserves for
a number of factors such as the geological conditions and stripping ratio encountered, we do not currently conduct
formal reconciliation of our producing mines to account for such data. Consequently, our resource and reserve
estimates with respect to our producing mines are generally based only the information available to us at the time
we prepare the project product report and, over the life of a mine, our actual production may show a higher level
variation from our estimates than would be the case if we conducted a formal reconciliation process in accordance
with international standards.
2. Our mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the
eventual exhaustion of coal reserves in these areas or our inability to successfully exploit existing reserves
may adversely affect our business, results of operations, financial conditions and cash flows.
As of September 30, 2025, we operate a network of 34 operational mines, including 4 underground mines, 26
opencast mines, and 4 mixed mines. Our operations are entirely concentrated in the Jharia coalfield in Jharkhand
and the Raniganj coalfield in West Bengal, which are critical sources of our coal production. This geographic
concentration exposes us to significant risks, including the potential depletion of coal reserves in these regions.
The coal reserves in these regions are finite and may eventually be depleted. The exhaustion of coal reserves in
Jharia, Jharkhand and Raniganj, West Bengal could materially and adversely affect our business, results of
operations, financial condition, and cash flows. The following table sets forth details of coal resources of our
Company, as of March 31, 2025:
Proved Probable Total Measured Indicated Inferred Total
Reserve Reserve Reserve Resources Resources Resources Resources
Quality
(Metric (Metric (Metric (Metric (Metric (Metric (Metric
Tonnes) Tonnes) Tonnes) Tonnes) Tonnes) Tonnes) Tonnes)
Coking Coal 1,017.4 123.3 1,140.7 1,777.6 5.5 0.0 1,783.1
Thermal Coal 301.1 53.6 354.7 502.3 0.0 0.0 502.3
Coking + Thermal 1,318.5 176.9 1,495.4 2,279.9 5.5 0.0 2,285.4
(Source SRK Report)
Notes:
1. All figures are rounded top the nearest 100,000 tonnes.
2. Coal Resources reported herein includes only the material that has reasonable prospect for eventual economic extraction, which have
been evaluated by a conceptual open pit for the coal that has open pit potential and an underground mining envelope for the coal that
has underground potential. The Measured and Indicated Coal Resources, which are reported herein, includes the materials which have
been converted to Coal Reserves, where appropriate.
The table below sets forth details of our mine-wise total reserves as of March 31, 2025 and the production levels
for the six months period ended September 30, 2025 and 2024 and the last three Fiscals:
Production Production
Level for Level for
Productio
six months six months Production Production
Total n Level
period period Level for Level for
Reserve^ for Fiscal
Mines* ended ended Fiscal 2024 Fiscal 2023
(Million 2025
September September (Million (Million
Tonnes) (Million
30, 2025 30, 2024 Tonnes) Tonnes)
Tonnes)
(Million (Million
Tonnes) Tonnes)
Damoda Patch 1.5 0.16 0.06 0.28 0.56 0.52
ABOCP 53.2 2.52 2.65 5.73 5.36 4.68
Pure Benedih- Block-B 9.3 0.00 0.00 0.00 0.00 0.00
Pure Benedih- Block-C 15.1 0.00 0.00 0.00 0.00 0.00
AMP colliery OCP 45.2 1.40 2.85 5.72 4.86 1.93
Block-D 151.0 0.26 0.38 1.21 0.95 0.81
Block-E 360.9 2.93 3.29 6.89 8.23 9.13
Amalgamated NTST-Kujama 151.0
3.65 2.16 6.11 5.35 6.05
OCP
Madhuband Colliery 59.4 0.00 0.00 0.00 0.00 0.00
Kharkharee Colliery 83.5 0.00 0.00 0.00 0.01 0.01
35Production Production
Level for Level for
Productio
six months six months Production Production
Total n Level
period period Level for Level for
Reserve^ for Fiscal
Mines* ended ended Fiscal 2024 Fiscal 2023
(Million 2025
September September (Million (Million
Tonnes) (Million
30, 2025 30, 2024 Tonnes) Tonnes)
Tonnes)
(Million (Million
Tonnes) Tonnes)
Amalgamated Salanpur 94.8
Gaslitand Katras Choitudih
0.00 0.00 0.01 0.02 0.14
Colliery
(ASGKCC)
Loyabad Colliery 24.8 0.00 0.00 0.00 0.00 0.00
PB Project Colliery 73.1 0.01 0.00 0.00 0.00 0.00
Amlabad Colliery 16.6 0.00 0.00 0.00 0.00 0.00
New Godhur-Kusunda- 10.7 0.69 0.68
1.44 1.21 1.03
Alkusa Colliery
New Godhur Kusunda UG 17.3 0.00 0.00 0.00 0.00 0.00
ADIC 39.6 0.36 0.31 0.85 0.79 0.64
Ena Colliery 40.7 0.40 1.17 2.93 3.00 2.55
Bastacolla Colliery 14.1 1.05 1.19 2.10 2.10 1.80
ROCP 14.7 0.02 0.56 0.56 2.16 1.64
Amal Bera-Dobari-Kuya- 47.9 0.25 0.17
1.91 2.80 2.72
Ghanudih
Gopalichuck 3.3 0.19 0.18 0.45 0.36 0.17
Maheshpur 6.2 0.02 0.01 0.03 0.03 0.03
Kankanee 4.2 0.02 0.27 0.37 0.33 0.21
Bansdeopur 4.5 0.03 0.05 0.09 0.14 0.14
Bhowrah (North+South) UG 16.1 0.00 0.00 0.00 0.00 0.00
Amalgamated Bhowrah North 10.9 1.13 1.18
1.75 0.71 0.36
South OCP
ASP colliery 14.9 0.03 0.08 0.14 0.41 0.43
Dahibari Basantimata 1.2 0.22 0.27 0.52 0.55 0.63
Kalyaneshwari OCP 70.0 0.04 0.00 0.13 0.00 0.00
Moonidih- Seam XV 23.4 0.13 0.24 0.49 0.48 0.55
Amal Joyrampur- Mega Patch 14.5 0.21 0.36
0.81 0.71 0.00
D
Kendwadih Patch 2.0 0.00 0.00 0.00 0.00 0.00
Total 1,495.4 15.75 19.09 40.50 41.10 36.18
^Source: SRK Report
* Mine names correspond to those used in the SRK Report; in certain instances these differ marginally from the official names, while in others
they follow the BCCL Reorganisation Plan that consolidates selected small mining areas within the Jharia Coalfield into larger blocks.
For further information, see “Our Business – Reserve and Resource Base Information” on page 229. Our
dependence on these specific geographic locations also exposes us to several risks associated with the depletion
of natural resources, including reduced production capacity and increased operational costs as we seek alternative
sources of coal. Further, our inability to successfully exploit the existing reserves may also materially and
adversely affect our business, results of operations, financial condition, and cash flows.
Further, any adverse developments in these areas may have a disproportionate impact on our operations. For
instance, regulatory changes, such as stricter environmental regulations, could limit our ability to extract coal or
increase our operational costs. Environmental concerns, including land degradation and pollution, may lead to
increased scrutiny and potential restrictions on mining activities. Additionally, local socio-economic issues, such
as labour disputes, community opposition, or infrastructure challenges, could result in operational delays,
increased costs, or even temporary shutdowns. The geographic concentration of our operations also limits our
flexibility to respond to disruptions. Natural disasters, such as floods or earthquakes, could severely impact our
mining activities in these regions. While we have not experienced disruption in our operations in these regions
due to natural disasters in the six months period ended September 30, 2025 and the last three Fiscals which had
an adverse impact on our business, results of operations, financial conditions and cash flows, we cannot assure
you that these instances will not occur in the future.
3. A significant portion of our revenues is derived from production of raw coking coal, which accounted for
77.20%, 74.13%, 75.72%, 75.75% and 74.79% of our revenue from operations in the six months period
36ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand
for raw coking coal could have an adverse impact on our business, results of operations, financial
condition and cash flows.
A significant portion of our revenues is derived from the production of raw coking coal, which accounted for
77.20%, 74.13%, 75.72%, 75.75% and 74.79% of our revenue from operations in the six months period ended
September 30, 2025 and 2024 and Fiscals 2025, 2024, and 2023, respectively. The table below sets forth details
of our coal production for the periods/years indicated:
Period/Fiscal Raw Coal Washed Coal*
Coking Coal Non-Coking Total Washed Coking Washed Power
Coal Coal Coal
(Million Tonnes)
Six months period
ended September 15.05 0.70 15.75 0.72 1.52
30, 2025
Six months period
ended September 18.39 0.70 19.09 0.84 1.54
30, 2024
Fiscal 2025 38.89 1.61 40.5 1.65 3.16
Fiscal 2024 39.11 1.99 41.1 1.46 2.84
Fiscal 2023 33.72 2.46 36.18 1.43 2.48
*Washed Coal is the product derived after beneficiating Raw coal.
Further, set forth below are details of our revenues basis the type of coal produced:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Revenue Percentage of Revenue Percentage of
(in ₹ million) Revenue from (in ₹ million) Revenue from
Operations (%) Operations (%)
Raw Coal
Coking Coal 43,687.32 77.20% 50,748.55 74.13%
Non Coking Coal 1,201.41 2.12% 1,759.83 2.57%
Washed Coal
Washed Coking Coal 7,611.55 13.45% 11,256.28 16.44%
Washed Power Coal 4,089.92 7.23% 4,697.24 6.86%
Total 56,590.20 100.00% 68,461.90 100.00%
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Revenue Percentage Revenue Percentage Revenue Percentage
(in ₹ million) of Revenue (in ₹ million) of Revenue (in ₹ million) of Revenue
from from from
Operations Operations Operations
(%) (%) (%)
Raw Coal
Coking
104,525.78 75.72% 107,910.18 75.75% 94,420.22 74.79%
Coal
Non
Coking 3,321.21 2.41% 3,743.20 2.63% 5,264.23 4.17%
Coal
Washed Coal
Washed
Coking 20,520.84 14.87% 21,383.97 15.01% 17,354.84 13.75%
Coal
Washed
9,657.67 7.00% 9,421.25 6.61% 9,201.31 7.29%
Power Coal
Total 138,025.50 100.00% 142,458.60 100.00% 126,240.60 100.00%
The coking coal produced by our Company is predominantly utilized within the power sector and may not
meet the same quality standards as washed coal, which constitutes a significantly smaller proportion of our
total production. Economic downturns or reduced industrial activity can lead to lower consumption of power
and steel, thereby reducing the need for coking coal. Regulatory developments, such as stricter environmental
37regulations, may lead to increased compliance costs or reduced demand as industries shift towards more
sustainable alternatives. Technological advancements in steel production and alternative materials could diminish
the reliance on coking coal, while increased competition from other coal producers or alternative energy sources
could impact our market share. Additionally, growing environmental concerns and shifts in industry practices
towards cleaner energy sources may challenge our ability to maintain or grow our revenue from coking coal
production. Furthermore, geopolitical tensions and trade policies could disrupt supply chains and affect the global
market for coking coal. Failure to effectively manage these risks could result in significant financial losses and
adversely impact our long-term growth prospects. While we have not experienced any decline in the demand for
coking coal that has had any impact on our business, profitability, results of operations, financial condition and
cash flows in the six months period ended September 30, 2025 and the last three Fiscals, we cannot assure you
that such instances will not occur in the future. Any decline in demand for coking coal, whether due to fluctuations
in global economic conditions, regulatory changes aimed at reducing carbon emissions, technological
advancements in alternative materials, increased competition, or economic downturns, could adversely affect our
business, results of operations, financial condition, and cash flows.
4. We have certain contingent liabilities that have been disclosed in the Restated Financial Information (₹
35,985.90 million as of September 30, 2025), which if materialize, may adversely affect our business,
results of operations, financial condition and cash flows.
As of September 30, 2025, our contingent liabilities that have been disclosed in our Restated Financial
Information, were as follows:
Particulars As of September 30, 2025
(in ₹ million)
Central Government
Income Tax 3,844.40
Sales Tax: CST 1,527.40
Central Excise 885.30
Service Tax 54.50
Sub-Total 6,311.60
State Government and local authority
Sales Tax: VAT 1,689.90
GST 2,180.90
Royalty 558.80
Holding Tax 2,522.30
Electricity Duty 231.70
Others Statutory Dues (RE/PE Cess) 82.80
Sub-Total 7,266.40
Central Public Sector Enterprises
Sub- Total -
Others
Suits against the Company under litigation 9,591.80
Arbitration proceedings 11,970.10
Misc (Land) 846.00
Sub-Total 22,407.90
Grand Total 35,985.90
If a significant portion of these liabilities materialize, it could have an adverse effect on our business, results of
operations, financial condition and cash flows. For further information, see “Restated Financial Information” on
page 299.
5. We are dependent upon the pricing and continued supply of raw materials, the costs and supply of which
can be subject to significant variation due to factors outside our control.
38Our competitiveness, costs and profitability depend, in part, on our ability to source and maintain a stable and
sufficient supply of raw materials such as explosives, timber, oil and lubricants and HEMM spares at acceptable
prices. The following tables set forth details of our cost of materials consumed in the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Amount Percentage of
(in ₹ million) Revenue from (in ₹ million) Revenue from
Operations (%) Operations (%)
Explosives 1,314.70 2.32% 1,393.70 2.04%
Timber 0.60 0.00% 0.60 0.00%
Oil and lubricants 1,070.60 1.89% 1,242.10 1.81%
HEMM spares 229.20 0.41% 294.40 0.43%
Other consumable stores
112.20 0.20% 142.80 0.21%
and spares
Cost of Materials
2,727.30 4.82% 3,073.60 4.49%
Consumed
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage Amount Percentage
(in ₹ million) Revenue (in ₹ million) of Revenue (in ₹ million) of Revenue
from from from
Operations Operations Operations
(%) (%) (%)
Explosives 2,824.70 2.05% 3,622.60 2.54% 5,313.30 4.21%
Timber 3.00 Negligible 1.90 Negligible 5.40 Negligible
Oil and 2,501.20 1.81% 2,977.20 2.09% 3,728.50 2.95%
lubricants
HEMM 710.70 0.51% 474.60 0.33% 465.90 0.37%
spares
Other 369.60 0.27% 345.40 0.24% 378.50 0.30%
consumable
stores and
spares
Cost of 6,409.20 4.64% 7,421.70 5.21% 9,891.60 7.84%
Materials
Consumed
Raw materials are subject to price volatility caused by external factors beyond our control, such as climatic and
environmental conditions, commodity price fluctuations, market demand, production and transportation cost,
change in fuel prices which may significantly affect extraction and transportation costs, and changes in
government policies including duties and taxes and trade restrictions. In addition, competition in the industry may
result in increase in prices of raw materials, which we may not be able to match, thereby affecting our procurement.
While we have not faced any disruptions in the procurement of raw materials in the six months period ended
September 30, 2025 and the last three Fiscals, we cannot assure you that the same may not occur in the future.
Any disruption in the effective procurement of raw materials may have an adverse effect on our business, results
of operations, financial conditions and cash flows.
6. Our business largely depends upon our top 10 customers which accounted for 83.89%, 82.46%, 88.88%,
80.79% and 83.10% of our revenue from operations in the six months period ended September 30, 2025
and 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have an
adverse effect on our business, financial condition, results of operations and cash flows.
We derive a significant portion of our revenue from our top 10 customers. Loss of all or a substantial portion of
sales to any of our top 10 customers, in particular for any reason (including, due to loss of contracts or failure to
negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these
customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns,
labour strikes or other work stoppages affecting production of these customers), could have an adverse impact on
our business, results of operations, financial condition and cash flows. The following table sets forth our revenues
from our top ten customers in the periods/years indicated:
39Particulars Six months period ended September 30, Six months period ended September 30,
2025# 2024##
Amount Percentage of Amount Percentage of
(in ₹ million) Revenue from (in ₹ million) Revenue from
Operations (%) Operations (%)
Revenue from top 10 47,471.50 83.89% 56,451.50 82.46%
customers^
# In six months period ended September 30, 2025, our top 10 customers include included Damodar Valley Corporation (DVC), Uttar Pradesh
Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Steel Authority of India Limited (SAIL), National Thermal Power Corporation Limited
(NTPC), Maithon Power Limited (MPL), Durgapur Projects Limited (DPL), Punjab State Power Corporation Limited (PSPCL), Bokaro
Power Supply Company Limited (BPSCL), and Jhajjar Power Limited. Names of other top 10 customers have not been included due to non-
receipt of consent.
## In six months period ended September 30, 2024, our top 10 customers include Damodar Valley Corporation (DVC), Uttar Pradesh Rajya
Vidyut Utpadan Nigam Limited (UPRVUNL), Steel Authority of India Limited (SAIL), National Thermal Power Corporation Limited (NTPC),
Maithon Power Limited (MPL), Durgapur Projects Limited (DPL), Bokaro Power Supply Company Limited (BPSCL), and Jhajjar Power
Limited. Names of other top 10 customers have not been included due to non-receipt of consent.
^None of our top 10 customers are related parties.
Particulars Fiscal 2025# Fiscal 2024## Fiscal 2023###
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Revenue from (in ₹ Revenue from (in ₹ Revenue from
million) Operations million) Operations million) Operations
(%) (%) (%)
Revenue from top 122,679.20 88.88% 115,111.67 80.79% 104,901.20 83.10%
10 customers^
# In Fiscal 2025, our top 10 customers included Damodar Valley Corporation (DVC), Steel Authority of India Limited (SAIL), National
Thermal Power Corporation Limited (NTPC), Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Maithon Power Limited
(MPL), Durgapur Projects Limited (DPL), Jhajjar Power Limited and Bokaro Power Supply Company Limited (BPSCL). Names of other top
10 customers have not been included due to non-receipt of consent.
## In Fiscal 2024, our top 10 customers included Damodar Valley Corporation (DVC), Steel Authority of India Limited (SAIL), National,
Thermal Power Corporation LIMITED (NTPC), Maithon Power Limited (MPL), Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited
(UPRVUNL), Jhajjar Power Limited and Durgapur Projects Limited (DPL). Names of other top 10 customers have not been included due to
non-receipt of consent.
### In Fiscal 2023, our top 10 customers included Damodar Valley Corporation (DVC), Steel Authority of India Limited (SAIL), National
Thermal Power Corporation Limited (NTPC), Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Maithon Power Limited
(MPL), Jhajjar Power Limited, Punjab State Power Corporation Limited (PSPCL), Bokaro Power Supply Company Limited (BPSCL). Names
of other top 10 customers have not been included due to non-receipt of consent.
^None of our top 10 customers are related parties.
Additionally, as a majority of our top 10 customers are Public Sector Undertakings (“PSUs”), our business is
significantly reliant on them, which exposes us to certain risks inherent to operating with PSUs. PSUs are subject
to unique operational and regulatory constraints, including budgetary limitations, bureaucratic decision-making
processes, and potential changes in government policies or priorities. Any material changes in the financial health,
procurement policies, or strategic direction of these PSUs could adversely impact our business. Any disruption in
these relationships could result in decreased sales volumes, increased costs, and reduced cash flows, thereby
impacting our overall financial performance. In the past, one of our top 10 customers started their own captive
coal production and their requirement from our Company ceased. Set forth below are details in relation to the
revenue generated from the said customer in the six months period ended September 2025 and 2024 and the last
three Fiscals:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Amount Percentage of
(in ₹ million) Revenue from (in ₹ million) Revenue from
Operations (%) Operations (%)
Revenue generated from - - - -
former customer
40Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Revenue from (in ₹ Revenue from (in ₹ Revenue from
million) Operations million) Operations million) Operations
(%) (%) (%)
Revenue - - 4,492.11 3.15% 6,240.62 4.94%
generated from
former customer
While our fuel supply agreement with one of our top 10 customers, during the six months ended September 30,
2025, has expired on April 27, 2025, we have executed additional fuel supply agreements with steel consumers,
which covers and exceeds the abovementioned customer’s commitment. The loss of our major customers could
necessitate the reallocation of resources and efforts to acquire new customers, which may not be immediately
successful and could incur additional costs, and future occurrences of these instances may have an adverse impact
on our business, results of operations, financial conditions and cash flows.
7. We depend on a limited number of vendors to provide contractual services and any disruptions in their
supply of services could adversely affect our business, results of operations, financial condition and cash
flows.
We strategically collaborate with vendors to support our business activities, sourcing essential materials such as
high-speed diesel and explosives, and procuring services including coal production, overburden removal, coal
transportation and loading, and coal washing. We typically enter into contractual agreements with such vendors
wherein the payment terms are contingent upon the volume of supply or production achieved. Any disruption in
the supply of these services, whether due to vendor financial instability, operational inefficiencies, natural
disasters, regulatory changes, or other unforeseen circumstances, could have a material adverse impact on our
ability to conduct our exploration activities effectively and efficiently. The table below sets forth details of our
expenses from our top 10 vendors for the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September September
30, 2025 30, 2024
Expenses in relation to top 17,404.63 15,483.23 35,760.66 26,312.74 21,575.77
10 vendors (in ₹ million)
Expenses in relation to top 65.09% 59.40% 60.86% 53.16% 49.63%
10 vendors as a percentage
of total purchases (%)
Expenses in relation to top 28.48% 25.95% 28.16% 20.95% 17.28%
10 vendors as a percentage
of total expenses (%)
Notes:
1. References to ‘vendors’ are to vendors in a particular period/Fiscal and do not refer to the same vendors across all
periods/Fiscals.
2. In the six months period ended September 30, 2025, September 30, 2024 and Fiscals 2025,2024 and 2023 our top 10
vendors for include Devprabha Mining and Infra Private Limited, Devprabha Construction Private Limited, Indian Oil
Corporation Limited, Tata Steel Limited, Khemka Carriers, Dhansar Engineering Company Private Limited, Hilltop
Hirise Private Limited., R. K. Transport Company., SNR-SI-VSA (JV), Avinash Transport, Oriana Power Private Limited,
AT Devprabha (JV), AMR Dev Prabha Consortium, BEML Limited, Meco Technologies Private Limited, Solar Industries
India Limited and ACB (India) Limited. The names of other top 10 vendors have not been disclosed due to non-receipt of
consents. For further details, see “Our Business – Vendors” on page 242.
Disruptions in the abovementioned services can lead to significant delays in our day-to-day mining operations, as
alternative vendors may not be readily available or may require additional time to mobilize and commence
operations. These delays can impact our ability to meet deadlines and deliver on commitments to stakeholders.
This reliance on a restricted vendor base poses a substantial risk to our operations and overall business
performance. The limited availability of alternative service providers within the coal mining industry exacerbates
this risk, as it reduces our ability to quickly and effectively mitigate disruptions by switching to other vendors.
The need to secure alternative vendors on short notice or under less favorable terms can result in increased
operational costs. Additionally, delays can lead to higher indirect costs, such as extended field operations,
increased labour costs, and potential penalties from customers. While have not faced any cost overruns in relation
to contractual services availed from our vendors in the six months period ended September 30, 2025 and the last
41three Fiscals, which had an adverse impact on our business, results of operations, financial conditions and cash
flows, we cannot assure you that such instances will not occur in the future. The inability to conduct mining
activities in a timely and efficient manner can negatively impact our business and results of operations. This
includes potential loss of market opportunities, reduced competitiveness, and diminished stakeholder confidence.
While we have not faced any instances of disruption of services from our top 10 vendors in the six months period
ended September 30, 2025 and the last three Fiscals, we cannot assure you that such instances will not occur in
the future. Any disruption of services from our top 10 vendors may have an adverse impact on our business, results
of operations, financial conditions, and cash flows.
8. A portion of our coal production and coal handling operations are conducted through third party
contractors which exposes us to fluctuations in contractual costs and risks relating to the quality of their
services.
A significant portion of our overburden removal operations are conducted through third party contractors.
Additionally, we also undertake extraction of coal through third party contractors, In the six months period ended
September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, coal extraction conducted by third parties
represented 84.21%, 79.78%, 78.47%, 74.93% and 72.04% of our total coal extraction operations, respectively.
We engage third party contractors for transportation of coal from pit head to loading points, transportation of
materials, loading of coal on wagons and a range of activities ancillary to our mining operations. Under some
operating agreements with third party contractors, the contractor is responsible for providing substantially all
equipment, labor and management required for coal mining operations from the designated mining pits, including
drilling, blasting, excavation, loading and transportation of the coal. We are exposed to risks relating to the quality
of the services, equipment and supplies provided by contractors necessitating additional investments by us to
ensure the adequate performance and delivery of contracted services and to pay for cost overruns. Any failure by
our contractors to comply with their obligations under their operating agreements (whether as a result of financial
or operational difficulties or otherwise), any termination or breach of our operating agreements by our contractors,
any protracted dispute with a contractor, any material labor dispute between our contractors and their employees
or any major labor action by those employees against our contractors could materially adversely affect the
development or operation of the relevant mines. While we have not had any instances of failures by our contractors
to comply with their obligations under their operating agreements in the six months period ended September 30,
2025 and the last three Fiscals, we cannot assure you that such instances will not occur in the future. We may not
be able to recover from a contractor any losses that may be suffered by us due to any performance shortfalls of
our contractors, which may have an adverse impact on our business, results of operations, financial conditions
and cash flows.
Further, certain of our vendors may be subject to litigations and regulatory action, including proceedings relating
to compliance with applicable laws and contractual obligations. For example, the Enforcement Directorate has
conducted search action under Section 17 of the Prevention of Money Laundering Act, 2002 on November 21,
2025, in connection with large scale illegal mining, theft, transportation, storage and sale of coal. During the
search action, cash and jewellery/gold amounting to more than ₹140.00 million along with evidence, including
property deeds linked to the coal syndicate and agreements related to the sale and purchase of land, and several
digital devices, books of accounts of entities controlled by the said persons, etc. were found and seized. The
premises are mainly linked to certain of our vendor, including few of our top 10 vendors, their companies/entities
and related persons. While we maintain contractual safeguards, if such matters escalate or involve contractors
performing critical work, they could result in localized delays, additional administrative oversight, and may attract
public and shareholder attention and could pose reputational risks for the Company.
9. We are a wholly-owned subsidiary of Coal India Limited and we rely on the support and resources provided
by Coal India Limited. Any misalignment in strategic priorities or changes in Coal India Limited’s overall
strategy could affect our long-term planning and operational stability and may have an adverse impact on
our business, results of operations, financial conditions and cash flows
Our relationship with Coal India Limited provides us with a solid foundation and resources that are pivotal to our
success. Coal India Limited is the largest coal producing company in the world. (Source: CRISIL Report, Industry
Overview on page 200). We benefit significantly from their strategic support and vast resources. Our mining
operations heavily rely on the financial, technical, and human resources allocated by Coal India Limited. Any
changes in Coal India Limited’s resource allocation policies or priorities could impact our access to necessary
resources, potentially hindering our operational efficiency and growth. This dependency means that any
disruptions or constraints in Coal India Limited’s operations could directly affect our ability to maintain consistent
and effective mining activities. Any changes in Coal India Limited’s resource allocation policies or priorities
42could impact our access to necessary resources, potentially hindering our operational efficiency and growth. This
competition for resources necessitates careful management and strategic planning to ensure we receive adequate
support for our operations. Our strategic goals and initiatives must align with those of Coal India Limited and its
subsidiaries. Any misalignment in strategic priorities or changes in Coal India Limited’s overall strategy could
affect our long-term planning and operational stability and may have an adverse impact on our business, results
of operations, financial conditions and cash flows.
In addition to our reliance on Coal India Limited, our operations are also significantly dependent on the Central
Mine Planning & Design Institute Limited (“CMPDIL”), another subsidiary of Coal India Limited. CMPDIL
provides essential technical expertise, planning, and design services that are critical to our mining operations. This
includes identifying coal reserves through drilling and seismic surveys, as well as conducting research in non-
conventional energy sources such as coal bed methane. Any disruption in CMPDIL’s services, whether due to
resource constraints, technological failures, or other operational issues, could adversely affect our ability to
maintain efficient and safe mining operations. Furthermore, CMPDIL plays a crucial role in ensuring that our
operations comply with environmental and safety regulations. Any lapses or delays in CMPDIL’s compliance-
related services could expose us to regulatory penalties, legal liabilities, and reputational damage. While we have
not been exposed to any regulatory penalties, legal liabilities or reputational damage on account of lapses or delays
in CMPDIL’s compliance related services in the six months period ended September 30, 2025 and the last three
Fiscals, we cannot assure you that the same will not occur in the future and the occurrence of any of the
abovementioned instances may have an adverse impact on our business, results of operations, financial conditions
and cash flows.
10. Our ability to negotiate coal distribution and allocation is significantly influenced by the regulatory
framework established by the Government of India under the New Coal Distribution Policy.
The distribution and allocation of coal among our customers is regulated by the Government of India under the
New Coal Distribution Policy (“NCDP”), which was introduced in 2007 to enhance transparency and streamline
coal allocation across various sectors. As a subsidiary of CIL, our operations are significantly influenced by this
policy framework. This regulatory environment, which includes Fuel Supply Agreements (“FSAs”) with
consumers in both power and non-power sectors, supply to small and medium consumers through State Nominated
Agencies (“SNAs”). This policy framework poses risks to our ability to optimize pricing and supply agreements,
potentially impacting our financial performance and market competitiveness. The auction-based system and fixed
pricing mechanisms may restrict our ability to adjust prices in response to market conditions, leading to potential
revenue losses and lower profit margins. The reduced negotiating power may also limit our ability to secure
favorable supply agreements with key customers, potentially affecting our market share and long-term growth
prospects, which may have an adverse impact on our business, results of operations, financial conditions and cash
flows.
11. Our business is dependent on the performance of certain industries particularly, the power and steel
industries. Any adverse changes in the conditions affecting these industries can adversely impact our
business, results of operations, financial condition and cash flows.
We rely significantly on the performance of industries such as the power and steel industries for our business as
majority of our coal is dispatched to these industries. We are exposed to fluctuations in the performance of these
industries. The following table sets forth details of the industry-wise sales of coal dispatch for the periods/years
indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Sales (in ₹ million) Sales
Power industry (including
39,692.12 75.46% 45,264.07 71.07%
captive power plants)
Steel industry 9,720.59 18.48% 13,158.49 20.66%
Fertilizer industry 684.88 1.30% 463.70 0.73%
Cement industry 22.53 0.04% 0.00 0.00%
Other non-regulated
2,482.78 4.72% 4,800.54 7.54%
sectors*
Total 52,602.90 100.00% 63,686.80 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
43Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Sales (in ₹ Total Sales (in ₹ Total Sales
million) million) million)
Power industry
96,787.00 73.98% 91,715.80 69.68% 80,184.22 64.94%
(including
captive power
plants)
Steel industry 23,751.50 18.15% 24,585.10 18.68% 22,615.50 18.31%
Fertilizer industry 1,051.10 0.80% 1,274.90 0.97% 1,014.30 0.82%
Cement industry 137.74 0.11% 192.08 0.15% 23.74 0.02%
Other non-
regulated 9,105.26 6.96% 13,843.12 10.52% 19,653.64 15.91%
sectors*
Total 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
The power industry is subject to fluctuations in energy demand, fuel prices, regulatory policies, and technological
changes, including the shift towards renewable energy sources. Economic downturns or changes in government
policies can lead to reduced investment in power infrastructure, affecting demand for our products. Similarly, the
steel industry is influenced by global economic conditions, trade policies, technological innovations, and shifts in
construction and manufacturing activities. Economic recessions, changes in trade tariffs, or advancements in
alternative materials can reduce the demand for steel, thereby impacting our business. Additionally, environmental
regulations aimed at reducing carbon emissions can increase operational costs for steel producers, potentially
leading to decreased demand for our products. Any negative developments in these sectors could lead to reduced
demand for our products, increased operational costs, and challenges in maintaining our revenue levels, thereby
impacting our overall financial stability. While we have not experienced instances of any negative developments
in these sectors which have had an adverse effect on our business, results of operations, cash flows and financial
condition in the six months period ended September 30, 2025 and the last three Fiscals, we cannot assure you that
such instances will not occur in the future
12. Our mining operations involve activities which are inherently hazardous in nature and could result in a
suspension of operations and/or the imposition of civil or criminal liabilities which could adversely affect
our business, results of operations, cash flow and financial condition.
Mining activities are inherently dangerous and hazardous and certain activities, including fire and gas explosions,
gas emissions, inundations, movement of HEMMs, drilling and blasting can cause accidents during mining
process resulting in serious injuries or death of employees or other persons, and cause damage to our properties
or equipment and the properties of others. Despite ensuring that employee safety manuals covering employee
safety and environmental procedures are in place and that hazard identification and risk assessments with respect
to our operations are periodically carried out, our operations are subject to significant hazards, including
explosions, gas emissions, fires, mechanical failures and other operational problems, inclement weather and
natural disasters. In the six months period ended September 30, 2025 and 2024 and Fiscal 2025, 2024 and 2023,
we experienced a total of 2, nil, 5, 15 and 12 accidents at our mines and washeries. For example, an accident
occurred at the Amalgamated Keshalpur West Mudidih Colliery of the Ramkanali, Katras region due to, inter alia,
a rare combination of irregular and extreme climatic conditions, due to which the Directorate General of Mines
Safety (“DGMS”) has issued a notice to suspend operations at a section of the mine till the rectification of the
default is completed. The enquiry report prepared by our safety department also proposes for certain actions which
include comprehensive risk assessment must be conducted to identify all the hazards, and a dedicated geotechnical
monitoring cell to be established in Katras Area among others. Such measures shall be in place post finalisation
of the enquiry report. With the exception of 2 accidents in six months period ended September 30, 2025, nil
accidents in six months period ended September 30, 2024, 3 accidents in Fiscal 2025, 4 accidents in Fiscal 2024
and 4 accidents in Fiscal 2023 as mentioned above which led to fatalities, these accidents caused minor injuries
to employees. Adequate compensation was duly paid as per the Workmen’s Compensation Act 1923, and as per
the provisions of the office order of CIL as we do not have any insurance policies in relation to our employees, in
all cases mentioned above. Currently, there are no unpaid amounts or dues pending in relation to the same.
The occurrence of any of these hazards could result in a suspension of operations and/or the imposition of civil or
criminal liabilities. We may also face claims and litigation, filed on behalf of persons alleging injury
predominantly as a result of occupational exposure to hazards at our units. If these claims and lawsuits,
individually or in the aggregate, are resolved against us, our business, results of operations, cash flows and
financial condition could be adversely affected. Further, regulatory authorities may require us to invest in
44additional safety protocols which impose incremental expenses and may impact our ability to operate at optimum
efficiencies. Any such action by any of the regulatory authorities may adversely impact our business, results of
operations, cash flows and financial condition.
13. Our inability to collect receivables in time or at all and default in payment from our customers could result
in the reduction of our profits and affect our cash flows.
We are exposed to counterparty credit risk in the usual course of our business dealings with our customers or
vendors/third-party service providers who may delay or fail to make payments or perform their other contractual
obligations. We maintain what we believe to be a reasonable allowance for doubtful receivables for potential
credit losses based upon our historical trends and other available information, there is a risk that our estimates
may not be accurate, and we cannot assure you that we will not experience such delays in payment or default by
our customers in the future. The table below sets forth our trade receivables, trade receivables days, our bad debts
written off, our disputed trade receivables, and our past due but not impaired receivables, as at the periods/years
indicated:
Particulars Six months Six months As at March As at March As at March
period ended period ended 31, 2025 31, 2024 31, 2023
September September
30, 2025 30, 2024
Trade receivables (in ₹ million) 22,025.20 14,490.70 18,477.60 13,332.50 12,511.50
Trade receivable days (days) 60 28 40 25 36
Bad debts written off (in ₹ million) - - - - -
Disputed trade receivables – which - - - - -
have a significant increase in credit
risk (in ₹ million)
Past due but not impaired 3,903.20 2,633.90 3,737.80 3,220.50 1,480.50
(outstanding for more than 6 months
from the due date of payment) (in ₹
million)
Note: Trade receivables days refers to trade receivables on the reporting date (excluding unbilled receivables) as appearing in the Restated
Financial Information divided by revenue from operations multiplied by number of days in the Fiscal/six months.
Our trade receivables increased from ₹ 13,332.50 million as at March 31, 2024 to ₹ 18,477.60 million as at March
31, 2025 primarily due to performance incentive amounts being disputed by customers. Additionally, our trade
receivable days increased from 25 days as at March 31, 2024 to 40 as at March 31, 2025 primarily due to delay in
payments from customers of the power sector. Further, trade receivables increased from ₹ 14,490.70 million as at
September 30, 2024 to ₹ 22,025.20 million as at September 30, 2025 primarily due to performance incentive
amounts being disputed by customers. Additionally, our trade receivable days increased from 28 days as at
September 30, 2024 to 60 as at September 30, 2025 primarily due to delay in payments from customers of the
power sector. Any increase in our receivable turnover days in the future will negatively affect our business, results
of operations and financial condition. If the counterparties to our mining agreements and other contracts do not
fulfil their obligations our business, results of operations, financial condition and cash flows could be adversely
affected. Our counterparties to our agreements may become subject to financial stress, insolvency or liquidation
proceedings during the term of the relevant contracts, and the credit support received from such customers may
not be sufficient to cover our losses in the event of a failure to perform. There may also be disputes raised by the
counterparties to the amounts invoiced, or delays associated with collection of receivables from government
owned or controlled entities on account of the financial condition of these entities. In addition, our customers may,
for any reason, become unable or unwilling to fulfil their related contractual obligations, refuse to accept delivery
thereunder or otherwise terminate such agreements prior to the expiration thereof. If such events occur, our
business, results of operations, financial condition and cash flows could be adversely affected. There there have
been delays in payment by customers on account of reasons stated above, we cannot assure you that such instances
will not occur in future.
Further, macroeconomic conditions could also result in financial difficulties, including insolvency or bankruptcy,
for our major customers, and as a result could cause customers to delay payments to us, request modifications to
their payment arrangements, that could increase our receivables or affect our working capital requirements, or
default on their payment obligations to us. An increase in bad debts or in defaults by our customers, may compel
us to utilize greater amounts of our operating working capital and result in increased interest costs, thereby
adversely affecting our business, results of operations, financial condition and cash flows.
14. If the price of imported coal decreases, or the effective price of our coal to our customers increases, our
customers may elect to meet a larger proportion of their coal requirements from imported coal rather than
45coal sourced from us. Further, most of the coking coal produced by us is low grade which is used primarily
in the power generation sector.
The quality of our coking coal is considered lower in comparison to coal from some other countries, primarily
due to its higher ash content. As a result, most of our coking coal is diverted to power plants, limiting its potential
applications in the steel industry. As of September 30, 2025, we operated five coal washeries with the objective
of reducing the ash content in coking coal, thereby rendering it suitable for utilization in the steel industries. We
are also developing three washeries with a capacity of 7.00 million tonnes per year to bolster our washed coal
outputs. Our coal washing operations are in consonance with the initiatives of the GoI, including the vision of
Atma-Nirbhar Bharat ensuring India's energy security by substituting imported coal with domestic coal (Source:
CRISIL Report, Industry Overview on page 197). However, if the price of imported coking coal decreases, or
effective price of our raw coal to our customers increases as a result of increased production costs or increases in
other duties and taxes payable on coal produced by us or otherwise, our customers may elect to meet a larger
proportion of their coal requirements from imported coal rather than coal sourced from us, which may have an
adverse effect on our business, results of operations and financial condition.
15. Our coal mining operations are subject to various operating risks, which could result in materially
increased operating expenses and decreased production levels and could adversely affect our business,
results of operations, financial conditions and cash flows.
Our coal mining operations are subject to a number of operating risks. These conditions and events include, among
others:
• poor mining conditions resulting from geological, hydrologic or other conditions, including variations of
coal seam thickness, the amount and type of rock and soil overburden overlying the coal seam and other
discrepancies to our geological models;
• adverse weather and natural disasters, such as heavy rains, flooding and other natural events affecting
operations, transportation or customers;
• the unavailability of skilled and qualified labour and contractors;
• the unavailability of materials, equipment (including heavy earthmoving machinery) or other critical
supplies such as tires and explosives, fuel, lubricants and other consumables of the type, quantity and/or
size required to meet production expectations;
• the lack of capacity of, and longer distance from rail transportation facilities and rail transportation delays
or interruptions;
• delays, challenges to, and difficulties in acquiring, maintaining or renewing necessary permits, including
environmental permits, or mining or surface rights;
• accessibility of mines;
• delays or difficulties in, the unavailability of, or unexpected increases in the cost of acquiring, developing
and permitting new mining reserves and surface rights;
• competition and/or conflicts with other natural resource extraction activities and production within our
operating areas;
• major incidents or accidents at our mine sites, such as slope failures in open cast mines, that causes all or
part of the operations of a mine to cease for some period of time or collapse of panels, explosions or
inundations in underground mines;
• unexpected equipment and instruments failures and maintenance problems;
• law and order problems;
• loss of man days due to industrial labour problems and unauthorized absentees of labour;
• power interruptions;
• non-availability of utilities such as diesel fuel and water;
• current and future health, safety and environmental regulations or changes in interpretation; and
• implementation of current regulations.
These conditions and events may materially increase our cost of mining operations and delay or disrupt production at
particular mines either permanently or for varying lengths of time, which could have a material adverse effect on our
business, results of operations and financial condition. In the past we have faced time overruns in relation to few of our
projects. In order to correct the same, we have implemented a range of corrective measures to ensure timely project
completion. Recognizing the multifaceted nature of delays, we have taken steps to resolve land acquisition issues
through coordination with local authorities, conducted scientific studies to address adverse conditions, and enhanced
safety protocols to prevent incidents. For further details, please see “History and Certain Corporate Matters- Time/cost
overrun in setting up projects” on page 264. Additionally, our operations involve high fixed costs, and any reduction in
46our ability to sustain or increase the level of production will have an adverse effect on our business, results of operations,
financial conditions and cash flows.
16. Our business is manpower intensive. Our business may be adversely affected by work stoppages, increased
wage demands by our employees, or an increase in minimum wages, and if we are unable to engage new
employees at commercially attractive terms.
Our operations are manpower intensive and we are dependent on our workforce for a significant portion of our
operations. The success of our operations depends on the availability of and maintaining good relationships with
our workforce. Shortage of workforce or disruptions caused by disagreements with workforce could have an
adverse effect on our business, results of operations, financial condition and cash flows. While we have not
experienced any labour unrest in the six months period ended September 30, 2025 and the last three Fiscals, which
had an adverse impact on our business, results of operations, financial condition and cash flows, we cannot assure
you that we will not experience disruptions in work or our operations due to disputes, strikes, work stoppages,
work slow-downs or lockouts at our mines or washeries, or other problems with our work force, which may
adversely affect our ability to continue our business operations. Any labour unrest could directly or indirectly
prevent or hinder our normal operating activities, and, if not resolved in a timely manner, could lead to disruptions
in our operations.
Our success also depends on our ability to attract, hire, train and retain skilled personnel. Our inability to recruit,
train and retain suitably qualified and skilled personnel could adversely impact our business, results of operations,
financial condition and cash flows. As of September 30, 2025, we had 31,389 employees, including 1,811
executives and 29,578 non-executive personnel. For further information, see “Our Business – Employees” on page
248. The following table sets forth the details regarding rate of attrition of our executive and non-executive
employees in the years indicated:
Particulars As at/ for the As at/ for the As at/ for the As at/ for the year As at/ for the year
six months six months year ended ended March 31, ended March 31,
period ended period ended March 31, 2024 2023
September 30, September 30, 2025
2025 2024
Number of executive 1,811 1,890 1,810 1,894 2,001
employees
Attrition rate of our 0.61% 0.58% 1.44% 2.43% 0.55%
executive employees
Number of non-executive 29,578 31,155 30,308 32,026 35,036
personnel
Attrition rate of our non- 0.02% 0.02% 0.03% 0.07% 0.03%
executive personnel
Note: Attrition rate represents number of resignations in the relevant category as a percentage of closing number of employees in the relevant
category as at the end of respective period/year.
We cannot assure you that attrition rates for our employees will not increase. Further, we are subject to stringent
labour laws, and any violation of these laws may lead regulators or other authorities to order a suspension of
certain or all of our operations. We may need to increase compensation and other benefits either to attract and
retain key personnel or due to increased wage demands by our employees, or an increase in minimum wages and
that may adversely affect our business, results of operations, financial condition and cash flows.
17. We do not maintain insurance coverage in accordance with applicable industry standards and our
insurance coverage may not be adequate or we may incur uninsured losses or losses in excess of our
insurance coverage which could have an adverse impact on our business, results of operations, financial
condition and cash flows.
Our operations are subject to various risks inherent to mining activities and we do not maintain insurance coverage
in accordance with applicable industry standards. Our business operations involve significant risks and
occupational hazards that are inherent to mining activities and may not be eliminated through the implementation
of preventive measures. These risks and hazards could result in personal injury, grievous hurt or even death of our
personnel, which could result in additional litigation costs, damage to or destruction of properties, environmental
damage, business interruption, legal liability, damage to our business reputation and corporate image and, in
severe cases, fatalities. The occurrence of natural disasters including earthquake, fire, severe weather, floods,
power outages and the consequences, damages and disruptions resulting from them may adversely affect our
business and operations. We may become subject to liabilities, including liabilities for environmental or industrial
47accidents or pollution or other hazards, in addition to compensation payable to personnel affected by any such
incidents. We currently maintain very limited insurance coverage, primarily for building, furniture and fixture.
We do not maintain insurance coverage for loss of our assets such as our equipment, plant and machinery etc. We
do not maintain insurance coverage in accordance with applicable industry standards and do not have full coverage
for all risks facing our operations and facilities discussed above and any claims against us could have a material
and adverse effect on our business, operations, results of operations and financial condition. While we have not
incurred losses vis-à-vis our insurance cover and have not had any past instances of our claim exceeding our
insurance cover in the six months period ended September 30, 2025 and the last three Fiscals, we cannot assure
you that such instances will not occur in the future. For further information on the insurance policies availed by
us, see “Our Business – Our Business Operations – Insurance” on page 250.
To the extent that we suffer any loss or damage that is not covered by insurance or exceeds our insurance coverage,
our business, cash flows, financial condition and results of operations could be adversely affected. Any damage
suffered by us in excess of such limited coverage amounts, or in respect of uninsured events, not covered by such
insurance policies will have to be borne by us. While we have not experienced any instance where we incurred
losses exceeding our insurance coverage in the six months period ended September 30, 2025 and the last three
Fiscals, we cannot assure you that such instance will not arise in the future.
18. We are subject to several labour legislations and regulations governing welfare, benefits and training of
our employees. Any increase in wage and training costs could adversely affect our business, financial
condition and cash flows.
We are subject to laws and regulations relating to employee welfare and benefits such as minimum wage and
maximum working hours, overtime, working conditions, non-discrimination, hiring and termination of
employees, employee compensation, employee insurance, bonus, gratuity, provident fund, pension,
superannuation, leave benefits and other such employee benefits. Employee benefit expenses constituted the
largest component of our total expenses for in the six months period ended September 30, 2025 and 2024 and
Fiscals 2025, 2024 and 2023. The following table sets forth the details regarding our employee benefits expense
in the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Expenses (%) (in ₹ million) Expenses (%)
Employee benefits 30,375.20 49.70% 33,363.40 55.92%
expense
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Expenses (in ₹ Total Expenses (in ₹ Total Expenses
million) (%) million) (%) million) (%)
Employee 65,423.74 51.52% 69,506.70 55.34% 71,479.30 57.24%
benefits expense
In the event welfare requirements under labour legislations applicable to us are changed, employee benefits
payable by us may increase, and there can be no assurance that we will be able to recover such increased costs. In
addition, we rely on our ability to recruit, train and retain high quality and qualified employees in India. For further
information on the labour laws and regulations applicable to us, see “Key Regulations and Policies” on page 253.
Additionally, if there is any failure by us in complying with applicable labour laws and regulations including in
relation to employee welfare and benefits and training/ qualification requirements, we may be subject to criminal
and monetary penalties, incur increased costs, have our operations suspended under applicable legislations, or
disputed in litigation which may in turn disrupt our operations. Any failure to comply with applicable labour
legislations may result in orders that may result in reputational loss and adversely impact our business, results of
operations, financial conditions and cash flows.
19. Our executive employees are seconded from Coal India Limited and the terms of their secondment may be
altered at any time, which may have an adverse impact on our business, results of operations, financial
conditions and cash flows.
Our executive employees are seconded from Coal India Limited. We pay the salaries of such executive employees
on secondment and the same is not reimbursed by Coal India Limited, and the terms of their secondment may be
48altered at any time. This arrangement exposes us to several risks that could adversely affect our business and
results of operations. Specifically, we may be subject to industrial unrest and increased employee costs, which
could have a material impact on our financial performance and operational stability. The potential for industrial
unrest arises from the uncertainty surrounding the terms of the secondment. Changes to these terms could lead to
dissatisfaction among our executive employees, potentially resulting in strikes, work stoppages, or other forms of
industrial action. Such unrest could disrupt our day-to-day operations, delay critical projects, and negatively
impact our ability to meet business objectives. Additionally, alterations to the secondment terms could result in
increased employee costs. These costs may include higher salaries, additional benefits, or other financial
obligations that could place a strain on our budget. Increased employee costs could reduce our profit margins and
limit our ability to invest in other areas of the business, such as research and development, marketing, or
expansion.
Furthermore, the potential for changes in the secondment terms introduces an element of unpredictability into our
workforce planning. This uncertainty could make it difficult to maintain a stable and consistent management
structure, which is essential for the effective execution of our business strategy. Any disruptions to our executive
leadership could lead to a loss of institutional knowledge, decreased operational efficiency, and a negative impact
on employee morale, which in turn may have an adverse impact on our business, results of operations, financial
conditions and cash flows.
20. We do not have access to records and data pertaining to certain historical legal and secretarial information
in relation to certain disclosures. Further, there are certain discrepancies in the records available with us.
We are unable to trace certain corporate and other documents such as copies of certain prescribed forms filed with
the RoC relating to allotment of equity shares since incorporation of our Company. Despite having conducted
search of our records and a search in the records of the RoC for the untraceable documents, which was conducted
by M/s Mehta and Mehta, Company Secretaries, the practicing company secretary engaged by us, we have not
been able to trace the aforementioned documents. While we believe that we had filed these forms with the RoC
in a timely manner, we have not been able to obtain copies of all of these forms. Accordingly, we have relied on
other documents, including corresponding board and/or shareholder resolutions, where available, statutory
registers of members, allotment and share transfer, and audited financial statements for such matters. There may
be inconsistencies between the date of filing of the relevant forms filed with the RoC for allotment of shares and
the register maintained noting the allotment made.
The table below sets forth the details of documents related to certain allotments undertaken by our Company that
are untraceable:
Sr. Form / Return /
Purpose / Details
No. document filed
1. Form 2 Allotment of 1,500 Equity Shares to Steel Authority of India Limited
2. Form 2 Allotment of 7,500 Equity Shares to Steel Authority of India Limited
3. Form 2 Allotment of 2,500 Equity Shares to Steel Authority of India Limited
4. Form 2 Allotment of 30,400 shares to the President of India.
5. Form 2 Allotment of 60,000 shares to President of India
6. Form 2 Allotment of 40,000 shares to President of India
7. Form 2 Allotment of 35,000 shares to President of India
8. Form 2 Allotment of 79,000 shares to Coal India Limited
9. Form 2 Allotment of 60,000 shares to Coal India Limited
10. Form 2 Allotment of 97,600 shares to Coal India Limited
11. Form 2 Allotment of 30,000 shares to Coal India Limited
12. Form 2 Allotment of 183,522 shares to Coal India Limited
13. Form 2 Allotment of Shares to nominees of Coal India Limited
14. Form 2 Allotment of 21,401 shares to Coal India Limited
15. Form 2 Allotment of 1,000,000 shares to Coal India Limited
16. Form 2 Allotment of 1,843,071 shares to Coal India Limited
17. Form 2 Allotment of 1,000,000 shares to Coal India Limited
18. Form 2 Allotment of 9,960,000 shares to Coal India Limited
Further, as provided in the table above, the missing records of form filings are untraceable for an aggregate of
1,445,149,700 Equity Shares (adjusted for the split) which represents 31.03% of the issued, subscribed and paid-
up share capital of our Company.
49We cannot assure you that the above mentioned form filings and resolutions will be available in the future.
Although no regulatory action/litigation is pending against us in relation to the missing documents, we cannot
assure you that we will not be subject to penalties imposed by regulatory authorities in this respect. We have relied
on the independent search report dated January 2, 2026 by M/s Mehta and Mehta, Company Secretaries, the
practising company secretary engaged by us (“Search Report”) and we cannot assure you of the accuracy and
completeness of the report. The forms which are not available with our Company and the database of RoC, as
highlighted in the Search Report are:
Form / Return / Corrective Measures Taken
Purpose / Details
document filed
Form 2 Allotment of 1,500 Equity Shares to Steel Authority of India Not Applicable
Ltd.
Form 2 Allotment of 7,500 Equity Shares to Steel Authority of India Not Applicable
Ltd.
Form 2 Allotment of 2,500 Equity Shares to Steel Authority of India Not Applicable
Ltd.
Form 23 Amendment of Memorandum & Articles of Association Not Applicable
Form 2 Allotment of 30,400 shares to the President of India. Not Applicable
Form 2 Allotment of 60,000 shares to President of India Not Applicable
Form 2 Allotment of 40,000 shares to President of India Not Applicable
Form 2 Allotment of 35,000 shares to President of India Not Applicable
Form 2 Allotment of 79,000 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 60,000 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 97,600 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 30,000 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 183,522 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of Shares to Coal India Ltd.nominees. Not Applicable
Form 2 Allotment of 21,401 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 1,000,000 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 1,843,071 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 1,000,000 shares to Coal India Ltd. Not Applicable
Form 2 Allotment of 9,960,000 shares to Coal India Ltd. Not Applicable
Form 23 Shareholder approval for conversion of loan into equity Not Applicable
Form 18 Form 18 Registered Office change from Sijua (Dhanbad) to Not Applicable
Koyla Bhawan,
21. We are exposed to risks arising from evolving environmental, social and climate related requirements and
policies in relation to coal and mining activities which may lead to reduced demand of coal, and may have
an adverse impact on our business, results of operations, financial condition and cash flows
Our operations are inherently exposed to environmental, social and climate-related risks. India’s reaffirmed
obligations under the Paris Agreement, the consensus outcomes of COP28, and the national net-zero emissions
target for 2070 collectively signal an accelerated long-term reduction in coal consumption. (Source: CRISIL
Report, Industry Overview on page 214) In furtherance of these commitments, the Government of India, state
governments or regulatory agencies may, among other things, (i) impose or escalate carbon taxes, coal cess or
linkage to future emissions-trading schemes, (ii) enforce more stringent air-quality, water-discharge and methane-
emission standards, (iii) limit fresh mine allocations or restrict expansion of existing mines, (iv) mandate
progressive integration of carbon-capture, utilisation and storage technologies, or (v) strengthen liabilities for
mine closure and post-closure restoration. (Source: CRISIL Report, Industry Overview on page 214).
These evolving policies, together with increasing environmental litigation by local communities, non-
governmental organisations and other stakeholders, could result in higher compliance and capital expenditure,
forced production curtailments, accelerated asset retirement, prolonged permitting delays, or substantial penalties
and compensation orders. Any of the foregoing may adversely impact our production volumes, cost structure and
revenue visibility and long-term reserves valuation. Environmental, social and climate-change risks, whether
currently known or emerging, may materially and adversely impact our business, results of operations, financial
condition, and cash flows.
22. We are dependent upon our equipment and machinery infrastructure, which is subject to disruption,
damage, failure and risks associated with maintenance, upgrade and integration. Any failure to effectively
maintain or upgrade our equipment and machinery infrastructure may have an adverse impact on our
business, results of operations, financial conditions and cash flows.
50We are significantly dependent on our machinery and equipment infrastructure for our business and operations.
Set forth below are details of our property, plant and equipment for the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Assets (%) (in ₹ million) Assets (%)
Property Plant and 49,362.10 26.38% 38,848.50 24.87%
Equipment
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Assets (in ₹ Total Assets (in ₹ Total Assets
million) (%) million) (%) million) (%)
Property Plant 42,644.10 24.67% 34,385.70 23.34% 29,078.10 21.84%
and Equipment
Our machinery and equipment is subject to wear and tear, obsolescence, and potential failures, which could result
in unplanned downtime, reduced production efficiency, and increased maintenance costs. Any significant
disruption, damage, or failure of this infrastructure could lead to delays in project completion, reduced service
delivery, and increased operational costs. Our network of mines are supported by a well-developed infrastructure,
including transport facilities both railways and roads, and evacuation facilities. For details on the modes of our
coal dispatch, see “Our Business – Our Business Operations – Coal Dispatch” on page 240. Our operations are
also supported by equipment/machineries that includes 507 heavy earth moving machinery, as of September 30,
2025, comprising dragline, shovel, dumper, dozer and drills for the extraction, processing, and dispatch of coal,
which are critical for our operations. Any failure or downtime of this equipment could significantly impact our
ability to meet timelines and client expectations. An instance occurred in September 2025 when the washed
product storage silo at the 5.0 MTPA NLW New Madhuband Washery collapsed. This reduced the washery’s
operational capacity by nearly half and disrupted operations. Reconstruction of the silo is expected to take about
two years. The incident has caused operational challenges and financial impact due to lower handling capacity
and loss of projected revenue during the reconstruction period. While no human casualty/injury or other loss was
caused in said accident, however we cannot assure you that such incidents will not occur in future and losses will
not be caused in future. Except for the aforementioned, we have not had instances of any failure or downtime of
our equipment which had an adverse impact on operations in the six months period ended September 30, 2025
and the last three Fiscals. We cannot assure you that such instances will not occur in the future. Additionally, our
ability to maintain and upgrade our machinery and equipment infrastructure is contingent upon various factors,
including the availability of skilled personnel and access to necessary resources and materials. The loss of key
personnel or failure to attract and retain skilled labour could hinder our efforts to maintain and upgrade our
infrastructure, thereby increasing the risk of operational disruption.
Our operations are subject to risks inherent in the use of relevant equipment. The failure, accident, defects, faulty
maintenance or repair, or improper use or lack of timely servicing of our equipment could cause an injury to our
employees or patients or other individuals. While we have had no accidents in relation to our equipment in the six
months period ended September 30, 2025 and the last three Fiscals, which had an adverse impact on our business,
results of operations, financial conditions and cash flows, we cannot assure you that such accidents will not happen
in the future. Any significant malfunction or breakdown of our equipment also may entail significant repair and
maintenance costs and cause disruptions in our operations. Additionally, our machinery and equipment
infrastructure is also subject to depreciation, which systematically allocates the depreciable amount of an asset
over its useful life. This depreciation reduces the carrying value of the assets over time, which can impact our
overall financial condition. The depreciation of these assets is calculated based on various assumptions, including
estimated useful lives, residual values, and the chosen depreciation methods. Any changes in these assumptions
or inaccuracies in the estimates can lead to variations in the depreciation expense, impacting our financial
condition and results of operations. Factors such as technological advancements, changes in market conditions,
regulatory requirements, and operational challenges can affect the useful lives and residual values of our assets.
Further, unforeseen events such as natural disasters, equipment failures, or obsolescence can necessitate
accelerated depreciation or impairment charges. These factors may result in higher depreciation expenses and
lower net book values of our assets, adversely affecting our profitability and cash flows. While we have not had
instances of an inaccurate estimation of our depreciation expenses in the six months period ended September 30,
2025 and the last three Fiscals, any significant changes in these estimates could result in higher depreciation
expenses, which could adversely impact our business, results of operations, financial conditions and cash flows.
51Additionally, if we are unable to respond or adapt to changing trends and standards in machines, equipment and
technologies, or otherwise adapt our machines, equipment and technologies to changes in market conditions or
requirements, in a timely manner and at a reasonable cost, we may not be able to compete effectively and our
business, results of operations, financial condition and cash flows may be adversely affected.
23. Our Company, Corporate Promoter, SMPs and KMPs are involved in certain legal and regulatory
proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, results
of operations, financial conditions and cash flows.
There are certain outstanding legal and regulatory proceedings involving our Company, Corporate Promoter,
SMPs and KMPs which are pending at different levels of adjudication before various courts, tribunals and other
authorities. The amounts claimed in these proceedings have been disclosed to the extent that such amounts are
ascertainable and quantifiable and include amounts claimed jointly and severally, as applicable. Any unfavourable
decision in connection with such proceedings, individually or in the aggregate, could adversely affect our
reputation, continuity of our management, business, cash flows, financial condition and results of operations. The
summary of such outstanding material legal and regulatory proceedings as on the date of this Prospectus is set out
below:
Disciplinary actions
Number of by the SEBI or stock
Aggregate
Category of Number of Number of actions taken exchanges against Number of
amount
individuals/ Criminal Tax by statutory our Corporate material civil
involved*
entities proceedings proceedings or regulatory Promoter in the last litigations
(in ₹ million)
authority five years including
outstanding action
Company
By our 8 (Not (Not (Not Applicable) 3 7,031.00
Company Applicable) Applicable)
Against our 25 265 8 6 31,999.66
Company
Directors
By our Nil (Not (Not (Not Applicable) Nil Nil
Directors Applicable) Applicable)
Against our 2 1 Nil Nil 0.01
Directors
Corporate Promoter
By our 1 (Not (Not (Not Applicable) 1 312,278.00
Corporate Applicable) Applicable)
Promoter
Against our 2 14 5 46 Nil 20,188.94
Corporate
Promoter
Key Managerial Personnel
By our Nil (Not (Not (Not Applicable) (Not Nil
KMPs Applicable) Applicable) Applicable)
Against our 1 Nil Nil
KMPs
Senior Management
By our SMPs Nil (Not (Not (Not Applicable) (Not Nil
Applicable) Applicable) Applicable)
Against our 8 Nil Nil
SMPs
(1) Determined in accordance with the Materiality Policy
* To the extent ascertainable and quantifiable
We cannot assure you that any of these matters will be settled in favour of our Company, our Corporate Promoter,
or our SMPs and KMPs, respectively, or that no additional liability will arise out of these proceedings. An adverse
outcome in any of these proceedings may have an adverse effect on our business, financial position, prospects,
cash flows, results of operations and our reputation. For further information, see “Outstanding Litigation and
Material Developments” on page 464.
24. A significant part of our business transactions are with government entities or agencies, which may expose
us to various risks, including additional regulatory scrutiny and delayed collection of receivables.
52A significant majority of the coal produced by us is sold to public sector thermal power companies and utilities.
Coal sold to government-owned and controlled power generation companies and utilities contributed 66.13%,
60.39%, 63.39%, 61.75% and 56.46% of our revenue from operations in the six months period ended September
30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. We may be subject to additional regulatory or
other scrutiny associated with commercial transactions with government owned or controlled entities and
agencies. In addition, there may be delays associated with collection of receivables from government owned or
controlled entities, including from our significant customers that are power utilities. Although, there have been no
significant delays in collection of receivables from government owned or controlled entities in the six months
period ended September 30, 2025 and the last three Fiscals, we cannot assure that such delays might not happen
in the future. Contracts with government agencies are subject to various uncertainties, restrictions, and regulations
including oversight audits by various government authorities and profit and cost controls. In addition, government
contracts are subject to specific procurement regulations and a variety of other socio-economic requirements. We
must also comply with various regulations applicable to government companies relating to employment practices,
recordkeeping and accounting. These regulations and requirements affect how we transact business with our
customers and, in some instances, impose additional costs on our business operations. We are also subject to
routine government audits and while we have been subject to routine government audits, we have not been subject
to any investigations and proceedings in the six months ended September 30, 2025 and the last three Fiscals which
had an adverse impact on our business, results of operations, financial conditions and cash flows, we cannot assure
you that such instances will not occur in the future. If we violate applicable rules and regulations, fail to comply
with contractual or regulatory requirements or do not satisfy an audit, we may be subject to a variety of penalties
including monetary penalties and criminal and civil sanctions, which may harm our reputation and could have a
material adverse impact on our business, results of operations, financial conditions and cash flows.
25. In the past, our Company had been referred to the Board for Industrial and Financial Reconstruction
(“BIFR”) for the purpose of financial and operational restructuring. Any potential recurrence of financial
challenges may have an adverse impact on our business, results of operations, financial conditions and
cash flows.
In the past, our Company had been referred to the Board for Industrial and Financial Reconstruction (“BIFR”)
for the purpose of financial and operational restructuring. We were referred to the BIFR on December 18, 1995
and May 4, 2001, primarily due to issues such as net worth becoming negative. The revival plan approved by the
BIFR included measures such as modernisation of underground mines, increased investment in heavy earth
moving machinery (“HEMM”), closure of heavy loss making mines, continue deploying hired HEMM in in
isolated patches and open up a few large open cast mines to be operated by hired HEMM. The implementation of
this plan was completed and our Company was formally approved for revival by the BIFR on December 22, 1997
and February 12, 2013.
Since emerging from the BIFR process, we have demonstrated improved financial performance and operational
efficiency. The table below sets forth details of our revenue from operations for the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September September
30, 2025 30, 2024
Revenue from operations (in ₹ 56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
million)
Net worth* (in ₹ million) 58,308.90 60,597.40 65,512.30 53,554.70 37,910.10
*Net Worth is the total equity attributable to equity-holders of the Company, as appearing in the Restated Financial Information less Other
Comprehensive Income – Re-measurement of Defined Benefits Plans (Net of Tax) Reserve.
Although we have since successfully emerged from the BIFR process and has been operating profitably, we are
susceptible to certain risks that could potentially impact our future operations. The previous BIFR proceedings
indicate that our Company has faced significant financial and operational challenges in the past. While these issues
have been resolved, there is a risk that similar financial difficulties or operational inefficiencies could arise in the
future. Such events could lead to increased scrutiny from regulatory authorities, potential loss of investor
confidence, and adverse impacts on our financial performance and market reputation. Furthermore, our
Company’s historical association with BIFR may continue to influence the perception of our financial stability
among stakeholders, including investors, creditors, and customers. This perception could potentially affect our
ability to secure financing on favourable terms or maintain strong relationships with key business partners. The
recurrence of similar financial difficulties or operational inefficiencies could lead to increased scrutiny from
regulatory authorities and potential loss of investor confidence, which may have an adverse impact on our
business, results of operations, financial conditions and cash flows.
5326. Our operations are sensitive to seasonal changes and seasonal variations such as monsoon or extreme
temperatures can disrupt our mining activities which may have an adverse impact on our business,
results of operations, financial conditions and cash flows.
Our coal mining operations are sensitive to seasonal changes, which can materially and adversely affect our
business, results of operations, financial condition, and cash flows. Seasonal variations, such as monsoon rains,
extreme temperatures, and adverse weather conditions, can disrupt mining activities, reduce productivity, and
increase operational costs. During the monsoon season, heavy rainfall can lead to flooding, waterlogging, and
landslides, which may hinder access to mining sites, damage equipment, and pose safety risks to our workforce.
Extreme temperatures, whether hot or cold, can affect the efficiency of mining equipment and the health and
safety of our employees, leading to potential delays and increased costs. During periods of curtailed activity due
to adverse weather conditions, we may continue to incur operating expenses, but our revenues from operations
may be delayed or reduced.
Additionally, seasonal changes can impact the transportation and logistics of coal, affecting our ability to deliver
products to customers on time. Adverse weather conditions can disrupt transportation routes, cause delays in
shipments, and increase transportation costs. While we have faced a decline in our production in the six months
period ended September 30, 2025 and Fiscal 2025 due to heavy rains, any future disruptions in our operations due
to adverse weather conditions could adversely affect our business, results of operations, financial condition, and
cash flows, and we cannot assure you that such instances will not occur in the future.
27. We have entered into agreements with private players to restore operations in discontinued underground
mines through the Mine Developer and Operator (“MDO”) model on a revenue-sharing basis. Any
misalignment in objectives, operational strategies, or execution timelines between us and the MDOs could
lead to suboptimal outcomes and negatively impact our overall business performance.
In furtherance of our diversification strategy, we have initiated steps to restore operations in discontinued
underground mines through the MDO model on a revenue-sharing basis. As of the date of this Prospectus, six out
of ten identified mines have been awarded to private players and third-parties. The table below sets forth details
of mines where we have signed such revenue sharing agreements as on the date of this Prospectus:
S. No. Name of Mine Location Peak Rated Percentage of
Capacity Revenue Share
(Million Tonnes) (%)
1. Amalgamated Salanpur Dhanbad, Jharkhand 1.40 9.00%
Gaslitand Katras Choitudih
Colliery (ASGKCC)
2. PB Project Colliery Dhanbad, Jharkhand 2.70 6.00%
3. Loyabad Colliery Dhanbad, Jharkhand 1.28 7.29%
4. Kharkharee Colliery Dhanbad, Jharkhand 1.20 12.02%
5. Madhuband Colliery Dhanbad, Jharkhand 1.50 5.40%
6. Amlabad Colliery Dhanbad, Jharkhand 0.30 4.10%
For further details, see “Our Business – Strategies – Transform discontinued mines into profitable ventures
through resource monetization, and strategic repurposing” on page 226. While this initiative presents potential
growth opportunities, it also introduces several risks that could impact our operations and financial performance.
The restoration of operations in discontinued underground mines is a complex process that requires specialized
expertise and infrastructure. The MDO model involves third-party operators who may face challenges in
integrating with our existing systems and adhering to our operational standards. Any delays or inefficiencies in
the restoration and operation of these mines could result in lower-than-expected production levels and financial
returns. Additionally, the technical competence and operational efficiency of the third-party operators are critical
factors that could impact the success of these projects. Further, the mining industry is subject to stringent
regulatory and environmental standards. Compliance with these regulations is essential, and any non-compliance
by the MDOs could result in fines, operational restrictions, or suspension of operations. Ensuring that third-party
operators maintain strict compliance with all relevant regulations is crucial to avoid potential legal and financial
consequences. We will need to closely monitor and support the MDOs to ensure they meet all regulatory
requirements.
The revenue-sharing basis of the MDO model means that our financial returns are contingent upon the successful
operation and profitability of the mines by the third-party operators. Fluctuations in commodity prices, operational
costs, or market demand could impact the financial performance of these mines, thereby affecting our revenue
54share. Additionally, the capital-intensive nature of mining operations may strain the financial resources of the
MDOs, potentially impacting their ability to meet their obligations under the revenue-sharing agreements. We
will need to carefully manage our financial exposure and ensure that adequate safeguards are taken in selection of
MDOs so that they are able to fulfil their commitments. Effectively managing and coordinating with multiple
third-party operators requires robust strategic planning and execution capabilities. Any misalignment in
objectives, operational strategies, or execution timelines between us and the MDOs could lead to suboptimal
outcomes and negatively impact our overall business performance. Furthermore, the reliance on third-party
operators may limit our direct control over the mining operations, potentially affecting our ability to respond
quickly to changing market conditions or operational challenges, which may have an adverse impact on our
business, results of operations, financial conditions and cash flows.
28. We face a risk of reduced demand of our coal due to the emergence of renewable energy as an alternative
source of energy. Significant shift towards sustainable energy solutions may have an adverse impact on
our business, results of operations, financial conditions and cash flows.
The increasing development and adoption of renewable energy sources pose significant risks to our business
operations and financial performance as our revenue from operations is primarily generated from the production
of coal. The global shift towards renewable energy, driven by environmental concerns, technological
advancements, and supportive government policies, is altering the energy landscape and reducing the demand for
traditional fossil fuels, including coal. This transition is likely to result in a reduced reliance on coal for power
generation, which could lead to decreased demand for our coal. As renewable energy sources become more cost-
effective and widely adopted, the market for coal may shrink, impacting our revenue streams. Advancements in
renewable energy technologies, such as solar and wind power, are making these sources increasingly competitive
with traditional fossil fuels. The declining costs of renewable energy installations and improvements in energy
storage technologies are further accelerating the transition away from coal. We may face challenges in adapting
to these changes and diversifying our service offerings to remain relevant in a market that is increasingly favouring
renewable energy solutions.
29. If the assumptions underlying our reclamation and mine closure obligations are materially inaccurate,
our costs could be significantly greater than anticipated.
The GoI establishes operational, reclamation and closure standards for all aspects of surface mining. As of
September 30, 2025, we operate a network of 34 operational mines, including four underground mines, 26
opencast mines, and four mixed mines, and we have significant ongoing mine reclamation and rehabilitation
obligations. We estimate our total reclamation and mine-closing liabilities based on mining plans, environmental
impact assessment and environmental management plan reports prepared by CMPDIL and statutory and
regulatory guidelines, engineering studies and our engineering expertise related to these requirements. The
reclamation effort is reviewed periodically by MoC and implemented by our management and engineers. For
further information on provisions relating to mine closure obligations, see “Management’s Discussion and
Analysis of Financial Condition and Results of Operations – Results of Operations” on page 446. The final land
reclamation or mine closure liability at the end of the life of the mine depends on the outcome of various events
including top soil management, water and air quality treatment, plantation, restructuring of mines, during the
period of operation. We make provisions on the basis of current estimates for such liability with effect from Fiscal
2010. As on September 30, 2025, we have made provisions for such expenditure amounting to ₹ 7,100.00 million.
Further, we are required to deposit funds with a bank to secure its obligations under the mine closure plan and the
shifting and rehabilitation fund scheme. These deposits are released to us on a periodic basis, specifically every
five years, subject to compliance with the relevant regulatory requirements and conditions stipulated by the
respective authorities. The estimated liability can change significantly if actual costs vary from our original
assumptions or if governmental regulations change significantly, which could have a material adverse effect on
our business, results of operations, financial condition and cash flows.
30. We operate in a competitive environment which could have an adverse effect on our business, results of
operations, financial conditions and cash flows.
The Indian coal industry is highly fragmented with a presence of few large players and several medium and small
players. (Source: CRISIL Report, Industry Overview on page 175). In India, we have only Central Coalfields
Limited as our main competitor in the coking coal segment as these are the major commercial players selling
coking coal. Other producers like SAIL and Tata Steel do not sell coking coal commercially and consume it for
captive purposes and are not considered as peers (Source: CRISIL Report, Industry Overview on page 202).
However, another Coal India Limited subsidiary, Mahanadi Coalfields Limited, who is the largest non-coking
coal producers can be considered as competition in non-coking coal segment. (Source: CRISIL Report, Industry
55Overview on page 202) We operate and sell our products in competitive markets and the competition is expected
to occur principally on the basis of price, quality and availability. As a result, to remain competitive in our markets,
we must continuously strive to reduce our costs of production, transportation and distribution and improve our
operating efficiencies. Our competitors may include large companies that have over a period of time acquired
certain local interests as part of their strategy. These competitors may limit our opportunity to increase our market
share and may compete with us on pricing of products. Some of our competitors may be larger than we are, some
may be diversified with operations across India, may have greater financial resources, technology, research and
development capability, than we do and may have access to a cheaper cost of capital and may be able to produce
more efficiently or to invest larger amounts of capital into their businesses. Our business could be adversely
affected if we are unable to compete with our competitors and sell coking coal at comparable prices. Additionally,
if one of our competitors acquire any of our customers or suppliers, we may lose business from the customer or
lose a supplier of a critical raw materials, which may adversely affect our business, results of operations, financial
condition and cash flows.
31. We are subject to trade union activity, and labor disputes could lead to lost production and/or increased
costs which may have an adverse impact on our business, results of operations, financial conditions and
cash flows.
The majority of our non-executive employees are members of several unions including certain registered trade
unions such as Indian National Trade Union Congress ("INTUC"), the All India Trade Union Congress
("AITUC"), the Hind Mazdoor Sabha ("HMS"), the Bhartiya Mazdoor Sangh ("BMS") and the Confederation of
Indian Trade Unions ("CITU"), which makes us susceptible to the risk of labor disputes and trade union activity.
These disputes may arise from a variety of factors, including but not limited to, disagreements over wages,
working conditions, job security, or other employment-related matters. In the event of labor disputes, we may
experience significant disruptions in our production processes, leading to lost production time and potential delays
in the delivery of our products or services. These disruptions could result from strikes, work stoppages,
slowdowns, or other forms of industrial action taken by our employees or their representatives.
Moreover, resolving labor disputes may involve increased labor costs, including higher wages, additional benefits,
or other concessions to employees. These increased costs, combined with the potential loss of production, could
have a material adverse impact on our business, results of operations, financial condition, and cash flows.
Additionally, labor disputes may lead to increased legal and administrative expenses as we seek to negotiate and
resolve the issues at hand. These expenses could include legal fees, arbitration costs, and other related
expenditures. The uncertainty surrounding labor disputes could also negatively affect employee morale and
productivity, even among those not directly involved in the dispute. While we have not experienced any trade
union unrest in the six months period ended September 30, 2025 and the last three Fiscals, which had an adverse
impact on our business, results of operations, financial conditions and cash flows, we cannot assure you that the
abovementioned instances will not occur in the future.
32. Except for Sanoj Kumar Jha and Arun Kumar Oraon, none of our Directors currently possess experience
of being on the board of any Indian listed company in India.
Except for Sanoj Kumar Jha, Mukesh Choudhary and Arun Kumar Oraon who possess experience of being on
board of Indian company(ies), which are listed on the Stock Exchanges, none of our Directors possess experience
of being on the board of any Indian listed company and accordingly, they may not be adequately well-versed with
the activities or industry practices undertaken by the listed company in India. We cannot assure you that this lack
of adequate experience will not have any adverse impact on the management and operations of our Company. The
details of Directors who are or were directors of the Indian Companies, which are listed on the Stock Exchanges
are as below:
S. Name of Director Name of Listed Company where
No. Directorship is/was held
1. Sa noj Kumar Jha NLC India Limited and Coal India Limited
2. M ukesh Choudhary Coal India Limited
3. Ar un Kumar Oraon* Coal India Limited
*Arun Kumar Oraon was previously a director on the board of Coal India Limited
33. We have capital expenditure requirements and may require financing in the future and our operations
could be curtailed if we are unable to obtain the required financing when needed.
56We have incurred capital expenditure to expand and upgrade our existing operations. The following table sets
forth details of our capital expenditure in the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Amount Percentage of
(in ₹ million) Revenue from (in ₹ million) Revenue from
Operations (%) Operations (%)
Capital expenditure 3,435.70 6.07% 4,724.36 6.90%
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Revenue from (in ₹ Revenue from (in ₹ Revenue from
million) Operations million) Operations million) Operations
(%) (%) (%)
Capital 18,149.40 13.15% 12,375.30 8.69% 9,865.30 7.81%
expenditure
We have met our past capital expenditure requirements in the six months period ended September 30, 2025 and
the last three Fiscals, through internal accruals and cashflow from operations. We may face risks relating to capital
investment projects exceeding original budgets, failing to generate expected benefits, or not being completed as
planned, which may have an adverse impact on our business and results of operations. Our sources of additional
capital required to meet our capital expenditure plans, may include the incurrence of debt or the issue of equity or
debt securities or a combination of both. Further, our budgeted resources may prove insufficient to meet our
requirements which could drain our internal accruals or compel us to raise additional capital. If we are required
to raise additional funds through the incurrence of debt, our interest and debt repayment obligations will increase,
and could have a significant effect on our profitability and cash flows and we may be subject to additional
covenants, which could limit our ability to access cash flows from operations. We may also become subject to
additional restrictive covenants in our financing agreements, which could limit our ability to access cash flows
from operations and undertake certain types of transactions. Any issuance of equity, on the other hand, may result
in a dilution of the shareholding of existing shareholders. If any of the foregoing were to occur, our business,
results of operations, cash flows and financial condition could be adversely affected.
34. Our business requires working capital. Any failure in arranging adequate working capital for our
operations may adversely affect our business, results of operations, cash flows and financial condition.
Our business operations are subject to high working capital requirements. We require working capital for running
day to day operating activities, to meet short term obligations. The table below sets forth details regarding our
working capital turnover ratio, trade receivable days and trade payable days for the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September 30, September 30,
2025 2024
Working capital (in 108.50 11,520.50 13,514.90 12,558.30 (2,603.40)^
₹ million)
Working capital 7.72 5.29 10.04 26.44 (75.86)^
turnover ratio(1)
Trade receivables 60 28 40 25 36
days(2)
(1) Working capital turnover ratio is calculated as net sales divided by average working capital. Average working capital is calculated as
opening working capital plus closing working capital, divided by two.
(2) Trade receivables days refers to trade receivables on the reporting date (excluding unbilled receivables) as appearing in the Restated
Financial Information divided by revenue from operations multiplied by number of days in the Fiscal/six months.
^ We recorded negative working capital and working capital turnover ratio in Fiscal 2023 primarily because of an additional provision of
approximately ₹4,600 million was recognized for the arrears payable under the National Coal Wage Agreement XI (“NCWA-XI”). Although
the agreement was effective from July 1, 2021 and estimated amounts had been provided in earlier periods, the finalization of negotiations
under the NCWA-XI in Fiscal 2023 prompted Coal India Limited to instruct all subsidiaries to increase the liability recorded in that year.
Our working capital requirements may increase due to the expansion of operations, longer operating cycles, and
higher inventory levels. Additionally, increased receivables, rising costs, and regulatory changes can also
contribute to higher working capital needs. These factors may result in increases in the amount of, our receivables,
short-term borrowings and the cost of availing such working capital funding. Additionally, our inability to obtain
57adequate amount of working capital at such terms which are favourable to us and in a timely manner or at all may
also have an adverse effect on our financial condition. Continued increases in our working capital requirements
may have an adverse effect on our business, results of operations, financial condition and cash flows.
35. We have significant power and fuel requirements and any disruption to power or fuel sources could
increase the costs of our operations and adversely affect our business, results of operations, financial
condition and cash flows.
We require substantial power and fuel for the operation of our mines and washeries and our mining activities. The
following table sets forth below our power and fuel expenses in the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September September
30, 2025 30, 2024
Power and fuel expenses
4,583.00 4,940.30 9,390.40 11,124.90 13,459.20
(in ₹ million)
Power and fuel expenses
as a percentage of
8.10% 7.22% 6.80% 7.81% 10.66%
revenue from operations
(%)
We source high speed diesel from several public sector oil companies. We require electricity for our mining
operations for the operation of various equipment and facilities and for lighting of our facilities and offices. We
require bulk and cartridge explosives and accessories for blasting of overburden and coal. Agreements are
executed by Coal India Limited and we procure explosives and accessories based on the allocations provided by
Coal India Limited and our specific requirements. We source electricity primarily from Damodar Valley
Corporation and relevant state electricity power boards. In case the cost of electricity from state electricity boards
or the cost of the fuel increases significantly and we are not able to pass on such increase to our customers, our
cost of production and profitability will be adversely affected. Interruptions of electricity and fuel supply can
result in production shutdowns, increased costs associated with restarting production and the loss of production
in progress. Any significant increase in power price or increased interruptions may require us to add captive power
generation capacity which will lead to incremental capital expenditure which may adversely impact our results
from operations. While we have not had any electricity or fuel supply interruptions in the six months period ended
September 30, 2025 and the last three Fiscals which had an adverse impact on our business, results of operations,
financial condition and cash flows, we cannot assure you that such instances will not occur in the future. Further,
if energy costs were to rise, or if electricity supplies or supply arrangements were disrupted, our business, results
from operations, financial conditions and cash flows may be adversely impacted.
36. Our operations are regulated by the Government of India, State Governments and various statutory and
regulatory authorities. The compliance requirements and costs associated with existing statutory and
regulatory requirements and adverse regulatory or policy developments can have an adverse impact on
our operations.
Our operations are subject to regulation by the GoI, the relevant State Governments within which we operate, and
various central, State, provincial and municipal statutory and regulatory authorities and agencies, including
without limitation the MoC, Ministry of Environment, Forest and Climate Change, Ministry of Mines ("MoM"),
the DGMS, the Controller of Coal, Controller of Explosives (Petroleum and Explosives Safety Organisation) and
State Pollution Control Boards. These authorities and agencies regulate many aspects of India's coal industry,
including, among others, the following aspects:
• grant and renewal of coal exploration rights and mining rights;
• acquisition of land and surface rights;
• environmental matters and pollution control, including forest land related approvals;
• grant of mining licences;
• grant of approval for blasting, explosives and depillaring;
• conditions relating to continuing mining operations;
58• safety and health standards;
• labor matters;
• distribution of coal produced by us in accordance with applicable GoI policies;
• allocation of coal linkages and coal supply under long-term fuel supply agreements and under the e-auction
schemes
• coal export and import; and
• royalty, cess and other duties and taxes payable.
The compliance requirements and costs associated with existing and any new policies and statutory and regulatory
requirements may have an adverse impact on our business, results of operations, financial conditions and cash
flows. In addition, there can be no assurance that our results of operations will not be adversely affected by any
future changes in such regulations and policies.
37. If the Government of India (“GoI”) demarcates certain coal-bearing forest areas in India into various
categories which includes a category in which mining activities are prohibited, our business, results of
operations, financial conditions and cash flows may be adversely affected.
Our business, results of operations, financial conditions, and cash flows may be adversely affected if the GoI
demarcates certain coal-bearing forest areas in India into various categories, including a category in which mining
activities are prohibited. A portion of our coal reserves is located in these forest areas, and any restriction on
mining activities could lead to a reduction in our accessible reserves and production capacity. This, in turn, may
result in lower coal output, decreased sales volume, and a negative impact on our revenue and profitability.
Additionally, we may incur increased operational costs and capital expenditures as we seek to acquire alternative
mining areas or implement new technologies to maintain our production levels. The uncertainty surrounding these
potential regulatory changes could also affect market confidence in our Company, leading to a decline in our share
price and a reduction in shareholder value, adversely affecting our business, results of operations, financial
conditions and cash flows.
38. Any failure of our information technology systems and tools could adversely affect our business, results
of operations, financial conditions and cash flows.
We have information technology systems and tools that support our operations, including project management,
data analysis, communication, and other critical functions. Our information technology infrastructure includes
enterprise resource planning systems, which integrate various business processes for seamless data flow and
improved decision-making. We utilize geographic information systems to map and manage mining operations,
providing detailed spatial data for better planning and resource management. We have made, and will continue to
make, significant investments in information technology systems and tools. Such expenditure may adversely
affect our operating results if they are not offset by corresponding increase in our operational efficiency.
Our systems are subject to potential failures, including hardware malfunctions, software errors, and network
disruptions. Any significant downtime or system failure could disrupt our operations, leading to delays in project
execution, reduced productivity, and increased costs. We may also face challenges in recovering data and restoring
normal operations, which could further exacerbate the impact of such failures. Our systems and proprietary data
stored electronically may be vulnerable to computer viruses, cybercrime, computer hacking and similar
disruptions from unauthorized tampering. While we have not had an occurrence of any of the abovementioned
instances in the six months period ended September 30, 2025 and the last three Fiscals, if such unauthorized use
of our systems were to occur, data related to our operations and other confidential information could be
compromised. The occurrence of any of these events could adversely affect our business, results of operations,
financial conditions and cash flows.
39. Extensive governmental regulation relating to employee safety and health impose significant costs. A
violation of health and safety requirements and the occurrence of accidents could disrupt our operations
and increase operating costs.
Central and State safety and health regulations applicable to the coal mining industry in India consist of a
comprehensive regulatory framework for protection of employee safety, and compliance with these requirements
imposes significant costs. Moreover, new health and safety legislation and regulations may be introduced that
may adversely affect our operations. The Directorate General of Mines Safety (“DGMS”) is responsible for the
implementation of health and safety laws and regulations applicable to our coal mining operations. Any failure to
59comply with applicable health and safety laws and regulations could result in temporary shutdowns of all, or a
portion of our mines and coal processing and handling facilities, which may disrupt our operations and result in
imposition of costly remedial measures. If we fail to comply with the relevant health and safety laws and
regulations or fail to pass applicable safety inspections, our business reputation could also be adversely impacted.
While there has been an instance in the last three fiscals of the DGMS filing a complaint before the Chief Judicial
Magistrate, Dhanbad against senior officers of our Company, relating to operational lapses involving the illegal
operation of a diesel dozer, non-compliance with statutory directions, and unauthorized disposal of coal stock we
cannot assure you that such instances will not occur in the future. Any failure to adhere to relevant health and
safety laws may have an adverse effect on our business, results of operations, financial conditions and cash flows.
In relation to the same, we undertook corrective measures, including but not limited to, the following: i) all
statutory provisions to prevent such types of accidents /incidents are being observed by Colliery management; ii)
Special attention and training are being imparted to the concerned employees to avoid the reoccurrence such type
of accident in future; iii) related officers of the mines are also cautioned to take appropriate steps from their own
end to prevent reoccurrence of similar accidents in future; iv) Fitness of Diesel Bousers are being checked by
concerned Supervisors on regular basis; v) Fresh SOP and COP for operation & maintenance of Diesel Bousers
are formulated by concerned Mines Manager and provided to the concerned employees; and vi) related officers
are advised to ensure its implementation of the measures
40. Changes in taxation or other governmental policies relating to coal or related sectors may adversely affect
the pricing, demand, or profitability of our coking coal operations.
Our operations, demand and profitability are dependent on policies and regulations framed by the Central and
State Governments relating to the coal sector, including taxes, duties, royalties, levies and other such charges
amongst others, applicable to the mining, sale, and transportation of coal. Any adverse changes in such taxation
or policy regime, including any variation in GST rates, royalty rates, cess or other levies, or the introduction of
new taxes applicable to coal or allied industries, could lead to an increase in our cost of production and negatively
impact our margins. Further, any change in policy impacting the pricing of coking coal, including restrictions on
imports, changes in allocation frameworks, or environmental regulations, may adversely affect demand for our
products or alter the competitive landscape of the industry. There can be no assurance that the Government will
not introduce or amend laws, regulations or policies in a manner that could materially and adversely affect our
business, financial condition, results of operations and cash flows.
41. Failure to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely
manner, or at all, may adversely affect our business, financial condition, results of operations and cash
flows
Given the nature of our business and the industry in which we operate, we are subject to extensive government
regulation and are required to obtain certain approvals, registrations, permissions and licenses from regulatory
authorities, to undertake our operations including environmental approvals, clearances and labour and tax related
approvals. For further information on the nature of approvals and licenses required for our business and details of
their validity, see “Government and Other Approvals” on page 478. These approvals, licenses, registrations and
permissions may be subject to numerous conditions. If we fail to obtain some or all of these approvals or licenses,
or renewals thereof, in a timely manner or at all, or if we fail to comply with applicable conditions or it is claimed
that we have breached any such conditions, our license or permission for carrying on a particular activity may be
suspended or cancelled and consequently we may not be able to carry on such activity, which could adversely
affect our business, results of operations, financial condition and cash flows. If we fail to meet the environmental
requirements, we may be subject to administrative, civil and criminal proceedings by Government entities, as well
as civil proceedings by environmental groups and other individuals, which could result in substantial fines and
penalties against us as well as revocation of approvals and permits and orders that could limit or halt our
operations. While there have been instances in the six months period ended September 30, 2025 and the preceding
three Fiscals where we were subject to penalties cumulatively amounting to ₹ 4.15 million on account of violation
of environmental laws, such instances did not have an adverse impact on our business, results of operations,
financial condition and cash flows, we cannot assure you that we may not be subject to such penalties in the future.
We have and may need to in the future, apply for certain additional approvals, including the renewal of approvals,
which may expire from time to time. We have, inter alia, made applications for certain consents and approvals
which are pending as on the date of this Prospectus. For instance, we have made application for registration of our
logo as a trademark under class 37 and class 4 with the Trademarks Registry the status of which is “Formalities
Check Pass”, renewal applications for no objection certificate for groundwater abstraction under the Environment
(Protection) Act, 1986 for certain of our facilities and application for issuance of fire safety no objection certificate
for our Registered and Corporate Office. We also in the ordinary course of business keep applying for approvals
60and licenses for blocks of mines that we propose to operate in the future. For details, see “Government and Other
Approvals” on page 478.
We cannot assure you that such approvals and licenses will be granted or renewed in a timely manner or will not
be cancelled or withdrawn by the relevant governmental or regulatory authorities. Failure to obtain or renew such
approvals and licenses in a timely manner would make our operations non-compliant with applicable laws and
may result in the imposition of penalties by relevant authorities and may also prevent us from carrying out our
business.
42. Any shortage in the availability or the reliability of transportation infrastructure and capacities for the
offtake of our coal may adversely affect our business, results of operations, financial conditions and cash
flows.
We depend primarily on a combination of rail and road transportation to deliver coal to our customers. Although
we utilize significant road transportation facilities, rail transportation operated by the Indian Railways is the main
transportation mode utilized by us for coal transportation, particularly for long distance supply arrangements. We
are also dependent on third party road transportation providers including truckers, for the supply of coal from the
mine to the beneficiation facilities and the railway sidings and further for the supply of our coal to customers.
Non-availability of adequate road transportation, including in the form of transportation strikes may have an
adverse effect on our receipt of materials and offtake arrangements for coal produced by us. In addition, road and
rail transportation may be adversely affected as a result of adverse weather conditions, mechanical failures,
infrastructure damage, accidents, strikes, insurgency threats in the regions we operate in or other factors beyond
our control, which could adversely affect our ability to supply coal and comply with our supply obligations under
applicable coal supply arrangements with our customers, resulting in penalties.
Inadequate transportation and offtake arrangements may also result in increased inventories. Increased inventories
could result in the need for additional land for stocking of coal beyond that contemplated in the applicable mining
plan and relevant permits for a particular project which may result in penalties or the revocation of such permits,
or result in decreased, non-optimal production from these mines due to lack of adequate coal stocking land and
increased production costs. Increased inventories could also result in an increase in loss of stock through fires or
pilferage of coal. While we have not faced a shortage of adequate transport facilities in the last three Fiscals, we
cannot assure you that we will have access to adequate transportation infrastructure and capacities in the future.
The non-availability of adequate transportation infrastructure may adversely affect our ability to successfully
implement our growth strategies. If we are unable to secure adequate rail or road transportation capacities or
secure economically viable alternative modes of transportation for the offtake of coal produced by us or any coal
imported by us, our business, results of operations and financial condition may be adversely affected.
43. We are wholly-owned by Coal India Limited and controlled by the Government of India, which makes us
susceptible to changes to the policies of Government of India and allows it to exercise significant influence
over us. Further, the Government of India could require us to take actions aimed at serving the public
interest, which may not necessarily be profitable or financially feasible
We are a wholly-owned subsidiary of Coal India Limited. Upon the completion of this Offer, the GoI will hold
approximately 4191,300,000 Equity Shares, or approximately 90.00% of our post-Offer paid up equity share
capital through Coal India Limited. Consequently, the GoI, acting through Coal India Limited, will continue to
control us and will have the power to elect and remove our directors and determine the outcome of most proposals
for corporate action requiring approval of our Board or shareholders, such as proposed five-year plans, revenue
budgets, capital expenditure, dividend policy, transactions with other GoI controlled companies. Under the
Companies Act, we will continue to be a public sector undertaking which is owned and controlled by the
Government of India. This may affect the decision-making process in certain business and strategic decisions
taken by the Company going forward.
As a result of our controlling ownership by the Government of India, we are required to adhere to certain
restrictions and may not be able to diversify our services and solutions without the prior approval of the
Government of India. There can be no assurance that the Government of India will grant us such approvals in the
future. The Government of India will retain control over the decisions requiring adoption by our shareholders
acting by a simple majority through Coal India Limited. This concentration of ownership may also delay, defer
or even prevent a change in our control and may make some transactions more difficult or impossible without the
support of the Government of India. The interests of the Government of India with respect to such matters and the
factors that it will take into account when exercising its voting rights may not be consistent with and may conflict
with the interests of our other shareholders, including investors that purchase the Equity Shares in this Offer.
6144. The average cost of acquisition of Equity Shares by our Corporate Promoter (also the Promoter Selling
Shareholder) may be less than the Offer Price.
The average cost of acquisition of Equity Shares by our Corporate Promoter (also the Promoter Selling
Shareholders) may be less than the Offer Price. The details of the average cost of acquisition of Equity Shares
held by our Promoter Selling Shareholder is provided below:
Name of Corporate Promoter Number of Equity Shares of face Average Cost of Acquisition per
(Promoter Selling Shareholder) value ₹10 each Equity Shares (in ₹)
Coal India Limited 4,657,000,000 10.00
45. We do not own our corporate trademark, name or logo, and our logo and name have not been registered
as trademarks. Accordingly, our ability to use our name or logo may be impaired. If we are unable to
protect our intellectual property rights, our business, results of operations and financial condition may be
adversely affected. As part of our operations, we might infringe upon the intellectual property rights of
others and any misappropriation of our intellectual property could harm our competitive position.
Our trademark and logo are not registered. If we fail to protect our intellectual property rights, our business and
financial condition may be adversely affected. As on the date of this Prospectus, our Company has made an
application for trademarking our logo under class 37 and class 4 with the Trademarks Registry and the status of
both is “Formalities Check Pass”. Pending our application for registration, our trademark shall have limited legal
protection. There is no assurance that we will continue to be able to use the trademark, name or logo in connection
with our business, which in turn may result in us being unable to capitalize on the brand recognition associated
with the “Bharat Coking Coal” or “BCCL” trademark. For further details on our intellectual property rights, see
section titled “Our Business – Intellectual Property” and “Government and Other Approvals” on pages 250 and
478, respectively.
Any damage to this trademark, name or logo, if not immediately and sufficiently remedied, could have an adverse
effect on our business, results of operations or financial condition.
46. The Jharia and Raniganj coalfields are susceptible to coal fires and land subsidence and pose a serious
environmental, health and safety risk. Extinguishing mine fires can be dangerous and may not always be
economically feasible, and such mine fires are unlikely to be suppressed by rainfall. Further, if we are
unable to implement the rehabilitation plans within the stipulated time frame or within the approved
amounts, we may incur additional costs. While the tenure of the said Jharia Master Plan has expired, a
revised master plan has been prepared and approved by the Cabinet Committee on Economic Affairs. Any
diversion of our resources for the implementation of the Jharia Master Plans may have an adverse effect
on our business, results of operations, financial conditions and cash flows.
The mining area in the Jharia and Raniganj coalfields in Jharkhand and West Bengal, respectively, are susceptible
to fire and land subsidence due to non-scientific mining carried out by the mine owners prior to nationalization of
the coal industry in India, and pose a serious environmental, health and safety risk. Coal mine fires are inherently
dangerous and can lead to loss of lives, property, natural disasters, subsidence of surface infrastructure and severe
environmental pollution. The GoI approved the Master Plan Dealing with Fire, Subsidence and Rehabilitation in
the Jharia coalfield which expired on August 11, 2021, pursuant to which a revised Master Plan Dealing with Fire,
Subsidence & Rehabilitation of affected families of Jharia coalfield was approved Cabinet Committee on
Economic Affairs on June 25, 2025 (“Jharia Master Plan”).
Coal fires pose a serious problem due to the hazards to the environment which include toxic fumes, reigniting
grass, bush, or forest fires, health and safety issues and the subsidence of surface infrastructure such as roads,
pipelines, electric lines, buildings and homes. Extinguishing these mine fires can be dangerous and costly and
may not always be economically feasible, and such mine fires are unlikely to be suppressed by rainfall. Their
environmental effects of coal fires include pollution of the atmosphere with toxins, and mine fires often leave a
landscape devoid of vegetation and make it uninhabitable. In addition, the effects of mine fires on ambient air
quality are severe once the fires become surface fires. The interaction of the gases with percolating water causes
the change in the characteristic of the water quality of the area. Over the six months period ended September 30,
2025 and the past three Fiscals, we have encountered fires in certain areas of our mines. These fires were present
even before our Company was incorporated and continue to burn, consuming our coal reserves. In some mines,
we have had to excavate burning coal as part of our routine operations. Further, a gas emission incident was
reported in our coalfield on December 3, 2025, and carbon monoxide concentrations were found to exceed
permissible limits, attributed to residual gases escaping from sealed historical workings through surface fractures.
62The area is classified as unstable under the Jharia Master Plan, and residents had previously been advised to
relocate to designated rehabilitation sites.
We do not maintain any insurance for environmental matters and if we are unable to extinguish such mine fires,
or if any of the mine fires should escalate in an environmental catastrophe, or instances of serious land subsidence
result in harm to persons or property, it may have a material adverse impact on our business, reputation, financial
condition and results of operations. Losses and liabilities arising from events such as those mentioned above may
significantly reduce our earnings or increase our costs (for example, by incurring extra costs on site restoration,
disaster recovery and workers' compensation or rehabilitation) and may have an adverse effect on our business,
financial condition and results of operations. In addition, such mine fires have been, and may continue to be, the
subject of media attention, which may harm our reputation or attract action from various international or Indian
non-governmental organizations.
In addition, we are required to implement a rehabilitation plan approved by the GoI for dealing with fire,
subsidence and rehabilitation and diversion of surface infrastructure in the Jharia and Raniganj coalfields. Our
scope of work in dealing with the fires at the Jharia Master Plan involves the identification of fire areas, selection
of technologies to deal with fires, prioritization for implementation and assessment of fund requirement. Further,
the rehabilitation and resettlement scheme of affected people also includes the identification of affected sites,
identification of resettlement sites and assessment of fund requirements. The Jharia Master Plan also requires our
Company to develop microenterprises and provide means of livelihood to the rehabilitated families of the Jharia
coalfields. Under the Jharia Master Plan, fire and unstable sites are grouped into “Mining Projects”, which are
considered suitable for mining by CIL, and Non-Mining Projects, which are not considered suitable for mining.
Sites falling under Mining Projects will be rehabilitated using the CIL’s relevant policy under the responsibility
of BCCL and for non-Mining Projects, the Jharia Master Plan will be implemented by the Jharia Rehabilitation &
Development Authority (“JRDA”). As on September 30, 2025, we have completed the construction of 14,573
number of housing units out of 15,713 housing units and 4,479 employees have been relocated to these completed
housing units. We may not be able to effectively implement the rehabilitation plan due to significant opposition
from affected/displaced persons and/or other social or political groups. If we are unable to contain the fires and
rehabilitate and relocate the affected persons within the stipulated time frame, or at all, we may not be able to
access our reserves in the Jharia coalfields, which will affect our production If we are unable to implement the
Jharia Master Plan within the stipulated time frame or within the approved amounts, we may incur additional
costs, and diversion of our resources for the implementation of the Jharia Master Plan may have an adverse effect
on our business, results of operations and financial condition.
47. Non-compliance with and adverse changes in applicable health, safety, labour and environmental laws
may adversely affect our business, cash flows, results of operations and financial condition.
We are subject to safety, health, labour and environmental protection laws and regulations, all of which we are
required to comply with in the course of our operations. Environmental regulations impose controls on air and
water release or discharge, noise levels, storage handling and the treatment, processing, handling, storage,
transport or disposal of hazardous materials. In case of any change in environmental regulations, we may be
required to invest in, among other things, environmental monitoring, pollution control equipment, and other
expenditure to comply with environmental standards. Any failure on our part to comply with any existing or future
regulations may result in legal proceedings, including public interest litigation being commenced against us, third
party claims or the levy of regulatory fines. Further, any violation of the environmental laws and regulations may
result in fines, criminal sanctions, revocation of operating permits, or shutdown of our facilities.
We are also subject to the laws and regulations governing employees in such areas as minimum wage and
maximum working hours, overtime, working conditions, hiring and termination of employees, and work permits.
There is a risk that we may fail to comply with such regulations, which could lead to enforced shutdowns and
other sanctions imposed by the relevant authorities, as well as the withholding or delay in receipt of regulatory
approvals, We cannot assure you that we will not be involved in future litigation or other proceedings or be held
liable in any litigation or proceedings including in relation to safety, health and environmental matters, the costs
of which may be significant. For further details on the laws and regulations applicable to us, see “Key Regulations
and Policies in India” on page 253.
48. Our Company may not be in compliance with certain provisions of the SEBI Listing Regulations and the
Companies Act, as may be applicable in relation to the composition of our Board of Directors and Audit
Committee and terms of reference of the Audit Committee and the Nomination and Remuneration
Committee as we are controlled by the GoI.
63As of the date of this Prospectus, the composition of our Board of Directors is not in compliance with the
requirements of the SEBI Listing Regulations, Companies Act and the DPE Guidelines. Presently, our Board of
Directors comprises seven Directors which includes four Executive Directors and two Non- Executive directors
and one Independent Director on our Board.
As the Chairman of our Board is an executive director, we are required to have at least seven independent directors
in order to be compliant with Regulation 17(1) of Chapter IV of the SEBI Listing Regulations, however as on the
date of this Prospectus our board comprises only one Independent Director. Being a Government company, our
Directors are appointed by the President of India, acting through the Ministry of Coal, Government of India.
Further, the terms of appointment of all Directors (including their remuneration) are approved by the President of
India, acting through the Ministry of Coal, Government of India, as also mentioned in our AoA. Accordingly, the
Nomination and Remuneration Committee does not have the power to directly approve these matters and such
matters can only be noted, or taken on record. Further, under Section 139(5) of the Companies Act, the
Comptroller and Auditor General of India (“CAG”) shall appoint a duly qualified auditor as the statutory auditor
of a government company. Since the Company is a central public sector undertaking and a government company,
its statutory auditor is appointed by the CAG. Further, the Company would continue to be a government company
even after completion of the Offer. Accordingly, the Audit Committee does not have the power to directly appoint
the statutory auditor of the Company and such appointment can only be noted or taken on record by the Audit
Committee. In relation to the above non-compliances, our Company has filed an exemption letter with SEBI dated
May 30, 2025, under Regulation 300(1) of the SEBI ICDR Regulations seeking certain exemptions from the
relevant provisions of the SEBI Listing Regulations and the SEBI ICDR Regulations. SEBI vide its letter bearing
reference number SEBI/CFD/RACDIL2/2025/24344/1 dated September 12, 2025 has granted our Company an
exemption from compliances of the aforesaid corporate governance requirements as prescribed under the SEBI
Listing Regulations until the listing of the Equity Shares of the Company. Exemption under Regulation 33(1)(a),
read with Regulation 2(o) of the SEBI ICDR Regulations, to include the permanent employees of the wholly
owned subsidiaries of Coal India Limited within the definition of ‘employee’ solely for the purpose of providing
an employee reservation in the proposed offer, has been granted. For further details, see “Summary of the Offer
Document – Exemption from complying with any provisions of securities laws, if any, granted by SEBI” on page
32.
Accordingly, we may be subject to penalties for non-compliance with any of the aforementioned provisions of the
SEBI Listing Regulations, Companies Act and the SEBI ICDR Regulations which could have an adverse effect
on our reputation, business operations, financial conditions and results of our operations. To this extent, we are
not compliant with the SEBI Listing Regulations.
49. Our Company may not be in compliance with certain provisions of the SEBI Listing Regulations, SEBI
ICDR Regulations and the Companies Act, as may be applicable in relation to the composition of the
Nomination and Remuneration Committee and constitution of a committee of independent directors as we
are controlled by the GoI.
Our Company through its letter dated December 3, 2025, had sought an exemption from SEBI under Regulation
300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i) the corporate
governance in relation composition of the Nomination and Remuneration Committee as specified under
Regulation 19(1)(c) of the SEBI Listing Regulations; (ii) constitution of the committee of Independent Directors
as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations, since the Company
is exempted from complying with Regulation 17(1) of the SEBI Listing Regulations, and has only one Independent
Director on the Board, and (iii) the corporate governance requirements in relation to the composition of the
Stakeholders Relationship Committee and Risk Management Committee as required under Regulations 20(2A)
and 21(2) of the SEBI LODR Regulations respectively. SEBI vide its letter bearing reference number
SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1 dated December 11, 2025 has granted our Company an exemption
from compliance of the aforesaid corporate governance requirements as prescribed under the SEBI LODR
Regulations and the constitution of the committee of independent directors for approval of price band under Clause
(9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations. For further details, see “Summary of the
Offer Document – Exemption from complying with any provisions of securities laws, if any, granted by SEBI” on
page 32. Further, the Price Band advertisement for the Offer, including that the Price Band is justified based on
the quantitative factors/KPIs disclosed in this Prospectus, would not be recommended by a committee of
independent directors of our Company as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI
ICDR Regulations and will be recommended by the IPO Committee. For details, see “Our Management –
Corporate Governance” on page 275.
6450. Our inability to effectively manage our growth or implement our growth strategies may have an adverse
effect on our business, results of operations, financial condition and cash flows.
We have experienced growth in our financial performance in Fiscal 2025 as compared to Fiscal 2023. The table
below sets forth details of our total income for the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September 30, September 30,
2025 2024
Total income (in ₹ million) 63,115.10 70,907.00 144,016.30 146,525.30 130,185.70
Our growth strategies are to utilize our resources effectively to sustain and expand operations, driving growth and
maximizing efficiency, transform discontinued mines into profitable ventures through resource monetization, and
strategic repurposing, monetize, modernize, and renovate our washeries, implement energy conservation methods
to enhance operational efficiency and reduce environmental impact, leverage our resources in the Jharia coalfields
to drive growth and explore opportunities in coal bed methane projects to harness untapped energy resources. For
further information, see “Our Business – Strategies” on page 225. We cannot assure you that our future growth
strategy will be successful or that we will be able to continue to expand further, or at the same rate. Our ability to
manage our future growth will depend on our ability to continue to implement and improve operational, financial
and management systems on a timely basis and to expand, train, motivate and manage our personnel. We cannot
assure you that our personnel, systems, procedures and controls will be adequate to support our future growth.
Failure to effectively manage our expansion may lead to increased costs and reduced profitability and may
adversely affect our growth prospects. Our inability to manage our business and implement our growth strategy
could have an adverse effect on our business, results of operations, financial condition and cash flows.
51. If we are unable to recruit and retain senior management, qualified and skilled personnel, our business
and our ability to operate or grow our business may be adversely affected.
Our Board of Directors, Senior Management and Key Managerial Personnel have substantial experience and have
contributed to the growth of our business and operations. For further details, see “Our Management” on page 267.
Our future performance would depend on the continued service of our Senior Management, Key Managerial
Personnel, qualified and skilled personnel with technical expertise, and the loss of any senior employee and the
inability to find an adequate replacement may adversely affect our business, cash flows, financial condition, results
of operations and prospects. While there has been no instance in the six months period ended September 30, 2025
and the last three Fiscals where the resignation of any Senior Management or Key Managerial Personnel had an
adverse impact on our business, results of operations, cash flows or financial conditions, we cannot assure you
that such instance will not arise in the future. Our future success, among other factors, will depend upon our ability
to continue to attract, train and retain qualified personnel with critical expertise, know-how and skills. We may
therefore need to increase compensation and other benefits in order to attract and retain personnel in the future,
which may adversely affect our business, financial conditions, cash flows and results of operations.
The market for such qualified professionals with industry experience is competitive and we may not continue to
be successful in our efforts to attract and retain qualified people. The specialised skills we require in our industry
are difficult and time-consuming to acquire and, as a result, are in short supply. We may also be required to
increase our levels of employee compensation and benefits more rapidly than in the past to remain competitive in
attracting skilled personnel. The following table sets forth the attrition rate in the periods/years indicated:
As of / For the Six As of / For the Six
As of / For the As of / For the As of / For the
Months Period Months Period
Particulars Year Ended Year Ended Year Ended
Ended September Ended September
March 31, 2025 March 31, 2024 March 31, 2023
30, 2025 30, 2024
Number of 31,389 33,045
32,118 33,920 37,037
Employees
Number of 18 18
36 69 21
Employees Exited
Attrition Rate of 0.06% 0.05% 0.11% 0.20% 0.06%
Employees (%)*
*Attrition rate is calculated as the total number of resignations during the period divided by average head count during the period, multiplied
by 100. Average head count during the period is the sum of the opening head count and the closing head count during the period, divided by
two.
65Our inability to hire, train and retain a sufficient number of qualified personnel could impair the success of our
operations. This could have an adverse effect on our business, financial conditions, cash flows and results of
operations.
52. Our Corporate Promoter will continue to have a significant shareholding in our Company after the
Offer and its interests may differ from those of the other shareholders.
As on the date of this Prospectus, our Corporate Promoter, Coal India Limited, holds 100% of the paid-up equity
share capital of our Company on a fully diluted basis. For further information on their shareholding pre-Offer and
post-Offer, see “Capital Structure” on page 106. After the completion of the Offer, our Corporate Promoter will
continue to hold majority of the shareholding in our Company during the lock-in period under the SEBI ICDR
Regulations and will continue to exercise significant influence over our business policies and affairs and all
matters requiring Shareholders’ approval. The interests of the Corporate Promoter as the controlling shareholder
could conflict with our interests or the interests of our other shareholders. We cannot assure you that our Corporate
Promoter will act to resolve any conflicts of interest in our favour, and any such conflict may adversely affect our
ability to execute our business strategy or to operate our business. For further information in relation to the
interests of our Corporate Promoter, see “Our Promoters and Promoter Group” on page 293.
53. Our coal mining operations have been adversely affected by illegal mining and pilferage of coal from
our mines.
Our coal mining operations are subject to the risk of illegal mining and pilferage of coal. This can negatively
impact our production levels, revenue, and overall financial performance. There have been instances of illegal
mining activity within our command area in the six months period ended September 30, 2025 and the last three
Fiscals, and our Company has taken appropriate steps including filing a criminal writ petition before the High
Court of Jharkhand seeking appropriate directions. For further details, please see “Outstanding Litigation and
Material Developments – Pending criminal proceedings initiated by our Company” on page 465. Further, as on
the date of this Prospectus, there have been certain reports of illegal mining within our command area. We are
currently in the process of verifying these reports. The occurrence of illegal mining and pilferage can also lead to
increased operational costs, including expenses related to security measures, legal actions, and the implementation
of additional monitoring and surveillance systems. Furthermore, illegal mining activities can pose safety risks to
our employees and disrupt our normal mining operations, potentially leading to production delays and
inefficiencies. There can be no assurance that illegal mining activities or pilferage of coal from our mines or
stockpiles will not increase in the future. Any significant increase in such activities within any of our mines or
coalfields could have a material adverse effect on our business, results of operations, financial conditions and cash
flows.
54. Our Company accounts are subject to a supplementary audit by the office of the Comptroller and
Auditor General of India, and any qualifications in their report on our financial statements could
adversely affect the trading price our Equity Shares.
Our accounts are subject to a supplementary audit by the office of the Comptroller and Auditor General of India
(“CAG”) as required under the Companies Act. The CAG has issued the following observations for Fiscal 2025,
Fiscal 2024 and Fiscal 2023:
Fiscal 2025 Striping activity adjustment –
Stripping Activity Adjustment Assets are created due to the excess removal of overburden (OB)
beyond the standard stripping ratio, which results in access to coal for future period. The
expenditure related to excess removal of OB is quantified as Stripping Activity Adjustment
Assets.
Paragraph 8 of Appendix B of the Ind-AS-16 states that, “to the extent that the benefit from the
stripping activity is realised in the form of inventory produced, the entity shall account for the
cost of that stripping overburden removal activity in accordance with the principal of Ind-AS-
2, Inventories. To the extent the benefit is improved access to ore, the entity shall recognize
these costs as a non- current asset, say, stripping activity assets".
As per Matching principle expenses are to be recognized in the accounting period to which
revenue relate. Thus, the expenditure related to excess removal of OB should not be part of
Inventory Valuation for the current period.
66During the year, BCCL considered the expenditure incurred on excess removal of OB for the
two mines, as the part of inventory valuation, which is in deviation from provisions of IND AS.
This resulted in Overstatement of stock valuation as well as profit for the year by ₹ 335.60
Millions.
Striping activity adjustment –
Stripping Activity asset is measured at cost, this being the accumulation of costs directly
incurred to perform the stripping activity that improves access to the identified component of
ore.
During the year, while computing Stripping Activity Adjustment of thee mines, BCCL
considered cost incurred which are not directly related to the Stripping Activity and
amortization cost of stripping asset of other mines.
Incorrect consideration of cost resulted in overstatement of Stripping Activity Adjustment as
well as profit for the year by ₹ 215.60 Millions.
Fiscal 2024 Input Tax Credit Receivable: ₹ 15,316.20 million
As per the Ind AS 01 on Presentation of Financial Statements, an entity has to provide
information that is not presented elsewhere in the financial statements but is relevant to an
understanding of any of them. It further states that an entity has to disclose information about
the assumptions which it makes about the future, and other major sources of estimation
uncertainty at the end of the reporting period, that have a significant risk of resulting in a
material adjustment to the carrying amounts of assets and liabilities within the next financial
year.
Bharat Coking Coal limited (BCCL) has accumulated Input Tax Credit (ITC) receivable
amounting to ₹15,316.20 million as on 31st March 2024. The ITC receivable is accumulated
and increasing every year, mainly due to the Inverted Tax Structure, since GST liability on sale
of coal is 5 per cent while inputs are taxed at different rates ranging between 5 per cent to 28
per cent. Further, Ministry of Finance, Government of India, vide Notification No.09/2022-
Central Tax (Rate) dated 13 July 2022 discontinued refund on ITC, and presently, ITC on GST
paid on input materials / services is only available for utilization against GST on output. In
view of the fact that the amount of ITC receivable had been steadily increasing over the years
and the utilization thereof each year had been falling short of the input tax credited for the year
added with the balance of ITC carried forward from earlier years, the probability of
consequential adjustments in future years is unascertainable. However, neither BCCL in the
Notes to the Financial Statements, nor Statutory Auditors in their Report, had disclosed the
above-mentioned facts in detail and their explanations to carry forward the Input Tax Credit,
in contravention of Ind AS 01.
Non-disclosure of facts which are integral to the understanding of the users of financial
statements in taking informed decisions resulted in deficiency in disclosure requirements.
Material Accounting Policies (Note 2)
Stripping Activity (Note 2.19)
Material Accounting Policy on Stripping Activity of BCCL, inter alia, mentions that when the
actual volume of overburden removed is greater than the expected volume of overburden
removal, the stripping cost for excess overburden removed over the expected overburden
removal is capitalized to the stripping activity asset. The stripping activity asset is amortized
over the life of the mine.
Pursuant to change in Accounting Policy concerning Stripping Activity by Coal India Limited
(CIL), systematically reversing the balance of Ratio Variance Reserve without further addition
(Policy 2.23), and creation of only Stripping Activity Assets (Policy 2.19), all Subsidiaries were
instructed through Uniform Process Notes to follow the same. By virtue of this change in
accounting policy, Stripping Activity Asset is being consistently featured under Property, Plant,
and Equipment (Note 3.1) w.e.f. 01.04.2022 onwards with retrospective effect of change,
67instead of the existing policy of adjusting the figure of such asset with ratio variance as and
when the situation arose that was followed till 2022-23. The sentence 'The stripping activity
asset is amortized over the life of the mine’ is also inserted by virtue of the above change in
accounting policy. Generally, amortization is given effect to on three account heads, viz.,
Leasehold Land, Intangibles, and Stripping Activity Asset. Unlike Leasehold Land and
Intangibles where the amortization for the related asset is charged in the same year, BCCL
chose to amortize Stripping Activity Asset in the following year on the plea that the benefits to
be accrued from advance stripping would only be realized from the succeeding year onwards.
However, this deviation adopted by the Company from the usual application of amortization
was not disclosed in the Material Accounting Policy. Further, the said policy is also silent on
the fact whether the Stripping Activity Asset would be amortized over the 'entire' life of the
mine or the 'balance' life of the mine. Paragraph 29 of Ind AS 8: Accounting Policies, Changes
in Accounting Estimates and Errors states that when a voluntary change in accounting policy
has an effect on the current period or any prior period, an entity shall disclose (a) the nature of
the change in accounting policy; (b) the reasons why applying the new accounting policy
provides reliable and more relevant information. Further, Paragraph 121 of Ind AS 1:
Presentation of Financial Statements states that an accounting policy may be significant
because of the nature of the entity's operations. Stripping activity being an integral part of the
operations of a coal mine, disclosure about the basis and method of amortization on Stripping
Activity Asset along with reasons thereto was necessary to cater to the requirements of the
users of financial statements in taking informed decisions which, incidentally, was absent from
such Policy.
Thus, disclosure on Material Accounting Policy No.2.19 on Stripping Activity is deficient to
that extent.
Site Restoration / Mine Closure (Note-9.1.3): ₹57,96.10 million
Paragraph 112(c) of IND AS-01 on Presentation of Financial Statements states that an entity
has to provide information that is not presented elsewhere in the financial statements but is
relevant to an understanding of any of them. Paragraph 15 further states that additional
disclosure, when necessary, is presumed to result in financial statements that present a true and
fair view. Ministry of Coal (MoC) issued guidelines in May 2020 enhancing Mine Closure Rate
(MCR) from ₹ 0.60 million per hectare to ₹ 0.90 million per hectare in case of open cast and
from 0.10 million per hectare to 0.15 million per hectare in case of underground mine with
effect from 01 April 2019. Thereafter, Coal Controller Organization directed (September 2022)
all subsidiaries of Coal India Limited (CIL) to revise the mine-wise annual closure cost
schedule with respect to the guidelines issued in May 2020 by MoC and execute the amended
Escrow Agreement at the earliest. Accordingly, based on the new guidelines, BCCL revised 18
Escrow Agreements out of total 49 Escrow Agreements as on 31st March 2024. However,
remaining 31 nos. of Escrow Agreements could not be revised / updated as on 31 March 2024.
The above facts needed to be suitably disclosed in the financial statements.
Non-disclosure of facts which are integral to the understanding of users of Financial Statements
in taking informed decisions resulted in deficiency in disclosure requirements.
Fiscal 2023 Statement of Profit and Loss Account Stripping activity adjustment ₹ 7,013.00 million
The above includes ₹ 734.40 million towards Stripping Activity Adjustment of Bastacolla
Project of BCCL. While arriving at Cost Per Cum Of Over Burden Removal, for Computing
Stripping Activity Adjustment, BCCL has not considered cost of explosive and undercharged
cost of overhead. considering, correct cost per cum of over burden removal based on cost of
explosive and actual overheads, stripping activity adjustment amounting to ₹ 934.70 million
should have been charged in the statement of profit & loss.
This has resulted in Understatement of Stripping Activity Adjustment and over statement of
Profit to the tune of ₹200.30 million
Current Asset: Other current Assets (Note 11)
Input Tax Credit Receivable: ₹13,232.90 million
As per the Ind AS-01, an entity has to provide information that is not presented elsewhere in
the financial statements but is relevant to an understanding of any of them. It further states that
an entity has to disclose information about the assumptions which it makes about the future,
68and other major sources of estimation uncertainty at the end of the reporting period, that have
a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
Ministry of Finance, Government of India, vide Notification No. 5/20 17-Central Tax (Rate)
dated 28 June 2017, notified the description of goods, in respect of which no refund of
unutilized input tax credit shall be allowed, where the credit has accumulated on account of
rate of tax on inputs being higher than the rate of tax on the output supplies of such goods.
‘Coal’ was not figuring in the above list.
Unutilized input tax credit can be allowed as refund in accordance with the provisions of section
54(3) of the CGST Act 2017 where credit has accumulated on account of rate of tax on inputs
being higher than the rate of taxes on output supplies except where goods or services has been
notified by the Government on the recommendations of the Council. Further, for utilization of
the Input Tax Credit, no timeline is prescribed.
Ministry of Finance, Government of India, vide Notification No. 09/2017-Central Tax (Rate)
dated 13 July 2022 made the amendments in the above notification No. 5/2017-Central Tax
(Rate) and inserted Coal, on which no refund of unutilized input tax credit was to be allowed.
BCCL has shown Recoverable for Input Tax Credit amounting to ₹ 13,232.90 million of which
₹10,983.10 million pertain to the period prior to the notification of July 2022 and the balance
₹2,249.80 million pertains to the period after the notification of July 2022, on which BCCL is
not eligible for claiming refund.
Rate of GST on output i.e. sale of coal is 5 per cent while inputs are taxed at 18 per cent, thereby
resulting in accumulation of receivable for Input Tax Credit. BCCL has applied for the refund
amounting to ₹ 1,339.30 million for the year 2017- 18. However, the same has been rejected
by the Tax Authorities citing non availability of supporting invoices/ documents and it was also
advised to submit fresh claim with proper documents. No further claim for refund was filed by
BCCL. Though, no timeline has been prescribed under the GST Act for utilisation of Input Tax
Credit, it is worth noting that due to significant difference in Rate of input and output tax,
BCCL is unable to adjust the tax credit for previous years and tax credit is increasing with time.
Further, matter of refund/ accumulation of Input Tax Credit has not been taken up by BCCL
with Higher Authorities.
Neither BCCL nor Statutory Auditors in his Report, has disclosed the above-mentioned facts
and their explanations to carry forward the Input Tax Credit and above stated facts in the
Financial Statements/ Report of Auditors, which is in violation of Ind AS- 01.
Non-disclosure of facts which are integral to the understanding of the users of financial
Statements in taking informed decisions resulted in deficiency in disclosure requirements.
Additional Notes to Accounts (Note 38)
Ref. to Note no. (4) (f) (i) & (ii)
As per the Ind AS-01, an entity had to provide information that is not presented elsewhere in
the financial statements but is relevant to an understanding of any of them, it further stipulates
that additional disclosure, when necessary, is presumed to result in financial statements that
present a true and fair view.
The Contract for development and extraction of coal from Kapuria Block was cancelled by
BCCL (January 2021) and the issue was placed before Hon’b1e Delhi High Court. The Hon’ble
high Court ordered (January 2021) for encashment of four bank guarantees (BG) amounting
₹539.80 million and transfer the encashed amount in the account of the Registrar General of
the Court. BCCL has made the following deficient disclosures in notes to Financial Statements:
Though only two bank guarantees amounting to ₹347.90 million have been encashed, BCCL
wrongly disclosed that three bank guarantees amounting to ₹412.00 million have been
encashed.
69Advance of ₹377.60 million against the BGs is wrongly disclosed as ₹382.30 million.
Though, the legal case is presently under trial at Hon’ble Delhi High Court, it was wrongly
mentioned that the case is under trail at International Criminal Court.
It was disclosed that cost of Detailed Project Report ₹65.00 million of the above contractual
work would be adjusted with Performance BG after Court Decision. However, facts remain
that, there is no Performance BG available with BCCL.
Apart from above, Securities received from suppliers/contractors/customers as Bank
Guarantees amounting to ₹7,164.70 million were wrongly disclosed as ₹4,899.00 million under
the Notes.
Thus, the above additional disclosures under Note 38 are deficient to the above extent.
There is no assurance that the CAG audit for any future fiscal periods will not contain such comments or any other
qualifications for such future fiscal periods. Investors should consider these remarks in evaluating our results of
operations and financial condition. Any such qualifications in the CAG’s report on our financial statements in the
future could adversely affect the trading price of our Equity Shares.
55. Our Statutory Auditors have included certain emphasis of matters and other matters in their audit report
for the audited financial statements for Fiscal 2025, 2024 and 2023.
While our Statutory Auditors have not included any emphasis of matter and other matter in their audit report for
the six months ended September 30, 2025 and 2024, our Statutory Auditors have included the following emphasis
of matter and other matters in their audit report for the audited financial statements for the year ended March 31,
2025:
“Emphasis of Matter –
We draw attention to the following notes/matters to the Financial Statements:
(a) Balances under trade receivables, trade payables, loans & advances and other current assets/liabilities as on
the Balance Sheet date, have not been confirmed as yet and reconciliation with respective ledger balances are
pending, the consequential impact thereof, if any in the financial statements, are not ascertainable (Refer Note
No. 4.3, 8.3, 4.2).
(b) The accumulated amount of input tax credit of ₹17,507.80 million, represents the GST paid on input
materials/services that can be utilized against the GST on output. GST liability on coal sales is 5% whereas the
inputs are being taxed at 18% and GST Input tax credit getting accumulated at 13%. This accumulation has
occurred due to inverted tax structure. Utilization of accumulated ITC which has been availed in compliance with
various GST provisions can be utilized in the future without any time limit. The amount is not refundable in terms
of notifications issued in this respect and is therefore available only for utilization against output tax in future.
Consequential impact and adjustments thereof and pending determination of amount as such cannot be
commented upon by us (Refer Note No. 6.2).
Our opinion is not modified in respect of the above matters.”
Other Matters -
“1. We did not audit the standalone financial statements/information of 15 areas/ units included in the financial
statements of the Company whose financial statements / financial information reflect total assets of ₹ 123,314.10
million as at 31st March 2025 and total income of ₹178,283.60 million for the year ended on that date, as
considered in the financial statements. The financial statements/ information of these area / unit has been audited
by the area / unit auditors whose reports have been furnished to us, and our opinion in so far as it relates to the
70amounts and disclosures included in respect of these area / units, is based solely on the report of such area / unit
auditors.
Our opinion is not modified in respect of this matter.”
Our Statutory Auditors have included the following emphasis of matter and other matters in their audit report for
the audited financial statements for the year ended March 31, 2024:
“Emphasis of Matters –
“We draw attention to the following: Pending confirmation/ reconciliation of certain balances under Trade
Receivables, the consequential impact thereof, if any on the financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.”
Other Matters -
“We did not audit the standalone financial statements/information of 15 area/ units included in the financial
statements of the Company whose financial statements / financial information reflect total assets of ₹111,522.90
million as at 31 March, 2024 and total income of ₹175,949.90 million for the year ended on that date, as
considered in the financial statements. The financial statements/ information of these area / unit have been audited
by the area / unit auditors whose reports have been furnished to us, and our opinion in so far as it relates to the
amounts and disclosures included in respect of these area / units, is based solely on the report of such area / unit
auditors.”
Our Statutory Auditors have included the following emphasis of matter and other matters in their audit report for
the audited financial statements for the year ended March 31, 2023:
“Emphasis of Matters –
“We draw attention to the following: Pending confirmation/ reconciliation of certain balances under Trade
Receivables, the consequential impact thereof, if any on the financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.”
Other Matters -
“We did not audit the Standalone financial statements/information of 17 area/ units included in the financial
statements of the Company whose financial statements / financial information reflect total assets of ₹ 57,638.60
million as at 31st March, 2023 and total income of ₹ 135,761.70 million for the year ended on that date, as
considered in the financial statements. The financial statements/ information of these area / unit have been audited
by the area / unit auditors whose reports have been furnished to us, and our opinion in so far as it relates to the
amounts and disclosures included in respect of these area / units, is based solely on the report of such area / unit
auditors.
Our opinion is not modified in respect of this matter”
We cannot assure you that any similar emphasis of matters, will not form part of our financial statements for the
future fiscal periods, which could subject us to additional liabilities due to which our reputation, results of
operations, financial condition and cash flows may be adversely affected.
56. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in
turn may have an adverse effect on our business, financial condition, results of operation and cash
flows.
We are required to pay certain statutory dues including provident fund contributions, employee state insurance
contributions (“ESIC”), professional taxes, labour welfare fund, goods and services tax (“GST”), tax deducted at
source (“TDS”), tax collected at source (“TCS”) and income tax. While there have not been any delays in payment
of our statutory dues in the six months ended September 30, 2025 and the past three Fiscals, we cannot assure you
that we will not be subject to such penalties and fines in the future for delays in payment of statutory dues, which
may have an adverse impact on our business, results of operations, financial condition and cash flows.
57. Any negative publicity relating to ‘Coal India Limited’ brand could adversely affect our business prospects
and financial performance.
71Our Company is a wholly owned subsidiary of our Corporate Promoter, Coal India Limited (“CIL”). Our revenue,
results of operation, business and prospects are, to a certain extent, dependent on the strength of Coal India
Limited’s brand. Coal India Limited’s reputation may be damaged by adverse publicity, negative campaigns or
movements targeting their brands, customer’s dissatisfaction over their products/services, allegations of
misconduct of negligence, accident at their facilities, or other events. Negative publicity or reputational damage
can alter client perception, potentially leading to a loss of trust and a decline in sales. Additionally, reputational
issues could influence the attitude of market regulators, possibly resulting in stricter scrutiny and regulatory
challenges. Any adverse publicity, even if unfounded could in the future have an adverse effect on our financial
position and reputation. Further, any decrease or adverse movement in credit ratings of Coal India Limited may
also affect our business and financial position and reputation. A tarnished brand reputation can affect our ability
to secure new contracts and partnerships, thereby impacting our overall business operations. If Coal India Limited
is unable to maintain their brand name and their reputation, or there is reputational harm to other Coal India
Limited subsidiaries, our business, results of operations, financial condition and cash flows could be adversely
affected. The combined effect of lost business opportunities, increased regulatory scrutiny, and diminished
customer trust could adversely affect our business, results of operations, financial condition and cash flows.
58. We are susceptible to inherent risks associated with coal bed methane (“CBM”) projects, which may
have an adverse impact on our business, results of operations, financial conditions and cash flows.
As part of our strategic initiatives, we are exploring opportunities to diversify into the development and production
of CBM. For further details, see “Our Business – Strategies - Explore opportunities in coal bed methane projects
to harness untapped energy resources” on page 229. While these ventures present potential growth opportunities,
they also introduce several inherent risks that could impact our operations and financial performance. The
extraction and production of CBM involves complex technical processes and require specialized expertise and
infrastructure. We may face challenges in effectively managing these operations, particularly in the initial stages
of development. Technical difficulties, such as geological uncertainties, drilling risks, and production
inefficiencies, could lead to delays, increased costs, and lower-than-expected production levels. Failure to meet
regulatory requirements could result in fines, operational restrictions, or even suspension of operations.
Additionally, environmental concerns, such as potential impacts on groundwater and ecosystems, may attract
public scrutiny and opposition, further complicating our efforts. The market for CBM is influenced by various
factors, including fluctuations in natural gas prices, competition from other energy sources, and changes in
demand patterns. These market dynamics could affect the profitability and viability of our CBM projects. We may
face challenges in balancing our existing coal mining operations with the demands of our CBM initiatives. Any
misalignment in our strategic approach or execution could lead to suboptimal outcomes and negatively impact our
overall business performance, adversely impacting our business, results of operations, financial conditions and
cash flows.
59. We have entered into related party transactions in the past and may continue to do so in the future. Such
future related party transactions may potentially involve conflicts of interest.
We have entered into transactions with related parties in the past and from, time to time, we may enter into related
party transactions in the future. All such transactions have been conducted on an arm’s length basis, in accordance
with the Companies Act and other applicable regulations pertaining to the evaluation and approval of such
transactions and all related party transactions that we may enter into post-listing, will be subject to Board or
Shareholder approval, as necessary under the Companies Act, the SEBI Listing Regulations and other application
laws. It is likely that we may enter into additional related party transactions in the future. Such future related party
transactions may potentially involve conflicts of interest. The table below sets forth details of the arithmetic
aggregated absolute total of our related party transactions and the percentage of such related party transactions to
our revenue from operations in the periods/years indicated:
Six months Six months
period ended period ended
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
September September
30, 2025 30, 2024
Total related party transactions (in ₹ million) 9,005.20 1,148.90 2,010.50 1,481.50 1,682.70
Revenue from operations (in ₹ million) 56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
Total of our related party transactions as a
15.91% 1.68% 1.46% 1.04% 1.33%
percentage of revenue from operations (%)
72For further information on our related party transactions, see “Summary of the Offer Document – Summary of
Related Party Transactions” on page 29.
60. We will not receive any proceeds from the Offer for Sale.
The Offer consists of an Offer for Sale by the Promoter Selling Shareholder. The Promoter Selling Shareholder,
shall be entitled to the net proceeds from the Offer for Sale, which comprise proceeds from the Offer for Sale net
of Offer expenses for the share of the Offer for Sale, and our Company will not receive any proceeds from the
Offer for Sale. For further information, see “The Offer” and “Objects of the Offer” on pages 85 and 120,
respectively.
61. Our financing arrangement consist of certain restrictive covenant. Such restrictive covenants may
restrict our ability to raise funds.
Our financing arrangement with our lenders include certain restrictive covenants including covenants like
restriction on change in general nature of business, change in ownership, control and management, amendment to
constitutional documents, etc. In case, our Company makes any default in such provision it may impact our ability
to raise funds. While we have not faced any such situation in the six months period ended September 30, 2025
and the last three Fiscals, we cannot assure you that such instances will not occur in future.
62. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash
flows, working capital requirements and capital expenditures and the terms of our financing
arrangements.
Pursuant to office memorandum dated November 18, 2024, from the Department of Investment and Public Asset
Management (“DIPAM”) regarding dividend declaration and capital restructuring of Central Public Sector
Enterprises (“CPSEs”), each profitable CPSE must pay a minimum annual dividend of 30% of profit after tax
(PAT) or 4% of net worth, whichever is higher, subject to legal provisions, unless exempted. Further, as on the
date of this Prospectus, our Company has arrears of Dividend due to Coal India Limited on erstwhile 5% Non-
Convertible Cumulative Redeemable Preference Shares. The arrears of ₹444.33 million (out of the total arrears of
₹ 8,886.50 million) due to Coal India Limited was recommended by our Board and paid by our Company on
August 05, 2024 pursuant to the approval of our Shareholders at the annual general meeting held on August 01,
2024. The TDS of ₹ 10.00 million was deducted thereon and the net amount was remitted to Coal India Limited
through RTGS. The remaining arrears of dividend amounting to ₹ 8,442.17 million, was recommended by the
Board of Directors of the Company in its 421st meeting held on April 23, 2025, and approved by the shareholders
of the Company in the Annual General Meeting for Fiscal 2025held on July 25, 2025. The amount of ₹ 8,442.17
million after deduction of TDS of ₹ 224.22 million was paid on July 28, 2025.
Our Company’s ability to pay dividends in the future will depend upon our future results of operations, financial
condition, profit after tax available for distribution, cash flows, sufficient profitability, working capital
requirements and capital expenditure requirements. We cannot assure you that we will generate sufficient revenues
to cover our operating expenses and, as such, pay dividends to our Company’s shareholders in future consistent
with our past practices, or at all. For information pertaining to dividend policy, see “Dividend Policy” on page
298.
63. Certain sections of this Prospectus disclose information from the CRISIL Report which is a paid report
and commissioned and paid for exclusively in connection with the Offer and any reliance on such
information for making an investment decision in the Offer is subject to inherent risks.
We have availed the services of an independent consulting company, CRISIL Limited (“CRISIL”), appointed
pursuant to an engagement letter dated January 19, 2025 to prepare an industry report titled “Report on Indian
Coking Coal Industry” dated November, 2025, (“CRISIL Report”) for purposes of inclusion of such information
in this Prospectus to understand the industry in which we operate. The CRISIL Report has been commissioned
exclusively in connection with the Offer for a fee. The CRISIL Report is available on the website of our Company
at www.bcclweb.in. Our Company, our Promoters, our Directors, and our Key Managerial Personnel and Senior
Management Personnel are not related to CRISIL. This CRISIL Report is subject to various limitations and based
upon certain assumptions that are subjective in nature. Further the commissioned report is not a recommendation
to invest or divest in our Company. Prospective investors are advised not to unduly rely on the commissioned
report or extracts thereof as included in this Prospectus, when making their investment decisions.
64. Internal or external fraud or misconduct by our employees could adversely affect our reputation and
73our results of operations.
We may be subject to instances of fraud, misappropriation, unauthorised acts and misconduct by our
representatives and employees which may go unnoticed for certain periods of time before corrective action is
taken. Fraudulent and unauthorised conduct by our employees could also bind us to transactions that exceed the
scope of authorisation and present significant risks to us. As a result, we may be subject to regulatory sanctions,
brand and reputational damage or financial harm. It is not always possible to deter fraud or misconduct by
employees and the precautions we take and the systems we have put in place to prevent and deter such activities
may not be effective in all cases. Further, we employ third parties for certain operations and accordingly, we are
exposed to the risk of theft and embezzlement. In addition, we may be subject to regulatory or other proceedings
in connection with such acts by our employees, which could adversely affect our goodwill. We have, in the past,
faced certain instances of fraud which involved (i) alleged demand of ₹25,000/- as illegal gratification by Dhiraj
Nishad, Clerk, Bastacolla Colliery from Shri Arbind Kumar Singh, S/O Shri Sheo Kumar Singh; (ii) alleged
demand & acceptance of illegal gratification of ₹20,000/- from Shri Jagdish Saw Dumper operator under Lodna
Area for issuing No-Dues Certificate; (iii) alleged irregularities in the remittance of PF and Pension contribution
at Central Hospital Dhanbad; (iv) irregular deployment of holiday to the drivers of water tankers and persons of
auto department at Kustore colliery in PB Area even if water tanker remains broken down; (v) alleged acquisition
of asset disproportionate to known sources of income by Shri Ratnakar Mallik, Area Personnel Manage. Block-II
Area of BCCL; (vi) Alleged corrupt practices by the officials of Katras Area; (vii) alleged irregularities in issuance
of NOC to retired employee without handing over his allotted Company’s quarter; (viii) alleged irregularities in
committed by Dr. S.S. Kumar while posted as Area Medical Officer, Govindpur Area (ix) Irregularities in arbitrary
cancellation of BC and FC in a tender of Lodna Area even after recommendation of tender committee member to
award the work in favour of L-1 tenderer; (x) Irregularities in handover and takeover of BCCL’s quarter at EJ
Area; (xi) Irregularities in work of Coal Transportation from various coal dump of Kuya OCP to CK Siding
through feeder breaker during the period January 2021 to May 2021 by the three private coal transporters; (xii)
Alleged violation of terms and conditions of the contract and non -deposition of correct amount of EPF; and (xiii)
the CBI has filed FIRs against certain employees in the past for alleged wrongdoings. Further, certain of the
tenders issued by our Company are currently under inspection for deviation beyond the limit in the contracts. In
all these cases, appropriate cases have been registered with the relevant authorities for further investigation and
necessary action. Even if we identify instances of fraud, misappropriation, unauthorised acts and misconduct by
our representatives and employees and pursue legal recourse or file claims, we cannot assure you that we will
recover any amounts lost through such instances of fraud, misappropriation, unauthorised acts and misconduct by
our representatives and employees. Such instances may also arise in the future, and could adversely affect our
business, results of operations, financial condition and cash flows.
65. Failures in internal control systems could cause operational errors which may have an adverse effect
on our reputation, business, results of operations, financial condition and cash flows.
We are responsible for establishing and maintaining adequate internal control measures commensurate with the
size and complexity of operations. Our internal audit functions make an evaluation of the adequacy and
effectiveness of internal systems on an ongoing basis so that our operations adhere to our policies, compliance
requirements and internal guidelines. We periodically test and update our internal processes and systems and there
have been no instances of failure to maintain effective internal controls and compliance system in the six months
period ended September 30, 2025 and the last three Fiscals. However, we are exposed to operational risks arising
from the potential inadequacy or failure of internal processes or systems, and our actions may not be sufficient to
ensure effective internal checks and balances in all circumstances.
We take reasonable steps to maintain appropriate procedures for compliance and disclosure and to maintain
effective internal controls over our financial reporting so that we produce reliable financial reports and prevent
financial fraud. As risks evolve and develop, internal controls must be reviewed on an ongoing basis. Maintaining
such internal controls requires human diligence and compliance and is therefore subject to lapses in judgment and
failures that result from human error. Any lapses in judgment or failures that result from human error can affect
the accuracy of our financial reporting, resulting in a loss of investor confidence and a decline in the price of our
equity shares.
66. We have included in this Prospectus certain non-GAAP financial measures and certain other industry
measures related to our operations and financial performance. These non-GAAP measures and industry
measures may vary from any standard methodology that is applicable across the industry, and therefore
may not be comparable with financial or industry related statistical information of similar nomenclature
computed and presented by other companies.
74Certain non-GAAP financial measures and certain other industry measures relating to our operations and financial
performance such as EBITDA, EBITDA Margin, PAT Margin, Return on Average Capital Employed, Return on
Net Worth, Current Ratio and Net Asset Value per Equity Share have been included in this Prospectus. We
compute and disclose such non-GAAP financial measures and such other industry related statistical information
relating to our operations and financial performance as we consider such information to be useful measures of our
business and financial performance, and because such measures are frequently used by securities analysts,
investors and others to evaluate the operational performance of the industry, many of which provide such non-
GAAP financial measures and other industry related statistical and operational information. Such supplemental
financial and operational information is therefore of limited utility as an analytical tool, and investors are cautioned
against considering such information either in isolation or as a substitute for an analysis of our audited financial
statements as reported under applicable accounting standards disclosed elsewhere in this Prospectus. These non-
GAAP financial measures and such other industry related statistical and other information relating to our
operations and financial performance may not be computed on the basis of any standard methodology that is
applicable across the industry and therefore may not be comparable to financial measures and industry related
statistical information of similar nomenclature that may be computed and presented by other companies. For
further information, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations – Non-GAAP Measures” on page 443.
67. We do not have title deeds and documents for some of our immovable properties including our Registered
and Corporate Office as a result of which our operations may be impaired.
We possess immovable properties at various locations for the purpose of our business, held either on a freehold
or a leasehold basis. We acquired most of our land under the Coking Coal Mines. (Nationalisation) Act, 1972 and
Coal Mines (Nationalisation) Act, 1973. Certain of our properties have also been acquired through processes
instituted under the Land Acquisition Act, Coal Bearing Areas (Acquisition and Development) Act. However,
some of our immovable properties have certain irregularities in title such as pending mutations, lease deeds and
documents not being traceable. For instance, the title deed for our Registered and Corporate Office is not traceable
and we cannot assure you that such title deed has been duly executed. Although we have enjoyed uninterrupted
and peaceful possession of the property, we may not be able to establish a good and marketable title to it.
Moreover, our inability to identify defects or irregularities of title, and any inability to correct any such defects or
irregularities of title may have further adverse effect on our title to the property, which may in turn adversely
affect our business and cash flows.
External Risk Factors
68. Changing laws, rules and regulations and legal uncertainties, including adverse application of tax laws,
may adversely affect our business, prospects and results of operations.
The regulatory and policy environment in which we operate are evolving and are subject to change. The
Government of India may implement new laws or other regulations and policies that could affect our business in
general, which could lead to new compliance requirements, including requiring us to obtain approvals and licenses
from the Government and other regulatory bodies, or impose onerous requirements.
For instance, the Government has recently notified the provisions of (a) the Code on Wages, 2019 (“Wages
Code”); (b) the Code on Social Security, 2020 (“Social Security Code”); (c) the Occupational Safety, Health and
Working Conditions Code, 2020; and (d) the Industrial Relations Code, 2020, which consolidate, subsume and
replace numerous existing central labour legislations. We are yet to determine the impact of all or some such laws
on our business and operations, which could restrict our ability to grow our business in the future. For example,
the Social Security Code aims to provide uniformity in providing social security benefits to employees, which
were previously segregated under different acts and had different applicability and coverage. The Social Security
Code has introduced the concept of workers outside traditional employer-employee work-arrangements (including
online and digital platforms), such as ‘gig workers’ and ‘platform workers’ and provides for the mandatory
registration of such workers in order to enable these workers to avail benefits of, among others, life and disability
cover, health and maternity benefits and old age protection, under schemes framed under the Social Security Code
from time to time. The Social Security Code also provides that such schemes could, among other things, be partly
funded by contributions from online platforms. Further, the Wages Code limits the amounts that could be excluded
from being accounted toward employment benefits (such as gratuity and maternity benefits) to a maximum of
50% of the wages payable to employees. The implementation of such laws have the ability to increase our
employee and labour costs, thereby adversely affecting our results of operations and cash flows.
75Further, pursuant to the Finance Act, 2025, the Government of India has implemented changes to India's taxation
framework, including raising the tax exemption threshold to ₹ 1.20 million annually and recalibrating tax slabs,
with the maximum rate of 30.00% applying to incomes of ₹ 2.40 million and above. We have not fully determined
the impact of these recent laws and regulations on our business. There is no certainty on the impact of the Finance
Bill, 2025 on tax laws or other regulations, which may adversely affect the Company’s business, financial
condition and results of operations or on the industry in which we operate. Investors are advised to consult their
own tax advisors and to carefully consider the potential tax consequences of owning, investing or trading in our
Equity Shares. Uncertainty in the applicability, interpretation or implementation of any amendment to, or change
in, governing law, regulation or policy, including by reason of an absence, or a limited body, of administrative or
judicial precedent, may be time consuming as well as costly for us to resolve and may affect the viability of our
current business or restrict our ability to grow our business in the future.
We could incur increased costs and other burdens relating to compliance with such new requirements, which could
also require significant management time and other resources, and any failure to comply adversely affect our
business, results of operations and prospects.
Uncertainty in the applicability, interpretation or implementation of any amendment to, or change in, governing
law, regulation or policy, including by reason of an absence, or a limited body, of administrative or judicial
precedent may be time consuming as well as costly for us to resolve and may impact the viability of our current
businesses or restrict our ability to grow our businesses in the future. For instance, the Supreme Court of India
has in a decision clarified the components of basic wages which need to be considered by companies while making
provident fund payments, which resulted in an increase in the provident fund payments to be made by companies.
Any such decisions in future or any further changes in interpretation of laws may have an impact on our results
of operations.
69. Natural or man-made disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest
and other events could materially and adversely affect our business.
The occurrence of natural disasters, including cyclones, storms, floods, earthquakes, tsunamis, tornadoes, fires,
explosions, pandemic disease and man-made disasters, including acts of terrorism and military actions, could
adversely affect our results of operations, financial condition or cash flows. Terrorist attacks and other acts of
violence or war may adversely affect the Indian securities markets. In addition, any deterioration in international
relations, especially between India and its neighbouring countries, may result in investor concern regarding
regional stability which could adversely affect the price of the Equity Shares. In addition, India has witnessed
local civil disturbances in recent years and it is possible that future civil unrest as well as other adverse social,
economic or political events in India could have an adverse effect on our business. Such incidents could also
create a greater perception that investment in Indian companies involves a higher degree of risk and could have
an adverse effect on our business and the market price of the Equity Shares.
70. A downgrade in ratings of India and other jurisdictions we operate in may affect the trading price of
the Equity Shares.
Our access to the debt capital markets depend significantly on the sovereign credit ratings of India. Any further
adverse revisions to credit ratings for India and other jurisdictions we operate in by international rating agencies
may adversely impact our ability to raise additional financing. This could have an adverse effect on our ability to
fund our growth on favourable terms and consequently adversely affect our business and financial performance
and the price of the Equity Shares.
71. Political, economic or other factors that are beyond our control may have an adverse effect on our
business and results of operations.
We are dependent on domestic, regional and global economic and market conditions. Our performance, growth
and market price of our Equity Shares are and will be dependent to a large extent on the health of the economy in
which we operate. There have been periods of slowdown in the economic growth of India. Demand for our
products may be adversely affected by an economic downturn in domestic, regional and global economies.
Economic growth in the countries in which we operate is affected by various factors including domestic
consumption and savings, balance of trade movements, namely export demand and movements in key imports
(oil and oil products), global economic uncertainty and liquidity crisis, volatility in exchange currency rates, and
annual rainfall which affects agricultural production. Consequently, any future slowdown in the Indian economy
could harm our business, results of operations, financial condition and cash flows. Additionally, tariffs can
significantly impact business operations by increasing the cost of imported materials, leading to higher production
76costs and reduced profit margins. The uncertainty surrounding potential changes in trade policies can create
financial instability and affect long-term planning. Also, a change in the government or a change in the economic
and deregulation policies could adversely affect economic conditions prevalent in the areas in which we operate
in general and our business in particular and high rates of inflation in India could increase our costs without
proportionately increasing our revenues, and as such decrease our operating margins.
72. Significant differences exist between Ind AS and other accounting principles, such as U.S. GAAP and
IFRS, which investors may be more familiar with and may consider material to their assessment of our
financial condition.
The Restated Financial Information is prepared in accordance with Ind AS and restated in accordance with
requirements of Section 26 of Part I of Chapter III of the Companies Act, 2013 (as amended), the SEBI ICDR
Regulations (as amended) and the Guidance Note on “Reports in Company Prospectuses (Revised 2019)” issued
by the ICAI. Ind AS differs in certain significant respects from Indian GAAP, IFRS, U.S. GAAP and other
accounting principles with which prospective investors may be familiar in other countries. We have not attempted
to quantify their impact of US GAAP or IFRS on the financial data included in this Prospectus nor do we provide
a reconciliation of our financial statements to those of US GAAP or IFRS. US GAAP and IFRS differ in significant
respects from Ind AS. Prospective investors should review the accounting policies applied in the preparation of
our financial statements, and consult their own professional advisers for an understanding of the differences
between these accounting principles and those with which they may be more familiar. Any reliance by persons
not familiar with Indian accounting practices on the financial disclosures presented in this Prospectus should be
limited accordingly.
73. We may be affected by competition laws in India, the adverse application or interpretation of which
could adversely affect our business.
The Competition Act, 2002, of India, as amended (“Competition Act”), regulates practices having an appreciable
adverse effect on competition in the relevant market in India (“AAEC”). Under the Competition Act, any formal
or informal arrangement, understanding or action in concert, which causes or is likely to cause an AAEC is
considered void and may result in the imposition of substantial penalties. Further, any agreement among
competitors which directly or indirectly involves the determination of purchase or sale prices, limits or controls
production, supply, markets, technical development, investment or the provision of services or shares the market
or source of production or provision of services in any manner, including by way of allocation of geographical
area or number of consumers in the relevant market or directly or indirectly results in bid-rigging or collusive
bidding is presumed to have an AAEC and is considered void. The Competition Act also prohibits abuse of a
dominant position by any enterprise. If it is proved that the contravention committed by a company took place
with the consent or connivance or is attributable to any neglect on the part of, any director, manager, secretary or
other officer of such company, that person shall be also guilty of the contravention and may be punished. On
March 4, 2011, the Government notified and brought into force the combination regulation (merger control)
provisions under the Competition Act with effect from June 1, 2011. These provisions require acquisitions of
shares, voting rights, assets or control or mergers or amalgamations that cross the prescribed asset and turnover
based thresholds to be mandatorily notified to and pre-approved by the Competition Commission of India (the
“CCI”). Additionally, on May 11, 2011, the CCI issued Competition Commission of India (Procedure for
Transaction of Business Relating to Combinations) Regulations, 2011, as amended, which sets out the mechanism
for implementation of the merger control regime in India.
Further, the Competition Commission of India (“CCI”) has extra-territorial powers and can investigate any
agreements, abusive conduct or combination occurring outside India if such agreement, conduct or combination
has an AAEC in India. However, the impact of the provisions of the Competition Act on the agreements entered
into by us cannot be predicted with certainty at this stage. In the event we pursue an acquisition in the future, we
may be affected, directly or indirectly, by the application or interpretation of any provision of the Competition
Act, or any enforcement proceedings initiated by the CCI, or any adverse publicity that may be generated due to
scrutiny or prosecution by the CCI or if any prohibition or substantial penalties are levied under the Competition
Act, it would adversely affect our business, results of operations, cash flows and prospects. The manner in which
the Competition Act and the CCI affect the business environment in India may also adversely affect our business,
financial condition, cash flows and results of operations.
The Competition (Amendment) Act, 2023 (“Competition Amendment Act”) was recently notified. The
Competition Amendment Act amends the Competition Act and give the CCI additional powers to prevent
practices that harm competition and the interests of consumers. The Competition Amendment Act, inter alia,
modifies the scope of certain factors used to determine AAEC, reduces the overall time limit for the assessment
77of combinations by the CCI from 210 days to 150 days and empowers the CCI to impose penalties based on the
global turnover of entities, for anti-competitive agreements and abuse of dominant position. The Competition
Amendment Act also proposed amendments such as introduction of deal value thresholds for assessing whether a
merger or acquisition qualifies as a “combination,” expedited merger review timelines, codification of the lowest
standard of “control” and enhanced penalties for failing to provide material information.
If we pursue acquisition transactions in the future, we may be affected, directly or indirectly, by the application
or interpretation of any provision of the Competition Act, any enforcement proceedings initiated by the CCI, any
adverse publicity that may be generated due to scrutiny or prosecution by the CCI, any adverse publicity that may
be generated due to scrutiny or prosecution by the CCI, or any prohibition or substantial penalties levied under
the Competition Act, which would adversely affect our business, results of our operations, cash flows and
prospects.
74. We are subject to anti-bribery and anti-corruption laws, violation of which may subject our Company
and/or our Corporate Promoter to governmental inquiries and/or investigations, which if material and
adverse in nature, could adversely affect our business, results of operations and financial condition in
future periods and our reputation.
We have operations and projects, in India. Those operations and projects often involve interactions with
governmental authorities and officials at the Indian federal, state and local level. We are subject to anti-corruption
and anti-bribery laws in India that prohibit improper payments or offers of improper payments to governments
and their officials and political parties for the purpose of obtaining or retaining business or securing an improper
advantage and require the maintenance of internal controls to prevent such payments. Although, we maintain an
anti-bribery compliance program and train our employees in respect of such matters, our employees might take
actions that could expose us to liability under anti-bribery laws. In certain circumstances, we may be held liable
for actions taken by our partners and agents, even though they are not always subject to our control. Any violation
of anti-corruption laws against us or our Corporate Promoter could result in penalties, both financial and non-
financial, that could have a material adverse effect on our business, results of operations and financial condition
in future periods and reputation.
75. The Indian tax regime has undergone substantial changes which could adversely affect our business
and the trading price of the Equity Shares.
Any change in Indian tax laws could have an effect on our operations. The GoI has implemented two major
reforms in Indian tax laws, namely the Goods and Services Tax (“GST”), and provisions relating to general anti-
avoidance rules (“GAAR”). The indirect tax regime in India has undergone a complete overhaul. The indirect
taxes on goods and services, such as central excise duty, service tax, central sales tax, state value added tax,
surcharge and excise have been replaced by GST with effect from July 1, 2017. The GST regime continues to be
subject to amendments and its interpretation by the relevant regulatory authorities is constantly evolving. GAAR
became effective from April 1, 2017. The tax consequences of the GAAR provisions being applied to an
arrangement may result in, among others, a denial of tax benefit to us and our business. In the absence of any
substantial precedents on the subject, the application of these provisions is subjective. If the GAAR provisions
are made applicable to us, it may have an adverse tax impact on us. Further, if the tax costs associated with certain
of our transactions are greater than anticipated because of a particular tax risk materializing on account of new
tax regulations and policies, it could affect our profitability from such transactions.
Earlier, distribution of dividends by a domestic company was subject to Dividend Distribution Tax (“DDT”), in
the hands of the company at an effective rate of 20.56% (inclusive of applicable surcharge and cess). Such
dividends were generally exempt from tax in the hands of the shareholders. However, the GoI has amended the
Income-tax Act, 1961 (“IT Act”) to abolish the DDT regime. Accordingly, any dividend distribution by a
domestic company is subject to tax in the hands of the investor at the applicable rate. Additionally, the Company
is required to withhold tax on such dividends distributed at the applicable rate.
Further, pursuant to the Finance Act, 2025, the Government of India has implemented changes to India's taxation
framework, including raising the tax exemption threshold to ₹ 1.2 million annually and recalibrating tax slabs,
with the maximum rate of 30% applying to incomes of ₹ 2.4 million and above. We have not fully determined the
impact of these recent laws and regulations on our business. There is no certainty on the impact of the Finance
Bill, 2025 on tax laws or other regulations, which may adversely affect the Company’s business, financial
condition and results of operations or on the industry in which we operate. Investors are advised to consult their
own tax advisors and to carefully consider the potential tax consequences of owning, investing or trading in our
Equity Shares. Uncertainty in the applicability, interpretation or implementation of any amendment to, or change
78in, governing law, regulation or policy, including by reason of an absence, or a limited body, of administrative or
judicial precedent, may be time consuming as well as costly for us to resolve and may affect the viability of our
current business or restrict our ability to grow our business in the future.
We cannot predict whether any new tax laws or regulations impacting our services will be enacted, what the nature
and impact of the specific terms of any such laws or regulations will be or whether if at all, any laws or regulations
would have an adverse effect on our business. Further, any adverse order passed by the appellate authorities/
tribunals/ courts would have an effect on our profitability. In addition, we are subject to tax related inquiries and
claims.
76. Investors may not be able to enforce a judgment of a foreign court against us, our Directors, the Book
Running Lead Managers or any of their directors and executive officers in India respectively, except by
way of a lawsuit in India.
Our Company is incorporated under the laws of India. All of our Company’s assets are located in India and all of
our Company’s Directors and Key Managerial Personnel are residents of India. As a result, it may not be possible
for investors to effect service of process upon our Company or such persons in jurisdictions outside India, or to
enforce against them judgments obtained in courts outside India. Moreover, it is unlikely that a court in India
would award damages on the same basis as a foreign court if an action were brought in India or that an Indian
court would enforce foreign judgments if it viewed the amount of damages as excessive or inconsistent with Indian
public policy or if judgments are in breach or contrary to Indian law.
Recognition and enforcement of foreign judgments is provided for under Section 13 and Section 44A of the Code
of Civil Procedure, 1908 (“CPC”). India has reciprocal recognition and enforcement of judgments in civil and
commercial matters with a limited number of jurisdictions, which includes, the UK, Singapore, United Arab
Emirates and Hong Kong. A judgment from certain specified courts located in a jurisdiction with reciprocity must
meet certain requirements of the CPC. The U.S. and India do not currently have a treaty providing for reciprocal
recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for the
payment of money rendered by any federal or state court in a non-reciprocating territory, such as the U.S., for
civil liability, whether or not predicated solely upon the general laws, including securities laws of the non-
reciprocating territory, including U.S., would not be enforceable in India under the CPC as a decree of an Indian
court. The UK, Singapore, United Arab Emirates and Hong Kong have been declared by the Government of India
to be reciprocating territories for the purposes of Section 44A of the Civil Code. Section 13 of the Civil Code
provides that foreign judgments shall be conclusive regarding any matter directly adjudicated upon between the
same parties or parties litigating under the same title, except (i) where the judgment has not been pronounced by
a court of competent jurisdiction, (ii) where the judgment has not been given on the merits of the case, (iii) where
it appears on the face of the proceedings that the judgment is founded on an incorrect view of international law or
refusal to recognise the law of India in cases to which such law is applicable, (iv) where the proceedings in which
the judgment was obtained were opposed to natural justice, (v) where the judgment has been obtained by fraud or
(vi) where the judgment sustains a claim founded on a breach of any law then in force in India. Under the CPC, a
court in India shall, on the production of any document purporting to be a certified copy of a foreign judgment,
presume that the judgment was pronounced by a court of competent jurisdiction, unless the contrary appears on
record. The CPC only permits the enforcement of monetary decrees, not being in the nature of any amounts
payable in respect of taxes, other charges, fines or penalties. Judgments or decrees from jurisdictions which do
not have reciprocal recognition with India cannot be enforced by proceedings in execution in India. Even if an
investor obtained a judgment in such a jurisdiction against us, our officers or directors, it may be required to
institute a new proceeding in India and obtain a decree from an Indian court.
However, the party in whose favour such final judgment is rendered may bring a new suit in a competent court in
India based on a final judgment that has been obtained in the U.S. or other such jurisdiction within three years of
obtaining such final judgment. In addition, any person seeking to enforce a foreign judgment in India is required
to obtain the prior approval of the RBI to repatriate any amount recovered.
77. If inflation were to rise in India, we might not be able to increase the prices of our products at a
proportional rate in order to pass costs on to our consumers thereby reducing our margins.
Inflation rates in India have been volatile in recent years, and such volatility may continue in the future. India has
experienced high inflation in the recent past. Increased inflation can contribute to an increase in interest rates and
increased costs to our business, including increased costs of wages and other expenses. High fluctuations in
inflation rates may make it more difficult for us to accurately estimate or control our costs. Any increase in
inflation in India can increase our expenses, which we may not be able to adequately pass on to our consumers,
79whether entirely or in part, and may adversely affect our business, results of operations, cash flows and financial
condition. In particular, we might not be able to reduce our costs or increase the price of our products to pass the
increase in costs on to our consumers. In such case, our business, results of operations, cash flows and financial
condition may be adversely affected. Further, the Government of India has previously initiated economic measures
to combat high inflation rates, and it is unclear whether these measures will remain in effect. There can be no
assurance that Indian inflation levels will not worsen in the future.
78. The determination of the Price Band is based on various factors and assumptions and the Offer Price,
price to earnings ratio and market capitalization to revenue multiple based on the Offer Price of our
Company, may not be indicative of the market price of the Company on listing or thereafter.
Our revenue from operations for Fiscal 2025 was ₹ 138,025.50 million and restated profit for the year for Fiscal
2025 was ₹ 12,401.90 million. The table below provides details of our price to earnings ratio and market
capitalization to revenue from operations at the upper end of the Price Band:
Particulars Price to Earnings Ratio Market Capitalization to Revenue
Fiscal 2025 8.65 0.78
The determination of the Price Band is based on various factors and assumptions, and will be determined by our
Company in consultation with the BRLMs. The relevant financial parameters based on which the Price Band will
be determined shall be disclosed in the advertisement that will be issued for the publication of the Price Band.
Further, the Offer Price of the Equity Shares is proposed to be determined on the basis of assessment of market
demand for the Equity Shares offered through the book-building process prescribed under the SEBI ICDR
Regulations, and certain quantitative and qualitative factors as set out in the section “Basis for the Offer Price”
on page 123 and the Offer Price, multiples and ratios may not be indicative of the market price of the Company
on listing or thereafter.
Furthermore, there can be no assurance that our key performance indicators (“KPIs”) shall become higher than
our listed comparable industry peers in the future. An inability to improve, maintain or compete, or any reduction
in such KPIs in comparison with the listed comparable industry peers may adversely affect the market price of
the Equity Shares. There can be no assurance that our methodologies are correct or will not change and
accordingly, our position in the market may differ from that presented in this Prospectus.
Prior to the Offer, there has been no public market for our Equity Shares, and an active trading market on the
Stock Exchanges may not develop or be sustained after the Offer. Listing does not guarantee that a market for the
Equity Shares will develop, or if developed, the liquidity of such market for the Equity Shares.
The market price of the Equity Shares may be subject to significant fluctuations in response to, among other
factors, variations in our operating results, market conditions specific to the industry we operate in, developments
relating to India, announcements by third parties or governmental entities of significant claims or proceedings
against us, volatility in the securities markets in India and other jurisdictions, variations in the growth rate of
financial indicators, variations in revenue or earnings estimates by research publications, and changes in
economic, legal and other regulatory factors. As a result, we cannot assure you that an active market will develop
or sustained trading will take place in the Equity Shares or provide any assurance regarding the price at which the
Equity Shares will be traded after listing. Further, the market price of the Equity Shares may decline below the
Offer Price. We cannot assure you that you will be able to sell your Equity Shares at or above the Offer Price.
79. Pursuant to listing of the Equity Shares, we may be subject to pre-emptive surveillance measures like
Additional Surveillance Measure (“ASM”) and Graded Surveillance Measures (“GSM”) by the Stock
Exchanges in order to enhance market integrity and safeguard the interest of investors.
SEBI and Stock Exchanges in order to enhance market integrity and safeguard interest of investors, have been
introducing various enhanced pre-emptive surveillance measures. The main objective of these measures is to alert
and advice investors to be extra cautious while dealing in these securities and advice market participants to carry
out necessary due diligence while dealing in these securities. Accordingly, SEBI and Stock Exchanges have
provided for (a) GSM on securities where such trading price of such securities does not commensurate with
financial health and fundamentals such as earnings, book value, fixed assets, net-worth, price per equity multiple
and market capitalization; and (b) ASM on securities with surveillance concerns based on objective parameters
such as price and volume variation, percentage of delivery and volatility.
80On listing, we may be subject to general market conditions which may include significant price and volume
fluctuations. The price of our Equity Shares may also fluctuate after the Offer due to several factors such as
volatility in the Indian and global securities market, our profitability and performance, performance of our
competitors, changes in the estimates of our performance or any other political or economic factor. The occurrence
of any of the abovementioned factors may trigger the parameters identified by SEBI and the Stock Exchanges for
placing securities under the GSM or ASM framework such as net worth and net fixed assets of securities, high
low variation in securities, client concentration and close to close price variation.
In the event our Equity Shares are covered under such pre-emptive surveillance measures implemented by SEBI
and the Stock Exchanges, we may be subject to certain additional restrictions in relation to trading of our Equity
Shares such as limiting trading frequency (for example, trading either allowed once in a week or a month) or
freezing of price on upper side of trading which may have an adverse effect on the market price of our Equity
Shares or may in general cause disruptions in the development of an active market for and trading of our Equity
Shares.
80. The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid
market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and the investors
may be unable to resell the Equity Shares at or above the Offer Price, or at all.
Prior to the Offer, there has been no public market for the Equity Shares, and an active trading market on the stock
exchanges may not develop or be sustained after the Offer. Listing and quotation does not guarantee that a market
for the Equity Shares will develop, or if developed, the liquidity of such market for the Equity Shares. Our Equity
Shares are expected to trade on NSE and BSE after the Offer, but there can be no assurance that active trading in
our Equity Shares will develop after the Offer, or if such trading develops that it will continue. Investors may not
be able to sell our Equity Shares at the quoted price if there is no active trading in our Equity Shares. There has
been significant volatility in the Indian stock markets in the recent past, and the trading price of our Equity Shares
after the Offer could fluctuate significantly as a result of market volatility or due to various internal or external
risks, including but not limited to those described in this Prospectus. The market price of our Equity Shares may
be influenced by many factors, some of which are beyond our control, including, among others:
• the failure of security analysts to cover the Equity Shares after the Offer, or changes in the estimates
of our performance by analysts;
• the activities of competitors;
• future sales of the Equity Shares by us or our Shareholders;
• investor perception of us and the industry in which we operate;
• changes in accounting standards, policies, guidance, interpretations of principles;
• our quarterly or annual earnings or those of our competitors;
• developments affecting fiscal, industrial or environmental regulations; and
• the public’s reaction to our press releases and adverse media reports.
A decrease in the market price of our Equity Shares could cause you to lose some or all of your investment.
81. Investors may be subject to Indian taxes arising out of income arising on the sale of the Equity Shares.
Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares
in an Indian company is generally taxable in India. A securities transaction tax (“STT”) is levied on equity shares
sold on an Indian stock exchange. Any capital gains exceeding ₹125,000, realized on the sale of listed equity
shares on a recognized stock exchange, held for more than 12 months may be subject to long-term capital gains
tax in India at the rate of 12.50% (plus applicable surcharge and cess). This beneficial provision is, inter alia,
subject to payment of STT. Further any capital gains realized on the sale of listed equity shares of an Indian
company, held for more than 12 months, which are sold using any platform other than a recognized stock exchange
and on which no STT has been paid, will be subject to long term capital gains tax in India at the rate of 12.50%
(plus applicable surcharge and cess), without indexation benefits.
81Further, any gain realized on the sale of our Equity Shares held for a period of 12 months or less immediately
preceding the date of transfer, will be subject to short-term capital gains tax in India at the rate of 20% (plus
applicable surcharge and cess), subject to STT being paid at the time of sale of such shares. Otherwise, such gains
will be taxed at the applicable rates.
The Government of India has recently announced the Union Budget for Financial Year 2026 (“Budget”), pursuant
to which the Finance Act, 2025 has amended the Income-tax Act, 1961, including the capital gains tax rates with
effect from the date of announcement of the Budget. We cannot predict whether any future amendments to
applicable tax laws would have an adverse effect on our business, financial condition, future cash flows and results
of operations. Unfavorable changes in or interpretations of existing laws, rules and regulations, or the
promulgation of new laws, rules and regulations including foreign investment and stamp duty laws governing our
business and operations could result in us being deemed to be in contravention of such laws and may require us
to apply for additional approvals.
Capital gains arising from the sale of the Equity Shares will not be chargeable to tax in India in cases where relief
from such taxation in India is provided under a treaty between India and the country of which the seller is resident
read with the Multilateral Instrument, if and to the extent applicable, and the seller is entitled to avail benefits
thereunder. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result,
residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain realized
upon the sale of the Equity Shares. We may or may not grant the benefit of a tax treaty (where applicable) to a
non-resident shareholder for the purposes of deducting tax at source pursuant to any corporate action.
82. Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they
purchase in the Offer.
Our Equity Shares will be listed on the Stock Exchanges. Pursuant to the applicable Indian laws, certain actions
must be completed before our Equity Shares can be listed and trading of our Equity Shares may commence.
Further, in accordance with Indian law, permission for listing of our Equity Shares will be granted only after our
Equity Shares in this Offer have been Allotted and all other relevant documents authorizing the issuing of our
Equity Shares have been submitted. The Allotment of Equity Shares in this Offer and the credit of such Equity
Shares to the applicant’s demat account with depository participant could take approximately two Working Days
from the Bid/ Offer Closing Date and trading in the Equity Shares upon receipt of final listing and trading
approvals from the Stock Exchanges is expected to commence within three Working Days of the Bid/ Offer
Closing Date. There can be no assurance that our Equity Shares will be credited to investors’ demat accounts, or
that trading in our Equity Shares will commence within the prescribed time periods. We could also be required to
pay interest at the applicable rates if allotment is not made, refund orders are not dispatched or demat credits are
not made to investors within the time periods prescribed under law. This could lead to financial liabilities and
reputational damage, which may adversely affect our business, financial condition, and results of operations.
83. Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by us
may dilute your shareholding and sale of Equity Shares by shareholders with significant shareholding
may adversely affect the trading price of the Equity Shares.
We may be required to finance our growth through future equity offerings. Any future equity issuances by us,
including a primary offering of Equity Shares, convertible securities or securities linked to Equity Shares, may
lead to the dilution of investors’ shareholdings in our Company. Any future equity issuances by us or sales of our
Equity Shares by our shareholders may adversely affect the trading price of the Equity Shares, which may lead to
other adverse consequences including difficulty in raising capital through offering of our Equity Shares or
incurring additional debt. Any disposal of Equity Shares by our major shareholders or the perception that such
issuance or sales may occur, including to comply with the minimum public shareholding norms applicable to
listed companies in India may adversely affect the trading price of the Equity Shares, which may lead to other
adverse consequences including difficulty in raising capital through offering of the Equity Shares or incurring
additional debt. There can be no assurance that we will not issue Equity Shares, convertible securities or securities
linked to Equity Shares or that our Shareholders will not dispose of, pledge or encumber their Equity Shares in
the future. Any future issuances could also dilute the value of your investment in the Equity Shares. In addition,
any perception by investors that such issuances or sales might occur may also affect the market price of our Equity
Shares.
84. Under Indian law, foreign investors are subject to investment restrictions that limit our ability to attract
foreign investors, which may adversely affect the trading price of the Equity Shares.
82Under foreign exchange regulations currently in force in India, transfer of shares between non-residents and
residents are freely permitted (subject to compliance with sectoral norms and certain other restrictions), if they
comply with the pricing guidelines and reporting requirements specified by the RBI. If the transfer of shares,
which are sought to be transferred, is not in compliance with such pricing guidelines or reporting requirements or
falls under any of the exceptions referred to above, then a prior approval of the RBI will be required. Further,
unless specifically restricted, foreign investment is freely permitted in all sectors of the Indian economy up to any
extent and without any prior approvals, but the foreign investor is required to follow certain prescribed procedures
for making such investment. Additionally, shareholders who seek to convert Rupee proceeds from a sale of shares
in India into foreign currency and repatriate that foreign currency from India require a no-objection or a tax
clearance certificate from the Indian income tax authorities. As provided in the foreign exchange controls currently
in effect in India, the RBI has provided that the price at which the Equity Shares are transferred be calculated in
accordance with internationally accepted pricing methodology for the valuation of shares at an arm’s length basis,
and a higher (or lower, as applicable) price per share may not be permitted. We cannot assure investors that any
required approval from the RBI or any other Indian government agency can be obtained on any particular terms,
or at all. Further, due to possible delays in obtaining requisite approvals, investors in the Equity Shares may be
prevented from realizing gains during periods of price increase or limiting losses during periods of price decline.
In addition, pursuant to the Press Note No. 3 (2020 Series), dated April 17, 2020, issued by the DPIIT, which has
been incorporated as the proviso to Rule 6(a) of the FEMA Non-debt Rules, all investments under the foreign
direct investment route by entities of a country or where the beneficial owner of the Equity Shares is situated in
or is a citizen of any such country, can only be made through the Government approval route, as prescribed in the
Consolidated FDI Policy dated October 15, 2020 and the FEMA Rules. While the term “beneficial owner” is
defined under the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 and the General
Financial Rules, 2017, neither the foreign direct investment policy nor the FEMA Rules provide a definition of
the term “beneficial owner”. The interpretation of “beneficial owner” and enforcement of this regulatory change
involves certain uncertainties, which may have an adverse effect on our ability to raise foreign capital. Further, in
the event of transfer of ownership of any existing or future foreign direct investment in an entity in India, directly
or indirectly, resulting in the beneficial ownership falling within the aforesaid restriction/purview, such
subsequent change in the beneficial ownership will also require approval of the Government of India. These
investment restrictions shall also apply to subscribers of offshore derivative instruments. Additionally, there is
uncertainty regarding the timeline within which the said approval from the GoI may be obtained, if at all.
For further information, see “Restrictions on Foreign Ownership of Indian Securities” on page 532.
85. Fluctuations in the exchange rate between the Indian Rupee and foreign currencies may have an
adverse effect on the value of the Equity Shares, independent of our operating results.
Upon listing, the Equity Shares will be quoted in Indian Rupees on the Stock Exchanges. Any dividends in respect
of the Equity Shares will be paid in Indian Rupees and subsequently converted into appropriate foreign currency
for repatriation. In addition, any adverse movement in exchange rates during a delay in repatriating the proceeds
from a sale of Equity Shares outside India, for example, because of a delay in regulatory approvals that may be
required for the sale of Equity Shares, may reduce the net proceeds received by shareholders.
86. QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of
quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Retail
Individual Bidders, and Eligible Employees Bidding the Employee Reservation Portion are not
permitted to withdraw their Bids after closure of the Bid/ Offer Closing Date.
Pursuant to the SEBI ICDR Regulations, QIBs and NIBs are required to pay the Bid Amount on submission of
the Bid and are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid
Amount) at any stage after submitting a Bid. Retail Individual Bidders and Eligible Employees Bidding the
Employee Reservation Portion and Eligible Shareholders bidding under the Shareholder Reservation Portion can
revise their Bids during the Bid/ Offer Period and withdraw their Bids until the Bid/ Offer Closing Date. While
we are required to complete all necessary formalities for listing and commencement of trading of the Equity Shares
on all Stock Exchanges where such Equity Shares are proposed to be listed, including Allotment, within three
Working Days from the Bid/ Offer Closing Date or such other period as may be prescribed by the SEBI, events
affecting the investors’ decision to invest in the Equity Shares, including adverse changes in international or
national monetary policy, financial, political or economic conditions, our business, results of operations, cash
flows or financial condition may arise between the date of submission of the Bid and Allotment. We may complete
the Allotment of the Equity Shares even if such events occur, and such events may limit the Investors’ ability to
83sell the Equity Shares Allotted pursuant to the Offer or cause the trading price of the Equity Shares to decline on
listing.
87. Investors may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby
may suffer future dilution of their ownership position.
Under the Companies Act, a company having share capital and incorporated in India must offer its holders of
equity shares pre-emptive rights to subscribe and pay for a proportionate number of shares to maintain their
existing ownership percentages before the issuance of any new equity shares, unless the pre-emptive rights have
been waived by adoption of a special resolution by holders of three-fourths of the equity shares voting on such
resolution.
However, if the law of the jurisdiction the investors are in, does not permit them to exercise their pre-emptive
rights without our Company filing an offering document or registration statement with the applicable authority in
such jurisdiction, the investors will be unable to exercise their pre-emptive rights unless our Company makes such
a filing. If we elect not to file a registration statement, the new securities may be issued to a custodian, who may
sell the securities for the investor’s benefit. The value such custodian receives on the sale of such securities and
the related transaction costs cannot be predicted. In addition, to the extent that the investors are unable to exercise
pre-emptive rights granted in respect of the Equity Shares held by them, their proportional interest in our Company
would be reduced.
88. Rights of shareholders of companies under Indian law may be more limited than under the laws of other
jurisdictions.
Our Articles of Association, composition of our Board, Indian laws governing our corporate affairs, the validity
of corporate procedures, directors’ fiduciary duties, responsibilities and liabilities, and shareholders’ rights may
differ from those that would apply to a company in another jurisdiction. Shareholders’ rights under Indian law
may not be as extensive and wide-spread as shareholders’ rights under the laws of other countries or jurisdictions.
Investors may face challenges in asserting their rights as shareholder of our Company than as a shareholder of an
entity in another jurisdiction.
89. The average cost of acquisition of Equity Shares of the Selling Shareholders may be lower than the
Offer Price.
The average cost of acquisition of the Equity Shares for the Selling Shareholders may be lower than the Offer
Price. For details, see “Basis for Offer Price” and “Capital Structure” on pages 123 and 106, respectively. The
Offer Price is not indicative of the price at which our Company has issued the Equity Shares in the past or that
will prevail in the open market following listing of the Equity Shares.
90. A third party could be prevented from acquiring control of our Company because of anti-takeover
provisions under Indian law.
Certain provisions in Indian law that may delay, deter or prevent a future takeover or change in control of our
Company, even if a change in control would result in the purchase of your Equity Shares at a premium to the
market price or would otherwise be beneficial to you. Such provisions may discourage or prevent certain types of
transactions involving actual or threatened change in control of our Company. Under the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI Takeover
Regulations”), an acquirer has been defined as any person who, directly or indirectly, acquires or agrees to acquire
shares or voting rights or control over a company, whether individually or acting in concert with others. Although
these provisions have been formulated to ensure that interests of investors/shareholders are protected, these
provisions may also discourage a third party from attempting to take control of our Company. Consequently, even
if a potential takeover of our Company would result in the purchase of our Equity Shares at a premium to their
market price or would otherwise be beneficial to its stakeholders, it is possible that such a takeover would not be
attempted or consummated because of the SEBI Takeover Regulations.
84SECTION III: INTRODUCTION
THE OFFER
The details of the Offer are summarized below.
Offer of Equity Shares(1)(2) 465,700,000* Equity Shares of face value ₹ 10 each,
aggregating to ₹ 10,687.82 million*
Comprising:
Offer for Sale (2) 465,700,000* Equity Shares of face value ₹ 10 each
aggregating to ₹ 10,687.82 million*
of which:
Employee Reservation Portion(6) 23,285,000* Equity Shares of face value ₹ 10 each
aggregating to ₹ 512.27 million*
Shareholder Reservation Portion(7) 46,570,000* Equity Shares of face value ₹ 10 each
aggregating to ₹ 1,071.11 million*
Net Offer 395,845,000* Equity Shares of face value ₹ 10 each
aggregating to ₹ 9,104.44 million*
The Net Offer consists of:
A) QIB Portion (3) (5) 197,922,500* Equity Shares of face value ₹ 10 each
aggregating to ₹ 4,552.22 million*
of which:
(i) Anchor Investor Portion 118,753,500* Equity Shares of face value ₹ 10 each
(ii) Net QIB Portion 79,169,000* Equity Shares of face value ₹ 10 each
of which:
(a) Available for allocation to Mutual Funds 3,958,450* Equity Shares of face value ₹ 10 each
only (5% of the Net QIB Portion)
(b) Balance of QIB Portion for all QIBs 75,210,550* Equity Shares of face value ₹ 10 each
including Mutual Funds
B) Non-Institutional Portion(4)(5) 59,376,750* Equity Shares of face value ₹ 10 each
of which:
One-third shall be available for allocation to Bidders 19.792,250* Equity Shares of face value ₹ 10 each
with an application size between ₹0.20 million to
₹1.00 million
Two-thirds shall be available for allocation to Bidders 39,584,500* Equity Shares of face value ₹ 10 each
with an application size of more than ₹1.00 million
C) Retail Portion (5) 138,545,750* Equity Shares of face value ₹ 10 each
Pre and post-Offer Equity Shares
Equity Shares outstanding prior to the Offer (as at the 4,657,000,000* Equity Shares of face value ₹ 10 each
date of this Prospectus)
Equity Shares outstanding after the Offer 4,657,000,000* Equity Shares of face value ₹ 10 each
Use of Net Proceeds Our Company will not receive any portion of the
proceeds from the Offer. For further information, see
“Objects of the Offer” beginning on page 120
* Subject to finalisation of the Basis of Allotment
(1) The Offer has been authorized by our Board pursuant to a resolution adopted at its meeting held on May 27, 2025.
(2) Our Board has taken on record the consent of the Promoter Selling Shareholder to participate in the Offer for Sale pursuant to its
resolution dated May 27, 2025. The Promoter Selling Shareholder has authorized its participation in the Offer for Sale of the Offered
Shares pursuant to its consent letter. The details of such authorisations are provided below:
Date of
Name of the Date of
resolution or
Promoter Selling Number of Equity Shares offered in the Offer for Sale consent
other corporate
Shareholder* letter
authorization
Coal India Limited 465,700,000 Equity Shares of face value of ₹ 10 each May 21, 2025 May 22, 2025
* The Promoter Selling Shareholder confirms that the Offered Shares are eligible to be offered for sale in the Offer in accordance with
Regulation 8 of the SEBI ICDR Regulations, as on the date of this Prospectus.
(3) Our Company in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in
accordance with the SEBI ICDR Regulations. 40% of the Anchor Investor Portion was made available for allocation as follows: (i)33.33%
85to domestic Mutual Funds, and (ii) 6.67% to life insurance companies and pension funds at or above the Anchor Investor Allocation
Price. Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds only, and the
remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders (other than Anchor
Investors), including Mutual Funds. For further details, see “Offer Procedure” on page 511.
(4) Further, (a) one-third of the portion made available to NIBs was reserved for applicants with application size of more than ₹ 0.20 million
and up to ₹ 1.00 million and (b) two-third of the portion made available to NIBs was reserved for applicants with application size of more
than ₹ 1.00 million. Provided that the unsubscribed portion in either of the sub-categories specified in clauses (a) or (b), was allocated
to applicants in the other sub-category of NIBs. The allocation to each NIB was not less than the applicable minimum application size,
subject to availability of Equity Shares in the Non-Institutional Portion and the remaining available Equity Shares, if any, was allocated
on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI ICDR Regulations.
(5) Allocation to Bidders in all categories, except Anchor Investors, Non-Institutional Bidders and Retail Individual Bidders, was made on a
proportionate basis subject to valid Bids received at or above the Offer Price. The allocation to each Non-Institutional Bidder and Retail
Individual Bidder was not less than the minimum Bid Lot, subject to availability of Equity Shares in the Non-Institutional Portion and the
Retail Portion and the remaining available Equity Shares, if any, were allocated on a proportionate basis. Allocation to Anchor Investors
were on a discretionary basis. For details, see “Offer Procedure” on page 511.
(6) In the event of under-subscription in the Employee Reservation Portion, the unsubscribed portion was made available for allocation and
Allotment, proportionately to all Eligible Employees who Bid in excess of ₹ 0.20 million (net of Employee Discount), subject to the
maximum value of Allotment made to such Eligible Employee not exceeding ₹ 0.50 million (net of Employee Discount). Our Company, in
consultation with the BRLMs, offered a discount of 4.35% on the Offer Price (equivalent of ₹ 1 per Equity Share) to Eligible Employees
bidding in the Employee Reservation Portion. An Eligible Employee who Bid in the Employee Reservation Portion could also Bid in the
Non-Institutional Portion or the Retail Portion and such Bids were not treated as multiple Bids. For details, see “Offer Structure”
beginning on page 505.
(7) The Shareholder Reservation Portion did not exceed 10% of the Offer size. If an Eligible Shareholder who Bid in the Shareholder
Reservation Portion up to ₹ 0.20 million, application by such Eligible Shareholders in the Retail Portion or Non-Institutional Portion
and Employee Reservation Portion (if eligible and subject to applicable limits) were not treated as multiple Bids. Therefore, Eligible
Shareholders who bid in the Shareholder Reservation Portion (subject to the Bid Amount being up to ₹ 0.20 million) could also Bid under
the Net Offer and Employee Reservation Portion (if eligible and subject to applicable limits) and such Bids were not treated as multiple
Bids. For further details, see “Offer Structure” on page 505.
For details, including in relation to grounds for rejection of Bids, see “Offer Procedure” on page 511. For details
of the terms of the Offer, see “Terms of the Offer” on page 498.
86SUMMARY OF RESTATED FINANCIAL INFORMATION
The following tables set forth summary financial information derived from the Restated Financial Information.
The summary financial information presented below should be read in conjunction with “Restated Financial
Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
beginning on pages 299 and 422, respectively.
(Remainder of this page has been intentionally left blank)
87SUMMARY RESTATED STATEMENT OF ASSETS AND LIABILITIES
(in ₹ million)
ASSETS As at As at As at March As at March 31, As at March
September Septembe 31, 2025 2024 31, 2023
30, 2025 r 30, 2024
Non-Current Assets
(a) Property, Plant &
49,362.10 38,848.50 42,644.10 34,385.70 29,078.10
Equipment
(b) Capital Work in
18,424.70 15,861.60 16,167.80 13,678.10 12,998.30
Progress
(c) Exploration and
524.30 1,652.50 2,278.20 1,632.90 1,553.60
Evaluation Assets
(d) Intangible Assets 79.50 107.80 94.90 126.60 156.80
(e) Intangible Assets
- - - - -
under Development
(f) Financial Assets
(i) Investments - - - - -
(ii) Loans 1.40 - - - -
(iii) Other Financial
11,709.90 10,581.90 10,189.00 8,866.20 7,058.60
Assets
(g) Deferred Tax Assets
5,572.70 5,937.80 5,628.30 7,170.80 10,482.70
(Net)
(h) Non-Current Tax
- - - - -
Assets (Net)
(i) Other non-current
10,696.80 9,429.70 10,426.50 8,569.00 6,208.50
assets
Total Non-Current
96,371.40 82,419.80 87,428.80 74,429.30 67,536.60
Assets (A)
Current Assets
(a) Inventories 19,517.60 15,140.20 19,601.40 13,815.80 10,290.60
(b) Financial Assets
(i) Investments - 22.60 4.10 2,665.20 797.20
(ii) Trade Receivables 22,025.20 14,490.70 18,477.60 13,332.50 12,511.50
(iii) Cash & Cash
4,288.70 4,233.90 1,675.40 2,858.20 5,449.40
equivalents
(iv) Other Bank
6,501.90 7,709.70 9,623.10 6,588.10 6,092.60
Balances
(v) Loans - - - - -
(vi) Other Financial
3,909.30 794.40 2,341.90 737.00 589.90
Assets
(c) Current Tax Assets
1,552.20 - 1,985.40 1,028.50 1,685.70
(Net)
(d) Other Current
32,945.00 31,371.10 31,697.10 31,822.70 28,175.10
Assets
Total Current Assets
90,739.90 73,762.60 85,406.00 72,848.00 65,592.00
(B)
Total Assets (A+B) 187,111.30 156,182.40 172,834.80 147,277.30 133,128.60
EQUITY AND
LIABILITIES
Equity
(a) Equity Share Capital 46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
(b) Other Equity 10,065.20 11,842.80 18,057.30 6,647.20 (8,531.00)
88Equity attributable to
equity-holders of the 56,635.20 58,412.80 64,627.30 53,217.20 38,039.00
company
Non-Controlling
- - - - -
Interests
Total Equity (A) 56,635.20 58,412.80 64,627.30 53,217.20 38,039.00
Liabilities
Non-Current
Liabilities
(a) Financial Liabilities
(i) Borrowings - - - - -
(ii) Lease Liabilities 1,657.50 1,689.90 1,430.60 1,527.30 1,537.90
(iii) Other Financial
3,886.00 3,924.50 3,579.30 3,241.70 2,965.10
Liabilities
(b) Provisions 23,875.60 21,112.20 23,247.10 20,175.10 20,893.00
(c) Deferred Tax
- - - - -
Liabilities (Net)
(d) Other Non-Current
10,425.60 8,800.90 8,059.40 8,826.30 1,498.20
Liabilities
Total Non-Current
39,844.70 35,527.50 36,316.40 33,770.40 26,894.20
Liabilities (B)
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 15,591.30 - - - -
(ii) Lease Liabilities 826.20 904.50 901.10 775.00 588.50
(iii) Trade payables
Micro, Small &
57.50 33.70 236.30 87.10 135.70
Medium enterprises
Other than Micro, Small
28,592.90 11,763.60 21,496.40 12,248.20 8,993.40
& Medium enterprises
(iv) Other Financial
23,163.40 20,631.50 23,392.80 19,460.00 14,484.10
Liabilities
(b) Other Current
14,156.00 15,074.60 15,340.80 15,872.90 19,686.30
Liabilities
(c) Provisions 8,244.10 13,809.70 10,523.70 11,846.50 24,307.40
(d) Current Tax
- 24.50 - - -
Liabilities (Net)
Total Current
90,631.40 62,242.10 71,891.10 60,289.70 68,195.40
Liabilities (C)
Total Equity and
187,111.30 156,182.40 172,834.80 147,277.30 133,128.60
Liabilities (A+B+C)
89SUMMARY RESTATED STATEMENT OF PROFIT AND LOSS
(in ₹ million, unless otherwise stated)
For the six For the six
months period months period For the year For the year For the year
ended ended ended March ended March ended March
September 30 September 30 31, 2025 31, 2024 31, 2023
2025 2024
Revenue from
Operations
(Net of Levies)
Sales 52,602.90 63,686.80 130,832.60 131,611.00 123,491.40
Other
Operating 3,987.30 4,775.10 7,192.90 10,847.60 2,749.20
Revenue
Revenue from
Operations
56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
(Net of Levies)
(A+B)
Other Income 6,524.90 2,445.10 5,990.80 4,066.70 3,945.10
Total Income
63,115.10 70,907.00 144,016.30 146,525.30 130,185.70
(I+II)
Expenses:
Cost of
Materials 2,727.30 3,073.60 6,409.20 7,421.70 9,891.60
Consumed
Changes in
inventories of
finished goods,
1,036.90 (1,235.00) (5,625.80) (3,321.30) (137.20)
stock in trade
and work in
progress
Employee
Benefits 30,375.20 33,363.40 65,423.74 69,506.70 71,479.30
Expense
Finance Costs 600.50 321.90 724.90 618.30 556.90
Depreciation/A
mortization/ 2,005.40 2,172.40 5,806.80 3,403.90 3,054.30
Impairment
Stripping
Activity (5,854.60) (5,023.30) (7,723.00) (1,851.70) -
Adjustment
Contractual
20,588.30 18,323.20 43,115.10 31,686.40 23,913.50
Expense
Other Expenses 9,642.70 8,670.40 18,856.46 18,144.60 16,125.40
Total Expenses
61,121.70 59,666.60 126,987.40 125,608.60 124,883.80
(IV)
Profit before
1,993.40 11,240.40 17,028.90 20,916.70 5,301.90
Tax (III-IV)
Tax Expense
Current Tax 433.80 1,899.20 2,900.30 1,803.30 13.10
Deferred Tax 320.80 1,854.20 1,726.70 3,468.80 (1,359.00)
Total Tax
Expenses (VI + 754.60 3,753.40 4,627.00 5,272.10 (1,345.90)
VII)
Profit for the
1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
year (V-VIII)
90Other
Comprehensiv
e Income
A (i) Items that
will not be
(1,053.90) (2,468.30) (731.70) (623.30) (1,799.40)
reclassified to
profit or loss
Less:(ii)
Income tax
relating to items
(265.20) (621.20) (184.20) (156.90) (452.90)
that will not be
reclassified to
profit or loss
B (i) Items that
will be
- - - - -
reclassified to
profit or loss
Less:(ii)
Income tax
relating to items
- - - - -
that will be
reclassified to
profit or loss
Total Other
Comprehensiv (788.70) (1,847.10) (547.50) (466.40) (1,346.50)
e Income
Total
Comprehensiv
e Income for
the period (IX
+ X)
(Comprising 450.10 5,639.90 11,854.40 15,178.20 5,301.30
Profit (Loss)
and Other
Comprehensiv
e Income for
the period)
Profit
attributable
to:
Owners of the 1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
company
Non- - - - - -
controlling
interest
1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
Other
Comprehensiv
e Income
attributable
to:
Owners of the (788.70) (1,847.10) (547.50) (466.40) (1,346.50)
company
Non- - - - - -
controlling
interest
(788.70) (1,847.10) (547.50) (466.40) (1,346.50)
Total
Comprehensiv
91e Income
attributable
to:
Owners of the 450.10 5,639.90 11,854.40 15,178.20 5,301.30
company
Non- - - - - -
controlling
interest
450.10 5,639.90 11,854.40 15,178.20 5,301.30
Earnings per
equity share
(Face value ₹
10 each*):
Basic 0.27 1.61 2.66 3.36 1.43
Diluted 0.27 1.61 2.66 3.36 1.43
92SUMMARY RESTATED STATEMENT OF CASH FLOWS
(in ₹ million, unless otherwise stated)
For the six For the six
For the year For the year For the year
months period months period
ended ended ended
ended ended
March 31, March 31, March 31,
September 30, September 30,
2025 2024 2023
2025 2024
A. CASH FLOWS
FROM OPERATING
ACTIVITIES:
Profit (+)/ Loss (-)
1,993.40 11,240.40 17,028.90 20,916.70 5,301.90
before tax:
Adjustments for :
(i) Depreciation,
amortisation and 2,005.40 2,172.40 5,806.80 3,403.90 3,054.30
impairment expenses
(ii) Interest and other
(701.90) (822.50) (1,539.30) (1,297.80) (668.00)
income from investment
(iii) Finance Costs 600.50 321.90 724.90 618.30 556.90
(iv) (Profit)/Loss on sale
of Property Plant & (102.20) (7.40) 6.40 (13.80) (5.80)
Equipment
(v) Liability and
(3,303.60) (1,167.20) (1,553.50) (603.30) (2,181.40)
provision written back
(vi) Allowances and
16.00 72.80 48.00 22.30 21.00
Provisions
(vii) Write off - 1.50 - - -
(viii) Reversal of
Stripping Activity - (279.20) 1,959.00 (2,005.20) 6,726.70
Provision
(ix) Stripping Activity
(5,854.60) (5,023.30) (7,723.00) (1,851.70) -
Adjustment
Cash flows from
operating activities
before changes in (5,347.00) 6,509.40 14,758.20 19,189.40 12,805.60
following assets and
liabilities
(i) Trade Receivables (3,547.60) (882.70) (5,145.10) (821.00) (2,141.40)
(ii) Inventories 1,034.30 (1,303.00) (5,778.90) (3,519.90) (397.80)
(iii) Loans and
Advances and other (1,501.60) (1,335.80) (2,234.30) (127.20) (162.00)
financial assets
(iv) Other current and
(1,826.00) 448.90 (3,141.80) (3,222.90) (2,892.10)
non current Assets
(v) Trade Payables 6,917.70 (538.00) 9,397.40 3,206.20 1,126.50
(vi) Other Financial
376.00 6,238.50 4,988.70 2,092.20 373.00
Liabilities
(vii) Other current and
3,518.50 (3,647.00) 199.80 7,711.20 (2,081.90)
non current liabilities
(viii) Provisions (2,973.00) 5,504.00 (1,474.60) (10,370.50) 10,542.30
Cash Generated from
(3,348.70) 10,994.30 11,569.40 14,137.50 17,172.20
Operation
Income Tax (Paid) (0.60) (846.20) (3,604.50) (1,146.10) (184.40)
Net Cash Flow
generated from
(3,349.30) 10,148.10 7,964.90 12,991.40 16,987.80
Operating Activities
(A)
93B. CASH FLOW
FROM INVESTING
ACTIVITIES:
(i) Payments for
Property, Plant and
(3,021.50) (9,799.50) (7,701.80) (11,928.30) (10,122.90)
Equipment and
Intangible assets
(ii) Proceeds from Sale
of Property, Plant and 131.70 31.60 52.00 59.00 51.00
Equipment
(iii) Payments for
Exploration and (0.90) (19.60) (645.30) (81.70) (9.10)
Evaluation Asset
(iv) Realisation of
deposits/(Deposits) with 1,607.20 (1,427.90) (3,623.90) (2,290.90) (6,740.30)
Banks
(v) Proceeds
from/(Investment) in
4.50 2,685.10 2,714.00 (1,740.10) (720.00)
Mutual Fund, Shares
etc.
(vi) Interest received on
- 649.00 1,381.90 1,137.80 483.00
Investment
(vii) Income from
627.40 - - - -
Mutual Fund
Net Cash used in
(651.60) (7,881.30) (7,823.10) (14,844.20) (17,058.30)
Investing Activities (B)
C. CASH FLOW
FROM FINANCING
ACTIVITIES:
(i) Proceeds from /
(Repayment of) non - - - - -
current borrowings
(ii) Proceeds from /
(Repayment of) current 12,781.50 - -
borrowings
(iii) Repayment of
Lease Liabilities (282.10) (446.80) (874.30) (724.70) (429.70)
(including Interest)
(iv) Interest paid (252.80) - (6.00) (13.70) -
(v) Dividend paid on
(8,442.20) (444.30) (444.30)
Equity shares
Net Cash used in
Financing Activities 3,804.40 (891.10) (1,324.60) (738.40) (429.70)
(C)
(I) Net
Increase/(Decrease) in
(196.50) 1,375.70 (1,182.80) (2,591.20) (500.20)
Cash & Cash
equivalents (A+B+C)
(II) Cash & Cash
equivalents at the
beginning of the
period:
a. Opening Cash &
1,675.40 2,858.20 2,858.20 5,449.40 5,949.60
Cash Equivalent
(III) Cash & Cash
equivalents at the end
of the period:
b. Closing Cash & Cash
1,478.90 4,233.90 1,675.40 2,858.20 5,449.40
Equivalent
94Reconciliation of Cash
& Cash equivalents
Cash & Cash
equivalents (Net of 1,478.90 4,233.90 1,675.40 2,858.20 5,449.40
Bank Overdraft)
Components of Cash
and Cash Equivalents
(a) Balances with Banks
- in Deposit Accounts 2,643.30 127.30 189.70 2,261.90 630.00
- in Current Accounts 1,644.60 4,105.90 1,485.30 596.00 613.40
(b) Bank Balances
- - - - -
outside India
(c) ICDs with Primary
- - - - 4,200.00
Dealers
(d) Cheques, Drafts and
- - - - 0.80
Stamps in hand
(e) Cash in hand - - - - -
(f) Cash on hand outside
- - - - -
India
(f) Bank Overdraft (2,809.80) - - - -
(g) Others 0.80 0.70 0.40 0.30 5.20
Total 1,478.90 4,233.90 1,675.40 2,858.20 5,449.40
95GENERAL INFORMATION
Registered and Corporate Office of our Company
Bharat Coking Coal Limited
Koyla Bhawan, Koyla Nagar,
Dhanbad, Jharkhand, India – 826005
CIN: U10101JH1972GOI000918
Registration Number: 000918
For details of our incorporation and changes in our Registered Office, see “History and Certain Corporate
Matters” beginning on page 262.
Address of the Registrar of Companies
Our Company is registered with the RoC which is situated at the following address:
Registrar of Companies, Jharkhand at Ranchi
Ministry Of Corporate Affairs,
Mangal Tower, 4th Floor,
Old Hazaribagh Road, Near Kanta Toli Chowk,
Ranchi, Jharkhand – 834001, India
Board of Directors
As of the date of this Prospectus, the Board of Directors comprises the following:
S. Name Designation DIN Address
No.
1. Manoj Kumar Chairman cum Managing 10947182 Director’s Bungalow No.2, Koyla Nagar,
Agarwal Director, Chief Executive P.S. –Saraidhella, PO: BCCL Township,
Officer and Director District: Dhanbad, State: Jharkhand, PIN
(Finance), additional code: 826005
charge
2. Murli Krishna Director (Human 10061115 3rd-FR FL-3D, 7, Diamond Harbour Road,
Ramaiah Resources) VTC-Paschim Barisha, P.O. Thakurpukur,
Sub District Thakurpukur Mahestola, South
24 Parganas, West Bengal – 700063.
3. Sanjay Kumar Director (Technical) 08535373 45/2-4 Road No. 16 Adityapur 1, Po/Ps:
Singh Adityapur, Adityapur – 1, Seraikela –
kharsawan, Jharkhand – 831013
4. Niladri Roy Director (Technical), 10055093 303 Parbati Garden, Asansol, APCAR
additional charge Garden, Raghunath Chak, UC Danga,
Barddhaman West Bengal - 713304
5. Mukesh Part-time Official 07532479 Bungalow No. D-4, CIL Residential
Choudhary Director* Complex, premises no. 04, behind Coal
Bhawan, Action Area -1A,New town, North
24 Parganas Kolkata – 700156, West Bengal
6. Sanoj Kumar Part-time Official 11100701 Flat No. C-1, Tower – 2, Near Hotel Leela
Jha Director# Palace, New Moti Bagh, Southwest Delhi,
Delhi - 110023
7. Arun Kumar Non-official Independent 09388744 Vasanti, Hehal, Bagicha Toli, Post-Hehal,
Oraon Director Thana- Sukhdev Nagar, Ranchi, Jharkhand-
834005
*Appointed as the nominee of Coal India Limited, by Ministry of Coal, Government of India
#Appointed as the nominee of the Ministry of Coal, Government of India
For further details of our Board, see “Our Management – Board of Directors” beginning on page 267.
96Company Secretary and Compliance Officer
Bani Kumar Parui is the Company Secretary and Compliance Officer of our Company. The contact details are as
follows:
Bani Kumar Parui
Koyla Bhawan, Koyla Nagar,
Dhanbad, Jharkhand, India – 826005
Telephone: +91 326 - 2230190
E-mail: cos.bccl@coalindia.in
Investor grievances
Investors can contact our Company Secretary and Compliance Officer or the Registrar to the Offer in case of any
pre-Offer or post-Offer related problems, such as non-receipt of letters of Allotment, non-credit of Allotted Equity
Shares in the respective beneficiary account, non-receipt of refund orders or non-receipt of funds by electronic
mode, etc. For all Offer-related queries and for redressal of complaints, investors may also write to the BRLMs.
All Offer related grievances, other than that of Anchor Investors, may be addressed to the Registrar to the Offer
with a copy to the relevant Designated Intermediary to whom the Bid cum Application Form was submitted. The
Bidder should give full details such as name of the sole or first Bidder, Bid cum Application Form number,
Bidder’s DP ID, Client ID, PAN, date of submission of the Bid cum Application Form, address of the Bidder,
number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum
Application Form was submitted by the Bidder and ASBA Account number (for Bidders other than UPI Bidders
using the UPI Mechanism) in which the amount equivalent to the Bid Amount was blocked or the UPI ID (for
UPI Bidders who make the payment of Bid Amount through the UPI Mechanism), in case of UPI Bidders using
the UPI Mechanism.
Further, the Bidder shall also enclose a copy of the Acknowledgment Slip or provide the acknowledgement
number received from the Designated Intermediaries in addition to the documents or information mentioned
hereinabove. All grievances relating to Bids submitted through Registered Brokers may be addressed to the Stock
Exchanges with a copy to the Registrar to the Offer. The Registrar to the Offer shall obtain the required
information from the SCSBs for addressing any clarifications or grievances of ASBA Bidders.
All Offer related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full
details such as the name of the sole or first Bidder, Anchor Investor Application Form number, Bidders’ DP ID,
Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares
applied for, Bid Amount paid on submission of the Anchor Investor Application Form and the names and
addresses of the BRLMs where the Anchor Investor Application Form was submitted by the Anchor Investor.
Filing of the Offer Documents
A copy of the Draft Red Herring Prospectus has been filed electronically through the SEBI intermediary portal at
https://siportal.sebi.gov.in, in accordance with the SEBI ICDR Master Circular and as specified in Regulation
25(8) of the SEBI ICDR Regulations. A copy of the Draft Red Herring Prospectus was also filed with the SEBI
at the following address:
Securities and Exchange Board of India
Corporate Finance Department, Division of Issues and Listing
SEBI Bhavan, Plot No. C4 A, ‘G’ Block
Bandra Kurla Complex Bandra (E)
Mumbai 400 051
Maharashtra, India
A copy of the Red Herring Prospectus, along with the material contracts and documents for inspection, under
Section 32 of the Companies Act, has been filed with the RoC and a copy of this Prospectus is filed with the RoC
under Section 26 of the Companies Act through the electronic portal at
http://www.mca.gov.in/mcafoportal/loginvalidateuser.do.
Book Running Lead Managers
97IDBI Capital Markets & Securities Limited ICICI Securities Limited
6th Floor, IDBI Tower, WTC Complex ICICI Venture House,
Cuffe Parade, Mumbai – 400 005 Appasaheb Marathe Marg,
Maharashtra, India Prabhadevi, Mumbai – 400 025,
Telephone: +91 22 40691953 Maharashtra, India
E-mail: bccl.ipo@idbicapital.com Telephone: +91 22 6807 7100
Investor Grievance E-mail: E-mail: bccl.ipo@icicisecurities.com
redressal@idbicapital.com Investor Grievance E-mail:
Website: www.idbicapital.com customercare@icicisecurities.com
Contact Person: Sri Krishna Tapariya / Himanshu Website: www.icicisecurities.com
Shekhar Jha Contact Person: Rahul Sharma / Ashik Joisar
SEBI Registration Number: INM000010866 SEBI Registration No.: INM000011179
Inter-se allocation of responsibilities between the BRLMs
The table below sets forth the inter-se allocation of responsibilities for various activities among the BRLMs.
Sr.
Activity Responsibility Coordination
No.
1. Capital Structuring, positioning strategy and Due diligence of the BRLMs IDBI Capital
Company including its operations / management / business plans /
legal etc. Drafting and design of the Draft Red Herring Prospectus,
Red Herring Prospectus, Prospectus, and of statutory advertisements
including a memorandum containing salient features of the
Prospectus abridged prospectus and application form. The BRLMs
shall ensure compliance with stipulated requirements and
completion of prescribed formalities with the Stock Exchanges,
RoC and SEBI including finalization of Prospectus and RoC filing.
2. Drafting and approval of all statutory advertisements BRLMs IDBI Capital
3. Drafting and approval of all publicity material other than statutory
advertisement as mentioned in point 2 above including corporate BRLMs ICICI Securities
advertising, brochure, etc. and filing of media compliance report
4. Appointment of intermediaries (including coordinating all
BRLMs IDBI Capital
agreements to be entered into with such parties): advertising agency,
registrar, printers, banker(s) to the Offer, Sponsor Bank, Share
Escrow Agent, Syndicate Member, Monitoring Agency etc.
5. Preparation of road show presentation and frequently asked BRLMs ICICI Securities
questions
6. International Institutional marketing of the Offer, which will cover, BRLMs ICICI Securities
inter alia:
• Institutional marketing strategy;
• Finalizing the list and division of international investors for
one- to-one meetings; and
• Finalizing international road show and investor meeting
schedules
7. Domestic institutional marketing of the Offer, which will cover, BRLMs ICICI Securities
inter alia:
• Domestic marketing strategy;
• Finalizing the list and division of investors for one-to-one
meetings; and
• Finalizing domestic road show and investor meeting schedules
8. Conduct Non-Institutional marketing of the Offer, which will cover, BRLMs IDBI Capital
inter alia:
• Finalizing media, marketing and public relations strategy; and
• Formulating marketing strategies, preparation of publicity
98Sr.
Activity Responsibility Coordination
No.
budget for marketing to non-Institutional investors;
9. Conduct retail marketing of the Offer, which will cover, inter alia: BRLMs IDBI Capital
• Finalizing media, marketing and public relations strategy;
• Finalizing centers for holding conferences for brokers, etc.
• Formulating marketing strategies, preparation of publicity
budget; and
• Finalizing collection centers;
Follow-up on distribution of publicity and issue material including
form, RHP, Prospectus and deciding on the quantum of the issue
material
10. Coordination with Stock Exchanges for book building software, BRLMs ICICI Securities
bidding terminals, mock trading, anchor coordination, anchor CAN
and intimation of anchor allocation
11. Managing the book and finalization of pricing in consultation with
BRLMs ICICI Securities
the Company and Selling Shareholder
12. Post bidding activities including management of escrow accounts, BRLMs IDBI Capital
coordinate non- institutional allocation, coordination with Registrar,
Self-Certified Syndicate Banks, Sponsor Banks and other Bankers
to the Offer, intimation of allocation and dispatch of refund to
Bidders, etc. Other post- Offer activities, which shall involve
essential follow-up with Bankers to the Offer and Self Certified
Syndicate Banks to get quick estimates of collection and advising
Company about the closure of the Offer, based on correct figures,
finalization of the basis of allotment or weeding out of multiple
applications, listing of instruments, dispatch of certificates or demat
credit and refunds, payment of STT on behalf of the Selling
Shareholders and coordination with various agencies connected with
the post-Offer activity such as Registrar to the Offer, Bankers to the
Offer, Sponsor Bank, Self-Certified Syndicate Banks including
responsibility for underwriting arrangements, as applicable.
Coordinating with Stock Exchanges and SEBI for submission of all
post- Offer reports including the final post-Offer report to SEBI
Legal Advisers to our Company as to Indian Law
JSA
One Lodha Place, 27th Floor,
Senapati Bapat Marg, Lower Parel,
Mumbai – 400013
Maharashtra, India
Telephone: +91 43418900
Email: nirman.2025@jsalaw.com
Statutory Auditors of our Company
Nag & Associates, Chartered Accountants
Gali No 11, Jai Prakash Nagar,
P.O. CMRI, Dhanbad – 826001,
Jharkhand, India
Tel.: +91 674 - 2355022
E-mail: nagandassociates@gmail.com
Firm Registration No.: 312063E
Peer Review Certificate No.: 018233
Changes in Auditors
99Except as disclosed below, there has been no change in our auditors in the three years preceding the date of this
Prospectus:
Name of Auditor Date of Change Reason for Change
Nag & Associates, Chartered Accountants September 13, 2025 Re-Appointment as
Gali No 11, Jai Prakash Nagar, statutory auditor
P.O. CMRI, Dhanbad – 826001,
Jharkhand, India
Tel.: +91 674 - 2355022
E-mail: nagandassociates@gmail.com
Firm Registration No.: 312063E
Peer Review Certificate No.: 018233
Nag & Associates, Chartered Accountants October 19, 2024 Re-Appointment as
Gali No 11, Jai Prakash Nagar, statutory auditor
P.O. CMRI, Dhanbad – 826001,
Jharkhand, India
Tel.: +91 674 - 2355022
E-mail: nagandassociates@gmail.com
Firm Registration No.: 312063E
Peer Review Certificate No.: 018233
Nag & Associates, Chartered Accountants October 10, 2023 Appointment as statutory
Gali No 11, Jai Prakash Nagar, auditor
P.O. CMRI, Dhanbad – 826001,
Jharkhand, India
Tel.: +91 674 - 2355022
E-mail: nagandassociates@gmail.com
Firm Registration No.: 312063E
Peer Review Certificate No.: 018233
N.C. Banerjee & Co., Chartered Accountants October 9, 2023 Expiry of term as statutory
54A, Kunj Vihar, auditor
Chira Chas, Bokaro,
Jharkhand - 827013
Tel.: +91 33-22132200
E-mail: ncbanerjee02@gmail.com
Firm Registration No.: 302081E
Peer Review No.: 014164
Registrar to the Offer
KFin Technologies Limited
Selenium Tower-B,
Plot No. 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana, India.
Telephone: +91 40 6716 2222/18003094001
E-mail: bccl.ipo@kfintech.com
Investor grievance e-mail: einward.ris@kfintech.com
Website: www.kfintech.com
Contact person: M. Murali Krishan
SEBI registration no: INR000000221
Banker(s) to the Offer
Escrow Collection Bank
HDFC Bank Limited
FIG – OPS Department-Lodha,
I Think Techno Campus O-3 Level,
Next to Kanjurmarg Railway Station,
100Kanjurmarg (East) Mumbai – 400042,
Maharashtra, India
Contact Person: Eric Bacha/ Sachin Gawade/ Pravin Teli/ Siddharth Jadhav/ Tushar Gavankar
Telephone: +91 22 30752927/ 28/ 2914
E-mail: siddharth.jadhav@hdfc.bank.in, sachin.gawade@hdfc.bank.in, eric.bacha@hdfc.bank.in,
tuhar.gavankar@hdfc.bank.in, pravin.teli2@hdfc.bank.in
Website: www.hdfc.bank.in
Refund Bank
HDFC Bank Limited
FIG – OPS Department-Lodha,
I Think Techno Campus O-3 Level,
Next to Kanjurmarg Railway Station,
Kanjurmarg (East) Mumbai – 400042,
Maharashtra, India
Contact Person: Eric Bacha/ Sachin Gawade/ Pravin Teli/ Siddharth Jadhav/ Tushar Gavankar
Telephone: +91 22 30752927/ 28/ 2914
E-mail: siddharth.jadhav@hdfc.bank.in, sachin.gawade@hdfc.bank.in, eric.bacha@hdfc.bank.in,
tuhar.gavankar@hdfc.bank.in, pravin.teli2@hdfc.bank.in
Website: www.hdfc.bank.in
Public Offer Account Bank
Axis Bank Limited
Rajarhat Branch, Dongfang Building,
Plot No. AH/5; Premises No. MAR-16-III,
Biswa Bangla Sarani, next to IOC petrol pump,
New town, Pin Code: 700156
Contact Person: Sabuj Biplab Dasgupta
Telephone: +91 8001606691
E-mail: Rajarhat.Branchhead@axisbank.com
Website: www.axis.bank.in
Sponsor Banks
HDFC Bank Limited
FIG – OPS Department-Lodha,
I Think Techno Campus O-3 Level,
Next to Kanjurmarg Railway Station,
Kanjurmarg (East) Mumbai – 400042,
Maharashtra, India
Contact Person: Eric Bacha/ Sachin Gawade/ Pravin Teli/ Siddharth Jadhav/ Tushar Gavankar
Telephone: +91 22 30752927/ 28/ 2914
E-mail: siddharth.jadhav@hdfc.bank.in, sachin.gawade@hdfc.bank.in, eric.bacha@hdfc.bank.in,
tuhar.gavankar@hdfc.bank.in, pravin.teli2@hdfc.bank.in
Website: www.hdfc.bank.in
Axis Bank Limited
Rajarhat Branch, Dongfang Building,
Plot No. AH/5; Premises No. MAR-16-III,
Biswa Bangla Sarani, next to IOC petrol pump,
New town, Pin Code: 700156
Contact Person: Sabuj Biplab Dasgupta
Telephone: +91 8001606691
E-mail: Rajarhat.Branchhead@axisbank.com
Website: www.axis.bank.in
Bankers to the Company
101Canara Bank State Bank of India
Katras Road, Bank More, Dhanbad Bank More Dhanbad
Telephone: +91 9771490251 Telephone: 0326-2303111
E-mail: cb0251@canarabank.com E-mail: sbi.00066@sbi.co.in
Website: www.canarabank.com Website: www.sbi.co.in
Contact Person: Sanjeev Kumar Contact Person: Kanhaiya Bharat Bhusan
Indian Bank ICICI Bank Limited
Corporate Office -254-260, 3A Gurusaday Road,
Avvai Shanmugam Salai, Kolkata - 700017
Royapettah, Chennai – 600014 Telephone: +91 33-44248560
Telephone: +91 44-28134484 E-mail: amit.bhageria@icicibank.com
E-mail: investors@indianbank.co.in Website: www.icicibank.com
Website: www.indianbank.in Contact Person: Amit Kumar Bhageria
Contact Person: Branch Manager, Dhanbad
Axis Bank Limited HDFC Bank Limited
AC Market Building, 4th Floor, 1, 3A, Gurusaday Dutta Road,
Shakespeare Sarani, Kolkata – 700015 Kolkata – 700 019
Telephone: +91 33-66272077 Telephone: +91 33-66384115
E-mail: ankit.jain@axisbank.com E-mail: kaushik.chatterjee@hdfcbank.com
Website: www.axisbank.com Website: www.hdfcbank.com
Contact Person: Ankit Jain Contact Person: Kaushik Chatterjee
Designated Intermediaries
SCSBs and mobile applications enabled for UPI mechanism
The banks registered with the SEBI, which offer the facility of ASBA services, (i) in relation to ASBA, where the
Bid Amount will be blocked by authorizing an SCSB, a list of which is available on the website of SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 and updated from time to
time and at such other websites as may be prescribed by SEBI from time to time, (ii) in relation to UPI Bidders,
a list of which is available on the website of SEBI at
sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 or such other website as updated
from time to time.
Applications through UPI in the Offer were made only through the SCSBs mobile applications (apps) whose name
appears on the SEBI website. A list of SCSBs and mobile application, which, are live for applying in public issues
using UPI mechanism is provided as Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85
dated July 26, 2019. The list is available on the website of SEBI at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43 and updated from time to
time and at such other websites as may be prescribed by SEBI from time to time.
Syndicate SCSB Branches
In relation to Bids (other than Bids by Anchor Investors and RIBs) submitted under the ASBA process to a member
of the Syndicate, the list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to
receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the website of
the SEBI (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes&intmId=35) and updated from
time to time or any such other website as may be prescribed by SEBI from time to time.
Registered Brokers
The list of the Registered Brokers eligible to accept ASBA Forms, including details such as postal address,
telephone number and e-mail address, is provided on the websites of the BSE and the NSE at www.bseindia.com
and www.nseindia.com, respectively, as updated from time to time.
102RTAs
The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as
address, telephone number and e-mail address, is provided on the websites of Stock Exchanges at
www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and www.nseindia.com/products-services/initial-
public-offerings-asba-procedures, respectively, as updated from time to time.
Collecting Depository Participants
The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as
name and contact details, is provided on the websites of BSE at
www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and on the website of NSE at
https://www.nseindia.com/products-services/initial-public-offerings-asba-procedures, as updated from time to
time.
Credit Rating
As the Offer is an initial public offering of Equity Shares, the appointment of a credit rating agency is not required.
IPO Grading
No credit rating agency registered with the SEBI has been appointed in respect of obtaining grading for the Offer.
Debenture Trustees
As the Offer is an initial public offering of Equity Shares, the appointment of debenture trustees is not required.
Monitoring Agency
As the Offer is an offer for sale of Equity Shares by the Promoter Selling Shareholder, our Company is not required
to appoint a monitoring agency in relation to the Offer.
Appraising Agency
As the Offer is an offer for sale of Equity Shares, our Company will not receive any proceeds from the Offer.
Accordingly, no appraising agency has been appointed for the Offer.
Green Shoe Option
No green shoe option is contemplated under the Offer.
Experts
Our Company has not obtained any expert opinions other than as disclosed below.
Our Company has received written consent dated December 9, 2025, from Nag & Associates, Chartered
Accountants, the Statutory Auditors to include their name as required under Section 26(5) of the Companies Act
in this Prospectus and as an “expert” as defined under Section 2(38) of the Companies Act in respect of their (i)
examination report dated December 8, 2025, on the Restated Financial Information; (ii) the statement of possible
special tax benefits dated December 9, 2025; included in this Prospectus and such consent has not been withdrawn
as of the date of this Prospectus. However, the term “expert” shall not be construed to mean an “expert” as defined
under the U.S. Securities Act.
Our Company has received written consent dated December 2, 2025, from SRK Consulting to include their name
as required under Section 26(5) of the Companies Act in this Prospectus and as an “expert” as defined under
Section 2(38) of the Companies Act in respect of their SRK Report dated December 2, 2025 and such consent has
not been withdrawn as of the date of this Prospectus. However, the terms “expert” shall not be construed to mean
“expert” as defined under the U.S. Securities Act.
Our Company has received written consent dated December 9, 2025 from Mehta and Mehta, practicing company
103secretary, to include their name in this Prospectus and be named as an “expert” as defined under Section 2(38) of
the Companies Act, 2013 in respect of the certificate issued by them in their capacity as a practicing company
secretary to our Company and such consent has not been withdrawn as of the date of this Prospectus. However,
the terms “expert” shall not be construed to mean “expert” as defined under the U.S. Securities Act.
Book Building Process
Book building process, in the context of the Offer, refers to the process of collection of Bids from Bidders on the
basis of the Red Herring Prospectus and the Bid cum Application Forms and the Revision Forms within the Price
Band and minimum Bid Lot. The Price Band and the minimum Bid Lot size was decided by our Company in
consultation with the BRLMs, and was advertised in (i) all editions of Financial Express, a widely circulated
English national daily newspaper; (ii) all editions of Jansatta, a Hindi national daily newspaper; and (iii) Dhanbad
edition of Bihar Observer a widely circulated Hindi newspaper, Hindi being the regional language of Jharkhand,
where our Registered and Corporate Office is located), each with wide circulation, and advertised at least two
Working Days prior to the Bid/Offer Opening Date and was made available to the Stock Exchanges to upload on
their respective websites. The Offer Price was determined by our Company, in consultation with the BRLMs, after
the Bid/Offer Closing Date.
All Bidders, except Anchor Investors, were mandatorily required to use the ASBA process for participating
in the Offer by providing details of their respective ASBA Account in which the corresponding Bid Amount
was blocked by SCSBs. In addition to this, the UPI Bidders could participate through the ASBA process
by either (a) providing the details of their respective ASBA Account in which the corresponding Bid
Amount would be blocked by the SCSBs; or (b) through the UPI Mechanism. Anchor Investors were not
permitted to participate in the Anchor Investor Portion through the ASBA process.
In accordance with the SEBI ICDR Regulations, QIBs Bidding in the QIB Portion and Non-Institutional
Bidders bidding in the Non-Institutional Portion were not allowed to withdraw or lower the size of their
Bids (in terms of the quantity of the Equity Shares or the Bid Amount) at any stage. Retail Individual
Bidders, Eligible Employees Bidding in the Employee Reservation Portion and Eligible Shareholders
Bidding in the Shareholder Reservation Portion could revise their Bids during the Bid/Offer Period and
could withdraw their Bids on or before the Bid/Offer Closing Date. Further, Anchor Investors could not
withdraw their Bids after the Anchor Investor Bid/Offer Period. Allocation to the Anchor Investors will be
on a discretionary basis. See “Offer Structure” and “Offer Procedure” beginning on pages 505 and 511,
respectively.
Except for allocation to RIBs, NIBs and Anchor Investors, allocation in the Offer was on a proportionate basis.
Allocation to the Anchor Investors was on a discretionary basis. For allocation to the Non-Institutional Bidders,
the following was followed:
a) One-third of the portion available to Non-Institutional Bidders was reserved for Bidders with application size
of more than ₹0.20 million and up to ₹1.00 million;
b) Two-thirds of the portion available to Non-Institutional Bidders was reserved for Bidders with application
size of more than ₹1.00 million.
Each Bidder by submitting a Bid in the Offer, was deemed to have acknowledged the above restrictions and the
terms of the Offer.
For further details on the method and procedure for Bidding, see “Offer Structure” and “Offer Procedure”
beginning on pages 505 and 511, respectively.
Illustration of Book Building and Price Discovery Process
For an illustration of the Book Building Process and the price discovery process, see “Offer Procedure” on page
511.
Underwriting Agreement
Our Company and the Promoter Selling Shareholder entered into an Underwriting Agreement with the Registrar
to the Offer and Underwriters, who are merchant bankers or stockbrokers registered with SEBI, for the Equity
Shares proposed to be offered through the Offer. The Underwriting Agreement is dated January 13, 2026. The
104extent of underwriting obligations and the Bids to be underwritten by each Underwriter shall be in accordance
with the Underwriting Agreement. It is proposed that pursuant to the terms of the Underwriting Agreement, the
obligations of the Underwriters are several and are subject to conditions specified therein.
The Underwriters have indicated their intention to underwrite such number of Equity Shares as disclosed below:
Name, Address, Telephone Number and E-mail Indicative Number of Equity Amount Underwritten
Address of the Underwriters Shares to be Underwritten (in ₹ million)
IDBI Capital Markets & Securities Limited 232,850,000 5,343.91
6th Floor, IDBI Tower
WTC Complex, Cuffe Parade,
Mumbai – 400 005, Maharashtra, India
Telephone: +91 22 40691953
E-mail: bccl.ipo@idbicapital.com
ICICI Securities Limited 232,850,000 5,343.91
ICICI Venture House,
Appasaheb Marathe Marg,
Prabhadevi, Mumbai – 400 025,
Maharashtra, India
Telephone: +91 22 6807 7100
E-mail: bccl.ipo@icicisecurities.com
The abovementioned underwriting commitments are indicative and will be finalized after determination of the
Offer Price and Basis of Allotment and the allocation of Equity Shares, subject to and in accordance with the
provisions of the SEBI ICDR Regulations.
In the opinion of our Board of Directors (based on representations made to our Company by the Underwriters),
the resources of each of the abovementioned Underwriters are sufficient to enable them to discharge their
respective underwriting obligations in full. The abovementioned Underwriters are registered with the SEBI under
Section 12(1) of the SEBI Act or registered as brokers with the Stock Exchange(s). Our Board of Directors, at its
meeting held on January 13, 2026, has accepted and entered into the Underwriting Agreement mentioned above
on behalf of our Company.
Notwithstanding the above table, the Underwriters will be severally responsible for ensuring payment with respect
to Equity shares allocated to Bidders procured by them in accordance with the Underwriting Agreement.
Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitment
disclosed in the table above.
105CAPITAL STRUCTURE
The share capital of our Company, as on the date of this Prospectus, is set forth below:
(in ₹, except share data)
Aggregate value at face Aggregate value at
value Offer Price*
A AUTHORIZED SHARE CAPITAL(1)
5,100,000,000 Equity Shares bearing face value of ₹ 10 each 51,000,000,000 -
B ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL BEFORE THE OFFER
4,657,000,000 Equity Shares bearing face value of ₹ 10 each 46,570,000,000 -
D PRESENT OFFER IN TERMS OF THIS PROSPECTUS
Offer for Sale of 465,700,000 Equity Shares of face value of ₹ 10 each aggregating to ₹ 10,687.82 million (2)(3)
Which includes:
- Offer for Sale of 465,700,000 Equity Shares of face 4,657,000,000 10,687,815,000
value of ₹ 10 each aggregating to ₹ 10,687.82 million
(2)(3)
The Offer includes
- Employee Reservation Portion of 23,285,000 Equity 232,850,000 512,270,000
Shares of face value of ₹ 10 each aggregating to ₹ 512.27
million(4)
- Shareholder Reservation Portion of 46,570,000 Equity 465,700,000 1,071,110,000
Shares of face value of ₹ 10 each aggregating to ₹
1,071.11 million(5)
Net Offer of 395,845,000 Equity Shares of face value of ₹ 10 3,958,450,000 9,104,435,000
each aggregating to ₹ 9,104.44 million
E ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL AFTER THE OFFER
4,657,000,000 Equity Shares bearing face value of ₹ 10 each* 46,570,000,000 -
F SECURITIES PREMIUM ACCOUNT
Before the Offer Nil
After the Offer* Nil
* Subject to finalisation of the Basis of Allotment
(1) For details in relation to the changes in the authorized share capital of our Company since incorporation, please refer to the section
titled “History and Certain Corporate Matters – Amendments to the Memorandum of Association in the last 10 years” on page 263.
(2) The Offer has been authorized by a resolution of our Board of Directors dated May 27, 2025.
(3) The Promoter Selling Shareholder confirm that the Offered Shares are eligible to be offered for sale in the Offer in accordance with
Regulation 8 of the SEBI ICDR Regulations, as on the date of this Prospectus.
(4) The Employee Reservation Portion will not exceed 5% of our post-Offer paid-up Equity Share capital. In the event of under-subscription
in the Employee Reservation Portion, the unsubscribed portion was made available for allocation and Allotment, proportionately to all
Eligible Employees who Bid in excess of ₹ 0.20 million (net of Employee Discount), subject to the maximum value of Allotment made to
such Eligible Employee not exceeding ₹ 0.50 million (net of Employee Discount). Our Company, in consultation with the BRLMs, offered
a discount of 4.35% on the Offer Price (equivalent of ₹ 1 per Equity Share) to Eligible Employees bidding in the Employee Reservation
Portion. For further details, see the sections titled “Offer Procedure” and “Offer Structure” on pages 511 and 505, respectively.
(5) The Shareholder Reservation Portion did not exceed 10% of the Offer size. Bids by Eligible Shareholders in the Shareholder Reservation
Portion, the Net Offer portion and the Employee Reservation Portion (if eligible) were not treated as multiple Bids subject to applicable
limits. If an Eligible Shareholder is Bidding in the Shareholder Reservation Portion up to ₹ 0.20 million, application by such Eligible
Shareholders in the Retail Portion or Non-Institutional Portion and Employee Reservation Portion (if eligible and subject to applicable
limits) were not treated as multiple Bids. Therefore, Eligible Shareholders who bid in the Shareholder Reservation Portion (subject to
the Bid Amount being up to ₹ 0.20 million) could also Bid under the Net Offer and Employee Reservation Portion and such Bids were
not treated as multiple Bids. For further details, see “Offer Structure” on page 505.
106Notes to capital structure
1. Equity Share capital history of our Company
a. The history of the equity share capital of our Company is set out in the table below:
Number of Face Issue Cumulative Cumulative
Date of allotment equity value per price per Reason/ Nature Nature of number of paid-up equity
Details of allottees
of equity shares shares equity equity of allotment consideration equity share capital
allotted share (₹) share (₹) shares (₹)
January 01,1972 3 1 equity share to President of 1,000 1,000 Initial Subscription Cash 3 3,000
India, acting through Department to MOA
of Mines, Ministry of Steel and
Mines and 1 equity share each to
(i) T.L. Sankar and (ii) G.V.G
Raman (as nominee of President
of India, acting through
Department of Mines, Ministry of
Steel and Mines).
July 19, 1972 8,500 President of India 1,000 1,000 Further allotment Cash 8,503 8,503,000
March 16, 1973 1,500 Steel Authority of India Limited 1,000 1,000 Further allotment Cash 10,003 10,003,000
September 10, 1973 7,500 Steel Authority of India Limited 1,000 1,000 Further allotment Cash 17,503 17,503,000
August 25, 1974 2,500 Steel Authority of India Limited 1,000 1,000 Further allotment Cash 20,003 20,003,000
April 28, 1975 30,400 President of India 1,000 1,000 Further allotment Cash 50,403 50,403,000
June 16, 1975 60,000 President of India 1,000 1,000 Further allotment Cash 110,403 110,403,000
August 07,1975 40,000 President of India 1,000 1,000 Further allotment Cash 150,403 150,403,000
October 24,1975 35,000 President of India 1,000 1,000 Further allotment Cash 185,403 185,403,000
March 12,1976 79,000 Coal India Limited 1,000 1,000 Further allotment Cash 264,403 264,403,000
May 07,1976 97,600 Coal India Limited 1,000 1,000 Further allotment Cash 362,003 362,003,000
Coal India Limited Conversion of loan Other than
May 07,1976 60,000 1,000 1,000 422,003 422,003,000
into equity cash
Coal India Limited Conversion of loan Other than
August 02,1976 30,000 1,000 1,000 452,003 452,003,000
into equity cash
Coal India Limited Allotment against
takeover of Assets Other than
August 02,1976 183,522 1,000 1,000 635,525 635,525,000
of Nationalised cash
coal mines
August 02, 1976 3 1 equity share each to (i) G.S. 1,000 1,000 Further allotment Cash 635,528 635,528,000
107Number of Face Issue Cumulative Cumulative
Date of allotment equity value per price per Reason/ Nature Nature of number of paid-up equity
Details of allottees
of equity shares shares equity equity of allotment consideration equity share capital
allotted share (₹) share (₹) shares (₹)
Sidhu; (ii) H. Srinivasan; and (iii)
Asa Singh (as nominees of Coal
India Limited)
March 22, 1978 21,401 Coal India Limited 1,000 1,000 Payment of credit Other than 656,929 656,929,000
balances to ex cash
owner of coking
mines
March 31, 1981 1,000,000 Coal India Limited 1,000 1,000 Further allotment Cash 1,656,929 1,656,929,000
December 30, 1982 1,843,071 Coal India Limited 1,000 1,000 Conversion of loan Other than 3,500,000 3,500,000,000
into equity cash
September 10, 1985 1,000,000 Coal India Limited 1,000 1,000 Further allotment Cash 4,500,000 4,500,000,000
May 22, 1987 1,440,000 Coal India Limited 1,000 1,000 Further allotment Cash 5,940,000 5,940,000,000
April 08, 1987 104,074 Coal India Limited 1,000 1,000 Further allotment Cash 6,044,074 6,044,074,000
June 01, 1988 1,006,000 Coal India Limited 1,000 1,000 Further allotment Cash 7,050,074 7,050,074,000
March 08, 1989 1,100,200 Coal India Limited 1,000 1,000 Further allotment Cash 8,150,274 8,150,274,000
April 11,1990 1,349,726 Coal India Limited 1,000 1,000 Further allotment Cash 9,500,000 9,500,000,000
February 07,1991 976,300 Coal India Limited 1,000 1,000 Further allotment Cash 10,476,300 10,476,300,000
March 21,1992 743,700 Coal India Limited 1,000 1,000 Further allotment Cash 11,220,000 11,220,000,000
October 04,1997 9,960,000 Coal India Limited 1,000 1,000 Conversion of loan Other than 21,180,000 21,180,000,000
into equity cash
March 24, 2020 25,390,000 Coal India Limited 1,000 1,000 Conversion of Other than 46,570,000 46,570,000,000
Preference Shares cash
to equity shares in
the ratio of 1:1
Pursuant to the resolutions passed by Board of Directors and Shareholders dated April 15, 2025, and April 28, 2025, respectively, the face value of the equity shares was sub-
divided from ₹1,000 per equity share to ₹ 10 per equity share. Accordingly, the issued, subscribed and paid-up equity share capital of our Company being 46,570,000 equity
shares of ₹1,000 each was sub-divided into 4,657,000,000 equity shares of ₹ 10 each.
We have placed reliance on the disclosures made in the Board minutes, to ascertain the details of the issue of Equity Shares, the nature of allotment, issue price per equity share and the nature of consideration since
the Form 2 for the relevant allotments are neither available in the records of our Company nor in the records of the RoC or they contain certain typographical errors, as certified by Mehta and Mehta, Company
Secretaries, in the search report dated January 2, 2026. For further information, please see “Risk Factors – We do not have access to records and data pertaining to certain historical legal and secretarial information
in relation to certain disclosures. Further, there are certain discrepancies in the records available with us” on page 49.
*Equity Shares held by aforementioned nominee shareholders (“Original Nominee Shareholders”) pursuant to subscription of MoA have been transferred from time to time. As on the date of this Prospectus, 600
Equity Shares are held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay Kumar Singh and Manoj Kumar Agarwal in the capacity of nominee shareholders of
Coal India Limited.
108b. Secondary transactions of Equity Shares
Except as stated below, as on the date of this Prospectus, there have been no secondary transaction of Equity
Shares by the Promoters (other than transfer of equity shares pursuant to changes in nominee shareholders of
President of India/ Coal India Limited), since incorporation of our Company.
Date of transfer Number of Details of Details of Face Transfer Nature of
of equity shares equity transferor transferee value per price per consideration
shares equity equity
transferred shares shares (₹)
(₹)
March 14,1973 8,501 President of Steel Authority 1,000 1,000 Other than
India of India Limited Cash
February 15,1975 20,001 Steel Authority President of 1,000 1,000 Cash
of India Limited India
November 01, 150,402 President of Coal India 1,000 1,000 Other than
1975 India Limited Cash
March 12, 1976 35,001 President of Coal India 1,000 1,000 Other than
India Limited Cash
Note:
For the purpose disclosure of secondary transfer of shares, the transfers made between different ministries (acting through the President
of India) have not been considered.
2. Preference share capital history of our Company
The history of the preference share capital of our Company is set forth in the table below:
Date of Number of Details of Face value Issue Nature of Nature of
allotment preference allottees per price per consideration allotment
shares preference preference
share (in share (in
₹) ₹)
March 26, 25,390,000 Coal India 1,000 1,000 Other than Conversion of
2013 Limited cash loan into equity
March 24, (25,390,000) Coal India N.A. N.A. Other than Conversion of
2020 Limited cash preference shares
to equity shares
in the ratio of 1:1
Our Company does not have any preference share capital as on the date of this Prospectus
3. Shares issued for consideration other than cash or byway of a bonus issue
Except as disclosed above in “Capital Structure-Notes to Capital Structure-Equity Share capital history of
our Company” on page 107, our Company has not issued any shares for consideration other than cash or by
way of a bonus issue.
4. Shares issued out of revaluation reserves
Our Company has not issued any shares out of revaluation reserves since its incorporation
5. Issue of shares pursuant to Sections 391 to 394 of the Companies Act 1956 or Sections 230 to 234 of the
Companies Act, 2013
As of the date of this Prospectus, our Company has not issued or allotted any equity shares in terms of any
scheme of arrangement approved under Sections 391 to 394 of the Companies Act, 1956 or Sections 230 to
234 of the Companies Act, 2013.
1096. Issue of shares which may be at a price lower than the Offer Price in the last year
Our Company has not issued any equity shares during a period of one year preceding the date of this
Prospectus at a price which may be lower than the Offer Price.
7. Issue of Equity Shares under employee stock options schemes
As on the date of this Prospectus, our Company does not have any employee stock option scheme
8. Compliance with Companies Act, 2013
All the issuances of the Equity Shares by our Company since the date of inception, have been issued and
allotted in compliance with the relevant provisions of the Companies Act, 1956, including Sections 67 and
81 thereof and the rules made thereunder, as applicable and Companies Act, 2013, including Sections 25, 28,
42 and 62 thereof and the rules made thereunder, as applicable. Further, except as provided in “-Preference
share capital history of our Company” above, our Company has not issued any other securities since its
incorporation.
9. Details of Shareholding of our Promoter and members of the Promoter Group in our Company
As on the date of this Prospectus, one of our Promoters, Coal India Limited holds 4,657,000,000 Equity
Shares of face value of ₹ 10 each (includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary,
Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay Kumar Singh and Manoj Kumar Agarwal,
jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited) equivalent to
100.00 % of the issued, subscribed and paid-up Equity Share capital of our Company. Our other Promoter,
President of India, acting through the Ministry of Coal, Government of India and members of our Promoter
Group do not hold any Equity Shares in our Company.
(the remainder of this page has been intentionally left blank)
110i. Build-up of the shareholding of our Promoters in our Company
The details regarding the equity shareholding of the President of India, acting through the Ministry of Coal (including its nominees) and Coal India Limited (including its
nominees) since incorporation of our Company is set forth in the table below:
Issue/
Number of Percentage of Percentage
Face Transfer
Date of allotment/ fully paid- Nature of pre- Issue of post- Issue
value price per Nature of acquisition/ allotment/ transfer
transfer up equity consideration equity share equity share
(₹) equity
shares capital (%) capital (%)
share (₹)
President of India, acting through the Ministry of Coal, Government of India
January 01, 1972 3 1,000 1,000 Cash Initial subscription to the MoA Negligible Negligible
July 19, 1972 8,500 1,000 1,000 Cash Further Allotment 0.02 0.02
Transfer of shares from President of India to
March 14,1973 (8,501) 1,000 1,000 Other than cash (0.02) (0.02)
Steel Authority of India Limited
Transfer of shares from Steel Authority of India
February 15,1975 20,001 1,000 1,000 Cash 0.04 0.04
Limited to President of India
April 28, 1975 30,400 1,000 1,000 Cash Further Allotment 0.07 0.07
June 16, 1975 60,000 1,000 1,000 Cash Further Allotment 0.13 0.13
August 07, 1975 40,000 1,000 1,000 Cash Further Allotment 0.09 0.09
October 24, 1975 35,000 1,000 1,000 Cash Further Allotment 0.08 0.08
Transfer of shares from President of India to Coal
November 01, 1975 (150,402) 1,000 1,000 Other than cash (0.32) (0.32)
India Limited
Transfer of shares from President of India to Coal
March 12, 1976 (35,001) 1,000 1,000 Other than cash (0.08) (0.08)
India Limited
Total (A) Nil Nil Nil
Coal India Limited
Transfer of Shares from President of India to
November 01, 1975 150,402 1,000 1,000 Other than cash 0.32 0.32
Coal India Limited
March 12,1976 79,000 1,000 1,000 Cash Further allotment 0.17 0.17
Transfer of Shares from President of India to
March 12, 1976 35,001 1,000 1,000 Other than cash 0.08 0.08
Coal India Limited
May 07,1976 97,600 1,000 1,000 Cash Further allotment 0.21 0.21
May 07,1976 60,000 1,000 1,000 Other than cash Conversion of loan into equity 0.13 0.13
August 02,1976 30,000 1,000 1,000 Other than cash Conversion of loan into equity 0.06 0.06
Allotment against takeover of Assets of
183,522 1,000 1,000 Other than cash 0.39 0.39
August 02, 1976 Nationalised coal mines
111Issue/
Number of Percentage of Percentage
Face Transfer
Date of allotment/ fully paid- Nature of pre- Issue of post- Issue
value price per Nature of acquisition/ allotment/ transfer
transfer up equity consideration equity share equity share
(₹) equity
shares capital (%) capital (%)
share (₹)
August 02,1976 3 1,000 1,000 Cash Further allotment Negligible Negligible
Payment of credit balances to ex owner of coking
21,401 1,000 1,000 Other than cash 0.05 0.05
March 22, 1978 mines
March 31, 1981 1,000,000 1,000 1,000 Cash Further allotment 2.15 2.15
December 30, 1982 1,843,071 1,000 1,000 Other than cash Conversion of Loan into Equity 3.96 3.96
September 10, 1985 1,000,000 1,000 1,000 Cash Further allotment 2.15 2.15
May 22, 1987 1,440,000 1,000 1,000 Cash Further allotment 3.09 3.09
April 08, 1987 104,074 1,000 1,000 Cash Further allotment 0.22 0.22
June 01, 1988 1,006,000 1,000 1,000 Cash Further allotment 2.16 2.16
March 08, 1989 1,100,200 1,000 1,000 Cash Further allotment 2.36 2.36
April 11, 1990 1,349,726 1,000 1,000 Cash Further allotment 2.90 2.90
February 07,1991 976,300 1,000 1,000 Cash Further allotment 2.10 2.10
March 21, 1992 743,700 1,000 1,000 Cash Further allotment 1.60 1.60
October 04, 1997 9,960,000 1,000 1,000 Other than cash Conversion of loan into equity 21.39 21.39
Conversion of preference shares to equity shares
March 24, 2020 25,390,000 1,000 1,000 Other than cash 54.52 54.52
in the ratio of 1:1
Pursuant to the resolutions passed by Board of Directors and Shareholders dated April 15, 2025 and April 28, 2025 respectively, the face value of the equity shares was sub-
divided from ₹1,000 per equity share to ₹ 10 per equity share. Accordingly, the issued, subscribed and paid-up equity share capital of our Company being 46,570,000 equity
shares of ₹1,000 each was sub-divided into 4,657,000,000 equity shares of ₹ 10 each.
Total (B) 4,657,000,000 100.00 100.00
Total (A+B) 4,657,000,000 100.00 100.00
We have placed reliance on the disclosures made in the Board minutes, to ascertain the details of the issue of Equity Shares, the nature of allotment, issue price per equity share and the nature of consideration since
the Form 2 for the relevant allotments are neither available in the records of our Company nor in the records of the RoC or they contain certain typographical errors, as certified by Mehta and Mehta, Company
Secretaries, in the search report dated January 2, 2026. For further information, please see “Risk Factors – We do not have access to records and data pertaining to certain historical legal and secretarial information
in relation to certain disclosures. Further, there are certain discrepancies in the records available with us” on page 49.
112ii. All the Equity Shares held by one of our Promoter, Coal India Limited, were fully paid-up on the respective
dates of allotment of such Equity Shares.
iii. As on the date of this Prospectus, none of the Equity Shares held by Coal India Limited are pledged or
otherwise encumbered.
iv. Shareholding of our Promoters and Promoter Group
The details of the shareholding of our Promoters and the members of the Promoter Group (to the extent
applicable) as on the date of this Prospectus are set forth in the table below:
Pre-Offer Equity Share Capital Post-Offer Equity Share Capital*
Sr.
Name of the Promoter No. of Equity % of total No. of Equity % of total
No.
Shares Shareholding Shares Shareholding
1. Coal India Limited 4,657,000,000# 100.00% 4,191,300,000# 90.00
2. President of India, Nil Nil Nil Nil
acting through the
Ministry of Coal,
Government of India
Total 4,657,000,000# 100.00% 4,191,300,000# 90.00
* Subject to finalisation of the Basis of Allotment.
# Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah,
Sanjay Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders of Coal India
Limited.
Further, none of the members of our Promoter Group hold any Equity Shares in our Company.
v. Details of minimum Promoters’ contribution and applicable lock in
Pursuant to Regulations 14 and 16 (1) of the SEBI ICDR Regulations, an aggregate of 20% of the post-Offer
Equity Share capital of our Company held by one of our Promoters, Coal India Limited, shall be considered
as minimum promoters’ contribution and locked-in for a period of eighteen months from the date of Allotment
(“Promoter’s Contribution”). Coal India Limited’s shareholding in excess of 20% shall be locked in for a
period of six months from the date of Allotment. As on the date of this Prospectus, Coal India Limited holds
4,657,000,000 Equity Shares, equivalent to 100.00 % of the issued, subscribed and paid-up Equity Share
capital of our Company, the required portion of which are eligible for Promoters’ Contribution.
One of our Promoters, Coal India Limited, has given consent to include such number of Equity Shares held
by them, in aggregate, as may constitute 20% of the fully diluted post-Offer Equity Share capital of our
Company as Promoter’s Contribution. One of our Promoters, Coal India Limited, has agreed not to dispose,
sell, transfer, charge, pledge or otherwise encumber in any manner the Promoter’s Contribution from the date
of this Prospectus, until the expiry of the lock-in period specified above, or for such other time as required
under SEBI ICDR Regulations, except as may be permitted, in accordance with the SEBI ICDR Regulations.
The details of Equity Shares which will be locked-in for minimum Promoter’s contribution for a period of
eighteen months, from the date of Allotment as Promoter’s Contribution are as provided below:
Name of Number of Date of Face Allotment Nature % of the pre- % of the Date
the Equity allotment/ value / of Offer paid- post- up to
Promoter Shares transfer per acquisitio transacti up Equity Offer which
locked-in** Equit n price on Share paid-up Equity
y per capital, on a Equity Shares
Share Equity fully diluted Share locked
(₹) Share (₹) basis capital, -in
on a fully
diluted
basis
Coal 931,865,700 March 24, 10 10 Conversi 20.01 20.01 July
India ^ 2020 on of 17,
Limited preferenc 2027
e shares
113to equity
shares in
the ratio
of 1:1
Total 931,865,700 20.01 20.01
** Subject to finalisation of Basis of Allotment.
^ As adjusted for the split. For further details, please see the section titled “-Notes to Capital Structure – Equity Share
capital history of our Company” on page 107.
The Equity Shares that are being locked-in are not and will not be ineligible for computation of Promoter’s
Contribution under Regulation 15 of the SEBI ICDR Regulations. In particular, these Equity Shares do not
and shall not consist of:
(i) Equity Shares acquired during the three years preceding the date of this Prospectus (a) for
consideration other than cash and revaluation of assets or capitalisation of intangible assets is
involved in such transaction, or (b) as a result of bonus shares issued by utilization of revaluation
reserves or unrealised profits or from bonus issue against Equity Shares which are otherwise in-
eligible for computation of Promoter’s Contribution;
(ii) Equity Shares acquired during the one year preceding the date of this Prospectus, at a price lower
than the price at which the Equity Shares are being offered to the public in the Offer;
(iii) Our Company has not been formed by the conversion of a partnership firm or a limited liability
partnership firm into a company and hence, no Equity Shares have been issued in the one year
immediately preceding the date of this Prospectus pursuant to conversion from a partnership firm;
and
(iv) Equity Shares held by the Promoter that are subject to any pledge or any other form of encumbrance.
vi. Details of share capital locked-in for six months or any other period prescribed under applicable law
In terms of Regulation 17 of the SEBI ICDR Regulations, the entire pre-Offer equity share capital of
our Company, except for the Offered Shares successfully transferred by the Promoter Selling
Shareholder pursuant to the Offer, will be locked-in for a period of six months from the date of
Allotment in the Offer including any unsubscribed portion, except the Promoters’ Contribution which
shall be locked in as above
As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the
details of the Equity Shares locked-in are recorded by the relevant Depository.
In terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by one of our Promoters,
Coal India Limited which are locked-in, may be transferred to members of the Promoter Group or to
any new promoters, subject to continuation of lock-in in the hands of the transferees for the remaining
period and compliance with provisions of the SEBI Takeover Regulations, as applicable and such
transferee shall not be eligible to transfer them till the lock-in period stipulated in SEBI ICDR
Regulations has expired. The Equity Shares held by persons other than our Promoter, Coal India
Limited, and locked-in for a period of six months from the date of Allotment in the Offer or any other
period as may be prescribed under applicable law, may be transferred to any other person holding
Equity Shares which are locked-in, subject to the continuation of the lock-in the hands of the transferee
for the remaining period and compliance with the provisions of the Takeover Regulations.
In terms of Regulation 21 of the SEBI ICDR Regulations, the Equity Shares held by one of our
Promoters, Coal India Limited, which are locked-in as per Regulation 16 of the SEBI ICDR
Regulations, may be pledged only with scheduled commercial banks or public financial institutions or
systemically important non-banking finance companies or deposit taking housing finance companies
as collateral security for loans granted by such entity, provided that such pledge of the Equity Shares
is one of the terms of the sanctioned loan. However, such lock-in will continue pursuant to any
invocation of the pledge and the transferee of the Equity Shares pursuant to such invocation shall not
be eligible to transfer the Equity Shares until the expiry of the lock-in period stipulated above.
vii. Lock-in of Equity Shares Allotted to Anchor Investors
11450% of the Equity Shares allotted to Anchor Investors under the Anchor Investor Portion shall be
locked-in for a period 90 days from the date of Allotment and the remaining 50% shall be locked-in for
a period of 30 days from the date of Allotment.
viii. Recording of non-transferability of Equity Shares locked-in
As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the
details of the Equity Shares locked-in are recorded by the relevant Depository
ix. Sales or purchase of Equity Shares or other specified securities of our Company by our Promoters,
members of our Promoter Group and/or our Directors or directors of our Corporate Promoter and
their relatives during the six months immediately preceding the date of this Prospectus
None of our Promoters, the members of the Promoter Group, our Directors or directors of our Corporate
Promoter or their relatives have purchased, acquired or sold any securities of our Company during the
period of six months immediately preceding the date of filing of this Prospectus.
(the remainder of this page has been intentionally left blank)
11510. Shareholding pattern of our Company
The table below presents the shareholding pattern of our Company as on the date of this Prospectus:
Shareholdin Number of
No. of
g, as a % Number of Equity Shares
Equity
Number of Voting Rights held in each c lass assuming Locked in pledged or
Shareholdin Shares
of securities (IX) full Equity Shares otherwise
g as a % of Underly
conversion (XII) encumbered
No. of total no. of ing
of (XIII)
No. of Equity Equity Outstan Number of
No. of fully Total no. of No of Voting Rights convertible
Category Nos. of Partly Shares Shares ding Equity Shares
Category paid-up Equity Shares securities (as
of sharehol paid-up underlyin (calculated converti held in
(I) Equity Shares held a percentage
sharehold ders Equity g as per ble As a % As a % dematerialized
held (VII) = of diluted
er (II) (III) Shares Depositor SCRR, Total securitie of total of total form
(IV) (IV)+(V)+ (VI) Clas Equity
held (V) y Receipts 1957) as a s No. Equity No. Equity (XIV)
s: Share
(VI) (VIII) As a Class: Equity Total % of (includi (a) Shares (a) Shares
Oth capital)
% of (A+B ng held held
ers (XI)=
(A+B+C2) +C) Warran (b) (b)
(VII)+(X)
ts)
As a % of
(X)
(A+B+C2)
Promoter 7* 4,657,000,000 - - 4,657,000,000 100.00 4,657,000,000 - 4,657,000,000 100.00 - 100.00 - - - - 4,657,000,000
and
(A)
Promoter
Group
(B) Public - - - - - - - - - - - - - - - - -
Non - - - - - - - - - - - - - - - - -
(C) Promoter-
Non Public
Shares - - - - - - - - - - - - - - - - -
(C1) underlying
DRs
Shares held - - - - - - - - - - - - - - - - -
by
(C2)
Employee
Trusts
Total 7* 4,657,000,000 - - 4,657,000,000 100.00 4,657,000,000 - 4,657,000,000 100.00 - 100.00 - - - - 4,657,000,000
*Our Corporate Promoter, Coal India Limited, holds 4,657,000,000 Equity Shares, equivalent to 100.00% of the issued, subscribed and paid-up Equity Share capital of our Company out of which 600 Equity Shares are held by Rajesh Kumar,
Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay Kumar Singh and Manoj Kumar Agarwal, jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited
11611. As of the date of the filing of this Prospectus, our Company has seven (7) shareholders, which is our Corporate
Promoter, Coal India Limited, along with six (6) nominee shareholders.
12. Shareholding of our Directors, Key Managerial Personnel and members of Senior Management
Personnel in our Company
Except as stated below, none of our Directors or Key Managerial Personnel or members of Senior
Management Personnel hold any Equity Shares.
Name of Director/ Key Number of equity Percentage of pre- Percentage of post-
Managerial Personnel/ shares of face value Offer Equity Share Offer Equity Share
Member of Senior ₹10 each on fully capital (%) capital (%)
Management diluted basis
Personnel
Directors
Mukesh Choudhary 100* Negligible Negligible
Murli Krishna Ramaiah 100* Negligible Negligible
Sanjay Kumar Singh 100* Negligible Negligible
Manoj Kumar Agarwal 100* Negligible Negligible
*The shares are held jointly with Coal India Limited, as nominee shareholders of Coal India Limited
13. Details of shareholding of the major shareholders of our Company
(a) Set forth below is a list of Shareholders holding 1% or more of the issued and paid-up share capital of
our Company and the number of shares held by them, as on the date of this Prospectus:
Sr. Name of the Shareholder Number of Equity Shares of face Percentage of the Equity Share
No. value ₹10 each on fully diluted Capital on fully diluted basis
basis (%)
1. Coal India Limited 4,657,000,000* 100.00
*Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna
Ramaiah, Sanjay Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders
of Coal India Limited.
(b) Set forth below is a list of Shareholders holding 1% or more of the Equity Share capital of our Company
and the number of Equity Shares held by them, as of 10 days prior to the date of this Prospectus:
Sr. Name of the Shareholder Number of Equity Shares of face Percentage of the Equity Share
No. value ₹10 each on fully diluted Capital on fully diluted basis
basis (%)
1. Coal India Limited 4,657,000,000* 100.00
* Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna
Ramaiah, Sanjay Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders
of Coal India Limited.
(c) Set forth below is a list of Shareholders holding 1% or more of the Equity Share capital of our Company
and the number of Equity Shares held by them, as of one year prior to the date of this Prospectus:
Sr. Name of the Shareholder Number of Equity Shares of face Percentage of the Equity Share
No. value ₹1,000 each on fully Capital on fully diluted basis
diluted basis (%)
1. Coal India Limited 46,570,000* 100.00
*Includes 3 equity shares held by Samiran Dutta, Debasish Nanda and Polavarapu Mallikharjuna Prasad jointly with Coal India
Limited in the capacity of nominee shareholders of Coal India Limited.
(d) Set forth below is a list of Shareholders holding 1% or more of the Equity Share capital of our Company
and the number of Equity Shares held by them, as of two years prior to the date of this Prospectus:
Sr. Name of the Shareholder Number of Equity Shares of face Percentage of the Equity Share
No. value ₹1,000 each on fully Capital on fully diluted basis
diluted basis (%)
1. Coal India Limited 46,570,000* 100.00
117*Includes 3 equity shares held by Coal India Limited jointly with Samiran Dutta, Debasish Nanda and Polavarapu Mallikharjuna
Prasad in the capacity of nominee shareholders of Coal India Limited.
14. There have been no financing arrangements whereby our Promoters, members of our Promoter Group, our
Directors, directors of our Corporate Promoter or any of their relatives have purchased or sold or financed
the purchase by any other person of securities of our Company during the six months immediately preceding
the date of filing of this Prospectus.
15. There will be no further issue of specified securities whether by way of issue of bonus shares, preferential
allotment, rights issue or in any other manner during the period commencing from the date of filing of the
Prospectus with SEBI until the Equity Shares have been listed on the Stock Exchanges or all application
monies have been refunded, as the case may be.
16. Our Company has not made any public issue since its incorporation and has not made any rights issue of any
kind or class of securities since its incorporation.
17. Our Company has been in compliance with the Companies Act, 2013, to the extent applicable, with respect
to issuance of securities from the date of incorporation of our Company till the date of filing of this Prospectus.
18. All the Equity Shares held by our Promoters are in dematerialised form as on the date of this Prospectus.
19. There is no proposal or intention, negotiations or consideration by our Company to alter its capital structure
by way of split or consolidation of the Equity Shares or issue of Equity Shares or convertible securities on a
preferential basis or issue of bonus or rights or further public offer of such securities, within a period of six
months from the Bid/Offer Opening Date.
20. No person connected with the Offer, including, but not limited to, our Company, the members of the
Syndicate, our Promoters, Selling Shareholder, the members of our Promoter Group or our Directors, shall
offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or services or otherwise
to any Bidder for making a Bid, except for fees or commission for services rendered in relation to the Offer.
21. None of the members of our Promoter Group will participate in the Offer.
22. Neither the (i) BRLMs or any associates of the BRLMs (except Mutual Funds sponsored by entities which
are associates of the BRLMs or insurance companies promoted by entities which are associates of the BRLMs
or AIFs sponsored by entities which are associates of the BRLMs or FPIs other than individuals, corporate
bodies and family offices which are associates of the BRLMs or pension funds sponsored by entities which
are associates of the BRLMs); nor (ii) any person related to the Corporate Promoter or Promoter Group
applied in the Offer under the Anchor Investor Portion. Further, an Anchor Investor shall be deemed to be an
associate of the BRLMs, if: (a) either of them controls, directly or indirectly through its subsidiary or holding
company, not less than 15% of the voting rights in the other; or (b) either of them, directly or indirectly, by
itself or in combination with other persons, exercises control over the other; or (c) there is a common director,
excluding a nominee director, amongst the Anchor Investor and the BRLMs.
23. There are no outstanding warrants, options or rights to convert debentures, loans or other instruments into, or
which would entitle any person any option to receive Equity Shares of our Company, as on the date of this
Prospectus.
24. The BRLMs and their affiliates may engage in the transactions with and perform services for our Company
and/ or the Promoter Selling Shareholder in the ordinary course of business or may in the future engage in
commercial banking and investment banking transactions with our Company and/ or the Promoter Selling
Shareholder, for which they may in the future receive customary compensation.
25. We confirm that the BRLMs are not associates of our Company as per Regulation 21A of the Securities and
Exchange Board of India (Merchant Bankers) Regulations, 1992.
26. At any given time, there shall be only one denomination of the Equity Shares of our Company, unless
otherwise permitted by law.
27. Our Company shall comply with such disclosure and accounting norms as may be specified by SEBI from
time to time.
11828. Our Company shall ensure that any transactions in Equity Shares by our Promoters and members of our
Promoter Group between the date of filing of this Prospectus and the date of closing of the Offer shall be
reported to the Stock Exchanges within 24 hours of such transactions.
29. Our Company, our Directors and the BRLMs have not entered into buy-back arrangements and / or any other
similar arrangements for the purchase of Equity Shares being offered through the Offer.
30. All Equity Shares transferred pursuant to the Offer shall be fully paid-up at the time of Allotment and there
are no partly paid-up Equity Shares as on the date of this Prospectus.
31. None of our Promoters and the members of the Promoter Group have submitted Bids or otherwise participate
in the Offer other than to the extent of their participation in the Offer for Sale, as applicable.
32. None of the investors of our Company are directly or indirectly related with the BRLMs and their associates.
33. None of the BRLMs and their respective associates (as defined under the SEBI (Merchant Bankers)
Regulations, 1992) hold any Equity Shares in our Company as on the date of this Prospectus.
34. As on the date of filing of this Prospectus, our Company does not have stock appreciation rights scheme.
119OBJECTS OF THE OFFER
The objects of the Offer are to (i) to carry out the Offer for Sale of 465,700,000 Equity Shares of face value of
₹10 each of our Company by the Promoter Selling Shareholder aggregating to ₹ 10,687.82 million; and (ii) achieve
the benefits of listing the Equity Shares on the Stock Exchanges. For further details of the Offer, see “The Offer”
beginning on page 85.
Further, our Company expects that listing of the Equity Shares will enhance our visibility and brand image and
provide liquidity and a public market for the Equity Shares in India.
Utilization of the Offer Proceeds by the Promoter Selling Shareholder
Our Company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds
will be received by the Promoter Selling Shareholder after deduction of Offer related expenses and relevant taxes
thereon, to be borne by the Promoter Selling Shareholder. For details of the Offered Shares, see “Other Regulatory
and Statutory Disclosure—Authority for the Offer” beginning on page 482.
Offer expenses
The Offer expenses are estimated to be approximately ₹ 604.54 million.
The Offer expenses comprises of, among other things, listing fee, underwriting fee, selling commission and
brokerage, fee payable to the Book Running Lead Managers, legal counsels, Registrar to the Offer, Escrow
Collection Bank, processing fee to the SCSBs for processing ASBA Forms submitted by ASBA Bidders procured
by the Syndicate and submitted to SCSBs, brokerage and selling commission payable to Registered Brokers,
RTAs and CDPs, fees payable to the Sponsor Banks for Bids made by UPI Bidders and all other incidental and
miscellaneous expenses for listing the Equity Shares on the Stock Exchanges.
Other than the listing fees, audit fees of the statutory auditors (other than to the extent attributable to the Offer),
corporate or product advertisements expenses in the ordinary course of business by our Company (not in
connection with the Offer), all costs, charges, fees and expenses that are associated with and incurred solely in
connection with the Offer, including, inter alia, filing fees, book building fees and other charges, fees and
expenses of the SEBI, the Stock Exchanges, the Registrar of Companies, road show expenses, accommodation
and travel expenses, fees and expenses of the legal counsel to our Company and the Promoter Selling Shareholder,
fees and expenses of the statutory auditors (to the extent related to the Offer), registrar fees and broker fees
(including fees for procuring of applications), bank charges, fees and expenses of the BRLMs, Self-Certified
Syndicate Banks, other Designated Intermediaries and any other consultant, advisor or third party in connection
with the Offer shall be borne by the Promoter Selling Shareholder, subject to compliance with the applicable law
and as agreed among parties.
The cost for (i) necessary advertising and marketing expenses (ii) printing and stationery expenses and (iii)
BRLMs Legal Counsel shall be borne by the Book Running Lead Managers in terms of their engagement.
Payments, if any, made by our Company in relation to the Offer shall be on behalf of the Selling Shareholder and
such payments will be reimbursed to our Company.
In the event the Offer is withdrawn or unsuccessful or the listing and trading approvals from the Stock Exchanges
are not received, subject to applicable laws, all costs and expenses (including all applicable taxes) with respect to
the Offer shall be exclusively borne by the Promoter Selling Shareholder. Promoter Selling Shareholder shall also
pay the fees and expenses of the BRLMs as agreed to among the parties.
The break-down for the estimated Offer expenses are as follows:
As a % of total
Estimated
estimated Offer As a % of
Activity expenses (1) (in
related expenses Offer size (1)
₹ million)
(1)
BRLMs’ fees and commissions (including underwriting commission) 333.40 55.15% 3.12%
Brokerage and selling commission and bidding/uploading charges 20.30 3.36% 0.19%
payable to members of the Syndicate (including their Sub-Syndicate
Members), RTAs, CDPs and Registered Brokers (2)(3)(4)(5)(6)
120As a % of total
Estimated
estimated Offer As a % of
Activity expenses (1) (in
related expenses Offer size (1)
₹ million)
(1)
Fees payable to Registrar of the Offer 0.58 0.10% 0.01%
Non statutory advertising and other marketing expenses 54.09 8.95% 0.51%
Other expenses
i) Listing fees, SEBI fees, upload fees, BSE and NSE 122.09 20.20% 1.14%
processing fees, book-building software fees
ii) Fees payable to other parties, including but not limited 31.20 5.16% 0.29%
to Statutory Auditors, Practicing Company Secretary,
technical expert and industry expert.
iii) Fees payable to legal counsels 38.35 6.34% 0.36%
iv) Miscellaneous 4.53 0.75% 0.04%
Total estimated Offer expenses 604.54 100.00% 5.66%
(1) Offer expenses include goods and services tax, where applicable. Offer expenses are estimates and are subject to change.
(2) Selling commission payable to the SCSBs on the portion for RIBs, Eligible Employees, Eligible Shareholders and Non-Institutional
Bidders which are directly procured and uploaded by the SCSBs, would be as follows:
Portion for RIBs* 0.35% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Bidders* 0.15% of the Amount Allotted (plus applicable taxes)
Portion for Eligible Employees* 0.25% of the Amount Allotted (plus applicable taxes)
Portion for Eligible Shareholders* 0.15% of the Amount Allotted (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price. Selling commission payable to the SCSBs
will be determined on the basis of the bidding terminal ID as captured in the bid book of BSE or NSE.
No processing fees shall be payable by the Promoter Selling Shareholder to the SCSBs on the applications directly procured by them.
(3) Processing / uploading fees payable to the SCSBs on the portion for RIBs, Eligible Employees, Eligible Shareholders and Non-
Institutional Bidders which are procured by the members of the Syndicate / sub-Syndicate / Registered Broker / RTAs / CDPs and
submitted to SCSB for blocking, would be as follows:
Portion for RIBs* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Non-Institutional Bidders* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Eligible Employees* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Eligible Shareholders* ₹ 10 per valid Bid cum application (plus applicable taxes)
* Based on valid applications
The total processing/uploading charges payable to SCSBs as mentioned above will be subject to a maximum cap of ₹ 0.50 million (plus
applicable taxes). In case the ASBA processing/uploading charges payable to SCSBs exceeds ₹ 0.50 million (plus applicable taxes), then
the amount payable to SCSBs, would be proportionately distributed based on the number of valid applications such that the total
Processing/Uploading charges payable does not exceed ₹ 0.50 million (plus applicable taxes)
(4) Brokerage, Selling commission on the portion for RIBs, Non-Institutional Bidders, Eligible Employees, Eligible Shareholders procured
by members of the Syndicate (including their sub-Syndicate Members), RTAs and CDPs or for using 3-in-1 type accounts- linked online
trading, demat & bank account provided by some of the brokers which are members of Syndicate (including their Sub-Syndicate
Members) would be as follows:
Portion for RIBs 0.35% of the Amount Allotted* (plus applicable taxes)
Portion for Non-Institutional Bidders 0.15% of the Amount Allotted* (plus applicable taxes)
Portion for Eligible Employees 0.25% of the Amount Allotted* (plus applicable taxes)
Potion for Eligible Shareholders 0.15% of the Amount Allotted* (plus applicable taxes)
*Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price.
The selling commission payable to the Syndicate / Sub-Syndicate Members will be determined:
a) For RIBs, Eligible Employees, Eligible Shareholders, and Non-Institutional Bidders (up to ₹0.50 million) on the basis of the
application form number / series, provided that the application is also bid by the respective Syndicate / Sub-Syndicate Member.
For clarification, if a Syndicate ASBA application on the application form number / series of a Syndicate / Sub-Syndicate Member,
is bid by an SCSB, the Selling Commission will be payable to the SCSB and not the Syndicate / Sub-Syndicate Member.
b) For Non-Institutional Bidders (Bids above ₹0.50 million) on the basis of the Syndicate ASBA Form bearing SM Code & Sub-
Syndicate Code of the application form submitted to SCSBs for Blocking of the Fund and processing/uploading on the Exchanges
platform by SCSBs. For clarification, if a Syndicate ASBA application on the application form number / series of a Syndicate /
Sub-Syndicate Member, is bid by an SCSB, the Selling Commission will be payable to the Syndicate / Sub Syndicate members and
not the SCSB. The payment of selling commission payable to the sub-brokers / agents of sub-syndicate members are to be handled
directly by the respective sub-syndicate member.
(5) Selling commission/ uploading charges payable to the Registered Brokers on the portion for RIBs, Eligible Employees, Eligible
Shareholders and Non-Institutional Bidders which are directly procured by the Registered Broker and submitted to SCSB for processing,
would be as follows:
121Portion for RIBs* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Non-Institutional Bidders* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Eligible Employees* ₹ 10 per valid Bid cum application (plus applicable taxes)
Portion for Eligible Shareholders* ₹ 10 per valid Bid cum application (plus applicable taxes)
* Based on valid applications
The total processing/uploading charges payable to Registered Brokers will be subject to a maximum cap of ₹0.50 million (plus applicable
taxes). In case the total processing/uploading charges payable to Registered Brokers exceeds ₹0.50 million, then the amount payable to
Registered Brokers would be proportionately distributed based on the number of valid applications such that the total selling commission
payable does not exceed ₹0.50 million.
(6) Uploading charges/ Processing fees for applications made by UPI Bidders would be as under:
Payable to members of the Syndicate (including their sub-Syndicate NIL per valid application
Members)/ RTAs / CDPs
Payable to Sponsor Banks Axis Bank Limited - NIL per valid application
HDFC Bank Limited – NIL per valid application
The Sponsor Banks shall be responsible for making
payments to the third parties such as remitter bank, NPCI
and such other parties as required in connection with the
performance of its duties under applicable SEBI circulars,
agreements and other Applicable Laws
All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement and Cash
Escrow and Sponsor Bank Agreement.
The processing fees for applications made by UPI Bidders using the UPI Mechanism, where made available, may be released to the
remitter banks (SCSBs) only after such banks provide a written confirmation on compliance with SEBI RTA Master Circular, in a format
as prescribed by SEBI, from time to time and in accordance with SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20,
2022 and SEBI Circular No. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022.
The processing fees for applications made by UPI Bidders may be released to the remitter banks (SCSBs) only
after such banks provide a written confirmation in compliance with the UPI Circulars
Bridge financing facilities
We have not availed bridge financing from any bank or financial institution as on the date of this Prospectus.
Monitoring utilization of funds from the Offer
Since the Offer is an Offer for Sale and our Company will not receive any proceeds from the Offer, our Company
is not required to appoint a monitoring agency for the Offer.
Other confirmations
The Offer proceeds will be received by the Promoter Selling Shareholder. None of our Directors, Key Managerial
Personnel and Senior Management will receive any portion of the Offer Proceeds.
Except in the ordinary course of business, there are no material existing or anticipated transactions in relation to
utilisation of the Offer proceeds or project cost with Promoters, Promoter Group, Directors, Key Managerial
Personnel and Senior Management.
122BASIS FOR OFFER PRICE
The Price Band and the Offer Price was determined by our Company, in consultation with the BRLMs, on the
basis of assessment of market demand for the Equity Shares offered through the Book Building Process and the
quantitative and qualitative factors as described below and justified in view of the relevant parameters. The face
value of the Equity Shares is ₹ 10 each and the Floor Price is 2.10 times the face value of the Equity Shares and
the Cap Price is 2.30 times the face value of the Equity Shares.
Investors should also refer to “Risk Factors”, “Our Business”, “Restated Financial Information”, “Other
Financial Information” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” beginning on pages 33, 215, 299, 421 and 422, respectively, to have an informed view before making
an investment decision.
Qualitative factors
Some of the qualitative factors which form the basis for computing the Offer Price are:
• Largest coking coal producer in India with access to large reserves
• Strategically located mines with large washeries
• Well positioned to capitalize on demand for coking coal in India
• Strong parentage of Coal India Limited
• Consistent track record of growth and financial performance
• Experienced management team supported by committed employee base
Quantitative factors
Certain information presented below relating to our Company is derived from the Restated Financial Information.
Some of the quantitative factors which may form the basis for calculating the Offer Price are as follows:
1. Basic and diluted Earnings per Share (“EPS”) at face value of ₹ 10 each:
Based on / derived from the Restated Financial Information:
Fiscal Basic EPS Diluted EPS Weight
(in ₹) (in ₹)
2025 2.66 2.66 3
2024 3.36 3.36 2
2023 1.43 1.43 1
Weighted Average 2.69 2.69 -
Six months period ended September 30, 0.27 0.27
2025*
Six months period ended September 30, 1.61 1.61
2024*
*Not Annualised
As certified by Nag & Associates, Chartered Accountants, pursuant to the certificate dated January 13, 2026.
Note:
i) Pursuant to resolutions passed by the Board of Directors of our Company at its meeting held on April 15, 2025, the existing authorised
share capital of the Company was sub-divided from 51,000,000 equity shares of ₹ 1,000 each into 5,100,000,000 equity shares of ₹
10 each and also approved the sub division of the existing paid up shares of our Company from 46,570,000 equity shares of ₹ 1,000
each into 4,657,000,000 equity shares of ₹ 10 each, which was approved by the shareholders in the Extra-ordinary General Meeting
held on April 28, 2025. The disclosure of Basic EPS and Diluted EPS for all the period/ years presented has been arrived at after
giving effect to the sub-division.
ii) Basic EPS is computed by dividing net profit after tax attributable to the equity shareholders for the financial year / period by the
weighted average number of equity shares outstanding during the financial year / period. Diluted EPS is computed and disclosed by
dividing the net profit after tax attributable to the equity shareholders for the year / period after giving impact of dilutive potential
equity shares for the year / period by the weighted average number of equity shares and dilutive potential equity shares outstanding
123during the year / period
iii) Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights, i.e., (EPS x weight for each year
/total of weights).
2. Price/Earnings Ratio in relation to Price Band of ₹ 21 to ₹ 23 per Equity Share:
Particulars P/E at the lower end of P/E at the higher end of
Price Band (no. of Price band (no. of
times) times)
P/E ratio based on basic EPS for Financial Year
7.89 8.65
2025
P/E ratio based on diluted EPS for Financial Year
7.89 8.65
2025
3. Industry Peer Group Price / Earnings (P/E) ratio
Based on the peer group information (excluding our Company) given below are the highest, lowest and
industry average P/E ratio:
Particulars P/E R atio
Highest 19.44
Lowest 14.87
Average 17.16
Source: The highest and lowest industry P/E shown above is based on the peer set provided below. For further details, see “Comparison
of key accounting ratios with listed entities” below on page 125.
4. Return on Net Worth (“RoNW”)
As per the Restated Financial Information:
Financial Year RoNW (%) Wei ght
2025 20.83 3
2024 34.21 2
2023 19.22 1
Weighted Average 25.02 -
Six months period ended September 30, 2.00
2025*
Six months period ended September 30, 13.12
2024*
*Not Annualised
Notes:.
1. Return on Net Worth is calculated as restated profit / (loss) for the period / Financial year divided by average net worth. Net Worth
is the total equity attributable to equity-holders of the company, as appearing in the Restated Financial Information less OCI - Re-
measurement of Defined Benefits Plans (net of Tax) Reserve. Average net worth is the sum of opening and closing net worth divided
by two.
2. Weighted average = Aggregate of year-wise weighted Return on Net Worth divided by the aggregate of weights i.e., Return on Net
Worth x Weight) for each year / Total of weights
5. Net Asset Value (“NAV”) per Equity Share (face value of ₹ 10 each)
NAV per Equity Share (in ₹)
As of March 31, 2025 14.07
As on September 30, 2025 12.52
After the completion of the Offer
- At the Floor Price# 12.52
- At the Cap Price# 12.52
- At the Offer Price# 12.52
Notes:
(1) Net asset value (NAV) per equity share refers to Net worth as at the end of the year / period divided by number of equity shares
outstanding at the end of the financial year / period. Net Worth is the total equity attributable to equity-holders of the company, as
appearing in the Restated Financial Information less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve.
124(2) Pursuant to resolutions passed by the Board of Directors of the Company at its meeting held on April 15, 2025, the existing
authorised share capital of our Company was sub-divided from 51,000,000 equity shares of ₹ 1,000 each into 5,100,000,000 equity
shares of ₹ 10 each and also approved the sub division of the existing paid up shares of our Company from 46,570,000 equity
shares of ₹ 1,000 each into 4,657,000,000 equity shares of ₹ 10 each, which was approved by the shareholders in the Extra-
ordinary General Meeting held on April 28, 2025. The disclosure of NAV presented has been arrived at after giving effect to the
sub-division.
6. Comparison of key accounting ratios with listed industry peers (as of or for the period ended March
31, 2025, as applicable)
As there are no Indian listed industry peers of comparable size and similar line of business of the Company,
Warrior Met Coal, Inc. and Alpha Metallurgical Resources, Inc., both listed on New York Stock Exchange
(“NYSE”) have been considered as the Industry Peers (the “Listed Industry Peers”) considering the nature
and size of business of the Companies:
Revenue Face Closing NAV (₹
from value Price on EPS EPS RoN per
Name of the
Operations per Decemb P/E (Basic) (Diluted W equity
Company
(in ₹ equity er 30, (₹) ) (₹) (%) share)
million) share 2025 (₹)
Bharat Coking 1,38,025.50 ₹10 NA 8.65# 2.66 2.66 20.83 14.07
Coal Limited*
Listed Industry Peers**
Alpha 2,53,202.74 $0.01 18,177.77 14.87 1,233.78 1,222.65 11.48 11,182.10
Metallurgical
Resources, Inc
Warrior Met 1,30,589.34 $0.01 7,974.08 19.44 410.12 410.12 12.82 3,423.71
Coal, Inc.
*Pursuant to resolutions passed by the Board of Directors of the Company at its meeting held on April 15, 2025, the existing authorised share
capital of the Company was sub-divided from 51,000,000 equity shares of ₹ 1,000 each into 5,100,000,000 equity shares of ₹ 10 each and
also approved the sub division of the existing paid up shares of the Company from 46,570,000 equity shares of ₹ 1,000 each into 4,657,000,000
equity shares of ₹ 10 each, which was approved by the shareholders in the Extra-ordinary General Meeting held on April 28, 2025. The
disclosure of EPS (Basic and Diluted) and NAV presented has been arrived at after giving effect to the sub-division. All information provided
for the Company is as of / for the financial year ended March 31, 2025.
**All the financial information for listed industry peers mentioned above is on a consolidated basis and have been sourced / computed from
the Annual Report of the latest completed Fiscal year of the respective Peers, i.e., Fiscal 2024 ended December 31, 2024 being the Financial
Year closure of the respective Peers. The said information of Listed Industry Peers as stated above have been computed after conversion of
relevant figures from US$ into ₹. For information on exchange rate, please see “Certain conventions, Presentation of Financial, Industry and
Market Data and Currency of Presentation – Exchange Rates” on page 19.
#Based on the Offer Price of ₹ 23 per Equity Share of face value ₹ 10.
Note:
1. P/E ratio for the Listed Industry Peers has been calculated as the closing share price of the respective peers as on December 30, 2025 at
NYSE divided by the diluted EPS for Fiscal 2024 ended December 31, 2024 of the respective peers. Closing share price have been
converted into Indian Rupee at foreign exchange rate of ₹89.94 per US$ as on December 30, 2025 (Source RBI reference rate).
2. EPS (Basic) is computed by dividing net profit after tax attributable to the equity shareholders for the financial year by the weighted
average number of equity shares outstanding during the financial year. EPS (Diluted) per equity share is computed and disclosed by
dividing the net profit after tax attributable to the equity shareholders for the year after giving impact of dilutive potential equity shares
for the year by the weighted average number of equity shares and dilutive potential equity shares outstanding during the financial year.
In case of the Listed Industry Peers, same has been sourced from the respective Annual Reports of the peers and disclosed post conversion
from US$ to ₹
3. Return on Net Worth is calculated as restated profit / (loss) for the period / year divided by average net worth. Net Worth is the total
equity attributable to equity-holders of the company less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve. Average
net worth is the sum of opening and closing net worth divided by two.
4. Net asset value (NAV) per equity share refers to Net worth as at the end of the year / period divided by the number of equity shares
outstanding at the end of the financial year.
7. Key Performance Indicators
The table below sets forth the details of KPIs that our Company considers have a bearing for arriving at the
basis for Offer Price. All the KPIs comprising the GAAP financial measures, Non-GAAP financial measures
and operational measures disclosed below have been approved by a resolution of our Audit Committee dated
January 2, 2026 and certified by the management of our Company by way of certificate dated January 2,
2026. Further, the Audit Committee has noted that no KPIs have been disclosed to any new investors in the
last three years preceding the date of this Prospectus. Further, the KPIs herein have been certified by Nag &
Associates, Chartered Accountants pursuant to certificate dated January 2, 2026. The KPIs disclosed below
have been used historically by our Company to understand and analyze the business performance, which in
result, help it in analyzing the growth of various verticals in comparison to its peers.
125For details of other business and operating metrics disclosed elsewhere in this Prospectus, see “Our Business”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning
on pages 215 and 422, respectively
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic
basis, at least once a year (or any lesser period as may be determined by the Board of our Company) for a
duration of one year after the date of listing of the Equity Shares on the Stock Exchanges, or for such other
duration as required under the SEBI ICDR Regulations.
A. Financial Indicators
S. Key Unit Type As of, and for the period ended
No performance (GAAP Septembe Septembe March March 31, March 31,
. indica tors / Non r 30, 2025 r 30, 2024 31, 2025 2024 2023
GAAP)
1. Revenue
from in ₹ 1,38,025.5
GAAP 56,590.20 68,461.90 1,42,458.60 1,26,240.60
operations million 0
(1)
2. Revenue Non-
% - 4.56
CAGR (2) GAAP
3. in ₹ Non-
EBITDA (3) 4,599.30 13,734.70 23,560.60 24,938.90 8,913.10
million GAAP
4. EBITDA Non-
% - 62.58
CAGR (4) GAAP
5. EBITDA
Margin Non-
% 7.29 19.37 16.36 17.02 6.85
(% of total GAAP
income) (5)
6. Profit after
in ₹
tax (PAT) GAAP 1,238.80 7,487.00 15,644.60 6,647.80
million 12,401.90
(6)
7. PAT Non-
% - 36.59
CAGR (7) GAAP
8. PAT
Margin Non-
% 1.96 10.56 8.61 10.68 5.11
(% of total GAAP
income) (8)
9. Return on
Average
Non-
Capital % 4.28* 20.72* 30.13 47.20 16.56
GAAP
Employed
(ROCE) (9)
10. Return on
Non-
Net Worth % 2.00* 13.12* 20.83 34.21 19.22
GAAP
(10)
11. Capital
Expenditur in ₹ Non-
3,435.70 4,724.36 12,375.30 9,865.30
e (Capex) million GAAP 18,149.40
(11)
12. Trade
receivables
as number
of days of Non-
Days 60 28 40 25 36
Revenue GAAP
from
operations
(12)
13. Current Number/I Non-
1.00 1.19 1.19 1.21 0.96
Ratio (13) n Times GAAP
126S. Key Unit Type As of, and for the period ended
No performance (GAAP Septembe Septembe March March 31, March 31,
. indica tors / Non r 30, 2025 r 30, 2024 31, 2025 2024 2023
GAAP)
14. Net Asset
Value
Non-
(NAV) per in ₹ 12.52 13.01 14.07 11.50 8.14
GAAP
equity
share (14)
15. Earning per
shares
(EPS- in ₹ GAAP 0.27* 1.61* 2.66 3.36 1.43
Basic and
Diluted) (15)
*Not Annualised
As certified by Nag & Associates, Chartered Accountants pursuant to their certificate dated January 13, 2026.
Note:
1) Revenue from operations means the revenue from operations as appearing in the Restated Financial Information.
2) Revenue CAGR for the period FY 2023 to FY 2025 is calculated by dividing the Revenue from operation for the FY 2025 by the
Revenue from operation for the FY 2023, raising it to the power of one divided by the number of compounding periods i.e. 2 years,
and subtracting by one.
3) EBITDA is calculated as restated profit / (loss) for the period / year, plus finance costs, total taxes, and depreciation and
amortisation expense.
4) EBITDA CAGR for the period FY 2023 to FY 2025 is calculated by dividing the EBITDA from operation for the FY 2025 by the
EBITDA from operation for the FY 2023, raising it to the power of one divided by the number of compounding periods i.e. 2 years,
and subtracting by one.
5) EBITDA Margin (as a percentage of Total Income) refers to the percentage derived by dividing EBITDA by total income.
6) Profit after tax (PAT) means restated profit / (loss) for the period/financial year as appearing in the Restated Financial Information.
7) PAT CAGR for the period FY 2023 to FY 2025 is calculated by dividing the PAT for the FY 2025 by the PAT for the FY 2023,
raising it to the power of one divided by the number of compounding periods i.e. 2 years, and subtracting by one.
8) PAT Margin (as a percentage of Total Income) refers to the percentage derived by dividing profit after tax for the period/ financial
year by total income for the period/ financial year.
9) Return on average capital employed (ROCE) refers to the EBIT divided by average capital employed for the year/period. EBIT
means restated profit / (loss) for the period / year, plus finance costs and total taxes. Capital employed is the total equity attributable
to equity-holders of the company, as appearing in the Restated Financial Information plus non-current borrowings. Average capital
employed is the sum of opening and closing capital employed divided by two.
10) Return on Net Worth is calculated as restated profit / (loss) for the period / year divided by average net worth. Net Worth is the
total equity attributable to equity-holders of the company, as appearing in the Restated Financial Information less OCI - Re-
measurement of Defined Benefits Plans (net of Tax) Reserve. Average net worth is the sum of opening and closing net worth divided
by two.
11) Capex refers to the total Capital Expenditure for the respective financial years / period.
12) Trade receivables as number of days of Revenue from operations refers to Trade Receivables on the reporting date (excluding
unbilled receivables) as appearing in the Restated Financial Information divided by Revenue from operations multiplied by number
of days in the financial year / period.
13) Current ratio has been calculated as current assets divided by current liabilities as at the end of the financial year / period.
14) Net asset value (NAV) per equity share refers to Net worth as at the end of the year / period divided by number of equity shares
outstanding at the end of the financial year / period. Net Worth is the total equity attributable to equity-holders of the company, as
appearing in the Restated Financial Information less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve.
15) Earnings per share (EPS) equals profit for the year / period attributable to the shareholders of the company divided by the Weighted
average number of Equity Shares outstanding during the year / period. Since there is no dilutive capital, Basic and Diluted EPS
would be same.
16) Pursuant to resolutions passed by the Board of Directors of the Company at its meeting held on April 15, 2025, the existing
authorised share capital of the Company was sub-divided from 51,000,000 equity shares of ₹ 1,000 each into 5,100,000,000 equity
shares of ₹ 10 each and also approved the sub division of the existing paid up shares of the Company from 46,570,000 equity
shares of ₹ 1,000 each into 4,657,000,000 equity shares of ₹ 10 each, which was approved by the shareholders in the Extra-
ordinary General Meeting held on April 28, 2025. The disclosure of EPS (Basic and Diluted) and NAV presented has been arrived
at after giving effect to the sub-division.
B. Operational Indicators
S. Key performance Unit As of, and for the period ended
No. indica tors September September March 31, March 31, March 31,
30, 2025 30, 2024 2025 2024 2023
1. Million
Production of Raw Coal (1) 15.75 19.09 40.50 41.10 36.18
Tonnes
2. R aw Coal Production - According to type of coal
2(a) Million
Coking Coal (2) 15.05 18.39 38.89 39.11 33.72
Tonnes
127S. Key performance Unit As of, and for the period ended
No. indica tors September September March 31, March 31, March 31,
30, 2025 30, 2024 2025 2024 2023
2(b) Million
Non Coking Coal (3) 0.70 0.70 1.61 1.99 2.46
Tonnes
3. R aw coal production - According to type of Mine
3(a) Million
Underground Mines (4) 0.33 0.56 1.14 0.77 0.69
Tonnes
3(b) Million
Opencast Mines (5) 15.41 18.54 39.36 40.33 35.49
Tonnes
4. Pr oduction of Washed Million
0.72 0.84 1.65 1.46 1.43
Coking Coal(6) tonnes
5. O verburden Removal (7) Million
Cu m 81.43 87.35 182.35 149.28 114.47
(MCuM)
6. O fftake (Raw Coal) (8) Million
17.07 18.60 38.26 39.27 35.53
tonnes
7. O utput per Manshift (9) Tonnes 5.19 5.91 6.46 5.89 3.78
As certified by Nag & Associates, Chartered Accountants pursuant to their certificate dated January 13, 2026.
Note:
1) Production of raw coal refers to total raw coal produced by the Company during the period / financial year
2) Refers to production of raw coking coal produced by the Company during the period / financial year
3) Refers to production of raw non coking coal produced by the Company during the period / financial year
4) Refers to production of raw coal produced by the Company during the period / financial year from Underground mines including
underground section of mixed mines
5) Refers to production of raw coal produced by the Company during the period / financial year from Opencast mines including
opencast section of mixed mines
6) Refers to production of washed coking coal produced by the Company during the period / financial year.
7) Refers to overburden removed by the company during the period/financial year. Overburden refers to the layer of soil, rock, and
other material that lies above coal seams and is required to be removed during opencast mining to access coal seams.
8) Refers to the total raw coal dispatched to customers plus the raw coal transferred to washeries for washing plus any internal or
colliery consumption.
9) Output per manshift (OMS) in coal mining refers to the average quantity of coal produced per man per shift
Explanation for the key performance indicators:
S. Key performance indicators Description
No.
Financial Metrics
1. Revenue from operations represents the scale of the business as
Revenue from operations
well as provides information regarding the overall financial
performance
2. Revenue CAGR is used to track the annualised growth rate of our
Revenue CAGR revenue over a specific period, and is a measure of growth in
business
3. EBITDA provides information regarding the operational
EBITDA
efficiency of our business
4. EBITDA CAGR is used to track the annualised growth rate of our
EBITDA CAGR EBITDA over a specific period, and is a measure of growth in
operational efficiency of our business
5. EBITDA as a percentage of Total Income is an indicator of the
operational profitability and financial performance of our
EBITDA Margin
business. It's preferred over other ratios' calculations because it
(% of total income)
focuses solely on operational performance, excluding non-
operating factors.
6. It provides information regarding the overall profitability or loss
Profit after tax (PAT)
of the business.
7. PAT CAGR is used to track the annualised growth rate of our
PAT CAGR PAT over a specific period, and is a measure of growth in
profitability of our business
8. PAT Margin PAT Margin is an indicator of the overall profitability and
(% of total income) financial performance of our business as compared to our Total
128S. Key performance indicators Description
No.
Income.
9. Return on Average Capital RoACE provides how efficiently the Company generates
Employed (ROCE) earnings from the capital employed in the business.
10. Return on Net Worth provides how efficiently our Company
Return on Net Worth
generates earnings from the shareholders’ funds
11. Capex indicates the total expenditure incurred by our Company
Capital Expenditure (Capex)
to buy, maintain, expand, improve our fixed assets
12. Trade receivables as number of days of Revenue from operations
Trade receivables as number of is a financial metric that measures the average number of days it
days of Revenue from takes for a company to collect payment from its customers after
operations a sale is made. It reflects the efficiency of a company’s accounts
receivable process and its ability to manage customer credit.
13. It is a liquidity ratio that measures the current resources available
Current Ratio
to Company to meet its short-term obligations
14. Net Asset Value per Equity Share reflects the intrinsic value of a
Net Asset Value (NAV) per
company's equity, helping in assessing the company's financial
equity share
health
15. Earning per shares (EPS- Basic EPS indicates the company's profitability by showing how much
& Diluted) money a business makes for each share.
Operational Metrics
Company is primarily in the production of Coal, especially
Coking Coal. Production of Raw coal is a key metric which
1. Production of Raw Coal
determines the total Coal (whether coking or non-coking) in raw
form that has been extracted from the mines.
2. Raw Coal Production – According to type of coal
This is an essential metric used by the Company to gauge actual
production of Coking Coal and Non Coking Coal. Coking coal
2(a) Coking Coal also known as metallurgical coal possesses unique property of
forming coke when heated in the absence of air at high
temperatures. Coke is a hard, porous substance essential for the
blast furnace process in steelmaking. This characteristic
2(b) Non Coking Coal distinguishes coking coal from non-coking coal, which lacks the
ability to form coke and is primarily used for energy generation
3. Raw coal production - According to type of Mine
It is metric to determine the total coal that has been produced from
3(a) Underground Mines the underground mines and open cast mine. As compared to
underground mines, the opencast mines have high recovery rate
and are more cost effective. However, underground mines can
3(b) Opencast Mines access more deep seated coal, obtain better quality of coal and is
more eco-friendly.
Washed coking coal refers to raw coking coal that has been
processed to remove impurities through a process of coal
4. Washed Coking Coal washing. Washed coal is used for specific purposed / industries
especially in Steel sector. The prices for washed coking coal is
generally higher compared to other grade of coals.
Overburden refers to the layer of soil, rock, and other material
that lies above coal seams and is required to be removed during
5. Overburden Removal
opencast mining to access coal seams. Removal of these
impurities consumes cost and time.
This metric measures the total raw coal sold or dispatched to
6. Offtake (Raw Coal) customers plus the raw coal transferred to washeries for washing
plus any internal or colliery consumption.
Output per Manshift measures how much output (i.e. tonnes of
7. Output per Manshift coal) is produced per man per shift, providing measure of
workforce efficiency.
As certified by Nag & Associates, Chartered Accountants pursuant to their certificate dated January 13, 2026.
Description on the historic use of KPIs by our Company to analyze, track or monitor the operational
129and/ or financial performance of our Company:
In evaluating the business, we consider and use certain KPIs, as stated above, as a supplemental measure to
review and assess the financial and operating performance. The presentation of these KPIs is not intended to
be considered in isolation or as a substitute for Restated Financial Information. The Company use these KPIs
to evaluate financial and operating performance. Some of these KPIs are not defined under Ind AS and are
not presented in accordance with Ind AS. These KPIs have limitations as analytical tools. Further, these KPIs
may differ from the similar information used by other companies and hence their comparability may be
limited. Therefore, these metrics should not be considered in isolation or construed as an alternative to Ind
AS measures of performance or as an indicator of the operating performance, liquidity or results of operation.
Although these KPIs are not a measure of performance calculated in accordance with applicable accounting
standards, the Company’s management believes that it provides an additional tool for investors to use in
evaluating the ongoing operating results and trends and in comparing the financial results with other
companies in the industry because it provides consistency and comparability with past financial performance,
when taken collectively with financial measures prepared in accordance with Ind AS. Investors are
encouraged to review the Ind AS financial measures and to not rely on any single financial or operational
metric to evaluate the business.
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic
basis, at least once in a year (or any lesser period as determined by our Board), until one year after the date
of listing of the Equity Shares on the Stock Exchanges, or for such other duration as may be required under
the SEBI ICDR Regulations.
Comparison of KPIs over time shall be explained based on additions or dispositions to our business
There are no material acquisitions or dispositions made by the Company during the last three fiscals, Financial
Years ended March 31, 2025, March 31, 2024 and March 31, 2023. No comparison of KPIs over time based
on additions or dispositions to the business are required to be provided.
1308. Comparison of our key performance indicators with listed industry peers
There are no Indian listed industry peers of comparable size and similar line of business of the Company, Warrior Met Coal, Inc. and Alpha Metallurgical Resources, Inc.,
both listed on New York Stock Exchange (“NYSE”) have been considered as the Industry Peers (the “Listed Industry Peers”) considering the nature and size of business
of the Companies.
Particulars Unit Bharat Coking Coal Limited Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
As at and for Fiscal / period ended As at and for Fiscal / period ended As at and for Fiscal / period ended
Half Half March March March Half Half Decemb Decemb Decemb Half Half Decemb Decemb Decem
year year 31, 2025 31, 2024 31, 2023 year year er 31, er 31, er 31, year year er 31, er 31, ber 31,
Septem Septem June June 2024 2023 2022 June June 2024 2023 2022
ber 30, ber 30, 30, 2025 30, 2024 30, 2025 30, 2024
2025 2024
Financial Metrics
Revenue in ₹
1,26,240.6 143,950.1 92,574.0 1,39,198.0 288,544.1 339,570.8
from milli 56,590.20 68,461.90 1,38,025.50 1,42,458.60 51,107.24 75,108.00 130,589.34 139,361.07 253,202.74
0 2 4 2 8 0
operations on
Revenue %
- 4.56 - -4.75 - -13.65
CAGR
in ₹
13,734.7 23,560.6 24,938.9 26,332.6 37,837.1 57,912.6 76,979.4 24,335.2 32,697.5 82,226.5 139,432.
EBITDA milli 4,599.30 8,913.10 7,634.19 3,307.83
0 0 0 5 0 1 7 7 9 4 60
on
EBITDA %
- 62.58 - -29.89 - -51.57
CAGR
EBITDA %
Margin
7.29 19.37 16.36 17.02 6.85 14.68 34.39 28.36 40.57 53.08 3.55% 17.40% 12.83 28.40 40.96
(% of total
income)
in ₹
Profit after 12,401.9 15,644.6 17,332.5 21,456.6 39,783.6 53,093.0 15,513.6 16,060.5 60,008.9 119,925.
milli 1,238.80 7,487.00 6,647.80 -219.15 3,327.59
tax (PAT) 0 0 7 3 4 6 9 1 8 04
on
PAT CAGR % - 36.59 - -36.43 - -63.40
131Particulars Unit Bharat Coking Coal Limited Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
As at and for Fiscal / period ended As at and for Fiscal / period ended As at and for Fiscal / period ended
Half Half March March March Half Half Decemb Decemb Decemb Half Half Decemb Decemb Decem
year year 31, 2025 31, 2024 31, 2023 year year er 31, er 31, er 31, year year er 31, er 31, ber 31,
Septem Septem June June 2024 2023 2022 June June 2024 2023 2022
ber 30, ber 30, 30, 2025 30, 2024 30, 2025 30, 2024
2025 2024
PAT %
Margin
1.96 10.56 8.61 10.68 5.11 -0.42 22.64 16.08 27.87 36.61 -3.57 11.09 6.30 20.73 35.23
(% of total
income)
Return on %
Average
Capital 4.28* 20.72* 30.13 47.20 16.56 0.03* 11.25* 13.67 30.20 93.08 -3.06* 12.86* 13.44 56.46 218.85
Employed
(ROCE)
Return on %
Net Worth 2.00* 13.12* 20.83 34.21 19.22 -0.12* 10.61* 12.82 28.87 88.61 -2.31* 11.27* 11.48 47.33 200.92
(RoNW)
Capital in ₹
18,149.4 12,375.3 12,272.9 17,579.9 39,147.2 40,867.9 16,991.9 10,407.7 17,025.3 20,395.4 13,603.1
Expenditure milli 3,435.70 4,724.36 9,865.30 6,252.29
0 0 4 1 6 4 9 2 7 0 4
(Capex) on
Trade Day
receivables s
as number
of days of 60 28 40 25 36 50 37 34 21 32 49 55 45 54 44
Revenue
from
operations
Nu
mbe
Current
r/In 1.00 1.19 1.19 1.21 0.96 4.59 6.37 5.20 7.24 7.66 4.06 3.55 4.13 3.38 2.53
Ratio
Tim
es
132Particulars Unit Bharat Coking Coal Limited Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
As at and for Fiscal / period ended As at and for Fiscal / period ended As at and for Fiscal / period ended
Half Half March March March Half Half Decemb Decemb Decemb Half Half Decemb Decemb Decem
year year 31, 2025 31, 2024 31, 2023 year year er 31, er 31, er 31, year year er 31, er 31, ber 31,
Septem Septem June June 2024 2023 2022 June June 2024 2023 2022
ber 30, ber 30, 30, 2025 30, 2024 30, 2025 30, 2024
2025 2024
Net Asset in ₹
Value 10,897.6 10,854.0 11,182.1
12.52 13.01 14.07 11.50 8.14 3,387.80 3,272.04 3,423.71 2,997.79 2,321.49 9,513.26 6,825.06
(NAV) per 8 3 0
equity share
Earning per in ₹
1,192.50
shares 0.27* 1.61* 2.66 3.36 1.43 -4.28* 332.13* 410.12 765.54 1,028.25 -254.91* 1,233.78 4,254.08 6,856.67
*
(Basic)
Earnings in ₹
1,177.48
per share 0.27* 1.61* 2.66 3.36 1.43 -4.28* 331.30* 410.12 764.70 1,026.60 -254.91* 1,222.65 4,097.82 6,580.98
*
(Diluted)
Operational Metrics
Production Milli
of Raw Coal on
15.75 19.09 40.50 41.10 36.18 4.14 3.83 7.48 6.94 5.73 N/A N/A 15.70 16.70 16.10
tonn
es
Raw Coal Production - According to type of coal
a) Coking Milli
Coal on
15.05 18.39 38.89 39.11 33.72 4.14 3.83 7.48 6.94 5.73 N/A N/A 14.60 14.80 13.90
tonn
es
b) Non Milli
Coking on
0.70 0.70 1.61 1.99 2.46 Nil Nil Nil Nil Nil N/A N/A 1.10 1.90 2.20
Coal tonn
es
Raw coal production - According to type of Mine
133Particulars Unit Bharat Coking Coal Limited Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
As at and for Fiscal / period ended As at and for Fiscal / period ended As at and for Fiscal / period ended
Half Half March March March Half Half Decemb Decemb Decemb Half Half Decemb Decemb Decem
year year 31, 2025 31, 2024 31, 2023 year year er 31, er 31, er 31, year year er 31, er 31, ber 31,
Septem Septem June June 2024 2023 2022 June June 2024 2023 2022
ber 30, ber 30, 30, 2025 30, 2024 30, 2025 30, 2024
2025 2024
a) Underg Milli
round on
0.33 0.56 1.14 0.77 0.69 4.14 3.83 7.48 6.94 5.73 N/A N/A N/A N/A N/A
Mines tonn
es
b) Openca Milli
st Mines on
15.41 18.54 39.36 40.33 35.49 Nil Nil Nil Nil Nil N/A N/A N/A N/A N/A
tonn
es
Production Milli
of Washed on
0.72 0.84 1.65 1.46 1.43 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Coking Coal tonn
es
Overburden Milli
Removal on
Cu
81.43 87.35 182.35 149.28 114.47 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
m
(MC
uM)
Offtake Milli
(Raw Coal) on
17.07 18.6 38.26 39.27 35.53 3.98 3.84 7.20 6.80 5.10 7.64 8.92 17.13 17.07 16.38
tonn
es
Output per Ton
5.19 5.91 6.46 5.89 3.78 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Manshift nes
*Not Annualised
Note:
1. The financial year for both the Listed Industry Peers commences on January 1 and ends on December 31 of the particular year. Accordingly, the data provided for the Listed Industry Peers have been derived
from the latest available last three financial year of the Peers, i.e., Fiscal 2024, Fiscal 2023 and Fiscal 2022, each ended December 31 of that particular year and half year ended June 30, 2025 and June 30,
2024
1342. The financial and operational parameters for the listed industry peers mentioned above is on a consolidated basis and is sourced/derived from the respective annual report/financial results/ quarterly results.
Peer companies may calculate such KPIs differently from the Company in their financial result/annual report/Investor presentation. However, for the purpose of comparison, the financial ratios of the peers
have been computed/calculated in the manner of calculation/computation carried out for the Company for purpose of KPIs disclosure, to the extent applicable.
3. NA refers to Not Applicable, where the financial/operational information is unavailable i.e. not reported by the listed industry peers in either their annual reports / quarterly results / investor presentations as
submitted to the relevant Stock Exchanges.
4. Net assets value per share and earnings per shares (EPS- Basic & Diluted) for BCCL is calculated based on face value of ₹ 10 each, and for the listed industry peers have been calculated on the face value of
$0.01 each.
5. Since both the Listed Industry Peers present their financial information in US$ denomination, the same have been converted into ₹ at the exchange rate for the relevant financial year. For information on
exchange rate, please see “Certain conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Exchange Rates” on page 19.
135Given below is the KPI information the Listed Industry Peers in US$, being the currency used for presentation of their financial information:
Particulars Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
Units As at and for period ended As at and for period ended
Half year Half year Decembe Decembe December Half year Half year December December December
June 30, June 30, r 31, 2024 r 31, 2023 31, 2022 June 30, June 30, 31, 2024 31, 2023 31, 2022
2025 2024 2025 2024
Financial Metrics
Revenue from $ in
597.47 900.04 1,525.22 1,676.63 1,738.74 1,082.23 1,668.04 2,957.29 3,471.42 4,101.59
operations million
Revenue CAGR % - -6.34 - -15.09
$ in
EBITDA 89.25 315.55 441.92 696.74 929.82 38.67 291.62 381.89 989.25 1684.17
million
EBITDA CAGR % - -31.06 - -52.38
EBITDA Margin %
14.68 34.39 28.36 40.57 53.08 3.55 17.40 12.83 28.40 40.96
(% of total income)
Profit after tax $ in
-2.56 207.70 250.60 478.63 641.30 -38.90 185.90 187.58 721.96 1,448.55
(PAT) million
PAT CAGR % - -37.49 - -64.01
PAT Margin %
-0.42 22.64 16.08 27.87 36.61 -3.57 11.09 6.30 20.73 35.23
(% of total income)
Return on Average %
Capital Employed 0.03* 11.23* 13.48 30.15 55.00 -3.06* 12.84* 13.25 56.36 129.43
(ROCE)
Return on Net %
-0.12* 10.59* 12.64 28.82 55.30 -2.32* 11.25* 11.32 47.24 141.51
Worth (RoNW)
136Particulars Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
Units As at and for period ended As at and for period ended
Half year Half year Decembe Decembe December Half year Half year December December December
June 30, June 30, r 31, 2024 r 31, 2023 31, 2022 June 30, June 30, 31, 2024 31, 2023 31, 2022
2025 2024 2025 2024
Capital $ in
Expenditure million 143.48 210.66 457.22 491.67 205.24 73.09 124.72 198.85 245.37 164.31
(Capex)
Trade receivables Days
as number of days
50.45 36.54 34 21 32 49.24 54.51 45 54 44
of Revenue from
operations
Numbe
Current Ratio r/In 4.59 6.37 5.20 7.24 7.66 4.06 3.55 4.13 3.38 2.53
Times
Net Asset Value in $
(NAV) per equity 39.60 39.21 39.99 36.07 28.04 127.40 130.07 130.60 114.45 82.44
share
Earning per shares in $
-0.05* 3.98* 4.79 9.21 12.42 -2.98* 14.29* 14.41 51.18 82.82
(Basic)
Earnings per share in $
-0.05* 3.97* 4.79 9.20 12.40 -2.98* 14.11* 14.28 49.30 79.49
(Diluted)
Operational Metrics
Production of Raw Million
4.14 3.83 7.48 6.94 5.73 N/A N/A 15.70 16.70 16.10
Coal tonnes
Raw Coal Production - According to type of coal
Million 4.14 3.83 7.48 6.94 5.73 N/A N/A 14.60 14.80 13.90
a) Coking Coal
137Particulars Warrior Met Coal, Inc. Alpha Metallurgical Resources, Inc
Units As at and for period ended As at and for period ended
Half year Half year Decembe Decembe December Half year Half year December December December
June 30, June 30, r 31, 2024 r 31, 2023 31, 2022 June 30, June 30, 31, 2024 31, 2023 31, 2022
2025 2024 2025 2024
tonnes
Million
b) Non Coking Nil Nil Nil Nil Nil N/A N/A 1.10 1.90 2.20
tonnes
Coal
Raw coal production - According to type of Mine
Million
a) Underground 4.14 3.83 7.48 6.94 5.73 N/A N/A N/A N/A N/A
tonnes
Mines
Million
b) Opencast Nil Nil Nil Nil Nil N/A N/A N/A N/A N/A
tonnes
Mines
Production of Million
Washed Coking tonnes N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Coal
Million
Overburden Cu m
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Removal (MCu
M)
Offtake (Raw Million
3.98 3.84 7.20 6.80 5.10 7.64 8.92 17.13 17.07 16.38
Coal) tonnes
Output per Tonnes
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Manshift
* Not Annualised
1389. Weighted average cost of acquisition (“WACA”)Past Primary/ Secondary Transactions
A. The price per share of our Company based on the primary/ new issue of shares (equity/ convertible
securities)
Our Company has not issued any Equity Shares or convertible securities issued during the 18 months
preceding the date of this Prospectus, where such issuance is equal to or more than 5% of the fully diluted
paid-up share capital of our Company (calculated based on the pre-Offer capital before such
transaction(s)), in a single transaction or multiple transactions combined together over a span of rolling
30 days (“Primary Issue”).
B. The price per share of our Company based on secondary sale/ acquisitions of shares (equity/
convertible securities)
No Equity Shares or convertible securities have been transacted by the Promoter Selling Shareholder, or
Shareholder(s) having the right to nominate director(s) on our Board, during the 18 months preceding
the date of this Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted
paid-up share capital of our Company (calculated based on the pre-Offer capital before such
transactions), in a single transaction or multiple transactions combined together over a span of rolling 30
days (“Secondary Transaction”).
C. Since there are no such transactions to report to under points (A) and (B) above, therefore, information
of price per share of the last five primary or secondary transactions (where the Promoters, Promoter
Group, the Promoter Selling Shareholder or Shareholder(s) having the right to nominate Director(s) on
our Board were a party to the transaction), not older than three years prior to the date of this Prospectus
irrespective of the size of transactions, is set forth below:
There have been no primary or secondary transactions (secondary transactions where Promoters,
members of the Promoter Group, Promoter Selling Shareholder or Shareholder(s) having the right to
nominate Director(s) on our Board, are a party to the transaction), not older than three years prior to the
date of this Prospectus:
D. Weighted average cost of acquisition, floor price and cap price
Types of transactions Weighted Floor price Cap price
average cost of (i.e. ₹ 21) (i.e. ₹ 23)
acquisition (₹.
per Equity
Share)
Weighted average cost of acquisition for last 18 months for NA NA NA
primary / new issue of shares (equity/ convertible securities),
excluding shares issued under an employee stock option
plan/employee stock option scheme and issuance of bonus
shares, during the 18 months preceding the date of this
Prospectus, where such issuance is equal to or more than five
per cent of the fully diluted paid-up share capital of the
Company (calculated based on the pre-Offer capital before
such transaction/s and excluding employee stock options
granted but not vested), in a single transaction or multiple
transactions combined together over a span of rolling 30 days
Weighted average cost of acquisition for last 18 months for NA NA NA
secondary sale / acquisition of shares equity/convertible
securities), where promoter / promoter group entities or
shareholder(s) having the right to nominate director(s) in the
Board are a party to the transaction (excluding gifts), during
the 18 months preceding the date of this Prospectus, where
either acquisition or sale is equal to or more than five per cent
of the fully diluted paid-up share capital of the Company
(calculated based on the pre-issue capital before such
transaction/s and excluding employee stock options granted
but not vested), in a single transaction or multiple transactions
combined together over a span of rolling 30 days
139Since there were no primary or secondary transactions of equity shares of the Company during the 18 months
preceding the date of filing of this Prospectus, the information has been disclosed for price per share of the
Company based on the last five primary or secondary transactions where promoter /promoter group entities or
shareholder(s) having the right to nominate director(s) on the Board, are a party to the transaction, not older than
three years prior to the date of filing of this Prospectus irrespective of the size of the transaction as below:
- Based on primary issuances NA NA NA
- Based on secondary transactions (where the Promoter NA NA NA
Selling shareholder or shareholder having right to
nominate the directors, are a party to the secondary
transaction)
As certified by Nag & Associates, Chartered Accountants pursuant to their certificate dated January 13, 2026.
E. Justification for Basis of Offer Price
Detailed explanation for Offer Price/ Cap Price along with our Company's KPIs and financial
ratios for the periods presented in the Restated Consolidated Financial Information and in view of
the external factors which may have influenced the pricing of the issue, if any:
• According to CRISIL Report, we are the largest coking coal producer in India in Fiscal 2025 in terms
of coking coal production, which accounted for 58.50% of the domestic coking coal production in
Fiscal 2025.
• We supply raw coal to various industries such as power, steel and fertilizer industries, and also use
our raw coal in our washeries for beneficiating the coal to produce washed coking coal and other by-
products.
• According to CRISIL Report, as of March 31, 2025, India’s total coal resource is estimated to be
389.4 billion metric tonnes, with coking coal resources amounting to 36.8 billion tonnes. We hold
7.91 billion tonnes of these coking coal resources, as of April 1, 2024, making us the only source of
prime coking coal in India.
• With our substantial reserves, we ensure a steady supply of coking coal to meet the demands of our
customers across industries such as steel plants, thermal power plants, cement manufacturers and
fertilizer industry that rely on coal as a primary fuel or input.
• Our mines are strategically located in the Jharia and Raniganj coalfields, which have a vast reserve
of coal resources. We are a market leader in coking coal washery capacity in India, with an owned
operational capacity of 13.65 million tonnes per annum. Our strategically located mines and large
washeries represent a significant competitive advantage that enhances operational efficiency, reduces
costs, and ensures high-quality coal production.
• We have expanded our operations significantly over the years, with our coal production increasing
from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, which is an increase
of 32.74% over Fiscal 2022.
• We have maintained a consistent track record of financial performance, which is a key indicator of
our operational excellence and long-term viability.
• According to CRISIL Report, the demand for coking coal in India stands at 67 million metric tonnes
in Fiscal 2025 and is expected to reach 138 million metric tonnes by Fiscal 2035. The demand for
coking coal in India is expected to rise substantially, driven by the growth of the steel and power
industries.
• We have a large pool of skilled employees, including technically qualified professionals, with
relevant industry experience. As of September 30, 2025, we had 31,389 employees, including 1,811
executives and 29,578 non-executive employees.
The Offer Price of ₹ 23 is 2.30 times of the face value of the Equity Shares and is justified in view of the above
qualitative and quantitative parameters. The trading price of Equity Shares could decline due to factors mentioned
in “Risk Factors” beginning on page 33 and you may lose all or part of your investments.
140STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS
To,
The Board of Directors
Bharat Coking Coal Limited
Koyla Bhawan, Koyla Nagar,
Dhanbad, Jharkhand – 826005
India
(the “Company”)
IDBI Capital Markets & Securities Limited
6th Floor, IDBI Tower,
WTC Complex
Cuffe Parade, Mumbai 400 005,
Maharashtra, India
ICICI Securities Limited
ICICI Securities,
Appasaheb Marathe Marg,
Prabhadevi, Mumbai- 400025,
Maharashtra, India
(‘IDBI Capital Markets and Securities Limited’ and ‘ICICI Securities Limited’ collectively referred to as “Book
Running Lead Managers” or “BRLMs”)
Dear Sirs / Madams,
Re: Proposed initial public offering of equity shares of face value of ₹ 10 each (the “Equity Shares”) by
Bharat Coking Coal Limited (the “Company”) by way of an offer for sale by Selling Shareholder (“Offer”).
Subject: Certificate on Special Tax Benefits
We, Nag & Associates, Chartered Accountants, are the Statutory Auditors of the Company and we have been
informed that the Company proposes to file the Red Herring Prospectus (“RHP”) and the Prospectus with
Registrar of Companies, Jharkhand at Ranchi (“RoC”), the Securities and Exchange Board of India (“SEBI”),
BSE Limited and National Stock Exchange of India Limited (collectively, the “Stock Exchanges”) and any other
documents or materials to be issued in relation to the Offer (collectively with the RHP and Prospectus, the “Offer
Documents”) in accordance with the provisions of the Companies Act, 2013, the Securities and Exchange Board
of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“ICDR Regulations”)
and applicable laws.
We have received a request from the Company to issue a certificate in connection with the Issue in respect of
special tax benefits (under direct and indirect tax laws in India) together with the report available to the Company,
its shareholders and material subsidiary.
We report that the enclosed statement in the Annexure A, states the possible special tax benefits under direct and
indirect tax laws and Income tax Rules, 1962 including amendments made by the Finance Act, 2025 and as
applicable for financial year 2025-2026 relevant to assessment year 2026-2027 (hereinafter referred to as “Income
Tax Laws”), the Central Goods and Services Tax Act, 2017, the Integrated Goods and Services Tax Act, 2017,
respective State Goods and Services Tax Act, 2017, respective Union Territory Goods and Services Tax Act,
2017, Customs Act, 1962, Customs Tariff Act, 1975 as amended, the rules and regulations, circulars and
notifications issued there under, Foreign Trade Policy presently in force in India, available to the Company and
its shareholders Several of these benefits are dependent on the Company, its shareholders as the case may be,
fulfilling the conditions prescribed under the relevant provisions of the statute. Hence, the ability of the Company,
its shareholders to derive the special tax benefits is dependent upon their fulfilling such conditions, which based
on business imperatives the Company, and its shareholders faces in the future, the Company and its shareholders
may or may not choose to fulfill.
The benefits discussed in the enclosed Statement cover only special tax benefits available to the Company, and to
the shareholders of the Company and are not exhaustive and also do not cover any general tax benefits available
141to the Company. Further, any benefits available under any other laws within or outside India have not been
examined and covered by this Statement.
This statement of possible special tax benefits is required as per Schedule VI (Part A)(9)(L) of the SEBI ICDR
Regulations. The benefits discussed in the enclosed Annexure A are not exhaustive. This statement is only
intended to provide general information to the investors and is neither designed nor intended to be a substitute for
professional tax advice. In view of the individual nature of the tax consequences and the changing tax laws, each
investor is advised to consult his or her own tax consultant with respect to the specific tax implications arising out
of their participation in the Offer. Neither are we suggesting nor advising the investor to invest in the Offer based
on this statement.
We do not express any opinion or provide any assurance as to whether:
(i) the Company, or its shareholders will continue to obtain these benefits in future; or
(ii) the conditions prescribed for availing the benefits have been/would be met with.
The contents of the enclosed statement are based on information, explanations and representations obtained from
the Company and on the basis of our understanding of the business activities and operations of the Company.
We also consent to the references to us as “experts” as defined under Section 2(38) of the Companies Act, 2013,
read with Section 26(5) of the Companies Act, 2013 to the extent of the certification provided hereunder and
included in the draft red herring prospectus, red herring prospectus and prospectus of the Company or in any other
material used in connection with the Offer.
We hereby give consent to include this statement of special tax benefits in the RHP, the Prospectus and in any
other material used in connection with the Offer.
We also authorize you to deliver a copy of this certificate pursuant to the provisions of the Companies Act, 2013
to SEBI, RoC, the Stock Exchanges or any other regulatory authorities in India as required by law. We also consent
to the inclusion of this certificate as a part of “Material Contracts and Documents for Inspection” which will be
available for public for inspection from date of the filing of the RHP until the Bid/ Offer Closing Date and upload
the same with the repository maintained by the relevant authorities in connection with this Offer. We further
consent to include our reports/ certificates/ letters, in full or in parts, in the Offer Documents or such other
documents to be issued by the Company in relation to the Offer.
We, the Statutory Auditors, assume full responsibility for the veracity and adequacy of the information contained
in this certificate and confirm that, to the best of our knowledge and belief, this certificate has been prepared in
accordance with the applicable laws as amended and the rules made thereunder, as well as the regulations and
guidelines issued by SEBI and other regulatory authorities.
This certificate (including annexure) is for information and for inclusion (in part or full) in the RHP, the Prospectus
and any other document filed in relation to the Offer (collectively, the “Offer Documents”) or any other Offer-
related material, and may be relied upon by the Company, the Book Running Lead Managers and their affiliates
and the legal advisors appointed by the Company and the Book Running Lead Managers in relation to the Offer.
We hereby consent to the submission of this certificate as may be necessary to SEBI, the RoC, the relevant stock
exchanges, repositories of Stock Exchanges and any other regulatory authority and/or for the records to be
maintained by the Book Running Lead Managers and their affiliates and in accordance with applicable law.
We hereby consent to this certificate being disclosed by the Book Running Lead Managers, if required (i) by
reason of any law, regulation or order of a court or by any governmental or competent regulatory authority, or (ii)
in seeking to establish a defence in connection with, or to avoid, any actual, potential or threatened legal, arbitral
or regulatory proceeding or investigation.
We undertake to inform the Book Running Lead Managers promptly, in writing of any changes, intimated to us
by the management of the Company in writing, to the above information until the Equity Shares commence trading
on the relevant stock exchanges, pursuant to the Offer. In the absence of any such communication from us, the
above information should be considered as updated information until the Equity Shares commence trading on the
stock exchanges, pursuant to the Offer.
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in
the Offer Documents.
142For Nag & Associates
Chartered Accountants
Firm Registration No. 312063E
CA Indranath Nag
Partner
Membership No.: 050531
UDIN: 25050531BMIKRF4047
Place: Dhanbad
Date: December 9, 2025
Cc:
Legal Counsel to the Company as to Indian Law
J. Sagar Associates
One Lodha Place, 27th Floor,
Senapati Bapat Marg,
Lower Parel, Mumbai - 400013,
Maharashtra, India
Legal Counsel to the Book Running Lead Managers as to Indian Law
Dentons Link Legal
5 Link Road, Block M,
Jangpura Extension – 110014,
New Delhi, India
Legal Counsel as to International Laws
Hogan Lovells Lee & Lee
50 Collyer Quay
#10-01 OUE Bayfront
Singapore 049 321
143ANNEXURE A
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS AVAILABLE TO BHARAT COKING COAL
LIMITED (THE “COMPANY”) AND ITS SHAREHOLDERS UNDER THE APPLICABLE DIRECT
AND INDIRECT TAXATION LAWS IN INDIA
Outlined below are the possible special tax benefits available to the Company and its shareholders under the
taxation laws. These possible special tax benefits are dependent on the Company and its shareholders fulfilling
the conditions prescribed under the taxation laws. Hence, the ability of the Company and its shareholders to derive
the possible special tax benefits is dependent upon fulfilling such conditions, which are based on business
imperatives it faces in the future, it may or may not choose to fulfil.
A. STATEMENT OF POSSIBLE DIRECT TAX BENEFITS
1. Direct tax benefits available to the Company
The Income Tax Act, 1961 (the “Act”), including the amendments introduced by the Finance Act, 2025. One such
provision is under Section 115BAA, which offers a concessional tax rate of 22% (plus surcharge and cess),
available as an option for companies that choose not to claim any exemptions or deductions. Additionally, the Act
incorporates provisions related to Double Taxation Avoidance Agreements (DTAA), which provide reduced
withholding tax rates for cross-border transactions. This is particularly advantageous for government companies
engaged in global projects, as it allows them to benefit from these reduced tax rates in international operations.
2. Direct tax benefits available to the shareholders of the Company
There are no special tax benefits available to the shareholders of the Company for investing in the equity shares
of the Company.
B. STATEMENT OF POSSIBLE INDIRECT TAX BENEFIT
1. Indirect tax benefits available to the Company
The Central Goods and Services Tax (CGST) Act, 2017 contains various provisions that provide exemptions
and benefits. Section 11 empowers the government to exempt goods or services from tax, either absolutely or
subject to conditions, through notifications. Specifically, Notification No. 12/2017-Central Tax (Rate) exempts
certain services from CGST, including pure services (excluding works contract services or other composite
supplies involving goods) provided to the government or local authorities. Additionally, income earned from
extending deposits, loans, or advances, represented by way of interest or discount, is exempted from GST. This
means that interest income earned by a company is not subject to GST. Section 16 allows companies to claim
Input Tax Credit (ITC) on goods or services used in the course or furtherance of business, subject to conditions.
Furthermore, Section 54 provides for a refund of tax on inputs or input services used in making zero-rated
supplies, including exports.
The Integrated Goods and Services Tax (IGST) Act, 2017 also includes important provisions. Section 16 treats
supplies of goods or services for export or to Special Economic Zones (SEZs) as zero-rated supplies, making them
eligible for a refund of input taxes. Additionally, Section 20 ensures that provisions from the CGST Act, such as
those related to input tax credit, refunds, and exemptions, are applicable to IGST as well.
The Customs Act, 1962 and Customs Tariff Act, 1975 provide further benefits and exemptions. Section 25 of
the Customs Act grants the government the power to exempt goods from customs duty by notification, either
absolutely or subject to conditions. The Project Imports Regulations, 1986 allow for the import of capital goods
at a concessional customs duty rate for specific projects, including infrastructure and power projects. The Export
Promotion Capital Goods (EPCG) Scheme enables the import of capital goods at zero customs duty for pre-
production, production, and post-production activities, provided there is an export obligation. Additionally,
Customs Notification No. 50/2017-Customs offers exemptions or concessional customs duty rates for specified
goods, subject to conditions.
2. Indirect tax benefits available to the shareholders of the Company
There are no special tax benefits available to the shareholders of the Company for investing in the equity shares
of the Company.
Notes:
a) The above is as per the current taxation laws in force in India.
144b) The above Statement of possible special tax benefits sets out the provisions of Taxation Laws in a summary manner only and is not a
complete analysis or listing of all the existing and potential tax consequences of the purchase, ownership and disposal of equity shares of the
Company.
c) The possible special tax benefits are subject to conditions and eligibility which need to be examined for tax implications.
d) This Statement does not discuss any tax consequences in any country outside India of an investment in the equity shares of the Company.
The shareholders / investors in any country outside India are advised to consult their own professional advisors regarding possible income
tax consequences that apply to them.
145SECTION IV: ABOUT OUR COMPANY
INDUSTRY OVERVIEW
Unless otherwise indicated, industry and market data used in this section has been derived from industry
publications, in particular, the report titled “Report on Coking Coal Industry” dated November 2025 (the
“CRISIL Report”) prepared and issued by CRISIL Limited pursuant to an engagement letter dated January 19,
2025. The CRISIL Report has been exclusively commissioned and paid for in connection with the Offer to enable
the investors to understand the industry in which we operate in connection with the Offer. Unless otherwise
indicated, financial, operational, industry and other related information derived from the CRISIL Report and
included herein with respect to any particular year/ Fiscal refers to such information for the relevant calendar
year/ Fiscal. A copy of the CRISIL Report is available on the website of our Company at www.bcclweb.in. Industry
sources and publications are also prepared based on information as of specific dates and may no longer be current
or reflect current trends. The recipient should not construe any of the contents of the CRISIL Report as advice
relating to business, financial, legal, taxation or investment matters and are advised to consult their own business,
financial, legal, taxation, and other advisors concerning the transaction. For further information, see “Risk
Factors – Certain sections of this Prospectus disclose information from the CRISIL Report which is a paid report
and commissioned and paid for exclusively in connection with the Offer and any reliance on such information for
making an investment decision in the Offer is subject to inherent risks.” on page 73. Also see, “Certain
Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and
Market Data” on page 18.
Indian Macro-economic Overview
World economy and Indian economy snapshot
India is the world’s fifth-largest economy, behind United States (US), China, Germany and Japan, and the fastest-
growing major economy. Its growth rate (6.5% in CY24) is much higher than that of the world economy (3.3%
in CY24)1. The global economy is driven by production and consumption of goods and services which are
heavily reliant on the extraction and processing of natural resources. The mining industry provides the basic raw
materials necessary for energy generation, manufacturing of steel, aluminum, cement and other essential
products thereby playing a critical role in supporting the economic growth and development of the world as well
as India. The global economy, as measured by the International Monetary Fund (IMF), has reached a significant
milestone, crossing the $100 trillion mark (nominal) in 2022, representing a significant increase from $25 trillion
mark in 1992 and $50 trillion mark in 2006 which is approximately doubling in every 15 years. As per the IMF's
World Economic Outlook (October 2025), the global GDP is forecasted to grow from $117 trillion in 2025 to
$150 trillion by 2030, at a CAGR of 5.00% underscoring the optimistic outlook for the world economy over the
medium term.
World Nominal GDP from 1980 to 2024 and forecast from 2025 to 2030 in trillion US dollars
160.0
144.6
137.8
140.0 131.3
125.0
119.1
120.0
106.4110.5113.8
101.9
97.8
100.0 85.8
75.5
80.0 66.8
60.0 48.0
34.2
40.0
22.6
20.0 11.2
0.0
1980 1990 2000 2005 2010 2015 20202021202220232024202520262027202820292030
Source: International Monetary Fund (IMF) – World Economic Outlook (October 2025), IMF has forecasted till
calendar year 2030
India's economy has undergone a transformative journey since the liberalization reforms of 1991, which have
unleashed a period of rapid growth. Given the historical growth trajectory of India's economy, which has seen a
1 As per: International Monetary Fund (IMF) – World Economic Outlook (October 2025)
146significant expansion from about $0.2 trillion in 1980, $0.3 trillion in 1990, $0.5 trillion in 2000, $1 trillion in
2006, $2 trillion in 2014 and thereafter to $3.9 trillion in 2024 (nominal), driven by the country's rapid
liberalization and integration into the global economy. India's GDP has doubled (approximately) in the last 9-10
years. The International Monetary Fund's (IMF) latest World Economic Outlook (October 2025) projects a
steady expansion of the Indian economy, with the country's GDP anticipated to rise from $4.13 trillion in 2025
to $6.63 trillion by 2030, at 9.95% CAGR over the five-year period.
Indian Nominal GDP (Current Prices) from 1980 to 2030 in trillion US dollars
6.8
6.1
5.6
5.1
4.6
3.2 3.3 3.6 3.9 4.2
2.7
2.1
1.7
0.8
0.2 0.3 0.5
1980 1990 2000 2005 2010 2015 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: International Monetary Fund (IMF) – World Economic Outlook (October 2025), IMF has forecasted
till calendar year 2030 only
Real & Nominal GDP growth in India vs world’s major economies
Nominal GDP
Nominal GDP measures the total economic output of a country at current market prices, reflecting the value of
goods and services produced within a given period without adjusting for inflation. In contrast, Real GDP adjusts
Nominal GDP for changes in price levels, providing a more accurate depiction of an economy's growth by
accounting for inflation or deflation.
Country-wise nominal GDP data (annual percent change)
Nominal GDP CY 19 CY20 CY21 CY22 CY23 CY24 5Y-CAGR
World 1.4% -2.6% 14.1% 4.2% 4.4% 3.9% 4.7%
US 4.3% -0.9% 10.9% 9.8% 6.6% 5.3% 6.3%
China* 3.3% 3.6% 20.4% 0.6% -0.2% 2.6% 5.2%
Euro area -2.1% -2.5% 12.6% -3.1% 9.2% 3.8% 3.8%
Japan 1.5% -1.2% -0.3% -15.4% -1.1% -4.4% -4.7%
United Kingdom -0.8% -5.4% 16.5% -0.6% 7.9% 8.1% 5.0%
(UK)
India* 4.9% -5.7% 18.4% 5.6% 8.7% 7.4% 6.6%
Note: CY- Calendar Year, *Emerging Economies
Source: IMF – World Economic Outlook (October 2025)
Real GDP
As per the IMF’s World Economic Outlook (October 2025), real world GDP grew 3.3% in CY24, 3.5% in CY23,
3.6% in CY22 and 6.6% in CY21, after contracting 2.7% in pandemic year CY20. IMF forecasts world real GDP
growth at 2.8% in CY25 and 3.0% in CY26 on account of greater-than-expected resilience in the US and several
large emerging markets and developing economies, as well as fiscal support in China. The IMF believes India
147will remain the fastest-growing major economy over the next five years, with a growth rate of ~6.6% in CY25
and at a CAGR of 6.4% from CY25-CY30.
Country-wise real GDP data (annual percent change)
5Y-
Real GDP CY 19 CY20 CY21 CY22 CY23 CY24
CAGR
World 2.9% -2.7% 6.6% 3.6% 3.5% 3.3% 2.8%
US 2.6% -2.2% 6.1% 2.5% 2.9% 2.8% 2.4%
China* 6.1% 2.3% 8.6% 3.1% 5.4% 5.0% 4.9%
Euro area 1.6% -6.0% 6.3% 3.5% 0.4% 0.9% 0.9%
Japan -0.4% -4.2% 2.7% 0.9% 1.5% 0.1% 0.2%
United Kingdom 1.6% -10.3% 8.6% 4.8% 0.4% 1.1% 0.7%
(UK)
India* 3.9% -5.8% 9.7% 7.6% 9.2% 6.5% 5.3%
Note: CY- Calendar Year, *Emerging Economies
Source: IMF – World Economic Outlook (October 2025)
Nominal & Real GDP forecast for world’s major economies
Nominal GDP
As per the IMF's World Economic Outlook (October 2025), the nominal GDP forecast for various regions and
countries is as follows: the world's nominal GDP is expected to grow at a rate of 2.9% in CY25, 4.7% in CY26,
4.9% in CY27, 5.1% in CY28 and 4.9% in CY29 and CY30. India’s expected nominal GDP growth is 7.1% in
CY25, 9.9% in CY 26, 10.2% in CY27, 10.2% in CY28, 10.1% in CY29 and 10.1% in CY30.
Country-wise nominal GDP data forecast (annual percent change)
Nominal GDP CY25P CY26P CY27P CY28P CY29P CY30P 5Y CAGR
World 2.9% 4.7% 4.9% 5.1% 4.9% 4.9% 4.9%
US 4.5% 4.0% 3.9% 4.3% 4.0% 4.0% 4.0%
China* 2.6% 5.9% 6.5% 6.4% 5.9% 5.6% 6.1%
Euro area 2.6% 3.8% 3.3% 3.3% 3.3% 3.3% 3.4%
Japan 4.0% 4.5% 3.4% 4.2% 2.5% 3.5% 3.6%
UK 5.3% 5.3% 4.9% 5.1% 5.5% 5.4% 5.2%
India* 7.1% 9.9% 10.2% 10.2% 10.1% 10.1% 10.1%
Note: CY- Calendar Year, *Emerging Economies; P: Projected
Source: IMF – World Economic Outlook (October 2025)
148Real GDP
According to the IMF World Economic Outlook (October 2025), the global economy is projected to grow
steadily over the next five years. Globally, the economy is expected to grow at a compound annual growth rate
(CAGR) of 3.2% during this period. Among major economies, India is forecasted to be the fastest-growing, with
a consistent annual growth rate ranging from 6.6% in CY25 to 6.4% through CY27 and remaining steady through
2030, resulting in a 5-year CAGR of 6.4%.
China is expected to follow India with a growth of 4.8% in CY25 and 4.2% CY26 and CY27, thereafter declining
to 3.4% in 2030- giving it a CAGR of 4.0%. In contrast, the US economy is expected to grow modestly, with
rates fluctuating between 1.8% and 2.1% between CY25 and CY30, leading to a 5-year CAGR of 2.0%. The
Euro area and Japan are projected to experience slower growth, with the Euro area reaching a CAGR of just
1.2% and Japan only 0.6%. The UK is expected to grow at a moderate pace, with its CAGR estimated at 1.4%.
The below table presents country-wise real GDP growth forecasts for the period CY25 to CY30. Overall, the
data indicates a steady global recovery, with emerging markets like India and China significantly outpacing the
advanced economies in terms of growth over the next five year.
Country-wise real GDP data forecast (annual percent change)
Real GDP CY25P CY26P CY27P CY28P CY29P CY29P 5Y CAGR
World 3.2% 3.1% 3.2% 3.2% 3.2% 3.1% 3.2%
US 2.0% 2.1% 2.1% 2.1% 1.9% 1.8% 2.0%
China* 4.8% 4.2% 4.2% 4.0% 3.7% 3.4% 4.0%
Euro area 1.2% 1.1% 1.4% 1.3% 1.2% 1.1% 1.2%
Japan 1.1% 0.6% 0.6% 0.6% 0.5% 0.5% 0.6%
UK 1.3% 1.3% 1.5% 1.4% 1.4% 1.4% 1.4%
India* 6.6% 6.2% 6.4% 6.5% 6.5% 6.5% 6.4%
Note: CY- Calendar Year, *Emerging Economies; P: Projected
Source: IMF – World Economic Outlook (October 2025)
The IMF believes India will remain the fastest-growing major economy over the next five years, with a
growth rate of approximately 6.4% (CAGR) from CY2025 to CY2030 and subsequent years.
Major Structural Reforms by the Indian Government to Assist Economic and Real Estate Growth
The Indian government has been actively working towards transforming the country's economy and real estate
sector through a series of structural reforms. These reforms aim to improve the business environment, increase
transparency, and attract foreign investment, ultimately driving the economic growth and development.
Real Estate (Regulation and Development) Act, 2016 (RERA)
The Real Estate (Regulation and Development) Act, 2016 (RERA)2 is a significant reform that has brought
transparency and accountability to the real estate sector. The Act came into force on 1 May 2016 with 61 of 92
sections notified. The remaining provisions came into force on 1 May 2017. It seeks to protect homebuyers as
well as help in boosting investments in the real estate sector by bringing efficiency and transparency in the
sale/purchase of real estate. The Act establishes Real Estate Regulatory Authority (RERA) in each state for
regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution.
2 https://www.indiacode.nic.in/handle/123456789/2158
149Insolvency and Bankruptcy Code, 2016
The Insolvency and Bankruptcy Code (IBC), 2016 is an Indian law which creates a consolidated framework that
governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals. For the real
estate sector, where delays, fund diversion, and incomplete projects were common, the Insolvency and Bankruptcy
Code created a structural framework for resolution, protecting the interest of homebuyers, lenders and developers
alike. Homebuyers are considered financial creditors under the IBC, enabling them to initiate the Corporate
Insolvency Resolution Process (CIRP) against a defaulting developer.
Special Economic Zones (Fifth Amendment) Rules, 2023
The Special Economic Zones Act, 2005, is a law that provides a framework for establishing, developing, and
managing Special Economic Zones (SEZs) in India to promote exports and related activities. The Special
Economic Zone (SEZ) Rules, 2006, define the framework for establishing and operating SEZs in India, which are
designated areas offering incentives and streamlined regulations to attract foreign investment and boost economic
growth. The SEZ Act, 2005 and the SEZ Rules, 2006 form the legal basis, specifying procedures for approval,
administrative setup, and operational guidelines. These rules aim to simplify processes for developers and units,
ensuring a conducive environment for businesses to thrive.
Goods and Services Tax
The Indian real estate sector, contributing about 7.3%3 to GDP, has traditionally been riddled with complex
taxation including VAT, service tax, excise duty, stamp duty, and registration charges. The implementation of
Goods and Services Tax (GST) on 1st July 2017 replaced many indirect taxes and brought about structural
changes. The GST reform aimed to improve transparency, reduce tax cascading, and improve compliance in real
estate, which had often been informal and fragmented.
Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (Urban) Mission4 launched on 25th June 2015 which intends to provide housing for
all in urban areas by year 2022. The Mission provides Central Assistance to the implementing agencies through
States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/
beneficiaries against the validated demand for houses for about 1.12 crore.
National Infrastructure Pipeline (NIP)
The National Infrastructure Pipeline5 (NIP) for FY 2019-25 is a first-of-its-kind, whole-of-government exercise
to provide world-class infrastructure to citizens and improving their quality of life. It aims to improve project
preparation and attract investments into infrastructure. To draw up the NIP, a High-Level Task Force was
constituted under the chairmanship of the Secretary, Department of Economic Affairs (DEA), Ministry of Finance.
The NIP has been made on a best effort basis by aggregating the information provided by various stakeholders
including line ministries, departments, state governments and private sector across infrastructure sub-sectors, as
identified in the Harmonized Master List of Infrastructure. All projects (Greenfield or Brownfield, under
conceptualization or under implementation or under Development) of project cost greater than Rs. 1,000 million
per project were sought to be captured.
National Logistics Policy (NLP)
The National Logistics Policy (NLP) was launched by the Prime Minister of India on September 17, 2022, to
drive economic growth and business competitiveness through an integrated, seamless, efficient, reliable, green,
sustainable, and cost-effective logistics network. The policy aims to reduce logistics costs, improve the Logistics
Performance Index (LPI) ranking, and create a data-driven decision-support mechanism for an efficient logistics
ecosystem. The policy has set targets to reduce logistics costs, improve the Logistics Performance Index ranking,
and create a data-driven decision support mechanism for an efficient logistics ecosystem.
Economic survey and Union Budget analysis
3 https://www.ibef.org/industry/real-estate-india
4 https://pmaymis.gov.in
5 https://indiainvestmentgrid.gov.in/national-infrastructure-pipeline
150The Economic Survey 2024 suggested adoption of gasification technology in India which can revolutionize the
coal sector. This will reduce the dependence on imports for various resources made with the help of coal, such as
natural gas, methanol, ammonia and other products. This will help India in meeting its net zero carbon emissions
goal. Additionally, the government has launched several coal initiatives, such as Coal Gasification Mission, to
gasify 100 MMT of coal by 2030 through surface coal or Lignite Gasification projects. The Union Budget 2025-
26 has identified mining as one of the six key domain areas thereby recognizing the mining sector's importance
which is a significant development as it acknowledges the sector's potential to contribute to India's economic
growth and development. The Indian government's budget for the next Fiscal year aims to support economic
growth through a combination of steady capital expenditure and consumption boost, while tightening the Fiscal
belt. Fiscal deficit is budgeted to reduce to 4.4% of GDP, down from 4.8% in the current Fiscal, with a focus on
reducing revenue expenditure. Capital expenditure remains at 3.1% of GDP, while the effective capital
expenditure, including budgetary and internal and extra-budgetary resources, increases to 5.5% of GDP to lift the
domestic economy and crowd-in private capex. At Rs 11.2 lakh crore the allocation for capital expenditure in
Fiscal 2026 marks a 10% increase on year. This is expected to support the growth of infrastructure sectors such
as roads, railways, and urban development.
India GDP trends
The fastest growing among major economies, India became the fourth largest economy in the world and is on
track to become the third largest by fiscal 2030 with a projected $7.3 trillion GDP. As per data published by the
RBI handbook of statistics on the Indian economy, the Indian economy grew from Rs 145 trillion in fiscal 2020
to Rs 188 trillion in fiscal 2025 at 5.3% CAGR between fiscal 2020 and fiscal 20256. According to the RBI
handbook of statistics on the Indian economy, real GDP accelerated 6.5% on-year in fiscal 2025 compared to
9.2% in fiscal 2024. In absolute terms, India’s GDP clocked reached Rs 188 trillion in fiscal 2025 compared
with Rs 177 trillion in fiscal 2024.
India’s real GDP trend and outlook (at constant 2011-12 prices)
Source: National Statistical Office (NSO), Crisil Intelligence
According to the NSO, real GDP growth reached to 6.5% on-year in Fiscal 2025 from 9.2% in Fiscal 2024. In
absolute terms, India’s GDP reached Rs 188 trillion in Fiscal 2025 compared with Rs 177 trillion in Fiscal 2024.
6 India follows financial year April 1 to March 31. Hence, the data published by the Indian government/ RBI/NSO is different from that of
the IMF, which publishes data as per the calendar year- January 1 to December 31.
151Sector wise contribution to GVA for last 5 years from Fiscal 2020
GVA share of sectors in India
Gross Value Added (GVA) is a measure of the total value of goods and services produced within a country or
region, minus the cost of intermediate inputs. It represents the contribution of each sector to the overall economy
and is a key indicator of economic growth and development.
The Indian economy is broadly classified into three sectors: Primary, Secondary, and Tertiary. The Primary
Sector, which includes agriculture, animal husbandry, forestry, and mining, is the foundation of the Indian
economy, contributing around 16% to the country's GDP. The Secondary Sector, comprising manufacturing,
construction, and energy generation, contributes around 29% to the GDP and has been growing rapidly, with
significant investments in industries such as automotive, pharmaceutical, and IT hardware. The Tertiary Sector,
which includes financial services, professional services, transportation, communication etc. is the fastest-
growing sector, contributing around 55% to the GDP and driving the country's economic growth.
Gross value added (GVA) at basic prices (base year: Fiscal 2012) constant prices (Rs trillion)
Growth in the real GVA
Industry 2023 2024 2025
2024 2025
Primary Sector 26.26 26.97 28.16 2.73% 4.39%
Agriculture, Livestock, Forestry &
23.06 23.67 24.77 2.66% 4.63%
Fishing
Mining & Quarrying 3.20 3.30 3.39 3.21% 2.69%
Secondary Sector 41.71 46.46 49.31 11.40% 6.13%
Manufacturing 25.16 28.26 29.54 12.30% 4.52%
Electricity, Gas, Water Supply & Other
3.52 3.83 4.05 8.64% 5.88%
Utility Services
Construction 13.02 14.38 15.72 10.41% 9.35%
Tertiary Sector 80.81 88.08 94.41 8.99% 7.19%
Trade, Hotel, Transport, Communication
27.86 29.95 31.77 7.50% 6.09%
& Service related to Broadcasting
Financial, Real Estate & Professional
34.59 38.15 40.88 10.27% 7.17%
Services
Public Administration, Defence & Other
18.36 19.99 21.76 8.83% 8.86%
Services*
GVA at Basic Prices 148.78 161.51 171.87 8.56% 6.41%
Source: RBI – Handbook of Statistics on the Economy 2024-25,; All years are Fiscal years
Gross value added (GVA) at basic prices (base year: Fiscal 2012) current prices (Rs trillion)
Growth in the real GVA
Industry 2023 2024 2025
2024 2025
Primary Sector 49.60 54.10 59.26 9.07% 9.54%
Agriculture, Livestock,
44.49 48.78 53.85 9.64% 10.39%
Forestry & Fishing
Mining & Quarrying 5.11 5.32 5.41 4.11% 1.69%
Secondary Sector 63.15 70.9 76.04 12.27% 7.25%
Manufacturing 35.35 39.22 41.70 10.95% 6.32%
Electricity, Gas, Water Supply
6.09 7.66 8.07 25.78% 5.35%
& Other Utility Services
152Growth in the real GVA
Industry 2023 2024 2025
2024 2025
Construction 21.71 34.02 26.27 10.64% 9.37%
Tertiary Sector 133.71 149.12 164.92 11.52% 10.60%
Trade, Hotel, Transport,
Communication & Service 44.12 48.28 52.57 9.43% 8.89%
related to Broadcasting
Financial, Real Estate &
56.00 62.44 68.82 11.50% 10.22%
Professional Services
Public Administration,
33.59 38.40 43.53 14.32% 13.36%
Defence & Other Services*
GVA at Basic Prices 246.46 274.12 300.22 11.22% 9.52%
Source: RBI – Handbook of Statistics on the Economy 2024-25; All years are Fiscal years,
Index of Eight Core Industries
The Index of eight core industries measures the combined and individual performance of production of eight
core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
The growth rate of the core sector is a key indicator of a country's overall economic health, influencing industrial
and economic performance. It has a multiplier effect on the entire economy, with core industries like steel,
cement, and electricity being crucial for infrastructure development.
Summary of the growth of Index of eight core industries (%)
Sectors 2019 2020 2021 2022 2023 2024 2025
Cement 13.3% -0.9% -10.8% 20.7% 8.7% 8.9% 6.3%
Coal 7.4% -0.4% -1.9% 8.5% 14.9% 11.8% 5.1%
Crude oil -4.2% -5.9% -5.2% -2.7% -1.7% 0.6% -2.2%
Electricity 5.2% 1.0% -0.5% 7.9% 8.9% 7.1% 5.1%
Fertilizers 0.4% 2.6% 1.6% 0.7% 11.3% 3.7% 2.9%
Natural gas 0.9% -5.7% -8.1% 19.2% 1.5% 6.1% -1.2%
Petroleum
refinery 3.1% 0.2% -11.2% 8.9% 4.9% 3.6% 2.8%
products
Steel 5.1% 3.3% -8.7% 16.9% 9.3% 12.5% 6.8%
Combined
Index (Base
4.4% 0.3% -6.4% 10.4% 7.8% 7.6% 4.5%
year 2011-
2012)
Source: Ministry of Commerce & Industries, all years are Fiscal years
In terms of sectoral growth of the eight core industries, the coal sector grew (y-o-y) the maximum at 5.1% in
Fiscal 2025 as compared with 11.8% in Fiscal 2024, among the Index of Eight Core Industries (ICI; base year
2011-12) as per Ministry of Commerce & Industries7. The combined Index of Eight Core Industries (ICI)
increased 4.5% year-on-year in Fiscal 2025.
7 Department for Promotion of Industry and Internal Trade, Office of Economic Advisor press release dated August 30, 2024; Office of
Economic Advisor
153Mining industry contribution to % of India’s GDP in last 10 years
The mining and quarrying sector accounted for approximately 2.0% of the GVA (at constant prices) in Fiscal
2025 i.e. Rs 3.39 trillion from Rs 3.17 trillion in Fiscal 2019 (2.6% of GVA) recording a growth of 2.7% in 2025
over that in the previous Fiscal. The last five-year CAGR was 1.3% (fiscal 2020-2025).
India’s mining and quarrying GVA growth rate | Share of mining and quarrying in India’s GVA
9.7% 10.1% 9.8% 2.9% 3.0% 3.0% 3.1%
2.7%
2.6%
6.3% 7.1% 6.4% 2.4% 2.3%
2.2% 2.2%
2.1% 2.1%
1.9%
0.2%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
-0.8%
-3.0%
-5.6%
-8.2% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source:, RBI Handbook of Statistics on Indian Economy- 2024-25, All years are Fiscal years
Trends of key macro-economic indicators across India
Consumer price index
India’s average consumer price index (CPI) inflation rate was on the rise reaching 6.7% from 3.4% between
fiscals 2019 and 2023. However, it decreased slightly to 5.4% in fiscal 2024 and further to 4.6% in fiscal 2025.
This consistent moderation highlights the combined impact of the Reserve Bank of India’s calibrated monetary
policy and the Government of India’s focused interventions to ease supply-side constraints and stabilise prices
of essential commodities. The declining trend has helped ease cost-of-living pressures and fostered a more stable
environment for economic growth8.
CPI inflation trend
8.0% 7.0%
5.8% 5.5% 5.7%
6.0% 4.9%
4.6%
4.0% 2.9%
2.0%
0.0%
2019 2020 2021 2022 2023 2024 2025
Source: RBI handbook of statistics on the Indian economy 2024-25; All years are Fiscal years
Index of Industrial Production
The Index of Industrial Production (IIP) averaged 2.2% between Fiscal 2019 and Fiscal 2023 before surging to
4.0% in Fiscal 2025. The uptick was primarily led by a strong pick-up in sectors pertaining to the manufacturing
of electrical equipment and basic metals. Further, there was an uptick in the consumer durables sector, which
also supported the growth.
8 Press Information Bureau issued by Ministry of Finance dated 16th April 2025.
154IIP growth trend for overall industry
15.0%
11.4%
10.0%
5.9%
5.2%
3.8% 4.0%
5.0%
-0.8%
0.0%
2019 2020 2021 2022 2023 2024 2025
-5.0%
-10.0% -8.4%
Source: RBI handbook of statistics on the Indian economy 2024-25; All years are Fiscal years
The mining industry in the Index of Industrial Production (IIP) has witnessed a notable resurgence since Fiscal
year 2021, as it rebounded from the disruptions caused by the COVID-19 pandemic when the overall index fell
by about 8.4% and mining sector index fell by 7.8% thereafter achieving a growth of 12.2% in Fiscal 2022 and
then gaining further momentum to reach 7.5% in Fiscal 2024. This upward trajectory was largely fueled by a
robust increase in the extraction of essential minerals, including coal, iron ore and limestone which saw a
significant surge in demand from key sectors such as power, infrastructure, construction, and manufacturing.
IIP growth trend for mining sector
15.0% 12.2%
10.0% 7.5%
5.8%
5.0% 2.9% 2.9%
1.6%
0.0%
2019 2020 2021 2022 2023 2024 2025
-5.0%
-7.8%
-10.0%
Source: Ministry of Statistics and Programme Implementation (MoSPI), Crisil Intelligence; All years are Fiscal
years
Interest Rates
Interest rates are a crucial component of a country's monetary policy, influencing borrowing costs, inflation, and
economic growth. Across the world, interest rates have been trending downward in recent years with many
central banks adopting accommodative monetary policies to stimulate economic growth. The United States has
a federal funds rate of 4.25%-4.50%, while the European Central Bank has maintained an interest rate of 3.15%
to encourage lending and investment.
In India, the Reserve Bank of India (RBI) has been actively managing interest rates to balance economic growth,
inflation, and financial stability. As of December 2024, the repo rate was 6.5% thereafter it was reduced to 6.25%
in February 2025. In April 2025 the repo rate was further reduced to 6.0%.
155Repo rate in India in %
10.0
% 8.0
n
i e 6.0
ta
R
o
4.0
p
e
R 2.0
0.0
Source: Reserve Bank of India
Fiscal deficit
A Fiscal deficit occurs when a government's total expenditure exceeds its total revenues, resulting in a shortfall
that must be financed through borrowing or other means. Fiscal deficit is generally caused by higher government
spending and reduced tax revenues. A large Fiscal deficit can cause excessive borrowing by the government to
finance the Fiscal deficit leading to inflation. A persistent Fiscal deficit can lead to a reduction in the
government's credit rating, making it more expensive to borrow in the future.
Fiscal deficit of India as a % of GDP
9.2%
10.0%
8.0% 6.7%
6.4%
5.6%
6.0% 4.6% 4.8%
3.4%
4.0%
2.0%
0.0%
2019 2020 2021 2022 2023 2024 2025
Source RBI handbook of statistics on the Indian economy 2024-25; all years are Fiscal
Over the past few years, India’s Fiscal deficit as a percentage of GDP has exhibited significant fluctuations, with
a pre-pandemic level of 3.4% in Fiscal 2019, increasing to 4.6% in Fiscal 2020 and peaking at 9.2% in Fiscal
2021 due to the COVID-19 pandemic. However, the government has since initiated Fiscal consolidation efforts,
with the deficit narrowing to 6.7% in Fiscal 2022 and further reducing to 4.7% in Fiscal 2025.
Overview of other demographic factors in India
Per capita Electricity Consumption
The world's electricity consumption has been steadily increasing over the years, driven by growing populations,
urbanization, and industrialization. As of 2023, global electricity consumption stands at approximately 29,9259
terawatt-hours (TWh). India, being the most populous country in the world, is a significant contributor to global
electricity consumption. The country's electricity consumption has been growing at a rapid pace, driven by its
expanding economy, increasing industrial activity, and rising household incomes. As of 2023, India's electricity
consumption at 195810 TWh accounts for approximately 7% of the global total, making it the third-largest
electricity consumer in the world, after China (32% of global share) and the United States (15% of global share).
9 BP (2024) Statistical Review of World Energy
10 BP (2024) Statistical Review of World Energy
156In terms of per capita electricity consumption, India still lags behind many developed countries, with an annual
consumption of 1,39511 kWh per person as of Fiscal 2024 and was 133112 kWh per person for Fiscal 2023.
However, this figure is expected to increase significantly in the coming years, driven by the government's efforts
to electrify all households and promote economic growth. A comparison of electricity consumption patterns
across major countries reveals growth potential for India. The United States, for instance, has a per capita
electricity consumption of 12,497 kWh, which is almost ten times that of India's. China, on the other hand, has
a per capita electricity consumption of 6635 kWh, which is five times that of India. In terms of growth
percentage, India's per capita electricity consumption has increased significantly over the past decade, with a
rise of 46% i.e., CAGR 3.83% from 2013 to 2023.
Per capita electricity consumption in CY2023 in kWh/ person and CAGR (10 year) from 2013 to 2023
5.33%
14000 12497 6.00%
12000 3.83% 5.00%
4.00%
10000
8220 8152 3.00%
6208 1.40% 1.53%
8000 6635 2.00%
6000 -0.16% -0.36% 1.03% 3780 3729
3295
01 .. 00 00 %%
4000
-0.50% -1.00%
1395
2000
-2.00%
-2.27%
0 -3.00%
USA Japan Russia China European South World Brazil India**
Union* Africa
Source: BP (2024) Statistical Review of World Energy, Our World in Data, Crisil Intelligence, All India Electricity
Statistics (General Review) by Central Electricity Authority, *European Union data is for 2022, **India’s data
is for Fiscal 2024, growth rate is the rise in per capita electricity consumption from 2013 to 2023
Between Fiscals 2023 and 2026, India’s per capita electricity consumption is expected to grow at approximately
6% CAGR13. Per capita electricity consumption is expected to gradually improve in the long term as well, as
power demand picks up on the back of improvement in access to electricity, in terms of quality and reliability,
rising per capita income, increasing EV penetration, railway electrification, on account of intensive rural
electrification, resulting in realization of latent demand from the residential segment, increased penetration of
consumer durables.
Urbanization
According to World Bank, India is undergoing rapid urbanization, with its towns and cities expected to be home
to 400 million people, by 2030. This represents a significant increase from 32% of the total population in 2013,
with urban areas projected to contribute almost 70% to GDP. The success of this urban transformation will be
crucial in realizing India's ambition of becoming a developed country by 2047, the 100th year of independence.
To create livable, climate-resilient, and inclusive cities that drive economic growth, it is essential to invest in
necessary infrastructure. As of 2024, the urban population of India accounts for 37% of the total population,
with 535 million people living in urban areas. This represents a significant increase from 32% in 2013. In
comparison to the rest of the world, India's urban population is one of the largest, with only China having a larger
urban population at about 923 million people, about 66% of the population.
11 https://pib.gov.in/PressReleasePage.aspx?PRID=2089243
12 All India Electricity Statistics (General Review) by Central Electricity Authority
13 International Energy Agency
157Share of urban population of India and the World from 2013 to 2024
52.8% 53.3% 53.7% 54.2% 54.6% 55.1% 55.5% 56.0% 56.4% 56.8% 57.3%
32.0% 32.4% 32.8% 33.2% 33.6% 34.0% 34.5% 34.9% 35.4% 35.9% 36.4%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
India World
Source: World Bank Group, all years are calendar year
Outlook on global GDP from 2023 to 2025
The ongoing US-led tariff actions are causing global trade and growth concerns, leading to uncertainty and
financial market volatility. The ongoing trade war between the US and China has taken a dramatic turn, with the
US announcing a 145% tax on imports, surpassing the initially stated 125% rate. China has retaliated against the
US with tariffs, imposing a 125% tariff on US products, in a significant escalation of the trade war between the
two countries. This move has sparked a strong response from China, which has unveiled countermeasures against
the US, leading to a significant downturn in US stocks. The impact of the US government’s Fiscal support for
its Fiscal deficit and prospects of slower Fed cuts have also elevated 10-year US Treasury yields. Rising yield
and interest rate differentials with emerging markets, and the concerns about global growth have heightened the
uncertainty and financial market volatility world over.
Growth drivers for increase in GDP in India
The Indian government’s total capital expenditure was at Rs 11.21 trillion14 in Fiscal 2026. Given the
government’s capex push (capital expenditure has tripled in past six years, from Rs 3.4 trillion in Fiscal 2020
to Rs 11.21 trillion in Fiscal 2026), India’s investment prospects are optimistic. In Fiscal 2026 Government of
India has allocated Rs. 11.215 trillion, which is a 10% increase from previous Fiscal year 2025 of Rs. 10.2
trillion.
Manufacturing
Indian real GDP growth has been resilient with 4.5% growth in the manufacturing sector in fiscal 2025 with the
sector’s GVA growing from Rs 28.3 trillion in fiscal 2024 to Rs 29.5 trillion in fiscal 2025. The manufacturing
sector has grown at a CAGR of 5.5% over the past five years, despite numerous disruptions. The main growth
drivers in the sector have been chemicals, wood goods and furniture, transportation equipment, medicines,
machinery and equipment. Initiatives such as the Production Linked Incentive (PLI) scheme play a pivotal role
in promoting domestic manufacturing across various sectors, thereby stimulating industrial production and
exports, and thereby increasing the sector’s contribution to the economy.
Infrastructure
In recent years, the funding of large-scale infrastructure projects has been aided by buoyant public sector
investment. Between Fiscal 2014 and Fiscal 2025, the average daily speed of national highway construction
grew nearly three times, from 11.7 km to approximately 34 km. In the past five years, capital spending on
railroads has surged 77%, primarily due to large investments in new-line construction, gauge conversion and
doubling. India’s airport infrastructure has shown significant growth over a decade, highlighting the increase
from 74 airports in 2015 to 159 in 202516.
India rose from 54 in 2014 to 38 in 2023 in the World Bank Logistics Performance Index. Between 2014 and
2023, India's clean energy sector received Rs 8.5 trillion17 in new investments. The National Monetization
Pipeline included assets with a monetization potential of Rs 6 trillion during the four-year period from fiscal
2022 to 2025 against which Rs 5.3 trillion was achieved. The government has embarked on an ambitious
infrastructure development program, the National Infrastructure Pipeline (NIP), with a forward-thinking
14 India Budget, Government of India
15 Union Budget Fiscal 2026
16 Source: Ministry of Finance, notified through Press Information Bureau dated 22nd July 2024
17 Ministry of Finance, notified through Press Information Bureau dated 22nd July 2024
158approach, aiming to invest approximately Rs 111 lakh crore between fiscal 2020-25 to establish world-class
infrastructure across the country. Key initiatives, such as the Bharatmala Pariyojana, Sagarmala Programme,
Smart Cities Mission, and PM Gati Shakti, are transforming India's infrastructure landscape.
Services
The services sector's share of the total GVA has increased to 64% (Fiscal 2025), the level observed before the
epidemic. As of March 31, 2025, there were 1,850,932 active firms in India. Out of the active companies,
12,20,569 (66%) of businesses operate in the services industry. In 2023, India ranked seventh globally,
representing a 4.3% share in the global services export. About 73% of India's services exports were made up of
business and computer services, which increased 9.6% on-year in fiscal 2024. India's percentage of the world's
exports of digitally delivered services climbed from 4.4% in 2019 to 6.0% in 2023. In 2024, the tourism industry
saw over 20.57 million international tourist arrivals, indicating a 8.9% on-year rise from 18.89 million in 2023.
With a 4% drop on-year, 0.46 million residential real estate units were sold in the top seven cities in India. After
the enactment of the Real Estate Regulatory Authority, India ranked 31st out of 89 countries in the Global Real
Estate Transparency Index in 2024.
Energy requirements and availability of India
India's energy demand is rapidly growing, driven by economic expansion and population growth. The demand in
Fiscal 2024 is expected to be 16,29,670 MU at a CAGR of 6.0% from Fiscal 2020 to Fiscal 2024, driven by
continued economic growth. The demand is expected to continue growing at an accelerated rate, reaching
23,77,763 MU by 2030, with a CAGR of 6.4% from Fiscal 2025 to Fiscal 2030. The analysis of India's electricity
demand from 2020 to 2030 shows a steady increase in demand, with an accelerating growth rate in the later years.
The peak demand is the highest amount of electricity demanded by the grid at a given time which has been
increasing steadily over the years, with a CAGR of around 6.9% from Fiscal 2020 to Fiscal 2024. The peak
demand in Fiscal 2020 was 1,83,804 MW, with a slight shortfall of 1,271 MW. The peak demand in Fiscal 2021
was 1,90,198 MW, with a shortfall of 803 MW. The peak demand in Fiscal 2022 was 2,03,014 MW, with a
shortfall of 2,475 MW. The peak demand in Fiscal 2023 was 2,15,888 MW, with a shortfall of 8,657 MW. The
peak demand in Fiscal 2023 was 2,15,888 MW, with a shortfall of 8,657 MW. The increasing peak demand
highlights the need for additional power generation capacity to meet the growing demand.
India’s electricity demand in Billion Units
2378
2243
2116
1996
1866
1744
1630
1515
1380
1291 1276
2020 2021 2022 2023 2024 2025(F) 2026(F) 2027(F) 2028(F) 2029(F) 2030(F)
Source: Central Electricity Authority- Annual Report of various years, Crisil Intelligence; All years are
Fiscal years, F: Forecast
Peak Power Demand in India in MW
Demand not Met
Peak Demand Peak Demand
Fiscal Year
(MW) (MW)
MW %
2020 1,83,804 1,82,533 1,271 0.7
2021 1,90,198 1,89,395 802 0.4
159Demand not Met
Peak Demand Peak Demand
Fiscal Year
(MW) (MW)
MW %
2022 2,03,014 2,00,539 2,475 1.2
2023 2,15,888 2,07,231 8,657 4.0
2024 2,40,174 2,39,978 196 0.1
Source: Central Electricity Authority- Executive summary of various months
Outlook on Carbon Emission Reduction
As the world transitions towards a low-carbon economy, India's mining industry is poised to undergo a
significant metamorphosis driven by the country's ambitious climate goals, mounting global pressure to adopt
sustainable practices and the economic imperative to optimize energy consumption. The Indian government is
commitment to attain carbon neutrality by 2070.
India’s Sustainability Targets
India’s COP26 Targets
Source: Crisil Intelligence
India has been an active participant in global climate action initiatives, significantly contributing to international
efforts under the United Nations Framework Convention on Climate Change (UNFCCC).
Emissions in the Power Sector
Coal is the largest source of carbon emissions from fossil fuels, accounting for approximately 41% of global
CO emissions18. The countries with the highest carbon emissions from coal in 202319 are 55.5% China (8,550
2
million tons CO ), 13.2% India (2,031 million tons CO ), 5.0% United States (776 million tons CO ), 2.8%
2 2 2
Russia (428 million tons CO ), and 2.1% South Africa (330 million tons CO ). The carbon emissions from coal
2 2
in these countries are primarily due to the use of coal for electricity generation, industrial processes, and heating.
The emissions from coal are not only a major contributor to climate change but also have significant health
impacts, particularly in terms of air pollution.
India's National Electricity Plan (NEP) outlines a trajectory where absolute carbon dioxide emissions from
electricity generation are projected to increase in the coming years reaching to about 1,100 MMT in Fiscal 2032.
This rise is attributed to the growing energy demands of the nation. However, a significant reduction in CO₂
emissions per unit of electricity generated is anticipated, reflecting improvements in generation efficiency and a
shift towards cleaner energy sources owing to the ambitious renewable energy goals set by an Indian Government
including achieving 50% of the nation’s cumulative installed power capacity from renewable sources by 203020.
18 International Energy Agency (IEA)
19 ourworldindata.org
20 As per NDC submitted to UNFCCC in August 2022 as highlighted in PIB 13th November 2024
160Total Projected CO Emissions (MT) from the power sector
2
1083
1057
1024
1002
928
910
2020 2021 2022 2024 2027 2030
Source: National Electricity Plan 2022-32 by Central Electricity Authority, 2024 and 2030 numbers are
interpolated, All years are Fiscal years
According to NEP the share of non-fossil-based installed capacity is projected to increase from approximately
42.5% in April 2023 to 57.4% by Fiscal 2027, and further to 68.4% by Fiscal 2032.
This shift towards renewable energy sources plays a crucial role in decreasing emissions per unit of electricity
generated. Ongoing improvements in power generation technologies and the implementation of energy-efficient
practices contribute to lower emissions per kWh. The integration of cleaner technologies, such as supercritical
and ultra-supercritical coal-fired power plants, enhances the efficiency of coal usage, thereby reducing emissions
intensity, which is expected to reach to 0.42 kg CO /kWh by Fiscal 2032.
2 net
Weighted Average Emission Rate (kgCO /kwh )
2 net
0.71 0.70 0.71
0.65
0.55
0.48
2020 2021 2022 2024 2027 2030
Source: National Electricity Plan 2022-32 by Central Electricity Authority, 2024 and 2030 numbers are
interpolated, All years are Fiscal years
Emissions in the Steel Sector
The steel sector in India emitted around 240 million tons of CO in 2020, which is approximately 12% of the
2
country's total CO emissions. The carbon emissions of the steel sector in India are expected to rise at a CAGR
2
of 6.49% from 240 MMT of CO emission in 2020 to 450 MMT of CO emission in 2030. The carbon footprint
2 2
of steel is significant, with the production of one ton of steel resulting in around 1.8-2.2 tons of carbon dioxide
emissions. The main contributors to the carbon footprint of steel are through the DRI-EIF route of steel making
in India, while the scrap based EAF has the lowest emission intensity.
Emission Intensity by Route-India (Fiscal 2024)
S. No. Process Route CO2 Emission Intensity(tCO2/tcs)
1 Coal based DRI-EIF 2.70-3.10
2 SynGas DRI-EAF 2.50-2.90
161S. No. Process Route CO2 Emission Intensity(tCO2/tcs)
3 BF-BOF 2.20-2.60
4 Natural Gas based DRI-EAF 1.40-1.60
5 100% scrap-based EAF 0.55-0.65
Average emission intensity in India 2.54
DRI- Direct Reduced Iron, EIF- Electrical Induction Furnace, EAF- Electric Arc Furnace, BF- Blast
Furnace, BOF- Basic Oxygen Furnace
Source: Ministry of Steel
The coal sector must balance economic imperatives with sustainability. While India's immediate energy security
needs justify continued coal reliance, integrating technological advancements and policy-driven incentives can
create a structured transition towards lower emissions without undermining industrial competitiveness.
Addressing emissions is not about eliminating coal but about making its usage more efficient and
environmentally responsible.
-------------------------------------------------------------------------------------------------------------------------------------
-------------
India plays a significant role in the global economy, driven by its diverse industrial base, growing consumer
market, and strategic geopolitical position. As one of the fastest-growing major economies expecting a strong
real growth of 6-7% in this decade, India's contribution to global GDP continues to rise. The mining sector
remains crucial, contributing approximately 20% to India's GDP. Mining plays a vital role in India’s economy,
providing raw materials for various industries such as power, steel, cement, and infrastructure.
Indian Coal Mining Industry Overview
Minerals at the Core
Coal, Iron Ore, and Limestone in India's Power and Infrastructure Sectors
The main minerals mined in India are coal, iron ore, and limestone, which are intricately linked to the country's
power, steel, and cement industries. Coal, the primary source of fuel for India's thermal power plants, accounts
for over 75% of the country's electricity generation.21 The power sector, which is heavily reliant on coal, is also
closely tied to the steel and cement industries, as electricity is a critical input for the production of steel and
cement.
Value in Rs trillion of minerals in India distribution
Non-metallic minerals,
5%
Metallic minerals,
Value(Rs trillion) Coal, 50%
45%
Source: Ministry of Mines, Government of India, total value of mineral production is Rs 2.83 trillion for
Fiscal 2025
Coal and iron ore are the bedrock of India's mineral wealth, playing a critical role in driving the nation's industrial
and economic progress. These minerals not only fuel the country’s energy needs but also support the backbone
of its manufacturing sector, particularly in steel production.
The value of minerals mined in India is approximately evenly split between the coal and non-coal minerals. Coal
is undeniably the most crucial mineral for India, accounting for approximately 50%22 of the total value of
minerals mined in the country in Fiscal 2025. Given India's large population (largest country by population in
21 Central Electricity Authority (General Review)
22 Ministry of Mines, Government of India, total Value of Mineral production
162the world with approximately 1.44 billion people in 2024 according to IMF estimates) and rapidly growing
economy (6.4% real GDP growth rate expected from CY2025 to CY2030, according to the IMF23), the demand
for energy is ever-increasing, making thermal coal indispensable for ensuring energy security. The importance
of coal is further underscored by its widespread use in various industries24, from cement to chemicals,
contributing significantly to India's industrial output.
Besides coal, metallic minerals contribute to the country’s mineral wealth significantly, at approximately 45%25
of the value of minerals mined in Fiscal 2025. Iron ore, contributing approximately 34% to the total value of
minerals mined in India, is another essential mineral that underpins India’s economic framework. Approximately
76%26 of the value generated by metallic minerals in India comes from iron ore, reflecting its importance. With
India being the second largest producers of steel globally, the demand for high-quality iron ore is ever-growing.
Given that the mining industry contributes approximately 2.1% to India's GVA, coal (50%) and iron ore (34%)
contribute about 84% of the mining GVA.
Value of minerals (coal and major minerals) in India (Rs trillion)
2.83
2.50
2.27 2.28
1.60 1.64 1.66 0.91 1.05 1.42
1.27
0.86 0.86 0.85
0.11 0.13
0.13 0.13
0.10 0.10 0.09 1.25 1.11 1.11 1.28
0.64 0.68 0.72
2019 2020 2021 2022 2023 2024 2025
Value of metallic mineral Value of non-metallic minerals Value of coal
Source: Ministry of Mines and Crisil Intelligence, total value Rs approximately 2.83 trillion in Fiscal 2025;
All years are Fiscal years
Value of coal produced in India and expected future value (Rs trillion)
Source: Ministry of Mines, Crisil Intelligence analysis assuming growth rate of 7.0% in coal supply growth;
All years are Fiscal years, E: Estimates
Mining policies and regulations
India’s mining sector is a cornerstone of its economic strategy, playing a crucial role in ensuring security of
energy and the critical mineral resources necessary for industrial growth. The country recognizes the importance
of its vast mineral reserves in providing reliable and affordable energy essential for sustaining economic
activities and driving industrialization. Additionally, with the growing geopolitical uncertainties and supply
chain disruptions, India is strategically focusing on reducing its dependence of foreign sources for key minerals.
23 As per International Monetary Fund (IMF)- World Economic Outlook (October 2025)
24 Mentioned the share of coal demand in various sectors in detail in the coal demand & supply dynamics chapter
25 Crisil Intelligence
26 Ministry of Mines
163By developing and safeguarding its domestic mineral resources, India aims to protect key industries, such as
electronics, renewable energy and defense, from the vulnerabilities arising from global supply fluctuations.
Mines and Minerals (Development and Regulation) Act, 1957
The MMDR Act is the cornerstone of India’s mining regulatory framework, governing all aspects of mineral
development and regulation. The Act classifies minerals into major (coal being part of First Schedule, Part A of
the Act) and minor, with different regulatory frameworks governing each. In 2015, the major amendments of the
Act were approved with the introduction of a transparent, competitive bidding process for the allocation of
mineral blocks, replacing the earlier first-come, first-serve system. In addition, the amendments made in post
2015 aimed to streamline the auction process, reduce bureaucratic delays and increase penalties for illegal mining
activities.
National Mineral Policy, 2019
The National Mineral Policy (NMP) 2019 was introduced to replace the policy of 2008, reflecting changes in
the scenario of India’s mineral resources. NMP is a comprehensive framework established by the government
to guide the development and regulation of India’s mineral resources. The policy aims to ensure the sustainable
and efficient utilization of mineral resources. It promotes the adoption of modern technologies and practices that
minimize environmental degradation, reduce waste and enhance resource efficiency. The policy advocates
transparent and accountable governance in the mining sector and aims to attract both domestic and foreign
investments in the exploration and mining sectors. The policy promotes value addition and mineral beneficiation
within India, aiming to reduce the export of raw mineral and increase the export of value-added products.
Mineral Conservation and Development Rules, 2017
The Mineral Conservation and Development Rules, 2017, were established under the MMDR Act to ensure the
systematic and scientific exploitation of minerals. The rules aim to conserve minerals and ensure their proper
utilization, with a focus on minimizing wastage and ensuring environmentally responsible mining practices. It
provides guidelines for the sustainable development of mines, including proper closure plans, restoration of
mined areas and measures to mitigate environmental impact. It also consists of regulations for the health and
safety of workers.
Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 (MCR)
The "Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules" govern the
regulation of mineral concessions in India, excluding those related to atomic and energy minerals. MCR 2016 is
a law framed under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act). These rules
replaced the older MCR 1960, aligning the mineral concession system with the 2015 MMDR Amendment, which
introduced auction-based allocation of mining rights
Mineral Auction Rules, 2015
The Mineral (Auction) Rules, 2015 and subsequent amendments, primarily focus on establishing a fair and
transparent bidding process for mineral blocks. These rules govern how mining leases (MLs) and composite
licenses (CLs) are offered via auctions. They provide a transparent, fair and competitive bidding process for
granting ML and CL. The Mineral Auction Rules define the auction parameters, including reserve price, bid
parameter, auction process, eligibility criteria, payment terms, penalties for default, etc. to ensure transparent and
competitive allocation of mineral blocks.
Mines & Minerals (Contribution to District Mineral Foundation) Rules, 2015
The District Mineral Fund (DMF) is a non-profit body that works to benefit the people and areas impacted by
mining, funded by contributions from mining concession holders. Section 9B of the MMDR Act empowers State
Governments to establish DMFs in districts affected by mining activities. According to the Mines & Minerals
(Contribution to District Mineral Foundation) Rules, 2015, mining lease holder must pay an additional amount
to the District Mineral Foundation (DMF) of the district where they operate, in addition to the royalty.
National Steel Policy, 2017
The National Steel Policy, 2017, formulated by the Ministry of Steel, aims to enhance the growth and
sustainability of the Indian steel industry. It seeks to boost domestic steel production, reduce reliance on imports,
and establish India as a global steel powerhouse. The policy aims to make India self-reliant in steel production
by enhancing capacity to 300 MT and increasing per capita consumption to 160 kg by 2030-31.
Recommendations by Inter-Ministerial Committee:
164Ministry of Coal, Govt. of India has assessed the sector-wise demand of coking coal and non-coking coal in the
country by Fiscal 2030 and likewise prepared coal logistic plan for effective and efficient evacuation of coal.
Taking all these into consideration and to substitute the imports of coal the committee has come to the following
recommendations for reducing coking coal imports:
i. Utilization of raw coking coal production by steel sector
ii. Adoption of Stamp-Charging Technology for steel making
iii. Enhancing Washing Capacity in the country
iv. Monetization of Old Washeries
v. Low ash thermal coal as PCI (Pulverized Coal injection) in Blast Furnace
vi. Enhancing Coal gasification based Direct reduced Iron (DRI)
Abandoned coal block auction policy27
To promote an optimum utilization of coal resources in the national interest, the Government is eager to include
the private sector in operating closed/abandoned/discontinued mines through a mechanism that would benefit
both the government and the private sector.
Environmental regulations
Environmental regulations play a critical role in ensuring responsible mineral extraction. The Environment
Protection Act, 1986, the Forest Conservation Act, 1980, and the Wildlife Protection Act, 1972 are key
legislative frameworks that govern environmental aspects of mining. These laws mandate environmental impact
assessments (EIA) for major mining projects, clearances for mining in forested areas and stringent measures to
protect wildlife habitats.
Taxation on minerals
Royalty
As per Section 9 of the MMDR Act, the holder of a mining lease granted on or after the commencement of the
Act has to pay royalty on any mineral removed or consumed by him or by his agent, manager, employee,
contractor or sub-lessee from the leased area at the rate specified for that mineral in the Second Schedule of the
Act.
District Mineral Fund
The District Mineral Foundation (DMF) was established as per Section 9B of the MMDR Act, to ensure that the
benefits of mining extend to communities affected by these activities. Funded by contributions from mining
leaseholders, the DMF focuses on the welfare of people in mining-affected areas, particularly in the fields of
health, education, and infrastructure development.
National Mineral Exploration Trust Rules, 2015
The National Mineral Exploration Trust Rules, 2015, were established as per Section 9C of the MMDR Act to
support mineral exploration activities in India, particularly for minerals that are crucial for national development
but are under-explored. Mining companies are mandated to contribute 2% of the applicable royalty in the NMET
fund.
State Specific Taxes
In addition to the statutory taxes such as GST and GST compensation cess, there are specific charges which are
levied by states which impact on the overall price of coal. Some of the key states which levy such taxes include
Chhattisgarh, Madhya Pradesh, Jharkhand, and West Bengal.
Overview of the structure of Indian coal industry and major business drivers of coal industry (with specific
focus on coking coal)
27 https://coal.nic.in/sites/default/files/2022-02/17-02-2022.pdf
165Coal’s value chain
Source: Crisil Intelligence
Types of coal
Coal has been a cornerstone of human civilization for centuries. At its core, coal is a combustible black or
brownish-black sedimentary rock that is composed of a high amount of carbon and hydrocarbons. Its unique
properties make it an ideal source of energy, and it has been used for a variety of purposes, including electricity
generation, industrial processes and domestic heating. On the basis of degree of coalification, there are five main
types coal namely, anthracite, bituminous, subbituminous, lignite and peat. Further, coal is broadly categorized
under coking coal and non-coking coal.
Coking Coal
Coking coal, also known as metallurgical coal possesses unique property of forming coke when heated in the
absence of air at a temperature of 1030- 1060oC. Coke is a hard, porous substance essential for the blast furnace
process in steelmaking. This characteristic distinguishes coking coal from non-coking coal, which lacks the
ability to form coke and is primarily used for energy generation. According to the Ministry of Coal, the
classification of coking coal is based on ash content28.
Non-coking Coal
Thermal coal, also known as non-coking coal is primarily used for power generation and industrial applications
where heat is needed. It is classified based on its energy content, ash content, sulfur content, and moisture
content. In India thermal coal is classified as follows.
The gross calorific value (GCV) is the most critical parameter for thermal coal classification. It determines how
much energy is released during combustion. Higher GCV values indicate better-quality coal for power
generation. The ash content of thermal coal is a crucial parameter as it impacts the efficiency of the combustion
process. Lower ash content is preferred as it results in less slag formation and higher efficiency. Coal with high
moisture content has a lower effective energy yield.
Coal mining
Broadly, coal mining is classified into Open-Cast (OC) Mining and Underground (UG) Mining, each with
distinct methodologies, advantages, and challenges. In India coal is mined using both UG and OC methods.
However, the majority of the coal extracted in India is through the OC method.
28 Coal Directory
166Share of coal production in OC and UG mines in India in MMT
1200 96.9% 99.0%
96.6%
96.1%
95.5% 95.7% 32
97.0%
94.2% 94.5% 34
1000 93.8%
92.7% 93.3% 35 95.0%
92.0%
33 93.0%
800
43 40 32
44 42 91.0%
46
49
600 89.0%
963 1016
87.0%
858
400 745
561 593 614 634 686 690 684 85.0%
83.0%
200
81.0%
0 79.0%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
OC mines UG mines Share of OC
Source: Coal Directory Fiscal 2024-25, all years are Fiscal years
The share of coal extracted from OC mines has increased over the years due to less mining cost and greater
recovery. Since 2020, the total coal production has grown significantly, with the OC mining method dominating
the industry. In Fiscal 2025, the production of coal in India has been largely from OC mines i.e., 1016 MMT,
and 32 MMT from UG mines. The trend is expected to continue, with OC mining remaining the preferred method
of coal extraction in India. Coal mined from UG mines has declined consistently from 49 MMT in Fiscal 2015
to 32 MMT in Fiscal 2025 owing to expensive mining cost and operational complexities.
Opencast Coal Mining
Open cast coal mining is the dominant method of coal extraction in India, accounting for around 96.6% of the
country's total coal production. This method involves removing soil and rock to expose coal seams, which are
then extracted using heavy machinery and transported to power plants or other industries. Open cast mining is
generally more cost-effective and safer than underground mining, and India's major open cast coal mines are
located in the states of Madhya Pradesh, Chhattisgarh, and Odisha. The largest open cast coal mine in India is
the Gevra mine in Chhattisgarh, which has a capacity of over 80 MMT of coal per year.
Underground Coal Mining
Underground coal mining is the traditional method of coal extraction in India, accounting for around 3.4% of
the country's total coal production. This method involves digging tunnels and shafts to access coal seams, which
are then extracted using conventional or mechanized methods. Underground mining is typically used for deeper
coal deposits, and India's major underground coal mines are located in the states of Jharkhand, West Bengal, and
Chhattisgarh. However, underground mining is often hampered by geological challenges, safety concerns, and
high production costs.
Although UG mining dominates global coal production, in India, only a small percentage of coal is extracted
through this method. The majority of UG coal production in India uses the Board and Pillar's method, which
involves creating pillars to support the roof while extracting coal. However, this method has a low coal recovery
rate and is more suitable for shallow coal seams. The Longwall mining method, which uses advanced machinery,
has a higher coal recovery rate but is not widely used in India due to its high cost and the small size of most UG
mines. As a result, UG mining productivity in India is low, and production has been decreasing over the years.
Coal reserves and resources
As of 2023, the world's coal reserves are estimated to be 1,165.9 Billion MT29, with most of these reserves
located in the Asia-Pacific region. The top 5 countries with largest coal reserve include, USA, Russia, China,
Australia and India, with all of them together contributing about 72% of the global coal reserves. As of April
1st, 2024, the geological resource of Indian coal have been estimated to be 389.4230 billion metric tonnes (BMT)
29 US Energy Information System
30 Coal Directory of India, 2023-24
167at various depths. The breakdown of these reserves by depth is as follows: 0-300 meters: 206.28 BMT (53%),
300-600 meters: 127.63 BMT (33%), 0- 600 meters: 15.41 BMT (4%) & 600-1200 meters: 40.10 BMT (10%).
The coal resources in India are predominantly concentrated within 4 states such as Odisha, Jharkhand,
Chhattisgarh and West Bengal, has been the backbone of India's coal production, which is home to approximately
80% of the country's total coal resources.
Total coal resource across India in Billion Metric Tonnes as on 1st April 2024
State Resource (BT) Resource (%)
Odisha 99.2 25%
Jharkhand 91.8 24%
Chhattisgarh 82.7 21%
West Bengal 34.0 9%
Madhya Pradesh 32.8 8%
Telangana 23.2 6%
Maharashtra 13.4 3%
Others 12.4 3%
India Total 389.4 100%
Source: Coal Directory 2023- 24
Analysis of regulatory frameworks and policies governing coal sector
Coal sector: From nationalisation to commercialisation
Source: Crisil Intelligence
Participation in coal block auctions was no longer limited to captive users but open to any player, including
international ones for mining and selling coal from India. In August 2020, 100% FDI was allowed, removing
the last significant vestige of regulation in the coal mining industry. Recently, existing captive allottees have
been allowed to sell up to 50% of their coal production in the open market subject to meeting end use plant
requirement. Subsequently, twelve rounds of commercial coal block auctions have been concluded so far,
resulting in successful auctions of 134 blocks. The 13th and 14th round (Tranche XIII & Tranche XIV) were
launched with Notice Inviting Tender (NIT) dated August 21, 2025 and October 29, 2025 respectively, and is
underway (as of November 2025).
168Key policies influencing the coal market
National Coal Distribution Guiding policy for sale and distribution of coal in India, introduced Letter of Assurance (LoA)-
Policy 2007 Fuel Supply Agreement (FSA) regime, sale via nominated agencies and e-auction of coal
CMSP Act 2015 Auctions for allocation of coal block to end-users introduced
Policy for allocation of linkages to non-regulated sectors via auctions, prior FSAs are not
Linkage Auction Policy 2016
renewed after the policy
SHAKTI Policy 2017 Policy for allocation of linkages to power plants, objective of fading away of LoA-FSA regime
MMDR Amendment Act Coal block auctions opened-up to commercial players as well and up to 50% of sale allowed
2020 from captive coal blocks
Source: Crisil Intelligence, Ministry of Coal
Mines Act 1952
The Mines Act of 1952 is a key piece of Indian legislation focused on regulating labor and safety in mines. It aims
to protect the health, safety, and well-being of mine workers, and it also establishes the duties and responsibilities
of mine owners. The Act covers various aspects, including working hours, leave with wages, employment of
women and children, and reporting of accidents and diseases.
Mineral Concession Rules, 1960 (MCR)
The Mineral Concession Rules 1960 provide the procedural details for the grant of mineral concessions under
the MMDR Act. This law defines the procedures for applying for reconnaissance permits, prospecting licenses
and mining leases. It also outlines the rights and responsibilities of concession holders.
National Coal Distribution Policy (NCDP), 2007
The overarching policy guiding coal distribution and sale in India is the National Coal Distribution Policy
(NCDP), 2007 and the various amendments thereof. The NCDP guides the overall framework for allocation of
coal linkages to different sectors, distribution to MSME sectors and e-auction schemes to be conducted by CIL
subsidiaries. The NCDP seeks to facilitate supply of assured quantities of coal to various categories of consumers
at predetermined prices, taking into consideration regulatory regimes governing the end-use sectors. It also
envisages an enlarged role for state governments in the supply of coal to a large number of small and medium
industries. Under this policy, e-auction sales of coal were re-introduced to encourage the emergence of a proper
coal market in the country.
The CMSP Act, 2015
The Coal Mines (Special Provisions) Act, 2015 brought reforms to the coal sector. The Act introduced a
transparent and competitive bidding process for auctioning coal blocks. It also outlined the process for allocating
coal blocks to public sector units and ultra-mega power projects. Since its implementation, the government has
conducted multiple rounds of coal block auctions and allocations between January 2015 and November 2019.
Linkage Auction Policy
The MoC vide letter No. 23011/51/2015-CPD (Pt-I) dated February 15, 2016, issued policy guidelines for
auction of linkages for the non-regulated sector. It was stipulated that all allocations of linkages/LOAs for the
non-regulated sector, viz. cement, steel/sponge iron, aluminum and others excluding fertilizer (urea sector),
including their CPPs, shall henceforth be auction-based. Also, there will be no renewal of existing FSAs of non-
regulated sectors except FSAs of CPSEs and fertilizer (urea). CIL and SCCL have accordingly been conducting
169linkage auctions for the non-regulated sector, including for steel, cement and sponge iron, and FSAs are signed
with successful bidders by the subsidiary coal companies of CIL and SCCL.
SHAKTI Policy
The Government of India introduced the SHAKTI (Scheme for Harnessing and Allocating Koyla (Coal)
Transparently in India) policy in 2017. The policy provided a new system of coal allocation under which power
plants were segregated into different categories based on existing power purchase agreements and fuel supply
agreements or linkages. The participants under the scheme could participate and source coal for short- and long-
term linkages. The overall objective of the scheme was to ensure supply to power plants, minimize risk to the
banks exposed to non-performing assets, reduce electricity bills, and decrease imports.
Coal Mines Regulations 2017
The Coal Mines Regulations, 2017 in India are a set of rules that govern the operation of coal mines, focusing on
safety, health, and environmental protection. They outline the responsibilities of mine owners, agents, and
managers, including safety precautions in mechanized opencast workings and ventilation requirements. The
regulations also address various aspects of mine operation, including inspection, training, and the use of approved
machinery.
Mission Coking Coal, 2021
The Ministry of Coal has embarked on an ambitious mission "Mission Coking Coal”, aimed at enhancing domestic
coking coal production to reduce the country's reliance on imports. This initiative is driven by the growing demand
for coking coal from the steel sector, which is expected to drive economic growth. The mission seeks to increase
domestic raw coking coal production to 140 million tons (MT) by the financial year 2029-30. This mission aligns
with broader initiatives like the National Steel Policy 2017, targeting reduced import dependency and securing a
steady supply of coking coal through domestic exploration, beneficiation, and infrastructure development.
Government policies
Government policies significantly influence the energy sector, with recent initiatives focusing on reducing
import dependency on coal and advancing sustainability.
Energy Policies
While India is making significant strides in renewable energy and green hydrogen, coal remains a critical
component of the country's energy mix. To address the challenges and opportunities within the coal sector, the
government has introduced several targeted policies. Additionally, the Integrated Coal Logistics Plan for Coal
Mines/Blocks, introduced in February 2024, focuses on developing efficient and cost-effective coal logistics.
This policy aims to streamline coal evacuation processes and enhance operational efficiency. The Coal Blocks
Allocation (Amendment) Rules, 2023 further reflect the government's efforts to optimize the allocation, along
with its plan to produce 1.5 BT (1,500 million tonne of coal) and management of coal resources, ensuring a more
transparent and efficient process.
Coal sales channels in India
There are four types of coal blocks in India.
CIL / SCCL blocks – The majority coal blocks are owned by Coal India Limited (CIL) and Singareni Collieries
Company Limited (SCCL). Prior to commercialisation of coal sector in India, all commercial production of coal
in the country was routed through CIL/SCCL.
Captive coal blocks – A handful of coal blocks are with companies having specific end-uses. These are called
captive blocks. These companies use coal for their internal consumption. Prior to 2015, blocks were awarded on
a nomination basis for captive use. After CMSP Act 2015 came into force, coal blocks were allocated as captive
blocks (for regulated sector and non-regulated sector). Within the auctioned segment, initially (CMSP tranches
VIII, IX, X) companies were allowed to sell 25% of coal commercially after meeting their end use requirement.
Commercial coal blocks – After the commercialisation of the coal sector in 2020, the government started
auctioning coal blocks for commercial production. Till date, the auction process of a total of 134 coal blocks has
been completed with an estimated annual peak capacity of approximately 357 MTPA31.
Abandoned mines/ discontinued blocks – In 2022, CIL started auctioning the discontinued coal mines for re-
opening on revenue-sharing basis to bring them back into operation. These are classified here as abandoned/
31 As of November 2025
170discontinued blocks. By Fiscal 2024, a total of 24 such mines have been awarded so far out of 34 identified
mines. In Fiscal 2024, CIL32 awarded 11 such mines on revenue sharing models to successful bidders with a
cumulative peak rated capacity (PRC) of 17.86 MTPA, while the total extractable reserves are estimated at 267.5
MMT. The abandoned blocks offered will be operated by mine operators who will develop and operate the block
and sell the coal on behalf of the owner of mine. They will be required to share the final revenue generated from
the sale proceeds with the owner of the mine (e.g. CIL and its subsidiaries) as per the coal mining agreement. A
total of 6 such Abandoned mines/ discontinued blocks have been successfully auctioned by BCCL having a total
Peak Rated Capacity (PRC) of approximately 8.4 MMTPA till Fiscal 202533. 4 mines namely Salanpur AGKC
(1.4 MMTPA), PB Project (2.7 MMTPA), Madhuband (1.5 MMTPA) and Kharkharee (1.2 MMTPA) are
expected to start coal production by Fiscal 2026, Loyabad (1.3 MMTPA) and Amlabad (0.3 MMTPA) are
expected to commence production by Fiscal 2028 and Fiscal 2029 respectively. Further, 4 blocks (Amalgamated
Dharmabandh Colliery, Amal. East Bhuggatdih Simlabahal, Lohapatti and Begunia) are under auction process.
In India, coal is sold through various channels by CIL/ SCCL, and the price of coal depends on the channel
through which it is sold. The existing sales channels can be primarily categorized as follows:
Classification of coal sales channels
Source: Crisil Intelligence
Existing coal sales channels in the country, mostly linkage routes and non-linkage route, are aligned with the
sales and marketing policies and practices of CIL/ SCCL. Under the linkage route, coal is supplied to the central
and state power generation companies at the notified prices of CIL/ SCCL, and to non-regulated sectors (NRS)
on forward auction basis (linkage auctions). These form bulk of the CIL coal supplies. Besides, there are other
sales channels such as spot auctions, special spot e-auctions, special forward auctions for the power sector,
exclusive auctions for non-regulated sector (NRS) and for imported coal substitutions (these channels have now
been merged into single window channel of selling). Auction terms, premiums and the overall ex-mine price of
coal differ from one sales channel to the other. Commercial coal blocks are allowed to sell coal though any
mechanism. Captive coal blocks are also allowed to sell up to 50% of their produce in the open market after
meeting their end use. Further the abandoned mines are allowed to sell coal through an auction platform only as
mentioned in the contract agreement.
Effect of global events on the coal sector and focus on renewal power
The coal sector has been significantly impacted by global events leading to a decline in its dominance and a shift
towards renewable energy sources. Here are some key events and trends that have influenced the coal sector and
the growth of renewable energy:
Global events impacting the coal sector:
1. Paris Agreement (2015): The Paris Agreement set a global goal to limit global warming to well below
2°C and pursue efforts to limit it to 1.5°C above pre-industrial levels. This agreement marked a
significant shift towards reducing greenhouse gas emissions, which has led to a decline in coal demand.
2. China's energy policy shift (2017): China, the world's largest coal consumer, announced plans to reduce
coal consumption and increase renewable energy capacity. This shift has had a significant impact on
global coal markets.
32 Source: Annual Report, CIL 2024
33 BCCL
1713. European Union's climate policies (2019): The EU introduced the European Green Deal, aiming to
become carbon neutral by 2050. This has led to a decline in coal-fired power generation and an increase
in renewable energy investments.
4. COVID-19 pandemic (2020): The pandemic led to a global economic downturn, resulting in reduced
energy demand and a decline in coal prices. This accelerated the transition to renewable energy sources,
as governments and companies sought to reduce costs and mitigate climate risks.
5. Russia-Ukraine war (2022): Russia’s invasion of Ukraine in February 2022 and the subsequent war
continues to have a profound impact on global energy markets leading to imposition of sanctions on
Russian producers thereby impacting the Russian coal trade flows, which would have significant
implications for the global metallurgical coal market.
Factors influencing growth of renewable energy:
1. Cost competitiveness: The cost of renewable energy technologies, such as solar and wind power, has
decreased dramatically, making them more competitive with fossil fuels. Since 2010, the cost of solar
photovoltaic electricity has fallen 85%, and the costs of both onshore and offshore wind electricity have
been cut by about half. Both of these renewable sources are now cost-competitive with fossil fuel
electricity.
2. Government policies and targets: Policy support has been essential for the growth of renewable energy.
Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions have all helped
reduce costs and spur deployment. Government investment in research and development has been
essential in promoting innovation in renewable energy. China, Europe and the United States have
become leaders in solar and wind through policy support, and worldwide, 165 countries have targets to
increase renewable energy. India, in particular, has set ambitious targets through its Panchamrit Goals,
which aim to reduce the country's carbon footprint and increase the share of non-fossil fuels in its energy
mix.
3. Technological advancements: Improvements in energy storage, smart grids, and other technologies
have enhanced the efficiency and reliability of renewable energy systems.
4. Attracts Incentives and Subsidies: The renewable energy sector attracts various incentives and subsidies
that make it an attractive option for investors and developers. Incentives include tax credits, grants, and
low-interest loans, which help to reduce the upfront costs of renewable energy projects.
The coal sector has been significantly impacted by global events, leading to a decline in its dominance and a
shift towards renewable energy sources. As the world transitions to a low-carbon economy, the focus on
renewable power will continue to grow, driven by declining costs, increasing investment, and government
policies and targets.
Pricing trends of Coking Coal
The international trade in coking coal is driven by the demand from the steel industry. With global crude steel
production rising to 1892 million tonne in 2023 from 1433 million tonne in 2010 at a CAGR of approximately
2%, the demand for coking coal has increased significantly. Asian countries, particularly China, Russia, India,
Japan and South Korea, dominate the demand side, accounting for nearly 90% of the international market share.
The majority of coking coal is supplied by Australia, United States, Mongolia, Russia and Canada, with almost
90% of the volume being seaborne. The supply of coking coal is dominated by Australia with about half of
global exports and the demand of coking coal is dominated by China with about two third of global consumption.
The price of coking coal in international trade is often benchmarked against Premium Hard Coking Coal (PCC),
a high-quality coal used to produce metallurgical coke.
CNF Paradip, Premium HCC, Australia Origin (US$ per Ton)
637
385 365 392 360 344
319
286 279 245 294 268
150 168 122 141 114 139
205 205 212 189207
172Source: BigMint
In late 2021, Coking coal prices soar on supply disruptions and post-pandemic steel demand recovery, while in
February 2022, Russian-Ukraine war sparked price surge, triggering panic buying. In 2023, steel mills reduced
production due to thin margins, thus reducing coking coal demand.
Price Outlook: Coking coal prices are on a correction trajectory as supply-side in Australia to witness some
alleviation with mine expansions and new approvals, while demand-side sentiments remain steady with India
being the major influencer.
India’s energy requirements
India aspires to be a developed country by 2047, when it celebrates its 100th year of Independence. This includes
achieving high per capita income with improved living standards, independence from want of basic amenities,
eliminating energy poverty, ensuring self-reliance and jobs for the working-age population. A rising population
combined with the twin forces of urbanization and industrialization underpins growth in energy demand. Further,
driven by the imperatives of self-sufficiency and ensuring resilience to external shocks, India’s growth,
development and rise in consumption demand may soon be led by manufacturing.
According to estimates by BP (2025) Statistical Review of World Energy, global energy consumption rose at a
CAGR of 1.6% between 2010 and 2024 (from 506 exajoule or EJ to 635 EJ). The country-wise share of energy
consumption with major economies are as shown below:
World’s energy consumption (EJ) by major countries in CY2018 and CY2024
GermanyFrance
France 2% 1%
2% Japan
Germany
3%
2% Japan Rest of the Russian Rest of the
world
Russian 3% Federation world
Federation 41% 5% 40%
5%
India
India 6%
6%
US
US China 15%
17% 24% China
28%
Source: BP (2024) Statistical Review of World Energy, Crisil Intelligence, CY- Calendar Year
Coal’s dominance in India’s energy and power sectors
The growth in coal consumption parallels India's economic expansion over the past decade. The increased
demand for energy, particularly from coal, highlights the country's industrial and infrastructural growth. As of
2024, India accounted for 14% of global coal consumption, standing as the second-largest consumer after China
(which dominates with a 56% share). In terms of absolute figures, India's coal consumption, measured in EJ, has
risen significantly. In 2013, India's coal consumption stood at 14.4 EJ. By 2024, this figure escalated to 23.0 EJ,
underscoring a substantial increase in energy demand within the country.
Correlation of Steel sector with GDP growth
The demand growth of steel and GDP growth is highly correlated, with both following a similar trend since
201834. When real GDP growth is high, steel demand growth tends to be high as well. The steel demand growth
rate experienced a down cycle from CY19 to CY20, with a decline of -1.6% and -5.1%, respectively, due to the
pandemic. The steel demand growth rate has been in an cyclical since CY21, with growth rates of 16.2%, 5.7%,
and 12.2% in CY21, CY22, and CY23, respectively.
34 Note: All years in this section are calendar years unless otherwise mentioned
173Growth in steel demand vs GDP in India
1.17 -0.41 0.88 1.67 0.81 1.56
20.0%
15.0%
12.2%
16.2%
9.7%
10.0%
3.9%
7.8%
5.0% 7.6% 7.0%
6.5% 5.7%
0.0% -5.1%
CY18 CY19 CY20 CY21 CY22 CY23
-5.0% -1.6%
-5.8%
-10.0%
Steel demand growth rate in India India's real GDP growth Growth rate ratio
Note: All figures are adjusted to calendar year and the grey boxes represent the ratio of growth rate of India’s
steel demand and real GDP; the GDP growth rates are from IMF; CY- Calendar Year
Source: Crisil Intelligence, JPC report of various years, IMF
Correlation of Power with GDP growth
The demand growth of power and GDP growth is highly correlated, with both following a similar trend since
201835. During the pandemic, the demand for power as well as GDP declined till 2021, after which demand for
power grew at 9.0% in 2022. In the subsequent year, demand for power grew by 8.0%. The growing multiple of
GDP and power in the past four years is a sign of growing power demand with GDP and growing GDP with
power demand. The projections of power demand for the future are also high considering growth rates of power
in the past two years (year 2022 and 2023).
Growth in power demand vs GDP in India
0.92 0.51 0.17 0.62 1.29 1.03
15.0%
10.0% 6.5% 9.7% 9.0% 8.0%
3.9%
5.0% 6.0% 7.0% 7.8%
6.0% -1.0%
2.0%
0.0%
CY18 CY19 CY20 CY21 CY22 CY23
-5.0%
-5.8%
-10.0%
Power demand growth rate in India India's real GDP growth
Growth rate ratio
Note: All figures are adjusted to calendar year and the grey boxes represent the ratio of growth rate of India’s
power demand and real GDP; the GDP growth rates are from IMF; CY- Calendar Year
Source: Crisil Intelligence, Ministry of Power, IMF
Correlation of Cement with GDP growth
The growth of cement demand in India has been loosely tied to the country's GDP growth, with both exhibiting
a similar trend over few years. Since 2018, cement demand has followed a pattern of growth, with some
fluctuations, mirroring the trajectory of India's real GDP growth. During the pandemic, cement demand declined
marginally in 2019 and grew at a slower pace in 2020, before rebounding in 2021 with an 8.6% growth rate. In
the subsequent years, cement demand growth has continued to accelerate, with a notable 14.8% growth rate in
2023.
35 Note: All years in this section are calendar years unless otherwise mentioned
174Growth in cement demand vs GDP in India
2.08 -0.08 -1.16 0.89 0.76 1.90
20.0%
14.8%
13.5%
15.0%
9.7%
10.0% 6.7% 7.0%
5.0% 3.9% 8.6% 7.8%
6.5% 5.3%
0.0% -0.3%
CY18 CY19 CY20 CY21 CY22 CY23
-5.0%
-10.0% -5.8%
Cement demand growth rate in India India's real GDP growth Growth rate ratio
Note: All figures are adjusted to calendar year and the grey boxes represent the ratio of growth rate of India’s
cement demand and real GDP; the GDP growth rates are from IMF; CY- Calendar Year
Source: Crisil Intelligence, IMF
Indian coal market overview and assessment
Coal market structure
India’s energy landscape also heavily depends on the fossil fuel, with the country consuming about 13% of the
world’s coal. Coal-based thermal power plants continue to dominate electricity generation in India, accounting
for approximately 73% in Fiscal 202436.
The India coal industry is highly fragmented with a presence of few large players and several medium and small
players. CIL (313 operating mines) and Singareni Collieries Company Ltd (SCCL; 40 operating mines)
dominates the coal production in the country with production by other captive and commercial players. In Fiscal
2025, the combined coal supply of CIL (74%) and SCCL (7%) accounted for approximately 81% of the total
domestic coal supply by volume (CIL- 781 MMT, SCCL- 69 MMT), with the remaining 19% supply (198 MMT)
met via captive /other commercial blocks.
The following figure maps key agencies and players involved in the Indian coal market:
Demand of coal
Coal is a useful source of energy not only for the power sector (utilities and CPPs) but also for others such as
steel, direct reduced iron (DRI), sponge, cement and bricks. The power sector comprising power utilities and
captive power plants (CPPs) accounted for approximately 70% of coal consumption in Fiscal 202437 and, thus,
is central to the outlook for coal in the country.
India’s coal demand by end-use sectors Fiscal 2024
Others
(Fertilizers,
Paper,
Bricks, etc.)
22%
Coking -Steel, Coke
oven
Power (Utility)
6% Cement
70%
1%
Steel -DRI
1.0%
36 As per CEA reports
37 Actual demand as per Annual Report 2024-25 of Ministry of Coal
175Source: Ministry of Coal Annual Report 2024-25; Others include imports as well which are being used in
Power, Power (Captive), Cement, Steel-DRI etc. and hence the actual share of these sectors will vary
Coal demand grew by 3.8%, a 9-year CAGR between Fiscal 2015 and 2024 and is expected to grow by 4.1% at
6-year CAGR between Fiscal 2024 and 2030, with more than 60% contribution from power sector (thermal and
captive) by Fiscal 2030. During demand estimation, coal with levelized grade of G10 has been considered. It
may be noted that the actual demand for raw coal will be higher as the average produced grade of coal is G11
and going forward the grade is expected to further reduce. Only non-coking coal has been levelized in this case
and coking coal has been considered at actuals. The growth in coal demand will likely continue till Fiscal 2035.
Overall coal demand in India – thermal coal (non-coking) and coking coal (MMT)
1673
138
1463
1392
1348
1316 104
1219 1259 87 95
80
1146
73
1085 67
62
968 978 59
898 896 888
816 836 837 43 57
45 53 50
56 59 59 1535
1359
1152 1186 1236 1261 1297
1084
1026
925 920
853 843 838
759 777 778
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P 2030P 2035P
Non-coking Coking
Source: Crisil Intelligence; All years are Fiscal years; P: Projected; Note: demand for coal is based on the
G10 grade of coal for Power and CPP sectors
The demand of coal is dynamic and is driven by different factors such as: power utilities demand increase,
expansion of thermal power capacity; capital investments in steel, aluminium and cement due to infrastructure
focus by the government. However, Coal will continue to play a major role in the India’s energy sector at least
for the next few years.
Supply of coal
On the supply side, a duopoly structure is present in India with two supply sources, namely domestic and
imported coal sources. The total raw coal production in India in Fiscal 2025 was 1048 MMT from different
sources with 5% increase from 997 MMT in Fiscal 2024. The production in Fiscal 2015 was 556 MMT, showing
a 10-year CAGR growth of approximately 6.5% from Fiscal 2015 to 2025. While non-coking coal used for
power generation as well as in the industrial sector constitutes the largest share, the consumption of coking coal
has been increasing over the years with rising steel production:
1. Non-coking coal accounts for approximately 94% of India’s coal production in Fiscal 2025.
2. Coking coal accounts for approximately 6% of total coal production, and it is used in steel making in the
blast furnace - blast oxygen furnace route.
176India’s raw coal supply sources
2023 2024 2025
11% 1% 2% 1% 2% 2% 3%
12% 14%
7% CIL
SCCL 7%
7%
Captive
Commercial
Others
79% 74%
78%
Source: Ministry of Coal-Coal Directory of India for 2022-23, 2023-24; 2024- 25, Monthly Statistics for
March 25 & Crisil Intelligence; All years are Fiscal years
India produced 66.5 MMMT of coking coal out of 1048 MMT of raw coal production in Fiscal 2025. Further,
according to Crisil Intelligence estimates, raw coal production is expected to reach 1,514 MT by Fiscal 2030
growing at a 5-year CAGR of 7.6% from Fiscal 2025 to Fiscal 2030.
India’s raw coal production coal type wise – non-coking and coking (MMT)
1980
160
1514
1416
1292
1185 129
997 1048 1122 109 119
556
639 658 675 731 732 717 777 8 69 13 67 67 91 100 1,820
45 97 9 56 71 8 56 92 6 64 30 5 64 91 0 65 73 9 64 75 2 75 22 5 832 930 982 1,031 1,086 1,183 1,297 1,386
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026P2027P2028P2029P2030P 2035P
Non-coking Coking
Source: Past data as per Ministry of Coal-Coal Directory of India 2023-24, Monthly Statistical Report-
March 2025, Ministry of Coal; Projections as per Crisil Intelligence; Year is Fiscal year; P: Projected
State wise raw coal production in Fiscal 2025
270
205 206
168
270 140
205 72 71
168
36
21
66 72 71 0.2 0.01
36 21
0.2 0.04 0.2 0.01
Odisha Chhattisgarh Jharkhand Madhya Telangana MaharashtraWest Bengal Uttar Assam Jammu &
Pradesh Pradesh Kashmir
Coking Non-coking
Source: Ministry of Coal- Monthly Statistical Report- March 2025
In Fiscal 2025, 26% of the raw coal production was from Odisha (270 MMT), followed by 20% from Jharkhand
(206 MMT), 20% from Chhattisgarh (205 MMT), 16% from Madhya Pradesh (168 MMT), collectively
contributing approximately 82% of the total raw coal production. Remaining 18% are from other states like
Telangana (72 MMT), Maharashtra (71 MMT), West Bengal (36 MMT), Uttar Pradesh (21 MMT), Assam (0.2
MMT) and Jammu & Kashmir (0.01 MMT).
177Within CIL the highest production is from MCL (29%), followed by SECL (21%), NCL (18%), CCL (11%),
WCL (9%), ECL (7%), BCCL (5%) and lastly NEC (0.03%).
CIL subsidiary wise raw coal supply in Fiscal 2025
NEC
0.03%
BCCL
5%
ECL
7%
MCL
29%
CCL
11%
NCL
18%
SECL
21%
WCL
9%
Source: Ministry of Coal- Monthly Statistical Report- March 2025
BCCL is the major contributor of coking coal production in India contributing approximately 58.50% in Fiscal
2025 (38.9 MMT), followed by CCL (31%). BCCL producing coking coal of grades varying from Steel grade-
II, Washery grade-I to VI.
Coking coal production from different companies in Fiscal 2025
Others ECL
10.3% 0.02%
SECL
0.3%
CCL
BCCL
31%
58.49%
Source: Ministry of Coal- Monthly Statistical Report- March 2025
178Grade wise raw coal production of coking coal by different companies in Fiscal 2025
0.1 0.2 1 3 5 36 21 0.5 S- SC- W- W- W- W- W- W-
2% Company
6% II 1 I II III IV V VI
14% 1% 14%
0% 23% 0.0
36% ECL - - - - - - -
42% 2
22%
59% 0. 3.4 1.2 18. 15.
52% 34% BCCL - - -
40 4 8 23 54
0. 1. 0.8 3.5 11. 3.6 0.1
CCL -
100% 15 20 1 4 08 4 1
0.2
75% SECL - 2 - - - - - -
64% 64%
58% 0.0 0.0
51% IISCO - - - - -
41% 41% 1 0
0.4
SAIL - - - - - - -
0.0 9
0.8 0.3 4.9
S-I S-II SC-1 W-I W-II W-III W-IV W-V W-VI TSL - - - 3 4 1 .14 -
ECL BCCL CCL WCL SECL IISCO SAIL TSL 0. 1. 34. 19.
Total 0.2 5.1 5.2 0.1
1 6 3 8
Source: Ministry of Coal-Coal Directory of India for 2024-25
In order to draw a parallel with the coal demand estimated in the above section, the coal production has been
levelized at the same grade of G10. Therefore, the estimated production in Fiscal 2025 is 1013 MMT in
comparison to the actual production of 1048 MMT. Going ahead, the projected raw coal production in Fiscal
2035 will be 1763 MMT compared to a demand of 1673 MMT. Although, it appears to be supply surplus
however, it is believed that market will adjust such that there is no oversupply in the market.
India’s levelized (at G10) raw coal production scenario from different sources (MMT)
1763
224
1387
1302
188
1198
943 1013 1051 1104 66 18 60 5 11 70 63 89
846 22 32 52 155 73 77
612 632 649 702 703 686 737 96 1 1 61 1 51 1 1 62 32 1 63 31 1 64 31 69
534 52 69 534
7
53 85 64 04 64 07 45 74 67 11 63 1,230
44 79 5 516 531 544 584 580 572 592 667 732 780 797 818 877 954 1,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P2026P2027P2028P2029P2030P 2035P
CIL SCCL Captive Commercial Others
Source: Past data from Ministry of Coal-Coal Directory of India 2023-24, Projections by Crisil Intelligence;
Year is Fiscal year; Levelised production at G10 grade; P: Projected
Analysis of coal demand-supply
179The total coal demand has been consistently increasing over the years, with a few minor fluctuations, while the
total supply of coal has also been increasing, but at a slower rate than demand, resulting in a persistent gap. This
gap is expected to narrow down to 76 MMT by Fiscal 2030 from 206 MMT in Fiscal 2025. The coal supply is
expected to surpass the demand by Fiscal 2035.
India’s demand-supply gap of coal (MMT)
1673
1463
1316 1348 1392 1763
1219 1259
1146
1085
986 978 1387
816 836 837 898 896 888 1198 1302
1013 1051 1104
943
846
612 632 649 702 703 686 737
534 203 206 208 212 150
282 224 205 249 284 193 202 241 239 90 76
-90
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P 2030P 2035P
Total Gap Total Supply Total Demand
Source: Crisil Intelligence; Year is Fiscal year; Coal supply levelized at G10 grade; P: Projected
Region wise demands show a high demand-supply gaps in the northern, southern and north-eastern regions as
coal production is mainly concentrated in the eastern and western parts of India with major contributing states
being Odisha, Chhattisgarh, Jharkhand and Madhya Pradesh.
The total non-coking coal demand has been consistently increasing over the years, while the total supply of
non-coking coal has also been increasing, but at a slower rate than demand, resulting in a persistent gap. The
gap is expected to narrow down to 67 MMT by Fiscal 2030 and coal supply is expected to surpass the
demand by Fiscal 2035.
India’s demand-supply gap of non-coking coal (MMT)
1535
1359
1236 1261 1297 1640
1152 1186
1084
1026
925 920 1292
853 843 838 1213
759 777 778 1112
1027
940 976
840 873
606 626 642 696 697 680 732
529
230 171 152 211 229 146 158 188 186 211 212 210 209 149 84 67
-105
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P2026P2027P2028P2029P2030P 2035P
Total Gap Total Supply Total Demand
Source: Crisil Intelligence; Year is Fiscal year; Coal supply levelized at G10 grade; P: Projected
180In Fiscal 2025, the coking coal demand is 67 MMT and is expected to reach 138 MMT in Fiscal 2035. The total
coking coal supply shows a surplus in most years, which is not the case as very limited coking coal is directly
being used in steel industry owning to the inferior quality of Indian coking coal. Going ahead, though the coking
coal supply is expected to be more than the demand, demand of coking coal for steel is expected to increase.
India’s demand-supply gap of coking coal (MMT)
160
129
119
109
91 100 138
82
57 61 62 53 52 61 67 95 104
40 41 45 80 87
73
56 59 59 4 55 423 5 03 5 50 5 57 59 62 67
-1 -2 -3 -2 -5 -15 -18 -20 -22 -24 -25 -22
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P2026P2027P2028P2029P2030P 2035P
Total Gap Total Supply Total Demand
Source: Crisil Intelligence; Year is Fiscal year; Coal supply levelized at G10 grade; P: Projected
The coal demand supply situation is quite dynamic in nature with following factors affecting the surplus supply
of coal in India by 2030.
Factors favouring deficit to continue beyond Fiscal 202938
• Surrender of high-premium blocks by developers, considering surplus supply and low premiums in linkage
auction from CIL.
• Efforts by the government / technology improvements for coking-coal washery will affect the supply of
coking coal for thermal.
• Delay in the development of bigger blocks (capacity of 10 MMTPA and more) may disturb the demand-
supply balance.
• After Fiscal 2030, many of the mines of NCL and SCCL may be exhausted; further, CIL may also close its
high cost/ high SR mines considering low recovery of cost.
Factors favouring surplus before Fiscal 202939
• Thermal-coal demand from coastal-based TPPs will continue to be import-dependent (approximately 18,000
MW capacity).
• Cement-based companies will continue to import coal due to higher quality requirements.
• Washery-grade coking-coal production being used for thermal / blending purpose shall be approximately
60-80 MT.
• Fast-track of clearances for blocks can start the blocks before scheduled consideration.
Historical coal imports trends
Domestic supply sources are not able to sufficiently cater to the overall demand for coal in India. As a result,
India is the second largest importer of coal, accounting for about 18% of global non-coking coal imports. In
Fiscal 2025, India imported approximately 244 MMT of coal. Coal is imported by both power and non-power
sectors in India. There are some power plants in the coastal regions with approximately 18,000 MW cumulative
capacity that cannot use domestic coal and thus are dependent on imported coal for blending purposes.
38 As per estimates only as market is dynamic
39 As per estimates only as market is dynamic
181India’s type-wise coal imports in Fiscal 2024
Coking coal
22%
Non-coking coal (for
NRS sector)
53%
Non-coking coal (for
thermal coal)
25%
Source: Ministry of Coal Annual Report 2023-24; NRS: Non-regulated Sector (Steel, Sponge, CPP, Cement
and others)
Coal imports by India since Fiscal 2015 (MMT)
300
261
249
235 238
250
212 204 208 214 209 58
191 52
52 56
200
44 45 47 51 57
42
150
100 197 203
184 182
168 159 149 161 163 152
50
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Non-Coking Coal Coking
Source: Ministry of Coal-Coal Directory of India 2023-24, Ministry of Coal Annual Reports 2024-25, Year
is Fiscal year; P: Projected
Towards becoming self- reliant Government is having a lot of focus on increasing coal supply which will require
more exploration to identify potential resources and mines to operationalise, appointing private contractors /
Mine Developer and Operator (MDO) having capabilities to enhance production, capacity augmentation of CIL
mines and focus on transport and logistic arrangements to provide coal at respective end-use plants.
Domestic coal production meets approximately 76% of the country’s requirements, while approximately 24%
coal is imported every year (on average from 2020 to 2024).
Coal logistics industry overview
Overview of India’s coal logistics industry
Infrastructure is a vital cog in sustaining India’s economic growth trajectory. In recent years, the government
has taken several steps to accelerate infrastructure development, with focus on transportation, energy, smart
cities, water, and social and digital infrastructure. The government has also made efforts to attract foreign
investors through policy reforms.
In Union Budget 2024-25, the government outlined capital expenditure of Rs 11.11 trillion, i.e. equivalent to
3.4% of the GDP, towards the sector. This is an increase of 11.1% from the Rs 10.0 trillion earmarked in Union
Budget 2023-24 and approximately 17% higher compared with actual expenditure of Rs 9.48 trillion in Fiscal
2024.
Within the infrastructure space, logistics is a vital component, playing a crucial role in the movement of goods
and materials. The importance of logistics can be gauged from the nearly 50% of the budgetary allocation for
182Fiscal 2025 towards the Ministry of Road Transport and Highways (Rs 2.78 trillion) and the Minister of Railways
(Rs 2.56 trillion). And for the Ministry of Housing and Urban Affairs, the Centre has allocated Rs 0.28 trillion40.
To be sure, India's logistics sector has been undergoing a transformative phase, driven by technological
advancements, government initiatives, and increasing demands of a burgeoning consumer base. Consequently,
the sector is projected to grow 8.8% annually to approximately Rs 40.7 trillion by 2029 from approximately Rs
26.7 trillion41 in 2024.
In fact, through several initiatives, the government has target to raise the country’s ranking in the Logistics
Performance Index42 to 25 from the current 38.
As per analysis, the total modal-wise freight movement in tonne-km, roads contributed 63% share of the
movement, followed rail (26%), coastal (5%) and pipeline (7%)43.
Mode-wise split of freight movement in tonne-km (Fiscal 2025P)
Pipeline
Coastal 7%
5%
Railway
26%
Road
62%
Source: Crisil Intelligence - Domestic freight transportation services - February 2025
Coal Logistics
Coal is used in multiple industries, including power, CPP, steel, cement, sponge iron, bricks and paper. The coal
logistic chain involves extraction of coal from the mine, which is loaded onto railway wagons, trucks or conveyor
belts at the dispatch points. End-users such as steel, power and cement plants utilise the coal for production of
required resource. In a few cases, coal is transported to washery plants to remove impurities or upgrade the coal
to a higher calorific value and reduce ash.
Transportation of coal is dependent on coal demand, which is dependent on demand from the power and steel
sectors, as well as sectors such as cement, bricks, etc.
The volume of coal dispatched in Fiscal 2025 (1025 MMT) by different modes was driven by rail (51%, 1517
MMT domestic coal), followed by road (30%, 300 MMT), MGR (13%, 132 MMT), belt (5%, 52 MMT) and
others including rope *1%, 5 MMT) in Fiscal 2025. Railways contributed more than 50% of total domestic coal
supplied in the country in Fiscal 2025, which is expected to further increase to 59% by Fiscal 2030, according
to Integrated Coal Logistics plan for Coal Mines/Blocks.44
40 As per Union Budget 2024-25
41 According to IBEF Infrastructure Industry Report, May 2024, which estimates the market at US$317.26 billion in 2024, and projects
growth to US$484.4 billion in 2029
42 World Bank
43 Crisil Intelligence research report – Domestic freight transportation services – August 2024
44 Ministry of Coal, September 2023
183Coal handled by volume (MMT) through various modes in Fiscals 2025 and 2030E
Belt 2024 Others Belt 2030P Others
5% 1% 4% 1%
MGR
MGR
10%
13%
Rail
47%
Road
26% Rail
Road 59%
34%
Source: Crisil Intelligence; Ministry of Coal-Coal Directory of India 2024-25; P: Projected
About 86% of coal supply in Fiscal 2024 came from Odisha, Chhattisgarh, Jharkhand, Madhya Pradesh and
Maharashtra. However, the demand is pan India for coal.
State-wise coal supply in Fiscals 2025 and 2030P (%)
2024 Maharash 2030P
tra
Others
6%
Others 12%
16% Odisha Odisha
Maharashtra 24% 25%
7%
Madhya
Pradesh
Madhya 14%
Pradesh
Chhattis Chhattisg
13%
garh Jharkhand arh
21% 20% 23%
Jharkhan
d
19%
Source: Crisil Intelligence; Ministry of Coal-Coal Directory of India 2024-25; P: Projected
Odisha, Chhattisgarh, Jharkhand, Madhya Pradesh and Maharashtra dispatched 255 MMT, 208 MMT, 202
MMT, 140 MMT and 70 MMT, in Fiscal 2025.
In Fiscal 2025, CIL and its subsidiaries dispatched 763 MMT coal and SCCL dispatched 65 MMT, accounting
for more than 81% of total raw coal despatch. CIL subsidiary wise coal despatch was as follows: MCL - 212
MMT, SECL – 171 MMT, NCL - 138 MMT, CCL - 86 MMT, WCL - 70 MMT, ECL - 50 MMT and BCCL -
38 MMT.
CIL subsidiary-wise coal supply in Fiscal 2025 (%)
Non-coking Coal Coking Coal
WCL SECL
NEC ECL 0.1% 0.4% ECL
BCCL
0.02% 6% 0.02%
0.3%
CCL
MCL
9% CCL
29%
35%
NCL
20%
BCCL
65%
SECL WCL
26% 10%
184Source: Crisil Intelligence; Ministry of Coal-Coal Directory of India 2024-25
Out of 828 MMT dispatched, rail transported 463 MMT, followed by roads at 242 MMT, MGR at 109 MMT
and belt at 11 MMT. Rail transported 56% of CIL’s despatch, followed by road transport contributing 29%.
Odisha and Jharkhand are hugely dependent on rail. Madhya Pradesh is much dependent on rail, at 43%.
Chhattisgarh and Maharashtra transport over 40% of coal by roads.
International scenario of coking coal
In 2024, the total coking coal produced in the world was approximately 1044 MMT. The largest producer was
China with 50% share, followed by Australia- 13%, Russia- 10%, Mongolia - 7%, US- 6%, India- 6%, , Canada-
3% and remaining by other countries like Poland - 2%, Colombia, Mozambique & others.
World coking coal production in 2024
Source: Coal Directory 2024- 25
In International trade, Australia dominates as the top exporter in coking coal market with a share of 52%,
followed by Russia and US at 13% each. India is emerging to be the major importer with a share of 20%, just
behind China at 22%.
Major exporters and importer of coking coal in 2022
Others
Major Exporters Major Importers
9%
Mangolia
4%
Canada Others China
9% 19% 22%
European
US Australia Union
13% 52% 12% India
20%
Russia
South Japan
13%
Korea 15%
12%
Source: Crisil Intelligence
To reduce dependence on countries like Australia, Russia, US and Canada, major Indian steel producers are
acquiring coking coal mines abroad.
185Global presence of Indian steel players with coking coal mines abroad
Company Country Status of Mine Capacity (MTPA)
5.3 MTPA at stage 2
SAIL Mozambique Operational
20 MTPA at stage 3
Australia Acquired in 2025 NA
JSW Steel
Mozambique Exploring acquisition options NA
Australia Operational 1.2 MTPA
JSP
South Africa Operational 1.2 MTPA
Source: Annual Reports, Crisil Intelligence
Historical trend of manpower employed by CIL and its subsidiaries
The total manpower of Coal India Limited including its subsidiaries as on 1st January 2025 is 2,22,692 as
compared to 2,51,978 as on 1st December 2021. The total manpower of CIL including its subsidiaries in 2025
decreased by approximately 3% as compared to 2024 and by approximately 12% as compared to 2021. The
manpower strength is on a declining trend as more focus is on production of coal and OB through MDO route
and contractual basis.
CIL subsidiary wise manpower strength
CIL As on 1st As on 1st As on 1st April As on 1st April As on 1st
SN
Subsidiary December 2021 December 2022 2023 2024 January 2025
1. ECL 53,636 51,857 51,074 48,711 47,678
2. BCCL 39,706 37,687 37,037 33,920 32,599
3. CCL 36,194 35,317 34,975 33,990 33,420
4. WCL 36,113 34,599 34,390 33,352 32,442
5. SECL 45,151 42,505 41,832 39,528 37,959
6. MCL 21,930 21,746 21,827 21,493 21,184
7. NCL 14,468 13,939 13,753 13,770 13,466
8. NEC 824 697 667 585 558
9. CMPDI 3,027 2,906 2,855 2,751 2,738
Included in
10. DCC 191 157 133 113
SECL
11. CIL (HQ) 740 684 667 648 648
Total
2,51,978 2,42,094 2,39,210 2,28,861 2,22,692
Manpower
Source: Ministry of Coal Annual Reports 2021-22, 2022-23, 2023-24, 2024-25
Within CIL subsidiaries, the highest share of manpower in 2025 is of ECL with 21% (47,678 nos.) followed by
SECl with 17% (37,959 nos.), CCL with 15% (33,420 nos.) and BCCL with 15% (32,599 nos.)
Drivers & Opportunities
Some of the major drivers and opportunity in coal sector are:
1. Increased power demand owing to economic expansion, rising population, increasing urbanisation and
industrialisation: Between Fiscals 2019 and 2024, the country’s gross domestic product (GDP) logged 4.3%
CAGR. The per capita GNI (at current prices) increased from Rs 1.41 lakh in Fiscal 2019 to Rs 1.70 lakh in
Fiscal 202345, largely driven by increased industrialisation, rapid growth of the services sector and
urbanisation. During the period, energy demand clocked 5% CAGR, making the country the third largest
energy consumer globally.
45 NSO 2024 reports
1862. Rise in per capita consumption with increased electrification and deeper penetration of energy-intensive
appliances such as air conditioning systems: The per capita electricity consumption rose from 1010 kWh in
Fiscal 2015 to 1,33146 kWh in the Fiscal 2023, clocking a CAGR of approximately 3.5%, owing to increased
power availability, investments in the power sector, reduction in transmission and distribution losses and
rising disposable income of households. Even so, the country’s per capita energy consumption lags
developed economies. In fact, per capita consumption is far lower than the global average of approximately
3,70047 kWh. But, with consumption levels progressively converging towards those of higher income
countries, demand for power will increase.
3. Growth in the manufacturing segment: Besides power generation, coal is also used directly in industry as
fuel and as a reactant in the production of steel (coking coal). Sectors such as aluminium and cement, too,
use large quantities of coal.
4. Infrastructure development: Coal finds application in the manufacture of steel and cement — two critical
inputs for infrastructure development. Cement production in Fiscal 2023 stood at 375 MT, up from 328 MT
in Fiscal 2019. Coal-based sponge-iron production also rose from approximately 28 MT to 36 MT during
the period, logging a 4-year CAGR of 6.5% (from 2019 to 2023) and driving demand for non-coking coal.
Key threats and challenges
Some of the key threats and challenges in coal sector are:
1. Mining industry’s share decreasing in GVA: Gross Real GVA grew 6.4% in Fiscal 2025 compared with
8.6% in Fiscal 2024. The growth was mainly owing to a significant 9.4 % growth in construction in Fiscal
2025 (10.4% in Fiscal 2024). Overall, despite the growth, the contribution of the mining and quarrying
sector in real GVA declined from 2.6% in Fiscal 2019 to 2.0 % in Fiscal 2025.
2. Capacity addition: With CIL increasing its production capacity (as per CIL’s 1 BT plan, it targets 1 BT
(1,000 MT) of production by Fiscal 2027), more emphasis is placed on contract mining as there are internal
constraints in departmental mining. Going ahead, the additional capacity is expected to be taken up by
private players, but since the private contract mining business is highly staggered with limited players,
taking up additional capacity by smaller players will be a challenge.
3. Approvals and processes for starting of mines: The allocation and operationalising of coal projects in India
is subject to several processes and approvals. Coal projects require input from multiple agencies across
various levels of government, reflecting the complex institutional structure. The government, too, has
identified streamlining of processes for coal mines as one of its key priorities, and has undertaken structural
reforms over the last few years such as incorporating a single-window clearance system and appointing
third-party consultants. Nonetheless, coal projects continue to face challenges.
4. Land acquisition: Land acquisition is also a major challenge for operationalising coal projects in India. This
is because large coal projects often involve acquisition of large swathes of land, including forest areas and
scheduled areas.
5. Logistics issues: Logistics infrastructure is yet another major constraint in India. While demand for coal
comes from across the country, production is concentrated in its eastern and central regions. As a result,
domestically produced coal has to travel long distances to reach the demand centres. Logistics issues are
further compounded by the lack of adequate rail infrastructure and high cost of coal transportation. The
railways handle approximately 50% of the coal transported in India. Hence, challenges in the railway
network have a direct bearing on coal transportation. Key issues include bottlenecks such as inadequate rail
lines, shortage of railcars and line congestion. In India, dedicated coal freight corridors are not yet fully
developed, and passenger services are given priority over freight.
Overview of the key end use segments of coal
Power generation is the single-largest consumer of coal and is likely to be one of the major segments shaping
the coal demand in future. In addition, industries such as steel and cement, which are key constituents of
infrastructure development, are also highly dependent on coal.
Power (utilities)
Growth in energy requirements has driven the Indian power (utilities) segment. As of March 2024, India has an
installed capacity of 442 GW, comprising approximately 211 GW (48%) of thermal-based capacity,
approximately 81 GW (19%) of solar capacity, approximately 46 GW (11%) of hydro-based generation capacity,
46 As per General Review 2024, Central Electricity Authority
47 General Electricity Review, May 2024 by Ember, Sandbag Climate Campaign CIC
187and approximately 8 GW (2%) of nuclear power plants. In the past decade, India has more than doubled its
installed power generation capacity from approximately 199 GW in Fiscal 2012 to approximately 442 GW in
Fiscal 2024. India’s installed capacity grew at 6% over Fiscals 2012-2024, while that for coal, gas and
renewables increased at 8%, 4%, and 17%, respectively. This growth is driven through private sector
participation in power generation and focus on renewable energy capacity addition to reduce emissions intensity
of India. The expansion has been primarily driven by coal-fired power generation capacity, and more recently,
renewable generation. Over the past decade, coal generation capacity increased by 135 GW, while renewable
capacity (excluding large-scale hydro) increased by 64 GW. CIL plays a pivotal role in India’s energy generation
with significantly contributing to the country’s industrial growth.
India’s installed electricity generation capacity growth (GW)
442
399 416
356 370 382
162 172 179 195 211 231
194 199 203 204 205 211
2019 2020 2021 2022 2023 2024
Coal based TPP Others
Source: Central Electricity Authority, Crisil Intelligence; Year is Fiscal year
India’s installed coal-based power generation capacity projection (GW)
260 5.15% 6%
250
5%
240 3.42%
4%
3.05%
230
2.31% 3%
220
1.15% 1.28% 2%
210
200 1%
216 222 234 242 245 248
190 0%
2025P 2026P 2027P 2028P 2029P 2030P
Coal based TPP Y-o-Y Growth
Source: Projections by Crisil Intelligence; Year is Fiscal year; P: Projected
Coal’s share in India’s electricity generation is larger than that of the share of installed electricity capacity, given
it tends to run at a higher utilisation rate compared with renewable generation. The share of coal-based generation
is higher in the generation mix due to its lower plant load factor (PLF) of renewable energy, gas and hydro-based
generation.
Power (captive)
A captive power plant is one which is dedicated to one or more industrial unit(s). As far as group captive is
concerned, the beneficiaries should hold at least 26% of the equity and together consume 51% of the power
generated during the year. Though dedicated, it may also inject electricity into the grid. Several industries,
specifically energy-intensive industries such as aluminium, steel, sponge iron, cement, etc., which require a huge
supply of electricity, tend to rely on their own generation (captive and cogeneration) rather than on grid supply,
primarily for the reasons: 1) Non-availability of adequate grid supply 2) Poor quality and reliability of grid
supply 3) High tariff because of heavy cross-subsidization.
The iron and steel industry’s share in capacity is about 29% of the total captive capacity, the share of aluminium
sugar is 20% and the corresponding figures for cement, chemicals and sugar are 12%, 6%, and 6%, respectively.
However, in terms of generation, iron and steel and aluminium together constitute around 50% of the power
generated by these captive units.
188Industry-wise captive power capacity in Fiscal 2024 (%)
Others, 19%
Iron & steel, 29%
Textiles, 4%
Mineral Oil &
Petroleum, 4%
Sugar, 6%
Chemicals, 6%
Aluminium, 20%
Cement, 12%
Source: Central Electricity Authority, Crisil Intelligence
Source-wise, coal continues to be the key fuel source for the majority of CPPs, with a share of over 60% of the
tracked capacity. This includes CPPs that use domestic coal, imported coal, and coal blended with washery
rejects, pet coke and lignite. The abundance of fuel and the competitive capital cost of setting up large-scale
coal-based CPPs are the two main reasons for their greater adoption. Diesel comes next with a 23% share in
tracked capacity.
Over the years, captive power plants (CPPs) have emerged as an effective alternative for commercial and
industrial consumers to fulfil their energy requirements and hedge against the possible consequences of high
grid power tariffs. The captive/group captive power plants have a total capacity of about 80 GW in Fiscal 202448.
Considering, that India’s total installed capacity (excluding captive) is about 442 GW as of March 2024, the
share of captive units is significant.
India’s captive power plant installed capacity growth (GW)
75 76 79 77 78 80
28 25 31 31 32 32
48 52 48 45 47 48
2019 2020 2021 2022 2023 2024
Coal based CPP Others
Source: Central Electricity Authority, Crisil Intelligence; Year is Fiscal year
48 As per CEA reports
189India’s captive power plant installed capacity projection (GW)
70 12.0%
9.97%
60
10.0%
50 7.30%
8.0%
40
6.0%
30 58 59 60 62
54
49 3.09%
4.0%
20
1.78% 1.77% 1.85%
2.0%
10
0 0.0%
2025P 2026P 2027P 2028P 2029P 2030P
Coal based CPP Y-o-Y Growth
Source: Projections by Crisil Intelligence; Year is Fiscal year; P: Projected
Cement
Demand for cement in India has logged a CAGR of 6.5% in the last 15 years, led by the housing segment, which
accounts for around 65% share of the cement demand, followed by public infrastructure at 15% and industrial
infrastructure with 20% share. Production capacity has outpaced cement production, which has led to a drop in
capacity utilization of cement plants. The production growth rate and capacity additions have relatively slowed
down in the last five years as compared to the previous periods.
Cement production over the years (MMT)
500 14% 0% 7% 9% 8% 11%
10%
400
-30%
300
458 -70%
411
200 328 327 349 379
-110%
100
0 -150%
2019 2020 2021 2022 2023 2024
Production (MT) Demand Growth rate (%)
Source: IBEF; Crisil Intelligence; Year is Fiscal year
190Installed cement capacity over the years (MTPA)
1000 80%
900
72%
800
69%
700 67%
66% 70%
600
63%
500 61%
400
300 500 540 552 564 577 637 60%
200
100
0 50%
2019 2020 2021 2022 2023 2024
Cement-Installed Capacity (MTPA) Utilisation (%)
Source: IBEF; Crisil Intelligence; Year is Fiscal year
Installed cement capacity growth projections (MTPA)
1000 75% 76%
900 75%
800 74% 75%
74%
700
73% 74%
600
73%
500 73%
400 669 703 738 775 814 855
72%
300
200
71%
100
0 70%
2025P 2026P 2027P 2028P 2029P 2030P
Cement-Installed Capacity (MTPA) Utilisation (%)
Source: IBEF; Crisil Intelligence; Year is Fiscal year; P: Projected
Geographically, cement capacities are spread across the country. However, their presence is more concentrated
in the southern sector with accessibility to limestone. The southern region accounts for 35% of the capacity,
followed by the western and northern regions that comprise 27% and 25% capacity of cement production,
respectively. The eastern sector accounts for only 10% of the overall capacity of cement plants in India.
Direct reduced iron (DRI)
Direct reduced iron (DRI) forms an important sub-sector of the Indian steel sector. DRI is used in production of
steel via electric arc furnaces and induction furnaces with these two routes accounting for 53% of the total steel
production. The total annual DRI capacity is 60 million tonne (MT) in Fiscal 2024 including both coal based (47
MT) and gas based (13 MT) with a production of 47 MT (coal based – 38 MT and gas based – 9 MT). There are
around 312 DRI plants in India, spread largely across 7-8 states.
Coal based DRI production over the years (MT)
40 15% 10% 8% 17% 6% 30%
-8%
35 10%
-10%
30
-30%
25
-50%
20 38
36
-70%
31 30
15 28 28
-90%
10
-110%
5 -130%
0 -150%
2019 2020 2021 2022 2023 2024
Coal-based DRI production YoY growth
Source: Crisil Intelligence; Year is Fiscal year
191Coal based DRI production growth projections (MT)
2% 3% 2% 2% 2% 1% 10%
-10%
43
43
42
41
40 -30%
39
-50%
2025P 2026P 2027P 2028P 2029P 2030P
Coal-based DRI production YoY growth
Source: Crisil Intelligence; Year is Fiscal year; P: Projected
Coal-based sponge iron plants are mostly present in the eastern and western regions, accounting for 66% and
40% of the total capacity, respectively, as these regions have easier accessibility to iron ore and non-coking coal.
Coal requirement in DRI (MMT)
43 46 47 49 50 51 51 52
34 37 34 37
2019 2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P 2030P
Source: Crisil Intelligence; Year is Fiscal year
Importance of coal in the steel sector
Coking coal is very critical input in steel production which is very important for industrial development of the
country. Coking coal is used to produce coke, the primary source of carbon used in steelmaking. Coking coal
differs from thermal coal, which is used for energy and heating, by its carbon content and its coking ability.
Majority of the country’s coking coal is being produced in Jharkhand. While the raw coking coal production in
the country has registered a negative CAGR of 3.5% during Fiscal 2016 to Fiscal 2020, the production increased
from 41 MMT in Fiscal 2019 to 67 MT in Fiscal 202, a CAGR growth of 10.3%. Out of the total coking coal
produced, 100% is not used in the steel sector due to lower grade. In Fiscal 2024, out of total coking coal dispatch
of 64 MMT only 7 MMT (11%) was sent to Direct Feed, 6 MMT (9%) was washed and the remaining 80% of
the coking coal was sent to Power Plants, Cement, Fertilizers and Others. BCCL, being the largest coking coal
producer in the country hold a significant market share and benefit from economies of scale, bolstered by the
strategic significance of coking coal in steel production.
192Coking coal production in India (MMT)
160
91 100 109 119 129
57 61 62 40 41 53 45 52 61 67 67
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026P2027P2028P2029P2030P 2035P
Source: Past data as per Ministry of Coal-Coal Directory of India 2023-24; Year is Fiscal year; P:
Projected
India imports around 90% of coking coal requirement, which was 58 MMT in Fiscal 2025. As steel production
rises in the country, the coal imports are likely to rise too. In Fiscal 2025, almost 43% of the coking coal in the
country is imported from Australia, leaving India highly dependent on Australia for supply of a critical raw
material to the steel industry and exposing the industry to price volatility vulnerability.
• Seaborne coking coal demand from India has always relied heavily on Australian exports
• Driven by a push from the Indian government, steel mills diversified their raw material sourcing, for
instance, Canada, USA and Mozambique in recent years. The latter through upstream investments into
new mines.
Country-wise import of coking coal in Fiscal 2025 (%)
Indonesia, 4% Others, 3%
Mozambique, 4%
Canada, 5%
Russia, 9%
Australia,
Singapore, 9% 51%
USA,
15%
Source: Ministry of Coal-Coal Directory of India 2024-25
Coking coal imports by India since Fiscal 2015 (MMT)
57 56 58
52 52 51
44 45 42 47
36 37
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Ministry of Coal-Coal Directory of India 2022-23, Ministry of Coal Annual Reports 2023-24, Year
is Fiscal year; P: Projected
193To reduce reliance on coking coal imports, the Ministry of Steel and Ministry of Coal have made concerted
efforts to raise the level of availability of domestic coking coal for use in steel industries. Following actions have
been taken to improve the supply of domestic coking coal:
1. BCCL and CCL have offered a linkage auction of the raw coking coal for the steel sector. Tata Steel
participated in the auction and got the linkage of 50,000 metric tons of raw coking coal from mines of
CCL.
2. The Ministry of Coal has also taken an initiative to bundle setting up of washeries with linkage of
coking coal. It has been envisaged that the agencies including steel industries, can set up greenfield
washeries or revamp old washeries of BCCL, which will be provided linkage of coking coal.
3. Steel Authority of India Limited (SAIL) has entered into a Memorandum of understanding (MoU) with
BCCL to get washed coking coal from BCCL washeries. SAIL has signed MoU for getting 1.8 MT of
washed coking coal from BCCL washeries. Other than that, limited washed coking coal is also
available. Presently, 4 new coking coal washeries are under construction/commissioning by BCCL.
4. To raise the availability of domestically produced coking coal to steel manufacturers, the Ministry of
Coal has auctioned 16 coking coal blocks so far, out of which 4 blocks were auctioned in the year Fiscal
2023. Out of these, JSW was allocated two coking coal blocks. JSW is planning to produce 1.54
MMTPA coking coal from the allocated blocks by 2027-28.
India is world’s second largest steel producer and consumer. With installed capacity of 179.5 MMTPA in
Fiscal 2024 (production of 144 MT in Fiscal 24), India is poised for brownfield expansion of existing steel
plants, backward integration of rerollers, forward integration of DRI or pig iron producers unfolding of a
few greenfield projects, leading to a production of approximately 223 million tonnes by Fiscal 2030, a
CAGR of 7.6%.
Crude steel production by route (%)
2024 2030P
IF
IF 19%
30%
BOF
47%
BOF
EAF
55%
26%
EAF
23%
Source: Crisil Intelligence; Year is Fiscal year; P: Projected
Coking coal is mainly used in manufacturing steel through blast furnace route. Domestic coking coal is high ash
coal (mostly between 18% - 49%) and is not suitable for direct use in the blast furnace. Therefore, coking coal
is washed to reduce the ash percentage and Indian Prime Coking Coal and Medium Coking Coal (<18% ash) is
blended with imported coking coal (approximately 9% ash) before utilisation in the Coke Ovens to make Coke
for feeding into the Blast Furnace.
194Coking coal demand for steel sector in India (MMT)
138
104
95
87
80
53 50 57 59 62 67 73
2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P 2030P 2035P
Source: Crisil Intelligence; Year is Fiscal year; P: Projected
Coking coal demand has grown at a CAGR of 3.93% from Fiscal 2020 to Fiscal 2024 at 62 MMT. It is expected
to further grow to 138 MMT by Fiscal 2035 (CAGR of 7.51%). The rapid growth in coking coal demand
underscores the steel sector’s role as a major driver of coal consumption in India. As India continues to build
infrastructure and expand its industrial base, the demand for steel – and by extension, coking coal – is set to
increase. This trend also highlights the difficulty in substituting coking coal in steel production, making it a
critical focus area for future energy and industrial policy. The growth in these key sectors presents both
opportunities and challenges. While the increasing demand for coal in captive power and coking coal supports
industrial growth and energy security, it also raises concerns about environmental sustainability and carbon
emissions. Balancing these competing priorities will require strategic investments in cleaner technologies,
efficient resource management, and policies that support both industrial growth and environmental goals.
Coking coal mining industry scenario
As on April 1, 2024, India has 36,813 MMT of coking coal resources. Of the total geological resources, 23,064
MMT are under the proved category, 11,801 MMT are under the indicated category and remaining 1,948 MMT
are under inferred category.
Coking coal resources of India as on April 1, 2024
Coal Type Measured (331) Indicated (332) Inferred (333) Total (MMT)
Prime Coking 5133 311 0 5443
Medium Coking 17402 10409 1761 29572
Semi-Coking 530 1081 186 1797
Grand Total (MMT) 23064 11801 1948 36813
Source: Coal Directory 2023- 24
In Fiscal 2025, the total coking coal produced in India was 66 MMT, out of which more than 50% was
produced by BCCL (59%). Production share of CCL was approximately 31% while remaining was by ECL,
WCL, SECL and other private companies including SAIL and Tata Steel.
195Company-wise coking coal production (MMT)
67
61
53 52 005 ... 259
5.8
45 00..24
6.2 4.7 21
00..33
5.9
00..24
21
20 00..21 17
15
39
26 23 29 34
0.03 0.02 0.01 0.01 0.01
2020 2021 2022 2023 2024
ECL BCCL CCL WCL SECL SAIL incl. IISCO TSL
Source: Ministry of Coal-Coal Directory of India 2019-20, 2020-21, 2021-22, 2022-23, 2023-24, 2024-25,
Year is Fiscal year
Steel sector demand for domestic washed coal in light of changing technology and capacity enhancement
for steel production
Over the last 5 years, only about 20-30% of coking coal produced was washed with an average yield of
approximately 45% resulting in a final production of washed coal of only approximately 5 MT, used in blast
furnaces. It may be noted here that Washery I-VI grade coking coal is required to be washed before utilization
by the steel sector.
Coking coal washery performance (MMT)
18 60%
16 48% 46%
44% 50%
14
38%
12 33% 40%
10
17 30%
8
14
6 11 11 20%
10
4
5 4 5 5 5 10%
2
0 0%
2020 2021 2022 2023 2024
Raw coal feed Washed coal production Yield %
Source: Coal Directory, 2020, 2021, 2022, 2023, 2024, 2025
In India, as most of the coking coal is of low grade it cannot be directly used in steel sector and most of it is
diverted to other sectors. Indian coking coal has high ash content and poor coking properties, thus, for efficient
operation of Blast furnaces, Indian steel industry imports coking coal of good quality and blends it with inferior
quality Indian coking coal.
Raw coking coal production in India during Fiscal 2024 was 67 MMT out of which 62 MMT was below W-II
grade. Total raw coking coal fed into washeries was approximately 17 MMT from which 5.4 MMT of washed
coking coal was produced. Out of the total washed coal produced, 3.2 MMT was used in coke ovens plants for
blending purposes with imported coal. Thus, 3.2 MMT of domestic coal was blended with imported coking coal
to produce coke during Fiscal 2024, while the total coking coal imports during that period was 58 MMT resulting
in an average 6% domestic coking coal blending happening in India in Fiscal 2024.
196Probable demand for domestic washed coal in view of government focus on Import substitution
The Ministry of Coal (MoC) has set a goal to produce 1150 MMT49 of domestic coal by Fiscal 2026 and 1500
MMT by Fiscal 203050 to advance the vision of Atma-Nirbhar Bharat ensuring India's energy security by
substituting imported coal with domestic coal. In Fiscal 2025, India produced approximately 1048 MMT coal.
India’s import dependency is owing to various factors, including smaller and lower quality reserves of coking
coal in India, less availability of high GCV coal, challenges in developing new coal mines related to land
acquisition, delay on obtaining statutory clearance etc. and logistics constraints for evacuation. Domestic coal
production has significantly increased from approximately 556 MMT in Fiscal 2015 to approximately 1048
MMT in Fiscal 2025, depicting a growth of approximately 88% in last ten years, so also the demand has
significantly grown from 816 MMT to 1219 MMT in the last 10 years depicting a growth of 49%. However
domestic coal production has been unable to meet the demand due to the above-mentioned challenges and desired
quality of coal over the last decade. Hence this gap was met by imports. The Ministry of Coal, however, has
taken several measures and efforts, to substitute coal imports.
approximately 60 MMT of annual imports continue to constitute import of coking coal due to lack of hard coking
coal reserves in India, which can be utilized directly by steel mills in blast furnaces. India, despite having huge
reserves of coal, has only a small part of it as coking coal, suitable for blast furnace operation. However, this
coal is also characterized by relatively high ash content, low vitrinite, lower rank and inferior caking/coking
properties. Therefore, under the present technology, they, at best, can be utilized as a blend to imported coking
coals to some extent, and that too, after suitable washing. Due to the quality issue of Indian coking coal and also
its limited availability in the country, Indian steel industries are highly dependent on low ash coking coal imports
(on an average 85% and above).
According to “IMC Report on Augmentation and Consumption of Domestic Coking Coal by Steel Sector dated
16th July 2021” in order to achieve steelmaking capacity of 300 MTPA by Fiscal 2031 (as per National Steel
Policy 2017), huge volumes of coking coal (approximately 161 MMT of coking coal at 14 % ash) would be
required. Indian steel industry fulfils approximately 90% of its coking coal requirements through imports at
present. Growth in steel production is expected to push up demand for metallurgical coking coal of India.
Consequently, the government’s initiative on Aatmanirbhar Bharat and Mission Coking Coal launched by
Ministry of Coal in August 2021 wherein the projected demand for domestic washed coking coal is 40 MMT by
Fiscal 2030 considering 25% blending with imported coal for steel making.
However, the implementation of stamp charging technology, as opposed to conventional top charging, across
steel plants has the potential to reduce the percentage of hard coking coal in the blend and will facilitate usage
of medium and semi- soft coal without impacting the coke. This enhances the blending ratio of Indian coking
coal in the production of metallurgical coke. If this technology were to be adopted in all of India's steel plants,
the blending of Indian coking coal could increase to around 35%, thereby necessitating approximately 56 MT of
domestic washed coking coal. To meet this demand, it is estimated that around 170 MT of raw coking coal will
need to be washed, which presents a substantial market opportunity for domestic coal producers and washeries.51
Coal Import Substitution Measures
The Government has brought in a series of reforms and measures to address import substitution of coal. The
critical points to be considered in import substitution are assured supply of quality and of quantity of coal by
companies that will help in bridging the gap between the requirement and indigenous availability & to improve
the quality.
The Ministry of Coal sets vision 2030 focusing on increasing domestic production of coal by Fiscal 2030 to
nearly double fold through following in order to reduce non-essential import in the country:
a) Vision 2030: Increase in coal and lignite production from CIL, SCCL, NLCIL, captive and commercial
coal blocks
b) Auction and operationalisation of more commercial/captive coal blocks.
c) Formulated Coal Logistic Policy and coal evacuation plan for efficient evacuation of coal.
d) Mission Coking Coal.
e) Underground Mining of Coal.
f) Technology Upgradation.
49 Ministry of Coal, Action Plan 2025- 26
50 PIB 9th August 2024
51 Mission Coking Coal, August 2021
197Capacity enhancement and production of washed coal by setting up washeries
The total installed capacity of major coking coal washeries in India during Fiscal 2025 was approximately 46
MTPA; out of which, BCCL had the highest share of approximately 50%, followed by Tata Steel Limited
(approximately 23%), CCL (approximately 20%), and SAIL (approximately 4%). Only approximately 30% of
the total installed capacity of raw coking coal washeries in the country is being fed raw coking coal.
Share of raw coking coal washery capacity in Fiscal 2024 (%)
Tata Steel
28%
BCCL
41%
SAIL
6%
CCL
25%
Source: Ministry of Coal-Coal Directory of India 2024-25
SAIL has the highest average yield of 46% followed by Tata steel (31%), CCL (32%) and BCCL (30%).
Coking coal washery performance in Fiscal 2025 (MMT)
18 17 40% 45%
16 40%
33%
14 30% 30% 35%
12 11 30%
9
10 8.0 25%
8 20%
4.9
6 15%
4 2.6 2 10%
1.2
2 5%
0 0%
BCCL CCL SAIL Tata Steel
Installed Capacity Raw coal feed Yield %
Source: Ministry of Coal-Coal Directory of India 2024-25, Crisil Intelligence
With various capacity additions planned for coking coal washeries, it is expected that the total installed capacity
of coking coal washery in the country will be 63 MT by FY30 as against 38 MT in Fiscal 2024.
With the increase in washery capacity, the amount of raw coal that is fed to the washery is also expected to
increase. The average utilization rate of the washeries is expected to increase in the coming years because of
new installations with enhanced performance.
198Coking coal washery capacity expansion (MMT)
70 63 60%
61 61 61 60
53%
60 43% 44% 52 45% 50%
41% 41%
50 37% 35% 36% 37%
32% 38 34% 40%
40 33
28.78 30 30 31 27 27 30%
30 22 25
20
19
17 20%
20 12 11 10 11 14 8 8 9 10 11 12
10 6 5 4 5 5 5 10%
0 0%
2019 2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P 2030P
Washery capacity Raw coal feed Clean coking coal Average utilisation rate
Source: Ministry of Coal; Projections by Crisil Intelligence; Year is Fiscal year; P: Projected
Coal Bed Methane (CBM) demand and supply possibilities
Coal bed methane (CBM) is an unconventional form of natural gas (which contains 90-95% methane) found in
coal deposits or coal seams and recovered by drilling a number of wells into the coal seam. It is a primary clean
energy source of natural gas. India has a coal reserve of 389 billion tonnes, the world’s fourth-largest coal
reserves. The prognosticated CBM resources in the country are about 92 TCF (Trillion cubic feet)
(approximately 2600 BCM- Billion cubic meters) in 12 states of India. 90% of CBM resources are untapped.
Key statistics of CBM operation in India of CBM resources in India as on 31st March 2024
Sl. No. Particulars Details
1. Total CBM rounds completed 6
2. No. of CBM Blocks awarded in 6 rounds 40
3. Estimated CBM Resource in Country 2,600 BCM (91.8 TCF)
4. CBM Resources (from 33 Blocks) 1,767.06 BCM (62.4 TCF)
5. Established CBM Reserves (GIP) (8 CBM Blocks) 342 BCM (12.10 TCF)
6. Avg. Gas Production (FY 2023-24) 1.83 MMSCMD
7. No. of CBM Blocks in Development/Production Phase 8
8. No. of CBM Blocks in Exploration 7
9. No. of CBM Blocks Under Relinquishment 12
10. No. of CBM Blocks Relinquished 12
11. No. of blocks under Arbitration 1
12. Annual CBM Production in FY 2023-24 650 MMSCM
13. Cumulative Production up to FY 2023-24 6.4 BCM
Source: India’s Hydrocarbon Outlook 2023-24, Directorate General of Hydrocarbons
Regulatory/ Policy environment
Directorate General of Hydrocarbons (DGH) under Ministry of Petroleum and Natural Gas (MoPNG) is the
nodal agency for the CBM blocks (blocks are carved by DGH along with co-ordination from Ministry of Coal
(MoC)/ Central Mine Planning & Design Institute Limited (CMPDI). MoPNG framed policy - CBM Policy 1997
wherein CBM being Natural Gas is explored and exploited under the provisions of Oil Fields (Regulation &
Development) Act 1948 (ORD Act 1948) and Petroleum & Natural Gas Rules 1959 (P&NG Rules 1959).
199The CBM policy covered Fiscal regime (licence fees, charges, surface rental, land acquisition charges, royalty,
rights, commercial discovery bonus, Production Level Payments (bidding premium), and broad contract terms
(size of the block, duration of contract- 38 years/40 years (tough area), relinquish conditions, marketing of gas
etc.).
In 2017, MoPNG issued “Policy framework for early monetization of Coal Bed Methane” for providing
marketing and pricing freedom and to address operational issues in the blocks. The policy allowed bidders to
sell gas in market on arm’s length basis (through transparent competitive bidding to get best possible market
price). Provision of further relaxations is also there in case no buyer is found on arm’s length basis. In case
discovered prices are less than the price notified (every six month) by the Petroleum Planning and Analysis Cell
(PPAC) as per “New Domestic Natural Gas Pricing Guidelines, 2014”) the notified prices shall be applicable
for payment of taxes/ royalties etc.
Competition benchmarking across key players
Business profile of BCCL
Bharat Coking Coal Limited (BCCL) is a Public Sector Undertaking (PSU) and subsidiary of Coal India Limited
(CIL) which is the largest coal producing company in the world with a production of 781 MMT in Fiscal 2025
and domestic market share of 74%. Established with a mandate to mine and supply coking coal, BCCL plays a
pivotal role in fueling the nation’s steel sector, which relies heavily on its coal for production and manufacturing
processes.
BCCL was founded on 1st January 1972 and was awarded the Miniratna status on 8th October 2014. The
headquarters of BCCL is in Dhanbad, Jharkhand. BCCL has 32 operational mines, including 25 opencast, 3
underground and 4 mixed mines. BCCL holds total geological resources of 14,865 MMT out of which coking
coal comprises of 7,910 MMT reserves. BCCL is the largest coking coal producer in the country, accounting for
58.50% of the domestic coking coal production in Fiscal 2025. As of 01st April 2024, India’s total coal resource
is estimated to be 389.4 BT, with coking coal resources amounting to 36.8 BT. We hold 7.91 BT of these coking
coal resources, as of 01st April 2024, making us the only source of prime coking coal in India.
The company has a robust fleet of Heavy Earth Moving Machinery (HEMM) of 520 vehicles comprising of
dragline, shovel, dumper, dozer and drills. BCCL employed manpower of 32,118 individuals ensuring smooth
operations and efficient delivery.
BCCL is a pioneer in modern mining technology and the market leader in coking coal washing, with the largest
owned operational coking coal washing capacity of 13.65 MTPA (additional 1.7 MTPA operated by BCCL-
TSL Washing Venture) in the country which is line with initiatives like Aatmanirbhar Bharat and Mission
Coking Coal undertaken by Government of India towards self- sufficiency. As the market leader in coking coal,
BCCL with its improving financials and expansion has opportunities to increase the production of coking coal
and reduce imports. The revenue of operations of BCCL increased at a CAGR of 2.6% from Fiscal 2023 to 2025
and reported a net profit margin of 8.5% in Fiscal 2025. The company is debt-free with no long-term borrowings.
BCCL also ventured into Coal Bed Methane (CBM) production and solar energy projects, diversifying its
portfolio and contributing to sustainable development. The company implemented highwall mining technology
for underground mines in 2024. Jharia CBM block-I of BCCL encompasses an area of 26.55 km2 and contains
gas reserves estimated at 25,000 Mm352.
The demand for coking coal in India is expected to rise substantially, driven by the growth of the steel and power
industries. The coking coal demand is expected to increase from 67 MMT in Fiscal 2025 to 104 MMT in Fiscal
2030 at a CAGR of 9.2%53. With the increasing demand for coking coal and improving modernization of BCCL
by implementing mass production technologies, opening of new mines through MDO route and increasing
underground production, it places the company in a unique position to expand and cater to the coking coal
market. By promoting self-sufficiency in coking coal production, India can minimize reliance on imports,
strengthen its energy security, and foster a more robust and resilient steel sector.
Operational Highlights
As on 1st April 2024, BCCL holds total geological resources of 14,865 MMT out of which coking coal comprises
of 7,910 MMT making BCCL one of the largest holders of coking coal resources in India. Jharia and Raniganj
region hold the reserve of coking coal in India, making BCCL strategically important. BCCL’s coking coal is one
52 Annual Report of BCCL FY 2024
53 Demand estimates by Crisil Intelligence
200of the most indigenous metallurgical coal resources in India. Thus, such significant resource base strengthens
BCCL’s position as a major player in the Indian Coking Coal Industry making less vulnerable to resource
depletion.
BCCL, being the market leader in the domestic coking coal segment, produced 38.9 MMT coking coal out of a
total production of 66.5 MMT in Fiscal 2025 capturing 58.50% of the market. The company also produced 1.6
MMT of non-coking coal aggregating to a total of 40.5 MMT in Fiscal 2025. BCCL produced 25.9 MMT of
coking coal in Fiscal 2020 hence projecting a 50% growth to 38.9 MMT in Fiscal 2025.
Key operational advantages of BCCL
The operational features and advantages of BCCL compared to other coal mining companies in the country
include:
• Technology pioneering: BCCL is the first company in India to introduce Powered Support Longwall
Technology at Moonidih underground coal mines in 1978.
• Coal Washing Legacy: BCCL is one of the oldest players in coal washing in India with several washeries
operational since 1983.
• Introduction of Highwall Mining: In 2024, BCCL introduced highwall mining technology at ABOCP Mine,
improving recovery rates in open-cast coal mines by accessing seams from the pit highwall. Another highwall
project is set to be operational soon at Rajapur OCP.
BCCL produces coal through both departmental and (hired) contractual routes. The output per manshift (OMS)
of the company is continuously increasing, indicating better productivity and utilization of assets. OMS has
improved significantly from 3.8 tonnes in Fiscal 2023 to 6.5 tonnes in Fiscal 2025.
To extract coal from mines, the waste (rock) needs to be removed to access the mineral which is referred to as
overburden (OB).
In Fiscal 2024, BCCL surpassed its previous records of production to produce 39.1 MMT of raw coking coal,
representing a growth of 16% compared to Fiscal 2023. Further, in Fiscal 2025, BCCL also recorded its highest
overburden removal of 182.4 Mm3 and the second highest off take of 38.26 MMT, reflecting its commitment to
operational growth and efficiency.
BCCL produced 40.5 MMT of coal in Fiscal 2025 out of which 31.8 MMT (78%) is through hired route. In
Fiscal 2025, 78% of the opencast (OC) production is through hired routes. BCCL removed 182.4 Mm3 of
overburden (OB) in Fiscal 2025.
Market share in Indian end user market
The total raw coal supply in India in year 2025 was 1048 MMT from different sources with 5.1% increase from
997 MT in 2024. India produced 66.5 MMT of coking coal and 981.5 MMT of non-coking coal in Fiscal 2025.
BCCL is a major domestic player among the coal producing companies and it recorded a total production of 40.5
MMT of coal in Fiscal 2025, with coking coal contributing to 96%.
BCCL has a market share of 4% in overall domestic coal production and a 58.50% market share in coking coal
production in Fiscal 2025.
201BCCL overall market share in India and in coking coal segment in Fiscal 2025
Overall market share
4%
96%
BCCL Others
Coking coal market share
42%
58%
BCCL Others
Source: Coal Directory of India
Peers for BCCL
Domestic market
In India, BCCL has only CCL as its main competitor in the coking coal segment as these are the major
commercial players selling coking coal. Other producers like SAIL and Tata Steel do not sell coking coal
commercially and consume it for captive purposes and are not considered as peers. However, CIL subsidiary,
MCL, who is the largest non-coking coal producers can be considered as competition in non-coking coal
segment.
International market
In 2023, 1040 MMT54 of coking coal was produced globally out of which China is the biggest player producing
554 MMT (53%), followed by Australia 169 MMT (16%), Russia 107 MMT (10%), India 57 MMT (5%), USA
55 MMT (5%), Canada 27 MMT (3%) and others.
The table below outlines the major coal companies in the top five countries which export coking coal to India
and hence can be considered as competition for BCCL in upcoming years.
54 Coal Directory of India, 2024; Global production numbers are for calendar years
202Revenue (Rs million) and production (MMT) of major global companies55
Total Revenue
% Revenue
Countr coal Coking coal Total from coking
Company from coal
y producti production revenue coal
mining
on
BMA (50:50 37.7 22.356 4,607,74 14% 479,584
alliance of BHP and 8
Mitsubishi)
Australi
Anglo American 16.0 16.0 2,531,15 14% 342,943
a
3
Glencore 113.6 7.5 17,987,6 8% 158,300
84
Peabody Energy 121.7 7.0 378,029 100% 104,353
Arch Resources 70.7 9.3 244,726 100% 118,104
Alpha Metallurgical 17.5 17.5 253,203 100% 253,203
USA
Resources
Ramaco Resources 3.2 3.2 57,938 100% 57,938
Warrior Met Coal 7.2 7.2 130,589 100% 130,589
Canada Teck Resources 24.0 24.0 932,241 56% 932,241
PJSC 21.5 21.5 223,316 100% 223,316
Russia
Raspadskaya57
Source: Annual Reports; For Glencore and Anglo American-2023 data; for BHP, Peabody Energy, Arch
Resources, Alpha Metallurgical Resources, Ramaco Resources, Warrior Met Coal and Teck Resources -2024
data; for PJSC Raspadskaya- 2022 data
1. Peabody Energy, USA- It is the largest coal producer of USA generating Rs 378,029 million of revenue and
produced 121.7 MMT of coal including 7 MMT of coking coal in Fiscal 2024. The company generated
100% of its revenue from coal mining operations.
2. Arch resources- It is the second largest coal producer in USA generating Rs 244,726 million of revenue and
produced 70.7 MMT of coal including 9.3 MMT of coking coal in Fiscal 2024. The company generated
100% of its revenue from coal mining operations.
3. Alpha Metallurgical Resources- It is the largest metallurgical coal producer of USA generating Rs 253,203
million of revenue and produced 14.6 MMT of coking coal in Fiscal 2024. The company generated 100%
of its revenue from coking coal mining operations.
4. Ramaco Resources- It is a one of the major coking coal producers in USA generating Rs 57,938 million of
revenue by producing 3.2 MMT of coking coal in Fiscal 2024. The company generated 100% of its revenue
from coking coal mining operations.
5. Warrior Met Coal- It is a one of the major coking coal producers in USA generating Rs 130,589 million of
revenue by producing 7.5 MMT of coking coal in Fiscal 2024. The company generated 100% of its revenue
from coking coal mining operations.
6. Teck Resources, Canada- It is the largest coking coal producer in Canada generating Rs 932,241 million of
revenue and produced 24 MMT of coking coal in Fiscal 2024. It does not produce thermal coal and generates
56% of revenue from coal mining operations.
7. BHP, Australia- It is one of the largest mining companies in the world producing several minerals like coal,
iron ore, copper, and others. It generated a cumulative revenue of Rs 4,607,748 million in Fiscal 2024 out
of which coal mining contributed 14% of the total revenue. The company has a 50:50 alliance with
Mitsubishi called BMA (BHP- Mitsubishi Alliance) through which BHP’s share was 22.3 MMT of coking
coal in Fiscal 2024.
55 For Glencore, PJSC Raspadskaya, Anglo American, Alpha Metallurgical Resources and Warrior Met coal the Fiscal year is from 1st
January to 31st December; for BHP the Fiscal year is from 1st July to 30th June. The financials and production for companies of USA and
Canada i.e. Peabody Energy, Arch Resources, , Ramaco Resources, and Teck Resources have been adjusted according to Fiscal year from
1st April to 31st March.
56 22.3 MMT is BHP’s share of production out of 44.6 MMT
57 The production and revenue data are for 2022 as 2023 data is not available.
2038. Anglo American, Australia- It generated a cumulative revenue of Rs 2,531,153 million in 2023 out of which
coking coal contributed 14% of the total revenue. It also operates in various other segments like iron ore,
copper, manganese, nickel etc. It produced 16 MMT of coking coal in 2023.
9. Glencore, Australia- It is based out of Switzerland and one of the leading producers of coking coal in
Australia with 113.6 MMT of coal production out of which coking coal contributed to 7.5 MMT in 2023.
The company recorded a cumulative revenue of Rs 17,987,684 million with coal mining contributing to 8%
of revenue in 2023.
10. PJSC Rajpadskaya- It is one of the leading coking coal producers in Russia with coking coal production of
21.5 MMT and recorded a revenue of Rs 223,316 million in 2022.
In order to undertake competition benchmarking, it is required to benchmark with listed companies of similar
line of business and size in terms of revenue generation.After careful consideration and analysis, Alpha
Metallurgical Resources and Warrior Met Coal have been considered as competition for BCCL for
benchmarking in international market as other international companies like Peabody Energy, Arch Resources,
Ramaco Resources, Teck Resources, BHP, Anglo American and Glencore are either too large in scale or have
diverse minerals which is not a viable comparison. CCL and MCL although being a non- listed entities have
been considered as these entities are involved in similar line of business catering to the coal mining industry.
Financial benchmarking
Revenue from operations
BCCL achieved revenue of
operations58
of Rs 138,026 million in Fiscal 2025 which decreased from Rs 126,241
million in Fiscal 2023 at a CAGR of 4.56% during the period. Alpha Metallurgical Resources and Warrior Met
Coal reported a CAGR of -13.65% and -4.75% respectively from Fiscal 2022 to 2024. CCL recorded revenue
from operations of Rs 152,262 million in Fiscal 2023 which grew to Rs 169,200 million in Fiscal 2025. MCL
recorded revenue from operations of Rs 269,862 million in Fiscal 2025.
Revenue from operations (Rs million) and CAGR 2023-25
Company 2023 2024 2025 H1 2024 H1 2025 CAGR 2023-2559
BCCL 126,241 142,459 138,026 68,462 56,590 4.56%
CCL 152,262 166,964 169,200 NA NA 5.42%
MCL 310,769 271,823 269,862 NA NA -6.81%
International
2022 2023 2024 H1 2024 H1 2025 CAGR 2022-24
Peers
Alpha
Metallurgical, 339,571 288,544 253,203 139,198 92,574 -13.65%
USA
Warrior Met
143,950 139,361 130,589 75,108 51,107 -4.75%
Coal, USA
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior
Met Coal
Note: In case of listed International Peers the Financial Year begins on 1st January and ends on 31st December
of that particular year. For comparison, the last three completed financial years 2022, 2023 and 2024 all ended
on 31st December have been considered.
EBITDA
58
Revenue from operations means the revenue from operations as appearing in the Financial Statements of the companies
59 Revenue CAGR for BCCL, is calculated by dividing the Revenue from operations for fiscal 2025 by the Revenue from operations for fiscal 2023, raising it to
the power of one divided by the number of compounding periods i.e. 2 years, and subtracting by one, while for CCL and MCL it is calculated by dividing the
Revenue from operations for fiscal 2024 by the Revenue from operations for fiscal 2023, raising it to the power of one divided by the number of compounding
periods i.e. 1 years, and subtracting by one. Revenue CAGR for Alpha Metallurgical and Warrior Met Coal is calculated by dividing the Revenue from operations
for fiscal 2024 by the Revenue from operations for fiscal 2022, raising it to the power of one divided by the number of compounding periods i.e. 2 years, and
subtracting by one
204BCCL reported EBITDA60 of Rs 23,561 million in Fiscal 2025 which grew from Rs 8,913 million in Fiscal 2023
at a CAGR of 62.58% during the period. CCL recorded EBITDA of Rs 53,903 million in Fiscal 2023 which
grew to Rs 64,565 million in Fiscal 2025. MCL recorded EBITDA of Rs 153,311 million in Fiscal 2025. Alpha
Metallurgical Resources and Warrior Met Coal reported a CAGR of -51.57% and -29.89% respectively from
Fiscal 2022 to 2024.
EBITDA (Rs million) and CAGR 2023-25
H1 CAGR 2023-
Company 2023 2024 2025 H1 2024
2025 2561
BCCL 8,913 24,939 23,561 13,735 4,599 62.58%
CCL 53,903 55,697 64,565 NA NA 9.44%
MCL 198,060 166,369 153,311 NA NA 12.02%
International Peers H1
2022 2023 2024 H1 2024 CAGR 2022-24
2025
Alpha Metallurgical, USA 139,433 82,227 32,698 24,335 3,308 -51.57%
Warrior Met Coal, USA 76,979 57,913 37,837 26,333 7,634 -29.89%
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior
Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st
December of that particular year. For comparison, the last three completed financial years 2022, 2023 and 2024
all ended on 31st December has been considered.
Profit After Tax (PAT)
BCCL reported PAT62 of Rs 12,402 million in Fiscal 2025 which grew from Rs 6,648 million in Fiscal 2023 at
a CAGR of 36.59% during the period. CCL recorded PAT of Rs 33,987 million in Fiscal 2023 which grew to
Rs 40,395 million in Fiscal 2025 at a CAGR of 9.02%. MCL recorded PAT of Rs 108,251 million in Fiscal 2025
which decreased from Rs 134,702 million in Fiscal 2023. Alpha Metallurgical Resources and Warrior Met Coal
reported a CAGR of -63.40% and -36.43% respectively from Fiscal 2022 to 2024.
PAT (Rs million) and CAGR 2023-25
CAGR 2023-
Company 2023 2024 2025 H1 2024 H1 2025
63
25
BCCL 6,648 15,645 12,402 7,487 1,239 36.59%
CCL 33,987 36,611 40,395 NA NA 9.02%
MCL 134,581 118,416 108,251 NA NA 10.31%
International Peers 2022 2023 2024 H1 2024 H1 2025 CAGR 2022-24
60 Operating EBITDA is calculated as profit / (loss) for the period / year, plus finance costs, total taxes, and depreciation and amortization
expense less other income
61 EBITDA CAGR for BCCL, is calculated by dividing the EBITDA for fiscal 2025 by the EBITDA for fiscal 2023, raising it to the power of one divided by the
number of compounding periods i.e. 2 years, and subtracting by one, while for CCL and MCL it is calculated by dividing the EBITDA for fiscal 2024 by the
EBITDA for fiscal 2023, raising it to the power of one divided by the number of compounding periods i.e. 1 years, and subtracting by one. Revenue CAGR for
Alpha Metallurgical and Warrior Met Coal is calculated by dividing the EBITDA for fiscal 2024 by the EBITDA for fiscal 2022, raising it to the power of one
divided by the number of compounding periods i.e. 2 years, and subtracting by one
62 Profit after tax (PAT) means profit / (loss) for the period/financial year as appearing in the Financial Information of the companies
63
PAT CAGR for BCCL, is calculated by dividing the PAT for fiscal 2025 by the PAT for fiscal 2023, raising it to the power of one divided by the number of
compounding periods i.e. 2 years, and subtracting by one, while for CCL and MCL it is calculated by dividing the PAT for fiscal 2024 by the PAT for fiscal 2023,
raising it to the power of one divided by the number of compounding periods i.e. 1 years, and subtracting by one. PAT CAGR for Alpha Metallurgical and Warrior
Met Coal is calculated by dividing the PAT for fiscal 2024 by the PAT for fiscal 2022, raising it to the power of one divided by the number of compounding periods
i.e. 2 years, and subtracting by one
205CAGR 2023-
Company 2023 2024 2025 H1 2024 H1 2025
63
25
Alpha Metallurgical,
119,925 60,009 16,061 15,154 -3,328 -63.40%
USA
Warrior Met Coal, USA 53,093 39,784 21,457 17,333 -219 -36.43%
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior
Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st
December of that particular year. For comparison, the last three completed financial years 2022, 2023 and 2024
all ended on 31st December has been considered.
PAT margin (% Total income)
BCCL reported a 8.61% in Fiscal 2025 which grew from 5.11% in Fiscal 2023. CCL recorded a PAT margin of
20.75% in Fiscal 2023 which grew to 22.89% in Fiscal 2025. MCL recorded a PAT margin of 37.77% in Fiscal
2025. Alpha Metallurgical Resources and Warrior Met Coal reported a PAT margin of 6.30% and 16.08%
respectively in Fiscal 2024.
PAT margin (% total income)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 5.11% 10.68% 8.61% 10.56% 1.96%
CCL 20.75% 20.73% 22.89% NA NA
MCL 41.20% 40.64% 37.77% NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, 35.23% 20.73% 6.30% 11.09% -3.57%
USA
Warrior Met Coal, USA 36.61% 27.87% 16.08% 22.64% -0.42%
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior
Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st
December of that particular year. For comparison, the last three completed financial years 2022, 2023 and 2024
all ended on 31st December has been considered.
Return on Networth
BCCL recorded return on net worth64 of 19.22% in Fiscal 2023, 34.21% in Fiscal 2024 and 20.83% in Fiscal
2025. CCL reported a return on net worth of 34.55% in Fiscal 2023 which decreased to 26.52% in Fiscal 2025.
MCL recorded a return on networth of 62.70% in Fiscal 2025 declining from 125.15% in Fiscal 2023. Alpha
Metallurgical Resources and Warrior Met Coal recorded return on networth of 11.48% and 12.82% respectively
in Fiscal 2024.
Return on net worth
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 19.22% 34.21% 20.83% 13.12% 2.00%
CCL 34.55% 29.35% 26.52% NA NA
MCL 125.15% 80.36% 62.70% NA NA
64 Return on Net Worth is calculated as restated profit / (loss) for the period / year divided by average net worth. Net Worth is the total
equity attributable to equity-holders of the company, as appearing in the Restated Financial Information less OCI - Re-measurement of
Defined Benefits Plans (net of Tax) Reserve. Average net worth is the sum of opening and closing net worth divided by two.
206Company 2023 2024 2025 H1 2024 H1 2025
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical,
200.92% 47.33% 11.48% 11.27% -2.31%
USA
Warrior Met Coal, USA 88.61% 28.87% 12.82% 10.61% -0.12%
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior
Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st
December of that particular year. For comparison, the last three completed financial years 2022, 2023 and 2024
all ended on 31st December has been considered.
Return on capital employed (ROCE)
BCCL recorded ROCE65 of 16.56% in Fiscal 2023, 47.20% in Fiscal 2024 and 30.13% in Fiscal 2025. CCL
reported a ROCE of 47.62% in Fiscal 2023 and 36.19% in Fiscal 2025. MCL recorded a ROCE of 82.44% in
Fiscal 2025. Alpha Metallurgical Resources and Warrior Met Coal recorded ROCE of 13.44% and 13.67%
respectively in fiscal 2024.
Return on capital employed
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 16.56% 47.20% 30.13% 20.72% 4.28%
CCL 47.62% 38.53% 36.19% NA NA
MCL 175.49% 106.26% 82.44% NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, 218.85% 56.46% 13.44% 12.86% -3.06%
USA
Warrior Met Coal, USA 93.08% 30.20% 13.67% 11.25% 0.03%
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered.
Capital expenditures (CAPEX)
BCCL recorded CAPEX66 of Rs 9,865 million in Fiscal 2023, Rs 12,375 million in Fiscal 2024 and Rs 18,149
million in Fiscal 2025. CCL reported CAPEX of Rs 37,581 million in Fiscal 2024 and Rs 50,305 million in
Fiscal 2025. MCL recorded a CAPEX of Rs 29,075 million in Fiscal 2025. Alpha Metallurgical Resources and
Warrior Met Coal employed CAPEX of Rs 17,025 million and Rs 39,147 million respectively in Fiscal 2024.
CAPEX (Rs million)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 9,865 12,375 18,149 4,724 3,436
CCL 27,114 37,581 50,305 NA NA
65 Return on average capital employed (ROCE) refers to the EBIT divided by average capital employed for the year/period. EBIT means
restated profit / (loss) for the period / year, plus finance costs and total taxes. Capital employed is the total equity attributable to equity-
holders of the company, as appearing in the Restated Financial Information plus non-current borrowings. Average capital employed is the
sum of opening and closing capital employed divided by two.
66 Capex refers to the total Capital Expenditure for the respective financial years.
207Company 2023 2024 2025 H1 2024 H1 2025
MCL 42,795 39,388 29,075 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, USA 13,603 20,395 17,025 10,408 6,252
Warrior Met Coal, USA 16,992 40,868 39,147 17,580 12,273
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Current ratio
BCCL recorded a current ratio67 of 0.96 in fiscal 2023, 1.21 in fiscal 2024 and 1.19 in fiscal 2025. CCL reported
a current ratio of 1.31 in fiscal 2023 and 1.43 in fiscal 2024 and fiscal 2025. MCL recorded a current ratio of
1.95 in fiscal 2025. Alpha Metallurgical Resources and Warrior Met Coal recorded the current ratio of 4.13 and
5.20 respectively in fiscal 2024.
Current ratio
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 0.96 1.21 1.19 1.19 1.00
CCL 1.31 1.43 1.43 NA NA
MCL 1.97 2.02 1.95 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, 2.53 3.38 4.13 3.55 4.06
USA
Warrior Met Coal, USA 7.66 7.24 5.20 6.37 4.59
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Net asset value per equity share (NAVPS)
BCCL recorded NAVPS68 of Rs 8.14 in fiscal 2023, Rs 11.50 in fiscal 2024 and Rs 14.07 in fiscal 2025. CCL
reported NAVPS of Rs 11.87 in fiscal 2023 which decreased to Rs 8.87 in fiscal 2025. MCL recorded NAVPS
of Rs 13.86 in fiscal 2025. Alpha Metallurgical Resources and Warrior Met Coal recorded NAVPS of Rs 11,182
and Rs 3,424 respectively in fiscal 2024.
Net asset value per equity share (Rs)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 8.14 11.50 14.07 13.01 12.52
CCL 11.87 7.34 8.87 NA NA
MCL 20.09 12.22 13.86 NA NA
67 Current ratio has been calculated as current assets divided by current liabilities as at the end of the financial year.
68 Net asset value (NAV) per equity share refers to Net worth as at the end of the year / period divided by number of equity shares outstanding
at the end of the financial year. Net Worth is the total equity attributable to equity-holders of the company, as appearing in the Restated
Financial Information less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve.
208Company 2023 2024 2025 H1 2024 H1 2025
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, 6,825 9,513 11,182 10,854 10,898
USA
Warrior Met Coal, USA 2,321 2,998 3,424 3,272 3,388
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Earnings per share (EPS)
BCCL recorded EPS69 of Rs 1.43 in fiscal 2023, Rs 3.36 in fiscal 2024 and Rs 2.66 in fiscal 2025. CCL reported
EPS of Rs 19.47 in fiscal 2024 and Rs 21.49 in fiscal 2025. MCL recorded EPS of Rs 81.78 in fiscal 2025. Alpha
Metallurgical Resources and Warrior Met Coal recorded EPS of Rs 1,234 and Rs 410 respectively in fiscal 2024.
Earnings per share (Rs) (basic)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 1.43 3.36 2.66 1.61 0.27
CCL 36.16 19.47 21.49 NA NA
MCL 203.35 89.46 81.78 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, USA 6,857 4,254 1,234 1193 -255
Warrior Met Coal, USA 1,028 765 410 332 -4
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Earnings per share (Rs) (diluted)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 1.43 3.36 2.66 1.61 0.27
CCL 36.16 19.47 21.49 NA NA
MCL 203.25 89.46 81.78 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, USA 6,581 4,098 1,223 1177 -255
Warrior Met Coal, USA 1,027 765 410 331 -4
Source: Annual Reports of BCCL, CCL, MCL; Annual report for Alpha Metallurgical Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
69 Earnings per share (EPS) equals profit for the year attributable to the shareholders of the company divided by the Weighted average
number of Equity Shares outstanding during the year. Since there is no dilutive capital, Basic and Diluted EPS would be same.
209Operational benchmarking
Production
BCCL produced 40.5 MMT of coal in fiscal 2025 out of which coking coal contributed to 38.9 MMT. The
production of the company has increased from 36.2 MMT in fiscal 2023 to 40.5 MMT in fiscal 2025 i.e. at a
CAGR of 5.8%. CCL produced 76.1 MMT in fiscal 2023 which improved to 87.5 MMT in fiscal 2025, however
the share of coking coal was 20.6 MMT in fiscal 2023 and 20.5 MMT in fiscal 2025.
MCL produced 100% non-coking coal of 225.2 MMT in fiscal 2025. Alpha Metallurgical Resources and Warrior
Met Coal produced 15.7 MMT and 7.5 MMT of coal respectively in fiscal 2024.
Coking and non-coking coal production (MMT)
Company 2023 2024 2025 H1 2024 H1 2025
Coking coal
BCCL 33.7 39.1 38.9 18.4 15.1
CCL 20.6 21.1 20.5 NA NA
MCL - - - NA NA
Non coking coal
BCCL 2.5 2.0 1.6 0.7 0.7
CCL 55.5 65.0 67.0 NA NA
MCL 193.3 206.1 225.2 NA NA
Total coal
BCCL 36.2 41.1 40.5 19.1 15.8
CCL 76.1 86.1 87.5 NA NA
MCL 193.3 206.1 225.2 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Coking coal
Alpha Metallurgical, 13.9 14.8 14.6 NA NA
USA
Warrior Met Coal, USA 5.7 6.9 7.5 3.83 4.14
Non coking coal
Alpha Metallurgical, 2.2 1.9 1.1 NA NA
USA
Warrior Met Coal, USA - - - NA NA
Total coal
Alpha Metallurgical, 16.1 16.7 15.7 NA NA
USA
Warrior Met Coal, USA 5.7 6.9 7.5 3.83 4.14
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
210Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Production (type of mine)
BCCL produced 39.4 MMT (97.3%) of coal through open cast method out of 40.5 MMT of total production in
fiscal 2025. CCL produced 86.8 MMT (99.2%) of coal through open cast method out of 87.5 MMT of total
production while MCL produced 224.7 MMT (99.8%) of coal through open cast method out of 225.2 MMT in
fiscal 2025.
Opencast and underground coal production (MMT)
Company 2023 2024 2025 H1 2024 H1 2025
Opencast
BCCL 35.5 40.3 39.4 18.5 15.4
CCL 75.2 85.3 86.8 NA NA
MCL 192.8 205.6 224.7 NA NA
Underground
BCCL 0.7 0.8 1.1 0.6 0.3
CCL 0.9 0.8 0.7 NA NA
MCL 0.5 0.5 0.5 NA NA
Total coal
BCCL 36.2 41.1 40.5 19.1 15.7
CCL 76.1 86.1 87.5 NA NA
MCL 193.3 206.1 225.2 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Opencast
Alpha Metallurgical, NA NA NA NA NA
USA
Warrior Met Coal, - - - - -
USA
Underground
Alpha Metallurgical, NA NA NA NA NA
USA
Warrior Met Coal, 5.7 6.9 7.5 3.83 4.14
USA
Total coal
Alpha Metallurgical, 16.1 16.7 15.7 NA NA
USA
Warrior Met Coal, 5.7 6.9 7.5 3.83 4.14
USA
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
211Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Offtake
BCCL despatched 38.3 MMT of coal in fiscal 2025 which has increased from 35.5 MMT in fiscal 2023. Most
of the coal is fed to the power plant, while others are fed to washery, steel plants, fertilizer etc. For CCL, the
despatch has increased from 75.0 MMT in fiscal 2023 to 85.8 MMT in fiscal 2025.
Coal despatch by different companies (MMT)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 35.5 39.2 38.3 18.6 17.1
CCL 75.0 82.9 85.8 NA NA
MCL 192.8 198.9 212.0 NA NA
International
2022 2023 2024 H1 2024 H1 2025
Peers
Alpha 16.4 17.1 17.1 8.92 7.64
Metallurgical,
USA
Warrior Met 5.1 6.8 7.2 3.84 3.98
Coal, USA
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Overburden removal
BCCL removed 182.4 Mm3 of overburden in fiscal 2025 which increased from 114.5 Mm3 in fiscal 2023. CCL
and MCL removed 118.6 Mm3 and 337.6 Mm3 of overburden in fiscal 2025.
Overburden removal (Mm3)
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 114.5 149.3 182.4 87.4 81.4
CCL 106.6 121.3 118.8 NA NA
MCL 229.5 276.5 337.6 NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, NA NA NA NA NA
USA
Warrior Met Coal, USA NA NA NA NA NA
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Output per manshift (OMS)
212BCCL produced 40.5 MMT of coal in fiscal 2025 at overall OMS (tonne) of 6.5 in fiscal 2025. CCL and MCL
achieved OMS of 12.1 and 28.8 respectively in fiscal 2024.
BCCL's OMS is lower compared to its peers, primarily due to a higher strip ratio resulting from the deeper
deposits of BCCL which requires a higher amount of overburden removal to extract the same amount of coal.
Output per manshift
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 3.8 5.9 6.5 5.9 5.2
CCL 10.2 12.1 NA NA NA
MCL 35.4 28.8 NA NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical, NA NA NA NA NA
USA
Warrior Met Coal, NA NA NA NA NA
USA
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Production of washed coking coal
BCCL is a market leader in coking coal washery capacity in India with a cumulative capacity of 37.4 MTPA
(including upcoming washeries) and owned operational capacity of 13.65 MTPA, while CCL has a capacity of
9.4 MTPA in fiscal 2024. BCCL produced 1.65 MMT of washed coking coal in fiscal 2025 which increased
from 1.43 MMT in fiscal 2023. CCL produced 0.77 MMT of washed coking coal in fiscal 2025. MCL does not
produce washed coking coal
Washed coking coal production
Company 2023 2024 2025 H1 2024 H1 2025
BCCL 1.43 1.46 1.65 0.8 0.7
CCL 0.72 0.80 0.77 NA NA
MCL - - - NA NA
International Peers 2022 2023 2024 H1 2024 H1 2025
Alpha Metallurgical,
NA NA NA NA NA
USA
Warrior Met Coal, USA NA NA NA NA NA
Source: Coal Directory of India, 2024; Monthly Statistical Report- March 2025, Ministry of Coal; Annual report for Alpha Metallurgical
Resources and Warrior Met Coal
Note: In the case of listed international peers, the Financial Year begins on 1st January and ends on 31st December of that particular year.
For comparison, the last three completed financial years 2022, 2023 and 2024 all ended on 31st December has been considered
Key observations
Bharat Coking Coal Limited (BCCL), stands out as the market leader in coking coal production in India, boasting
a competitive advantage due to its high-volume coking coal production of 38.9 MMT in Fiscal 2025 with a
58.50% domestic market share in coking coal and largest commercial coking coal washing capacity in the
213country. The company's financial health is robust, with growing revenue numbers and improving profit margins,
positioning it for expansion and diversification into new domains.
BCCL has vast resources of coking coal and is the largest domestic producer of coking coal. In addition, the
strategic location of BCCL mines in the Jharia coalfield, which is rich in prime coking coal, allows easy access
to prime coking coal. The company has majority of coal resources within a radius of 40 km70. The majority
reserves are primarily free from major geological disturbances. BCCL has a unique advantage of being the only
source of prime coking coal in the country along with a favourable geographical location with good rail/road
connectivity. In an industry where resource availability is a limiting factor, BCCL’s possession of extensive
reserves enables BCCL in long term planning and strategic development.
BCCL has also identified few underground mines for reopening through MDO mode on a revenue sharing basis,
out of which six mines with a cumulative capacity of 8.4 MTPA have been awarded for operation.
As a debt-free company, it has limited liabilities, providing substantial growth prospects. Looking ahead, BCCL
is focused on expansion, adding washery capacity and monetizing old assets to fuel future growth. However,
one challenge the company faces is the low per-tonne realization of its coking coal, primarily due to the lower
grades of coal produced. BCCL has demonstrated its ability to adapt and implement new technologies, increasing
production while ensuring the safety of its personnel. It has also introduced highwall mining technology in Fiscal
2024. BCCL uses its expertise in coal mining as a foundation to explore new opportunities in areas like Coal
Bed Methane (CBM) and solar energy.
The rapidly growing economy and increasing demand for steel, is expected to push the demand for coking coal
in upcoming years which presents an unexhaustive market to be catered by BCCL. According to National Steel
Policy 2017, India aims to reach 300 MTPA of crude steel capacity by Fiscal 2031 from current crude steel
capacity of 180 MMT71 in Fiscal 2024. The increasing production capacity of the steel and other allied industries
in India present considerable growth and expansion opportunities for coal mining companies in India. Further,
the production of prime coking coal shall reduce imports, promote Aatmanirbhar Bharat and help in saving
foreign exchange.
Key threats and challenges
Although BCCL positions itself as a leader in the coking coal industry, there are certain threats and challenges
to BCCL which pose a concern for its growth. BCCL produces lower grade of coking coal which belongs to the
washery grade and is unable to be utilized in the steel plants. The reserves of BCCL are deep seated and located
in the densely populated district of Jharkhand which is a challenge and causes hindrance in mining activities.
The spontaneous heating of mines and continuous fire in the old underground working of Jharia poses a threat
to the inhabitants and further lowers productivity. The lack of suitable technology to extract coal reserves from
these areas is a major concern for BCCL, limiting its ability to tap into these valuable resources. The ongoing
fires also result in significant economic losses and environmental degradation.
Additionally, India’s reaffirmed obligations under the Paris Agreement, the consensus outcomes of COP28, and
the national net-zero emissions target for 2070 collectively signal an accelerated long-term reduction in coal
consumption. Further, in furtherance of these commitments, the Government of India, state governments or
regulatory agencies may, among other things, (i) impose or escalate carbon taxes, coal cess or linkage to future
emissions-trading schemes, (ii) enforce more stringent air-quality, water-discharge and methane-emission
standards, (iii) limit fresh mine allocations or restrict expansion of existing mines, (iv) mandate progressive
integration of carbon-capture, utilization and storage technologies, or (v) strengthen liabilities for mine closure
and post-closure restoration.
The company needs to address these threats and challenges and improve its efficiency to ramp-up production and
contribute to the nation’s growth.
70 Annual Report of BCCL 2024
71 Source: Annual Report, Ministry of Mines
214OUR BUSINESS
Some of the information in this section, including information with respect to our business plans and strategies,
contain forward-looking statements that involve risks and uncertainties. You should read “Forward-Looking
Statements” on page 22 for a discussion of the risks and uncertainties related to those statements and also the
sections “Risk Factors”, “Industry Overview”, “Restated Financial Statements” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” on pages 33, 146, 299 and 422, respectively, as
well as financial and other information contained in this Prospectus as a whole, for a discussion of certain factors
that may affect our business, financial condition or results of operations. Our actual results may differ materially
from those expressed in or implied by these forward-looking statements.
Unless otherwise indicated or unless the context requires otherwise, the financial information included herein is
based on our Restated Financial Information included in this Prospectus. For further information, see “Restated
Financial Information” on page 299. Unless the context otherwise requires, in this section, references to “the
Company”, “our Company”, “ we”, “us” or “our” are to Bharat Coking Coal Limited. Our Company’s financial
year commences on April 1 and ends on March 31 of the immediately subsequent year, and references to a
particular Fiscal are to the 12 months ended March 31 of that year.
We have included certain information in relation to our reserves, resources, capacity utilization and estimates
from the report dated December 2, 2025 prepared by SRK, an independent mining and geological consultancy
firm (“SRK Report”). Estimates included in the SRK Report are subject to certain assumptions. Actual reserves
and production levels may differ significantly from reserve estimates. For further information, see “Risk Factors
– Information relating to our reserve and resource base included in this Prospectus are estimates, and our actual
production, revenues and expenditure with respect to our reserves and resources may differ materially from these
estimates. Additionally, certain reserve and resource base information provided in this Prospectus has been
prepared and classified in accordance with Indian Standard Procedure guidelines (the “ISP Guidelines”), which
has not been audited by SRK Mining Services (India) Private Limited (“SRK”) and differs from international
standards” on page 34.
Unless otherwise indicated, industry and market data used in this section has been derived from industry
publications, in particular, the report titled “Report on Indian Coking Coal Industry” dated November, 2025 (the
“CRISIL Report”) prepared and issued by CRISIL Limited, pursuant to an engagement letter dated January 19,
2025. The CRISIL Report has been exclusively commissioned and paid for by the Promoter Selling Shareholder
in connection with the Offer. A copy of the CRISIL Report is available on the website of our Company at
www.bcclweb.in. Unless otherwise indicated, financial, operational, industry and other related information
derived from the CRISIL Report and included herein with respect to any particular year/Fiscal refers to such
information for the relevant calendar year/ Fiscal. For further information, see “Risk Factors – Certain sections
of this Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and
paid for exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risks.” on page 73. Also see, “Certain Conventions, Presentation of
Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data” on page 20.
OVERVIEW
We are the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which
accounted for 58.50% of the domestic coking coal production in Fiscal 2025. (Source: CRISIL Report, Industry
Overview on page 200) Our primary product is coking coal, with an estimated reserve of approximately 7,910
million tonnes, as of April 1, 2024, making us one of the largest coking coal reserve holder in India. (Source:
CRISIL Report, Industry Overview on page 200) We produce various grades of coking coal, non-coking coal and
washed coals for applications primarily in the steel and power industries.
We are a wholly-owned subsidiary of Coal India Limited (“CIL”) and were conferred with Mini Ratna status in
2014. We were incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia,
Jharkhand and Raniganj, West Bengal coalfields. We have expanded our operations significantly over the years,
with our coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal
2025, which is an increase of 32.74% over Fiscal 2022. Further, our coal production was 15.75 million tonnes in
the six months period ended September 30, 2025, as compared to our coal production in six months period ended
September 30, 2024, which was 19.09 million tonnes. In Fiscal 2024, we produced 39.11 million tonnes of coking
coal and 1.99 million tonnes of non-coking coal, surpassing our previous records of coking coal production.
215Since Fiscal 2021, we have strategically increased our production by adding capacity through incorporating heavy
earth-moving machinery (“HEMM”) as part of our operations. This approach has been effective, as our
production trend has been upward since then, achieving a record high in Fiscal 2024. In Fiscal 2024, we surpassed
our previous records of production to produce 39.11 million tonnes of raw coal, recording our highest coking coal
production. This highest raw coking coal production in Fiscal 2024 was 10.96% higher than the previous peak
recorded in Fiscal 2017. Over the past three Fiscals, we have maintained steady growth in our coking coal
production, with a CAGR of 5.80% in Fiscal 2025 compared to Fiscal 2023. The following graph explains our
coking coal production and offtake trend for the last ten years:
We also recorded our highest raw coal offtake of 39.27 million tonne in Fiscal 2024, reflecting our commitment
to operational growth and efficiency. Further, In Fiscal 2025, we achieved record overburden (“OB”) removal (or
overlying rock mass to be removed to access coal seams in opencast mining) volumes while maintaining our
second-highest coking coal production, just below the peak we reached in Fiscal 2024. We strategically conducted
advance OB removal, deploying equipment to prepare coal seams for future extraction. This approach delivers
multiple benefits such as ensuring coal availability for subsequent production periods, eliminating delays between
stripping and extraction phases, and optimizing utilization of HEMM and other equipment.
We operate across a total leasehold area of 288.31 square kilometers, covering 252.88 square kilometers of the
Jharia coalfield and covering 35.43 square kilometers of the Raniganj coalfield. Our operational portfolio includes
(i) opencast and underground mining projects, (ii) coal washeries; (iii) monetisation of old and idle coal washeries
through the Washery Developer and Operator (“WDO”) route; and (iv) restoration of operations in discontinued
underground mines through the Mine Developer and Operator (“MDO”) model. In addition, we monetize our
solar power projects through a combination of self-consumption and grid injection.
As of September 30, 2025, we operate a network of 34 operational mines, including 4 underground mines, 26
opencast mines, and 4 mixed mines. Set forth below is certain information in relation to our coal production for
the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Production Percentage of Total Production Percentage of Total
(Million Tonnes) Coal Production (Million Tonnes) Coal Production
Open cast mines 15.41 97.87% 18.54 97.08%
Underground mines 0.33 2.13% 0.56 2.92%
Total* 15.75 100.00% 19.09 100.00%
* The production figures provided encompass coal extracted from mixed mines, which are accounted for under underground
mines and opencast mines.
216Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Production Percentage of Production Percentage of Production Percentage of
(Million Total Coal (Million Total Coal (Million Total Coal
Tonnes) Production Tonnes) Production Tonnes) Production
Open cast mines 39.36 97.19% 40.33 98.13% 35.49 98.09%
Underground 1.14 2.81% 0.77 1.87% 0.69 1.91%
mines
Total* 40.50 100.00% 41.10 100.00% 36.18 100.00%
* The production figures provided encompass coal extracted from mixed mines, which are accounted for under underground
mines and opencast mines.
In the six months period ended September 30, 2025 and 2024 and in Fiscal 2025, 2024 and 2023, coking coal
production amounted to 15.05 million tonnes, 18.39 million tonnes, 38.89 million tonnes, 39.11 million tonnes
and 33.72 million tonnes, respectively and represented 95.56%, 96.33%, 96.02%, 95.16% and 93.20%,
respectively, of our total coal production. Our vast resource base coupled with our strategic location in the Jharia
and Raniganj coalfields, where the major concentration of coal reserves is within a radius of 40 kilometers, ensures
a steady and reliable supply of high-quality coal, crucial for sustaining operations of steel plants and other
industries dependent on coking coal.
As of September 30, 2025, we operated five coal washeries with the objective of reducing ash content in coking
coal, thereby rendering it suitable for utilization in the steel industries. We are also developing three washeries
with a capacity of 7.00 million tonnes per year to bolster our washed coal outputs. Our coal washing operations
are in consonance with the initiatives of the MoC, including the vision of Atma-Nirbhar Bharat ensuring India's
energy security by substituting imported coal with domestic coal. (Source: CRISIL Report, Industry Overview on
page 197)
The table below sets forth details of our coal production for the periods/years indicated:
Period/Fisc Raw Coal Washed Coal*
al Coking Non-Coking Coal Total Washed Coking Washed
Coal Coal Power Coal
(Million Tonnes)
Six months
period ended
15.05 0.70 15.75 0.72 1.52
September
30, 2025
Six months
period ended
18.39 0.70 19.09 0.84 1.54
September
30, 2024
Fiscal 2025 38.89 1.61 40.50 1.65 3.16
Fiscal 2024 39.11 1.99 41.10 1.46 2.84
Fiscal 2023 33.72 2.46 36.18 1.43 2.48
*Washed coal is the product derived after beneficiating raw coal.
We supply raw coal to various industries such as power, steel and fertilizer industries, and also use our raw coal
in our washeries for beneficiating the coal to produce washed coking coal and other by-products. The growth in
coal demand will likely continue till Fiscal 2035. (Source: CRISIL Report, Industry Overview on page 176) We
have diversified our operations in order to address long-term decline in coal demand, if any. While long-term coal
demand for power may decrease, our coking coal remains essential for steel-making, and we are expanding
washery capacity to increase the supply of washed, higher-grade coal and meet the anticipated growth in steel
demand. Also, see “Risk Factors - We face a risk of reduced demand of our coal due to the emergence of renewable
energy as an alternative source of energy. Significant shift towards sustainable energy solutions may have an
adverse impact on our business, results of operations, financial conditions and cash flows” on page 55. The
following table sets forth details of the raw coal offtake for the periods/years indicated:
217Particulars Six months period ended September Six months period ended
30, 2025 September 30, 2024
Quantity (Million Percentage of Quantity (Million Percentage of Total
Tonnes) Total Offtake Tonnes) Offtake
Power
Industry(Including 13.14 76.98% 14.31 76.97%
CPPs)
Steel Industry 0.49 2.86% 0.47 2.55%
Fertilizer Industry 0.25 1.49% 0.17 0.93%
Own washery 2.65 15.55% 2.79 15.02%
Others* 0.53 3.13% 0.84 4.53%
Total 17.06 100.00% 18.60 100.00%
* Others include coal sold through e-auctions and other non-regulated sector
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Quantity (Million Percentage Quantity Percentage of Quantity Percentage of
Tonnes) of Total (Million Total Offtake (Million Total Offtake
Offtake Tonnes) Tonnes)
Power 29.69 77.61 30.81 78.46% 27.51 77.42%
Industry(Includi %
ng CPPs)
Steel Industry 0.85 2.21% 1.00 2.54% 1.16 3.26%
Fertilizer 0.39 1.03% 0.49 1.25% 0.39 1.11%
Industry
Own washery 5.72 14.94% 4.93 12.56% 4.42 12.44%
Others* 1.61 4.21% 2.04 5.19% 2.05 5.77%
Total 38.26 100.0 39.27 100.00 35.53 100%
0% %
* Others include coal sold through e-auctions and other non-regulated sector
As part of our operations, we supply washed coking coal and certain other by-products to the steel sector. In Fiscal
2025, our production of washed coking coal achieved its highest level in the past 17 years. This accomplishment
has been instrumental in facilitating import substitution, in alignment with national initiatives such as the Atma-
Nirbhar Bharat program. The following table sets forth details of the dispatch of washed coal and other by-
products for the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Quantity Percentage of Total Quantity Percentage of Total
(Million Tonnes) Dispatch (Million Tonnes) Dispatch
Washed coking coal 0.73 30.02% 0.85 30.79%
Washed power coal 1.33 54.64% 1.43 51.59%
Other by-products* 0.37 15.34% 0.49 17.62%
* Includes rejects and slurry
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Quantity Percentage of Quantity Percentage of Quantity Percentage of
(Million Total Dispatch (Million Total Dispatch (Million Total Dispatch
Tonnes) Tonnes) Tonnes)
Washed coking 1.71 30.70 1.46 29.92 1.42 30.74
coal
Washed power 2.89 51.89 2.77 56.76 2.49 53.90
coal
Other by- 0.97 17.41 0.65 13.32 0.71 15.32
products*
* Includes rejects and slurry
We achieved net sales of ₹ 130,832.60 million in Fiscal 2025, reflecting an increase from ₹ 123,491.40 million in
Fiscal 2023. Further, we achieved net sales of ₹ 52,602.90 million in six months period ended September 30,
2025, reflecting a decrease from ₹ 63,686.80 million in six months period ended September 30, 2024. The table
below sets forth details of our sales for the periods/years indicated:
218Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Sales (in ₹ million) Sales
Raw coal 41,760.12 79.38% 48,271.17 75.79%
Washed coal 6,967.90 13.25% 10,507.91 16.50%
Other by-products* 3,874.88 7.37% 4,907.72 7.71%
Total 52,602.90 100.00% 63,686.80 100.00%
*includes washed power coal, slurry, rejects
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Sales (in ₹ Total Sales (in ₹ Total Sales
million) million) million)
Raw coal 101,690.37 77.72% 101,784.08 77.34% 95,925.90 77.68%
Washed coal 19,111.32 14.61% 20,450.90 15.54% 16,892.60 13.68%
Other by- 10,030.91 7.67% 9,376.02 7.12% 10,672.90 8.64%
products*
Total 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
*includes washed power coal, slurry, rejects
Our network of mines are supported by a well-developed infrastructure, including transport facilities both railways
and roads, and evacuation facilities. As of September 30, 2025, our operations are also supported by infrastructure
that includes longwall mining technology, 507 HEMMs comprising dragline, shovel, dumper, dozer and drills for
the extraction, processing, and dispatch of coal. Our infrastructure enables timely delivery to our customers and
strives to achieve maximum utilization of its resources from production to delivery. With advanced facilities in
place, we ensure the provision of quality coal required for steel, power, fertilizer and other industries while
maintaining cost-efficiency by various internal processes, including crushing the coal to below 100 mm in size,
hence mitigating quality concerns and leading to conformity with the declared grade of coal. Further, we have
recently started production at our amalgamated Block-II OCP project using highwall mining technology for the
first time. This method enables cost-effective extraction of previously inaccessible coal reserves, enhances safety
by reducing underground labour, and has a smaller environmental footprint. For further information, see “Our
Business – Our Business Operations – Equipment and Machinery Infrastructure” on page 245.
We are committed to advancing our research and development (“R&D”) initiatives to enhance our operational
efficiency and technological capabilities. Our R&D activities, supported by Central Mine Planning & Design
Institute Limited (“CMPDIL”), a subsidiary of Coal India Limited and our promoter group company, focus on
developing innovative mining techniques, improving coal beneficiation processes, and exploring new methods
for resource extraction. We invest in modern technologies and avail the services of leading research institutions
to drive advancements in coal mining and processing. By continuously refining our methodologies, we aim to
reduce operational costs, increase productivity, and ensure the safety of our workforce. We believe that our focus
on R&D strengthens our competitive edge and contributes to the sustainable growth of the coal industry.
In line with our commitment to sustainability and environmental stewardship, we have implemented measures to
minimize our ecological footprint. Our environmental policy emphasizes the importance of sustainable
development, pollution control, and conservation of natural resources. We actively monitor and mitigate the
environmental impact of our mining operations through compliance with environmental regulations and the
implementation of effective environmental management plans. In support of India’s 2070 net-zero pledge, we
have been successful in installing roof top and ground mounted solar projects in different locations within our
command area. As of September 30, 2025, we have installed and commissioned 26.97 MW solar power plant
including 6.97 MWp roof top projects and 20 MW ground mounted projects at different locations. Additionally,
we focus on ecological restoration and the reclamation of mined-out areas to promote biodiversity and create
green spaces, in pursuance of India’s net zero 2070 pledge. By adopting energy-efficient practices and exploring
renewable energy sources, we strive to reduce our carbon footprint. We have also engaged in developing CBM
projects in Jharia, Jharkhand, which not only demonstrates our commitment towards harnessing untapped reserves
of methane gas in coal seams, but highlights our approach to sustainability. For further details, see “– Solar Power
Projects” on page 241 and “– Environmental Initiatives” on page 246.
Our parent company, Coal India Limited, is the largest coal producing company in the world, as of March 31,
2025 and produced over 781 million metric tons of coal in Fiscal 2025. Coal India Limited had a market share of
74% in Fiscal 2025. (Source: CRISIL Report, Industry Overview on page 200). Coal India Limited plays a pivotal
219role in India's energy generation and significantly contributes to the country's industrial growth. (Source: CRISIL
Report, Industry Overview on page 188) CIL’s support has been instrumental in our growth, particularly in
enabling us to undertake large-scale projects, investing in advanced technologies, and implementing sustainable
practices.
We are guided by the expertise of Coal India Limited and our team of experienced professionals. Our Board that
includes representatives from Coal India Limited is responsible for providing guidance in terms of our operations
and growth strategies, while implementing sound corporate governance norms. Samiran Dutta, Chairman-cum-
Managing Director has extensive experience in the coal sector, having previously held key positions within our
Company, Coal India Limited and other related organizations. Debasish Nanda, Director (Business Development),
Coal India Limited, who is also a nominee director on our Board, has a dual role that underscores his expertise in
both planning and development as well as strategy, driving innovation and operational excellence.
STRENGTHS
Largest coking coal producer in India with access to large reserves
We are the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which
accounted for 58.50% of the domestic coking coal production in Fiscal 2025. As of March 31, 2025, India’s total
coal resource is estimated to be 389.4 billion metric tonnes, with coking coal resources amounting to 36.8 billion
tonnes. We hold 7.91 billion tonnes of these coking coal resources, as of April 1, 2024, making us the only source
of prime coking coal in India. (Source: CRISIL Report, Industry Overview on page 200). With our substantial
reserves, we ensure a steady supply of coking coal to meet the demands of our customers across industries such
as steel plants, thermal power plants, cement manufacturers and fertilizer industry that rely on coal as a primary
fuel or input. As India's largest coking coal producer (Source: CRISIL Report, Industry Overview on page 200),
we believe that we benefit from economies of scale, bolstered by the strategic significance of coking coal in
steel production.
We produce various grades of coking coal and non-coking coal to cater to different industrial needs. Our
coking coal is used mainly in the power sector due to its high ash content. Non-coking coal, lacking coking
properties, is primarily used in industries like power, cement, fertilizer, and glass manufacturing. We also
produce washed coal, washed power coal, which has reduced ash content and is used in steel making and
power generation. Washed power coal, by-products of coal washing, are used for power generation and in
various industrial plants. Rejects from coal beneficiation are utilized in accordance with the policy prescribed
by the Ministry of Coal, Government of India. Our adaptability and responsible resource utilization enables
us to meet the diverse needs of various industries while contributing to sustainable industrial growth and
economic development.
The following table sets forth details of the industry-wise sales for the periods/years indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Sales (in ₹ million) Sales
Power industry (including
39,692.12 75.46% 45,264.07 71.07%
captive power plants)
Steel industry 9,720.59 18.48% 13,158.49 20.66%
Fertilizer industry 684.88 1.30% 463.70 0.73%
Cement industry 22.53 0.04% - -
Other non-regulated
2,482.78 4.72% 4,800.54 7.54%
sectors*
Total 52,602.90 100.00% 63,686.80 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Sales (in ₹ Total Sales (in ₹ Total Sales
million) million) million)
Power industry 96,787.00 73.98% 91,715.80 69.68% 80,184.22 64.94%
(including
220Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Sales (in ₹ Total Sales (in ₹ Total Sales
million) million) million)
captive power
plants)
Steel industry 23,751.50 18.15% 24,585.10 18.68% 22,615.50 18.31%
Fertilizer industry 1,051.10 0.80% 1,274.90 0.97% 1,014.30 0.82%
Cement industry 137.74 0.11% 192.08 0.15% 23.74 0.02%
Other non-
regulated 9,105.26 6.96% 13,843.12 10.52% 19,653.64 15.91%
sectors*
Total 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
We acquired 25,385.68 hectares of mining lease/rights pursuant to The Coking Coal Mines Nationalization Act
1972, The Coal Mines Nationalization Act 1973 which have been revalidated till March 31, 2050 and we have
been inherited 2,632.94 hectares of mining lease/rights acquired under Coal Bearing Area (A&D) Act, 1957 by
the erstwhile National Coal Development Corporation under Coal Bearing Area (A&D) Act, 1957. Further, we
also acquired mining lease/rights over 812.33 hectares of land for Kapooria Underground Project under Coal
Bearing Area (A&D) Act, 1957. Therefore, we have total mining lease/rights over 28,830.95 hectares of land.
Our reserves offer us a strategic edge in terms of market positioning. In an industry where resource availability is
a limiting factor, our extensive reserves enable us to engage in long-term planning and strategic development
(Source: CRISIL Report, Industry Overview on page 214). Our large coal reserves provide us with economies of
scale as the ability to extract and process coal in large volumes reduces per-unit costs, making us more cost-
efficient. This cost advantage translates into higher profit margins and financial resilience, especially during
periods of market volatility or price fluctuations. We believe that this flexibility enables us to respond quickly
to market trends and emerging opportunities, such as the growing demand for high-quality coking coal in
the steel industry or the need for cleaner coal in power generation. By strategically leveraging our extensive
coal reserves, we ensure long-term planning, cost-efficiency, and resilience. This proactive approach
optimizes production, maintains profitability, and capitalizes on evolving industry opportunities.
Strategically located mines with large washeries
Our mines are strategically located in the Jharia and Raniganj coalfields, which have a vast reserve of coal
resources. (Source: CRISIL Report, Industry Overview on page 200) We are a market leader in coking coal
washery capacity in India, with an owned operational capacity of 13.65 million tonnes per annum. (Source:
CRISIL Report, Industry Overview on page 213) Our strategically located mines and large washeries represent a
significant competitive advantage that enhances operational efficiency, reduces costs, and ensures high-quality
coal production.
The table below sets forth details of certain of our mines, with actual production of more than 2 million tonnes in
Fiscal 2025 and the corresponding production for such mines for six months period ended September 30, 2025:
S. Name of Mine Location Nature of Leasehold Actual Coal Actual Coal
No. Mine Area Production in Production in
Fiscal 2025 six months
(Million period ended
Tonnes) September 30,
2025
(Million Tonnes)
1. A malgamated Dhanbad, Mixed Mine 906.63 5.73 2.52
Block-II OCP Jharkhand hectares
2. A malgamated Barora, Mixed Mine 1,118.71 5.72 1.40
Muraidih Jharkhand hectares
Phularitand Colliery
3. A malgamated Jharia, Jharkhand Open Cast 1,431.00 5.34 3.19
N.T.S.T. Jeenagora Mine hectares
Colliery
4. A malgamated Katras, Open Cast 325.10 2.72 0.90
Keshalpur West Jharkhand Mine hectares
Mudidih Colliery
221S. Name of Mine Location Nature of Leasehold Actual Coal Actual Coal
No. Mine Area Production in Production in
Fiscal 2025 six months
(Million period ended
Tonnes) September 30,
2025
(Million Tonnes)
5. E na Colliery Kusunda, Open Cast 216.00 2.93 0.40
Jharkhand Mine hectares
6. B astacolla Colliery Bastacolla, Open Cast 239.45 2.10 1.05
Jharkhand Mine hectares
Each of our mines have varying seams that allow for mining of different nature of coal thereby ensuring us to
diversify our revenue streams from our mining operations.
Our mines in Jharia and Raniganj coalfields are situated in regions with well-developed infrastructure and
logistical networks. This geographical advantage minimizes transportation costs and time, as the mines are often
located near major transportation routes, including railways and highways. For instance, the proximity to railway
lines allows for efficient transportation of coal to end-users, reducing logistical bottlenecks and ensuring timely
delivery. This is particularly crucial for industries like power generation and steel manufacturing, which require
a continuous and reliable supply of coal. Our location also enables us to tap into local labour markets and
resources. By operating in regions with a skilled workforce and established supply chains, we are able to optimize
our operational activities and reduce overhead costs. We have leveraged our regional presence to also foster strong
relationships with local communities and regulatory bodies, facilitating smoother operations and better
compliance with environmental and safety standards. Our strategic location ensures long-term operational stability
and the ability to meet the growing demands of the market effectively.
As of September 30, 2025, we operated coking coal washeries across five facilities at Moonidih, Madhuband,
Dahibari, Patherdih I, and Madhuband NLW. We have also entered into an agreement with Tata Steel Limited to
utilize the spare capacity at their washeries in Jamadoba and Bhelatand for washing our coking coal.
Our washeries play a pivotal role in enhancing the quality and marketability of our coal products. Our facilities
are equipped with advanced technologies such as Programmable Logic Controller controls and Variable
Frequency Drive motors in pumps, designed for efficient separation of impurities. We employ flotation techniques
for fine coal processing and utilize proven technologies like spiral separators for coarse coal. These facilities are
specifically designed to process raw coking coal, producing metallurgical coal as the primary output and washed
power coal as a secondary product. This enhances the calorific value of the coal while ensuring compliance with
environmental regulations. Furthermore, our washeries enable the production of coal products with varying
specifications to meet diverse customer requirements. By reducing ash content and removing impurities, our
washeries significantly minimize environmental impact. The table below sets forth details of our operational
washeries:
S. No. Name of Washery Location Type of Washery Production Capacity
(Million Tonnes per
Year)(1)
1. Moonidih Dhanbad, Jharkhand Coking 0.80
2. Madhuband Dhanbad, Jharkhand Coking 1.25
3. Dahibari Dhanbad, Jharkhand Coking 1.60
4. Patherdih-I Dhanbad, Jharkhand Coking 5.00
5. Madhuband (NLW) Dhanbad, Jharkhand Coking 5.00
Total 13.65
Notes:
(1) As of September 30, 2025
We have undertaken construction and modernization of several washeries, investing significant capital to bolster
our coal beneficiation infrastructure and foster self-reliance in coking coal. Our 5.00 million tonnes per annum
Madhuband washery, sanctioned at a capital cost of ₹ 3,004.90 million, commenced commercial operations in
November 2023. The 2.00 million tonnes per annum Bhojudih washery, nearing completion, was sanctioned ₹
3,845.69 million. The 2.50 million tonnes per annum Patherdih-II washery, currently under construction, has a
sanctioned capital of ₹ 3,342.74 million, with ₹ 1,422.82 million already expended. Additionally, a new 2.50
million tonnes per annum Moonidih coking coal washery is at the tender stage, designed to produce coking coal
with 14% ash. Concurrently, our existing Moonidih coal washery is undergoing renovation with a planned
222expenditure of ₹ 1,389.89 million, which will double its operative capacity from 0.80 million tonnes per annum
to 1.60 million tonnes per annum. Collectively, these projects represent a total sanctioned/committed capital
outlay of ₹ 11,598.32 million, underscoring our strategic commitment to enhancing coal quality, achieving
environmental compliance, and advancing self-reliance in coking coal.
Well positioned to capitalize on demand for coking coal in India
The demand for coking coal in India stands at 67 million metric tonnes in Fiscal 2025 and is expected to reach
138 million metric tonnes by Fiscal 2035. The demand for coking coal in India is expected to rise substantially,
driven by the growth of the steel and power industries. (Source: CRISIL Report, Industry Overview on page 200)
We are well positioned to capitalize on demand for coking coal in India since the demand for coking coal in India
is expected to rise, driven by the steel industry’s growth. Our large resource base strengthens our position as a
major player in the Indian coking coal industry (Source: CRISIL Report, Industry Overview on page 201), making
us less vulnerable to resource depletion.
In addition, the strategic location of our mines in the Jharia coalfields, which are rich in prime coking coal (Source:
CRISIL Report, Industry Overview on page 213), allows for efficient extraction and supply. Our ability to meet
the rising demand for coking coal is further enhanced by our well-developed infrastructure, including coal mines,
transport facilities, and evacuation facilities. Our established market presence and strong reputation for consistent
coal quality and supply help maintain a loyal customer base. Rising price trends of coking coal in the international
market also strengthen our market position domestically, making us the preferred supplier of the required coking
coal. Our ability to adapt to global trends while supporting India’s industrial and energy growth reflects a deep
sense of responsibility and a forward-thinking approach to sustainable development. This holistic commitment to
excellence not only strengthens our market position but also drives positive contributions to the economy and
society. For further information, see “Our Business – Strategies - Monetize, modernize, and renovate our
washeries” on page 227.
Strong parentage of Coal India Limited
Our relationship with Coal India Limited provides us with a solid foundation and extensive resources that are
pivotal to our success. Coal India Limited is the largest coal producing company in the world. (Source: CRISIL
Report, Industry Overview on page 200) We benefit significantly from their strategic support and vast resources.
This includes access to advanced technologies, a pool of skilled professionals, and robust financial backing. These
resources enable us to undertake large-scale projects with confidence, ensuring timely and efficient execution.
Our ability to leverage these assets sets us apart from our competitors and positions us for continued success.
We leverage the technical expertise in coal mining, resource management, and environmental sustainability that
Coal India Limited has cultivated over the years. The legacy of Coal India Limited ensures that we remain at the
forefront of industry standards, delivering the highest standard of coking coal to our customers. Our technical
prowess is a direct result of the knowledge and experience passed down from our parent company. Our association
with Coal India Limited enhances our market recognition and credibility. We believe that our customers place a
high level of trust in us due to our affiliation with Coal India Limited. This translates into long-term partnerships
and repeat business, contributing to our sustained growth and success. Our relationship with Coal India Limited
fosters synergies and collaborative opportunities.
Additionally, we also receive consistent support from Coal India Limited’s subsidiary, CMPDIL, which plays a
pivotal role in coal exploration and research and development. CMPDIL's advanced methodologies and advanced
technologies in geological surveys, mine planning, and resource assessment significantly enhance our operational
efficiency. Through collaborative projects and innovative solutions, CMPDIL supports us in optimizing coal
extraction processes, improving safety standards, and maximizing resource utilization. This synergy not only
bolsters our productivity but also contributes to sustainable mining practices and the overall growth of the coal
industry.
Our executive manpower is directly overseen by Coal India Limited. Regular transfers and postings of executives
from other Coal India Limited subsidiaries facilitate the exchange of ideas and experiences. This practice enhances
efficiency, promotes the adoption of new technologies, and provides fresh insights into the business. The strategic
support, technical expertise, market recognition, collaborative opportunities, and commitment to innovation
provided by Coal India Limited and its subsidiaries empowers us to deliver exceptional services and maintain our
leadership in the industry.
223Consistent track record of growth and financial performance
We have maintained a consistent track record of financial performance, which is a key indicator of our operational
excellence and long-term viability. Our financial performance is characterized by no long-term debt, underscoring
our strong financial stability. We have demonstrated our commitment to achieving and surpassing our targets,
bolstered by our effective cost management strategies, which have enabled us to optimize expenses and maintain
a healthy profit margin even in the face of fluctuating market conditions and industry challenges. Our long-
standing relationships with key stakeholders and clients result in repeat business, further solidifying our position
as a reliable and trusted leader in the industry. This financial resilience enables us to invest in innovative projects,
drive sustainable growth, and maintain operational excellence. The table below sets forth certain financial
information for the periods/years indicated:
Particulars As of / For As of / For As of / For As of / For As of / For
the Six the Six the Year the Year the Year
Months Months Ended March Ended Ended March
Period Ended Period Ended 31, 2025 March 31, 31, 2023
September September 2024
30, 2025 30, 2024
Revenue from operations (in ₹
56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
million)
EBITDA(1) (in ₹ million) 4,599.30 13,734.70 23,560.60 24,938.90 8,913.10
EBITDA Margin (%)(2) 7.29% 19.37% 16.36% 17.02% 6.85%
Restated profit for the period/
1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
year (in ₹ million)
Restated profit for the period/
1.96% 10.56% 8.61% 10.68% 5.11%
year Margin (%)(3)
Return on Average Capital
4.28%* 20.72%* 30.13% 47.20% 16.56%
Employed (“ROACE”)(%) (4)
Return on Net Worth (%)(5) 2.00%* 13.12%* 20.83% 34.21% 19.22%
Capital expenditure (in ₹ million) 3,435.70 4724.36 18,149.40 12,375.30 9,865.30
Trade receivables as number of
days of revenue from 60 28 40 25 36
operations(6)
Current ratio(7) 1.00 1.19 1.19 1.21 0.96
Net asset value (“NAV”) per
12.52* 13.01* 14.07 11.50 8.14
Equity Share(8)(10)
Earnings per share(9)(10) 0.27* 1.61* 2.66 3.36 1.43
* Not annualised
Notes:
(1) EBITDA is calculated as total of profit before tax, finance cost and depreciation/amortization/impairment.
(2) EBITDA Margin is calculated as EBITDA as a percentage of total income.
(3) Restated profit for the period/ year Margin is calculated as Restated profit for the year/ period as a percentage of total income.
(4) Return on average capital employed (ROCE) refers to the EBIT divided by average capital employed for the year/period. EBIT means
restated profit / (loss) for the period / year, plus finance costs and total taxes. Capital employed is the total equity attributable to equity-
holders of the company, as appearing in the Restated Financial Information plus non-current borrowings. Average capital employed
is the sum of opening and closing capital employed divided by two.
(5) Return on Net Worth is calculated as restated profit for the period/ year divided by average net worth. Net worth is the total equity
attributable to equity-holders of our Company, as appearing in the restated financial information less other comprehensive income -
re-measurement of defined benefits plans (net of tax) reserve.
(6) Trade receivables as number of days of revenue from operations refers to trade receivables on the reporting date (excluding unbilled
receivables) as appearing in the Restated Financial Information divided by revenue from operations multiplied by number of days in
the financial year/period.
(7) Current Ratio is calculated as current assets divided by current liabilities.
(8) Net asset value (NAV) per equity share refers to net worth as at the end of the Fiscal/period divided by number of equity shares
outstanding at the end of the Fiscal/period. Net Worth is the total equity attributable to equity-holders of the company, as appearing
in the Restated Financial Information less other comprehensive income - re-measurement of defined benefits plans (net of tax)
reserve.
(9) Earnings per share equals restated profit for the period/ year attributable to the shareholders of the Company divided by the
weighted average number of equity shares outstanding during the year/period.
(10) Pursuant to resolutions passed by the Board of Directors of our Company at its meeting held on April 15, 2025, the existing authorised
share capital of our Company was sub-divided from 51,000,000 equity shares of ₹ 1,000 each into 5,100,000,000 equity shares of ₹ 10
each and subsequent sub division of the existing paid up shares of the Company from 46,570,000 equity shares of ₹ 1,000 each into
4,657,000,000 equity shares of ₹ 10 each, which was approved by the shareholders in the Extra-ordinary General Meeting held on
April 28, 2025. The disclosure of EPS (Basic and Diluted) and NAV presented has been arrived at after giving effect to the sub-division.
224Experienced management team supported by committed employee base
Our management team comprises professionals with vast experience in various facets of mining, operations,
administration, and strategic decision-making. These individuals bring years of expertise from various domains
like mining, engineering works of electrical, mechanical, environmental management, corporate governance and
human resources. Many of them have spent decades in the mining industry and have developed deep insights into
operational efficiency, safety standards, and regulatory compliance. The experience of the senior management
team also extends beyond just operational expertise. They have been instrumental in implementing sustainable
practices, managing stakeholder relationships, and ensuring the alignment of our Company’s strategies with the
overarching goals of Coal India Limited. Their understanding of the Indian coal industry landscape, as well as
evolving global standards, positions BCCL as a key player in the coal sector.
The strength and experience of our Board and management team, position us to capitalize on future growth
opportunities. For further information on our Board of Directors, Key Managerial Personnel and Senior
Management, see “Our Management” on page 267.
We also have a large pool of skilled employees, including technically qualified professionals, with relevant
industry experience. As of September 30, 2025, we had 31,389 employees, including 1,811 executives and 29,578
non-executive employees. The synergistic strength of our experienced management team and dedicated
workforce, cultivates a culture of integrity, competence, and commitment. This powerful combination ensures
stable operations, drives sustainable growth, and upholds ethical practices, solidifying our reputation as a
trustworthy and successful player.
STRATEGIES
Below are the strategies in relation to our businesses, which have been approved by way of a board resolution
passed by our Board of Directors at their meeting held on May 30, 2025.
Utilize our resources effectively to sustain and expand operations, driving growth and maximizing efficiency
The increasing production capacity of the steel and other allied industries in India present considerable growth
and expansion opportunities for coal mining companies in India. (Source: CRISIL Report, Industry Overview on
page 214) We intend to capitalize on such market opportunities by leveraging our resources to enhance our
operational capacity, market presence and profitability through implementation of strategic initiatives focused on
sustainable growth and increased production.
In order to capitalize on our vast resource base, we are undertaking significant technological advancements,
including the procurement of high-capacity HEMM, implementation of mass production technologies such as
longwall and continuous miner packages, and the introduction of highwall mining technology to access seemingly
lost reserves. We are also in the process of transitioning legacy underground mines to opencast mines and
implementing mass production underground mining techniques to harness deep-seated coal reserves. As part of
our strategic shift, we have planned the reorganization of coal blocks in the Jharia coalfields into seven large-scale
opencast mining blocks, designated as blocks A through G. This reorganisation has been planned with due
consideration to critical surface features and essential infrastructure. We are aiming at identifying and
continuously adding new producing patches by hiring the HEMMs. This approach provides quick enhancement
of production capacity and replaces depleted reserves. We are also encouraging the conversion of overburden into
valuable construction sand through the planned establishment of a sand extraction plant at our Damoda open cast
coal project. This initiative not only optimizes resource utilization but also supports sustainable development by
reducing waste and promoting eco-friendly practice
Our strategic plan includes expanding washery operations, which will enable us to supply higher-grade coking
coal. For details of our existing washeries, see “ Our Business – Strategies - Monetize, modernize, and renovate
our washeries” and “Our Business – Our Business Operations – Reserve and resource base information –
Washeries” on pages 229 and 231, respectively. We have three upcoming washeries with a total capacity of 7.00
million tonnes per year. Set forth below are details of our upcoming washeries:
S. No. Name of Washery Location Capacity Type of Status
Washery
1. Patherdih-II Dhanbad, Jharkhand 2.5 MTPA Coking Under
construction
2252. Bhojudih (new) Purulia, West Bengal 2.0 MTPA Coking Under
construction
3. Moonidih (new) Dhanbad, Jharkhand 2.5 MTPA Coking Tender to
be floated
We believe that our primary assets are manpower, machines and mines and we have been continuously
undertaking activities to upgrade and safeguard the same. We maintain a dedicated human resource development
department consisting of 56 employees, as of September 30, 2025, which oversee training to our workforce
through skilled professionals. Furthermore, we facilitate our workforce’s attendance at various training and
management institutes to ensure they acquire updated knowledge and new skills across different areas. We have
strategically shifted our focus to the recruitment of only specialized category of workforce and reducing our
dependence on unskilled and semi-skilled position by leveraging our machinery and manpower synergy. Despite
a reduction in our workforce over the years due to factors such as superannuation, we have successfully enhanced
our productivity levels. The table below sets forth certain details in relation to our manpower vis-à-vis production
for the periods/years indicated:
Period/Fiscal Manpower Strength Production of Coal for the
period/ year
(Million Tonnes)
Six months period ended September 30,
31,389 15.75
2025
Six months period ended September 30,
33,045 19.09
2024
2025 32,118 40.50
2024 33,920 41.10
2023 37,037 36.18
To ensure the safety of personnel, mines, and machinery, we have deployed statutory personnel for the
supervision, management, direction, and control of mining activities in accordance with statutory provisions and
by conducting regular safety inspections.
Transform discontinued mines into profitable ventures through resource monetization, and strategic
repurposing
We intend to ensure sustainable growth, continued revenue generation and operational efficiency by transforming
discontinued mines into profitable ventures through reclamation, resource monetization, and strategic
repurposing. We aim at harnessing our resource base and capacities to the maximum extent to ensure future
profitability. In pursuance of our diversification strategy, we have also undertaken steps to restore operations in
discontinued underground mines through the MDO mode on a revenue-sharing basis, with six out of ten identified
mines awarded to private players and third-parties as on the date of this Prospectus so as to make it operational.
We collaborate with various mining partners who assume full planning and operational responsibility under our
supervision. This allows us to leverage external expertise while focusing on strategic oversight, production targets,
and compliance monitoring. The table below sets forth details of mines where we have signed such revenue
sharing agreements:
S. Name of Mine Location Peak Rated Percentage of Status
No. Capacity Revenue
(Million Share
Tonnes)
1. Amalgamated Salanpur Dhanbad, Jharkhand 1.40 9.00% Under
Gaslitand Katras Choitudih preparation
Colliery (ASGKCC) stage to make it
operational
2. PB Project Colliery Dhanbad, Jharkhand 2.70 6.00% Coal
production
commenced on
July 8, 2025.
3. Loyabad Colliery Dhanbad, Jharkhand 1.28 7.29% Mine operator
has requested
termination of
the agreement
citing project
226S. Name of Mine Location Peak Rated Percentage of Status
No. Capacity Revenue
(Million Share
Tonnes)
non-viability
after
preparation of
Detailed
Project Report
(“DPR”).
Request under
process.
4. Kharkharee Colliery Dhanbad, Jharkhand 1.20 12.02% Under
preparation
stage to make it
operational
5. Madhuband Colliery Dhanbad, Jharkhand 1.50 5.40% Under
preparation
stage to make it
operational
6. Amlabad Colliery Dhanbad, Jharkhand 0.30 4.10% Under
preparation
stage to make it
operational
Our transformative ability to convert discontinued mines into profitable ventures through resource monetization,
and strategic repurposing gives us a strategic, operational and financial advantage.
Additionally, as part of our strategic shift, we are in the process to increase our coal production by reorganization
of coal blocks in Jharia coalfields. Considering important surface features like rivers, and surface infrastructures
like rail, road, the Jharia coalfield is proposed to be reorganized into seven opencast blocks to facilitate extraction
of coal and dousing of fire lying north of Dhanbad-Chandrapura railway line. This strategic approach is expected
to drive an increase in our coal production by unblocking additional coal seams, helping in recovery of coal locked
in barriers, thus enabling enhanced production capacities.
Monetize, modernize, and renovate our washeries
In alignment with the National Steel Policy 2017, India has set a target of achieving 300 million tonnes of crude
steel production by Fiscal 2031. (Source: CRISIL Report, Industry Overview on page 214) This target implies a
projected demand for coking coal of approximately 161 million by Fiscal 2031. (Source: CRISIL Report, Industry
Overview on page 197) The government’s initiative on Aatmanirbhar Bharat and Mission Coking Coal launched
by Ministry of Coal in August 2021 wherein the projected demand for domestic washed coking coal is 40 MMT
by fiscal 2030 considering 25% blending with imported coal for steel making. (Source: CRISIL Report, Industry
Overview on page 197) The implementation of stamp charging technology, as opposed to conventional top
charging, across steel plants has the potential to enhance the blending ratio of Indian coking coal in the production
of metallurgical coke. (Source: CRISIL Report, Industry Overview on page 197) If this technology were to be
adopted in all of India's steel plants, the blending of Indian coking coal could increase to around 35%, thereby
necessitating approximately 56 million ton of domestic washed coking coal. (Source: CRISIL Report, Industry
Overview on page 197) To meet this demand, it is estimated that around 170 million tonnes of raw coking coal
will need to be washed, which presents a substantial market opportunity for domestic coal producers and
washeries. (Source: CRISIL Report, Industry Overview on page 197)
Recognizing this demand, we aim to expand and modernize our washery infrastructure. We aim to strategically
monetize non-performing mines and old, less efficient coking coal washeries through the WDO model and private
sector partnerships, ensuring long-term revenue generation without incurring operating costs and optimizing asset
utilization. We are focusing on identifying new patches for production through contractual means, establishing
new washeries under the build-operate-maintain model, and renovating existing washeries under the renovate-
operate-maintain model.
Further, to enhance the supply of indigenous washed coking coal and reduce reliance on imports for the steel
sector, we plan to increase the number and capacity of our washeries. This strategic initiative aims to bolster
domestic production, ensuring a steady and reliable supply of high-quality washed coking coal. We have also
227significantly increased the sale of beneficiated and higher quality coal by modernizing and renovating aging
washeries, commissioning new washeries with a combined capacity of 7.00 million tonnes per year, and
monetizing old washeries to enhance operational efficiency. We have awarded the renovation contract for the 1.60
million tonnes per year Moonidih coal washery, which will enhance our existing washing capacity. In addition,
we have onboarded a private player as washery developer cum operator to re-develop our old Dugdha washery
under monetization scheme. it will add into a new revenue stream for our company and at the same time will help
to increase the share of our coking coal into steel sector. These expansions in our washery operations are
anticipated to enable the supply of higher-grade coking coal, thereby improving product quality and addressing
the growing market demand. We are also currently in the process of developing and commissioning three new
washeries with a combined capacity of 7.00 million tonnes per year. The table below sets forth certain details in
relation to our planned washeries:
S. Name of Washery Location Capacity Status
No. (Million Tonnes
per Annum)
1. Moonidih (Old) Dhanbad, Jharkhand 1.60 Under renovation
2. Bhujudih Purulia, West Bengal 2.00 Ready to be commissioned
3. Patherdih-II Dhanbad, Jharkhand 2.50 Under construction
4. Moonidih (New) Dhanbad, Jharkhand 2.50 In tendering process
By expanding our washing facilities, we aim to optimize resource utilization, improve cost-efficiency, and support
sustainable industrial growth. This approach aligns with our commitment to contributing to India's economic
development and achieving self-sufficiency in coking coal production.
Implement energy conservation methods to enhance operational efficiency and reduce environmental impact
We intend to focus on environmental sustainability through a comprehensive strategy that includes progressive
land reclamation, afforestation, efficient water management, and the adoption of energy-efficient technologies.
Our commitment to energy conservation enhances operational efficiency and minimizes environmental impact.
By integrating sustainable practices into our core operations, we reduce energy consumption, cut costs, and
promote eco-friendly practices. This approach aligns economic performance with environmental stewardship,
supporting our long-term vision and driving both operational excellence and sustainability.
To align ourselves with our goal of balancing economic and sustainable viability, we are actively engaging with
local communities to ensure that its mining activities respect cultural values while contributing to the collective
economic well-being. We aim to balance economic viability with ecological preservation, promoting responsible
mining practices that benefit both the environment and local populations. We have introduced solar plants and
additional washeries to enhance energy efficiency and reduce reliance on traditional energy sources. These
initiatives not only contribute to environmental sustainability but also improve overall operational performance.
We have also ventured into solar power projects to offset carbon emissions and utilize existing energy resources
more efficiently, with the long-term goal of becoming carbon neutral. We have undertaken rooftop and ground-
mounted solar power projects, with several projects already commissioned and others in various stages of
development. Additionally, we have planned and proposed the commissioning of additional solar power plants to
enhance its renewable energy portfolio. We are also focusing on the development of eco-parks over degraded
mined-out areas and overburden dumps, demonstrating our commitment to environmental stewardship and
sustainable development.
Leverage our resources in the Jharia coalfields to drive growth
We aim to effectively leverage our vast coal resources in the Jharia coalfields. By optimising coal production and
washing by maximizing yield, we aim to enhance our washing capacity to improve coal quality. We will
modernize and expand our mines and washeries, ensuring they are equipped with advanced technologies to boost
efficiency and environmental performance. The Revised Jharia Master Plan approved by Cabinet Committee on
Economic Affairs, Government of India on June 25, 2025 will be implemented to manage fires through targeted
measures and allocate necessary funds (funded through internal resources of CIL), while rehabilitating affected
families with proper support and amenities. We also intend to shift critical infrastructure from unstable areas,
ensuring coordination with relevant departments. We believe that by engaging stakeholders transparently, we will
be able to build community trust and ensure active participation in rehabilitation efforts. Sustainable practices and
advanced technologies are being adopted to promote eco-friendly operations and data-driven decision-making.
We are aligning with national policies and engaging with regulatory bodies, to streamline processes and meet
228projected coking coal demands. This comprehensive strategy will ensure sustainable production, efficient
processing, and responsible rehabilitation, enhancing our operational efficiency and market position.
Explore opportunities in coal bed methane projects to harness untapped energy resources
We aim to explore opportunities in coal bed methane (“CBM”) projects to enhance our operational efficiency,
reduce environmental impact, and diversify its energy portfolio. We believe that CBM projects offer substantial
benefits for our operational longevity, including enhanced energy production, reduced greenhouse gas emissions,
and improved mine safety.
In aim to leverage our advanced technology available in the market and strategic partnerships to develop CBM
projects. We have awarded a block in Jharia, Jharkhand to a private player on a revenue-sharing basis for
commercial methane production from the coal seam through drainage. Additionally, we have also identified
another block in Jharia for development of CBM, with our Board of Directors having approved the project
feasibility report for the same. We aim to utilize the latest advancements in drilling and gas capture technologies
to maximize methane recovery while minimizing environmental impact.
OUR BUSINESS OPERATIONS
Reserve and Resource Base Information
Definition of the Key Terminologies in the Joint Ore Reserve Committee Code (“JORC Code”) (Source:
SRK Report)
Coal Resources
As per JORC Code, one of the critical qualifiers for the reporting of the “Coal Resource” include the coal deposit
to have “reasonable prospects for eventual economic extraction. There are three categories of Coal Resources,
and with the increasing order of geological confidence these can be classified into Inferred, Indicated and
Measured Coal Resources. Coal Resource is a realistic inventory of mineralization which, under assumed and
justifiable technical and economic conditions, might, in whole or in part, become economically extractable.
Inferred Coal Resources
An Inferred Coal Resource is that part of the total Coal Resource estimate for which quantity and quality can only
be estimated with low levels of confidence. It should be expected that estimates reported in this confidence
category are likely to change significantly with further exploration.
Indicated Coal Resources
An Indicated Coal Resource is that part of the total Coal Resource for which quantity and quality can be estimated
with reasonable levels of confidence and based on points of observation are sufficient for continuity to be assumed;
but are too widely or inappropriately spaced to confirm geological and/or quality continuity.
Measured Coal Resources
A Measured Coal Resource is that part of the total Coal Resource for which quantity and quality can be estimated
with a high level of confidence based on points of observation spaced closely enough to confirm geological and/or
quality continuity.
Coal Reserve
As per JORC Code, a Coal Reserve is the economically mineable part of a Measured or Indicated Coal Resource.
Coal Reserve estimates include diluting materials and are adjusted for losses that may occur when the coal is
mined. Coal Reserves are subdivided in order of increasing confidence into Probable Coal Reserves and Proved
Coal Reserves.
Probable Coal Reserves
A Probable Coal Reserve is the economically mineable part of an Indicated Coal Resource.
229Proved Coal Reserves
A Proved Coal Reserve is the economically mineable part of a Measured Coal Resource.
Set forth below details in relation to the Coal Resources and Reserves of our Company classified by mining
methods effective March 31, 2025:
Proved Probable Total Measured Indicated Inferred Total
Technology Reserve Reserve Reserve Resource Resource Resource Resource
(Mt) (Mt) (Mt) (Mt) (Mt) (Mt) (Mt)
Open Cast 1,048.1 7.8 1,055.8 1,441.8 0.0 0.0 1,441.8
Underground 48.2 157.9 206.1 669.6 5.5 0.0 675.1
Mixed 222.2 11.3 233.5 168.5 0.0 0.0 168.5
Total 1,318.5 176.9 1,495.4 2,279.9 5.5 0.0 2,285.4
(Source SRK Report)
Notes:
1. All figures are rounded to the nearest 100,000 tonnes.
2. Coal Resources reported herein includes only the material that has reasonable prospect for eventual economic extraction,
which have been evaluated by a conceptual open pit for the coal that has open pit potential and an underground mining
envelope for the coal that has underground potential. The Measured and Indicated Coal Resources, which are reported
herein, includes the materials which have been converted to Coal Reserves, where appropriate.
3. The economic viability of the reported Coal Reserves is evaluated by applying modifying factors to the measured and
indicated coal resources. This also considers assumptions based on at least a prefeasibility study to determine the mining
recovery and dilution factors and evaluation of basic infrastructure requirements, and a confirmation on extraction of
coal can be economically justified under such technical and economic assumptions.
Set forth below are details in relation to the Coal Resources and Reserves for Major Mines of our Company,
effective March 31, 2025:
Proved Probable Total Measured Indicated Inferred Total
Major Mine Reserve Reserve Reserve Resource Resource Resource Resourc
(Mt) (Mt) (Mt) (Mt) (Mt) (Mt) e (Mt)
ABOCP 53.2 0.0 53.2 58.8 0.0 0.0 58.8
AMP colliery OCP 45.2 0.0 45.2 50.3 0.0 0.0 50.3
Block-D 151.0 0.0 151.0 168.1 0.0 0.0 168.1
Block-E 360.9 0.0 360.9 401.2 0.0 0.0 401.2
Amalgamated NTST-Kujama
151.0 0.0 151.0 167.8 0.0 0.0 167.8
OCP
Madhuband Colliery 59.4 0.0 59.4 104.0 0.0 0.0 104.0
Kharkharee Colliery 0.0 83.5 83.5 100.2 0.0 0.0 100.2
Amalgamated Salanpur
Gaslitand Katras Choitudih 94.8 0.0 94.8 386.3 0.0 0.0 386.3
Colliery (ASGKCC)
Loyabad Colliery 0.0 24.8 24.8 41.4 0.0 0.0 41.4
PB Project Colliery 62.6 10.5 73.1 115.5 0.0 0.0 115.5
ADIC 39.6 0.0 39.6 44.3 0.0 0.0 44.3
Ena Colliery 40.7 0.0 40.7 45.2 0.0 0.0 45.2
Amal Bera-Dobari-Kuya-
47.9 0.0 47.9 53.2 0.0 0.0 53.2
Ghanudih
Kalyaneshwari OCP 70.0 0.0 70.0 79.0 0.0 0.0 79.0
Moonidih- Seam XV 23.4 0.0 23.4 26.0 0.0 0.0 26.0
Total 1,199.6 118.8 1,318.4 1,841.3 0.0 0.0 1,841.3
(Source SRK Report)
Notes:
1. The definition of the Major Mines includes the Coal Reserve in excess of 20 million tonnes.
2. All figures are rounded to the nearest 100,000 tonnes.
2303. Coal Resources reported herein includes only the material that has reasonable prospect for eventual economic extraction,
which have been evaluated by a conceptual open pit for the coal that has open pit potential and an underground mining
envelope for the coal that has underground potential. The Measured and Indicated Coal Resources, which are reported
herein, includes the materials which have been converted to Coal Reserves, where appropriate.
4. The economic viability of the reported Coal Reserves is evaluated by applying modifying factors to the measured and
indicated coal resources. This also considers assumptions based on at least a prefeasibility study to determine the mining
recovery and dilution factors and evaluation of basic infrastructure requirements, and a confirmation on extraction of
coal can be economically justified under such technical and economic assumptions.
The following table sets forth sector wise Coal Resources of our Company, as on March 31, 2025:
Proved Probable Total Measured Indicated Inferred Total
Quality Reserve Reserve Reserve Resource Resource Resource Resource
(Mt) (Mt) (Mt) (Mt) (Mt) (Mt) (Mt)
Coking Coal 1,017.4 123.3 1,140.7 1,777.6 5.5 0.0 1,783.1
Thermal Coal 301.1 53.6 354.7 502.3 0.0 0.0 502.3
Coking + Thermal 1,318.5 176.9 1,495.4 2,279.9 5.5 0.0 2,285.4
(Source SRK Report)
Notes:
1. All figures are rounded top the nearest 100,000 tonnes.
2. Coal Resources reported herein includes only the material that has reasonable prospect for eventual economic extraction,
which have been evaluated by a conceptual open pit for the coal that has open pit potential and an underground mining
envelope for the coal that has underground potential. The Measured and Indicated Coal Resources, which are reported
herein, includes the materials which have been converted to Coal Reserves, where appropriate.
3. The economic viability of the reported Coal Reserves is evaluated by applying modifying factors to the measured and
indicated coal resources. This also considers assumptions based on at least a prefeasibility study to determine the mining
recovery and dilution factors and evaluation of basic infrastructure requirements, and a confirmation on extraction of coal
can be economically justified under such technical and economic assumptions.
Washeries
As per the SRK Report, the following table sets forth a summary on our operating washeries as on September 30,
2025:
Name of the Washery Location Type Operable Capacity Operating Model
(Million Tonnes Per Annum)
Moonidih Dhanbad, Jharkhand Coking 0.80 Self
Madhuband Dhanbad, Jharkhand Coking 1.25 Self
Dahibari Dhanbad, Jharkhand Coking 1.60 Build-Operate-Maintain
Patherdih-I Dhanbad, Jharkhand Coking 5.00 Build-Operate-Maintain
Madhuband (NLW) Dhanbad, Jharkhand Coking 5.00 Build-Operate-Maintain
Total 13.65
231Mining Rights and Acquisition of Land
We have acquired 28,018.62 hectares of mining lease/rights pursuant to the Coking Coal Nationalization Act,
1972, the Coal Mines Nationalization Act, 1973, and the Coal Bearing Areas (Acquisition and Development) Act,
1957. These mining lease/rights were inherited from the erstwhile private coal companies and National Coal
Development Corporation (“NCDC”). The mining rights acquired under the Nationalization Acts of 1972 and
1973 have been revalidated until March 31, 2050, in accordance with Rule 3(2) of the Mine Concession
(Amendment) Rules, 2021, through the Coal India (Regulation of Transfer and Validation) Act, 2000. The
erstwhile NCDC had acquired mining lease/rights for the Moonidih and Sudamdih Mines under the Coal Bearing
Areas (Acquisition and Development) Act, 1957. As this Act does not specify a period for the acquired mining
lease/rights, the rights for the Moonidih and Sudamdih Mines remain valid. Additionally, we have acquired mining
lease/rights over 812.33 hectares of land for the Kapooria Underground Project under the Coal Bearing Areas
(Acquisition and Development) Act, 1957, as per Section 11 notification no. 1503(E) dated June 2, 2015.
Therefore, we hold total mining lease/rights mining lease and mining rights over 28,830.95 hectares of land.
Coking Coal Production Process
We oversee the coking coal production process, which encompasses the following critical stages to ensure
efficient and effective operations:
Mine Planning
We collaborate with the CMPDIL for activities in relation to mine planning and designing. This phase involves
exploration, geological assessments, selection of mining methods, technology implementation, coal handling,
washing, environmental management, infrastructure development, and evaluation of economic viability.
232Government Approvals
We are required to obtain certain approvals from government authorities for undertaking mining activities such
as environmental clearance, forest clearance, permissions under coal mines regulations, consent to establish and
consent to operate from State Pollution Control Board(s), and relevant approvals from Coal Controller
Organisation. We apply and obtain approvals, permits, licenses, clearances, consents and registrations at the
appropriate stage.
Infrastructure Development
Land Acquisition: Majority of our coal mines were acquired under the Coking Coal Mines Nationalization Act
1972 the Coal Mines Nationalization Act 1973. A substantial portion of the land within our mining leasehold
boundaries is our vested property. Some areas of land were previously acquired through the Land Acquisition Act
of 1894. Additionally, we are purchasing certain tenancy lands that fall within the mining area and are located
adjacent to our land, directly from the tenants, in accordance with the Transfer of Property Act, 1882.
Rehabilitation and resettlement: We follow the Rehabilitation & Resettlement Policy of Coal India Limited, 2012
(“Coal India Limited R&R Policy, 2012”) to ensure comprehensive support for individuals and families
displaced due to our coal mining projects. This policy provides adequate compensation to landowners affected by
the acquisition of land for our projects. In addition to monetary compensation, we offer a range of benefits under
the Coal India Limited R&R Policy, 2012, including compensation for homesteads, a one-time lump sum payment
in lieu of an alternate house site, and subsistence allowance to eligible land losers. We are also committed to
providing employment opportunities to land losers, offering one job for every two acres of land acquired or
purchased, thereby ensuring their economic stability and social well-being.
Procurement of HEMM: We follow a systematic and competitive procurement tendering process for acquiring
HEMMs such as Excavator, dumper, dozer, grader and loader. The machines are procured based on the mine
specific requirements, including capacity, fuel efficiency and based on the life cycle cost analysis. Procurement
is conducted from established and reliable sources to ensure a continuous supply of spare parts, which are utilized
throughout the operational period. In our mines, where contractors are engaged for coal production and/or
overburden removal, the contractors themselves deploy the necessary HEMMs.
Evacuation Infrastructure: We continuously develop and maintain evacuation infrastructure to ensure the efficient
and timely dispatch of our coal to end users. This includes 18 railway sidings as of September 30, 2025, integrated
with the main rail network for bulk transportation. Our coal handling and crushing plants (CHPs) are equipped
with modern sizing capabilities, and we utilize high-capacity loading equipment to optimize logistics efficiency.
Additionally, we have supporting ancillary facilities, including automated weighbridges and dust suppression
systems, to mitigate environmental impact and adhere to regulatory standards. This integrated infrastructure is
designed to minimize bottlenecks, enhance throughput, and ensure reliable coal delivery while upholding
operational safety and sustainability commitments. Furthermore, we have developed infrastructure to evacuate
coal via road to serve both large and small customers. This includes separate entry and exit connections with main
roads, along with supporting infrastructure such as weighbridges and dust suppression mechanisms.
Coal Extraction: We utilize two primary methods for coal extraction:
• Open Cast Mining: This method involves the removal of overburden (soil and rock) to access coal seams. In
the majority of our open-cast mines, we employ shovel and dumper technology, complemented by drilling
and blasting, for the stripping of overburden and the excavation and transportation of coal. In one specific
opencast mine, a dragline is utilized for overburden removal. Coal extracted from these mines is transported
to dispatch points, our coal preparation and handling plants, or our coal beneficiation facilities via dumpers,
trucks, or conveyors.
• Underground Mining: Utilized for coal seams located deep below the earth's surface, this method includes
conventional board and pillar techniques, as well as advanced methods such as longwall mining, continuous
miner operations, and highwall mining, all aimed at enhancing efficiency and productivity.
Coal Conveying: To ensure efficient transportation of coal from mining sites to dispatch areas, we utilize:
• Railway Wagons: A common and efficient method for transporting large quantities of coal over long
distances, with coal loaded onto wagons using loaders.
233• Road Transport: Essential for short to medium distances within the coal supply chain
• Conveyor Belts: Designed to handle large volumes of coal, minimizing manual handling and transporting
coal from depots to washeries.
Coal Processing: Run-of-mine coal is crushed to the desired size using crushers. Additionally, coal is washed to
remove impurities, thereby upgrading low-quality coal to higher quality standards.
These processes collectively ensure that we maintain high standards of operational efficiency and productivity in
our coal production activities.
Operational area of Pure Benedih colliery (Source: SRK Report)
Mine workings of ABG colliery worked departmentally (Source: SRK Report)
234Modes of Production
We employ three distinct methods to execute coal production while maintaining operational efficiency and cost
optimization:
• Departmental Production: We conduct mining operations entirely through our own workforce, equipment,
and management systems. This approach provides us with complete control over all activities, from mine
planning to coal dispatch, ensuring strict adherence to our quality, safety, and environmental standards.
• Hired HEMM patches: We enhance flexibility by contracting specialized equipment and operators for
specific tasks in designated mine patches, while retaining departmental oversight of critical functions. Our
teams maintain direct control over mine planning, blasting, quality assurance, safety protocols, and
logistics, ensuring operational control even when utilizing third-party resources.
• MDO model: For select projects, we collaborate with expert mining partners who assume full planning and
operational responsibility under our supervision. This allows us to leverage external expertise while
focusing on strategic oversight, production targets, and compliance monitoring.
Across all methods, we ensure seamless integration of operations, with our core management team maintaining
control over key decision-making processes. This structured approach enables us to balance efficiency, cost-
effectiveness, and operational control while reliably meeting production targets.
Further, the table below sets forth details of our revenue from our modes of production for the periods/years
indicated:
Particulars Six months period ended September 30, 2025 Six months period ended September 30,
2024
Amount Percentage of Revenue Amount Percentage of
(in ₹ million) from Operations (%) (in ₹ million) Revenue from
Operations (%)
Departmental
7,476.35 13.21% 10,447.86 15.26%
production
Hired HEMM patches 26,247.11 46.38% 37,269.10 54.44%
MDO model 10,765.93 19.02% 3,867.27 5.65%
Revenue from
12,100.81 21.38% 16,877.67 24.65%
washeries*
*Besides revenue from mining operations, revenue is also generated from washeries by processing of raw coal and washeries
are separate profit centres. Hence, revenue from washeries has also been added in the above table.
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage Amount Percentage Amount Percentage
of Revenue of Revenue of Revenue
(in ₹ million) from (in ₹ million) from (in ₹ from
Operations Operations million) Operations
(%) (%) (%)
Departmental
21,442.48 15.54% 32,885.37 23.08% 25,411.74 20.13%
production
Hired HEMM patches 70,878.39 51.35% 77,188.27 54.18% 71,212.95 56.41%
MDO model 13,675.26 9.91% 115.65 0.08% - -
Revenue from
32,029.37 23.21% 32,269.30 22.65% 29,615.92 23.46%
washeries*
*Besides revenue from mining operations, revenue is also generated from washeries by processing of raw coal and washeries
are separate profit centres. Hence, revenue from washeries has also been added in the above table.
Coking Coal Washing Process
235We wash the majority of our coking coal to meet the requirements of the steel industry. This process involves the
removal of impurities such as ash through water-based and mechanical techniques, thereby improving the coal's
quality and reducing its environmental impact when burned. The coal beneficiation process commences with the
size reduction of Run-of-Mine (“ROM”) coal using a multi-stage crushing system, which includes primary,
secondary, and tertiary crushers such as gyratory crushers, rotary breakers, and roll crushers. This step reduces
the coal to manageable sizes and liberates the combustible material from impurities. Subsequently, the material
undergoes screening for size classification to optimize processing in downstream units. Intermediate-sized coal is
processed through dense medium cyclones, while fines are treated with froth flotation. The specific technique is
selected based on the coal's washability characteristics. The process also features an efficient dewatering system,
where water is recovered through screens, thickeners, and filtration equipment for reuse. The beneficiation process
yields high-quality washed coking coal for the steel sector, washed power coal for energy generation, and other
by-products, including rejects and slurry. We ensure optimal resource utilization across all output streams as our
washed coking coal products is transported to our steel sector customers via rail, our by-products are sold through
e-auction, and slurry and rejects generate revenue as they are used as fuel for Fluidized Bed Combustion (“FBC”)
boilers, brick kilns and briquette (domestic fuel) production. This sophisticated process enables us to deliver
superior quality products while maintaining operational efficiency and environmental responsibility.
Installed Capacity, Actual Production and Capacity Utilisation
The information relating to the installed capacities, available capacities, actual production and capacity utilisation
of certain of our mines and washeries included below and elsewhere in this Prospectus are based on various
assumptions and estimates of our management that have been taken into account by SRK, an independent
consultant, in the calculation of our capacity. Undue reliance should therefore not be placed on our capacity
information or historical capacity utilization information for our existing manufacturing facilities included in this
Prospectus. See “Risk Factors – Information relating to our reserve and resource base included in this Prospectus
are estimates, and our actual production, revenues and expenditure with respect to our reserves and resources
may differ materially from these estimates. Additionally, certain reserve and resource base information provided
in this Prospectus has been prepared and classified in accordance with Indian Standard Procedure guidelines
(the “ISP Guidelines”), which has not been audited by SRK Mining Services (India) Private Limited (“SRK”)
and differs from international standards” on page 34.
236The following table sets forth certain information relating to the normative production capacities, actual production and capacity utilisation of our mines for the period/years indicated:
Particulars As of/ For the six months period ended September 30,
2025 2024
Normative Normative
Actual Production Coal Capacity Actual Production Coal Capacity
Production Capacity Production Capacity
(Million Tonnes) Utilization (%) (Million Tonnes) Utilization (%)
(MT) (MT)
Underground 35.25 15.41 43.72% 34.40 18.54 53.89%
Opencast 4.90 0.33 6.83% 4.35 0.56 12.81%
Total 40.15 15.75 39.22% 38.75 19.09 49.28%
Notes:
1. Normative Production capacity for the six months period refers to the standard quantity of coal planned to produce annually divided by 2, as per the approved Mining Plan/PR.
2. Actual production represents quantum of coal produced from the mine in the relevant Fiscal/period
3. Capacity utilization has been calculated on the basis of the actual production in the relevant fiscal/period divided by the Normative Production Capacity.
4. The above production figures include coal produced from mixed mines which are appropriately covered under respective method of mining i.e. Underground and Opencast
As of/ For the year ended March 31,
2025 2024 2023
Type of
Actual Actual Actual
Mine Normative Normative Normative
Production Coal Capacity Production Coal Capacity Production Coal Capacity
Production Capacity Production Capacity Production Capacity
(Million Utilization (%) (Million Utilization (%) (Million Utilization (%)
(MTPA) (MTPA) (MTPA)
Tonnes) Tonnes) Tonnes)
Underground 8.69 1.14 13.12% 6.51 0.77 11.83% 6.06 0.69 11.39%
Opencast 68.80 39.36 57.21% 58.43 40.33 69.02% 58.43 35.49 60.74%
Total 77.49 40.50 52.26% 64.94 41.10 63.29% 64.49 36.18 56.10%
Notes:
1. Normative Production capacity refers to the standard quantity of coal planned to produce annually, as per the approved Mining Plan/PR.
2. Actual production represents quantum of coal produced from the mine in the relevant Fiscal
3. Capacity utilization has been calculated on the basis of the actual production in the relevant fiscal divided by the Normative Production Capacity.
4. The above production figures include coal produced from mixed mines which are appropriately covered under respective method of mining i.e. Underground and Opencast
The following table sets forth certain information relating to the installed capacities, operable capacities, raw coal feed and capacity utilisation of our washeries for the periods/years
indicated:
237Six months period ended period September 30, 2025 Six months period ended September 30, 2024
Installed Operable Capacity Installed Operable Capacity
Washery Name Raw Coal Feed Raw Coal Feed
Capacity Capacity Utilization Capacity Capacity Utilization
(MT) (MT) (Million Tonnes) % (MT) (MT) (Million Tonnes) %
Moonidih 0.80 0.40 0.21 52.50% 0.80 0.40 0.38 94.25%
Madhuband 1.25 0.63 0.03 4.10% 1.25 0.63 0.11 17.76%
Dahibari 0.80 0.80 0.16 20.38% 0.80 0.80 0.23 28.50%
Patherdih 2.50 2.50 0.72 28.92% 2.50 2.50 0.79 31.40%
32.84%
Madhuband 2.50 2.50 0.82 2.50 2.50 0.43 17.16%
Total 7.85 6.83 1.94 28.46% 7.85 6.83 1.93 28.28%
Notes:
1. Installed capacity for the six months represents the designed capacity at the time of the commissioning of the plant divided by 2 and operable capacity for the six months is the
maximum capacity at which the washery can operate at the start of relevant fiscal divided by 2. The operable capacity is based on various assumptions and estimates, including
ageing of the washeries and non-operation of any circuit in the washery. Assumptions and estimates taken into account for measuring installed capacities include effective 5000
working hours in a year.
2. Raw Coal Feed represents quantum of raw coal fed to the washeries for washing in the relevant Fiscal/period.
3. Capacity utilization has been calculated on the basis of Raw Coal Feed in the relevant Fiscal divided by the operable capacity during such Fiscal/period.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Washery Installed Operable Capacity Installed Operable Capacity Installed Operable Capacity
Raw Coal Feed Raw Coal Feed Raw Coal Feed
Name Capacity Capacity Utilization Capacity Capacity Utilization Capacity Capacity Utilization
(MTPA) (MTPA) (Million Tonnes) % (MTPA) (MTPA) (Million Tonnes) % (MTPA) (MTPA) (Million Tonnes) %
Moonidih 1.60 0.80 0.70 87.50% 1.60 0.80 0.65 81.25% 1.60 0.80 0.65 81.25%
Madhuband* 2.50 1.25 0.17 13.60% 2.50 1.25 0.30 24.00% 2.50 1.25 0.26 20.80%
Dahibari 1.60 1.60 0.44 27.50% 1.60 1.60 0.47 29.38% 1.60 1.60 0.45 28.13%
Patherdih 5.00 5.00 1.58 31.60% 5.00 5.00 1.56 31.20% 5.00 5.00 1.42 28.40%
Madhuband 5.00 5.00 1.15 23.00% 5.00 1.67 0.26 15.50% 5.00 - 0.03 -
Total 15.70 13.65 4.04 29.60% 15.70 10.32 3.24 31.40% 15.70 8.65 2.81 32.49%
* The capacity utilization of the Madhuband Washery decreased from 24.00% in Fiscal 2024 to 13.60% in Fiscal 2025 due to old and ageing equipment and non-availability of spares.
Notes:
2381. Installed capacity represents the designed capacity at the time of the commissioning of the plant and operable capacity is the maximum capacity at which the washery can
operate at the start of relevant fiscal. The operable capacity is based on various assumptions and estimates, including ageing of the washeries and non-operation of any circuit in
the washery. Assumptions and estimates taken into account for measuring installed capacities include effective 5000 working hours in a year.
2. Raw Coal Feed represents quantum of raw coal fed to the washeries for washing in the relevant Fiscal.
3. Capacity utilization has been calculated on the basis of Raw Coal Feed in the relevant Fiscal divided by the operable capacity during such Fiscal.
[Remainder of the page has been intentionally left blank]
239Coal Dispatch
For information in relation to our industry-wise coal dispatch, see “Our Business – Overview” on page 215.
Our coal dispatch during the six period months ended September 30, 2025 and 2024 and the last three Fiscals
predominantly utilized two transportation routes: rail and road. The following table sets forth details of the mode-
wise coal dispatch for the periods/years indicated:
Mode Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Net Amount Percentage of Net
(in ₹ million) Sales (%) (in ₹ million) Sales (%)
Rail 46,626.87 88.64% 54,262.29 85.20%
Road 5,976.03 11.36% 9,424.51 14.80%
Net Sales 52,602.90 100.00% 63,686.80 100.00%
Mode Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Net Sales (%) (in ₹ Net Sales (%) (in ₹ Net Sales (%)
million) million) million)
Rail 114,357.90 87.41% 104,386.00 79.31% 96,849.70 78.43%
Road 16,474.70 12.59% 27,225.00 20.69% 26,641.70 21.57%
Net Sales 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
Our coal sales are facilitated through various mechanisms, as outlined below:
• Fuel Supply Agreements (“FSA”): Coal allocation is based on the notified price, as recommended by the
MoC or Coal India Limited, for long-term supply linkages to power consumers.
• FSA Linkage: FSAs are signed with consumers operating end use plants under the Non-Regulated Sector
(“NRS”) Linkage Auction policy of MoC or Coal India Limited. Coal is auctioned for long-term linkages of
upto 15 years at a notified price, with consumers required to bid a premium in e-auctions to secure supply.
• E-auction: Coal is sold to any customers, including traders, through monthly e-auctions conducted under the
Coal India Limited e-auction scheme. This process utilizes a transparent, competitive online bidding portal
provided by a service provider.
• Memorandum of Understanding (“MoU”): We have also entered into a MoU with Steel Authority of India
Limited for the supply of washed coking coal.
For further details, see “Risk Factors - Our ability to negotiate coal distribution and allocation is significantly
influenced by the regulatory framework established by the Government of India under the New Coal Distribution
Policy” on page 43.
In the six months period ended September 30, 2025 and 2024 and the last three Fiscals, the majority of our coal
was dispatched through FSAs. Set forth below are certain details in relation to our dispatch for the periods/years
indicated:
Revenue Route Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Net Amount Percentage of Net
(in ₹ million) Sales (%) (in ₹ million) Sales (%)
FSA 29,995.60 57.03% 29,909.37 46.97%
FSA linkage 14,094.26 26.79% 19,465.22 30.56%
E-auction 1,921.23 3.65% 3,877.98 6.09%
MoUs (Steel) 6,591.81 12.53% 10,434.23 16.38%
Total 52,602.90 100% 63,686.80 100.00%
Revenue Route Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Net Sales (%) (in ₹ Net Sales (%) (in ₹ Net Sales (%)
million) million) million)
FSA 89,908.70 68.73% 80,124.60 60.88% 79,926.80 64.72%
240Revenue Route Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Net Sales (%) (in ₹ Net Sales (%) (in ₹ Net Sales (%)
million) million) million)
FSA linkage 15,206.70 11.62% 20,346.50 15.46% 12,781.60 10.35%
E-auction 6,779.80 5.18% 11,346.30 8.62% 14,311.60 11.59%
MoUs (Steel) 18,937.40 14.47% 19,793.60 15.04% 16,471.40 13.34%
Total 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
Other Strategic Initiatives
Our efforts at integration of solar power projects and CBM projects into our operations serves as a testament to
our dedication to environmental protection and sustainable development. Details of our coal bed methane projects
and our solar power projects are as follows:
CBM projects
Methane is inherently associated with coal as a byproduct of the coal formation process. It is trapped within coal
beds and is released during and after mining activities. If effectively recovered, CBM associated with coal reserves
and emitted during coal mining operations could serve as a significant potential source of energy. To harness this
opportunity, we have identified two blocks in our Jharia coalfield for the exploration of CBM:
• Jharia CBM Block I: This block encompasses an area of 26.55 square kilometers and contains gas reserves
estimated at 25,000 million cubic meters (Source: CRISIL Report, Industry Overview on page 200). It is
currently in the exploration phase, and the development work for this block has been awarded on a revenue-
sharing basis. We have identified the vendor and the customer in relation to the same, and while a formal
agreement has been entered into with the vendor, we have not signed any agreement with prospective
customers. The block is anticipated to commence production by the fiscal year 2028.
• Jharia CBM Block II: The pre-feasibility report for this block was approved on October 19, 2024, and the
model tender document is being prepared by CMPDIL.
These initiatives underscore our commitment to harnessing CBM as a viable energy source, contributing to our
sustainable energy goals.
Solar Power Projects
With a keen focus on sustainable development and reducing dependency on conventional source of energy, we
have been successful in installing roof top and ground mounted solar projects in different locations within our
command area. As of September 30, 2025, we have installed and commissioned 26.97 MW solar power plant
including 6.97 MWp roof top projects and 20 MW Ground mounted projects at different locations. The installed
solar plants have generated 1,30,41,271.90 kWh of energy which led to 1,04,33,017.52 kg carbon dioxide
reduction in the six months period ended September 30, 2025. These initiatives underscore our commitment to
promoting renewable energy and achieving our sustainability goals.
Our rooftop solar power plants generate energy that is directly utilized for our own consumption, reducing our
reliance on conventional energy sources and lowering operational costs. For our ground-mounted solar power
plants, the generated energy is injected into the grid, and the corresponding energy credits are adjusted in our
electricity bills, resulting in cost savings. This approach not only supports our sustainability goals but also
enhances our financial performance by optimizing energy usage and reducing carbon emissions.
Utilities
We purchase various materials and other supplies required for our operations, including high speed diesel,
explosives, tires, wire rope and safety materials. We incur significant expenditure on diesel fuel, explosives and
tires. Procurement is carried out through tenders. High speed diesel is primarily used for the operation of major
equipment for coal mining and processing operations and represents a significant portion of our operating
expenditure. We source high speed fuel from several public sector oil companies. We require electricity for our
mining operations for the operation of various equipment and facilities and for lighting of our facilities and offices.
We source electricity primarily from the electricity power plant.
241The table below sets forth our power and fuel expenses and power and fuel expenses as a percentage of our
revenue from operations for the periods/years indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September 30, September 30,
2025 2024
Power and fuel expenses
4,583.00 4,940.30 9,390.40 11,124.90 13,459.20
(in ₹ million)
Power and fuel expenses
as a percentage of
8.10% 7.22% 6.80% 7.81% 10.66%
revenue from operations
(%)
We require water for our beneficiation facilities, in the dust suppression systems to suppress the coal dust
generated during transfer of coal at feed/discharge points of conveyors at various transfer points, in our coal
handling plants, at haul roads in open cast mines and for the washing and cooling systems for our equipment. Our
main source of water for our underground mines is from water accumulated in our underground mines and for our
open cast mines from quarries created during our mining operations.
We require bulk and cartridge explosives and accessories for blasting of overburden and coal. Agreements with
such vendors are executed by Coal India Limited and we procure explosives and accessories from these vendors
based on the allocations provided by CIL and our specific requirements. Spare parts are primarily procured from
original equipment manufacturers or from authorized agents. We require various sizes of “off the road” tires for
our heavy equipment used in coal and overburden transportation. We source such tires from certain vendors in
India through open domestic tenders.
Vendors
We strategically collaborate with vendors to support our business activities, sourcing essential materials such as
high-speed diesel and explosives, and procuring services including coal production, overburden removal, coal
transportation and loading, and coal washing. The majority of these vendors are selected through a tender process.
Below are the details of our top ten vendors over the six months period ended September 30, 2025 and 2024 and
the last three Fiscals:
Name of Vendor Amount (in ₹ million) Percentage of Total
Purchases (%)
Six months period ended September 30, 2025
Devprabha Mining and Infra Private Limited 6,442.82 24.09
Devprabha Construction Private Limited 4,469.28 16.71
Vendor 3 2,182.19 8.16
Indian Oil Corporation Limited 1,011.77 3.78
Tata Steel Limited 825.46 3.09
Hilltop Hirise Private Limited 531.87 1.99
R. K. Transport Co. 504.96 1.89
Meco Technologies Private Limited 490.77 1.84
Khemka Carriers 479.84 1.79
Solar Industries India Limited 465.68 1.74
Total 17,404.63 65.09%
Six months period ended September 30, 2024
Devprabha Construction Private Limited 3,919.40 15.04
Devprabha Mining & Infra Private Limited 3,289.73 12.62
Vendor 3 2,736.22 10.50
Indian Oil Corporation Limited 1,293.89 4.96
Tata Steel Limited 908.67 3.49
Dhansar Engineering Company Private Limited 791.32 3.04
Hilltop Hirise Private Limited 688.48 2.64
ACB (India) Limited 636.49 2.44
Khemka Carriers 616.26 2.36
R.K. Transport Co. 602.79 2.31
242Name of Vendor Amount (in ₹ million) Percentage of Total
Purchases (%)
Total 15,483.23 59.40%
Fiscal 2025
Devprabha Mining and Infra Private Limited 10,481.62 17.84
Devprabha Construction Private Limited 9,363.13 15.94
Vendor 3 5,100.04 8.68
Indian Oil Corporation Limited 2,557.89 4.35
Tata Steel Limited 1,890.45 3.22
Khemka Carriers 1,448.09 2.46
Dhansar Engineering Company Private Limited 1,309.46 2.23
Hilltop Hirise Private Limited. 1,286.06 2.19
R. K. Transport Co. 1,184.32 2.02
SNR-SI-VSA (JV) 1,139.60 1.94
Total 35,760.66 60.86%
Fiscal 2024
Devprabha Construction Private Limited. 6,389.10 12.91
Vendor 2 5,103.50 10.31
Indian Oil Corporation Limited 3,456.99 6.98
R. K. Transport Company. 2,365.68 4.78
Avinash Transport 1,880.83 3.80
Tata Steel Limited 1,867.82 3.77
Hilltop Hirise Private Limited 1,797.43 3.63
Dhansar Engineering Company Private Limited 1,757.37 3.55
Oriana Power Private Limited 854.76 1.73
Khemka Carriers 839.26 1.70
Total 26,312.74 53.16%
Fiscal 2023
Indian Oil Corporation Limited 5311.92 12.22
Devprabha Construction Private Limited 3,339.98 7.68
R. K. Transport Company 2,447.30 5.63
Hilltop Hirise Private Limited 2,243.92 5.16
AT Devprabha (JV) 1,774.45 4.08
Dhansar Engineering Company Private Limited 1,591.53 3.66
Tata Steel Limited 1,423.52 3.27
Avinash Transport 1,232.68 2.84
AMR Dev Prabha Consortium 1,156.18 2.66
BEML Limited 1054.29 2.43
Total 21,575.77 49.63%
Notes:
(1) References to ‘vendors’ are to vendors in a particular period/Fiscal and do not refer to the same vendors across all period/Fiscals.
(2) Names have not been disclosed due to non-receipt of consent.
For further information, see “Risk Factors – We depend on a limited number of vendors to provide contractual
services and any disruptions in their supply of services could adversely affect our business, results of operations,
financial condition and cash flows” on page 41.
Customers
A significant majority of our coal is used in, and we believe we play a strategic role in the development of, the
thermal power sector and the steel sector in India. Our customers include large companies, including thermal
power generating companies, steel producers and industrial companies both in the public and the private sector
with whom we have long-standing relationships. Our clientele also includes Public Sector Undertakings (PSUs)
such as Damodar Valley Corporation, Steel Authority of India Limited, Uttar Pradesh Rajya Vidyut Utpadan
Nigam Limited, Punjab State Power Corporation Limited, National Thermal Power Corporation Limited, Jhajjar
Power Limited and Maithon Power Limited.
Set forth below are details of our top ten customers in six months period ended September 30, 2025 and 2024 and
the last three Fiscals:
243Name of Customer Contribution to revenue Percentage of revenue
from operations (in ₹ from operations (%)
million)
Six months period ended September 30, 2025
Damodar Valley Corporation 15,294.74 27.03
Uttar Pradesh Rajya Vidyut Utpadan Nigam 8,712.88 15.4
Steel Authority of India Limited 7,992.00 14.12
National Thermal Power Corporation 3,857.97 6.82
Customer 5 2,883.46 5.1
Maithon Power Limited 2,768.56 4.89
Durgapur Project Limited 1,998.86 3.53
Punjab State Power Corporation Limited 1,505.14 2.66
Bokaro Power Supply Company Limited 1,232.88 2.18
Jhajjar Power Limited 1,225.01 2.16
Total 47,471.50 83.89%
Six months period ended September 30, 2024
Damodar Valley Corporation 16,356.50 23.89
Steel Authority of India Limited 11,875.49 17.35
Uttar Pradesh Rajya Vidyut Utpadan Nigam 8,332.77 12.17
National Thermal Power Corporation 6,246.22 9.12
Maithon Power Ltd 3,942.44 5.76
Customer 6 3,395.16 4.96
Customer 7 2,457.26 3.59
Jhajjar Power Limited 1,672.71 2.44
Durgapur Project Limited 1,292.05 1.89
Bokaro Power Supply Company Limited 880.90 1.29
Total 56,451.50 82.46%
Fiscal 2025
Damodar Valley Corporation (DVC) 37,086.21 26.87
Steel Authority of India Limited (SAIL) 21,767.01 15.77
National Thermal Power Corporation Limited (NTPC) 18,346.65 13.29
Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited
16,279.12 11.79
(UPRVUNL)
Customer 5 8,068.27 5.85
Maithon Power Limited (MPL) 7,443.92 5.39
Customer 7 5,078.10 3.68
Durgapur Projects Limited (DPL) 3,129.70 2.27
Jhajjar Power Limited 3,453.30 2.50
Bokaro Power Supply Company Limited (BPSCL) 2,026.92 1.47
Total 1,22,679.20 88.88%
Fiscal 2024
Damodar Valley Corporation (DVC) 39,662.99 27.84
Steel Authority of India Limited (SAIL) 23,285.55 16.35
National Thermal Power Corporation LIMITED (NTPC) 19,106.98 13.41
Maithon Power Limited (MPL) 7,508.09 5.27
Customer 5 6,822.02 4.79
Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited
3.31
(UPRVUNL) 4,720.41
Customer 7 4,492.11 3.15
Customer 8 3,776.01 2.65
Jhajjar Power Limited 3,710.22 2.60
Durgapur Projects Limited (DPL) 2,027.29 1.42
Total 1,15,111.67 80.79%
Fiscal 2023
Damodar Valley Corporation (DVC) 31,813.03 25.20
Steel Authority of India Limited (SAIL) 19,325.08 15.31
National Thermal Power Corporation Limited (NTPC) 16,913.51 13.40
Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited
6.92
(UPRVUNL) 8,736.75
Maithon Power Limited (MPL) 7,648.99 6.06
Customer 6 6,240.62 4.94
Customer 7 4,882.22 3.87
244Name of Customer Contribution to revenue Percentage of revenue
from operations (in ₹ from operations (%)
million)
Jhajjar Power Limited 3,612.50 2.86
Punjab State Power Corporation Limited (PSPCL) 3,991.42 3.16
Bokaro Power Supply Company Limited (BPSCL) 1,737.08 1.38
Total 1,04,901.20 83.10%
Notes:
(1) References to ‘customers’ are to customers in a particular period/Fiscal and do not refer to the same customers across
all Fiscals.
(2) Names have not been disclosed due to non-receipt of consent.
See also, “Risk Factors - Our business largely depends upon our top 10 customers which accounted for 83.89%,
82.46%, 88.88%, 80.79% and 83.10% of our revenue from operations in six months period ended September 30,
2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have an
adverse effect on our business, financial condition, results of operations and cash flows.” on page 39.
Our commitment to quality and timely delivery ensures that we meet the specific needs of each sector, contributing
to their operational efficiency and productivity. By maintaining strong relationships with our customers and
continuously improving our supply chain logistics, we strive to provide reliable and high-quality coal products
that support the growth and sustainability of these industries.
Equipment and Machinery Infrastructure
As of September 30, 2025, we own and maintain a robust fleet of 507 vehicles, which includes HEMMs such as
1 dragline, 65 shovels, 278 dumpers, 89 dozers, and 74 drills for opencast mining. Additionally, we also own 38
side discharge loaders, 1 longwall package, 2 road headers, 3 miner bolter for underground mining. Mechanization
plays a pivotal role in our underground mines, and we are transitioning from medium-level technology like side
discharge loaders to mass production technology, including longwall and continuous miner technology:
• Longwall technology: Currently, production from the longwall face is ongoing at the Moonidih mine, where
we achieved a production of 0.13 million tonnes in six months period ended September 30, 2025. Longwall
technology is also being implemented at the Muraidih underground mines, utilizing bolter miners along with
feeder breakers and shuttle cars for the development of such longwall panels.
• Highwall technology : We have recently initiated production at our Block-II amalgamated open-cast project,
utilizing highwall mining technology for the first time. This method allows for the extraction of coal from
exposed coal seam faces in open-pit mines using a remote-controlled cutting-head miner. Highwall mining
provides several benefits, including cost-effective recovery of previously inaccessible coal reserves,
enhanced safety by reducing underground labor, and a smaller environmental footprint compared to
traditional mining techniques. The system employs highwall miner units, auger systems, and conveyor belts
to efficiently transport mined coal, making it an effective solution for recovering coal from steep highwalls
or abandoned surface mines. Additionally, we have signed an agreement for another highwall mining project
at Rajapur OCP of Bastacolla on November 21, 2023, which will be operationalized soon. In six months
period ended September 30, 2025, we produced 0.15 million tonnes of coal using highwall technology.
245We have also introduced the Ferrit monorail system, which has been operational at Moonidih mine since 2017
and is the first of its kind in an Indian mine. It enhances productivity by reducing workforce travel time between
entry points and underground working face, thereby increasing productive hours and minimizing fatigue-related
risks. The system also facilitates faster and easier material transport with minimal labour. In emergencies, it
enables rapid evacuation of injured personnel to the surface for prompt treatment.
These advancements underscore our commitment to leveraging sophisticated technology to enhance operational
efficiency, safety, and environmental sustainability in our mining operations.
Environmental Initiatives
We are committed to fostering environmental sustainability and ensuring the well-being of our planet. Our
initiatives encompass a comprehensive approach to environmental management, reflecting our dedication to
preserving natural resources and promoting ecological balance. We collaborate with CMPDIL to prepare
Environment Impact Assessment - Environmental Management Plan reports, which evaluate the impacts on air,
water, and land, and implement robust mitigation measures. We have also engaged with reputed institutions for
sourcing apportionment studies of ambient air particulate matter in the Jharia coalfield region, aiming to identify
pollution sources and their contributions. Routine environmental monitoring is performed by CMPDIL, ensuring
that air, water, and noise parameters are meticulously tracked. We manage water pollution through oil and grease
traps and have installed a water treatment plant in collaboration with an institution in Dhanbad, to ensure potable
water quality. Our rainwater harvesting structures and piezometers for groundwater monitoring further underscore
our commitment to sustainable water management.
Additionally, we undertake ecological restoration and afforestation on degraded lands, transforming them into
lush green spaces. Our eco-parks, such as Vrindavan Eco Park, Parasnath Udyaan, Govardhan Eco-park, and
Panchvati Eco-park connect us with local communities and promote environmental awareness. Through our
newsletter "Paryavaran Darpan" and eco-mining tourism initiatives, we disseminate valuable information and
showcase our efforts in environmental protection. Furthermore, we operate 38 e-vehicles as of September 30,
2025, to reduce our carbon footprint and contribute to energy conservation.
246We have further accelerated our transition towards energy-efficient technologies to reduce energy consumption,
emissions, and environmental impact. We have procured energy-efficient appliances, including LED lights (,
BLDC fans, energy-efficient air conditioners, energy-efficient motors), and capacitor banks. These measures are
expected to result in reduced energy consumption, lower greenhouse gas emissions, improved resource efficiency,
and support for climate targets. To monitor air pollution, we have installed 40 online PM10 analyzers covering
all mines and railway sidings, generating real-time values. We are also in the process of procuring continuous
ambient air quality monitoring systems equipped with specific analyzers for measuring particulate matter
(PM2.5), sulfur dioxide (SO2) to monitor other parameters and implement effective air pollution control measures
based on real-time monitoring. The procurement of 10 Continuous Ambient Air Quality Monitoring System units
has been initiated. Under Mission GREEN, we are transforming coal mining regions into sustainable ecosystems
through environmental restoration, renewable energy deployment, sustainable livelihoods, and socio-economic
upliftment. Our activities include afforestation, development of eco-parks, mine water management, promotion
of renewable energy sources, rejuvenation of traditional water bodies, adoption of new technologies like coal
gasification and clean coal technologies, Mission GREEN also focuses on the welfare and development of local
communities through educational and skill development programs, healthcare programs, and livelihood
opportunities via self-help groups for various socio-economic activities.
Research and Development
Our dedication to research and development (“R&D”) is pivotal in boosting our operational efficiency and
technological capabilities. Supported by the CMPDIL, our R&D efforts are centered around pioneering new
mining techniques, enhancing coal beneficiation processes, and efficient resource extraction methods.
We have established a comprehensive framework for our R&D initiatives. Our R&D Committee, chaired by our
Chairman and Managing Director, is authorized to sanction small-scale R&D projects, with an annual budget
allocation of ₹ 10.00 million. To support the R&D Committee and the National Advisory Council for Coal and
Energy Research (“NACCER”) at Coal India Limited, we have constituted a multi-disciplinary R&D team. This
team is responsible for evaluating and processing R&D proposals and facilitating research initiatives.
We also actively participate in R&D projects funded by the MoC and Coal India Limited, serving as a sub-
implementing agency and providing necessary support to research institutions conducting R&D work. As on the
date of this Prospectus, five R&D projects are in progress. Notable ongoing projects include the development of
an energy-efficient ergonomically designed chair lift man riding system, studies on post-mining accelerated
reclamation using soil microbial communities, coal derived value-added carbonaceous nano-materials
applications, reusability assessment of coal tailing extract (“CTE”) and coal to chemical sensors.
These efforts underscore our commitment to advancing mining technology and sustainability through rigorous
R&D activities, which not only fortifies our competitive advantage but also fosters the sustainable growth of the
coal industry.
Health and Safety
We are committed to upholding the health and safety of our employees, contract labourers, and the communities
we interact with. We adhere to all relevant national and international health and safety regulations, including the
Mines Act, Mines Rules, and guidelines from the Ministry of Labour and Employment and the Ministry of Coal.
We strive to manage the potential risks associated with these laws and regulations through our operational
controls, environmental monitoring, and routine risk assessment and mitigation processes. While we do not have
a standalone health and safety policy, we have adopted the comprehensive health and safety policies established
by Coal India Limited, which are committed to ensuring the health and safety of employees. These cover risk
assessment, hazard identification, emergency response, and incident reporting. We conduct regular health and
safety audits, both internally and externally, to ensure compliance and identify areas for improvement. We believe
that accidents and occupational health hazards can be significantly reduced through systematic risk analysis and
control, as well as by providing appropriate training to our management and employees. In addition to
comprehensive medical facilities provided to employees and their dependents, we are obligated under the Mines
Act 1952 to conduct Initial Medical Examinations (“IME”) for every prospective employee scheduled to join our
Company. The Mines Act, 1952 also mandates Periodical Medical Examinations (“PME”) for employees every
five years to detect any health issues. On average, we conduct 300-500 IMEs and 5,000-5,500 PMEs per year.
These examinations are also extended to contractors' labourers employed with us. Additionally, as part of our
corporate salary package, we have secured group accidental insurance coverage with various financial institutions
for all our employees and contractors' workers. In the unfortunate event of an accidental death, an on-roll employee
247will receive a compensation of ₹ 10.00 million from the bank where the employee's salary account is held.
Similarly, in the event of an accidental death, a contractor worker will be paid an amount of ₹ 4.00 million by the
bank. Currently, all on-roll employees are fully covered under this scheme. Over 90% of the contractors' workers
are also covered, with the remaining individuals in the process of enrolment.
Information Technology
We have an in-house information technology team of 65 executives as of September 30, 2025, which are
responsible for overseeing and maintaining our IT systems. We employ a range of information technology systems
to enhance operational efficiency and data management. Our IT infrastructure includes Systems Applications and
Products (“SAP”) and Enterprise Resource Planning (“ERP”) systems, which integrate various business processes
for seamless data flow and improved decision-making. Comprehensive measures are in place to ensure security
against IT risks on the SAP and ERP systems, including the implementation of firewalls and other protective
mechanisms. The continuity of SAP and ERP operations is ensured through centralized management by Coal
India Limited, which includes robust provisions for disaster recovery. These measures guarantee seamless
operations in the event of any disruptions.
Awards and Accreditations
See, “History and Certain Corporate Matters – Awards, accreditations and recognitions received by our
Company” on page 264.
Employees
As of September 30, 2025, we had 31,389 permanent employees. The table below sets forth details of our
permanent employees, as of September 30, 2025:
S. No. Particulars Number of Employees (As of
September 30, 2025)
1. Executives* 1,811
2. Non-Executive^ 29,578
Total 31,389
* Appointed by CIL
^ includes workmen, staff and supervisors employed by us
The table below sets forth details of our department wise executive employees:
S. Particulars Number of Executives (As of September 30, 2025)
No.
1 Mining 727
2 Electrical and Mechanical 198
3 Medical 150
4 Excavation 133
5 Human Resources 137
6 Finance 123
7 Civil 75
8 Survey (Mining) 52
9 Environment 37
10 Coal Preparation 30
11 Material Management 25
12 Community Development 27
13 Marketing and Sales 23
14 System 19
15 Electronics and Telecommunication 20
16 Geology 12
17 Legal 11
18 Industrial Engineering 6
19 Secretarial 3
20 Rajbhasha 1
21 Public Relation 1
22 Company Secretary 1
248Total 1,811
In addition to the employees listed above, we also engage contract labour through our contractors to facilitate our
mining operations. As of September 30, 2025, a total of 4,824 contract labourers have been engaged through
outsourcing agencies which were awarded contracts through our tendering process. The table below sets forth
details of labourers hired through our contractors contract workers as on September 30, 2025:
S. No. Activity Number of Contract Labourers (As
of September 30, 2025)
1. Mining 2,792
2. Transportation of Coal 415
3. Civil Works 55
4. Electrical & Mechanical (E&M) and Other 1,562
Total 4,824
The table below sets forth details of our employee attrition rate for the periods indicated:
Particulars As of/ for the six As of/ for the six As of/ for the As of/ for the As of/ for the
months period months period year ended year ended year ended
ended ended March 31, 2025 March 31, 2024 March 31, 2023
September 30, September 30,
2025 2024
Number of 31,389 33,045 32,118 33,920 37,037
employees
Number of 18 18 36 69 21
employees
resigned
Attrition rate* 0.06% 0.05% 0.11% 0.20% 0.06%
(%)
*Attrition rate represents number of resignations in the relevant category as a percentage of closing number of employees in the relevant
category as at the end of respective period/year.
The table below sets forth details of our employee benefits expenses for the periods indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September September 30,
30, 2025 2024
Employee benefits 30,375.20 33,363.40 65,423.74 69,506.70 71,479.30
expenses (in ₹ million)
Employee benefits 49.70% 55.92% 51.52% 55.33% 57.23%
expenses as a percentage
of total expenses
Training and Development
Our human resources department's training vision and strategy focus on leveraging human capital by continuously
enhancing employees' knowledge and capabilities through training and retraining, adapting to market changes to
maintain a competitive edge. We offer continuous training for all employee categories via our in-house training
center at HRD Complex, Kalyan Bhawan, and 11 group vocational training centers. Additionally, select
executives attend training programs at reputable institutes. Specific initiatives include training for stress
management, creativity and innovation workshops, and compliance training. We also provide apprenticeship
training under the Apprenticeship Rules 1992, offering opportunities to individuals with diploma, and degree
qualifications. In six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, we
trained 472, 510, 1,004, 1,105 and 1,150 candidates, respectively. Under Mission Karmayogi, we utilize the iGOT
Karmayogi platform for online training, with 39,262 completed courses and 18,011 employees enrolled since its
launch in October 2024.
249Competition
The Indian coal industry is highly fragmented with a presence of few large players and several medium and small
players. (Source: CRISIL Report, Industry Overview on page 175) In India, we have only CCL as our main
competitor in the coking coal segment as this is the major commercial player selling coking coal. Other producers
like SAIL and Tata Steel do not sell coking coal commercially and consume it for captive purposes and are not
considered as peers. (Source: CRISIL Report, Industry Overview on page 202) However, another Coal India
Limited subsidiary, Mahanadi Coalfields Limited, who is the largest non-coking coal producers can be considered
as competition in non-coking coal segment. (Source: CRISIL Report, Industry Overview on page 202) For further
details, please see “Risk Factors – We operate in a competitive environment which could have an adverse effect
on our business, results of operations, financial conditions and cash flows” on page 55.
Insurance
Our Company maintains insurance policies which are renewable every year. We maintain insurance cover for our
assets to cover all normal risks associated with operations of our business, including administrative building,
furniture & fixtures. Our insurance policies are subject to customary exclusions and deductibles. We have not
incurred losses vis-à-vis our insurance cover and have not had any past instances of our claim exceeding our
insurance cover in the six months period ended September 30, 2025 and the last three Fiscals. See, “Risk Factors
– We do not maintain insurance coverage in accordance with applicable industry standards and our insurance
coverage may not be adequate or we may incur uninsured losses or losses in excess of our insurance coverage
which could have an adverse impact on our business, results of operations, financial condition and cash flows”
on page 47.
Corporate Social Responsibility
In compliance with the requirements of Section 135 of the Act read with the Companies (Corporate Social
Responsibility) Rules, 2014, our Board of Directors have constituted a Corporate Social Responsibility (“CSR”)
Committee pursuant to which we carry out various CSR activities. We have undertaken various education, skill
development, environment and sanitation, infrastructure initiatives for the development and upliftment of the
communities. Our engagement with local communities through education, environmental awareness, and health
initiatives underscores our philosophy of contributing to society and fulfilling our CSR obligations. The table
below sets forth details of our CSR spending for the periods indicated:
Particulars Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September 30, September 30,
2025 2025
Corporate social 36.20 56.40 286.70 100.90 133.60
responsibility
expenditure (in ₹
million)
Corporate social 0.06% 0.09% 0.23% 0.08% 0.11%
responsibility
expenditure as a
percentage of total
expenses
We have made substantial investments in educational infrastructure, including the construction of libraries and
auditoriums, the installation of smart classrooms and information and communication technology labs, and the
provision of various skill development training programs. Additionally, we have prioritized rural development
through projects such as constructing multipurpose halls, building roads, and deepening ponds. Our commitment
to environmental sustainability is exemplified by our electric bus initiative, which deploys electric buses primarily
for the residents of Belgaria, West Bengal offering eco-friendly transportation options. These efforts collectively
aim to enhance the quality of life for communities surrounding our operational areas.
Intellectual Property
As on the date of this Prospectus, our Company has made an application for trademarking our logo under class 37
250and class 4 with the Trademarks Registry and the status of both is “Formalities Check Pass”. For further
information, see “Risk Factors – We do not own our corporate trademark, name or logo, and our logo and name
have not been registered as trademarks. Accordingly, our ability to use our name or logo may be impaired. If we
are unable to protect our intellectual property rights, our business, results of operations and financial condition
may be adversely affected. As part of our operations, we might infringe upon the intellectual property rights of
others and any misappropriation of our intellectual property could harm our competitive position.” on page 62.
Property
Our Registered and Corporate Office is located at Koyla Bhawan, Koyla Nagar, Dhanbad- 826005, Jharkhand,
India which is owned by us.
We have also acquired 25,385.68 hectares of mining lease/rights pursuant to the Coking Coal Mines
Nationalization Act 1972 and the Coal Mines Nationalization Act 1973 which have been revalidated till March
31, 2050 and we have inherited 2,632.94 hectares of mining lease/rights acquired under Coal Bearing Area (A&D)
Act, 1957 from the erstwhile National Coal Development Corporation under Coal Bearing Area (A&D) Act, 1957.
Further, we also acquired mining lease/rights over 812.33 hectares of land for Kapooria Underground Project
under Coal Bearing Area (A&D) Act, 1957. Therefore, we have total mining lease/rights over 28,830.95 hectares
of land.
Further, as on the date of thisProspectus, our Company owns 39,688.85 acres of land.
Set forth below are the details of the properties leased by us as of the date of this Prospectus:
Sl. Name of Details of the Term Date of Lumpsu Whether Whether lease deed is
No. the Leased of the Expiry m Lease lessor is a adequately stamped/
Lessor properties lease of lease charges related registered
(Land) (Rs. in party
million)
1. Indian Kusunda - 35 August 26.22 No The said land is settled
Railways chandaur years 8, 2041 to BCCL for 35 years on
Siding, the basis of Agreement
Dhanbad, done between Railway
Jharkhand and BCCL on simple
Non Judicial stamp
paper of Rs 50/-.
Therefore, stamp duty
and registration charges
applicable for
registration of land are
not required in this case.
2. Indian Tetulmuri 35 August 1.05 No The said land is settled
Railways Siding, Years 8, 2041 to BCCL for 35 years on
Dhanbad, the basis of Agreement
Jharkhand done between Railway
and BCCL on simple
Non Judicial stamp
paper of Rs 50/-.
Therefore, stamp duty
and registration charges
applicable for
registration of land are
not required in this case.
3. Indian Kankani 35 March 250.93 No The said land is settled
Railways siding, Years 29, 2057 to BCCL for 35 years on
Dhanbad, the basis of
Jharkhand Agreement done
between Railway and
BCCL on simple Non
251Judicial stamp paper of
Rs 100/-. Therefore,
stamp duty and
registration charges
applicable for
registration of land are
not
required in this case.
4. Indian Maheshpur 35 June 15, 77.51 No The said land is settled
Railways siding, Years 2055 to BCCL for 35 years on
Dhanbad, the basis of Agreement
Jharkhand done between Railway
and BCCL on simple
Non Judicial stamp
paper of Rs 100/-.
Therefore, stamp duty
and registration charges
applicable for
registration of land are
not required in this case.
252KEY REGULATIONS AND POLICIES
The following description is an overview of certain laws and regulations in India, which are relevant to our
Company, as of the date of this Prospectus. The information in this section has been obtained from various
legislations, including rules, regulations and policies promulgated by regulatory and statutory bodies, which are
available in the public domain. The description of laws, regulations and policies set out below is not exhaustive
and is only intended to provide general information to investors and is neither designed nor intended to be a
substitute for professional legal advice. The statements below are based on the current provisions of Indian law
and the judicial and administrative interpretations thereof, which are subject to change or modification by
subsequent legislative, regulatory, administrative or judicial decisions.
Laws in relation to our business
We are governed by the following legislations in respect of acquisition of land, mining rights of the coal
mines and the conduct of coal mining operations in India:
• Coal Mines (Nationalization) Act, 1973, as amended, (“Coal Nationalization Act”);
• Coking Coal Mines (Nationalization) Act, 1972, as amended, (“Coking Coal Nationalization Act”);
• Coal Mines (Taking Over of Management) Act, 1973, as amended, (“Coal Mines Takeover Act”):
• Coking Coal Mines (Emergency Provision) Act, 1971 as amended, (“CCME Act”);
• The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013 (the “Land Acquisition Act”);
• Coal Bearing Areas (Acquisition and Development) Act, 1957, as amended, (“CBA Act”);
• Coal India (Regulation of Transfers and Validation) Act, 2000, as amended, (“Coal Mines Transfer
and Validation Act”);
• Mines and Minerals (Development and Regulation) Act, 1957, as amended, (“MMDR Act”); and
• Coal Mines (Conservation and Development) Act, 1974, as amended (“Conservation and
Development Act”).
Nationalization of Coal Mines
The Coal Nationalization Act was enacted for the purposes of the acquisition and transfer of the right, title and
interest of the owners in respect of coal mines. Under the Coal Nationalization Act, on and from May 1, 1973, the
right, title and interest of the owners of coal mines were transferred to the Government of India and the
Government of India is required to pay a specified amount for such transfer to the owner. The Coal Nationalization
Act prohibits any person from carrying on coal mining operations in India, except for: (a) the Government of India
or a Government Company including corporations owned, managed or controlled by the Government of India;
(b) a person to whom a sub-lease has been granted by the Government of India or such company or corporation
mentioned in (a) above; or (c) a company which is engaged in the production of iron and steel, generation of
power, washing of coal obtained from a mine, or such other end use as the Government of India may notify. Also,
the Coal Nationalization Act provides the Government of India with an option of vesting in a Government
Company the right, title and interest of an owner of a coal mine by passing an order in writing. Where the
Government of India passes an order in writing for vesting of such coal mines in the Government Company, such
Government Company is deemed to be the lessee. The general superintendence, direction, control and
management of the affairs and business of a coal mines is vested in the Government of India or such other person
appointed by the Government of India.
Further, the Coal Nationalization Act provides that all property vested in the Government of India or the
Government Company, as the case may be, shall be free from any encumbrances including mortgages, charges,
liens, etc. Any liability of the erstwhile owner that arose prior to May 1, 1973 could not be passed to the
Government of India or a Government Company.
Pursuant to the Coal Nationalization Act, the Government of India notified the Coal Mines (Intimation Regarding
Mortgage, Charges, Lien or Other Interests) Rules, 1974, under which every mortgagee of any property which
has vested under the Coal Nationalization Act in the Government of India or a Government Company, and every
person holding any charge, lien or other interest in relation to such a property was required to give an intimation
of the same within 30 days from the date stipulated by the Government of India.
Pursuant to the Coal Nationalization Act, the Government of India notified the Coal Mines (Intimation Regarding
Mortgage, Charges, Lien or Other Interests) Rules, 1974, under which every mortgagee of any property which
253has vested under the Coal Nationalization Act in the Government of India or a Government Company, and every
person holding any charge, lien or other interest in relation to such a property was required to give an intimation
of the same within 30 days from the date stipulated by the Government of India.
Acquisition of Coal Bearing Land
Though the Coal Nationalization Act vested all the coal mines in the Government of India, acquisition of
additional land where coal is likely to be obtained is governed by the CBA Act and the Land Acquisition Act,
read with the MMDR Act.
Unlike the Land Acquisition Act which grants general power to the GoI to acquire land, the CBA Act specifically
grants power to the Government of India to acquire coal bearing land by notifying in the Official Gazette such
land, besides, empowering the Government of India to vest in the Government Company such rights in or over
the land.
Further, a government company that has been vested with the right under the CBA Act would become the owner
from the date of vesting of such right by the Government of India. However, where the rights under mining lease
are acquired under the CBA Act, then from the date of such vesting, the acquirer is deemed to have become the
lessee of the State Government.
Where the acquisition of land takes place under the Land Acquisition Act, the following procedure shall be
followed:
• identification of land;
• notification of land;
• declaration of land;
• acquisition of land; and
• payment and ownership of land.
However, any person having an interest in such land has the right to object to such acquisition and has the right
to receive compensation. The value of compensation for the property acquired depends on several factors, which,
among other things, include the market value of the land and damage sustained by the person in terms of loss of
profits. The land owner can raise objections in relation to the amount of compensation but cannot challenge the
fact that any particular land is needed for a “public purpose” or for a company once a declaration to the same
effect has been issued by the appropriate government.
National Mineral Policy, 2008
The Planning Commission had appointed a High Level Committee (“Hoda Committee”) in 2005 to make
recommendations regarding the National Mineral Policy and the MMDR Act. National Mineral Policy, 2008 was
notified, based on the Hoda Committee Report. The salient features of National Mineral Policy, 2008 are as
under:-
• Development of capital market structures to attract risk investment into survey and prospecting.
• Development of a proper inventory of resources and reserves, a mining tenement registry and a mineral
atlas, on a priority basis.
• Enforcement of mining plans for adoption of proper mining methods and optimum utilization of minerals.
• Designing of framework of sustainable development which takes care of bio diversity issues and special
care to be taken to protect the interest of host and indigenous (tribal) populations through developing
models of stakeholder interest based on international best practice.
• Devising of innovative structures for developing and financing the infrastructure needs of mining sector.
• Provision of fair share of value of minerals to the mineral bearing states.
• Financial and operational assistance to be provided to states to address the problem of illegal mining.
• Establishment of appropriate educational and training facilities for human resource development.
• States to ensure with transparency, facilitation and regulation of exploration and mining activities of
investors and entrepreneurs, and provision of infrastructure and tax collection, and
• Arms’ length distance to be ensured between mining Public Sector Undertakings and regulatory arm of
the state.
The Central Government in consultation with State Governments and other stakeholders, formulated Mines and
Minerals (Development and Regulation), Bill, 2010, to implement the National Mineral Policy, 2008.
254Coal Mines (Conservation and Development) Act, 1974
The Conservation and Development Act authorizes the Central Government to take measures for conservation of
coal and development of coal mines. Under the Conservation and Development Act, the Government of India is
also empowered to direct any person to take measures which may be necessary for conservation of coal and the
development of coal mines, including stowing for safety, washing of coal with a view to beneficiating and
reducing the ash-contents of coal. It lays down specific duties which the owner is mandated to carry out for the
conservation of coal and the development of the coal mine. Further, the owner is required to pay excise and
customs duty as specified. The provisions of the enactment requires Central Government to distribute a part of
the collection of customs and excise duties to the owner of the coal mines, who are required to open a separate
account. The funds to the credit of this account are required to be used by the owner of the coal mines to further
the objects of the Conservation and Development Act.
Coal India (Regulation of Transfers and Validation) Act, 2000, as amended, (“Coal Mines Transfer and
Validation Act”)
The Coal Mines Transfer and Validation Act grants the Government of India the authority to transfer land, rights
in and over land, or any right, title, or interest related to a coal mine, coking coal mine, or coke oven plant vested
in our Company or a subsidiary incorporated under the Companies Act (hereinafter referred to as “Indian
Subsidiaries”) to any other Indian Subsidiary. The transferee Indian Subsidiary shall be obligated to comply, or
confirm compliance, with any terms and conditions that the Government of India may deem appropriate. Prior to
the enactment of the Coal Mines Transfer and Validation Act, any Indian Subsidiary operating or controlling a
coal mine, coking coal mine, or coke oven plant vested in our Company or an Indian Subsidiary is deemed to have
been vested with the relevant land, rights, title, or interest by the Government of India, which retains the authority
to retrospectively validate such transfers.
Coal Mines Regulations, 2017
The Coal Mines Regulations lay down the duties and the responsibilities of the owner, the workmen, the officials,
the manufacturers, the contractors, looking after the working of the coal mines. It also includes the general
requirements about mine plans and certain requirements regarding health and safety of workers.
The Colliery Control Order, 2000
In exercise of the powers conferred by the Essential Commodities Act, 1955 and the MMDR Act, the Government
of India issued the Colliery Control Order, 2000, as amended, (“CC Order”) and the Colliery Control Rules,
2004, as amended, (“CC Rules”). Both the CC Order and the CC Rules empowers the Central Government to
prescribe the criteria for categorization of coal and the Coal Controller for prescribing the procedure for the
categorization of coal, inspection of collieries and quality surveillance, etc. The Coal Controller has also been
empowered to issue directions to any colliery owner regulating disposal of stocks of coal, prohibiting or limiting
the mining or production of any grade of coal and the requirement of prior permissions to open a coal mine.
The New Coal Distribution Policy, 2007
The MoC issued the New Coal Distribution Policy, 2007, as amended (“NCD Policy”) in order to regulate the
distribution of coal. This policy removed the classification of consumers into consumers of the core and the
noncore sectors and instead, stated that each sector consumers would be treated on merit keeping in view, inter
alia, the regulatory provisions applicable thereto and other relevant factors. The NCD Policy also deals with the
(a) distribution and pricing of coal to different consumers or sectors like the defence sector, railways, power
utilities, integrated steel plants, etc.; (b) exclusive distribution policy for the consumers in small and medium
sector, replacement of the linkage system with enforceable Fuel Supply Agreements; and (c) laying down of
policies for new consumers and a fresh scheme for e-auctioning of coal. The NCD Policy also lays down that
discipline and economy should be maintained in the usage of coal since it is considered a scarce fuel. The policy
requires our Company to undertake verification of consumers of erstwhile non-core sector consumers to check
the veracity of their claim of being bonafide consumers of coal and empowers our Company to cancel the
allocation of the consumers who are not found to be bonafide.
The Petroleum Act, 1934 (“Petroleum Act”), Petroleum Rules, 2002 (“Rules, 2002”) and Petroleum and
Explosives Safety Organisation (“PESO”)
255The Petroleum and Explosives Safety Organization (PESO) has been serving the nation as a nodal agency for
regulating safety of hazardous substances such as explosives, compressed gas and petroleum. It is an institution
of excellence in matters related to safety in manufacturing/refining, storage, transportation, handling and use of
hazardous substances for over a century.
PESO’s major work is to administer the responsibilities delegated under the Explosives Act, 1884 and Petroleum
Act, 1934 and the rules made thereunder related to manufacture, import, export, transport, possession, sale and
use of Explosives, Petroleum products and Compressed gases.
The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement
Act, 2013 (the “Land Acquisition Act”) and the rules framed thereunder
The Land Acquisition Act was promulgated to provide a humane, participative, transparent and informed process
for land acquisition by the government for its or public sector undertakings or public purpose under the
Constitution of India for the purpose of industrialization, development of essential infrastructure facilities and
urbanization, and fair compensation to affected persons for their resettlement and rehabilitation. The Land
Acquisition Act provides for the procedure for acquisition of land by the government, which includes, inter alia,
the requirement of carrying out a social impact assessment. It contains provisions aimed at ensuring just and fair
compensation to the affected families whose land has been acquired or is proposed to be acquired with least
disturbance to the owners of the land.
The Explosives Act, 1884 (the “Explosives Act”) and the Explosives Rules, 2008 (the “Explosive Rules”)
The Explosives Act is a comprehensive law which regulates by licensing for the manufacturing possession, sale,
transportation, export and import of explosives. As per the definition of ‘explosives’ under the Explosives Act,
any substance, whether a single chemical compound or a mixture of substances, whether solid or liquid or gaseous,
used or manufactured with a view to produce a practical effect by explosion or pyrotechnic effect shall fall under
the Explosives Act. The Central Government may, for any part of India, make rules consistent with this act to
regulate or prohibit, except under and in accordance with the conditions of a license granted as provided by those
rules, the manufacture, possession, use sale, transport, import and export of explosives, or any specified class of
explosives. Extensive penalty provisions have been provided for manufacture, import or export, possession, usage,
selling or transportation of explosives in contravention of the Explosives Act. In furtherance to the purpose of this
Act, the Central Government has notified the Explosive Rules in order to regulate the manufacture, import, export,
transport and possession for sale or use of explosives
The Public Liability Insurance Act, 1991 (the “PLI Act”) and the Public Liability Insurance Rules, 1991(the
“PLI Rules”)
The PLI Act imposes liability on the owner or controller of hazardous substances for any damage arising out of
an accident involving such hazardous substances. A list of hazardous substances covered by the legislation has
been enumerated by the government by way of a notification. Under the PLI Act, the owner or handler is also
required to take out an insurance policy insuring against liability. The PLI Act also provides for the establishment
of the Environmental Relief Fund, which shall be utilized towards payment of relief granted under the Public
Liability Act. The PLI Rules mandate the employer to contribute a sum equal to the premium paid on the insurance
policies towards the Environmental Relief Fund.
Environmental laws
Clearances under the Environment (Protection) Act, 1986, as amended, (“Environment Act”), the Forest Act, if
any forest land is involved, and other environmental laws, such as, Air (Prevention and Control of Pollution) Act,
1981, as amended, (“Air Act”), the Water (Prevention and Control of Pollution) Act, 1974, as amended, (“Water
Act”), and Water (Prevention and Control of Pollution) Cess Act, 1977, as amended, (“Water Cess Act”) are
required before commencing the operations of the mines. Mining activity within a forest area is not permitted in
contravention of the provisions of the Forest Act. The final clearance in respect of both forest and environment is
given by the Government of India, through the Ministry of Environment, Forest and Climate Change
(“MoEFCC”). Environment Clearance and Forest Clearance applications are made on single window clearance
system of MoEFCC i.e. PARIVESH. However, all forest clearance applications have to process through the
respective State Governments who then recommend the application to the Government of India. The penalties for
non-compliance range from closure or prohibition of mining activity in respect of the mines as well as the power
256to stop supply of energy, water or other service and monetary penalties on and imprisonment of the persons in
charge of the conduct of the business of the company in accordance with the terms of the Environment Act and
the Forest Act.
Environment Protection Act, 1986 (the “EP Act”) and the Environment Protection Rules, 1986 (the “EP
Rules”) read with the Environmental Impact Assessment Notification, 2006 (“EIA Notification”)
The EP Act has been enacted with the objective of protection and improvement of the environment and for matters
connected therewith. As per the EP Act, the Central Government has been given the power to take all such
measures for the purpose of protecting and improving the quality of the environment and to prevent, control and
abate environmental pollution. Further, the Central Government has been given the power to give directions in
writing to any person or officer or any authority for any of the purposes of the EP Act, including the power to
direct the closure, prohibition or regulation of any industry, operation, or process. The EP Rules prescribes the
standards for emission or discharge of environmental pollutants from industries, operations, or processes,
prohibitions and restrictions on the location of industries as well as prohibitions and restrictions on the handling
of hazardous substances in different areas for the purpose of protecting and improving the quality of the
environment and preventing and abating environmental pollution. Additionally, under the EIA Notification and
its subsequent amendments, projects are required to mandatorily obtain environmental clearance from the
concerned authorities depending on the spatial extent of potential impacts and potential impact on human health
and natural and manmade resources.
Additionally, the Government of India issued another Notification No. S.O. 1533(E) dated September 14, 2006,
as amended, (“2006 EIA Notification”), whereby, the earlier notification dated January 27, 1994 (including the
amendments thereto) were superseded. The 2006 EIA Notification changed the entire procedure for granting of
environmental clearances. According to the 2006 EIA Notification, all new projects, expansion of existing
projects, product-mix activities and projects require prior environment clearance if they are listed in the schedule
to the said notification. The projects and activities listed under ‘category A’ of the schedule require clearance from
the regulatory authority constituted by the Central Government, whereas, the projects and activities listed under
‘Category B’ are required to obtain clearance from State Environment Impact Assessment Authority, (“SEIAA”).
The SEIAA will base its decision of granting prior environment clearance on the basis of the recommendations
of the State Expert Appraisal Committee (“SEAC”) while the Central Government will grant prior environmental
clearance for category A projects on the basis of the recommendations of the Expert Appraisal Committee
(“EAC”) to be constituted as per this notification. If the SEIAA or the SEAC is not constituted in any state then
the Category B project will be deemed to be Category A project.
The notification provides for four stages for prior environment clearance. However not all stages apply to all
projects. The four stages are:
1. Screening: During this process the appraisal authority shall determine whether there is a requirement of
Environment Impact Assessment Report to be submitted as per the guidelines given by the Central
Government in this context.
2. Scoping: During this process the appraisal committee will determine the Terms of Reference (“TOR”) for
each of the category (i.e. category A and B 1 projects). TOR will be conveyed to the applicant within 60
days of receipt of the application in prescribed format.
3. Public Consultancy and Public Hearing: This process involves obtaining and receiving objections and other
concerns of local affected persons and others who have a stake in the project and its impact. Public Hearing
should be conducted by the State Pollution Control Board or the Union Territory Pollution Control
Committee within 45 days from the date of receiving the application from the project proponent to this
effect.
4. Appraisal: SEAC or EAC accordingly shall consider the final Environment Impact Assessment report and
the outcome of public consultation and other documents and make recommendations to the regulatory
authority. They may recommend granting prior environmental clearance on stipulated terms and conditions
or rejecting the applications recording the reasons for the same.
Further, as per the 2006 EIA notification, the management of the project which obtained prior environmental
clearance shall submit to the regulatory authority compliance report every six months. All the compliance reports
shall be public documents.
Water (Prevention and Control of Pollution) Act, 1974 (the “Water Act”)
257The Water Act provides for the prevention and control of water pollution and the maintaining or restoring of
wholesomeness of water, and the establishment of the Central Pollution Control Board, as well as state pollution
control boards (“State PCB”), to implement its provisions, including to lay down standards of treatment of sewage
and trade effluents. The Water Act prohibits the use of any stream or well for the disposal of polluting matter, in
violation of the standards set down by the State PCB. The Water Act also provides that the consent of the State
PCB must be obtained prior to establishing any industry, operation or process, or opening of any new outlets,
which are likely to discharge sewage effluent. The Water Act prescribes specific amounts of fine and terms of
imprisonment for various contraventions.
Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”)
The Air Act provides for the prevention, control and abatement of air pollution. Under the Air Act, the State
Government may, after consultation with the relevant state pollution control board declare, by notification in the
Official Gazette, any area or areas within the state as air pollution control area or areas for the purposes of the Air
Act. Pursuant to the provisions of the Air Act, any person establishing or operating any industrial plant within an
air pollution control area, must obtain the consent of the relevant state pollution control board prior to establishing
or operating such industrial plant. Further, no person operating any industrial plant in any air pollution control
area shall discharge or permit or cause to be discharged the emission of any air pollutant in excess of the standards
laid down by the state pollution control board. The Air Act prescribes specific amounts of fine and terms of
imprisonment for various contraventions.
Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (the “Hazardous
Waste Rules”)
The Hazardous Waste Rules regulate the management, treatment, storage and disposal of hazardous waste. Under
the Hazardous Waste Rules, “hazardous waste” inter alia means any waste which by reason of characteristics such
as physical, chemical, biological, reactive, toxic, flammable, explosive or corrosive, causes danger or is likely to
cause danger to health or environment, whether alone or in contact with other wastes or substances. Every occupier
of a facility generating hazardous waste must obtain authorization from the relevant state pollution control board.
Further, the occupier, importer or exporter, or operator of a disposal facility is liable for damages caused to the
environment or third party resulting from the improper handling and management and disposal of hazardous waste
and shall be liable to pay any financial penalty that may be levied by the respective state pollution control board
for violation of the Hazardous Waste Rules.
Forest Act
In case forest lands are involved, the mining lease can be executed only after obtaining the forest clearances as
per the Forest Act. The Forest Act provides that no State Government or any other authority shall authorize,
without the prior approval of the Central Government, that any forest land or any portion thereof may be used for
any non-forest purpose where ‘non-forest’ purpose refers to the breaking up or clearing of any forest land or
portion thereof for:
• the cultivation of tea, coffee, spices, rubber, palms, oil-bearing plants, horticultural crops or medicinal
plants; or
• any purpose other than reafforestation but does not include any work relating or ancillary to conservation,
development and management of forests and wildlife.
Labour laws
In order to rationalize and reform the existing labour laws in India, the Government of India has framed four
labour codes, namely the (i) Occupational Safety, Health and Working Conditions Code, 2020, (ii) Industrial
Relations Code, 2020, (iii) Code on Wages, 2019, and (iv) the Code on Social Security, 2020 (collectively the
“Labour Codes”). The Labour Codes were notified by the Central Government on November 21, 2025,
subsuming the existing labour laws.
(i) The Occupational Safety, Health and Working Conditions Code, 2020
The Occupational Safety, Health and Working Conditions Code, 2020 (“OSHWC Code”) subsumes certain
existing legislations, including the Factories Act, 1948, the Contract Labour (Regulation and Abolition) Act, 1970,
The Mines Act, 1952, and the Inter-State Migrant Workmen (Regulation of Employment and Conditions of
258Service) Act, 1979. This code provides for, among other things, standards for health, safety and working
conditions for employees of establishments. The OSHWC Code broadly applies to an establishment where 10 or
more workers are employed and include a place where any industry, trade, business, manufacturing or occupation
is carried out, places undertaking motor transport, a newspaper establishment, an audio-video production, building
and other construction work or plantations and applies to all establishments involving hazardous processes
regardless of the threshold of workers. It also defines a “factory” to cover any premises which employees or had
employed 20 or more workers on any day of the preceding twelve months, and in which a manufacturing process
is carried on with the aid of power or, 40 or more workers on any day of the preceding twelve months, and in
which a manufacturing process is carried on without the aid of power. The OSHWC Code also ensures that
contract labour falls under safety and welfare protections provided by the establishment, and introduces the
concept of core activity, restricting the scope of outsourcing of an establishment’s primary function while allowing
contract labour for non-core services such as housekeeping or maintenance. It expands protection for inter-state
migrant workers, covering those recruited directly or through contractors, and introduces entitlements such as
journey allowances. The OSHWC Code also defines hazardous processes based on activities involving dangerous
substances and mandates higher safety standards for such operations. The OSHWC Code also subsumes the Mines
Act, 1952, consolidating all safety, health and welfare provisions relating to mining operations into a single unified
framework, ensuring comprehensive coverage for mine workers.
Prior to the enactment of OSHWC Code, the Company was operating in accordance with the Mines Act, 1952,
the Mine Rules, 1955 and Mine Rescue Rules, 1985. These rules shall remain in-effect till the time the
Government of India and state governments enact further rules under the OSHWC Code.
(ii) The Industrial Relations Code, 2020
The Industrial Relations Code, 2020 (“IR Code”) subsumes three existing legislations, namely, the Industrial
Disputes Act, 1947, the Trade Unions Act, 1926 and the Industrial Employment (Standing Orders) Act, 1946 and
provides a unified framework governing trade unions, conditions of employment, layoffs, retrenchment, and
dispute resolution mechanisms. The IR Code introduces certain uniform definitions such as ‘worker’ which has
been expanded to include sales promotion employees, working journalists, and supervisory employees earning up
to ₹18,000/- per month, thereby extending statutory labour protections to a wider segment of workers, ‘employee’
which includes managerial and supervisory personnel and employer which includes any person or authority with
control over an establishment, including those employing through contractors. The IR Code establishes that an
industrial establishment, employing 300 or more workers, shall require prior permission from the appropriate
government authority, for lay-off, retrenchment, or closing down its industrial establishment, with flexibility for
States to enhance this limit further. It also introduces fixed-term employment, granting such employees benefits
similar to permanent workers including gratuity on a pro-rata basis.
(iii) The Code on Wages, 2019
The Code on Wages, 2019 (“COW”) subsumes four separate legislations, namely, the Payment of Wages Act,
1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976.
It provides a framework governing wage regulation, minimum wages, payment timelines, and bonus entitlements
across sectors. The provisions related to wages apply to all employees in both organised as well as unorganised
sectors, irrespective of wage threshold. The COW also introduces floor wages, which will be fixed by the Central
Government on the basis of minimum living standards of an employee which will be revised at regular intervals.
It also directs the State governments to ensure that the minimum wages in their respective regions are not lower
than the prescribed floor wage.
(iv) The Code on Social Security, 2020
The Code on Social Security, 2020 (“CSS”) subsumes several separate legislations including the Employee’s
Compensation Act, 1923, the Employees’ State Insurance Act, 1948, the Employees’ Provident Funds and
Miscellaneous Provisions Act, 1952, the Employment Exchanges (Compulsory Notification of Vacancies) Act,
1959, the Maternity Benefit Act, 1961, and the Payment of Gratuity Act, 1972. It provides a framework for social
security of employees. CSS provides coverage of schemes such as employee provident fund, employee state
insurance, maternity benefits, gratuity, employee compensation, and social-security funds to fixed-term
employees, contract workers, inter-state migrant workers, and gig and platform workers through dedicated welfare
funds. CSS also enables portability of benefits through Aadhaar-based registration and provides a framework for
state and central governments to roll out social-security schemes for unorganised, gig, and platform workers.
259The Coking Coal Mines (Nationalisation) Act, 1972
An act to provide for the acquisitions and transfer of the right, title and interest of the owners of the coking coal
mines as specified in schedule 1 of the act, and the right, title and interest of owners of such coke oven plants as
are in or about the said coking coal mines with a view to reorganizing and reconstructing such mines and plants
for the purpose of protecting, conserving and promoting scientific development of the iron and steel industry and
for matters connected therewith or incidental thereto.
The Coal Bearing Areas (Acquisition and Development) Act, 1957.
An Act to establish in the economic interest of India greater public control over the coal mining industry and its
development by providing for the acquisition by the State of unworked land containing or likely to contain coal
deposits or of rights in or over such land, for the extinguishment or modification of such rights accruing by virtue
of any agreement, lease, licence or otherwise, and for matters connected therewith.
Shops and establishments legislations
Under the provisions of local shops and establishments legislations applicable in the states in India where our
establishments are set up and business operations exist, such establishments are required to be registered. Such
legislations regulate the working and employment conditions of the workers employed in shops and
establishments, including commercial establishments, and provide for fixation of working hours, rest intervals,
overtime, holidays, leave, termination of service, maintenance of records, maintenance of shops and
establishments and other rights and obligations of the employers and employees. These shops and establishments’
acts, and the relevant rules framed thereunder, in each state, also prescribe penalties in the form of monetary fine
or imprisonment for violation of provisions, as well as procedures for appeal in relation to such contravention of
the provisions.
In addition to the Labour Codes and the local shops and establishments legislations, the employment of workers,
depending on the nature of activity, is regulated by a wide variety of generally applicable labour laws. The various
other labour and employment-related legislations (and rules issued thereunder) that may apply to our operations,
from the perspective of protecting the workers’ rights and specifying registration, reporting and other compliances,
and the requirements that may apply to us as an employer, would include the following:
• The Child and Adolescent Labour (Prohibition and Regulation) Act, 1986.
• The Labour Welfare Fund Act, 1965.
• Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
• Coal Mines Pension Scheme, 1988.
• The Mines Vocational Training Rules, 1966.
• The Mines Creche Rules, 1961.
• Coal Mines Pithead Bath Rules, 1946.
• Mineral Concession Rules, 2016.
• Coal Mines Provident Fund and Miscellaneous Provisions, Act 1948.
• The Payment of Undisbursed Wages (Mines) Rules, 1989.
Taxation Laws
Income Tax Act, 1961 (the “Income Tax Act”)
The Income Tax Act governs the taxation of individuals, corporations, partnership firms, and other entities. In
accordance with the provisions of the Income Tax Act, the tax rates applicable to such entities are determined
based on the income declared by them or assessed by the tax authorities, after considering the allowable deductions
and exemptions under the Act. The Act mandates the maintenance of proper books of accounts, along with the
requisite supporting documents and registers. Additionally, the filing of income tax returns is a compulsory
obligation for all assesses.
Goods and Service Tax (“GST”)
The Goods and Services Tax is a tax imposed on the supply of goods, services, or both, by the Central and State
Governments. It was introduced through the Constitution (One Hundred and First Amendment) Act, 2017 and is
governed by the GST Council. GST is applicable to the supply of goods and services, with the Central Government
260levying tax on intra-state supplies, while State Governments and Union Territories with legislatures, as well as
Union Territories without legislatures, impose their respective taxes. GST operates as a destination-based
consumption tax, structured as a dual GST system wherein both the Central and State Governments concurrently
levy taxes on a common base. The GST framework is implemented through various legislations, including the
Central Goods and Services Tax Act, 2017 ("CGST"), the State Goods and Services Tax Act, 2017 ("SGST"), the
Union Territory Goods and Services Tax Act, 2017 ("UTGST"), the Integrated Goods and Services Tax Act, 2017
("IGST"), and the Goods and Services Tax (Compensation to States) Act, 2017, along with the rules prescribed
thereunder.
The Customs Act, 1962 (the “Customs Act”)
The Customs Act governs the regulation of the import and export of goods in India, establishing procedures for
the assessment, collection, and enforcement of customs duties and taxes. It provides a comprehensive framework
for customs clearance, including the required documentation, goods valuation, and classification for duty
assessment. Additionally, the Act outlines mechanisms for addressing contraventions, smuggling, and violations
of trade regulations. The Customs Act grants customs authorities the authority to inspect and seize goods, enforce
trade policies, and ensure compliance with both domestic and international trade laws. By facilitating efficient
trade while protecting national interests, the Customs Act plays a pivotal role in India’s trade and economic
framework.
Approvals from local authorities
Setting up of a mining unit entails the requisite planning approvals to be obtained from the relevant local
panchayat(s) outside the city limits and appropriate metropolitan development authority within the city limits.
Consents from the state pollution control board(s) and the relevant state electricity board(s), among others, are
required to be obtained before commencing the building of a factory or starting manufacturing operations. f
Other Indian laws
In addition to the above, we are also governed by the provisions of the Companies Act and rules framed
thereunder, relevant central and state tax laws, intellectual property laws, foreign exchange and investment laws
and foreign trade laws and other applicable laws and regulations imposed by the central and state government and
other authorities for over day to day business, operations and administration.
261HISTORY AND CERTAIN CORPORATE MATTERS
Brief history of our Company
Our Company was incorporated in Bihar as “Bharat Coking Coal Limited”, as a private limited company under
the Companies Act, 1956, pursuant to a certificate of incorporation dated January 01, 1972, issued by the Registrar
of Companies, Bihar at Patna. Thereafter, our Company was converted from a private limited company to a public
limited company, pursuant to a special resolution passed by our shareholders in the extraordinary general meeting
held on April 28, 2025, and a fresh certificate of incorporation dated May 7, 2025 was issued by the Registrar of
Companies, Central Processing Centre.
Changes in the Registered Office
Except as stated below, our Company has not changed its registered office address since the date of incorporation:
Effective Date Old Address New Address Reason for Change
November 24, 1978 Sijua, Dhanbad Koyla Bhawan, Koyla Nagar, Shifting to newly
Dhanbad Jharkhand, India – constructed building
826005
Main objects of our Company
The main objects contained in our Memorandum of Association are as follows:
1. (a) To carry on in India and elsewhere the trade or business of coal mining including the management of
coking coal mines either independently or for or on behalf of or under the directions of the Central
Government or any State Government whether as custodian, receiver or in any other similar capacity.
(b) To acquire coal mines by purchase, lease, licence, grant amalgamation or otherwise
(c) To carry on the extractions, beneficiation, sale and purchase of coal and its by-products
(d) To produce or otherwise engage generally in the production, sale and disposal of coking coal and its
by products including coke
2. To re-organise and or re-construct any coking or other coal mines taken over by the Government of India
and to take over the change of management of such mines in order to conserve and promote the scientific
development of sources of coking coal.
3. To mine, quarry or beneficiate coking coal and manufacture coke and other by-products of coal, purchase
or otherwise acquire, sell or otherwise dispose of or deal in coking coal and its by-products including
coke and all minerals and other materials of every kind needed for or resulting from the
mining/manufacture, product on or processing of coal coke and other by-product of every kind
4. To search for inspect, prospect, examine, explore mine, quarry, purchase or otherwise acquire in the
Union of India or elsewhere in the world, deposits of all other metals, minerals and mineral substances
of every kind which may be of direct or indirect use in the production of coking coal and its by-products
or which may result as an incident to or by product of any of the foregoing.
5. To carry on the trades or business of colliery proprietors, coke manufactures, in all their respective
branches
6. To search for, get, work, raise, make merchantable, sell and deal in coal, and to manufacture and sell
patent fuel
7. To produce, process, store, distribute, sell, import, export or otherwise deal in gas and other by-products
arising from the coal gasification process in India and abroad and for this purpose, to install, operate
and manage all necessary plants, mines, establishments and works.
2628. To carry on in India and abroad all or any of the business of generation, purchase, production,
manufacture, processing, import, development, storage, accumulation, transmission, distribution, sale
export of otherwise dealing in all aspects of electricity (including products derived from or connected
with any other forms of energy) including without limitation thermal(based on coal/gas), solar, hydro,
wind, tidal, geo-thermal, biological any other forms of energy through Conventional or Non-conventional
Renewable energy sources, construction, operation and maintenance, renovation and modernization of
power stations and projects, cables, wires, lines, accumulators, lamps and works and for that purpose,
to promote, operate and carry on the business of coal washers, liquefied natural gas for supply of fuel to
power stations and also to undertake in India and abroad the business of other allied/ancillary industries
including those for utilization of steam generated at power stations, coal ash and other by products and
install, operate and manage all necessary plants, establishments and works.
9. To explore, produce, sell and distribute Coal Bed Methane Gas and its by products in India and abroad
and for this purpose to install, operate and manage all necessary plants, mines, establishments and works
The main objects as contained in our Memorandum of Association enable our Company to carry on the business
presently being carried out and proposed to be carried out by it.
Amendments to the Memorandum of Association in the last 10 years
Set out below are the amendments to our Memorandum of Association in the last 10 years preceding the date of
this Prospectus:
Date of Particulars
Shareholders’
resolution
March 24, 2020 Clause V of our Memorandum of Association was amended to reflect the reclassification of
the authorised share capital from ₹ 51,000,000,000 divided into 25,000,000 equity shares of
face value ₹ 1,000 each and 26,000,000 non-convertible redeemable cumulative preference
shares of face value ₹ 1,000 each to ₹ 51,000,000,000 divided into 51,000,000 equity shares
of face value ₹ 1,000 each.
April 28, 2025 Clause V of our Memorandum of Association was amended to reflect the sub-division of the
authorised share capital of our Company from ₹ 51,000,000,000 divided into 51,000,000
equity shares of face value ₹ 1,000/- each into ₹ 51,000,000,000 divided into 5,100,000,000
equity shares of face value ₹ 10/- each
April 28, 2025 Clause II of our Memorandum of Association was amended to reflect that the registered office
of the company is situated in Dhanbad, Jharkhand.
Major events and milestones of our Company
The table below sets forth certain major events and milestones in the history of our Company:
Calendar Year Major events and milestones
2025 Restarted the coal production from Pootki-Bulliary project under the mine developer and
operator model.
2024 Highest ever production of coal and offtake; Production of 41.10-million-ton raw coal with
13.59% growth and off- take of 39.27 million tonne clocking a growth of 10.42% over the
corresponding period in the previous year
2024 Wiped out its accumulated loss from its books of accounts in FY 2023-24.
2023 Letter of work for the work “Re-open, salvage, rehabilitate, develop, construct, and operate
or excavation/extraction of coal from Salanpur – AGKC Colliery coal mine and delivery
thereof
2022 Highwall mining technology was introduced at Amalgamated Block-II OCP “ABOCP” of
BCCL through a mine operator for extraction of coal and delivery thereof.
2021 BCCL awarded the tender to a contractor for extraction of coalbed methane from Jharia Coal
Bed Methane “CBM” Block I (Jharia coalfield, BCCL leasehold area) on a revenue share
(percentage) basis.
263Calendar Year Major events and milestones
2018 Commercial operation of 1.6 MTPA Dahibari non-linked washery “NLW” coal washery was
successfully commenced and handed over by BCCL.
2014 Conferred the Mini Ratna Status (Category-I) on October 7, 2014
2013 The net worth became positive in year FY 2012-13.
2013 Came out of Board for Industrial and Financial Reconstruction (BIFR) on February 12, 2013
Awards, accreditations and recognitions received by our Company
Calendar year Awards
Awarded the gold award at the 1st Greenenviro Environment Award 2025 in the category
2025
of “Environment Excellence - Metal & Mining Sector” by the Greenenviro Foundation.
Awarded second position for the "Corporate Award for quality awareness" by Coal India
Limited.
Awarded the "Special Recognition Award for Dividend Payment" for outstanding
2024 performance in 2023-24 by Coal India Limited.
Moonidih coal mine of BCCL was given a 5 star rating and awarded the third prize at the
annual rating of coal mines in India for the Year 2022-23.
Conferred the Indian corporate social responsibility award for “Best Skill Development
Initiative of the Year - 2024 (PSU)” by Brand Hanchos.
Declared winner for outstanding achievements in promotion of education at the 10th
Greentech CSR India Award 2023 by Greentech Foundation.
2023 Declared winner for outstanding achievements in healthcare promotion at the 10th
Greentech CSR India Award 2023 by Greentech Foundation.
Silver award in “CSR COVID Relief Project (mid-scale)” at the 7th CSR health impact
awards.
2022 Conferred the coal minister's award FY 2021-22 and was given second prize by Coal India
Limited in recognition and appreciation of exemplary performance in coal quality.
Time/cost overrun in setting up projects
Except as disclosed below, our Company has not experienced any time or cost overruns in relation to any projects
set up by our Company as on the date of this Prospectus:
Project Scheduled Actual/ Estimated Cost Overrun
Completion Date Completion Date
Muraidih underground turn- April 30, 2014 December 31,2027 Nil
key project
2.5 Mtpa Patherdih non-linked April 27, 2018 December 31 2026 Nil
washery coal washery
2.0 Mtpa Bhojudih non-linked September 30, 2020 December 31, 2025 Nil
Washery coal washery
Moonidih XV Seam under March 31, 2019 March 31, 2027 Nil
ground
25 MW (Alternative current) November 04, 2023 January 31, 2026 Nil
solar photo voltaic power plant
at Bhojudih coal washery,
Purulia district, West Bengal
Defaults or re-scheduling/restructuring of borrowings with financial institutions/banks
As on the date of this Prospectus, there have been no defaults or re-scheduling/ re-structuring in relation to
borrowings availed by us from any bank or financial institution. For further information of our financing
arrangements, please see “Financial Indebtedness” on page 462.
Launch of key products or services, entry into new geographies or exit from existing markets, capacity/
facility creation or location of plants
264For details of key products or services launched by our Company, entry into new geographies or exit from existing
markets, capacity/ facility creation and location of plants to the extent applicable, see “Our Business” on page
215.
Significant financial and strategic partnerships
As on the date of this Prospectus, our Company does not have any significant financial or strategic partnerships.
Material clauses of the Articles of Association
All material clauses of our Articles of Association having a bearing on the Offer have been disclosed in this
Prospectus. For further details see “Description of Equity Shares and Terms of the Articles of Association” on
page 534.
Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamation,
any revaluation of assets, etc., in the last 10 years
As on the date of this Prospectus, our Company has not made any material acquisitions or divestments of any
business or undertaking, and has not undertaken any material merger, amalgamation or any revaluation of assets
in the last 10 years.
Details of shareholders’ agreements and other key agreements
There are no other agreements/ arrangements and clauses / covenants, to which our Company or our Corporate
Promoter or Shareholders are a party, which are material and which need to be disclosed in this Prospectus or
non-disclosure of which may have bearing on the investment decision in connection with the Offer.
There are no agreements entered into by our Company pertaining to the primary and secondary transactions of
securities of our Company including any financial arrangements thereof. Further, there are no
findings/observations of any of the inspections by SEBI or any other regulator. Additionally, this Prospectus
includes all the material covenants of the agreements disclosed hereunder.
Key terms of any other subsisting material agreements including with strategic partners, joint venture
partners and/or financial partners, entered into, other than in the ordinary course of business of the issuer
Except as disclosed in “Our Business” on page 215, our Company has not entered into any subsisting material
agreements with strategic partners, joint venture partners and/or financial partners other than in the ordinary
course of business of our Company
Inter-se agreements between Shareholders
As on the date of this Prospectus, our Company, Promoters and Shareholders do not have any inter-se agreements/
arrangements and clauses/ covenants which are material in nature and that there are no other clauses/ covenants
which are adverse/ pre-judicial to the interests of the minority/ public shareholders. Also, there are no other
agreements, deed of assignments, acquisition agreements, shareholders’ agreement, inter-se agreements or
agreements of like nature.
Agreements with Key Managerial Personnel, Senior Management, Directors, Promoters or any other
employee
As on the date of this Prospectus, there are no agreements entered into by any Key Managerial Personnel or Senior
Management or Director or Promoters or any other employee of our Company, either by themselves or on behalf
of any other person, with any shareholder or any other third-party with regard to compensation or profit sharing
in connection with dealings in the securities of our Company.
As of the date of this Prospectus, except as entered in the normal course of business, there are no agreements
entered into by the Shareholders, Promoters, Promoter Group entities, Directors, KMPs, employees of our
Company, among themselves or with our Company or with a third party, solely or jointly, which, either directly
or indirectly or potentially or whose purpose and effect is to, impact the management or control of our Company
or impose any restriction or create any liability upon our Company, whether or not our Company is a party to
such agreements.
265Holding Company
Coal India Limited, our Promoter, is our holding company. For further details, please see “Our Promoters and
Promoter Group” on page 293.
Subsidiaries
As on the date of this Prospectus, our Company does not have any subsidiary.
Joint Ventures
As on the date of this Prospectus, our Company does not have any joint ventures.
Associates
As on the date of this Prospectus, our Company does not have any associates.
Guarantees provided to third parties by our Promoters offering their Equity Shares in the Offer for Sale
One of our Promoters, i.e., Coal India Limited, who is also the Promoter Selling Shareholders, has not provided
any personal guarantees to third parties with respect to our Company as on the date of this Prospectus.
For further details, please see ‘Our Promoters and Promoter Group’ on page 293.
Other confirmations
There is no conflict of interest between the suppliers of raw materials and third-party service providers (which
are crucial for operations of our Company) and our Company.
There is no conflict of interest between the lessors of the immovable properties (crucial for operations of the
company) and our Company.
266OUR MANAGEMENT
Board of Directors
In terms of the Companies Act and our Articles of Association, our Company is required to have not less than
three Directors and not more than 15 Directors. However, the Company may appoint more than 15 Directors after
passing a special resolution. As on the date of this Prospectus, our Board comprises seven Directors including
four Executive Directors, two Non-Executive Directors and one Independent Director.
In accordance with the MCA notification, dated June 5, 2015, the DPE Guidelines on Corporate Governance for
Central Public Sector Enterprises and pursuant to our Articles of Association, matters pertaining to the
appointment, removal, performance evaluation and remuneration of our Directors are determined by the President
of India, acting through Ministry of Coal. Accordingly, in so far as the abovementioned matter in relation to the
appointment of directors is concerned, the composition of the board of directors of our Company is precluded
from being consistent basis the SEBI Listing Regulations as on the date of this Prospectus.
Accordingly, in relation to the composition of the Board, our Company had filed an exemption letter with the
SEBI dated May 30, 2025 under Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the
SEBI Listing Regulations seeking exemptions inter alia, from the perspective of the board composition per the
relevant provisions of the SEBI Listing Regulations. SEBI vide its letter bearing reference number
SEBI/CFD/RACDIL2/2025/24344/1 dated September 12, 2025 has granted our Company an exemption from
compliances of the aforesaid corporate governance requirements as prescribed under the SEBI Listing
Regulations, until the listing of the Equity Shares of the Company. The exemptions sought under the SEBI Listing
Regulations are granted only till the listing of our Equity Shares and subsequent to listing, our Company is required
to comply with the applicable provisions of the SEBI Listing Regulations.
Further, our Company through its letter dated December 3, 2025, had sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i)
the corporate governance in relation composition of the Nomination and Remuneration Committee as specified
under Regulation 19(1)(c) of the SEBI Listing Regulations; (ii) constitution of the committee of Independent
Directors as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations, since
the Company is exempted from complying with Regulation 17(1) of the SEBI Listing Regulations, and has only
one Independent Director on the Board, and (iii) the corporate governance requirements in relation to the
composition of the Stakeholders Relationship Committee and Risk Management Committee as required under
Regulations 20(2A) and 21(2) of the SEBI LODR Regulations respectively. SEBI vide its letter bearing reference
number SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1 dated December 11, 2025 has granted our Company an
exemption from compliance of the aforesaid corporate governance requirements as prescribed under the SEBI
LODR Regulations and the constitution of the committee of independent directors for approval of price band
under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations. For further details, see
“Summary of the Offer Document – Exemption from complying with any provisions of securities laws, if any,
granted by SEBI” on page 32.
The following table sets forth details regarding our Board of Directors as on the date of this Prospectus:
Name, date of birth, designation, address,
Sr. Age
occupation, current term, period of Other directorships
No (years)
directorship and DIN
1. Manoj Kumar Agarwal 58 Indian Companies
Date of birth: December 4, 1967 Nil
Designation: Chairman cum Managing Foreign Companies
Director, Chief Executive Officer and Director
(Finance), additional charge Nil
Category: Executive Director
Address: Director’s Bungalow No.2, Koyla
Nagar, P.S. –Saraidhella, PO: BCCL Township,
267Name, date of birth, designation, address,
Sr. Age
occupation, current term, period of Other directorships
No (years)
directorship and DIN
District: Dhanbad, State: Jharkhand, PIN code:
826005
Occupation: Service
Current term: Till the date of superannuation
from services, i.e., December 31, 2027 or till
further orders, whichever is earlier.
Period of directorship: Since January 27,
2025
DIN: 10947182
2. Murli Krishna Ramaiah 59 Indian Companies
Date of birth: August 16, 1966 Nil
Designation: Director (Human Resources) Foreign Companies
Category: Executive Director Nil
Address: 3rd-FR FL-3D, 7, Diamond Harbour
Road, VTC-Paschim Barisha, P.O.
Thakurpukur, Sub District Thakurpukur
Mahestola, South 24 Parganas, West Bengal –
700063.
Occupation: Service
Current term: Till the date of superannuation
from services, i.e., August 31, 2026 or till
further orders, whichever is earlier.
Period of directorship: Since February 23,
2023
DIN: 10061115
3. Sanjay Kumar Singh 57 Indian Companies
Date of birth: October 6, 1968 Nil
Designation: Director (Technical) Foreign Companies
Category: Executive Director Nil
Address: 45/2-4 Road No. 16 Adityapur 1,
Po/Ps: Adityapur, Adityapur – 1, Seraikela –
kharsawan, Jharkhand – 831013
Occupation: Service
Current term: For a period of five years from
the date of assumption of charge or till the date
of superannuation from services, or till further
orders, whichever is earlier
268Name, date of birth, designation, address,
Sr. Age
occupation, current term, period of Other directorships
No (years)
directorship and DIN
Period of directorship: Since October 10,
2023
DIN: 08535373
4. Niladri Roy 59 Indian Companies
Date of birth: April 11, 1966 Eastern Coalfields Limited
Coal Gas India Limited
Designation: Director (Technical), additional
charge Foreign Companies
Category: Executive Director Nil
Address: 303 Parbati Garden, Asansol,
APCAR Garden, Raghunath Chak, UC Danga,
Barddhaman West Bengal - 713304
Occupation: Service
Current term: For a period of eight months
from September 1, 2025 to April 30, 2026 or till
assumption of charge by regular incumbent or
till further orders, whichever is earlier.
Period of directorship: Since September 1,
2025
DIN: 10055093
5. Sanoj Kumar Jha 52 Indian companies
Date of birth: November 14, 1973 NLC India Limited
Designation: Part-time Official Director# Foreign companies
Category: Non-Executive Director Nil
Address: Flat No. C-1, Tower – 2, Near Hotel
Leela Palace, New Moti Bagh, Southwest
Delhi, Delhi - 110023
Occupation: Service
Current term: until further orders in this
regard
Period of directorship: Since May 01, 2025
DIN: 11100701
6. Mukesh Choudhary 54 Indian companies
Date of birth: April 30, 1971 Coal India Limited
Western Coalfields Limited
Designation: Part-time Official Director* Mahanadi Coalfields Limited
CIL Navikarniya Urja Limited
Category: Non-Executive Director
Foreign companies
269Name, date of birth, designation, address,
Sr. Age
occupation, current term, period of Other directorships
No (years)
directorship and DIN
Address: Bungalow No. D-4, CIL Residential Nil
Complex, premises no. 04, behind Coal
Bhawan, Action Area -1A,New town, North 24
Parganas Kolkata – 700156, West Bengal
Occupation: Service
Current term: until further orders in this
regard
Period of directorship: Since July 17, 2025
DIN: 07532479
7. Arun Kumar Oraon 63 Indian companies
Date of birth: February 21, 1962 Nil
Designation: Non-official Independent Foreign companies
Director
Nil
Category: Independent Director
Address: Vasanti, Hehal, Bagicha Toli, Post-
Hehal, Thana- Sukhdev Nagar, Ranchi,
Jharkhand-834005
Occupation: IPS (Retired)
Current term: For a period of one year with
effect from the date of notification of his
appointment or until further orders, whichever
is earlier
Period of directorship: Since April 30, 2025
DIN: 09388744
#Appointed as the nominee of the Ministry of Coal, Government of India
*Appointed as the nominee of Coal India Limited by Ministry of Coal, Government of India
Brief biographies of Directors
Manoj Kumar Agarwal is the Chairman cum Managing Director, Chief Executive Officer and Director
(Finance), additional charge, of our Company since January 27, 2025. He holds a bachelor’s degree in technology
in mining engineering from Indian School of Mines and a master’s degree in business administration (executive)
from Indian Institute of Management Ranchi. He has also obtained manager’s first class certificate of competency
to manage a coal mine. He is the overall in-charge of the Company. Prior to joining our Company, he was
associated with Central Coalfields Limited and Northern Coalfields Limited.
Murli Krishna Ramaiah is the Director (Human Resources) of our Company since February 23, 2023. He holds
a bachelor’s degree in science from Nagpur University. He is responsible for the functions of personnel &
industrial relations, manpower & recruitments amongst others. Prior to joining our Company, he was associated
with Steel Authority of India Limited.
Sanjay Kumar Singh is the Director (Technical) of our Company since October 10, 2023. He holds a bachelor’s
degree in technology in mining engineering from Indian School of Mines and has completed cycle n25 of general
management programme from European Centre for Executive Development. He also holds manager’s first class
certificate of competency to manage a coal mine. He is responsible for the functions of the departments of
270excavation, estate, UG and siding, E&M including Central Transportation Pool, contract management cell,
washery construction, material management, central survey and Jharia action plan. He is also responsible for the
functions in the areas of Western Jharia, PB area, Kusunda, Bastacolla, Lodna, Eastern Jharia, CCWO and its
washeries. Prior to joining our Company, he was associated with JSW Steel Limited, Adani Enterprises Limited
and Tata Steel Limited.
Niladri Roy is the Director (Technical), additional charge, of our Company since September 1, 2025. He holds a
bachelor’s degree in technology(mining engineering) from the Indian School of Mines, Dhanbad. He is
responsible for functions in the headquarter departments of Planning & Project - E&T and IT, Safety & Rescue,
Geology and Drilling/ R&D/ New Initiatives, Quality Control, Industrual Engineering, Environment, MDO and
Block E OCP and in areas such as Barora, Block –II, Govindpur, Katras, Sijua and CV. Presently, he is the full
time Director (technical) of Eastern Coalfields Limited. Prior to joining Eastern Coalfields Limited, he was
associated with Coal India Limited as Executive Director (Production).
Sanoj Kumar Jha is the Part-time Official Director of our Company since May 01, 2025. He is an Additional
Secretary (within Ministry of Coal). Prior to joining our Company, he has served as the principal secretary, women
and child development department, Government of Sikkim. He holds a bachelor of science (honours course)
degree in physics from University of Delhi, master of science in public policy and management from King’s
College London and advanced management programme in public policy from the Indian School of Business.
Mukesh Choudhary is the Part-time Official Director of our Company since July 17, 2025. He holds a bachelor’s
degree in mechanical engineering from the University of Rajasthan. He also holds a master’s degree in financial
analysis from the Institute of Chartered Financial Analysts of India University, Tripura. Prior to joining our
Company, he was associated with the Department of Defence Production, Directorate of Ordinance, Kolkata as a
deputy director general.
Arun Kumar Oraon is the Non- official Independent Director of our Company since April 30, 2025. He holds a
bachelor’s degree in science from Ranchi University and a bachelor’s degree in medicine and surgery from Ranchi
University. Prior to joining our Company, he was associated with Indian Police Service at the rank of Inspector
General of Police and was also associated with Coal India Limited as an independent director.
Arrangement or understanding with major Shareholders, customers, suppliers, or others
Except Mukesh Choudhary and Sanoj Kumar Jha, who are appointed by Ministry of Coal, Government of India,
as nominees of Coal India Limited and the Ministry of Coal, respectively, none of our Directors has been
appointed or selected pursuant to any arrangement or understanding with our major Shareholders, customers,
suppliers or others.
Service contract with Directors
No of our Directors have entered a service contract with our Company pursuant to which they are entitled to any
benefits upon termination of employment.
Terms of appointment of our Directors
A. Terms of employment of our Executive Directors
Manoj Kumar Agarwal, Chairman cum Managing Director, CEO and Director (Finance), additional
charge
Manoj Kumar Agarwal was appointed as the Chairman cum Managing Director, CEO and Director (Finance),
additional charge, on September 1, 2025 for a term until the date of his superannuation, i.e., December 31,
2027 or until further orders. In pursuance to the Ministry of Coal’s letter no. Estt-21/20/2024-
ESTABLISHMENT dated September 18 2025, the key terms and conditions of the appointment and
particulars of remuneration, amongst others, of Manoj Kumar Agarwal are as follows:
Pay scale (monthly) ₹ 0.18 million to 0.32 million
Basic salary (per month) ₹ 0.24 million
Annual increment 3.0% of the basic pay, until maximum of pay scale is reached
271House rent allowance In accordance with the Department of Public Enterprises’ OM dated August 3, 2017
and August 4, 2017
Dearness allowance In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
OM dated July 6, 2022
Performance related
In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
payments
OM dated August 3, 2017
Superannuation benefits
Club membership Corporate club membership (upto two clubs)
Other allowances Upto 35% of basic pay, in accordance with the Department of Public Enterprises’ OM
dated August 3, 2017, August 4, 2017 and September 7, 2017
Murli Krishna Ramaiah, Director (Human Resources)
Murli Krishna Ramaiah was appointed as the Director (Human Resources) on February 23, 2023 for a term
until the date of his superannuation, i.e., August 31, 2026 or until further orders, whichever is earlier. In
pursuance to the Ministry of Coal’s letter no. Estt-21/6/2022-ESTABLISHMENT dated March 20 22, 2024,
the key terms and conditions of the appointment and particulars of remuneration, amongst others, of Murli
Krishna Ramaiah are as follows:
Pay scale (monthly) ₹ 0.16 million to 0.29 million
Basic salary (per month) ₹ 0.23 million
Annual increment 3.0% of the basic pay, until maximum of pay scale is reached
House rent allowance In accordance with the Department of Public Enterprises’ OM dated August 3, 2017
and August 4, 2017
Dearness allowance In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
OM dated July 6, 2022
Performance related
In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
payments
OM dated August 3, 2017
Superannuation benefits
Club membership Corporate club membership (upto two clubs)
Other allowances Upto 35% of basic pay, in accordance with the Department of Public Enterprises’ OM
dated August 3, 2017, August 4, 2017 and September 7, 2017
Sanjay Kumar Singh, Director (Technical)
Sanjay Kumar Singh was appointed as the Director (Technical) on October 10, 2023 for a term for a period
of five years from the date of assumption of charge or till the date of superannuation from services, or till
further orders. In pursuance to the Ministry of Coal’s letter no. Estt-21/24/2022-ESTABLISHMENT dated
November 16, 2023, the key terms and conditions of the appointment and particulars of remuneration, amongst
others, of Sanjay Kumar Singh are as follows:
Pay scale (monthly) ₹ 0.16 million to 0.29 million
Basic salary (per month) ₹ 0.16 million
Annual increment 3.0% of the basic pay, until maximum of pay scale is reached
House rent allowance In accordance with the Department of Public Enterprises’ OM dated August 3, 2017
and August 4, 2017
Dearness allowance In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
OM dated July 6, 2022
Performance related In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
payments OM dated August 3, 2017
Superannuation benefits
Club membership Corporate club membership (upto two clubs)
Other allowances Upto 35% of basic pay, in accordance with the Department of Public Enterprises’ OM
dated August 3, 2017, August 4, 2017 and September 7, 2017
Niladri Roy, Director (Technical)
Niladri Roy was appointed as the Director (Technical), additional charge on September 1, 2025 for a term of
eight months from the date of assumption of charge or till assumption of charge by regular incumbent or till
further orders, whichever takes place earlier. Niladri Roy has been given the additional charge of Director
(Technical) on September 1, 2025 and his primary appointment is as Director (Technical), ECL and therefore
the remuneration is paid by ECL itself and our company is not liable to pay any remuneration to Nilardri Roy.
272In pursuance to the Ministry of Coal’s letter no. Estt-21/19/2022-ESTABLISHMENT dated March 18, 2024,
the key terms and conditions of the appointment and particulars of remuneration, amongst others, of Niladri
Roy are as follows:
Pay scale (monthly) ₹ 0.16 million to 0.29 million
Basic salary (per month) ₹ 0.24 million
Annual increment 3.0% of the basic pay, until maximum of pay scale is reached
House rent allowance In accordance with the Department of Public Enterprises’ OM dated August 3, 2017
and August 4, 2017
Dearness allowance In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
OM dated July 6, 2022
Performance related In accordance with the IDA scheme as spelt out in Department of Public Enterprises’
payments OM dated August 3, 2017
Superannuation benefits
Club membership Corporate club membership (upto two clubs)
Other allowances Upto 35% of basic pay, in accordance with the Department of Public Enterprises’ OM
dated August 3, 2017, August 4, 2017 and September 7, 2017
B. Terms of Appointment of our Non- Executive Directors
Other than our Part-time Official Directors, who are entitled to a sitting fee of ₹ 20,000 for each meeting of
our Board and our Committee thereon, none of our Non-Executive Directors are entitled to receive any
remuneration/ sitting fees from our Company.
Payments or benefits to Directors of our Company
A. Remuneration to our Executive Directors
The details of remuneration paid to our Executive Directors in Fiscal 2025 are as follows:
Remuneration for Fiscal 2025
Name of Director Designation
(in ₹ million)
Manoj Kumar Agarwal Chairman cum Managing Director, CEO and 0.72*
Director (Finance), additional charge
Murli Krishna Ramaiah Director (Human Resource) 5.94
Sanjay Kumar Singh Director (Technical) 3.68
Niladri Roy Director (Technical), additional charge NIL**
*Manoj Kumar Agarwarl received a remuneration of ₹0.72 million in his capacity as Director (Technical).
** Niladri Roy was appointed on the Board on September 1, 2025, and hence did not receive any remuneration during Fiscal 2025.
Further, since he is appointed only with an additional charge and his primary appointment is as Director (Technical), ECL, his
remuneration is paid by ECL itself and our company is not liable to any remuneration.
Remuneration paid or payable to our Directors by our subsidiaries or associates
As on the date of this Prospectus, our Company does not have any subsidiaries or associates.
Contingent and deferred compensation payable to our Directors
There is no contingent or deferred compensation payable by our Company to our Directors.
Bonus or profit sharing plan for Directors
None of our Directors is party to any bonus or profit-sharing plan of our Company other than the performance
related pay given to our Executive Directors.
Shareholding of Directors in our Company
As per our Articles of Association, our Directors are not required to hold any qualification shares.
Except as stated below, none of our Directors hold any Equity Shares as on the date of this Prospectus:
273S. Name of the Director Designation Number of Equity Shares
No. held
1. Mukesh Choudhary Part-time Official Director 100*
2. Murli Krishna Ramaiah Director (Human Resource) 100*
3. Sanjay Kumar Singh Director (Technical) 100*
4. Manoj Kumar Agarwal Chairman cum Managing Director, CEO 100*
and Director (Finance), additional charge
*Jointly held with Coal India Limited
Interest of Directors
Certain Directors may be deemed to be interested to the extent of their remuneration, performance-based
incentives and reimbursement of expenses, if any, payable to them by our Company.
Certain Directors may be deemed to be interested to the extent of Equity Shares, held by them in our Company as
nominee shareholders of Coal India Limited. The beneficial interest of such Equity Shares lies with Coal India
Limited.
Our Directors may also be regarded as interested in the Equity Shares that may be subscribed by or allotted to
their relatives and companies, firms and trusts, in which they are interested as directors, proprietors, members,
partners, trustees and promoters, pursuant to this Offer.
As on the date of this Prospectus, none of our Directors have any interest in the promotion or formation of our
Company other than in the ordinary course of business.
Except as stated in the section titled “Restated Financial Information” beginning on page 299, and to the extent
of shareholding in our Company, if any, our Directors do not have any other interest in our business.
None of our Directors have any interest in any property acquired in the preceding three years or proposed to be
acquired from our Company or by our Company, or in any transaction by our Company for acquisition of land,
construction of building or supply of machinery.
There are no material existing or anticipated transactions whereby our Directors will receive any portion of the
proceeds from the Offer.
As on the date of this Prospectus, no loans have been availed by our Directors from our Company
Relationship between our Directors, Key Managerial Personnel and Senior Management
None of our Directors are related to each other or to any of our Key Managerial Personnel or the Senior
Management.
Other confirmations
None of our Directors is or has been a director on the board of any listed company whose shares have been/were
suspended from being traded on any of the stock exchanges, during his/her tenure, in the five years preceding the
date of this Prospectus.
None of our Directors is, or was a director of any listed company, which has been or was delisted from any stock
exchange, during the term of their directorship in such company.
None of our Directors have been identified as Wilful Defaulters, Fugitive Economic Offenders or Fraudulent
Borrowers.
None of our Directors are interested as a member of a firm or company, and no sum has been paid or agreed to be
paid to our Directors or to such firm or company in cash or shares or otherwise by any person either to induce
him/her to become, or to help him/her qualify as a Director, or otherwise for services rendered by him/her or by
the firm or company in which he/she is interested, in connection with the promotion or formation of our Company.
There is no conflict of interest between the suppliers of raw materials and third-party service providers (which are
crucial for operations of our Company) and our Directors.
274There is no conflict of interest between the lessors of the immovable properties (which are crucial for operations
of our Company) and our Directors.
Changes in the Board in the last three years
Sr. No Date of
Name Reason*
appointment/cessation
1. Sanjay Kumar October 15, 2025 Resignation
2. Niladri Roy September 1, 2025 Appointment
3. Rakesh Kumar Sahay August 31, 2025 Relinquishment of charge upon
superannuation
4. Samiran Dutta August 31, 2025 Relinquishment of charge upon
superannuation
5. Mukesh Choudhary July 17, 2025 Appointment
6. Debashish Nanda May 31, 2025 Relinquishment of charge
7. Sanoj Kumar Jha May 1, 2025 Appointment
8. Lakhpat Singh Choudhary May 1, 2025 Relinquishment of charge
9. Arun Kumar Oraon April 30, 2025 Appointment
10. Lakhpat Singh Choudhary April 8, 2025 Appointment
11. Vismita Tej April 8, 2025 Relinquishment of charge
12. Shankar Nagachari January 27, 2025 Relinquishment of charge
13. Manoj Kumar Agarwal January 27, 2025 Appointment
14. Vismita Tej January 20, 2025 Appointment
15. Anandji Prasad January 20, 2025 Relinquishment of charge
16. Ram Kumar Roy December 30, 2024 Completion of term
17. Satyabrata Panda October 31, 2024 Completion of term
18. Alok Kumar Agrawal October 31, 2024 Completion of term
19. Shashi Singh October 31, 2024 Completion of term
20. Shankar Nagachari January 12, 2024 Appointment
21. Uday Anantrao Kaole December 19, 2023 Relinquishment of charge
22. Sanjay Kumar Singh October 10, 2023 Appointment
23. Sanjay Kumar Singh June 30, 2023 Retired on superannuation
24. Rakesh Kumar Sahay April 14, 2023 Appointment
25. Harsh Nath Mishra February 23, 2023 Relinquishment of charge
26. Murli Krishna Ramaiah February 23, 2023 Appointment
*Does not include change in designation
Note: The relinquishment of charge for each of the Directors is in the normal course of business of our Company.
Borrowing powers of the Board
In accordance with the Articles of Association and subject to approval from the President of India, acting through
the Ministry of Coal, Government of India or Coal India Limited and provisions of the Companies Act, 2013, our
Board may by means of a board resolution passed from time to time, borrow and/or secure the payment of any
sum or sums of money for the purposes of our Company. Provided that no approval of President of India, acting
through Ministry of Coal, Government of India or Coal India Limited would be necessary for borrowing from the
banks for the purpose of meeting the working capital requirements on the hypothecation of our Company’s current
assets.
Corporate Governance
In addition to the provisions of the Companies Act and DPE Guidelines on Corporate Governance for Central
Public Sector Enterprises (“DPE Guidelines”), the provisions of SEBI Listing Regulations will also be applicable
to our Company immediately upon the listing of our Equity Shares on the Stock Exchanges.
Our Chairman cum Managing Director is an Executive Director. As on the date of this Prospectus, our Company
has seven Directors on its Board, which includes four Executive Directors, two Part–time Official Directors (Non-
Executive Directors) who are nominees of Coal India Limited and one Independent Directors.
Pursuant to MCA notifications dated June 5, 2015, June 13, 2017 and February 5, 2018 and any other notification
issued by the MCA, the Central Government has exempted/ modified the applicability of certain provisions of the
Companies Act, 2013 in respect of Government Companies. In accordance with this notification, the DPE
Guidelines and pursuant to our Articles of Association, matters pertaining to, inter alia appointment, remuneration
275and performance evaluation of our Directors are determined by the President of India acting through the Ministry
of Coal, Government of India. Further, our statutory auditor is appointed by the Comptroller and Auditor General
of India. Accordingly, in so far as the aforementioned matters are concerned, the terms of reference of our
Nomination and Remuneration Committee and Audit Committee only allow these committees to take on record
the actions of the President of India, acting through the Ministry of Coal, Government of India or the Comptroller
and Auditor General of India, as the case may be.
Pursuant to Regulation 19(4) read with Paragraph A of Part D of Schedule II of SEBI Listing Regulations,
provisions relating to (i) identification of persons who are qualified to become directors, (ii) recommending
appointment and removal of directors, (iii) recommending extension of the term of independent directors, (iv)
formulation of criteria for evaluation of performance of the directors, (v) devising policy on diversity of the board
of directors, (vi) formulation of the criteria for determining qualifications, positive attributes and independence of
a director, are required to be included in the terms of reference of Nomination and Remuneration Committee.
However, since our Company is a government company, the power to appoint directors on our Board is vested
with the President of India acting through the Ministry of Coal, Government of India and, resultantly, our
Nomination and Remuneration Committee and our Board members do not have the power to appoint Directors to
our Board. In this regard, our Company had filed an exemption letter dated May 30, 2025, with SEBI under
Regulation 300 and of SEBI ICDR Regulations.
Other than as described above, our Company is not in compliance with corporate governance norms prescribed
under the SEBI Listing Regulations, including in relation to the composition of its Audit committee, right to
information, corporate social responsibility and sustainable development policy. For further details, see “Summary
of the Offer Document – Exemption from complying with any provisions of securities laws, if any, granted by
SEBI” on page 32.
SEBI vide its letter bearing reference number SEBI/CFD/RACDIL2/2025/24344/1 dated September 12, 2025 has
granted our Company an exemption from compliances of the aforesaid corporate governance requirements as
prescribed under the SEBI Listing Regulations, until the listing of the Equity Shares of the Company and
subsequent to listing, our Company is required to comply with the applicable provisions of the SEBI Listing
Regulations.
Further, our Company through its letter dated December 3, 2025, had sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i)
the corporate governance in relation composition of the Nomination and Remuneration Committee as specified
under Regulation 19(1)(c) of the SEBI Listing Regulations; (ii) constitution of the committee of Independent
Directors as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations, since
the Company is exempted from complying with Regulation 17(1) of the SEBI Listing Regulations, and has only
one Independent Director on the Board, and (iii) the corporate governance requirements in relation to the
composition of the Stakeholders Relationship Committee and Risk Management Committee as required under
Regulations 20(2A) and 21(2) of the SEBI LODR Regulations respectively. SEBI vide its letter bearing reference
number SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1 dated December 11, 2025 has granted our Company an
exemption from compliance of the aforesaid corporate governance requirements as prescribed under the SEBI
LODR Regulations and the constitution of the committee of independent directors for approval of price band
under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations.
Committees of the Board
In terms of the SEBI Listing Regulations and the provisions of the Companies Act, 2013, our Company has
constituted the following Board committees:
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders’ Relationship Committee
d) Corporate Social Responsibility Committee
e) Risk Management Committee
For purposes of this Offer, our Board has also constituted an IPO Committee.
Audit Committee
276The Audit Committee was originally constituted pursuant to a resolution passed by our Board dated January 12,
2002 and was last reconstituted pursuant to a resolution of our Board dated November 15, 2025. The current
constitution of the Audit committee is as follows:
Name of Director Position in Designation Category
committee
Non-Official Independent Independent Director
Arun Kumar Oraon Chairman
Director
Sanoj Kumar Jha Member Part time Official Director Non-Executive Director
Mukesh Choudhary Member Part time Official Director Non-Executive Director
Sanjay Kumar Singh Member Director (Technical) Executive Director
Director (Technical), Executive Director
Niladri Roy Member
additional charge
Its terms of reference as updated pursuant to a meeting of the Board of Directors held on May 27, 2025, are as
follows:
The Audit Committee shall be responsible for, among other things, as may be required by the DPE guidelines on
corporate guidelines from time to time, the following:
Powers of Audit Committee:
The Audit Committee shall have powers, including the following:
1) to investigate any activity within its terms of reference
2) to seek information from any employee
3) to obtain outside legal or other professional advice; and
4) to secure attendance of outsiders with relevant expertise, if it considers necessary; and
5) such other powers as may be prescribed under the Companies Act and SEBI Listing Regulations.
Role of Audit Committee
The role of the Audit Committee shall include the following:
1. oversight of financial reporting process and the disclosure of financial information relating to the Company
to ensure that the financial statements are correct, sufficient and credible;
2. To take note of the appointment and the terms of appointment of the auditors of the Company by the
Comptroller and Auditor General of India (“CAG”).
3. Recommending to the Board the fixation of audit fees, based on the order/instructions of the CAG;
4. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
5. reviewing, with the management, the annual financial statements and auditor's report thereon before
submission to the Board for approval, with particular reference to:
a) Matters required to be included in the director’s responsibility statement to be included in the
Board’s report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013
b) Changes, if any, in accounting policies and practices and reasons for the same
c) Major accounting entries involving estimates based on the exercise of judgment by management
d) Significant adjustments made in the financial statements arising out of audit findings
277e) Compliance with listing and other legal requirements relating to financial statements
f) Disclosure of any related party transactions; and
g) Modified opinion(s) in the draft audit report.
6. reviewing, with the management, the quarterly, half-yearly and annual financial statements before
submission to the Board for approval;
7. reviewing with the management, performance of Statutory and Internal Auditors and adequacy of the
internal control systems.
8. reviewing, with the management, the statement of uses / application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those
stated in the issue document / prospectus / notice, and making appropriate recommendations to the Board
to take up steps in this matter. This also includes monitoring the use/application of the funds raised through
the proposed initial public offer by the Company;
9. reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
10. approval of any subsequent modification of transactions of the Company with related parties and omnibus
approval for related party transactions proposed to be entered into by the Company, subject to the
conditions as may be prescribed
Explanation: The term "related party transactions" shall have the same meaning as provided in Clause
2(zc) of the SEBI Listing Regulations and/or the applicable Accounting Standards and/or the Companies
Act, 2013.
11. reviewing, at least on a quarterly basis, the details of related party transactions entered into by the Company
pursuant to each of the omnibus approvals given;
12. scrutiny of inter-corporate loans and investments;
13. valuation of undertakings or assets of the Company, wherever it is necessary;
14. evaluation of internal financial controls and risk management systems;
15. reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal
control systems;
16. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;
17. discussion with internal auditors of any significant findings and follow up thereon;
18. reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board;
19. discussion with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;
20. recommending to the board of directors the appointment and removal of the external auditor, fixation of
audit fees and approval for payment for any other services;
21. looking into the reasons for substantial defaults in the payment to depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;
22. reviewing and monitoring the functioning of the whistle blower mechanism;
27823. monitoring the end use of funds raised through public offers and related matters;
24. overseeing the vigil mechanism established by the Company, with the chairman of the Audit Committee,
providing for adequate safeguards against victimisation of employees and directors who avail of the vigil
mechanism and directly hearing grievances of victimization of employees and directors, who used vigil
mechanism to report genuine concerns in appropriate and exceptional cases;
25. approval of appointment of chief financial officer (i.e., the whole-time finance Director or any other person
heading the finance function or discharging that function) after assessing the qualifications, experience and
background, etc. of the candidate;
26. To review the follow up action on the audit observations of CAG Audit.
27. To review the follow up action taken on the recommendations of Committee on Public Undertakings
(COPU)of the Parliament.
28. Provide an open avenue of communication between the independent auditor, internal auditor and the Board
of Directors
29. The Audit Committee shall mandatorily review the following information:
a) Management discussion and analysis of financial condition and results of operations.
b) Management letters / letter of internal control weaknesses issued by the Statutory Auditors.
c) Internal audit reports relating to internal control weaknesses.
d) The appointment, removal and terms of remuneration of the Chief internal auditor shall be placed
before the Audit Committee.
e) Certification/ declaration of financial statements by the Chief Executive/ Chief Finance Officer to be
designated by the Board.
f) Statement of deviations in terms of the SEBI Listing Regulations:
i. Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted
to stock exchange(s) where the Equity Shares are proposed to be listed in terms of the SEBI Listing
Regulations;
ii. Annual statement of funds utilized for purposes other than those stated in the offer
document/prospectus/ notice in terms of the SEBI Listing Regulations
30. carrying out any other function as is mentioned in the terms of reference of the Audit Committee;
31. consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc., on the Company and its shareholders; and
32. Carrying out any other function as prescribed under the DPE Guidelines, Companies Act and Listing
Regulations, as applicable to the Company from time to time and any other function as deemed appropriate
or determined by the Board from time to time in the best interest of the Company and other stakeholders
of the Company.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee was originally constituted pursuant to a resolution passed by our
Board dated May 27, 2025. It is in compliance with Section 178 of the Companies Act and Regulation 19 of the
SEBI Listing Regulations. The current constitution of the Nomination and Remuneration Committee is as follows:
279Name of Director Position in committee Designation Category
Arun Kumar Oaron Chairman Non-Official Independent Independent Director
Director
Sanoj Kumar Jha Member Part time Official Director Non-Executive
Director
Mukesh Choudhary Member Part-time Official Director Non-Executive
Director
Its terms of reference as updated pursuant to a meeting of the Board of Directors held on May 27, 2025, are as
follows:
Terms of Reference for the Nomination and Remuneration Committee:
The Nomination and Remuneration Committee shall be responsible for, among other things, the following:
1. To identify persons who may be appointed in senior management in accordance with the criteria laid down,
recommend to the Board their appointment and removal;
2. Taking on record the appointment and removal of directors, including independent directors, by the
President of India, acting through the Ministry of Coal, Government of India;
3. Taking on record the extension, if any, of the term of the independent directors of the Company, as may
be directed by the President of India, acting through the acting through the Ministry of Coal, Government
of India; and
4. Carrying out any other function as specified by the Board as may be prescribed under the Companies Act
or DPE Guidelines, SEBI Listing Regulations and any other laws and their amendments from time to time
and taking on record the various policies, if any, promulgated by the Central Government.
Stakeholders’ Relationship Committee
The Stakeholders’ Relationship Committee was originally constituted pursuant to a resolution passed by our Board
dated May 27, 2025 and was last reconstituted pursuant to a resolution of our Board dated September 13, 2025. It
is in compliance with Section 178 of the Companies Act and Regulation 20 of the SEBI Listing Regulations. The
current constitution of the Stakeholders’ Relationship Committee is as follows:
Name of Director Position in Designation Category
committee
Sanoj Kumar Jha Chairman Part time Official Director Non-Executive Director
Arun Kumar Oaron Member Non-Official Independent Independent Director
Director
Sanjay Kumar Singh Member Director (Technical) Executive Director
Murli Krishna Member Director (Human Resources) Executive Director
Ramaiah
Its terms of reference as updated pursuant to a meeting of the Board of Directors held on May 27, 2025, are as
follows:
Terms of reference for the Stakeholders’ Relationship Committee:
i. The Stakeholders’ Relationship Committee shall consider and resolve the grievances of the security holders
of the Company including complaints related to transfer of securities, non-receipt of annual report, non-
receipt of declared dividends, etc.;
ii. Reviewing adherence to the service standards adopted by the Company in respect of various services being
rendered by the registrar and share transfer agent;
iii. Review of measures taken for effective exercise of voting rights by shareholders.
280iv. Reviewing the various measures and initiatives undertaken by the Company for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by
the shareholders of the Company; and
v. Carrying out any other function contained in the SEBI Listing Regulations, as and when amended from
time to time.
Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee was originally constituted pursuant to a resolution passed by our
Board dated May 24, 2014 and was last reconstituted pursuant to a resolution of our Board dated September 13,
2025. It is in compliance with Section 135 of the Companies Act. The current constitution of the Corporate Social
Responsibility Committee is as follows:
Name of Director Position in Designation Category
committee
Non-Official Independent Independent Director
Arun Kumar Oaron Chairman
Director
Murli Krishna Executive Director
Member Director (Human Resources)
Ramaiah
Sanjay Kumar Singh Member Director (Technical) Executive Director
Director (Technical), Executive Director
Niladri Roy Member
additional charge
Its terms of reference as updated pursuant to a meeting of the Board of Directors held on May 27, 2025, are as
follows:
Corporate Social Responsibility Committee be and is hereby authorized to perform the following functions:
(a) formulate and recommend to the Board, a “Corporate Social Responsibility Policy” which shall indicate the
activities to be undertaken by the Company in areas or subject as specified in Schedule VII of the Companies
Act, 2013, namely;
i. the list of corporate social responsibility projects or programmes that are approved to be undertaken in
areas or subjects specified in the Schedule VII of the Companies Act, 2013;
ii. the manner of execution of such projects or programmes as specified in Rule 4(1) of the Companies
(Corporate Social Responsibility Policy) Rules, 2014;
iii. the modalities of utilization of funds and implementation schedules for the projects or programmes;
iv. monitoring and reporting mechanism for the implementation of the projects or programmes; and
v. details of need and impact assessment, if any, for the projects undertaken by the company;
Risk Management Committee
The Risk Management Committee was originally constituted pursuant to a resolution passed by our Board dated
January 27, 2016 and was last reconstituted pursuant to a resolution of our Board dated September 13, 2025. It is
in compliance with Regulation 21 of the SEBI Listing Regulations. The current constitution of the Risk
Management Committee is as follows:
Name of Director Position in committee Designation Category
Non-Official Independent Independent Director
Arun Kumar Oaron Chairman
Director
Member Director (Human Executive Director
Murli Krishna Ramaiah
Resources)
Sanjay Kumar Singh Member Director (Technical) Executive Director
281Its terms of reference as updated pursuant to a meeting of the Board of Directors held on May 27, 2025, are as
follows:
Terms of Reference of Risk Management Committee
The Risk Management Committee shall have the following terms of reference:
1. To formulate a detailed risk management policy which shall include:
a) framework for identification of internal and external risks specifically faced by the Company, in
particular including financial, operational, sectorial, sustainability (particularly, environmental social and
governance related risks), information, cyber security risks or any other risk as may be determined by
the Committee.
b) Measures for risk mitigation including systems and processes for internal control of identified risks.
c) Business continuity plan.
2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks
associated with the business of the Company;
3. To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of
risk management systems
4. To periodically review the risk management policy, at least once in two years, including by considering the
changing industry dynamics and evolving complexity
5. To keep the board of directors informed about the nature and content of its discussions, recommendations and
actions to be taken
6. The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to
review by the Risk Management Committee
282Management Organization Chart
283Key Managerial Personnel
In addition to Manoj Kumar Agarwal who is our Chairman-cum-Managing Director, CEO and Director (Finance),
additional charge, Murli Krishna Ramaiah who is our Director (Human Resource), Sanjay Kumar Singh who is
our Director (Technical) and Niladri Roy who is our Director (Technical), additional charge, whose details have
been provided under the section titled “Our Management – Brief biographies of Directors” on page 270, the
details of our other Key Managerial Personnel as on the date of this Prospectus, are as follows:
Satya Raju Masapogu is the Chief Financial Officer of our Company since September 13, 2025. He has been
associated with our Company since August 28, 2025. He holds a bachelor’s degree in commerce from Sri
Venkateswara University and a master’s degree in business administration from Sri Krishnadebaraga University.
Prior to joining our Company, he was associated with Northern Coalfields Limited and Western Coalfields
Limited. Since he joined the Company post Fiscal 2025, he did not receive any remuneration in Fiscal 2025.
Bani Kumar Parui is the Company Secretary and Compliance Officer of our Company. He has been associated
with our Company since 1996. He holds a bachelor’s degree in commerce from the University of Calcutta, a
degree in law from Binod Bihari Mahto Koyalanchal University and has also passed the final examination of the
Institute of Cost and Works Accountants of India. He is a fellow of the Institute of Company Secretaries of India.
He is also conferred with the designation of Chartered Financial Analyst from the Institute of Chartered Financial
Analysts of India University, Tripura. Further, he also holds a degree of master of science (finance) from the
ICFAI University, Dehradun. Prior to joining our Company, he was associated with Sagar Gramin Bank. During
the Fiscal 2025, he was paid a total remuneration of ₹ 6.49 million.
Senior Management
In addition to Chief Financial Officer and Company Secretary and Compliance Officer of our Company, whose
details are provided in “– Key Managerial Personnel” on page 284 the details of our other Senior Management
are set out below:
Dhanraj Akhare is the General Manager (Mining/Co-ordination/Chief Risk Officer) of our Company. He has
been associated with our Company since 2021. He holds a bachelor’s degree in engineering (mining) from Nagpur
University and also, he is a holder of manager’s first class certificate of competency to manage a coal mine. Prior
to joining our Company, he was associated with Western Coalfields Limited and South Eastern Coalfields
Limited. During the Fiscal 2025, he was paid a total remuneration of ₹ 7.26 million.
Niraj Kumar is the General Manager (Mining/ Project & Planning) of our Company. He has been associated
with our Company since 2015. He holds a bachelor’s degree in technology (mining engineering) from Indian
School of Mines and a master’s degree in business administration from Sikkim Manipal University and also, he
is a holder of manager’s first class certificate of competency to manage a coal mine. Prior to joining our Company,
he was associated with Coal India Limited. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.95
million.
Rajiv Chopra is the General Manager (Mining/ Jharia Master Plan) of our Company. He has been associated
with our Company since 2023. He holds a bachelor’s degree in engineering (mining) from Sambalpur University
and also, he is a holder of manager’s first class certificate of competency to manage a coal mine. Prior to joining
our Company, he was associated with Northern Coalfields Limited. During the Fiscal 2025, he was paid a total
remuneration of ₹ 7.33 million.
Arvind Kumar Sinha is the General Manager (Mining/ Contract Management Cell) and additional charge of
General Manager (Mining/ Estate) of our Company. He has been associated with our Company since 1994. He
holds a bachelor’s degree in engineering (mining) from Nagpur University and also, is a holder of manager’s first
class certificate of competency to manage a coal mine. During the Fiscal 2025, he was paid a total remuneration
of ₹ 6.51 million.
Rajeev Ranjan Karan is the General Manager (E&M)/(E&T/IT initiatives) of our Company. He has been
associated with our Company since 2005. He holds a bachelor’s degree in science (electrical) from M.I.T.
Muzaffarpur. Prior to joining our Company, he was associated with South Eastern Coalfields Limited. During the
Fiscal 2025, he was paid a total remuneration of ₹ 7.39 million.
284Anand Kumar Dubey is the General Manager (Excavation) of our Company. He has been associated with our
Company since 2013. He holds a bachelor’s degree in technology (mining machinery) from Indian School of
Mines. Prior to joining our Company, he was associated with Eastern Coalfields Limited. During the Fiscal 2025,
he was paid a total remuneration of ₹ 7.57 million.
Satyendra Kumar is the General Manager (Excavation/Vigilance) of our Company. He has been associated with
our Company since 2017. He holds a bachelor’s degree in technology (production engineering) from Bihar
Institute of Technology. Prior to joining our Company, he was associated with Central Coalfields Limited. During
the Fiscal 2025, he was paid a total remuneration of ₹ 7.29 million.
Nirjhar Chakraborty is the General Manager (Mining/ Sijua Area) of our Company. He has been associated
with our Company since 1994. He holds a bachelor’s degree in engineering (mining) from Nagpur University and
also, he is a holder of manager’s first class certificate of competency to manage a coal mine. Prior to joining our
Company, he was associated with Eastern Coalfields Limited. During the Fiscal 2025, he was paid a total
remuneration of ₹ 6.59 million.
Punam Dubey is the Chief of Medical Services (CMS) of our Company. She has been associated with our
Company since 1998. She holds a bachelor’s degree in medicine and bachelor’s degree in surgery from Magadh
University, Bodh-Gaya. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.14 million.
Parthaasis Ram is the General Manager (Material Management, Purchase) of our Company. He has been
associated with our Company since 2020. He holds a bachelor’s degree in mechanical engineering from Jadavpur
University and has also passed the post-graduate certificate programme in general management from Indian
Institute of Management, Calcutta. Prior to joining our Company, he was associated with Coal India Limited and
Eastern Coalfields Limited. During the Fiscal 2025, he was paid a total remuneration of ₹ 7.85 million.
Md Hafizul Quraishi is the General Manager (Bastacolla) of our Company. He has been associated with our
Company since 1993. He holds a bachelor’s degree in technology (mining) from Indian School of Mines,
Dhanbad. He is also a holder of manager’s first class certificate of competency to manage a coal mine During the
Fiscal 2025, he was paid a total remuneration of ₹ 6.32 million.
Hitesh Varma is the General Manager (Marketing & Sales) of our Company. He has been associated with our
Company since 2021.He holds a bachelor’s degree in science from Ranchi University and a master’s degree in
business administration (marketing management) from Birla Institute of Technology. Prior to joining our
Company, he was associated with Central Coalfields Limited. During the Fiscal 2025, he was paid a total
remuneration of ₹ 7.36 million.
Durga Prasad Mishra is the General Manager (System) of our Company. He has been associated with our
Company since 1995. He holds a bachelor’s degree in engineering (mechanical) from Indira Gandhi Institute of
Technology. Prior to joining our Company, he was associated with Mahanadi Coalfields Limited. During the
Fiscal 2025, he was paid a total remuneration of ₹ 6.90 million.
Lalit Kumar Sinha is the General Manager (System) of our Company. He has been associated with our Company
since 1995. He holds a bachelor’s degree in science (electrical engineering) from Regional Institute of
Technology, Jamshedpur. Prior to joining our Company, he was associated with South Eastern Coalfields Limited.
During the Fiscal 2025, he was paid a total remuneration of ₹ 7.28 million.
Surendra Bhushan is the Chief Manager (Human Resource)/ Head of Department (CSR & IR) of our Company.
He has been associated with our Company since 1994. He holds a bachelor’s degree in arts from Patna University
and a master’s degree in arts from Patna University. During the Fiscal 2025, he was paid a total remuneration of
₹ 6.02 million.
Kumar Sharat Sinha is the Chief Manager (Human Resource)/ Head of Department (Legal) of our Company.
He has been associated with our Company since 1995. He holds a bachelor’s degree in law, a degree of master of
arts in labour and social welfare, and bachelor of law and doctor of philosophy in social sciences from Patna
University. During the Fiscal 2025, he was paid a total remuneration of ₹ 5.92 million.
M Sohel Iqbal is the General Manager (Coal Processing)/ General Manager (Ws) & additional charge of General
Manager (WCD) of our Company. He has been associated with our Company since 1996. He holds a bachelor’s
285degree of technology in mineral engineering from Indian School of Mines. During the Fiscal 2025, he was paid a
total remuneration of ₹ 6.33 million.
Kamal Kishore Jha is the General Manager (Mining/Block-E) of our Company. He has been associated with our
Company since 2024. He holds a bachelor’s degree in engineering (mining) from Indian School of Mines and
also, is a holder of manager’s first class certificate of competency to manage a coal. Prior to joining our Company,
he was associated with Central Mine Planning & Design Institute Limited and Central Coalfields Limited. During
the Fiscal 2025, he was paid a total remuneration of ₹ 7.19 million.
Raj Kumar is the General Manager (Mining/Quality Control) of our Company. He has been associated with our
Company since 2024. He holds a degree of bachelor of science (engineering) in mining from Bihar Institute of
Technology and also, is a holder of manager’s first class certificate of competency to manage a coal. Prior to
joining our Company, he was associated with Mahanadi Coalfields Limited and Eastern Coalfields Limited During
the Fiscal 2025, he was paid a total remuneration of ₹ 6.74 million.
Sudhakar Prasad is the General Manager (Mining/Katras Area) of our Company. He has been associated with
our Company since 2021. He holds a degree of bachelor of technology (mining engineering) from Indian School
of Mines and an executive diploma in project management from International Institute of Projects and Program
Management and is a holder of manager’s first class certificate of competency to manage a coal. Prior to joining
our Company, he was associated with Eastern Coal Fields Limited. During the Fiscal 2025, he was paid a total
remuneration of ₹ 7.27 million.
Vijaya Kumar Veemula is the General Manager (Mining / Govindpur in addition to PO, Maheshpur) of our
Company. He has been associated with our Company since 2021. He has passed his examination in bachelor of
engineering in mining engineering from Nagpur University. He also holds a manager’s first class certificate of
competency to manage a coal mine. Prior to joining our Company, he was associated with Western Coalfields
Limited. During Fiscal 2025, he was paid a total remuneration of ₹ 8.23 million.
Anil Kumar Sinha is the General Manager (Mining/Lodna Area) of our Company. He has been associated with
our Company since 2024. He holds a degree of bachelor of engineering (mining) from Nagpur University and also
is a holder of manager’s first class certificate of competency to manage a coal. Prior to joining our Company, he
was associated with Eastern Coalfields Limited. During the Fiscal 2025, he was paid a total remuneration of ₹
6.08 million.
Anup Kumar Roy is the General Manager (Mining/ Human Resource Development) of our Company. He has
been associated with our Company since 2021.He has passed sections A and B of the institute examinations in
mining engineering branch conducted by The Institution of Engineers (India) and also is a holder of manager’s
first class certificate of competency to manage a coal. Prior to joining our Company, he was associated with South
Eastern Coalfields Limited and Eastern Coalfield Limited and Western Coalfield Limited During the Fiscal 2025,
he was paid a total remuneration of ₹ 7.90 million.
Shashi Bhushan Kumar is the General Manager (Mining/CV Area) of our Company. He has been associated
with our Company since 2021. He holds a degree of bachelor of science engineering (mining) from Bihar Institute
of Technology and also, is a holder of manager’s first class certificate of competency to manage a coal. Prior to
joining our Company, he was associated with Northern Coalfields Limited and Central Coalfields Limited. During
the Fiscal 2025, he was paid a total remuneration of ₹ 7.85 million.
Arindam Mustafi is the General Manager (Mining/W.J. Area) of our Company. He has been associated with our
Company since 1994. He holds a degree of bachelor of engineering (mining engineering) from Bengal
Engineering College and also, is a holder of manager’s first class certificate of competency to manage a coal.
During the Fiscal 2025, he was paid a total remuneration of ₹ 6.77 million.
Mayuresh Ranjan Srivastava is the General Manager (Mining / Security) of our Company. He has been
associated with our Company since 1993. He holds a bachelor of engineering in mining engineering degree from
Nagpur University and a master of business administration from the Indira Gandhi National Open University,
New Delhi. He also holds a manager’s first class certificate of competency to manage a coal mine. Prior to joining
our Company, he was associated with South Eastern Coalfields Limited. During Fiscal 2025, he was paid a total
remuneration of ₹ 6.84 million.
286Nikhil B Trivedi is the General Manager (Mining/ Kasunda Area) of our Company. He has been associated with
our Company since 2001. He holds a degree of bachelor of engineering (mining engineering) from Nagpur
University and also, is a holder of manager’s first class certificate of competency to manage a coal. Prior to joining
our Company, he was associated with South Eastern Coalfields Limited. During the Fiscal 2025, he was paid a
total remuneration of ₹ 6.63 million.
Sweta Singh is the Manager (Finance)/Head of Department (Internal Audit) of our Company. She has been
associated with our Company since 2012. She holds a bachelor degree in commerce from Jamshedpur Women's
College and passed the final examination conducted by the Institute of Cost Accountants of India. She is a member
of Institute of Cost Accountants of India. During the Fiscal 2025, he was paid a total remuneration of ₹ 2.47
million.
Arpan Ghosh is the General Manager(Human Resource/ Administration) of our Company. He has been
associated with our Company since September 1, 2025. He holds a diploma in industrial relations and personnel
management from Bharatiya Vidhya Bhavan’s Rajendra Prasad Institute of Communication and Management,
Mumbai. He was associated with Eastern Coalfields Limited prior to joining our Company. Since he joined the
Company post Fiscal 2025, he did not receive any remuneration in Fiscal 2025.
Avrendra Kumar is the General Manager(Mining/ Head of Department (Environment) of our Company. He has
been associated with our Company since 2007. He holds a bachelor’s degree in technology (mining engineering)
from Indian School of Mines, Dhanbad. He also holds a post graduate diploma in marketing management from
Indira Gandhi National Open University, New Delhi and is also a holder of manager’s first class certificate of
competency to manage a coal mine. He was associated with Eastern Coalfields Limited prior to joining our
Company. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.11 million.
Kishore Kumar Singh is the General Manager(Mining/ Barora Area) of our Company. He has been associated
with our Company since 1995. He holds a bachelor’s degree in technology (mining engineering) from Indian
School of Mines, Dhanbad. He holds a manager’s first class certificate of competency to manage a coal mine.
During the Fiscal 2025, he was paid a total remuneration of ₹ 5.96 million.
Kumar Ranjeev is the General Manager(Mining/ General Manager, Block-II Area) of our Company. He has been
associated with our Company since 1994. He holds a bachelor’s degree in technology (mining engineering) from
Indian School of Mines, Dhanbad. He holds a manager’s first class certificate of competency to manage a coal
mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.61 million.
Rakesh Behari Roy is the General Manager (Mining/ Industrial Engineering Department) of our Company. He
has been associated with our Company since 1992. He holds a bachelor’s degree in science (mining engineering)
from Bihar Institute of Technology, Sindri. He also holds a master’s degree in technology (opencast mining) from
Indian School of Mines, Dhanbad. He also holds of manager’s first class certificate of competency to manage a
coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 7.51 million.
Sanjay Kumar Singh is the General Manager (Mining/ Safety & Rescue) of our Company. He has been
associated with our Company since 1995. He has passed sections A and B of the institute examinations in mining
engineering branch conducted by The Institution of Engineers (India). He holds a manager’s first class certificate
of competency to manage a coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.64 million
in Fiscal 2025.
Sanjay Kumar is the General Manager (Mining/Geology/Research & Development and New Initiatives) of our
Company. He has been associated with our Company since 1994. He holds a bachelor’s degree in engineering
(mining engineering) from Nagpur University. He also holds of manager’s first class certificate of competency to
manage a coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.44 million.
Ganesh Chandra Saha is the General Manager (Mining/PB Area) of our Company. He has been associated with
our Company since 2019. He holds a degree of bachelor of engineering (mining engineering) from University of
Calcutta and also, is a holder of manager’sfirst-classs certificate of competency to manage a coal. Prior to joining
our Company, he was associated with Central Coalfields Limited. During the Fiscal 2025, he was paid a total
remuneration of ₹7.39 million.
Sanjay Kumar Agarwal is the General Manager (Mining/ Civil-Industrial/ Civil-Welfare, additional charge) of
our Company. He has been associated with our Company since 1993. He holds a bachelor degree in engineering
287(mining) from Indian School of Mines. He also holds manager’s first class certificate of competency to manage a
coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 6.88 million.
Tuneshwar Paswan is the General Manager (Mining/ Eastern Jharia Area) of our Company. He has been
associated with our Company since 1995. He holds a bachelor’s degree in science (mining engineering) from
Bihar Institute of Technology, Sindri. He also holds of manager’s first class certificate of competency to manage
a coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 5.82 million.
Gopal Krishna Mehata is the General Manager (Mining/Underground & Siding) of our Company. He has been
associated with our Company since 1995. He holds a Diploma in Mining and Mine Surveying from Mining
Institute Dhanbad. He also holds a Mining Engineering degree from the Institution of Engineers (India). He also
holds an MBA degree from IIT(ISM) Dhanbad. He holds a manager’s first class certificate of competency to
manage a coal mine. During the Fiscal 2025, he was paid a total remuneration of ₹ 7.25 million.
Relationships among Key Managerial Personnel and Senior Management
None of the Key Managerial Personnel or Senior Management are related to each other.
Status of the Key Managerial Personnel and Senior Management
Each of our Key Managerial Personnel and Senior Management have been appointed by Coal India Limited.
Shareholding of Key Managerial Personnel and Senior Management
Except as disclosed in “Our Management - Shareholding of Directors in our Company” on page 273, none of our
Key Managerial Personnel or Senior Management hold any Equity Shares as on the date of thisProspectus.
Bonus or profit-sharing plan of the Key Managerial Personnel and Senior Management
None of our Key Managerial Personnel or members of Senior Management are party to any bonus or profit-sharing
plan of our Company other than the performance related pay.
Arrangement or understanding with major Shareholders, customers, suppliers, or others
Except as stated below, there are no arrangement or understanding with the major Shareholders, customers,
suppliers, or others, pursuant to which any Key Managerial Personnel or Senior Management was selected as a
Key Managerial Personnel or Senior Management.
Each of our Key Managerial Personnel and Senior Management have been appointed by Coal India Limited.
Contingent and deferred compensation payable to Key Managerial Personnel or Senior Management
There is no contingent or deferred compensation payable to Key Managerial Personnel or Senior Management.
Payment or benefit to officers of our Company (non-salary related)
No amount or benefit has been paid or given within the preceding two years or is intended to be paid or given to
any officers of our Company, including our Key Managerial Personnel and Senior Management, other than normal
remuneration, for services rendered as officers of our Company or dividend that may be payable in their capacity
as Shareholders.
Service contracts with Key Managerial Personnel and Senior Management
Other than statutory benefits upon termination of their employment in our Company on retirement, none of our
Key Managerial Personnel or Senior Management have entered into a service contract with our Company pursuant
to which they are entitled to any benefits upon termination of employment.
Interest of Key Managerial Personnel and Senior Management
288Other than as disclosed in “-Interest of Directors” and “-Payment or benefit to Key Managerial Personnel and
Senior Management of our Company (non-salary related)” above, the Key Managerial Personnel and Senior
Management of our Company do not have any interest in our Company other than to the extent of the remuneration
or benefits to which they are entitled to as per their terms of appointment and reimbursement of expenses incurred
by them during the ordinary course of their service.
Changes in the Key Managerial Personnel and Senior Management
Except as stated below, and other than as disclosed under “– Changes in the Board in the last three years” on page
275, there have been no changes in the Key Managerial Personnel and Senior Management in the last three years:
Name Designation Date of change Reason for change
Key Managerial Personnel
Satya Raju Chief Financial Officer September 13, 2025 Appointment
Masapogu
Manoj Kumar Chairman-cum-Managing Director, CEO September 1, 2025 Change of designation
Agarwal and Director (Finance), additional charge
Senior Management
Sanjay Kumar General Manager (Mining/ Civil- January 9, 2026 Change in designation
Agarwal Industrial/ Civil-Welfare, additional
charge)
Suman Kumar General Manager (Civil/ Welfare) January 8, 2026 Transferred
Ganesh Chandra General Manager (Mining/PB Area) January 7, 2026 Change in designation
Saha
Ganesh Chandra General Manager (Mining/PB Area) January 5, 2026 Revocation of suspension
Saha
Mayuresh Ranjan General Manager (Mining / Security) January 3, 2026 Transferred and Posted
Srivastava
Vijaya Kumar General Manager (Mining / Govindpur in January 3, 2026 Transferred and Posted
Veemula addition to PO, Maheshpur)
Md Hafizul Quraishi General Manager (Bastacolla) January 3, 2026 Transferred and Posted
Piyush Kishore General Manager (Mining/ Govindpur January 3, 2026 Transferred
Area)
Pranab Das General Manager (Mining/ Bastacolla January 3, 2026 Transferred
Area)
Arvind Kumar Sinha General Manager (Mining/ Contract January 1,2026 Change in designation
Management Cell) and General Manager
(Mining/ Estate)
Nandlal Agarwal General Manager (Mining/ Estate) December 31, 2025 Superannuation
Ganesh Chandra General Manager (Mining/PB Area) December 5, 2025 Suspension
Saha
Gopal Krishna General Manager (Mining/Underground November 14, 2025 Appointment
Mehta & Siding)
Rajiv Chopra General Manager (Mining/ Jharia Master June 10, 2025 Change in designation
Plan)
Rajeev Rajan Karan General Manager (E&M)/(E&T/IT June 30, 2025 Change in designation
initiatives)
Md Hafizul Quraishi General Manager (Mining)/additional August 30, 2025 Change in designation
charge of Head of Department (CTP)
Surendra Bhushan Chief Manager (Human Resource/ November 21, 2025 Change in designation
Administration)/Head of
Department(CSR)
Ganesh Chandra General Manager (Mining/PB Area) October 24, 2025 Change in designation
Saha
M. Sohel Iqbal General Manager (Coal Processing)/ March 4, 2025 Change in designation
General Manager (Ws) & additional
charge of General Manager (WCD)
Raj Kumar General Manager (Mining/Quality October 24, 2025 Change in designation
Control)
Sudhakar Prasad General Manager (Mining/Katras Area) October 24, 2025 Change in designation
Piyush Kishore General Manager (Mining/Govindpur October 24, 2025 Change in designation
Area)
Anil Kumar Sinha General Manager (Mining/Lodna Area) October 24, 2025 Change in designation
289Name Designation Date of change Reason for change
Pranab Das General Manager (Mining/ Bastacolla October 24, 2025 Change in designation
Area)
Nikhil B Trivedi General Manager (Mining/ Kasunda October 24, 2025 Change in designation
Area)
Sanjay Kumar General Manager October 7, 2025 Change in designation
(Mining/Geology/Research &
Development and New Initiatives)
Sanjay Kumar Singh General Manager(Mining/Safety & November 30, 2025 Appointment
Rescue)
Rakesh Behari Roy General Manager(Mining/ Industrial May 31, 2025 Appointment
Engineering Department)
Sanjay Kumar General Manager(Mining/ Geology, October 24, 2025 Change in designation
Underground & Siding)
Avrendra Kumar General Manager(Mining/ Environment) June 10, 2025 Appointment
Suman Kumar General Manager(Civil/ Welfare) November 17, 2025 Appointment
Arpan Ghosh General Manager(Human Resource/ October 4, 2025 Appointment
Administration)
Kumar Ranjeev General Manager(Mining/ Block-II Area) August 9, 2025 Appointment
Kishore Kumar General Manager(Mining/ Barora Area) October 24, 2025 Appointment
Singh
Tuneshwar Paswan General Manager(Mining/ EJ Area) October 24, 2025 Appointment
Sanjay Kumar General Manager (Mining/ Underground November 21, 2025 Transferred
Agarwal & Siding /Research & Development /New
initiatives/Geology)
Arun Kumar General Manager (Mining/Safety & November 30, 2025 Superannuation
Rescue)
Dharmendra Mittal General Manager (Mining/ Industrial October 31, 2025 Superannuation
Engineering Department)
Satish Kumar Singh General Manager (Mining/ Quality August 25, 2025 Transferred
Control)
Ful Jha General Manager (Mining/ Jharia Master June 10, 2025 Transferred
Plan)
Ashok Kumar General Manager (Civil/Welfare) October 31, 2025 Superannuation
Manoj Kumar General Manager (Finance) September 30, 2025 Superannuation
Verma
S Tripathy General Manager (Material Management, August 19, 2025 Relinquishment of charge
Store)
Sunil Kumar General Manager (Human August 31, 2025 Superannuation
Resource/Central Transportation Pool)
Kumar Manoj General Manager (Human Resource/ November 21, 2025 Transferred
Corporate Social Responsibility)
Tushar Singh General Manager (Electronics & June 30, 2025 Superannuation
Telecommunication and Information
Technology Initiatives)
Udayvir Singh Manager (Rajbhasha/ Head of July 21, 2025 Transferred
Department (Public Relation Office)
Jitendra Sathria General Manager (Mining/ PB Area) May 31, 2025 Superannuation
Mahapatra
Jayesh Chandra Rai General Manager (Mining/EJ Area) September 30, 2025 Superannuation
Nand Kishore Bharti General Manager (Mining/ Contract December 31, 2024 Superannuation
Management Cell)
Ashok Kumar General Manager (Civil/ Welfare) December 06, 2024 Appointment
R K Krishna Chief of Medical Services (CMS) November 30, 2024 Superannuation
Chitranjan Kumar General Manager (Mining/ QC) November 20, 2024 Transferred
Lalit Kumar Sinha General Manager (System/ Enterprise October 25, 2024 Change in Designation
Resource Planning (ERP))
Partha Sarkar General Manager (Mining/ Industrial August 31, 2024 Superannuation
Engineering Department)
Anand Kumar General Manager (MM/ Security) August 29, 2024 Change of Designation
Arvind Kumar Sinha General Manager (Mining/ Contract August 29, 2024 Change of Designation
Management Cell)
D P Mishra General Manager (System) August 29, 2024 Change of Designation
Punam Dubey Chief of Medical Services (CMS) August 29, 2024 Change of Designation
290Name Designation Date of change Reason for change
Kumar Manoj General Manager (Human Resource/ August 29, 2024 Change in Designation
Corporate Social Responsibility)
Manoj Kumar General Manager (Finance) August 29, 2024 Change in Designation
Verma
Md Hafizul Quraishi General Manager (Mining/ Security) August 29, 2024 Change in Designation
Nikhil B Trivedi General Manager (Mining/ EJ Area) August 29, 2024 Change in Designation
Sunil Kumar General Manager (Human Resource/ August 29, 2024 Change in Designation
Central Transportation Pool)
Anil Kumar Sinha General Manager (Mining/ Bastacolla August 9, 2024 Appointment
Area)
D K Behera General Manager (Human Resource) August 01, 2024 Transferred
Raj Kumar General Manager (Mining/ Katras Area) July 19, 2024 Appointment
Ashok Kumar General Manager (Civil/ Welfare) July 01, 2024 Change in Designation
Abhijit Pal Chief Manager (System) April 30, 2024 Superannuation
Maya Shankar General Manager (E&M) April 30, 2024 Superannuation
Pandey
S S Das General Manager (Mining/ EJ Area) April 30, 2024 Superannuation
R C Modi General Manager (Mining/ Washery March 31, 2024 Superannuation
Division/ Washery Construction
Division)
Bikram Ghosh General Manager (Finance) March 26, 2024 Transferred
Manish Mishra Chief Manager (HR/ Security) February 15, 2024 Appointment
Manish Mishra Chief Manager (Human Resource/ February 15, 2024 Appointment
Central Transportation Pool)
Kamal Kishor Jha General Manager (Civil/ Welfare) February 01, 2024 Appointment
Birendra Kumar General Manager (Mining/ Lodna Area) January 31, 2024 Superannuation
Sinha
Ratan Kumar Jha General Manager (E&M) January 31, 2024 Superannuation
V K Goel General Manager (Mining/ Kusunda January 31, 2024 Superannuation
Area)
Pranab Kumar General Manager (Mining/ CV Area) October 31, 2023 Superannuation
Mishra
P K Dubey General Manager (Mining/Safety & September 30, 2023 Superannuation
Rescue)
P.N Sharma General Manager (Excavation) September 30, 2023 Superannuation
Soumitra Roy General Manager (E&M) August 31, 2023 Superannuation
B S Ghosh General Manager (Civil/ Welfare) July 31, 2023 Superannuation
Sunil Nigam General Manager (Mining/ Co-ordination/ June 30, 2023 Superannuation
Chief Risk Officer)
S Tripathy General Manager (Material Management) June 26, 2023 Appointment
U B Singh General Manager (Marketing & Sales) June 25, 2023 Transferred
Ful Jha General Manager (Mining/ Jharia Master May 29, 2023 Appointment
Plan)
Rajiv Chopra General Manager (Mining/ Environment) May 29, 2023 Appointment
Arindam Mustafi General Manager (Mining/ WJ Area) May 22, 2023 Change of Designation
Bikram Ghosh General Manager (Finance) May 22, 2023 Change of Designation
Hitesh Verma General Manager (Marketing & Sales) May 22, 2023 Change in Designation
Kumar Ranjeev General Manager (Mining/ Environment) May 22, 2023 Change in Designation
M Sohel Iqbal General Manager (Coal Preparation/ May 22, 2023 Change in Designation
Washery Division/ Washery Construction
Division)
Nandlal Agrawal General Manager (Mining/ Estate) May 22, 2023 Change in Designation
Niraj Kumar General Manager (Mining/ Project & May 22, 2023 Change in Designation
Planning)
Nirjhar Chakraborty General Manager (Mining/ Sijua Area) May 22, 2023 Change in Designation
Pranab Das General Manager (Mining/ Kusunda May 22, 2023 Change in Designation
Area)
Rajeev Ranjan General Manager (E&M) May 22, 2023 Change in Designation
Karan
Sanjay Kumar General Manager (Mining/ Underground May 22, 2023 Change in Designation
Agarwal & Siding/Research &
Development/Geology)
Rakesh Kumar Chief Manager (Finance) April 14, 2023 Change in Designation
Sahay
291Name Designation Date of change Reason for change
D K Mishra General Manager (Mining/ Human February 28, 2023 Superannuation under VRS
Resource Department) Scheme
S O Prasad Chief Manager (Finance)/ HOD(IAD) January 31, 2023 Superannuation
Satyendra Kumar General Manager (Coal Preparation/ January 31, 2023 Superannuation
Washery Division/ Washery Construction
Division)
Souman Chatterjee General Manager (Mining/ Bastacolla January 31, 2023 Superannuation
Area)
Jayesh Chandra Rai General Manager (Mining/ Human January 04, 2023 Appointment
Resource Department)
The rate of attrition of our Key Managerial Personnel and Senior Management is not high in comparison to the
industry in which we operate.
Other confirmations
There is no conflict of interest between the suppliers of raw materials and third-party service providers (which are
crucial for operations of our Company) and our Key Managerial Personnel and Senior Management.
There is no conflict of interest between the lessors of the immovable properties (which are crucial for operations
of our Company) and our Key Managerial Personnel and Senior Management.
Employee stock option schemes
Our Company does not have any employee stock option scheme.
292OUR PROMOTERS AND PROMOTER GROUP
Our Promoters:
The Promoters of our Company are the President of India, acting through the Ministry of Coal, Government of
India and Coal India Limited.
As on date of this Prospectus, our Promoters’ shareholding in our Company is as follows:
Sr. Name of the Promoter Number of Equity Shares Percentage of the pre-Offer issued,
No. subscribed and paid-up Equity Share
capital (%)
1. Coal India Limited 4,657,000,000* 100.00%
* Includes 600 Equity Shares held by Rajesh Kumar, Mukesh Choudhary, Polavarapu Mallikharjuna Prasad, Murli Krishna Ramaiah, Sanjay
Kumar Singh and Manoj Kumar Agarwal jointly with Coal India Limited in the capacity of nominee shareholders of Coal India Limited.
For further details on shareholding of our Promoter in our Company, see “Capital Structure - Shareholding of our
Promoters and Promoter Group”, on page 113.
Details of our Promoters
Individual Promoter
President of India, acting through the Ministry of Coal
Our individual Promoter is the President of India acting through the Ministry of Coal, Government of India. As
our individual Promoter is the President of India, acting through the Ministry of Coal, Government of India,
disclosures and confirmations in relation to the Promoter Group (as defined in Regulation 2(1)(pp) of the SEBI
ICDR Regulations) with respect to the President of India, acting through the Ministry of Coal, Government of
India have not been provided in this Prospectus.
Corporate Promoter
Coal India Limited
Coal India Limited was originally incorporated as a private limited company with the name of ‘Coal Mines
Authority Limited’, under the Companies Act, 1956 on June 14, 1973 and received a certification of incorporation
dated October 21, 1975 from Registrar of Companies, West Bengal. Subsequently, pursuant to a shareholder’s
resolution dated October 15, 1975 and approval of the Ministry of Law, Justice and Company Affairs, the name
of Coal India Limited was changed to ‘Coal India Limited’ and received a fresh certificate of incorporation
consequent upon change of name dated October 21, 1975 from the Registrar of Companies, West Bengal.
Thereafter, pursuant to a resolution passed by the shareholders dated February 16, 2010 and approval of the
Ministry of Coal, Government of India, Coal India Limited was converted into a public limited company with
effect from February 24, 2010.
The registered office of Coal India Limited is situated at Coal Bhawan, Premises No-04 MAR, Plot No-AF-III,
Action Area-1A, Newton, Rajarhat, Kolkata – 700156.
Coal India Limited is a “Maharatna” central public sector enterprise whose promoter is the President of India,
acting through the Ministry of Coal, Government of India. Coal India Limited is a listed company, having its
equity shares listed on BSE and NSE and is engaged in the business of production and marketing of coal and coal
products. There have been no changes to the primary business activities undertaken by Coal India Limited.
Board of Directors
As of the date of this Prospectus, the board of directors of Coal India Limited comprises:
Sr No. Name of the Director Designation
1. B Sairam Chairman-cum-Managing Director
2. Rupinder Brar Government Nominee Director (Non-Executive Director)
2933. Ashim Kumar Modi Government Nominee Director (Non-Executive Director)
4. Vinay Ranjan Director (Human Resources)
5. Mukesh Choudhary Director (Marketing)
6. Mukesh Agrawal Director (Finance)
7. Achyut Ghatak Director (Technical)
8. Asheesh Kumar Director (Business Development)
9. Ghanshyam Singh Rathore Independent Director
10. Mamta Palariya Independent Director
11. Kamesh Kant Acharya Independent Director
12. Bhojarajan Rajesh Chander Independent Director
13. Punambhai Kalabhai Makwana Independent Director
14. Satyabrata Panda Independent Director
294Shareholding Pattern
The shareholding pattern of Coal India Limited as of December 31, 2025, is as follows:
Shareholding, Number of
as a % Number of Equity
Shareholding
No. of assuming full Locked in Shares
as a % of Number of Voting Rights held in each class of
No. of Equity conversion of Equity pledged or
No. of total no. of securities (IX)
Partly Total no. of Shares convertible Shares otherwise Number of
No. of fully Equity Equity
paid- Equity Underlying securities (as (XII) encumbered Equity Shares
Category Category of Nos. of paid-up Shares Shares
up Shares held Outstanding a percentage (XIII) held in
(I) shareholder shareholders Equity underlying (calculated
Equity (VII) = No of Voting Rights convertible of diluted As a dematerialized
(II) (III) Shares held Depository as per As a %
Shares (IV)+(V)+ securities Equity Share % of form
(IV) Receipts SCRR, 1957) of total
held (VI) (including capital) total (XIV)
(VI) (VIII) As a Total as No. No. Equity
(V) Class: Class: Warrants) (XI)= Equity
% of Total a % of (a) (a) Shares
Equity Others (X) (VII)+(X) Shares
(A+B+C2) (A+B+C) held
As a % of held
(b)
(A+B+C2) (b)
Promoter 1 3,890,735,938 - - 3,890,735,938 63.13 3,890,735,938 - 3,890,735,938 63.13 - 63.13 - - - - 3,890,735,938
and
(A)
Promoter
Group
(B) Public 2,795,662 2,271,992,389 - - 2,271,992,389 36.87 2,271,992,389 - 2,271,992,389 36.87 - 36.87 - - - - 2,271,989,890
Non - - - - - - - - - - - - - - - - -
(C) Promoter-
Non Public
Shares - - - - - - - - - - - - - - - - -
(C1) underlying
DRs
Shares held - - - - - - - - - - - - - - - - -
by
(C2)
Employee
Trusts
Total 2,795,663 6,162,728,327 - - 6,162,728,327 100.00 6,162,728,327 - 6,162,728,327 100.00 - 100.00 - - - - 6,162,725,828
295Details of change in control of CIL
The President of India, acting through the Ministry of Coal, Government of India is the promoter of Coal India
Limited, holding 63.13% of its equity share capital. There has been no change in the control of Coal India Limited
during the last three years preceding the date of this Prospectus.
Our Company confirms that the permanent account number, bank account number, corporate identification
number of our Corporate Promoter along with the address of the registrar of companies where our Corporate
Promoter is registered, shall be submitted to the Stock Exchanges at the time of filing this Prospectus.
Promoter of Coal India Limited
President of India acting through Ministry of Coal is the promoter of Coal India Limited.
Change in control of our Company
There has been no change in the control of our Company during the last five years preceding the date of this
Prospectus. Pursuant to a resolution passed by the Board of Directors dated May 27, 2025, the President of India,
acting through the Ministry of Coal, Government of India and Coal India Limited have been identified as the
Promoter
Interests of our Promoters
Our Corporate Promoter is interested in our Company to the extent that it has (i) promoted our Company, (ii) to
the extent of its shareholding in our Company, directly and indirectly, (iii) the dividends payable, if any, (iv) has
undertaken transactions with our Company, or entities in which our Corporate Promoter holds equity shares, and
any other distributions in respect of the Equity Shares held by it in our Company. For details of the shareholding
of our Promoter in our Company, see “Capital Structure - Build-up of the shareholding of our Promoters in our
Company”, on page 111.
Our Corporate Promoter is not interested in any property acquired by our Company during the three years
immediately preceding the date of this Prospectus or proposed to be acquired by our Company, or in any
transaction by our Company for acquisition of land, construction of building or supply of machinery.
Our Corporate Promoter is not interested as a member in any firm or company which has any interest in our
Company. Our Corporate Promoter is not interested as members of a firm or company, and no sum has been paid,
or agreed to be paid to our Corporate Promoter or to such firms or companies in which our Corporate Promoter is
interested as member in cash or shares by any person either to induce them to become, or to help them qualify as
a Director, or otherwise, for services rendered by our Corporate Promoter or by such firms or companies in
connection with the promotion or formation of our Company.
Other than as disclosed in the sections titled “Our Promoters and Promoter Group - Entities forming part of the
Promoter Group” on page 297, our Corporate Promoter does not have any interest in any venture that is involved
in any activities similar to those conducted by our Company. Our Company will adopt the necessary procedures
and practices as permitted by law to address any conflict situation as and when it arises.
There are no conflicts of interest between the suppliers of raw materials and third-party service providers, who
are crucial for the operations of our Company, and our Corporate Promoter and members of our Promoter Group.
There are no conflicts of interest between the lessor of the immovable properties which are crucial for operations
of our Company and our Corporate Promoter and members of our Promoter Group.
Payment of benefit to our Promoter or Promoter Group
Except in the ordinary course of business and as disclosed in “Restated Financial Information” on page 299, no
amount or benefit has been paid or given to our Corporate Promoter or any of the members of the Promoter Group
during the two years preceding the filing of this Prospectus nor is there any intention to pay or give any amount
or benefit to our Corporate Promoter or any of the members of the Promoter Group other than in the ordinary
course of business.
296Material guarantees given by our Promoter
Our Corporate Promoter, Coal India Limited, has not given any material guarantee to any third party with respect
to the Equity Shares as on the date of this Prospectus.
Appointment of nominee directors by our Promoters
Mukesh Choudhary, the Part-time Official Director of our Company has been appointed as a nominee director
from Coal India Limited by the Ministry of Coal, Government of India and Sanoj Kumar Jha, the Part-time Official
Director of our Company has been appointed as a nominee director by the Ministry of Coal, Government of India.
Companies or firms with which our Promoters have disassociated in the last three years
As on the date of this Prospectus, our Corporate Promoter has not disassociated from any companies or firms in
the last three years.
Promoter Group
Apart from our Promoters, the following entities constitute our Promoter Group in terms of Regulation 2(1)(pp)
of the SEBI ICDR Regulations, with respect to our Corporate Promoter:
Entities forming part of the Promoter Group
Sr. Name of Entities Relationship with Shareholding of Corporate
No. Corporate Promoter Promoter
1. Central Mine Planning & Design Subsidiary 100.00%
Institute Limited
2. Central Coalfields Limited Subsidiary 100.00%
3. Eastern Coalfields Limited Subsidiary 100.00%
4. Mahanadi Coalfields Limited Subsidiary 100.00%
5. Northern Coalfields Limited Subsidiary 100.00%
6. South Eastern Coalfields Limited Subsidiary 100.00%
7. Western Coalfields Limited Subsidiary 100.00%
8. CIL Navikarniya Urja Limited Subsidiary 100.00%
9. CIL Solar PV Limited Subsidiary 100.00%
10. Coal India Africana Limitada Subsidiary 100.00%
11. Bharat Coal Gasification and Subsidiary 51.00%
Chemicals Limited
12. Coal Gas India Limited Subsidiary 51.00%
13. CIL Rajasthan Akshay Urja Limited Subsidiary 74.00%
14. Hindustan Urvarak & Rasayan Associate 30.10%
Limited
15. Talcher Fertilizers Limited Associate 31.85%
16. Coal Lignite Urja Vikas Private Associate 50.00%
Limited
17. CIL NTPC Urja Private Limited Associate 50.00%
297DIVIDEND POLICY
As per Guidelines on Capital Restructuring of Central Public Sector Enterprises, dated May 27, 2016, issued by
Department of Investment and Public Asset Management, Ministry of Finance, Government of India (“DIPAM”)
and the department of Economic Affairs, containing the guidelines for payment of dividend, applicable from
Financial Year ending on or after March 31, 2016 which was further revised on November 18, 2024 (“CPSE
Capital Restructuring Guidelines”), mandating every CPSE to pay a minimum annual dividend of 30% of PAT
or 4% of the net-worth, whichever is higher subject to the maximum dividend permissible under the extant legal
provisions, unless an exemption is provided in accordance with the CPSE Capital Restructuring Guidelines.
Therefore, subject to the provisions of the CPSE Capital Restructuring Guidelines, the Articles of Association and
the Companies Act, the declaration and payment of dividend is recommended by the Board and approved by the
Shareholders. The dividend distribution policy of our Company was approved by our Board in its meeting held
on May 27, 2025.
Further, the dividends, if any, will depend on a number of factors, including but not limited to our earnings,
guidelines issued by the Department of Public Enterprises, capital requirements and overall financial position of
our Company. In addition, our ability to pay dividends may be impacted by a number of factors, including the
results of operations, financial condition, contractual restrictions, and restrictive covenants under the loan or
financing arrangements we may enter into. For further details, see “Restated Financial Information” and
“Financial Indebtedness” on pages 299 and 462, respectively. Our Company may also, from time to time, pay
interim dividends.
Details of the dividend declared and paid by our Company during the six months period ended September 30,
2025, last three Fiscals and the period from October 1, 2025, till the date of this Prospectus are set forth below:
Particulars From Six months Fiscal 2025 Fiscal 2024 Fiscal
October 1, period 2023
2025 until ended
the date of September
this 30, 2025
Prospectus
Face value per share (in ₹) 10 10 1,000 1,000 1,000
Dividend (in ₹ million) - - - - -
Interim dividend per share (in ₹) - - - - -
Final dividend per share (in ₹) - - - - -
Rate of dividend (%) - - - - -
Dividend Distribution Tax (%) - - - - -
Number of Equity Shares (in million) 4,657.00 4,657.00 46.57 46.57 46.57
Dividend Tax –TDS (in ₹ million) - - - - -
Mode of payment of dividend NA NA NA NA NA
Note: The Company could not pay equity dividend even after the application of the CPSE Capital Restructuring Guidelines because of the
following reasons:
i. The Company was carrying accumulated losses in its financial statements till the year 2022-23 and for the first time wiped off the
same and reported accumulated profit in 2023-24 for the first time.
ii. There were arrears of dividend on erstwhile 5% Non-Convertible Cumulative Redeemable Preference Shares which was required to
be paid before any dividend is paid to the equity shareholders of the company.
Additionally, the arrears of dividend on erstwhile 5% Non-Convertible Cumulative Redeemable Preference
Shares of ₹444.33 million (out of the total arrears of ₹ 8,886.50 million) due to Coal India Limited was
recommended by our Board and paid by our Company on August 05, 2024 pursuant to the approval of our
Shareholders at the annual general meeting held on August 01, 2024. The TDS of ₹ 10.00 million was deducted
thereon and the net amount was remitted to Coal India Limited through RTGS. The remaining arrears of dividend
amounting to ₹ 8,442.17 million, was recommended by the Board of Directors of the Company in its 421st meeting
held on April 23, 2025, and approved by the shareholders of the Company in the Annual General Meeting for the
Financial Year 2024-25 held on July 25, 2025. The amount of ₹ 8442.17 million after deduction of TDS of ₹
224.22 million was paid on July 28, 2025.
There is no guarantee that any dividends will be declared or paid or that the amount thereof will not decrease in
the future. Our ability to pay dividends in the future will depend on number of factors, including our profit after
tax for the fiscal year, our capital requirements, our financial condition, our cash flows and applicable taxes
298SECTION V: FINANCIAL INFORMATION
RESTATED FINANCIAL INFORMATION
(The remainder of this page has intentionally been left blank)
299Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
INDEPENDENT AUDITOR’S EXAMINATION REPORT ON RESTATED FINANCIAL
INFORMATION
To
The Board of Directors,
Bharat Coking Coal Limited
Koyla Bhawan, Koyla Nagar
Dhanbad-826005.
Dear Sirs,
1. We, Nag & Associates, Chartered Accountants (“we” or “us” or “Nag & Associates”) have
examined the attached Restated Financial Information of Bharat Coking Coal Limited (the
“Company” or the “Issuer”), comprising the Restated Statement of Assets and Liabilities as at
September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023,
the Restated Statement of Profit and Loss (including other comprehensive income), the Restated
Statement of Changes in Equity, the Restated Statement of Cash Flows for the six months period
ended September 30, 2025, six months period ended September 30, 2024, years ended March 31,
2025, March 31, 2024 and March 31, 2023, the Summary Statement of Material Accounting
Policies, and Other Explanatory Notes (collectively, the “Restated Financial Information”), as
approved by the Board of Directors of the Company at their meeting held on December 08, 2025
for the purpose of inclusion in the red herring prospectus (“RHP”)/ Prospectus (collectively
referred to as “Offer Documents”) prepared by the Company in connection with its proposed
initial public offer of equity shares of face value ₹ 10 each (“Offering”) prepared in terms of the
requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act");
Branches also at Kolkata, New Delhi & Hyderabad
300Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended ("ICDR Regulations"); and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute
of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance
Note”).
Management’s Responsibility for the Restated Financial Information
2. The Company’s Board of Directors is responsible for the preparation of the Restated Financial
Information for the purpose of inclusion in the offer documents to be filed with Securities and
Exchange Board of India, relevant stock exchanges and Registrar of Companies, Jharkhand
situated at Ranchi in connection with the proposed Offering. The Restated Financial Information
have been prepared by the management of the Company on the basis of preparation stated in Note
2 of the Restated Financial Information. The responsibility of Board of Directors of the Company
includes designing, implementing and maintaining adequate internal controls relevant to the
preparation and presentation of the Restated Financial Information. The Board of Directors are
also responsible for identifying and ensuring that the company complies with the Act, ICDR
Regulations and the Guidance Note.
Auditor’s Responsibilities
3. We have examined such Restated Financial Information taking into consideration:
a) The terms of reference and terms of our engagement agreed upon with the company in
accordance with our engagement letter dated February 01, 2025 in connection with the proposed
Offering of the Company;
b) The Guidance Note, which also requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI;
Branches also at Kolkata, New Delhi & Hyderabad
301Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of
evidence supporting the Restated Financial Information; and
d) The requirements of Section 26 of the Act, and the ICDR Regulations.
Our work was performed solely to assist the Company in meeting your responsibilities in relation
to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection
with the Offering.
Restated Financial Information
4. These Restated Financial Information have been compiled by the management from:
(a) the audited special purpose financial statements of the Company as at and for the six
months period ended September 30, 2025, prepared in accordance with the Indian
Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the
Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and
other accounting principles generally accepted in India, which have been approved by the
Board of Directors at their meetings held on December 08, 2025.
(b) the audited special purpose financial statements of the Company as at and for the six
months period ended September 30, 2024, prepared in accordance with the Indian
Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the
Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and
other accounting principles generally accepted in India, which have been approved by the
Board of Directors at their meetings held on December 08, 2025.
(c) the audited financial statements of the Company as at and for the year ended March 31,
2025, prepared in accordance with the Indian Accounting Standards (referred to as “Ind
AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting
Standards) Rules 2015, as amended, and other accounting principles generally accepted
in India, which have been approved by the Board of Directors at their meetings held on
April 23, 2025.
Branches also at Kolkata, New Delhi & Hyderabad
302Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
(d) the audited financial statements of the Company as at and for the year ended March 31,
2024 prepared in accordance with the Ind AS as prescribed under Section 133 of the Act
read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other
accounting principles generally accepted in India, which have been approved by the Board
of Directors at their meetings held on April 24, 2024.
(e) the audited financial statements of the Company as at and for the year ended March 31,
2023 prepared in accordance with the Ind AS as prescribed under Section 133 of the Act
read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other
accounting principles generally accepted in India, which have been approved by the Board
of Directors at their meetings held on April 24, 2023.
5. For the purpose of our examination, we have relied on:
a) the auditor’s report issued by us dated December 08, 2025 on the audited special purpose
financial statements of the Company as at and for the six months period ended September 30,
2025 as referred in Paragraph 4 above.
b) the auditor’s report issued by us dated December 08, 2025 on the audited special purpose
financial statements of the Company as at and for the six months period ended September 30,
2024 as referred in Paragraph 4 above.
c) the auditor’s report issued by us dated April 23, 2025 on the audited financial statements of the
Company as at and for the year ended March 31, 2025 as referred in Paragraph 4 above.
d) the auditor’s report issued by us dated April 24, 2024 on the audited financial statements of the
Company as at and for the year ended March 31, 2024 as referred in Paragraph 4 above.
e) the Auditor’s report issued by M/s N.C.Banerjee & Co., Chartered Accountants dated April 24,
2023 on the audited financial statements of the Company as at and for the year ended March 31,
2023 as referred in Paragraph 4 above.
f) the audit reports on the financial statements issued by us and M/s N.C.Banerjee & Co., referred
in Para 5(a), (b), (c), (d) and (e) above, were not modified and included certain ‘Emphasis of
Branches also at Kolkata, New Delhi & Hyderabad
303Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Matter’ and ‘other matters’ in the respective auditor’s report detailed hereunder which do not
entail any adjustments in the Restated Financial Information:
For the year ended March 31, 2025
Emphasis of Matters -
“We draw attention to the following notes/matters to the Financial Statements:
(a) Balances under trade receivables, trade payables, loans & advances and other current
assets/liabilities as on the Balance Sheet date, have not been confirmed as yet and
reconciliation with respective ledger balances are pending, the consequential impact
thereof, if any in the financial statements, are not ascertainable (Refer Note No. 4.3,
8.3, 4.2).
(b) The accumulated amount of input tax credit of ₹17507.80 Million, represents the GST
paid on input materials/services that can be utilized against the GST on output. GST
liability on coal sales is 5% whereas the inputs are being taxed at 18% and GST Input
tax credit getting accumulated at 13%. This accumulation has occurred due to
inverted tax structure. Utilization of accumulated ITC which has been availed in
compliance with various GST provisions can be utilized in the future without any time
limit. The amount is not refundable in terms of notifications issued in this respect and
is therefore available only for utilization against output tax in future. Consequential
impact and adjustments thereof and pending determination of amount as such cannot
be commented upon by us (Refer Note No. 6.2).
Our opinion is not modified in respect of the above matters.”
Other Matters -
“ 1. We did not audit the standalone financial statements/information of 15 areas/ units
included in the financial statements of the Company whose financial statements / financial
information reflect total assets of ₹ 123314.10 million as at 31st March 2025 and total
Branches also at Kolkata, New Delhi & Hyderabad
304Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
income of ₹178283.60 million for the year ended on that date, as considered in the
financial statements. The financial statements/ information of these area / unit has been
audited by the area / unit auditors whose reports have been furnished to us, and our
opinion in so far as it relates to the amounts and disclosures included in respect of these
area / units, is based solely on the report of such area / unit auditors.
Our opinion is not modified in respect of this matter.”
For the year ended March 31, 2024
Emphasis of Matters -
“We draw attention to the following: Pending confirmation/ reconciliation of certain
balances under Trade Receivables, the consequential impact thereof, if any on the
financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.”
Other Matters -
“ We did not audit the standalone financial statements/information of 15 area/ units
included in the financial statements of the Company whose financial statements / financial
information reflect total assets of ₹111522.90 million as at 31 March, 2024 and total
income of ₹175949.90 million for the year ended on that date, as considered in the
financial statements. The financial statements/ information of these area / unit have been
audited by the area / unit auditors whose reports have been furnished to us, and our
opinion in so far as it relates to the amounts and disclosures included in respect of these
area / units, is based solely on the report of such area / unit auditors.
Our opinion is not modified in respect of this matter.”
Branches also at Kolkata, New Delhi & Hyderabad
305Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
For the year ended March 31, 2023
Emphasis of Matters -
“We draw attention to the following: Pending confirmation/ reconciliation of certain
balances under Trade Receivables, the consequential impact thereof, if any on the
financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.”
Other Matters -
“ We did not audit the Standalone financial statements/information of 17 area/ units
included in the financial statements of the Company whose financial statements / financial
information reflect total assets of ₹ 57638.60 million as at 31st March, 2023 and total
income of ₹ 135761.70 million for the year ended on that date, as considered in the
financial statements. The financial statements/ information of these area / unit have been
audited by the area / unit auditors whose reports have been furnished to us, and our
opinion in so far as it relates to the amounts and disclosures included in respect of these
area / units, is based solely on the report of such area / unit auditors.
Our opinion is not modified in respect of this matter.”
6. Based on our examination and according to the information and explanations given to us, we
report that the Restated Financial Information:
a) have been prepared after incorporating adjustments for the changes in accounting policies and
regrouping/reclassifications retrospectively in the six months period ended September 30, 2024,
financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same
accounting treatment as per the accounting policies and grouping/classifications followed as at
and for the six months period ended September 30, 2025;
b) do not contain any qualifications requiring adjustments. However, certain observations in
respective years’ Auditor’s Report on financial statements, which do not require any corrective
Branches also at Kolkata, New Delhi & Hyderabad
306Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
adjustments in the Restated Financial Information, have been disclosed in ‘Annexure-I’ to the
Restated Financial Information as under:
i. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) for financial
year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act;
ii. Information in respect of the directions and additional directions issued by the Comptroller and
Auditor General of India under section 143(5) of the Companies Act 2013 for financial year ended
March 31, 2025, March 31, 2024 and March 31, 2023 respectively; and
c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.
7. We have not audited any financial statements of the Company as of any date or for any period
subsequent to September 30, 2025. Accordingly, we express no opinion on the financial position,
results of operations, cash flows and statement of changes in equity of the Company as of any
date or for any period subsequent to September 30, 2025.
8. We have complied with the relevant applicable requirements of the Standard on Quality Control
(SQC 1), “Quality Control for Firms that Perform Audits and Reviews of Historical Financial
Information, other Assurance and Related Services Engagements” issued by ICAI.
9. The Restated Financial Information does not reflect the effects of events that occurred
subsequent to the respective dates of the reports on the audited financial statements mentioned in
paragraph 4 above.
10. This report should not in any way be construed as a reissuance or re-dating of any of the
previous audit reports issued by us, nor should this report be construed as a new opinion on any
of the financial statements referred to herein.
11. We have no responsibility to update our report for events and circumstances occurring after
the date of the report.
Branches also at Kolkata, New Delhi & Hyderabad
307Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
12. Our report is intended solely for use of the Board of Directors for inclusion in the offer
documents to be filed with Securities and Exchange Board of India, relevant stock exchanges and
Registrar of Companies, Jharkhand situated in Ranchi, in connection with the proposed IPO. Our
report should not be used, referred to, or distributed for any other purpose. Accordingly, we do
not accept or assume any liability or any duty of care for any other purpose or to any other person
to whom this report is shown or into whose hands it may come.
For Nag & Associates
Chartered Accountants
Firm Registration No:312063E
Place: Dhanbad
Dated: December 08, 2025
UDIN: 25050531BMIKRG3595
(CA Indranath Nag)
Partner
Membership No.050531
Branches also at Kolkata, New Delhi & Hyderabad
308Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Annexure-I
OBSERVATIONS REPORTED IN REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS SECTION OF AUDIT REPORTS FOR EACH OF THE FINANCIAL
YEARS ENDED MARCH 31, 2025, MARCH 31, 2024 AND MARCH 31, 2023.
A. Auditor’s Report for the year ending March 31, 2025
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by
the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure
II to Auditor’s Report):
(i)(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of all the immovable properties (other
than properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) disclosed in the financial statements are held in the name of the Company
except in the following cases: -
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Millions) relative where
or appropri
employe ate
e
Freehold 1814.70 Only in case Not Different Out of the total land
Land of directly Applicabl dates of 16390.45 Ha
purchased by e held in the
the Company possession of
(1079.75 Ha) BCCL, diverted
forest land is
334.39 Ha and
freehold land is
16056.06 Ha which
incudes 9945.88 Ha
of land is under the
category of vested
land through
Branches also at Kolkata, New Delhi & Hyderabad
309Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Millions) relative where
or appropri
employe ate
e
Coking Coal
Mines/Coal Mines
Nationalisation Act,
1972 and 1973;
1090.17Ha of land
is related to Coal
Mines Labour
Welfare
Organisation
including Central
Hospital and four
other Hospitals,
Mines Rescue
Stations of
Government of
India, four
Washeries of SAIL,
erstwhile Coal
Board and Central
Jharia Projects
which have been
transferred to the
Company by the
Government of
India; and 5020.01
Ha of land is
acquired under
Land Acquisition
Act, CBA(A&D)
Branches also at Kolkata, New Delhi & Hyderabad
310Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Millions) relative where
or appropri
employe ate
e
Act, Merger of
NCDC,
Government
transferred land
(out of which
1089.12 Ha land
has been directly
purchased and title
deeds in these cases
are held in the
name of the
Company).
Out of total land
16390.45 Ha held
in the name of the
Company, mutation
is not required for
1381.86 Ha. As
they are
Government land
transferred, forest
diverted land and
land acquired under
CBA(A&D) Act,
1957. Out of
remaining 15008.59
Ha. of land ,
9941.32 Ha has
been mutated in the
Branches also at Kolkata, New Delhi & Hyderabad
311Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Millions) relative where
or appropri
employe ate
e
name of BCCL, and
for the remaining
land 5067.27 Ha ,
mutation
incompliance with
letter dated
07.04.2022 of
Ministry of Coal is
still pending for
mutation.
Other 598.00 Not Not Different Includes 24.22 Ha
Land Applicable Applicabl dates of land leased
e from Railways.
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of
section 148 of the Act in respect of the products of the Company. We have broadly reviewed the
books of account maintained by the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. However, we have not made a
detailed examination of the cost records with a view to determine whether they are accurate or
complete.
II. Information in respect of the directions issued by the Comptroller and Auditor -General of
India (Annexure I to Auditor’s Report)
Sl. Particulars Observation
No.
Branches also at Kolkata, New Delhi & Hyderabad
312Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Whether the company has The Company has migrated to SAP, an ERP application
system in place to process all software, from its legacy system Coal-Net to process all
the accounting transactions its accounting transactions with effect from 1st August
through IT system? If yes, the 2021. The financial transactions are recorded through
implications of processing of SAP, except calculation of Performance Income,
1 accounting transaction outside Compensation Income, Interest Income on delayed
IT system on the integrity of payment, Valuation of Closing Stock of Coal and OBR,
the accounts along with the Coal Quality variance, Under Ground Allowance for
financial implications, if any, Executives. Further, various ageing analysis which are
may be stated. required to be disclosed in the financial statements have
also been prepared manually by the Management.
Whether coal stock As per explanation and information given to us, the coal
measurement was done based stock measurements of the heaps are being done as per
on Yellow Book? Whether the Yellow Book. Coal Stock dumps are being created by
physical stock measurement the collieries at prefix locations for which contour plans
reports accompanied by are prepared and approved by competent authorities in
contour map in all cases? advance, i.e. prior to starting to dump of coal. However,
Whether approval of the in some of the cases, small stocks whose geometrical
competent authority was shape are cumbersome and not fit for measurement using
obtained for new heap, if any, contour plan / level section, are being measured by
created during the year. conventional method, even if such stocks have contour
plans. The stock measurement reports are accompanied
2 by contour plans.
For the washeries the stocks of slurry, rejects and
middling were building up since inception of the
washery, i.e. prior to takeover by BCCL. The heaps,
particularly of reject, slurry, middling etc. are huge in
shape and size. All these heaps do not have contour plans,
as such being measured by conventional method.
As for the explanations and information given to us, new
heaps created during the year are having approval of
competent authority.
Whether the company As per explanations and information given to us, there is
conducted physical no case of merger / split / restructure of any Area of
verification exercise of assets BCCL during the Financial Year 2024-25.
3 and properties at the time of
merger/ split/restructure of an
area. If so, whether the
concerned subsidiary
Branches also at Kolkata, New Delhi & Hyderabad
313Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
followed the requisite
procedure.
Whether separate Escrow Yes, separate Mine-wise Escrow account against each
Accounts for each mine has Mine Closure Plan is maintained with Bank of Baroda
been maintained in CIL and its and Union Bank of India according to guidelines issued
subsidiary companies, and the by Ministry of Coal.
Escrow Agreements /
Accounts were The revised guidelines for preparation of mining plan and
modified/updated in mine closure plan for coal and lignite blocks 2025 were
compliance of guidelines issued on 31 January 2025 whereby all escrow
4
issued by Ministry time to agreements are to be revised within one year after coming
time. Also examine the into force of these guidelines i.e.31st January 2026.
utilization of the fund of the
account. No amount has been withdrawn from the Escrow account
during the financial year 2024-25. However, ₹ 22.142
million has been released from escrow account as per
order of Coal Controller Organization (CCO).
Whether the impact of penalty There is no demand existing on account of illegal mining
for illegal mining as imposed as imposed by the Hon’ble Supreme Court/ National
by the Hon’ble Supreme Green Tribunal/ State Pollution control Board as on
Court/ National Green 31.03.2025.
Tribunal/ State Pollution However, demand notices amounting to ₹1,73,444.60
Control Board has been duly million have been issued in respect of 47 Projects/Mines/
considered and accounted for? Collieries of the company by State Government (District
Mining Officer) in pursuance of the judgement dated
02.08.2017 of Hon’ble Supreme Court of India vide W.P.
(C) No. 114 of 2014 in Common Cause vs. Union of India
& Others and order dated 03.11.2022 issued by JS&RA
5
under section 30 of MMDR Act, 1957 set aside the total
demand notice amounting to ₹ 1,73,444.60 million in
respect of 47 projects/mines/collieries of the Company.
Based on the judgment received from the Revisional
Authority, MoC and legal opinion, the above demand has
been in totality set aside.
The same is suitably disclosed in the Additional Notes to
Accounts vide no. 16.1 (I) (i)
Whether any independent Independent assessment/certification in respect of
6
Assessment/ Certification in migration process of data from Coal-Net portal to SAP
Branches also at Kolkata, New Delhi & Hyderabad
314Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
respect of migration process has been obtained by BCCL on 11.03.2025. However, as
of data from Coalnet portal to per reconciliation status, the percentage of reconciliation
SAP has been done. of data for HCM Module is for Employee Master
Executive-98.32% (Mismatch 31) and for Employee
Master-Non Executive-97.39% (Mismatch 1232)
highlighted in Data Migration Report.
B. Auditor’s Report for the year ending March 31, 2024
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by
the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure
II to Auditor’s Report):
(i)(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of all the immovable properties (other
than properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) disclosed in the financial statements are held in the name of the Company
except in the following cases: -
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Million) relative where
or appropri
employe ate
e
Freehold 1504.50 Different Out of the total
Land Only in case Not dates freehold land of
of directly Applicabl 16381.09 Ha held
purchased by e in the possession of
the Company BCCL, 9945.88 Ha
(1079.75 Ha) of land is under the
category of vested
land through
Coking Coal
Mines/Coal Mines
Nationalisation Act,
1972 and 1973;
1090.17Ha of land
is related to Coal
Mines Labour
Branches also at Kolkata, New Delhi & Hyderabad
315Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Million) relative where
or appropri
employe ate
e
Welfare
Organisation
including Central
Hospital and four
other Hospitals,
Mines Rescue
Stations of
Government of
India, four
Washeries of SAIL,
erstwhile Coal
Board and Central
Jharia Projects have
been transferred to
the Company by the
Government of
India; balance land
of 4265.29 Ha of
land is acquired
under Land
Acquisition Act,
CBA(A&D) Act,
Merger of NCDC,
Government
transferred land and
forest diverted land.
Now as per the
notification of the
Government of
India, dated
07.04.2022, the
mutation of those
land acquired
under Coal Mines
Branches also at Kolkata, New Delhi & Hyderabad
316Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Million) relative where
or appropri
employe ate
e
(Nationalization)
Act 1972 & 1973
as well as Coal
Bearing Areas
(Acquisition &
Development) Act
1957, are required
to be mutated with
respective State
Governments in
the name of the
Company. But the
said mutation, has
not yet been
completed.
3. In case of
directly purchased
lands of 1,079.75
Ha by the
Company, proof of
mutations in favour
of the Company
could not be
produced for our
verification by the
Estate Department
of Head Quarter.
4.Further, lands in
the name of BCCL,
HQ, measuring
542.22 acres, out of
which no
documentary
evidences could be
Branches also at Kolkata, New Delhi & Hyderabad
317Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Descriptio Gross Held in Whether Period Reason for not
n carrying Name of promoter, held – being held in
of value. director indicate name of the
property (in ₹ or their range, Company
Million) relative where
or appropri
employe ate
e
produced of 42.72
acres with relation
to the Company’s
ownership.
Other 404.30 Not Not Different 3.864 Ha of
Land Applicable Applicabl dates Railway land at
e Loyabad station is
taken on lease for
a period of 35
years from March
2022.
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of
section 148 of the Act in respect of the products of the Company. We have broadly reviewed the
books of account maintained by the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. However, we have not made a
detailed examination of the cost records with a view to determine whether they are accurate or
complete.
(xi)(a) To the best of our knowledge and according to the information and explanations given to
us, no fraud by the Company or no material fraud on the Company has been noticed or reported
during the year, except the following cases of fraud on the Company by its officers or employees,
vide letter dated 03.04.2024 received from Vigilance Department
Sl No Case No. Brief of the Case
Case-1 CB/03/2023
Alleged irregularities in the remittance of PF and Pension
Registered on
contribution at Central Hospital Dhanbad
03.05.2023
Case-2 CB/04/2023
Irregular deployment of Sunday/holiday to the drovers of
Registered on
water tankers and persons of auto department at Kustore
15.05.2023
Branches also at Kolkata, New Delhi & Hyderabad
318Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
colliery in PB Area even if water tanker remains
breakdown.
Case-3 CB/05/2023 Alleged acquisition of asset disproportionate to his known
Registered on sources of income by Shri Ratnakar Mallik, Area Personnel
15.09.2023 Manage. Block-II Area of BCCL.
Case-4 CB/01/20234
Registered on Alleged corrupt practices by the officials of Katras Area.
06.01.2024
Case-5 CB/02/2024 Alleged irregularities in issuance of NOC to retired
Registered on employee without handing over his allotted Company’s
28.03.2024 quarter.
Case-6 CB/04/2024
Alleged irregularities in committed by Dr. S.S. kumar while
Registered on
posted as Area Medical Officer, Govindpur Area
29.03.2024
II. Information in respect of the directions issued by the Comptroller and Auditor -General of
India (Annexure I to Auditor’s Report)
Sl. No Particulars Observation
1 Whether the company has system in place to Yes, the Company has migrated to SAP,
process all the accounting transactions through an ERP application software, from its
IT system? If yes, the implications of legacy system Coal-Net to process all its
processing of accounting transaction outside accounting transactions with effect from
IT system on the integrity of the accounts along 1st August 2021. As per the information
with the financial implications, if any, may be and explanations provided to us by the
stated. management, this application covers
mostly all the functionalities to run the
business process smoothly and
efficiently to fulfil the intense
requirement of the Company.
2 Whether coal stock measurement was done As per explanation and information
based on Yellow Book? Whether physical given to us, the coal stock measurements
stock measurement reports accompanied by of the heaps are being done as per the
contour map in all cases? Whether approval of Yellow Book. Coal Stock dumps are
the competent authority was obtained for new being created by the collieries at prefix
heap, if any, created during the year. locations for which contour plans are
prepared and approved by competent
authority in advance, i.e. prior to starting
dumping of coal. However, in some of
the cases, small stocks whose
geometrical shape are cumbersome and
not fit for measurement using contour
Branches also at Kolkata, New Delhi & Hyderabad
319Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
plan / level section, are being measured
by conventional method, even if such
stocks are having contour plans. The
stock measurement reports are
accompanied by contour plans.
For the washeries the stocks of slurry,
rejects and middling were building up
since inception of the washery, i.e. prior
to take over by BCCL. The heaps,
particularly of reject, slurry, middling
etc. are huge in shape and size. All these
heaps are not having contour plans, as
such being measured by conventional
method.
As per explanation and information
given to us, new heaps created during the
year are having approval of competent
authority.
3 Whether the impact of penalty for illegal There is no demand on account of illegal
mining as imposed by the Hon’ble Supreme mining as imposed by the Hon’ble
Court/ National Green Tribunal/ State Supreme Court/ National Green
Pollution Control Board has been duly Tribunal/ State Pollution control Board
considered and accounted for? as on 31.03.2024.
However, demand notices amounting to
₹ 1,73,444.60 Million have been issued
in respect of 47 Projects/Mines/
Collieries of the company by State
Government (District Mining Officer) in
pursuance of the judgement dated
02.08.2017 of Hon’ble Supreme Court
of India vide W.P. (C) No. 114 of 2014 in
Common Cause vs. Union of India &
Others.
Based on the judgment received from
Revisional Authority, MoC and legal
opinion, the above demand has been set
aside.
Branches also at Kolkata, New Delhi & Hyderabad
320Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
The same is suitably disclosed in the
Additional Notes to Accounts vide no.
16.1 (a) (I) (i)
4 Whether any independent Assessment/ Till date no independent
Certification in respect of migration process of assessment/certification in respect of
data from Coalnet portal to SAP has been done. migration process of data from Coal-Net
portal to SAP has been obtained by
BCCL.
C. Auditor’s Report for the year ending March 31, 2023
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by
the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure
II to Auditor’s Report):
(b) (i)(c) The title deeds of all the immovable properties (other than properties where the
company is the lessee and the lease agreements are duly executed in favour of the lessee)
disclosed in the financial statements are tabulated below:-
Whether
Gross promoter, Period held
carrying director – indicate Reason for not being held in name
Description Held in
value or their range, of
of property name of
(₹ in relative where company
million) or appropriate
employee
1. Out of the total (freehold & other
land) of 18682.195 Ha in the
Only in
possession of BCCL, 17840.084 Ha
case of
land constitutes free hold land and
Directly
842.111 Ha other land.
Freehold purchased Not Different
1288.00 2. 16692.629 Ha of freehold land
Land by Applicable Dates
acquired on Nationalization of Coal
company
Mines as well as taking over of Coal
(1147.455
Mines Labour Welfare Organization
Ha)
including Central Hospital and four
other Hospitals, Mines Rescue
Branches also at Kolkata, New Delhi & Hyderabad
321Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Whether
Gross promoter, Period held
carrying director – indicate Reason for not being held in name
Description Held in
value or their range, of
of property name of
(₹ in relative where company
million) or appropriate
employee
Stations of Govt. of India, four
Washeries of SAIL, erstwhile Coal
Board and Central Jharia Projects
have been transferred to the Company
by the Govt. of India. The question
of mutation of land acquired under
Coal Mines (Nationalization) Act
1972 as well as Coal Bearing Areas
(Acquisition & Development ) Act
1957, does not arise in law , as its
right, title and interest remains vested
absolutely in the Central
Government, which is, on transfer,
exercised by BCCL, a Government
Company.
3. All other title deeds for land
acquired are in possession and are
mutated in favour of company except
in few cases of freehold lands, where
same is under progress pending legal
formalities.
838.247 Ha land is in the category of
other land which were acquired in
pursuance to Coal Mines
(Nationalisation) Act 1973, under
Not Not Different
Other land 332.10 Coal Bearing Areas (Acquisition and
Applicable Applicable Dates
Development) Act, 1957 and Land
Acquisition Act, 1894 that does not
require title deeds separately for
corresponding land.
Branches also at Kolkata, New Delhi & Hyderabad
322Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
Whether
Gross promoter, Period held
carrying director – indicate Reason for not being held in name
Description Held in
value or their range, of
of property name of
(₹ in relative where company
million) or appropriate
employee
3.864 Ha of Railway land at Loyabad
station is taken on lease for a period
of 35 years from March 2022.
(ii) (xi)(a) According to the information and explanations given to us, no fraud by the company
or no material fraud on the company has been noticed or reported during the year except the
following cases of fraud on the Company by its officers or employees vide letter dated 05-
04-2023 received from the Vigilance department. The details of the same are hereunder:
Srl Case No / FIR No. Description of the Case
No
1. CB/01/2022. Registered on Irregularities in arbitrary cancellation of BC and FC in a tender
26.05.2022 of Lodna Area even after recommendation of tender committee
member to award the work in favour of L-1 tenderer.
2. CB/02/2022. Registered on Irregularities in handover and takeover of BCCL’s quarter at
17.06.2022 EJ Area.
3. CB/04/2022. Registered on Irregularities in work of Coal Transportation from various coal
22.09.2022 dump of kuya ocp to ck siding through feeder breaker during
the period January 2021 to May 2021 by the three private coal
transporters.
4. CA/01/2022. Registered on Alleged violation of terms and conditions of the contract and
07.12.2022 non -deposition of correct amount of EPF.
II. Information in respect of the directions issued by the Comptroller and Auditor -General of
India (Annexure I to Auditor’s Report)
Sl. No Particulars Observation
1 Whether the company has system in place to Yes, the Company has migrated to SAP,
process all the accounting transactions through an ERP application software, from its
IT system? If Yes, the implications of legacy system Coal-Net to process all its
processing of accounting transaction outside accounting transactions with effect from
Branches also at Kolkata, New Delhi & Hyderabad
323Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
IT system on the integrity of the accounts 1st August, 2021. As per the information
along with the financial implications, if any, and explanations provided to us by the
may be stated. management, this application covers
mostly all the functionalities to run the
business process smoothly and
efficiently to fulfill the intense
requirement of the Company.
2 Whether coal stock measurement was done As per explanation and information
based on Yellow Book? Whether physical given to us, the coal stock measurements
stock measurement reports are accompanied of the heaps are being done as per the
by contour map in all cases? Whether approval Yellow Book. Coal Stock dumps are
of the competent authority was obtained for being created by the collieries at prefix
new heap, if any, created during the year. locations for which contour plans are
prepared and approved by competent
authority in advance, i.e. prior to starting
dumping of coal. However, in some of
the cases, small stocks whose
geometrical shape are cumbersome and
not fit for measurement using contour
plan / level section, are being measured
by conventional method, even if such
stocks are having contour plans. The
stock measurement reports are
accompanied by contour plans.
For the washeries the stocks of slurry,
rejects and middling were building up
since inception of the washery, i.e. prior
to take over by BCCL. The heaps,
particularly of reject, slurry, middling
etc. are huge in shape and size. All these
heaps are not having contour plans, as
such being measured by conventional
method.
Branches also at Kolkata, New Delhi & Hyderabad
324Nag & Associates Head Office:
C/52. Ground Floor,
Chartered Accountants Baramunda Housing Board Colony (HIG)
Bhubaneshwar, Pin-751 003,Odisha, India
Tele/fax : + 91 – 674 – 2355022
E-mail:nagandassociates@gmail.com
Dhanbad Branch Office:
Gali No. 11, Jai Prakash Nagar,
P.O.:C.M.R.I., Dhanbad, Pin: 826001
As per explanation and information
given to us, new heaps created during the
year are having approval of competent
authority.
3 Whether the impact of penalty for illegal There is no demand on account of illegal
mining as imposed by the Hon’ble Supreme mining as imposed by the Hon’ble
Court/ National Green Tribunal/ State Supreme Court/ National Green
Pollution Control Board has been duly Tribunal/ State Pollution control Board
considered and accounted for? as on 31.03.2023.
However, demand notices amounting to
₹ 173,444.60 million have been issued in
respect of 47 Projects/Mines/ Collieries
of the company by State Government
(District Mining Officer) in pursuance of
the judgement dated 02.08.2017 of
Hon’ble Supreme Court of India vide
W.P. (C) No. 114 of 2014 in Common
Cause vs. Union of India & Others.
Based on the judgment received from
Revisional Authority, MoC and legal
opinion, the above demand has been
vacated.
The same is suitably disclosed in the
Additional Notes to Accounts vide no.
38.4.(a).(ii).
4 Whether any independent Assessment/ Till date no independent
Certification in respect of migration process of assessment/certification in respect of
data from Coalnet portal to SAP has been done. migration process of data from Coal-Net
portal to SAP has been done.
Branches also at Kolkata, New Delhi & Hyderabad
325BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Restated Statement of Assets and Liabilities
(All amounts in ₹ Million, except as otherwise stated)
Note As at As at As at As at As at
No. September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
ASSETS
Non-Current Assets
(a) Property, Plant & Equipment 3.1 4 9,362.10 3 8,848.50 4 2,644.10 3 4,385.70 2 9,078.10
(b) Capital Work in Progress 3.2 1 8,424.70 1 5,861.60 1 6,167.80 1 3,678.10 1 2,998.30
(c) Exploration and Evaluation Assets 3.3 5 24.30 1 ,652.50 2 ,278.20 1 ,632.90 1 ,553.60
(d) Intangible Assets 3.4 79.50 107.80 9 4.90 126.60 1 56.80
(e) Intangible Assets under Development 3.5 - - - - -
(f) Financial Assets
(i) Investments 4.1 - - - - -
(ii) Loans 4.2 1.40 - - - -
(iii) Other Financial Assets 4.6 11,709.90 10,581.90 1 0,189.00 8,866.20 7 ,058.60
(g) Deferred Tax Assets (Net) 11.2 5,572.70 5,937.80 5 ,628.30 7,170.80 1 0,482.70
(h) Non-Current Tax Assets (Net) 11.1 - - - - -
(i) Other non-current assets 6.1 10,696.80 9,429.70 1 0,426.50 8,569.00 6 ,208.50
Total Non-Current Assets (A) 96,371.40 82,419.80 8 7,428.80 74,429.30 6 7,536.60
Current Assets
(a) Inventories 5.1 19,517.60 15,140.20 1 9,601.40 13,815.80 1 0,290.60
(b) Financial Assets
(i) Investments 4.1 - 22.60 4 .10 2,665.20 7 97.20
(ii) Trade Receivables 4.3 22,025.20 14,490.70 1 8,477.60 13,332.50 1 2,511.50
(iii) Cash & Cash equivalents 4.4 4,288.70 4,233.90 1 ,675.40 2,858.20 5 ,449.40
(iv) Other Bank Balances 4.5 6,501.90 7,709.70 9 ,623.10 6,588.10 6 ,092.60
(v) Loans 4.2 - - - - -
(vi) Other Financial Assets 4.6 3,909.30 794.40 2 ,341.90 737.00 5 89.90
(c) Current Tax Assets (Net) 11.1 1,552.20 - 1 ,985.40 1,028.50 1 ,685.70
(d) Other Current Assets 6.2 32,945.00 31,371.10 3 1,697.10 31,822.70 2 8,175.10
Total Current Assets (B) 90,739.90 73,762.60 8 5,406.00 72,848.00 6 5,592.00
Total Assets (A+B) 187,111.30 156,182.40 172,834.80 147,277.30 1 33,128.60
326(All amounts in ₹ Million, except as otherwise stated)
Note As at As at As at As at As at
No. September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 7.1 4 6,570.00 4 6,570.00 4 6,570.00 4 6,570.00 4 6,570.00
(b) Other Equity 7.2 1 0,065.20 1 1,842.80 1 8,057.30 6 ,647.20 ( 8,531.00)
Equity attributable to equity-holders of the company 5 6,635.20 5 8,412.80 6 4,627.30 5 3,217.20 3 8,039.00
Non-Controlling Interests - - - - -
Total Equity (A) 5 6,635.20 5 8,412.80 6 4,627.30 5 3,217.20 3 8,039.00
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 8.1 - - - - -
(ii) Lease Liabilities 8.2 1 ,657.50 1 ,689.90 1 ,430.60 1 ,527.30 1 ,537.90
(iii) Other Financial Liabilities 8.4 3 ,886.00 3 ,924.50 3 ,579.30 3 ,241.70 2 ,965.10
(b) Provisions 9.1 2 3,875.60 2 1,112.20 2 3,247.10 2 0,175.10 2 0,893.00
(c) Deferred Tax Liabilities (Net) 11.2 - - - - -
(d) Other Non-Current Liabilities 10.1 1 0,425.60 8 ,800.90 8 ,059.40 8 ,826.30 1 ,498.20
Total Non-Current Liabilities (B) 3 9,844.70 3 5,527.50 3 6,316.40 3 3,770.40 2 6,894.20
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 8.1 1 5,591.30 - - - -
(ii) Lease Liabilities 8.2 8 26.20 9 04.50 9 01.10 7 75.00 5 88.50
(iii) Trade payables
Micro, Small & Medium enterprises 8.3 5 7.50 3 3.70 2 36.30 8 7.10 1 35.70
Other than Micro, Small & Medium enterprises 2 8,592.90 1 1,763.60 2 1,496.40 1 2,248.20 8 ,993.40
(iv) Other Financial Liabilities 8.4 2 3,163.40 2 0,631.50 2 3,392.80 1 9,460.00 1 4,484.10
(b) Other Current Liabilities 10.2 1 4,156.00 1 5,074.60 1 5,340.80 1 5,872.90 1 9,686.30
(c) Provisions 9.1 8 ,244.10 1 3,809.70 1 0,523.70 1 1,846.50 2 4,307.40
(d) Current Tax Liabilities (Net) 11.1 - 2 4.50 - - -
Total Current Liabilities (C) 9 0,631.40 6 2,242.10 7 1,891.10 6 0,289.70 6 8,195.40
Total Equity and Liabilities (A+B+C) 1 87,111.30 1 56,182.40 1 72,834.80 1 47,277.30 1 33,128.60
- - - - -
The Accompanying Note no. 1 to 16 form an integral part of the Restated Financial Information.
As per our report of even date On behalf of the Board
For Nag & Associates
Chartered Accountants
FRN - 312063E (Manoj Kumar Agarwal) (Murlikrishna Ramaiah)
Chairman cum Managing Director (HR)
Director, CEO &
(CA Indranath Nag) Director (Finance) DIN- 10061115
Partner DIN- 10947182
Mem. No - 050531
Date: December 08, 2025 (M S Raju) (B.K. Parui)
Company Secretary &
Place: Dhanbad G.M. (Finance) & CFO
Compliance Officer
327BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Restated Statement of Profit and Loss
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months For The Six Months
For The Year Ended For The Year Ended For The Year Ended
Note Ended Ended
March 31, 2025 March 31, 2024 March 31, 2023
No. September 30, 2025 September 30, 2024
Revenue from Operations (Net of Levies)
A Sales 12.1 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
B Other Operating Revenue 12.1 3 ,987.30 4 ,775.10 7 ,192.90 1 0,847.60 2 ,749.20
(I) Revenue from Operations (Net of Levies) (A+B) 5 6,590.20 6 8,461.90 138,025.50 142,458.60 126,240.60
(II) Other Income 12.2 6 ,524.90 2 ,445.10 5 ,990.80 4 ,066.70 3 ,945.10
(III)Total Income (I+II) 6 3,115.10 7 0,907.00 1 44,016.30 1 46,525.30 1 30,185.70
(IV) Expenses:
Cost of Materials Consumed 13.1 2 ,727.30 3 ,073.60 6 ,409.20 7 ,421.70 9 ,891.60
Changes in inventories of finished goods, stock in trade and work in 13.2 1 ,036.90 ( 1,235.00) ( 5,625.80) ( 3,321.30) ( 137.20)
progress
Employee Benefits Expense 13.3 3 0,375.20 3 3,363.40 6 5,423.74 6 9,506.70 7 1,479.30
Finance Costs 13.4 6 00.50 3 21.90 7 24.90 6 18.30 5 56.90
Depreciation/Amortization/ Impairment 13.5 2 ,005.40 2 ,172.40 5 ,806.80 3 ,403.90 3 ,054.30
Stripping Activity Adjustment 13.6 ( 5,854.60) ( 5,023.30) ( 7,723.00) ( 1,851.70) -
Contractual Expense 13.7 2 0,588.30 1 8,323.20 4 3,115.10 3 1,686.40 2 3,913.50
Other Expenses 13.8 9 ,642.70 8 ,670.40 1 8,856.46 1 8,144.60 1 6,125.40
Total Expenses (IV) 6 1,121.70 5 9,666.60 1 26,987.40 1 25,608.60 1 24,883.80
(V) Profit before Tax (III-IV) 1 ,993.40 1 1,240.40 1 7,028.90 2 0,916.70 5 ,301.90
Tax Expense
(VI) Current Tax 14.1 4 33.80 1 ,899.20 2 ,900.30 1 ,803.30 1 3.10
(VII)Deferred Tax 3 20.80 1 ,854.20 1 ,726.70 3 ,468.80 ( 1,359.00)
(VIII)Total Tax Expenses (VI + VII) 7 54.60 3 ,753.40 4 ,627.00 5 ,272.10 ( 1,345.90)
(IX) Profit for the period/year (V-VIII) 1 ,238.80 7 ,487.00 1 2,401.90 1 5,644.60 6 ,647.80
(X) Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss ( 1,053.90) ( 2,468.30) ( 731.70) ( 623.30) ( 1,799.40)
Less:(ii) Income tax relating to items that will not be reclassified to profit ( 265.20) ( 621.20) ( 184.20) ( 156.90) ( 452.90)
or loss 15.1
B (i) Items that will be reclassified to profit or loss - - - - -
Less:(ii) Income tax relating to items that will be reclassified to profit or - - - - -
loss
Total Other Comprehensive Income ( 788.70) ( 1,847.10) ( 547.50) ( 466.40) ( 1,346.50)
Total Comprehensive Income for the period (IX + X)
(XI) (ComprisingProfit(Loss)andOtherComprehensiveIncome 4 50.10 5 ,639.90 11,854.40 1 5,178.20 5,301.30
for the period)
328(All amounts in ₹ Million, except as otherwise stated)
For The Six Months For The Six Months
For The Year Ended For The Year Ended For The Year Ended
Note Ended Ended
March 31, 2025 March 31, 2024 March 31, 2023
No. September 30, 2025 September 30, 2024
Profit attributable to:
Owners of the company 1 ,238.80 7 ,487.00 12,401.90 15,644.60 6,647.80
Non-controlling interest - - - - -
1 ,238.80 7 ,487.00 12,401.90 15,644.60 6,647.80
Other Comprehensive Income attributable to:
Owners of the company (788.70) (1,847.10) (547.50) (466.40) ( 1,346.50)
Non-controlling interest - - - - -
(788.70) (1,847.10) (547.50) (466.40) ( 1,346.50)
Total Comprehensive Income attributable to:
Owners of the company 4 50.10 5 ,639.90 11,854.40 15,178.20 5,301.30
Non-controlling interest - - - - -
4 50.10 5 ,639.90 11,854.40 15,178.20 5,301.30
Earnings per equity share (Face value ₹ 10 each*):
Basic 0 .27 1 .61 2.66 3.36 1.43
Diluted 0 .27 1 .61 2.66 3.36 1.43
*Refer note 16 (6)(b) for calculation of EPS
The Accompanying Note No. 1 to 16 form an integral part of the Restated Financial Information.
As per our report of even date On behalf of the Board
For Nag & Associates
Chartered Accountants
FRN - 312063E (Manoj Kumar Agarwal) (Murlikrishna Ramaiah)
Chairman cum Managing Director (HR)
Director, CEO &
(CA Indranath Nag) Director (Finance) DIN- 10061115
Partner
Mem. No - 050531
Date: December 08, 2025 (M S Raju) (B.K. Parui)
Company Secretary &
Place: Dhanbad G.M. (Finance) & CFO
Compliance Officer
329BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Restated Statement of Cash Flows
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
Details
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
1. CASH FLOWS FROM OPERATING ACTIVITIES :
Profit(+)/Loss(-) before tax: 1 ,993.40 1 1,240.40 1 7,028.90 2 0,916.70 5 ,301.90
Adjustments for :
(i) Depreciation, amortisation and impairment expenses 2 ,005.40 2 ,172.40 5 ,806.80 3 ,403.90 3 ,054.30
(ii) Interest and other income from investment ( 701.90) ( 822.50) ( 1,539.30) ( 1,297.80) ( 668.00)
(iii) Finance Costs 6 00.50 3 21.90 7 24.90 6 18.30 5 56.90
(iv) (Profit)/Loss on sale of Property Plant & Equipment ( 102.20) ( 7.40) 6 .40 ( 13.80) ( 5.80)
(v) Liability and provision written back ( 3,303.60) ( 1,167.20) ( 1,553.50) ( 603.30) ( 2,181.40)
(vi) Allowances and Provisions 1 6.00 7 2.80 4 8.00 2 2.30 2 1.00
(vii) Write off - 1 .50 - - -
(viii) Reversal of Stripping Activity Provision - ( 279.20) 1 ,959.00 ( 2,005.20) 6 ,726.70
(ix) Stripping Activity Adjustment ( 5,854.60) ( 5,023.30) ( 7,723.00) ( 1,851.70) -
Cashflowsfromoperatingactivitiesbeforechangesin
( 5,347.00) 6 ,509.40 1 4,758.20 1 9,189.40 1 2,805.60
following assets and liabilities
(i) Trade Receivables ( 3,547.60) ( 882.70) ( 5,145.10) ( 821.00) ( 2,141.40)
(ii) Inventories 1 ,034.30 ( 1,303.00) ( 5,778.90) ( 3,519.90) ( 397.80)
(iii) Loans and Advances and other financial assets ( 1,501.60) ( 1,335.80) ( 2,234.30) ( 127.20) ( 162.00)
(iv) Other current and non current Assets ( 1,826.00) 4 48.90 ( 3,141.80) ( 3,222.90) ( 2,892.10)
(v) Trade Payables 6 ,917.70 ( 538.00) 9 ,397.40 3 ,206.20 1 ,126.50
(vi) Other Financial Liabilities 3 76.00 6 ,238.50 4 ,988.70 2 ,092.20 3 73.00
(vii) Other current and non current liabilities 3 ,518.50 ( 3,647.00) 1 99.80 7 ,711.20 ( 2,081.90)
(viii) Provisions ( 2,973.00) 5 ,504.00 ( 1,474.60) ( 10,370.50) 1 0,542.30
Cash Generated from Operation ( 3,348.70) 1 0,994.30 1 1,569.40 1 4,137.50 1 7,172.20
Income Tax (Paid) ( 0.60) ( 846.20) ( 3,604.50) ( 1,146.10) ( 184.40)
NetCashFlowgeneratedfromOperatingActivities
( 3,349.30) 1 0,148.10 7 ,964.90 1 2,991.40 1 6,987.80
(A)
2.CASH FLOW FROM INVESTING ACTIVITIES :
(i)PaymentsforProperty,PlantandEquipmentsand ( 3,021.50) ( 9,799.50) ( 7,701.80) ( 11,928.30) ( 10,122.90)
Intangible assets
(ii) Proceeds from Sale of Property, Plant and Equipment 1 31.70 3 1.60 5 2.00 5 9.00 5 1.00
(iii) Payments for Exploration and Evaluation Asset ( 0.90) ( 19.60) ( 645.30) ( 81.70) ( 9.10)
(iv) Realisation of deposits/(Deposits) with Banks 1 ,607.20 ( 1,427.90) ( 3,623.90) ( 2,290.90) ( 6,740.30)
(v) Proceeds from/(Investment) in Mutual Fund, Shares etc. 4 .50 2 ,685.10 2 ,714.00 ( 1,740.10) ( 720.00)
(vi) Interest received on Investment - 6 49.00 1 ,381.90 1 ,137.80 4 83.00
(vii) Income from Mutual Fund 6 27.40 - - - -
Net Cash used in Investing Activities (B) ( 651.60) ( 7,881.30) ( 7,823.10) ( 14,844.20) ( 17,058.30)
3.CASH FLOW FROM FINANCING ACTIVITIES :
(i) Proceeds from /(Repayment of) non current borrowings - - - - -
(ii) Proceeds from /(Repayment of) current borrowings 1 2,781.50 - -
(iii) Repayment of Lease Liabilities (including Interest) ( 282.10) ( 446.80) ( 874.30) ( 724.70) ( 429.70)
(iv) Interest paid ( 252.80) - ( 6.00) ( 13.70) -
(v) Dividend paid on Equity shares ( 8,442.20) ( 444.30) ( 444.30)
Net Cash used in Financing Activities (C ) 3 ,804.40 ( 891.10) ( 1,324.60) ( 738.40) ( 429.70)
( I ) Net Increase/(Decrease) in Cash & Cash
equivalents (A+B+C) ( 196.50) 1 ,375.70 ( 1,182.80) ( 2,591.20) ( 500.20)
( II ) Cash & Cash equivalents at the beginning of the period :
a. Opening Cash & Cash Equivalent 1 ,675.40 2 ,858.20 2 ,858.20 5 ,449.40 5 ,949.60
( III ) Cash & Cash equivalents at the end of the period :
b. Closing Cash & Cash Equivalent 1 ,478.90 4 ,233.90 1 ,675.40 2 ,858.20 5 ,449.40
Reconciliation of Cash & Cash equivalents (Note-4.4)
Cash & Cash equivalents (Net of Bank Overdraft) 1 ,478.90 4 ,233.90 1 ,675.40 2 ,858.20 5 ,449.40
Components of Cash and Cash Equivalents
(a) Balances with Banks
- in Deposit Accounts 2 ,643.30 1 27.30 1 89.70 2 ,261.90 6 30.00
- in Current Accounts 1 ,644.60 4 ,105.90 1 ,485.30 5 96.00 6 13.40
(b) Bank Balances outside India - - - - -
(c) ICDs with Primary Dealers - - - - 4 ,200.00
(d) Cheques, Drafts and Stamps in hand - - - - 0 .80
(e) Cash in hand - - - - -
(f) Cash on hand outside India - - - - -
(f) Bank Overdraft ( 2,809.80) - - - -
(g) Others e-procurement account/GeM account/Imprest balances 0 .80 0 .70 0 .40 0 .30 5 .20
Total(Refernote4.4andnote8.1forcomponentsof 1 ,478.90 4 ,233.90 1 ,675.40 2 ,858.20 5 ,449.40
Cash and Cash Equivalents)
1. Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities:
For The Six Months Ended September 30, 2025 (All amounts in ₹ Million, except as otherwise stated)
Particulars Non-current Borrowings* Non-current Borrowings* Non-current Borrowings* Finance Lease Liabilities Current borrowings
Opening balance as at April 01, 2025 2 ,331.70
Cash flows during the year ( 282.10)
Non-cash changes due to:
Acquisitions and unwinding finance cost under finance lease 4 34.10
Interest on borrowings
Variation in exchange rates
Transaction costs on borrowings
Closing balance as at September 30, 2025 - - - 2 ,483.70 -
330For The Six Months Ended September 30, 2024
Particulars Non-current Borrowings* Non-current Borrowings* Non-current Borrowings* Finance Lease Liabilities Current borrowings
Opening balance as at April 01, 2024 2 ,302.30
Cash flows during the year ( 446.80)
Non-cash changes due to:
Acquisitions and unwinding finance cost under finance lease 7 38.90
Interest on borrowings
Variation in exchange rates
Transaction costs on borrowings
Closing balance as at September 30, 2024 - - - 2 ,594.40 -
For The Year Ended March 31, 2025
Particulars Non-current Borrowings* Non-current Borrowings* Non-current Borrowings* Finance Lease Liabilities Current borrowings
Opening balance as at April 01, 2024 2 ,302.30
Cash flows during the year ( 874.30)
Non-cash changes due to:
Acquisitions and unwinding finance cost under finance lease 9 03.70
Interest on borrowings
Variation in exchange rates
Transaction costs on borrowings
Closing balance as at March 31, 2025 - - - 2 ,331.70 -
For The Year Ended March 31, 2024
Particulars Non-current Borrowings* Non-current Borrowings* Non-current Borrowings* Finance Lease Liabilities Current borrowings
Opening balance as at April 01, 2023 2 ,126.40
Cash flows during the year ( 724.70)
Non-cash changes due to:
Acquisitions and unwinding finance cost under finance lease 9 00.60
Interest on borrowings
Variation in exchange rates
Transaction costs on borrowings
Closing balance as at March 31, 2024 - - - 2 ,302.30 -
For the year ended 31 March 2023
Particulars Non-current Borrowings* Non-current Borrowings* Non-current Borrowings* Finance Lease Liabilities Current borrowings
Opening balance as at April 01, 2022 2002.80
Cash flows during the year (429.70)
Non-cash changes due to:
Acquisitions and unwinding finance cost under finance lease 5 53.30
Interest on borrowings
Variation in exchange rates
Transaction costs on borrowings
Closing balance as at March 31, 2023 - - - 2 ,126.40 -
* Includes current maturities of non-current borrowings and interest accrued thereon, refer Note 8.1
2. The above restated statement of cash flow is prepared in accordance with the Indirect Method prescribed in Ind AS 7 - 'Statement of Cash flows.'
3. The Company has spent ₹36.20 Millions (Refer note no. 13.8) on account of Corporate Social Responsibility (CSR) expenditure during the six months ended September 30, 2025, ₹56.40 Millions during the six months
ended September 30, 2024, ₹286.70 Millions in FY 2024-25, ₹ 100.90 Millions in 2023-24; ₹ 133.60 Millions in 2022-23).
The Accompanying Note No. 1 to 16 form an integral part of the Restated Financial Information.
As per our report of even date On behalf of the Board
For Nag & Associates
Chartered Accountants
FRN - 312063E (Manoj Kumar Agarwal) (Murlikrishna Ramaiah)
Chairman cum Managing Director (HR)
Director, CEO &
(CA Indranath Nag) Director (Finance) DIN- 10061115
Partner
Mem. No - 050531
Date: December 08, 2025 (M S Raju) (B.K. Parui)
Place: Dhanbad G.M. (Finance) & CFO Company Secretary &
Compliance Officer
331BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Restated Statement of Changes in Equity
A. EQUITY SHARE CAPITAL
(All amounts in ₹ Million, except as otherwise stated)
Particulars No. of Shares Amount
Balance as at April 01, 2022 46,570,000 46,570.00
Changes in Equity Share Capital during the Year 0 0.00
Balance as at March 31, 2023 46,570,000 46,570.00
Changes in Equity Share Capital during the Year 0 0.00
Balance as at March 31, 2024 46,570,000 46,570.00
Changes in Equity Share Capital during the Year 0 0.00
Balance as at March 31, 2025 46,570,000 46,570.00
For the Interim Period Reported
Particulars No. of Shares Amount
Balance as at April 01, 2024 46,570,000 46,570.00
Changes in Equity Share Capital during the Period 0 0.00
Balance as at September 30, 2024 46,570,000 46,570.00
Particulars No. of Shares Amount
Balance as at April 01, 2025 46,570,000 46,570.00
Changes in Equity Share Capital during the Period* 4,610,430,000 0.00
Balance as at September 30, 2025 4,657,000,000 46,570.00
* Refer footnote 7.1.5 regarding splitting of shares.
B. OTHER EQUITY
Reserves & Surplus
OCI - Re-
Capital
Particulars measurement of Total
Redemption Capital Reserve General Reserve Retained Earnings
Defined Benefits
reserve
Plans (net of Tax)
Balance as at April 01, 2024 - - 1 ,409.90 5,574.80 ( 337.50) 6,647.20
Changes in accounting policy or prior period errors -
Restated Balance as at April 01, 2024 - - 1,409.90 5 ,574.80 ( 337.50) 6 ,647.20
Total Comprehensive Income 12,401.90 (547.50) 1 1,854.40
Transfers and Other Adjustments 782.20 ( 782.20) -
Interim Dividend -
Final Dividend ( 444.30) ( 444.30)
Corporate Dividend tax -
Buy Back of Shares -
Tax on Buy back -
Issue of Bonus Shares -
Balance as at March 31, 2025 - - 2,192.10 16,750.20 ( 885.00) 18,057.30
Reserves & Surplus
OCI - Re-
Capital
Particulars measurement of Total
Redemption Capital Reserve General Reserve Retained Earnings
Defined Benefits
reserve
Plans (net of Tax)
Balance as at April 01, 2023 - - 1 ,409.90 (10,069.80) 128.90 (8,531.00)
Changes in accounting policy or prior period errors -
Restated Balance as at April 01, 2023 - - 1,409.90 ( 10,069.80) 1 28.90 ( 8,531.00)
Total Comprehensive Income 15,644.60 (466.40) 1 5,178.20
Transfers and Other Adjustments -
Interim Dividend -
Final Dividend -
Corporate Dividend tax -
Buy Back of Shares -
Tax on Buy back -
Issue of Bonus Shares -
Balance as at March 31, 2024 - - 1,409.90 5,574.80 ( 337.50) 6,647.20
332Reserves & Surplus
OCI - Re-
Capital
Particulars measurement of Total
Redemption Capital Reserve General Reserve Retained Earnings
Defined Benefits
reserve
Plans (net of Tax)
Balance as at April 01, 2022 - - 1 ,409.90 (16,717.60) 1,475.40 (13,832.30)
Total Comprehensive Income 6 ,647.80 ( 1,346.50) 5 ,301.30
Transfers and Other Adjustments -
Interim Dividend -
Final Dividend -
Corporate Dividend tax -
Buy Back of Shares
Tax on Buy back -
Issue of Bonus Shares -
Balance as at March 31, 2023 - - 1,409.90 (10,069.80) 128.90 (8,531.00)
For the Interim Period Reported
Reserves & Surplus
OCI - Re-
Capital
Particulars measurement of Total
Redemption Capital Reserve General Reserve Retained Earnings
Defined Benefits
reserve
Plans (net of Tax)
Balance as at April 01, 2024 - - 1 ,409.90 5,574.80 ( 337.50) 6,647.20
Total Comprehensive Income 7 ,487.00 ( 1,847.10) 5 ,639.90
Transfers and Other Adjustments 7 82.20 ( 782.20) -
Interim Dividend -
Final Dividend ( 444.30) - 4 44.30
Corporate Dividend tax -
Buy Back of Shares
Tax on Buy back -
Issue of Bonus Shares -
Balance as at September 30, 2024 - - 2,192.10 11,835.30 (2,184.60) 11,842.80
Reserves & Surplus
OCI - Re-
Capital
Particulars measurement of Total
Redemption Capital Reserve General Reserve Retained Earnings
Defined Benefits
reserve
Plans (net of Tax)
Balance as at April 01, 2025 - - 2 ,192.10 16,750.20 ( 885.00) 18,057.30
Total Comprehensive Income 1 ,238.80 ( 788.70) 4 50.10
Transfers and Other Adjustments 6 20.00 ( 620.00) -
Interim Dividend -
Final Dividend ( 8,442.20) - 8 ,442.20
Corporate Dividend tax -
Buy Back of Shares
Tax on Buy back -
Issue of Bonus Shares -
Balance as at September 30, 2025 - - 2,812.10 8,926.80 (1,673.70) 10,065.20
Refer Note 7.2 for dividend and the nature and purpose of Reserves and Surplus.
The Accompanying Note No. 1 to 16 form an integral part of the Restated Financial Information.
As per our report of even date On behalf of the Board
For Nag & Associates
Chartered Accountants
FRN - 312063E (Manoj Kumar Agarwal) (Murlikrishna Ramaiah)
Chairman cum Managing Director (HR)
Director, CEO &
(CA Indranath Nag) Director (Finance) DIN- 10061115
Partner
Mem. No - 050531
Date: December 08, 2025 (M S Raju) (B.K. Parui)
Company Secretary & Compliance
Place: Dhanbad G.M. (Finance) & CFO
Officer
333BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 1
(A) Corporate Information :
Bharat Coking Coal Limited, a Miniratna Public Sector Undertaking, is a 100%
Subsidiary of Coal India Limited (A Government of India Undertaking)
having its Registered Office at Koyla Bhawan, Koyla Nagar, Dhanbad-
826005. Bharat Coking Coal Limited, hereinafter to be referred as ‘Company’,
was incorporated in January, 1972 to operate coking coal mines in the Jharia
and Raniganj Coalfields, taken over by the Govt. of India on October 16, 1971
to ensure planned development of the scarce coking coal resources in the
country. Since then the Company is engaged in mining of coal and allied
activities largely in the state of Jharkhand and marginally in the State of West
Bengal. It occupies an important place in as much as it produces bulk of the
coking coal mined in the country.
The restated financial information for the six months ended September 30,
2025, 2024 and for the years ended March 31, 2025, 2024 and 2023, were
approved for issue by the Board of Directors of the company on December 08,
2025.
(B) Statement of Compliance and Recent Accounting Pronouncement :
i) (cid:9)Statement of Compliance -
These restated financial information have been prepared in accordance with the
Indian Accounting Standards (hereinafter referred to as the “Ind AS”) as
notified under the Companies (Indian Accounting Standards) Rules, 2015 (as
amended) read with Section 133 of the Companies Act, 2013 (“the Act”). The
Ind ASs issued, notified and made effective till the financial information are
authorised and have been considered for the purpose of preparation of these
restated financial information.
The accounting policies are applied consistently except where a newly issued
accounting standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
334ii) A(cid:9)pplication of new and revised standards -
Ministry of Corporate Affairs (MCA) notifies new standards or amendments to
the existing standards under Companies (Indian Accounting Standards) Rules,
from time to time. MCA has notified on May 07, 2025 amendments to the Ind
AS 21 ‘The Effects of Changes in Foreign Exchange Rates’. Further on August
13, 2025 notified amendments with consequential impacts to the Ind AS
1,7,10, 12, 28,32,101,107,108,109,115 and 116. Revision in the standards do
not have any material impact on the profit and loss and earning per share for
the period.
335BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 2: MATERIAL ACCOUNTING POLICIES
2.1 Statement of Compliance and Basis of Preparation
The Restated FinancialStatementscompriseofRestatedStatementofAssetsand LiabilitiesasatSeptember30, 2025&
2024, March 31, 2025, 2024 and 2023, the Restated Statement of Profit and Loss (including Other Comprehensive
Income/Loss), Restated Statement of Changes in Equity and the Restated Statement of Cash Flows for the six months
ended September 30, 2025, 2024 and for the years ended March 31, 2025, 2024 and 2023 and the material accounting
policies and explanatory notes (‘hereinafter referred to as Restated Financial Information’);
The Restated Financial Information have been prepared in accordance with Indian Accounting Standards (Ind AS)
notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and
presentationrequirementsofDivisionIIofScheduleIIItotheCompaniesAct,2013,(IndAScompliantScheduleIII),as
applicable to the Restated Financial Information.
The Restated Financial Information have been prepared by the management for the purpose of inclusion in the Updated
Draft Red Herring Prospectus, Red Herring Prospectus and Prospectus in connection with the proposed initial public
offering of equity shares of face value of ₹ 10 each (refer footnote 7.1.5 regarding splitting of shares) of the Company
(the “Offer”), in terms of the requirements of:
(a)Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act");
(b)The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,
issued by the Securities and Exchange Board of India ('SEBI') as amended, from time to time in pursuance of the
Securities and Exchange Board of India Act, 1992;
(c)The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered
Accountants of India (ICAI) as amended (the “Guidance Note”).
TheRestatedFinancialInformationhavebeencompiledfromAuditedfinancialstatementsoftheCompanyasatandfor
the six months ended September 30, 2025, 2024 and for the years ended March 31, 2025, 2024 and 2023 prepared in
accordance with Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015 (as amended fromtime to time) and other accounting principles generally accepted in India, along with the
presentationrequirementsofDivisionIIofScheduleIIItotheCompaniesAct,2013,(Ind-AScompliantScheduleIII),as
applicablewhichwereapprovedbytheBoardofDirectorsattheirmeetingheldonOctober18,2025,October19,2024,
April 23, 2025, April 24, 2024 and April 24, 2023 respectively.
The Restated Financial Information have been prepared after incorporating adjustments for the changes in accounting
policies,materialerrorsand regrouping/reclassificationsretrospectivelyforsix monthsended September30, 2025, 2024
and the financial years ended March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the
accounting policy and grouping/classifications followed as at and for the year ended on March 31, 2025.
The Restated Financial Information have been prepared on a going concern basis, on accrual basis of accounting under
the historical cost convention except certain financial instruments that are measured in terms of relevant Ind AS at
amortized costs or fair value at the end of each reporting period.
Historical cost convention is generally based on the fair value of the consideration given in exchange for goods and
services.
The functionalcurrencyoftheCompanyisdeterminedasthecurrencyoftheprimaryeconomic environmentin whichit
operates. The Restated Financial Information are presented in Indian Rupees (₹) and all values are rounded off to the
‘rupees in millions’ up to two decimal points.
2.2 Current and Non-Current Classification
336The Company presents assets and liabilities in the Restated Statement of Assets and Liabilities based on current/ non-
current classification. An asset is treated as current by the Company when:
(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b) it holds the asset primarily for the purpose of trading;
(c) it expects to realise the asset within twelve months after the reporting period; or
(d) the asset is cash or a cash equivalent (as defined in Ind AS 7) unless the asset is restricted frombeing exchanged or
used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is treated as current by the Company when:
(a) it expects to settle the liability in its normal operating cycle;
(b) it holds the liability primarily for the purpose of trading;
(c) the liability is due to be settled within twelve months after the reporting period; or
(d) itdoesnothaveanunconditionalrighttodefersettlementoftheliabilityforatleasttwelvemonthsafterthereporting
period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity
instruments do not affect its classification.
All other liabilities are classified as non-current.
HavingregardtothenatureofthebusinessbeingcarriedoutbytheCompany,theCompanyhasascertaineditsoperating
cycle as twelve months for the purpose of current and non-current classification of assets and liabilities.
2.3 Revenue Recognition
Revenue from contracts with customers
Revenue is principally derived from the sale of coal, related ancillary services, and products. Revenue from sales of
products is recognized when control of the products has transferred, being when the products are delivered to the
customer.Deliveryoccurswhentheproductshavebeenshippedordeliveredto thespecific locationasthecase maybe,
and the risks of loss have been transferred in accordance with the sales contract. The amount of revenue recognized
reflects the consideration to which the Company is or expects to be entitled in exchange for those goods or services.
Accumulatedexperienceisusedtoestimateandprovideforthevariableconsiderationasperthesalescontract,usingthe
mostlikelymethod, and revenueisonlyrecognizedto theextentthatitishighlyprobable that asignificant reversalwill
not occur. The amount of consideration does not contain a significant financing component as payment terms are less
than one year as per the sales contracts.
TheCompanyhasanumberoflong-termcontractstosupplyproductstocustomersinfutureperiods.Generally,revenue
is recognized on an invoice basis, as each unit sold is a separate performance obligation, and therefore the right to
consideration from a customer corresponds directly with our performance completed to date.
Interest-Interestincomefromafinancialassetisrecognizedwhenitisprobablethattheeconomicbenefitswillflowto
the company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference
to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the
estimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialassettothatasset'snetcarryingamountoninitial
recognition.
Dividends - Dividend is recognised when the company’s right to receive the payment is established, which is generally
when shareholders approve the dividend.
Other Claims - Revenue in respect of Other claims (including interest on delayed realization from customers) are
recognized only when there is reasonable certainty as to the ultimate collection and the amount can be measured reliably.
2.4 Grants from Government
337Government Grants are not recognised until there is reasonable assurance that the Company will comply with the
conditions attached to them and that there is reasonable certainty that grants will be received.
Government grants are recognised in Restated Statement of Profit and Loss on a systematic basis over the periods in
which the Company recognises the related expenses or costs for which the grants are intended to compensate.
Government Grants related to assets are presented in the Restated Statement of Assets and Liabilities by setting up the
grant as deferred income and are recognised in Restated Statement of Profit and Loss on systematic basis over the useful
Grantsrelated to income(i.e.grantrelated to otherthanassets)arepresentedaspartofRestatedStatementofProfitand
Loss under the head ‘Other Income’.
A government grant/assistance that becomes receivable as compensation for expenses or losses already incurred or for
thepurposeofgivingimmediatefinancialsupportto theCompanywithno futurerelated costs,isrecognisedin profitor
loss of the period in which it becomes receivable.
The Government grants or grants in the nature of promoter’s contribution is recognised directly in “Capital Reserve”
which forms part of the “Shareholders fund”.
2.5 Leases (Ind AS 116)
A contractis,orcontains,aleaseifthe contractconveystherighttocontroltheuseofan identifiedassetforaperiodof
time in exchange for consideration.
2.5.1 Company as a lessee
TheCompanyassesseswhetheracontractcontainsalease,atinceptionofacontract.Acontractis,orcontains,aleaseif
thecontractconveystherightto controltheuseofanidentifiedassetforaperiodoftime inexchange forconsideration.
Toassesswhetheracontractconveystherighttocontroltheuseofanidentifiedasset,theCompanyassesseswhether:(i)
the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from
use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
Atthecommencementdate,alesseeshallrecognisearight-of-useassetatcostandaleaseliabilityatthepresentvalueof
theleasepaymentsthatarenotpaidatthatdateforallleasesunlesstheleasetermis12 monthsorlessortheunderlying
asset is of low value.
Subsequently, right-of-use asset is measured using cost model whereas, the lease liability is measured by increasing the
carryingamounttoreflectinterestontheleaseliability,reducingthecarryingamounttoreflecttheleasepaymentsmade
and re-measuring the carrying amount to reflect any reassessment or lease modifications.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease
paymentsare discountedusing theinterestrateimplicitin thelease or,ifnotreadilydeterminable,using theincremental
borrowingrates ofthese leases.Lease liabilitiesare premeasuredwith acorresponding adjustmentto therelated rightof
use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease
liabilityand ROU asset are separately presented in the Restated Statement of Assets and Liabilities and lease payments
are classified as financing cash flows. Lease liability obligations is presented separately under the head "Financial
Liabilities".
Finance charges are recognised in finance costs in the Restated Statement of Profit and Loss, unless the costs are
included in the carrying amount of another asset applying other applicable standards.
Right-of-useassetisdepreciatedovertheusefullifeoftheasset,iftheleasetransfersownershipoftheassettothelessee
bytheend oftheleasetermorifthecostoftheright-to-useassetreflectsthatthelesseewillexerciseapurchaseoption.
Otherwise, the lessee shall depreciate the right-to-use asset fromthe commencement date to the earlier of the end ofthe
useful life of the right-of-use asset or the end of the lease term.
2.5.2 Company as a lessor
Assets are given on lease either as finance lease or operating lease.
338Finance Lease: A lease is classified as finance lease if it transfers substantially all the risks and rewards incidental to
ownership of an underlying asset. Initially, asset held under finance lease is recognised in Restated Statement of Assets
and Liabilities and presented as a receivable at an amount equal to the net investment in the lease. Finance income is
recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on Company's net
investment in the lease.
OperatingLease:Aleasewhichisnotclassifiedasafinanceleaseisanoperatinglease.TheCompanyrecogniseslease
payments in case of assets given on operating leases as income on a straight line basis.
2.6 Non-Current Assets Held for Sale
The Company classifies non-current assets and (or disposal groups) as held for sale if their carrying amounts will be
recovered principally through a sale rather than through continuing use. Actions required to complete the sale should
indicatethatitisunlikelythatsignificantchangesto thesalewillbemadeorthatthedecision to sellwill bewithdrawn.
Management must be committed to the sale expected to be completed within one year from the date of classification.
For these purposes, sale transactions include exchanges of non-current assets for other non-current assets when the
exchange has commercial substance. The criteria for held for sale classification is regarded met onlywhen the assets or
disposalgroupisavailableforimmediatesaleinitspresentcondition,subjectonlytotermsthatareusualandcustomary
forsalesofsuchassets(ordisposalgroups),itssaleishighlyprobable;anditwillgenuinelybesold,notabandoned.The
Company treats sale of the asset or disposal group to be highly probable when:
The appropriate level of management is committed to a plan to sell the asset (or disposal group),
An active programme to locate a buyer and complete the plan has been initiated
The asset(ordisposalgroup)isbeing activelymarketedforsaleatapricethatisreasonable in relationto itscurrent
fair value,
The sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
Actions required to complete the plan indicate that it is unlikelythat significant changes to the plan will be made or
that the plan will be withdrawn.
Non-current asset or disposal groups classified as held for sale are measured at the lower of carrying amount and fair
value less costs to sell.
2.7 Property, Plant and Equipment (PPE) and Depreciation
AnitemofPPEisrecognizedasanassetifitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflow
to the Company and the cost of the item can be measured reliably.
PPE are initially measured at cost of acquisition/construction including decommissioning or restoration cost wherever
required. Cost of land includes expenditures which are directly attributable to the acquisition of the land like,
rehabilitation expenses, resettlement cost and compensation in lieu of employment incurred for concerned displaced
persons etc.
After recognition, an item of all other Property, plant and equipment are carried at its cost less any accumulated
depreciation and any accumulated impairment losses under Cost Model. The cost of an item of property, plant and
equipment comprises:
(a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and
rebates.
(b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
339(c)theinitialestimateofthecostsofdismantling andremoving theitemandrestoringthesiteonwhichitislocated,the
obligation for which the Company incurs either when the item is acquired or as a consequence of having used the item
during a particular period for purposes other than to produce inventories during that period.
(d) Interest on Borrowings utilized to finance the construction of qualifying assets are capitalised as part of cost of the
asset until such time that the asset is ready for its intended use.
Eachpartofanitemofproperty,plantandequipmentwithacostthatissignificantinrelationtothetotalcostoftheitem
isdepreciatedseparately.However,significantpart(s)ofanitemofPPEhavingsameusefullifeanddepreciationmethod
are grouped together in determining the depreciation charge.
Costsofthedayto-dayservicingdescribedas‘repairsandmaintenance’arerecognisedintherestatedstatementofprofit
and loss in the period in which the same are incurred.
Subsequent cost of replacing parts which are significant in relation to the total cost of an item of property, plant and
equipment are recognised in the carrying amount of the item, if it is probable that future economic benefits associated
withtheitemwillflowtotheCompany;andthecostoftheitemcanbemeasuredreliably.Thecarryingamountofthose
parts that are replaced is derecognised in accordance with the derecognition policy mentioned below.
When major inspection is performed, its cost is recognised in the carrying amount of the item of property, plant and
equipment as a replacement if it is probable that future economic benefits associated with the item will flow to the
Company;and thecostoftheitemcan bemeasuredreliably.Anyremainingcarryingamountofthecostof theprevious
inspection (as distinct from physical parts) is derecognised.
AnitemofProperty,plantorequipmentisderecognisedupondisposalorwhennofutureeconomicbenefitsareexpected
from the continuing use of assets. Any gain or loss arising on such derecognition of an item of property plant and
equipment is recognised in restated statement of profit and Loss.
Depreciation on property,plantand equipment, exceptfreeholdland,isprovidedaspercostmodelonstraightlinebasis
over the estimated useful lives of the asset as follows:
Other Land (incl. Life of the project or lease term whichever is
Leasehold Land) : lower
Building (incl. Roads) : 3-60 years
Telecommunication : 3-9 years
Railway Sidings : 15 years
Plant and Equipment (incl.
1-30 years
Railway Corridor, Others) :
Computers and Laptops : 3 Years
Office equipment : 2-5 years
Furniture and Fixtures : 10 years
Vehicles : 8-10 years
Based on technical evaluation, the management believes that the useful lives given above best represent the period over
whichthemanagementexpectstousetheasset.Hencetheusefullivesoftheassetsmaybedifferentfromtheusefullives
as prescribed under Part C of Schedule II of the companies act, 2013.
The estimated useful life of the assets is reviewed at the end of each financial year.
TheresidualvalueofProperty,plantandequipmentisconsideredas5%oftheoriginalcostoftheassetexceptforsome
items of assets such as other land, site restoration asset, other mining infrastructure, surveyed off assets. Useful life has
been technically estimated to be one year with nil residual value for items such as Coal tub, winding ropes, haulage
ropes, stowing pipes and safety lamps etc.
Depreciationontheassetsadded/disposedofduringtheyearisprovidedonpro-ratabasiswithreferencetothemonthof
addition / disposal.
340Valueof“OtherLand”includeslandacquiredunderCoalBearingArea(Acquisition&Development)(CBA)Act,1957,
Land Acquisition Act, 1894, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and
Resettlement (RFCTLAAR) Act, 2013, Long termtransfer of government land etc., which are amortised on the basis of
thebalancelifeoftheproject;andincaseofLeaseholdlandsuchamortisationisbasedonleaseperiodorbalancelifeof
the project whichever is lower.
Assetsthatare fullydepreciatedand retired fromactiveuseare disclosedseparatelyas surveyedoffassetsatitsresidual
value under Property, Plant Equipment and are tested for impairment.
Transition to Ind AS
The Company elected to continue with the carrying value as per the cost model (for all of its property, plant and
equipmentasrecognisedin therestated financialinformationasatthedateoftransition to Ind ASs,measuredasperthe
previous GAAP.
2.8 Mine Closure, Site Restoration and Decommissioning Obligation
The Company’s obligation for land reclamation and decommissioning of structures consists of spending at both surface
and underground mines in accordance with the guidelines from the Ministry of Coal, Government of India. The
Company estimates its obligation for Mine Closure, Site Restoration and Decommissioning based upon detailed
calculationandtechnicalassessmentoftheamountandtimingofthefuturecashspendingto performtherequiredwork.
Mine Closure expenditure is provided as per approved Mine Closure Plan. The estimates of expenses are escalated for
inflation, and then discounted at a discount rate that reflects current market assessment of the time value of money and
therisks,suchthattheamountofprovisionreflectsthepresentvalueoftheexpendituresexpectedtobeincurredtosettle
the obligation. The Company records a corresponding asset associated with the liability for final reclamation and mine
closure.Theobligationandcorrespondingassetsarerecognisedintheperiodinwhichtheliabilityisincurred.Theasset
representing the total site restoration cost (as estimated by Central Mine Planning and Design Institute Limited) as per
the mine closure plan is recognised as a separate item in PPE and amortised over the balance project/mine life.
Thevalueoftheprovisionisprogressivelyincreasedovertimeastheeffectofdiscountingunwinds;creatinganexpense
recognised as a financial expense.
Further, a specific escrow fund account is maintained for this purpose as per the approved mine closure plan.
The progressive mine closure expenses incurred on year to year basis forming part of the total mine closure obligation
are initially recognised as receivable from the escrow account and thereafter adjusted with the obligation in the year in
which the amount is withdrawn after the concurrence of the certifying agency.
2.9 Exploration and Evaluation Assets
Exploration and evaluation assets comprise costs that are attributable to the search for coal and related resources,
pending the determination of technical feasibility and the assessment of commercial viability of an identified resource
which comprises inter alia the following:
acquisition of rights to explore
researching and analysing historical exploration data;
gathering exploration data through topographical, geo-chemical and geo-physical studies;
exploratory drilling, trenching, and sampling;
determining and examining the volume and grade of the resource;
surveying transportation and infrastructure requirements;
Conducting market and finance studies.
The above includes employee remuneration, cost of materials and fuel used, payments to contractors etc.
341As the intangible component represents an insignificant/indistinguishable portion of the overall expected tangible costs
to be incurred and recouped from future exploitation, these costs along with other capitalised exploration costs are
recorded as exploration and evaluation assets.
Exploration and evaluation costs are capitalised on a project-by-project basis pending the determination of technical
feasibilityandcommercialviabilityoftheprojectanddisclosedasaseparatelineitemundernon-currentassets.Theyare
subsequently measured at cost less accumulated impairment/provision.
Once proved reserves are determined and the development of mines/projects are sanctioned, exploration and evaluation
assetsaretransferredto“Development” undercapitalworkin progress.However, ifproved reservesarenotdetermined,
the exploration and evaluation asset is derecognised.
2.10 Development Expenditure
When proved reservesaredetermined and thedevelopmentofmines/projectsaresanctioned,capitalisedexplorationand
evaluationcostisrecognisedasassetsunderconstructionanddisclosedasacomponentofcapitalworkinprogressunder
the head “Development”. All subsequent development expenditure is also capitalised. The development expenditure
capitalised is net of proceeds from the sale of coal extracted during the development phase.
Commercial Operation
The project/mines are brought to revenue; when commercial readiness of a project/mine to yield production on a
sustainablebasisisestablishedeitheronthebasisofconditionsspecificallystatedin theprojectreportoronthe basisof
the following criteria:
(a) Fromthe beginningofthe financialyear immediatelyafter theyear in which theproject achievesphysical outputof
25% of rated capacity as per the approved project report, or
(b) 2 years of touching coal, or
(c) From the beginning of the financial year in which the value of production is more than total, expenses.
Whichever event occurs first;
Onbeingbroughttorevenue,theassetsundercapitalworkinprogressarereclassifiedasacomponentofproperty,plant,
and equipment under the nomenclature “Other Mining Infrastructure”. Other Mining infrastructures are amortised from
the year when the mine is brought under revenue in 20 years or the working life of the project whichever is less.
2.11 Intangible Assets and Amortisation
Intangible assets acquired separately are measured on initial recognition at cost. Cost includes any directly attributable
expensesnecessaryto maketheassetsreadyforitsintendeduse. Afterinitialrecognition,intangibleassetsarecarriedat
cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is recognized as an increase in the carrying amount of the asset when it is probable that future
economic benefits deriving from the cost incurred will flow to the Company and the cost of the item can be measured
reliably.
AnitemofIntangibleassetisderecognizedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuse
ordisposal.Gains orlossesarisingfromthederecognitionofan intangibleassetaremeasured asthedifferencebetween
thenetdisposalproceedsandthecarryingamountoftheassetandarerecognisedintheRestatedStatementofProfitand
Loss when the asset is derecognised.
Internally generated intangibles, excluding capitalised development costs, are not capitalised. Instead, the related
expenditure is recognised in the restated statement of profit and loss and other comprehensive income in the period in
which the expenditure is incurred.
342The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised over their useful economic lives and assessed for impairment whenever there is an indication that the
intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a
finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation
expense on intangible assets with finite lives is recognised in the restated statement of profit and loss. Amortisation of
intangible asset is provided on straight line basis over the estimated useful lives of the intangible asset as follows:
Intangible Assets Useful Life
SAP/ERP : 6 Years
Other Computer Software : License period
Rail Corridor : Life as per MoU contract period
An intangible asset with an indefinite useful life is not amortised but is tested for impairment at each reporting date.
ExplorationandEvaluationassetsattributabletoblocksidentifiedforsaleorproposedtobesoldtooutsideagencies(i.e.
for blocks not earmarked for CIL) are however, classified as Intangible Assets and tested for impairment.
Expenditureonresearchischargedtoexpenditureasandwhenincurred.Expenditureondevelopmentiscapitalizedonly
if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future
economic benefits are probable and the Companyintends to & has sufficient resources to complete development and to
use or sell the asset.
2.12 Impairment of Assets (Other than Financial Assets)
TheCompanyassessesattheendofeachreportingperiodwhetherthereisanyindicationthatanassetmaybeimpaired.
Ifanysuchindicationexists,theCompanyestimatestherecoverable amountoftheasset. Anasset’srecoverableamount
is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is
determined for an individual asset, unless the asset does not generate cash inflows that are largelyindependent of those
fromotherassetsorgroupsofassets,in whichcasetherecoverable amountisdeterminedforthecash-generating unitto
whichtheassetbelongs.The Companyconsidersindividualminesasseparatecash-generating unitsforthepurposeofa
test of impairment.
Iftherecoverable amountofanassetisestimatedto belessthan itscarryingamount,the carryingamountofthe assetis
reduced to its recoverable amount and the impairment loss is recognised in the Restated Statement of Profit and Loss.
2.13 Investment Property
Property (land or a building or part of a building or both) held to earn rentals or for capital appreciation or both, rather
than for, use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary
course of businesses are classified as an investment property.
Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing
costs.
Investment properties are depreciated using the straight-line method over their estimated useful lives.
2.14 Financial Instruments
343A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
2.14.1 Financial assets
2.14.1 Initial recognition and measurement
All financial assets arerecognised initiallyat fairvalue, in the caseof financialassets notrecorded atfair value through
profit or loss, plus transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of
financial assets that require deliveryof assets within a time frame established by regulation or convention in the market
place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell
the asset. However, trade receivables that do not contain a significant financing component are measured at transaction
price.
2.14.2 Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
Debt instruments at amortised cost
Debt instruments at fair value through other comprehensive income (FVTOCI)
Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
Equity instruments measured at fair value through other comprehensive income (FVTOCI)
2.14.2.1 Debt instruments at amortised cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest
rate(EIR)method. Amortised cost is calculated bytaking into account anydiscount orpremiumon acquisition and fees
orcoststhatareanintegralpartoftheEIR.TheEIRamortisationisincludedinfinanceincomeintheprofitorloss.The
losses arising from impairment are recognised in the profit or loss.
2.14.2.2 Debt instrument at FVTOCI
A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:
a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial
assets, and
b) The asset’s contractual cash flows represent SPPI.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair
value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company
recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the P&L. On
derecognition of the asset, cumulative gain or loss previouslyrecognised in OCIis reclassified from the equity to P&L.
Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.
2.14.2.3 Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
344In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI
criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or
recognition inconsistency(referred to as ‘accounting mismatch’). The Company has not designated any debt instrument
as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the
Restated Statement of Profit and Loss.
2.14.2.4 Equity investments in subsidiaries, associates and Joint Ventures
In accordance of Ind AS 101 (First time adoption of Ind AS), the carrying amount of these investments as per previous
GAAP as on the date of transition is considered to be the deemed cost. Subsequently Investment in subsidiaries,
associates and joint ventures are measured at cost.
In case of restated financial information, Equityinvestments in associates and joint venturesare accountedas perequity
method as prescribed in para 10 of Ind AS 28.
2.14.2.5 Other Equity Investment
All other equity investments in scope of Ind AS 109 are measured at fair value through profit or loss.
The Company may make an irrevocable election to present in other comprehensive income subsequent changes in the
fairvalue.The Companymakessuch electiononaninstrumentby-instrumentbasis.The classificationismadeon initial
recognition and is irrevocable.
All fair value changes of an equity instrument classified at FVTOCI, are recognized in OCI. There is no subsequent
reclassification of fair value gains and losses to the Restated Statement of Profit and Loss. However, the Companymay
transfer the cumulative gain or loss within equity. Dividends from such investments are recognised in the Restated
Statement of Profit and Loss as “other income” when the Company’s right to receive payments is established.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the
P&L.
2.14.2.6 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Restated Statement of Assets and Liabilities) when:
The rights to receive cash flows from the asset have expired, or
The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to paythe
received cash flows in full without material delayto a third partyunder a ‘pass-through’ arrangement; and either (a)the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the
Company continues to recognise the transferred asset to the extent of the Company’s continuing involvement. In that
case,theCompanyalsorecognisesan associatedliability.The transferredasset and the associatedliabilityaremeasured
on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the
form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of consideration that the Company could be required to repay.
2.14.2.7 Impairment of financial assets (other than fair value)
InaccordancewithIndAS109,theCompanyappliesexpectedcreditloss(ECL)modelformeasurementandrecognition
of impairment loss on the following financial assets and credit risk exposure:
345a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits,
trade receivables and bank balance
b) Financial assets that are debt instruments and are measured as at FVTOCI
c) Lease receivables under Ind AS 116
d) Trade receivables or anycontractualright to receive cashor anotherfinancial assetthat resultfromtransactionsthat
are within the scope of Ind AS 115.
The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:
Trade receivables or contract revenue receivables; and
All lease receivables resulting from transactions within the scope of Ind AS 116
TheapplicationofsimplifiedapproachdoesnotrequiretheCompanytotrackchangesincreditrisk.Rather,itrecognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
2.14.3 Financial liabilities
2.14.3.1 Initial recognition and measurement
The Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
Allfinancialliabilitiesarerecognised initiallyatfairvalueand,in thecaseofloansandborrowingsandpayables, netof
directly attributable transaction costs.
2.14.3.2 Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
2.14.3.3 Financial liabilities at fair value through profit or loss
Financialliabilitiesatfairvaluethrough profitorlossincludefinancialliabilitiesheldfortradingand financialliabilities
designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for
trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative
financialinstrumentsenteredintobythe Companythatare notdesignated ashedging instrumentsin hedgerelationships
as defined by Ind AS 109. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
2.14.3.4 Financial liabilities at amortised cost
After initial recognition, these are subsequently measured at amortised cost using the effective interest rate method.
Gains and losses are recognised in restated statement of profit or loss when the liabilities are derecognised as well as
throughtheeffectiveinterestrateamortisation process. Amortised cost iscalculated bytaking intoaccount anydiscount
or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest
rate amortisation is included as finance costs in the statement of profit and loss.
2.14.3.5 Derecognition
A financial liability is derecognised when the obligation under the liabilityis discharged or cancelled or expires. When
anexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsof
an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
originalliabilityandtherecognitionofanewliability.Thedifferencebetweenthecarryingamountofafinancialliability
(orpartofafinancialliability)extinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynon-
cash assets transferred or liabilities assumed, shall be recognised in profit or loss.
3462.14.4 Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are equityinstruments and financial liabilities. For financial assets
whicharedebtinstruments,areclassificationismadeonlyifthere isachangein thebusinessmodelformanagingthose
assets. Changes to the business model are expected to be infrequent. The Company’s senior management determines
change in the business model as a result of external or internal changes which are significant to the Company’s
operations. Such changes are evident to external parties. A change in the business model occurs when the Company
eitherbeginsorceasestoperformanactivitythatissignificanttoitsoperations.IfCompanyreclassifiesfinancialassets,
it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next
reportingperiodfollowingthechangeinbusinessmodel.TheCompanydoesnotrestateanypreviouslyrecognisedgains,
losses (including impairment gains or losses) or interest.
The following table shows various reclassification and how they are accounted for
Original classification Revised classification Accounting treatment
Fair value is measured at reclassification
Amortised cost FVTPL date. Difference between previous amortized
cost and fair value is recognised in P&L.
Fair value at reclassification date becomesits
FVTPL Amortised Cost newgrosscarrying amount.EIR iscalculated
based on the new gross carrying amount.
Fair value is measured at reclassification
date. Difference between previous amortised
Amortised cost FVTOCI
cost and fair value is recognised in OCI. No
change in EIR due to reclassification.
Fair value at reclassification date becomesits
new amortised cost carrying amount.
However, cumulative gain or loss in OCI is
FVTOCI Amortised cost
adjustedagainst fairvalue. Consequently, the
asset is measured as if it had always been
measured at amortised cost.
Fair value at reclassification date becomesits
FVTPL FVTOCI new carrying amount. No other adjustment is
required.
Assets continue to be measured at fair value.
Cumulative gain or loss previously
FVTOCI FVTPL
recognized in OCI is reclassified to P&L at
the reclassification date.
2.14.5 Offsetting of financial instruments
Financialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedin theRestated StatementofAssetsand
Liabilitiesifthereisacurrentlyenforceablelegalrighttooffsettherecognisedamountsandthereisanintentiontosettle
on a net basis, to realise the assets and settle the liabilities simultaneously.
3472.14.6 Fair value measurement of financial instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date under current market conditions.
TheCompanycategorizesassetsandliabilitiesmeasuredatfairvalueintooneofthreelevelsdepending ontheabilityto
observe inputs employed for such measurement:
(a) Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
(b)Level2:inputsotherthanquotedpricesincludedwithinlevel1thatareobservableeitherdirectlyorindirectlyforthe
asset or liability.
(c) Level 3: inputs for the asset or liability which are not based on observable market data (unobservable inputs).
The Company has an established control framework with respect to the measurement of fair values. This includes a
finance team that has overall responsibility for overseeing all significant fair value measurements who regularly review
significant unobservable inputs, valuation adjustments and fair value hierarchy under which the valuation should be
classified.
2.14.7 Cash and Cash equivalents
Cash and cash equivalent in the Restated Statement of Assets and Liabilities comprise cash at banks and on hand and
short-termdepositswithanoriginalmaturityofthreemonthsorless,whicharesubjecttoaninsignificantriskofchanges
in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company’s
cash management.
2.15 Borrowing Costs
Borrowing costs are expensed as and when incurred except where they are directly attributable to the acquisition,
constructionorproductionofqualifyingassetsi.e.theassetsthatnecessarilytakessubstantialperiodoftimetogetready
for its intended use, in which case they are capitalised as part of the cost of related asset up to the date when the
qualifying asset is ready for its intended use.
2.16 Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.
Taxable profit differs from “profit before income tax” as reported in the restated statement of profit and loss and other
comprehensiveincomebecauseitexcludesitemsofincomeorexpensethataretaxableordeductibleinotheryearsandit
furtherexcludesitemsthatarenevertaxableordeductible.TheCompany’sliabilityforcurrenttaxiscalculatedusingtax
rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally
recognised for all deductible temporary difference to the extent that it is probable that taxable profits will be available
againstwhich thosedeductibletemporarydifferencescanbeutilised. Such assetsand liabilitiesarenotrecognised ifthe
temporarydifference arisesfromgoodwillor fromthe initialrecognition (otherthan in a businesscombination) ofother
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
348Deferred tax liabilities are recognised for taxable temporarydifferences associated with investments in subsidiaries and
associates, except where the Company is able to control the reversal of the temporary difference and it is probable that
thetemporarydifferencewillnotreverseintheforeseeablefuture.Deferredtaxassetsarisingfromdeductibletemporary
differences associated with such investments and interests are onlyrecognised to the extent that it is probable that there
will be sufficient taxable profits against which to utilise the benefits of the temporary differences.
Thecarrying amountofdeferredtaxassetsisreviewedattheend ofeachreportingperiod andreducedtotheextentthat
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Unrecognised deferred tax assets are reassessed at theend ofeach reportingyear and are recognisedto theextent thatit
has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the
liabilityissettledortheassetisrealised,basedontaxrate(andtaxlaws)thathavebeenenactedorsubstantivelyenacted
by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner
in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets
and liabilities.
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial
accounting for a business combination, the tax effect is included in the accounting for the business combination.
Deferred income tax assets and liabilities are offset when there is a legallyenforceable right to offset current tax assets
againstcurrenttaxliabilities,and when thedeferredincometax assetsand liabilitiesrelate toincometaxeslevied bythe
same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the
balances on a net basis.
2.17 Employee Benefits
2.17.1 Short-term Benefits
Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled
wholly before twelve months after the end of the annual reporting period in which the employees render the related
service.
All short-term employee benefits are recognized in the period in which the services are rendered by employees.
2.17.2 Post-employment benefits and other long term employee benefits
2.17.2.1 Defined contributions plans
Adefinedcontributionplanisapost-employmentbenefitplanunderwhichtheCompanypaysafixedcontributionintoa
fund maintained by a separate body and the Company will have no legal or constructive obligation to pay further
amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in
the restated statement of profit and loss in the periods during which services are rendered by employees.
2.17.2.2 Defined benefits plans
349A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company’s net
obligationinrespectofdefinedbenefitplansiscalculatedbyestimatingtheamountoffuturebenefitthatemployeeshave
earnedin return oftheir servicein the current and prior periods.The benefitis discounted to determineits presentvalue
and reduced by the fair value of plan assets, if any. The discount rate is based on the prevailing market yields of Indian
Government securities as at the reporting date that have maturity dates approximating the terms of the Company’s
obligations and that are denominated in the same currency in which the benefits are expected to be paid.
The application of actuarial valuation involves making assumptions about the discount rate, expected rates of return on
assets, future salaryincreases, mortality rates etc. Due to the long-term nature of these plans, such estimates are subject
touncertainties.ThecalculationisperformedateachRestatedStatementofAssetsandLiabilitiesbyanactuaryusingthe
projected unit credit method. When the calculation results in the benefit to the Company, the recognised asset is limited
to the present value of the economic benefits available in the form of any future refunds from the plan or reduction in
futurecontributions to the plan.An economic benefit isavailable to the Companyif itis realisableduring thelife ofthe
plan, or on settlement of plan liabilities.
Re-measurement of the net defined benefit liability, which comprises actuarial gain and losses consideringthe return on
plan assets (excluding interest) and the effects of the assets ceiling (if any, excluding interest) are recognised
immediately in the other comprehensive income. The Company determines the net interest expense (income) on the net
definedbenefitliability(asset)fortheperiodbyapplyingthediscountrateusedtomeasurethedefinedbenefitobligation
at the beginning of the annual period to the then net defined benefit liability(asset), taking into account any changes in
the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest
expense and other expenses related to defined benefit plans are recognised in restated statement of profit and loss.
When the benefits of the plan are improved, the portion of the increased benefit relating to past servicebyemployeesis
recognised as an expense immediately in the restated statement of profit and loss.
2.17.3 Other long-term employee benefits
Other long-term employee benefits are all employee benefits other than short-term employee benefits, post-employment
benefits and termination benefits.
Otherlong-termemployeebenefitsincludeitemswhicharenotexpectedtobesettledwhollybeforetwelvemonthsafter
the end of the annual reporting period in which the employees render the related service.
For other long-term employee benefits, net total of the following amounts is recognized in the statement of profit or loss:
(a) Service cost
(b) Net interest on the net defined benefit liability (asset)
(c) Re-measurements of the net defined benefit liability (asset)
2.18 Foreign Currency
Transactions in foreign currencies are converted into the reported currency of the Company using the exchange rate
prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies outstanding at the
end of the reporting period are translated at the exchange rates prevailing as at the end of reporting period. Exchange
differences arising on the settlement of monetaryassets and liabilities or on translating monetary assets and liabilities at
rates different from those at which they were translated on initial recognition during the period or in previous financial
statements are recognised in the restated statement of profit and loss in the period in which they arise.
Non-monetary items denominated in foreign currency are valued at the exchange rates prevailing on the date of
transactions.
3502.19 Stripping Activity
In case of opencast mining, the mine waste materials (“overburden”) which consists of soil and rock on the top of coal
seamisrequiredtoberemovedtogetaccesstothecoalanditsextraction.Theprocessofremovingoverburdentoaccess
coal is referred to as stripping. Stripping is necessary to obtain access to coal and occurs throughout the life of an
opencast mine. Stripping costs during development and production phases are classified in property, plant, and
equipment. Stripping costs are accounted for separately for individual mines.
The company accounts for stripping activities as follows:
Stripping costs during the Development phase -
These are initial overburden removal costs incurred to obtain access to coal to be extracted. These costs are capitalised
whenitisprobablethatfutureeconomic benefitswillflowto thecompanyandcostscanbemeasuredreliably.Oncethe
production phase begins, capitalised development stripping costs are amortised over the mine life.
Stripping costs during the production phase -
These are overburden removal costs incurred after the mine has been brought to revenue as per the policyof the group.
Strippingcostsduringtheproduction phasecangiveriseto two benefits,theextractionofcoalin thecurrentperiodand
improved access to coal which will be extracted in future periods. Stripping costs during the production phase are
allocated between the inventory produced and the stripping activity asset using a standard strip ratio (overburden-to-
coal).ThestandardstripratioisthetotalvolumeofOverburdenexpectedtoberemovedoverthelifeofthemineagainst
thetotalcoaltobeextractedoverthelifeofthemine.Whentheactualvolumeofoverburdenremovedisgreaterthanthe
expectedvolumeofoverburdenremoval,thestrippingcostforexcessoverburdenremovedovertheexpectedoverburden
removaliscapitalisedtothestrippingactivityasset.Thestrippingactivityassetisamortisedovertheexpectedusefullife
of the mine. Changes in geo-mining conditions mayhave an impact on the standard strip ratio. Changes to the ratio are
accounted for prospectively. Stripping activity asset are included separately under Property, plant, and equipment.
ThecompanyrecognisesStrippingactivityassetforstrippingcostsduringtheproductionphaseinthemineswitharated
capacity of one million Tonnes per annum and above.
2.20 Inventories
2.20.1 Stock of Coal
Inventories of coal/coke are stated at lower of cost and net realisable value. The cost of inventories are calculated using
theWeightedAveragemethod.Netrealisablevaluerepresentstheestimatedsellingpriceofinventorieslessallestimated
costs of completion and costs necessary to make the sale.
Bookstockofcoalisconsideredintheaccountswherethevariancebetweenbook stockand measuredstockisup to+/-
5% and in cases where the variance is beyond +/-5% the measured stock is considered. Coke is considered as a part of
the stock of coal.
Slurry(coking/semi-coking),middlingofwasheries,andbyproductsarevaluedatnetrealisablevalueandconsideredas
a part of the stock of coal.
2.20.2 Stores, Spares, and Other Inventories
351The Stock of stores and spares including other inventories are valued at cost calculated on the basis of the weighted
average method.
Provisions are made at the rate of 100% for unserviceable, damaged and obsolete stores and spares and at the rate of
50% for stores & spares not moved for 5 years.
2.21 Provisions, Contingent Liabilities & Contingent Assets
Provisions are recognized when the Companyhas a present obligation (legal or constructive) as a result of a past event,
and itisprobable thatanoutflowofeconomic benefitswillbe requiredto settletheobligation and areliable estimate of
theamountoftheobligationcanbemade.Wherethetimevalueofmoneyismaterial,provisionsarestatedatthepresent
value of the expenditure expected to settle the obligation.
All provisions are reviewed at each Restated Statement of Assets and Liabilities date and adjusted to reflect the current
best estimate.
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated
reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is
remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or
more future uncertain events not wholly within the control of the Company, are also disclosed as contingent liabilities
unless the probability of outflow of economic benefits is remote.
Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.
Contingentassetsaredisclosedinthefinancialinformationwheninflowofeconomicbenefitsisprobableonthebasisof
the judgment of management. These are assessed continually to ensure that developments are appropriately reflected in
the restated financial information.
2.22 Earnings per share
Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity
shares outstanding during the period. Diluted earnings per shares is computed by dividing the profit after tax by the
weighted average number of equity shares considered for deriving basic earnings per shares and also the weighted
average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.
2.23 Stripping activity provision (Ratio Variance)
Stripping activity provision recognized earlier is based on the policy followed consistently by CIL since its inception.
Stripping activity provision was recognized or reversed based on the current ratio of OB to Coal as compared to the
average Stripping ratio (Standard ratio) of the mine. This accounting method has been substantiated and validated bya
multitude of authoritative bodies and forums, including income tax authorities.
The carrying amount of the stripping activity provision is reversed systematically whenever the situation of reversal
arises on extraction of actual volume of overburden over expected volume thereof. Such reversal is specific to mines at
the rate the said provision has been recognized.
2.24 Judgements, Estimates and Assumptions
352The preparation of the financial information in conformity with Ind AS requires management to make estimates,
judgments, and assumptions that affect the application of accounting policies and the reported amounts of assets and
liabilities, the disclosures of contingent assets and liabilities at the date of financial information and the amount of
revenue and expenses during the reported period. Application of accounting policies involving complex and subjective
judgements and the use of assumptions in these financial statements have been disclosed. Accounting estimates could
change from period to period. Actual results could differ from those estimates. Estimates and underlying assumptions
arereviewed on anongoingbasis.Revisions to accounting estimatesare recognisedin the period in which theestimates
are revised and, if material, their effects are disclosed in the notes to the restated financial information.
2.24.1 Judgements
In the process of applying the Company’s accounting policies, management has made the following judgments, which
have the most significant effect on the amounts recognised in the restated financial information:
2.24.1.1 Formulation of Accounting Policies
Accounting policies are formulated in a manner that results in financial information containing relevant and reliable
information about the transactions, other events and conditions to which theyapply. Those policies need not be applied
when the effect of applying them is immaterial.
In the absence of an Ind AS that specificallyapplies to a transaction, other event or condition, management has used its
judgment in developing and applying an accounting policy that results in information that is:
a) relevant to the economic decision-making needs of users and
b) reliable in that financial information and
(i) represent faithfully the financial position, financial performance and cash flows of the Company; (ii) reflect the
economicsubstanceoftransactions,othereventsand conditions,and notmerelythelegal form;(iii) areneutral, i.e.free
from bias; (iv) are prudent; and (v) are complete in all material respects on a consistent basis
In making the judgment management refers to, and considers the applicability of, the following sources in descending
order:
(a) the requirements in Ind ASs dealing with similar and related issues; and
(b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income, and expenses in the
Framework.
In making the judgment, management considers the most recent pronouncements of the International Accounting
Standards Board and in the absence thereof those of the other standard-setting bodies that use a similar conceptual
framework to develop accounting standards, other accounting literature, and accepted industry practices, to the extent
that these do not conflict with the Indian accounting Standard and accounting policies and practices as stated in above
paragraph.
The Company operates in the mining sector (a sector where the exploration, evaluation, and development production
phases are based on the varied topographical and geo-mining terrain spread over the lease period running over decades
and prone to constant changes), the accounting policies whereof have evolved based on specific industry practices
supportedbyresearchcommitteesandapprovedbythevariousregulatorsowingtoitsconsistentapplicationoverthelast
several decades. In the absence of specific accounting literature, guidance and standards in certain specific areas which
are in the process of evolution, the Company continues to strive to develop accounting policies in line with the
development of accounting literature and any development therein shall be accounted for prospectively as per the
procedure laid down above more, particularly in Ind AS 8.
2.24.1.2 Materiality
353IndASappliestoitemswhicharematerial. Managementusesjudgementin decidingwhetherindividualitemsgroupsof
itemarematerialinthefinancialinformation.Materialityisjudgedbyreferencetothenatureormagnitudeorbothofthe
items. The deciding factor is whether omitting or misstating or obscuring an information could individually or in
combinationwithotherinformationinfluencedecisionsthatprimaryusersmakeonthebasisofthefinancialinformation.
Management also uses judgement of materialityfor determining the compliance requirement of the Ind AS. Further, the
Company may also be required to present separately immaterial items when required by law.
With effect from 01.04.2019 Errors/omissions discovered in the current year relating to prior periods are treated as
immaterialandadjustedduringthecurrentyear,ifallsucherrorsandomissionsinaggregatedoesnotexceed1%oftotal
revenue from operation (net of statutory levies) as per the last audited financial statement of the Company.
2.24.1.3 Operating lease
Company has entered into lease agreements. The Company has determined, based on an evaluation of the terms and
conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the
commercial property and the fair value of the asset, that it retains all the significant risks and rewards of ownership of
these properties and accounts for the contracts as operating leases.
2.24.2 Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financialyear,aredescribedbelow.TheCompanybaseditsassumptionsandestimatesonparametersavailablewhenthe
restated financial information were prepared. Existing circumstances and assumptions about future developments,
however,maychange dueto marketchanges orcircumstancesarisingthatarebeyond thecontroloftheCompany.Such
changes are reflected in the assumptions when they occur.
The estimates, judgements and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and future periods affected.
The application of accounting policies that require critical judgements and accounting estimates involving complex and
subjective judgements and the use of assumptions in these financial information have been disclosed here in below:
2.24.2.1 Impairment of non-financial assets
There is an indication of impairment if, the carrying value of an asset or cash generating unit exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. Company considers individual
minesasseparatecashgeneratingunitsforthepurposeoftestofimpairment. The valuein usecalculationisbased ona
DCFmodel.Thecashflowsarederivedfromthebudgetforthenextfiveyearsanddonotincluderestructuringactivities
that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of
the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the
expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to
othermining infrastructures.The keyassumptionsusedtodetermine therecoverableamountforthedifferentCGUs,are
disclosed and further explained in respective notes.
2.24.2.2 Income Taxes
354Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amountofdeferred taxassets thatcan berecognised, basedupon thelikelytimingand thelevel offuture taxable profits
together with future tax planning strategies.
2.24.2.3 Defined benefit plans and long term employee benefits
Thecostofthedefinedbenefitplanandotherpost-employmentmedicalbenefitsandthepresentvalueoftheobligations
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ
fromactual developments in thefuture. Theseinclude thedetermination ofthe discountrate, futuresalaryincreasesand
mortality rates.
Duetothecomplexitiesinvolvedinthevaluationanditslong-termnature,adefinedbenefitobligationishighlysensitive
to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to
change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management
considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment
benefit obligation.
The mortality rate is based on publicly available mortality tables of the country. Those mortality tables tend to change
only at interval in response to demographic changes.
2.24.2.4 Intangible asset under development
The Company capitalises intangible asset under development for a project in accordance with the accounting policy.
Initial capitalisation of costs is based on management’s judgement that technological and economic feasibility is
confirmed, usually when a project report is formulated and approved.
2.24.2.5 Provision for Mine Closure, Site Restoration and Decommissioning Obligation
In determining the fair value of the provision for Mine Closure, Site Restoration and Decommissioning Obligation,
assumptionsandestimatesaremadeinrelationtodiscountrates,theexpectedcostofsiterestorationanddismantlingand
the expected timing of those costs. The estimates provision using the DCF method considering life of the project/mine
based on
Estimated cost per hectare as specified in guidelines issued by Ministry of Coal, Government of India
The discount rate (pre-tax rate) that reflect current market assessments of the time value of money and the risks
specific to the liability.
2.25 Abbreviation used:
a. CGU Cash generating unit
b. DCF Discounted Cash Flow
Fair value through Other Comprehensive
c. FVTOCI
Income
d. FVTPL Fair value through Profit & Loss
e. GAAP Generally accepted accounting principal
f. Ind AS Indian Accounting Standards
g. OCI Other Comprehensive Income
h. P&L Restated Statement of Profit and Loss
i. PPE Property, Plant and Equipment
j. SPPI Solely Payment of Principal and Interest
k. EIR Effective Interest Rate
355BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 3.1 : PROPERTY , PLANT AND EQUIPMENT
(All amounts in ₹ Million, except as otherwise stated)
Other
Stripping
Freehold Site Restoration Plant and Furniture Office Telecommunic Railway Mining Surveyed off Solar and
Land3.1.5 Other Land Costs3.1.2 a Building Equipment3.1.4 and Fixtures Vehicles Equipment ation Sidings Infrastruct Activity Assets Rail Corridor Other Assets Total
Assets
ure
Gross Carrying Amount:
As at April 01, 2022 1,162.30 277.10 2,738.80 3,980.50 21,184.90 155.50 215.10 420.60 1,985.90 823.60 4,944.70 49.50 493.50 - - 38,432.00
Additions 134.50 55.00 114.10 4,241.10 3,099.60 28.90 395.60 51.50 16.70 - 729.00 - 86.40 - - 8,952.40
Deletions/Adjustments - - (28.20) - (1,132.90) (5.30) (2.00) (36.60) (3.70) - 1.00 - (67.70) - - (1,275.40)
As at March 31, 2023 1,296.80 332.10 2,824.70 8,221.60 23,151.60 179.10 608.70 435.50 1,998.90 823.60 5,674.70 49.50 512.20 - - 46,109.00
As at April 01, 2023 1,296.80 332.10 2,824.70 8,221.60 23,151.60 179.10 608.70 435.50 1,998.90 823.60 5,674.70 49.50 512.20 - - 46,109.00
Additions 152.00 136.70 113.40 482.90 4,277.20 38.10 644.10 131.70 80.00 177.70 654.00 1,851.70 25.30 - - 8,764.80
Deletions/Adjustments 64.50 (64.50) (13.90) 23.80 (486.70) (0.60) (1.20) (25.90) (0.30) - (72.30) - (148.50) - - (725.60)
As at March 31, 2024 1,513.30 404.30 2,924.20 8,728.30 26,942.10 216.60 1,251.60 541.30 2,078.60 1,001.30 6,256.40 1,901.20 389.00 - - 54,148.20
As at April 01, 2024 1,513.30 404.30 2,924.20 8,728.30 26,942.10 216.60 1,251.60 541.30 2,078.60 1,001.30 6,256.40 1,901.20 389.00 - - 54,148.20
Additions 301.40 193.70 1,153.70 2,194.50 896.80 52.70 266.80 82.40 723.40 0.40 649.00 7,723.00 39.30 - 84.40 14,361.50
Deletions/Adjustments - - - 503.20 57.50 51.90 12.10 100.80 12.10 - (78.00) - 50.40 - (7.50) 702.50
As at March 31, 2025 1,814.70 598.00 4,077.90 11,426.00 27,896.40 321.20 1,530.50 724.50 2,814.10 1,001.70 6,827.40 9,624.20 478.70 - 76.90 69,212.20
For the Interim Period Reported
As at April 01, 2024 1,513.30 404.30 2,924.20 8,728.30 26,942.10 216.60 1,251.60 541.30 2,078.60 1,001.30 6,256.40 1,901.20 389.00 - - 54,148.20
Additions 105.30 25.70 35.70 240.40 272.00 29.00 184.60 27.00 402.70 - 237.90 5,023.30 19.40 - 71.20 6,674.20
Deletions/Adjustments - - - - (101.40) - - (8.10) - - (12.50) - (24.20) - - (146.20)
As at September 30, 2024 1,618.60 430.00 2,959.90 8,968.70 27,112.70 245.60 1,436.20 560.20 2,481.30 1,001.30 6,481.80 6,924.50 384.20 - 71.20 60,676.20
As at April 01, 2025 1,814.70 598.00 4,077.90 11,426.00 27,896.40 321.20 1,530.50 724.50 2,814.10 1,001.70 6,827.40 9,624.20 478.70 - 76.90 69,212.20
Additions 16.00 9.50 - 159.50 346.00 12.00 5.40 57.80 354.50 - 1,969.50 5,854.60 10.40 - - 8,795.20
Deletions/Adjustments - - - 20.10 892.40 (0.10) 3.60 (26.50) 0.40 128.80 557.60 - (30.10) - - 1,546.20
As at September 30, 2025 1,830.70 607.50 4,077.90 11,605.60 29,134.80 333.10 1,539.50 755.80 3,169.00 1,130.50 9,354.50 15,478.80 459.00 - 76.90 79,553.60
Accumulated Depreciation,
Amortisation and Impairment
3.1.1
As at April 01, 2022 - 11.10 1,117.40 1,068.20 10,023.10 80.30 69.30 190.50 262.00 167.10 2,049.40 - 26.80 - - 15,065.20
Charge for the year - 7.20 199.80 210.00 1,579.00 19.50 86.70 66.90 377.20 41.10 385.50 13.20 0.10 - - 2,986.20
Deletions/Adjustments - - - - (1,017.20) (0.20) - (36.20) (0.10) - 34.20 - (1.00) - - (1,020.50)
As at March 31, 2023 - 18.30 1,317.20 1,278.20 10,584.90 99.60 156.00 221.20 639.10 208.20 2,469.10 13.20 25.90 - - 17,030.90
As at April 01, 2023 - 18.30 1,317.20 1,278.20 10,584.90 99.60 156.00 221.20 639.10 208.20 2,469.10 13.20 25.90 - - 17,030.90
Charge for the year - 14.50 205.60 258.50 1,713.30 13.10 231.50 72.90 406.70 54.70 325.50 13.20 - - - 3,309.50
Deletions/Adjustments - - - - (455.60) - - (19.00) - - - - (103.30) - - (577.90)
As at March 31, 2024 - 32.80 1,522.80 1,536.70 11,842.60 112.70 387.50 275.10 1,045.80 262.90 2,794.60 26.40 (77.40) - - 19,762.50
356As at April 01, 2024 - 32.80 1,522.80 1,536.70 11,842.60 112.70 387.50 275.10 1,045.80 262.90 2,794.60 26.40 (77.40) - - 19,762.50
Charge for the year - 11.60 298.60 303.00 1,821.80 16.40 314.70 83.60 508.20 52.40 507.00 1,860.10 - - 2.20 5,779.60
Deletions/Adjustments - - - 700.40 42.50 52.60 12.30 97.10 12.10 0.10 0.10 - 108.80 - - 1,026.00
As at March 31, 2025 - 44.40 1,821.40 2,540.10 13,706.90 181.70 714.50 455.80 1,566.10 315.40 3,301.70 1,886.50 31.40 - 2.20 26,568.10
For the Interim Period Reported
As at April 01, 2024 - 32.80 1,522.80 1,536.70 11,842.60 112.70 387.50 275.10 1,045.80 262.90 2,794.60 26.40 (77.40) - - 19,762.50
Charge for the year - 5.70 213.10 141.20 864.90 7.90 144.20 43.70 248.50 25.80 161.80 269.30 - - 0.40 2,126.50
Deletions/Adjustments - - - 11.50 (66.20) - - (6.70) - - 0.10 - - - - (61.30)
As at September 30, 2024 - 38.50 1,735.90 1,689.40 12,641.30 120.60 531.70 312.10 1,294.30 288.70 2,956.50 295.70 (77.40) - 0.40 21,827.70
As at April 01, 2025 - 44.40 1,821.40 2,540.10 13,706.90 181.70 714.50 455.80 1,566.10 315.40 3,301.70 1,886.50 31.40 - 2.20 26,568.10
Charge for the year - 5.90 113.70 156.30 883.70 9.70 133.60 42.90 320.80 25.00 195.80 101.70 - - 1.50 1,990.60
Deletions/Adjustments - - - 20.30 944.40 0.10 3.60 (24.30) 0.60 130.20 558.50 - (0.60) - - 1,632.80
As at September 30, 2025 - 50.30 1,935.10 2,716.70 15,535.00 191.50 851.70 474.40 1,887.50 470.60 4,056.00 1,988.20 30.80 - 3.70 30,191.50
Net Carrying Amount
As at March 31, 2023 1,296.80 313.80 1,507.50 6,943.40 12,566.70 79.50 452.70 214.30 1,359.80 615.40 3,205.60 36.30 486.30 - - 29,078.10
As at March 31, 2024 1,513.30 371.50 1,401.40 7,191.60 15,099.50 103.90 864.10 266.20 1,032.80 738.40 3,461.80 1,874.80 466.40 - - 34,385.70
As at March 31, 2025 1,814.70 553.60 2,256.50 8,885.90 14,189.50 139.50 816.00 268.70 1,248.00 686.30 3,525.70 7,737.70 447.30 - 74.70 42,644.10
As at September 30, 2024 1,618.60 391.50 1,224.00 7,279.30 14,471.40 125.00 904.50 248.10 1,187.00 712.60 3,525.30 6,628.80 461.60 - 70.80 38,848.50
As at September 30, 2025 1,830.70 557.20 2,142.80 8,888.90 13,599.80 141.60 687.80 281.40 1,281.50 659.90 5,298.50 13,490.60 428.20 - 73.20 49,362.10
Note:
3.1.1. Movement in accumulated impairment
Other
Stripping
Freehold Site Restoration Plant and Furniture Office Telecomm- Railway Mining Surveyed off Solar and
Other Land Building Vehicles Activity Rail Corridor Total
Land Costs Equipment and Fixtures Equipment unication Sidings Infrastruct Assets Other Assets
Assets
ure
As at April 01, 2022 - - 15.20 5.50 143.70 - - - - - 657.30 - 20.90 - - 842.60
Additions - - - - - - - - - - 47.20 - - - - 47.20
Deletions/Adjustments - - - - - - - - - - - - (1.00) - - (1.00)
As at March 31, 2023 0.00 0.00 15.20 5.50 143.70 0.00 0.00 0.00 0.00 0.00 704.50 0.00 19.90 0.00 0.00 888.80
As at April 01, 2023 - - 15.20 5.50 143.70 - - - - - 704.50 - 19.90 - - 888.80
Additions - - 20.00 - 0.50 - - - - - 12.00 - - - - 32.50
Deletions/Adjustments - - - - - - - - - - - - (2.30) - - (2.30)
As at March 31, 2024 0.00 0.00 35.20 5.50 144.20 0.00 0.00 0.00 0.00 0.00 716.50 0.00 17.60 0.00 0.00 919.00
As at April 01, 2024 - - 35.20 5.50 144.20 - - - - - 716.50 - 17.60 - - 919.00
Additions - - - 13.20 33.40 - - - - - (135.50) - - - - (88.90)
Deletions/Adjustments - - - 2.40 4.00 - - - - - - - - - - 6.40
As at March 31, 2025 0.00 0.00 35.20 21.10 181.60 0.00 0.00 0.00 0.00 0.00 581.00 0.00 17.60 0.00 0.00 836.50
As at April 01, 2024 - - 35.20 5.50 144.20 - - - - - 716.50 - 17.60 - - 919.00
Additions - - - - - - - - - - - - - - - -
Deletions/Adjustments - - - - - - - - - - - - - - - -
As at September 30, 2024 0.00 0.00 35.20 5.50 144.20 0.00 0.00 0.00 0.00 0.00 716.50 0.00 17.60 0.00 0.00 919.00
As at April 01, 2025 - - 35.20 21.10 181.60 - - - - - 581.00 - 17.60 - - 836.50
Additions - - - - - - - - - - - - - - - 0.00
Deletions/Adjustments - - - - - - - - - - - - - - - -
As at September 30, 2025 0.00 0.00 35.20 21.10 181.60 0.00 0.00 0.00 0.00 0.00 581.00 0.00 17.60 0.00 0.00 836.50
3573.1.2 Land:
a. Land Reclamation/Site Restoration cost comprises of estimated cost to be incurred at the stage of mine closure duly escalated for inflation (5% p.a.) and then discounted at 8% discount rate that reflects current market rate of fair value and the risk.
b.Approximately175.444HaoflandasatSeptember30,2025(175.824HaasatSeptember30,2024,175.764HaasatMarch31,2025,176.231HaasatMarch31,2024&176.717HaasatMarch31,2023)ownedbytheCompanyarecritically
encroached area out of which possession of some part has been taken back, quantification of which is in progress.
c. Title deeds of Immovable Properties not held in name of the Company
Gross carrying Whether title deed
value of Freehold Title deeds holder is a promoter,
Property
and Other Land as held in the director or relative# of
Description of item of property held since Reason for not being held in the name of the company
at September 30, name of promoter*/director or
which date
2025 Company employee of
(₹ in Millions) promoter/director
Outof16396.34Haofthetotallandacquiredforthecompany,divertedforestlandis334.39Haandfreeholdlandis16061.95Ha
Only in case whichincludes9945.89HaoflandisunderthecategoryofvestedlandthroughCokingCoalmines/CoalMinesNationalizationAct
of Directly 1972&1973;1090.17HaoflandrelatedtoCoalMinesLabourWelfareOrganizationincludingCentralHospitalandfourother
Different
Freehold Land 1,830.70 purchased by Not Applicable Hospitals,MinesRescueStationsofGovt.ofIndia,fourWasheriesofSAIL,erstwhileCoalBoardandCentralJhariaProjectswhich
Dates
company have been transferred to the Company bythe Govt. ofIndia, and 5025.89Ha ofland is acquired underLand AcquisitionAct,
(1093.18 Ha) CBA(A&D)Act,MergerofNCDC,Governmenttransferredland(outofwhich1095Halandhasbeendirectlypurchasedandtitle
deeds in these cases are held in the name of the company).
Not Different
Other land 607.50 Not Applicable Includes 34.62 Ha of land leased from Railways.
Applicable Dates
d.Outofthetotal16396.34Haoflandheldinthenameofthecompany,Mutationoflandisnotrequiredfor1381.86HaastheyareGovernmentlandtransferred,ForestDivertedLandandlandacquiredunderCBA(A&D)Act,
1957. Out of the remaining 15014.48 Ha of land, 9946.03 Ha has been mutated in the name of BCCL and for the remaining land mutation in compliance with Letter dated April 07, 2022 of Ministry of Coal is under process.
3.1.3 Right of Use Assets:
Right of use assets included in Note 3.1 under different heads are separately disclosed at Footnote of Note 8.2
3.1.4 Plant and Equipment:
Includes Stand by Equipment and stores and spares which satisfies criteria for recognition as PPE but not yet issued from stores.
3.1.5 Freehold Land include:
Assets transferredtoandtakenoverby theCompany in respectofMinesRescueStationandCoalMinesLabourWelfareOrganizationhavenotbeenaccountedforasNILbook value,wasmadeavailabletotheCompanyontransferofthesaid
Units.₹114.60MillionsisGrossvalueofAssetsincludinglandvaluing ₹8.80Millions(quantitativeandvaluewisedetailsofwhicharenotavailable)takenoverbytheCompanyinrespectofentitiescoveredunderCoalMinesNationalizationAct,
1971, on which depreciation has been fully provided for in the Account except land.
3.1.6 Depreciation/Impairment :
DepreciationhasbeenprovidedbasedonusefullifeasmentionedinNote2.7.However,pendingcompletionoftechnicalassessmenttosegregatethevalueofcertain assetsembeddedwithinadifferentclassofasset,depreciationhasbeenprovidedon
these assets on the basis of useful life of the un-segregated class of assets.
358BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 3.2 : CAPITAL WORK IN PROGRESS
(All amounts in ₹ Million, except as otherwise stated)
Building
Other Mining Rail Corridor
(including water Plant and Railway
Infrastructure / under Solar Project Others Total
supply, roads Equipment Sidings
Development Construction
and culverts)
Gross Carrying Amount:
As at April 01, 2022 7,480.80 3,756.30 826.50 2,789.10 - - - 14,852.70
Additions 646.60 3,981.90 490.40 1,630.60 - - - 6,749.50
Capitalisation/ Deletions (4,214.00) (3,217.20) (6.70) (788.60) - - - (8,226.50)
As at March 31, 2023 3,913.40 4,521.00 1,310.20 3,631.10 - - - 13,375.70
As at April 01, 2023 3,913.40 4,521.00 1,310.20 3,631.10 - - - 13,375.70
Additions 709.80 2,880.50 1,448.10 1,204.70 - 176.40 2.40 6,421.90
Capitalisation/ Deletions (568.80) (4,396.70) (189.70) (520.50) - - (2.40) (5,678.10)
As at March 31, 2024 4,054.40 3,004.80 2,568.60 4,315.30 - 176.40 - 14,119.50
As at April 01, 2024 4,054.40 3,004.80 2,568.60 4,315.30 - 176.40 - 14,119.50
Additions 971.10 1,739.60 708.80 1,534.90 - 1,253.50 - 6,207.90
Capitalisation/ Deletions (1,835.10) (1,155.40) (706.60) (728.90) - 672.70 - (3,753.30)
As at March 31, 2025 3,190.40 3,589.00 2,570.80 5,121.30 - 2,102.60 - 16,574.10
For the Interim Period Reported
As at April 01, 2024 4,054.40 3,004.80 2,568.60 4,315.30 - 176.40 - 14,119.50
Additions 299.70 1,089.00 361.80 696.60 - 623.40 - 3,070.50
Capitalisation/ Deletions (210.60) (361.20) (854.80) (291.80) - 842.40 - (876.00)
As at September 30, 2024 4,143.50 3,732.60 2,075.60 4,720.10 - 1,642.20 - 16,314.00
As at April 01, 2025 3,190.40 3,589.00 2,570.80 5,121.30 - 2,102.60 - 16,574.10
Additions 394.20 1,284.00 190.20 2,531.40 - 322.50 - 4,722.30
Capitalisation/ Deletions (253.90) (427.70) - (1,837.30) - - - (2,518.90)
As at September 30, 2025 3,330.70 4,445.30 2,761.00 5,815.40 - 2,425.10 - 18,777.50
Accumulated Impairment
As at April 01, 2022 44.70 232.30 7.10 95.10 - - - 379.20
Charge for the year 22.40 9.90 4.10 2.70 - - - 39.10
Deletions/Adjustments - (6.70) - (34.20) - - - (40.90)
As at March 31, 2023 67.10 235.50 11.20 63.60 - - - 377.40
As at April 01, 2023 67.10 235.50 11.20 63.60 - - - 377.40
Charge for the year 46.90 9.70 4.10 3.40 - - - 64.10
Deletions/Adjustments - (0.10) - - - - - (0.10)
As at March 31, 2024 114.00 245.10 15.30 67.00 - - - 441.40
As at April 01, 2024 114.00 245.10 15.30 67.00 - - - 441.40
Charge for the year - - - - - - - -
Deletions/Adjustments 31.30 (32.80) (0.10) (33.50) - - - (35.10)
As at March 31, 2025 145.30 212.30 15.20 33.50 - - - 406.30
For the Interim Period Reported
As at April 01, 2024 114.00 245.10 15.30 67.00 - - - 441.40
Charge for the year 22.80 4.60 2.10 1.40 - - - 30.90
Deletions/Adjustments (11.50) (4.40) - (4.00) - - - (19.90)
As at September 30, 2024 125.30 245.30 17.40 64.40 - - - 452.40
As at April 01, 2025 145.30 212.30 15.20 33.50 - - - 406.30
Charge for the year - - - (0.60) - - - (0.60)
Deletions/Adjustments (95.40) 10.00 - 32.50 - - - (52.90)
As at September 30, 2025 49.90 222.30 15.20 65.40 - - - 352.80
359Net Carrying Amount
As at March 31, 2023 3,846.30 4,285.50 1,299.00 3,567.50 - - - 12,998.30
As at March 31, 2024 3,940.40 2,759.70 2,553.30 4,248.30 - 176.40 - 13,678.10
As at March 31, 2025 3,045.10 3,376.70 2,555.60 5,087.80 - 2,102.60 - 16,167.80
As at September 30, 2024 4,018.20 3,487.30 2,058.20 4,655.70 - 1,642.20 - 15,861.60
As at September 30, 2025 3,280.80 4,223.00 2,745.80 5,750.00 - 2,425.10 - 18,424.70
Note:
3.2.1 "Other Mining Infrastructure / Development" shown under Capital Work-in-Progress relates to jobs awaiting completion.
3.2.2 Ageing schedule for Capital-work-in Progress (Gross):
Amount in Capital work in Progress as at September 30, 2025
Less than 1 More than 3
1-2 years 2-3 years Total
year years
Projects in progress:
Building (including water supply, roads and
culverts) 481.50 4 31.80 1 ,414.10 1 ,003.30 3,330.70
Plant and Equipment 1,123.10 1 ,027.80 1 ,363.10 9 31.30 4,445.30
Railway Sidings 106.10 1 ,230.40 6 43.60 7 80.90 2,761.00
Other Mining infrastructure/Development 1,196.30 9 02.00 9 19.20 2 ,732.90 5,750.40
Rail Corridor under Construction - - - - -
Solar Project 347.10 1 ,223.20 8 54.80 - 2,425.10
Others - - - - -
Projects temporarily suspended:
Kapuria Block 65.00 65.00
Total 3,254.10 4 ,815.20 5 ,194.80 5 ,513.40 18,777.50
Amount in Capital work in Progress as at September 30, 2024
Less than 1 More than 3
1-2 years 2-3 years Total
year years
Projects in progress:
Building (including water supply, roads and
culverts) 471.30 4 64.80 3 97.20 2 ,810.20 4,143.50
Plant and Equipment 928.70 1 ,164.70 9 61.90 6 77.30 3,732.60
Railway Sidings 364.00 4 97.30 8 27.30 3 87.00 2,075.60
Other Mining infrastructure/Development 666.40 8 65.40 1 ,076.00 2 ,047.30 4,655.10
Rail Corridor under Construction - - - - -
Solar Project 1,642.20 - - - 1,642.20
Others - - - - -
Projects temporarily suspended:
Kapuria Block 65.00 65.00
Total 4,072.60 2 ,992.20 3 ,262.40 5 ,986.80 16,314.00
Amount in Capital work in Progress as at March 31, 2025
Less than 1 More than 3
1-2 years 2-3 years Total
year years
Projects in progress:
Building (including water supply, roads and
culverts) 795.80 5 06.60 2 05.60 1 ,682.40 3,190.40
Plant and Equipment 1,193.80 9 36.30 6 29.20 8 29.70 3,589.00
Railway Sidings 445.80 2 92.70 8 12.00 1 ,020.30 2,570.80
Other Mining infrastructure/Development 1,101.50 8 06.00 1 ,007.30 2 ,141.50 5,056.30
Rail Corridor under Construction - - - - -
Solar Project 1,242.80 8 59.80 - - 2,102.60
Others - - - - -
Projects temporarily suspended:
Kapuria Block 65.00 65.00
Total 4,779.70 3 ,401.40 2 ,654.10 5 ,738.90 16,574.10
Amount in Capital work in Progress as at March 31, 2024
Less than 1 More than 3
1-2 years 2-3 years Total
year years
Projects in progress:
Building (including water supply, roads and
culverts) 451.90 5 20.10 2 39.50 2 ,842.90 4,054.40
Plant and Equipment 1,030.20 7 77.90 5 26.90 6 69.80 3,004.80
Railway Sidings 1,513.60 4 39.50 4 23.90 1 91.60 2,568.60
Other Mining infrastructure/Development 749.70 1 ,266.00 1 ,178.00 1 ,056.60 4,250.30
Rail Corridor under Construction - - - - -
Solar Project 176.40 - - - 176.40
Others - - - - -
Projects temporarily suspended:
Kapuria Block 65.00 65.00
Total 3,921.80 3 ,003.50 2 ,368.30 4 ,825.90 14,119.50
360Amount in Capital work in Progress as at March 31, 2023
Less than 1 More than 3
1-2 years 2-3 years Total
year years
Projects in progress:
Building (including water supply, roads and 483.00 4 64.90 5 92.80 2 ,372.70 3,913.40
Plant and Equipment 876.40 7 86.80 7 29.00 2 ,128.80 4,521.00
Railway Sidings 608.50 3 62.40 1 25.80 2 13.50 1,310.20
Other Mining infrastructure/Development 1,214.90 1 ,165.50 2 29.30 9 56.40 3,566.10
Rail Corridor under Construction - - - - -
Solar Project - - - - -
Others - - - - -
Projects temporarily suspended:
Kapuria Block - - - 65.00 65.00
Total 3,182.80 2 ,779.60 1 ,676.90 5 ,736.40 13,375.70
3.2.3 Overdue for material capital-work-in progress as at September 30, 2025 (Gross)
To be completed in
Less than 1 More than 3
1-2 years 2-3 years
year years
Projects in progress:
Building (including water supply, roads and culverts)
2 MTPA Bhojudih NLW Washery,2.5 mtpa Patherdih NLW, 2.5
9 43.70
MTPA MOONIDH
Plant and Equipment
Feeder breaker at Jogtha 31.10
2 MTPA Bhojudih NLW Washery,2.5 mtpa Patherdih NLW, 2.5
1 ,267.50
MTPA MOONIDH
Railway Sidings
CHP cum SILO, Maheshpur 9 93.80
2 MTPA Bhojudih NLW Washery,2.5 mtpa Patherdih NLW, 2.5
1 ,501.30
MTPA MOONIDH
Other Mining infrastructure/Development
2 MTPA Bhojudih NLW Washery,2.5 mtpa Patherdih NLW, 2.5
MTPA MOONIDH 1 ,299.80
Others
Total 6 ,006.10 - - 31.10
361BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 3.3 : Exploration and Evaluation Assets
(All amounts in ₹ Million, except as otherwise stated)
Exploration and
Evaluation Costs
Gross Carrying Amount:
As at April 01, 2022 1,856.50
Additions 9.10
Transfer to Capital Work in Progress/ Deletions (126.80)
As at March 31, 2023 1,738.80
As at April 01, 2023 1,738.80
Additions 81.70
Transfer to Capital Work in Progress/ Deletions (2.40)
As at March 31, 2024 1,818.10
As at April 01, 2024 1,818.10
Additions 645.30
Transfer to Capital Work in Progress/ Deletions -
As at March 31, 2025 2,463.40
For the Interim Period Reported
As at April 01, 2024 1,818.10
Additions 19.60
Transfer to Capital Work in Progress/ Deletions
As at September 30, 2024 1,837.70
As at April 01, 2025 2,463.40
Additions 0.90
Transfer to Capital Work in Progress/ Deletions (1,754.80)
As at September 30, 2025 709.50
Accumulated Impairment
As at April 01, 2022 185.20
Charge for the year -
Deletions/Adjustments -
As at March 31, 2023 185.20
As at April 01, 2023 185.20
Charge for the year -
Deletions/Adjustments -
As at March 31, 2024 185.20
As at April 01, 2024 185.20
Charge for the year -
Deletions/Adjustments -
As at March 31, 2025 185.20
For the Interim Period Reported
As at April 01, 2024 185.20
Charge for the year -
Deletions/Adjustments -
As at September 30, 2024 185.20
As at April 01, 2025 185.20
Charge for the year -
Deletions/Adjustments -
As at September 30, 2025 185.20
Net Carrying Amount
As at March 31, 2023 1,553.60
As at March 31, 2024 1,632.90
As at March 31, 2025 2,278.20
As at September 30, 2024 362 1,652.50
As at September 30, 2025 524.30(a) Ageing schedule for exploration and evaluation (Gross)
Amount in Exploration & Evaluation as at September 30, 2025
Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress: 0.90 - - 68.50 69.40
Projects temporarily suspended :
Kalyaneshwari Project 185.20 454.90 640.10
Total 0.90 - 185.20 523.40 709.50
Amount in Exploration & Evaluation as at September 30, 2024
Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress: 61.60 1,067.60 - 523.30 1,652.50
Projects temporarily suspended :
Kalyaneshwari Project 185.20 185.20
Total 61.60 1,067.60 185.20 523.30 1,837.70
Amount in Exploration & Evaluation as at March 31, 2025
Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress: 6 87.20 1,067.60 - 523.40 2,278.20
Projects temporarily suspended :
Kalyaneshwari Project 185.20 185.20
Total 6 87.20 1,067.60 185.20 523.40 2,463.40
Amount in Exploration & Evaluation as at March 31, 2024
Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress: 79.30 1,030.20 - 523.40 1,632.90
Projects temporarily suspended :
Kalyaneshwari Project 185.20 185.20
Total 79.30 1,030.20 185.20 523.40 1,818.10
Amount in Exploration & Evaluation as at March 31, 2023
Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress: 2 27.40 802.80 - 523.40 1,553.60
Projects temporarily suspended :
Kalyaneshwari Project 185.20 185.20
Total 2 27.40 802.80 185.20 523.40 1,738.80
(b) Overdue material Exploration and Evaluation as at September 30, 2025
To be completed in
More than
Less than 1 year 1-2 years 2-3 years
3 years
Projects in progress:
Total - - - -
363BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 3.4 : INTANGIBLE ASSETS
(All amounts in ₹ Million, except as otherwise stated)
Intangible
Computer Rail
Exploratory Others Total
Software Corridor
Assets
Gross Carrying Amount:
As at April 01, 2022 - - - - -
Additions 185.80 - - - 185.80
Deletions/Adjustments - - - - -
As at March 31, 2023 185.80 - - - 185.80
As at April 01, 2023 185.80 - - - 185.80
Additions - - - - -
Deletions/Adjustments - - - - -
As at March 31, 2024 185.80 - - - 185.80
As at April 01, 2024 185.80 - - - 185.80
Additions - - - - -
Deletions/Adjustments (1.20) - - - (1.20)
As at March 31, 2025 184.60 - - - 184.60
For the Interim Period Reported
As at April 01, 2024 185.80 - - - 185.80
Additions - - - - -
Deletions/Adjustments - - - - -
As at September 30, 2024 185.80 - - - 185.80
As at April 01, 2025 184.60 - - - 184.60
Additions - - - - -
Deletions/Adjustments - - - - -
As at September 30, 2025 184.60 - - - 184.60
Accumulated Amortisation and
Impairment 3.4.1
As at April 01, 2022 - - - - -
Charge for the year 29.00 - - - 29.00
Deletions/Adjustments - - - - -
As at March 31, 2023 29.00 - - - 29.00
As at April 01, 2023 29.00 - - - 29.00
Charge for the year 30.20 - - - 30.20
Deletions/Adjustments - - - - -
As at March 31, 2024 59.20 - - - 59.20
As at April 01, 2024 59.20 - - - 59.20
Charge for the year 27.20 - - - 27.20
Deletions/Adjustments 3.30 - - - 3.30
As at March 31, 2025 89.70 - - - 89.70
For the Interim Period Reported
As at April 01, 2024 59.20 - - - 59.20
Additions 15.00 - - - 15.00
Deletions/Adjustments 3.80 - - - 3.80
As at September 30, 2024 78.00 - - - 78.00
As at April 01, 2025 89.70 - - - 89.70
Additions 15.40 - - - 15.40
Deletions/Adjustments - - - - -
As at September 30, 2025 105.10 - - - 105.10
Net Carrying Amount
As at March 31, 2023 156.80 - - - 156.80
As at March 31, 2024 126.60 - - - 126.60
As at March 31, 2025 94.90 - - - 94.90
As at September 30, 2024 107.80 - - - 107.80
As at September 30, 2025 79.53604 - - - 79.50Note:
3.4.1. Movement in accumulated impairment
Intangible
Computer Rail
Exploratory Others Total
Software Corridor
Assets
As at April 01, 2022 - - - - -
Charge for the year - - - - -
Deletions/Adjustments - - - - -
As at March 31, 2023 - - - - -
As at April 01, 2023 - - - - -
Charge for the year - - - - -
Deletions/Adjustments - - - - -
As at March 31, 2024 - - - - -
As at April 01, 2024 - - - - -
Charge for the year - - - - -
Deletions/Adjustments - - - - -
As at March 31, 2025 - - - - -
As at April 01, 2024 - - - - -
Charge for the year - - - - -
Deletions/Adjustments - - - - -
As at September 30, 2024 - - - - -
As at April 01, 2025 - - - - -
Charge for the year - - - - -
Deletions/Adjustments - - - - -
As at September 30, 2025 - - - - -
365BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 3.5 : INTANGIBLE ASSETS UNDER DEVELOPMENT
(All amounts in ₹ Million, except as otherwise stated)
ERP Under
Total
Development
Gross Carrying Amount:
As at April 01, 2022 185.80 185.80
Additions - -
Capitalisation/ Deletions (185.80) (185.80)
As at March 31, 2023 - -
As at April 01, 2023 - -
Additions - -
Capitalisation/ Deletions - -
As at March 31, 2024 - -
As at April 01, 2024 - -
Additions - -
Capitalisation/ Deletions - -
As at March 31, 2025 - -
For the Interim Period Reported
As at April 01, 2024 - -
Additions - -
Capitalisation/ Deletions - -
As at September 30, 2024 - -
As at April 01, 2025 - -
Additions - -
Capitalisation/ Deletions - -
As at September 30, 2025 - -
Accumulated Impairment
As at April 01, 2022 - -
Charge for the year - -
Deletions/Adjustments - -
As at March 31, 2023 - -
As at April 01, 2023 - -
Charge for the year - -
Deletions/Adjustments - -
As at March 31, 2024 - -
As at April 01, 2024 - -
Charge for the year - -
Deletions/Adjustments - -
As at March 31, 2025 - -
For the Interim Period Reported
As at April 01, 2024 - -
Charge for the year - -
Deletions/Adjustments - -
As at September 30, 2024 - -
As at April 01, 2025 - -
Charge for the year - -
Deletions/Adjustments - -
As at September 30, 2025 - -
Net Carrying Amount
As at March 31, 2023 - -
As at March 31, 2024 - -
As at March 31, 2025 - -
As at September 30, 2024 - -
As at September 30, 2025 - -
366Note:
3.5.1 Intangible Assets under Development
(a) Ageing schedule for intangible assets under development
Amount in Intangible assets under development as at
September 30, 2025
Less than 1 2-3 More than
1-2 years Total
year years 3 years
Projects in progress:
-
Projects temporarily suspended :
Project Name -
Total - - - - -
Amount in Intangible assets under development as at
September 30, 2024
Less than 1 2-3 More than
1-2 years Total
year years 3 years
Projects in progress:
-
Projects temporarily suspended :
Project Name -
Total - - - - -
Amount in Intangible assets under development as at
March 31, 2025
Less than 1 2-3 More than
1-2 years Total
year years 3 years
Projects in progress:
-
Projects temporarily suspended :
Project Name -
Total - - - - -
Amount in Intangible assets under development as at
March 31, 2024
Less than 1 2-3 More than
1-2 years Total
year years 3 years
Projects in progress:
-
Projects temporarily suspended :
Project Name -
Total - - - - -
Amount in Intangible assets under development as at
March 31, 2023
Less than 1 2-3 More than
1-2 years Total
year years 3 years
Projects in progress:
-
Projects temporarily suspended :
Project Name -
Total - - - - -
(b) Overdue Intangible Assets under development (in respect of time and budget)
To be completed in
More
Less than 1 1-2
2-3 years than 3
year years
years
ERP under development
Total - - - -
367BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.1 INVESTMENTS
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non Current
Investment in Co-operative shares (Unquoted) - - - - -
Investment in Secured Bonds (Quoted) - - - - -
Total : - - - - -
Current
Mutual Fund (Unquoted) - 22.60 4.10 2,665.20 797.20
Others (Secured Bonds etc) - - - - -
Total : - 2 2.60 4.10 2,665.20 7 97.20
Note:
4.1.1 Detail of market value of Quoted/Unquoted Investment
Non-Current
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Aggregate amount of unquoted investments: - - - - -
Aggregate of Quoted Investment: - - - - -
Market value of Quoted Investment: - - - - -
Aggregate amount of impairment in value of
- - - - -
investments:
Current
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Aggregate amount of unquoted investments: - 22.60 4.10 2,665.20 797.20
Aggregate of Quoted Investment: - 22.60 4.10 2,665.20 797.20
Market value of Quoted Investment: - - - - -
Aggregate amount of impairment in value of
- - - - -
investments:
4.1.2 Refer note 16 (3) (a) for fair value measurement and note 16 (3) (b) classification
4.1.3 Details of Investment in Mutual Fund (Unquoted)
As at September 30, 2025 As at September 30, 2024
Particulars Value (₹ in Value (₹ in
Units NAV (in ₹) Units NAV (in ₹)
Millions) Millions)
SBI Mutual Fund - Overnight - - - 44.845 4023.46 0.20
SBI Mutual Fund - Ultra Magnum - - - -
SBI Mutual Fund - Liquid Fund - - - 100.060 3915.82 0.40
Canara Robeco Mutual Fund - - - 39.430 2999.09 0.10
Union KBC Mutual Fund - - - 47.589 2413.53 0.10
BOI AXA Mutual Fund - - - 7524.979 2882.21 21.70
Bank of Baroda Mutual Fund - - - 44.763 2885.94 0.10
Total - - 7801.666 22.60
As at March 31, 2025 As at March 31, 2024
Particulars Value (₹ in Value (₹ in
Units NAV (in ₹) Units NAV (in ₹)
Millions) Millions)
SBI Mutual Fund - Overnight 896.034 4153.3005 3.70 513851.71 3895.78 2001.90
SBI Mutual Fund - Ultra Magnum - - - - -
SBI Mutual Fund - Liquid Fund 18.194 4055.9471 0.10 171570.56 3779.28 648.40
Canara Robeco Mutual Fund 19.737 3108.1073 0.10 19.05 2893.53 0.10
Union KBC Mutual Fund 39.986 2501.547 0.10 6301.69 2328.52 14.70
BOI AXA Mutual Fund 5.853 2986.6787 - - -
Bank of Baroda Mutual Fund 29.657 2990.6861 0.10 33.47 2784.78 0.10
Total 1009.461 4 .10 691776.48 2665.20
As at March 31, 2023
Particulars Value (₹ in
Units NAV (in ₹)
Millions)
SBI Mutual Fund - Overnight 13.084 3649.2457 0.05
SBI Mutual Fund - Ultra Magnum - - -
SBI Mutual Fund - Liquid Fund 181020.256 3523.303 637.79
Canara Robeco Mutual Fund 13788.945 2696.7127 37.18
Union KBC Mutual Fund 11395.583 2169.4479 24.72
BOI AXA Mutual Fund - - -
368
Bank of Baroda Mutual Fund 37551.993 2595.4687 97.46
Total 243769.861 797.20BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.2 : LOANS
(All amounts in ₹ Million, except as otherwise stated)
As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Non-Current
Loans to related parties
- Secured, considered good - - - - -
- Unsecured, considered good - - - - -
- Have significant increase in credit risk - - - - -
- Credit impaired - - - - -
- - - - -
Less: Allowance for doubtful loans4.2.1 - - - - -
- - - - -
Loans to body corporate and employees
- Secured, considered good 1 .40 - - - -
- Unsecured, considered good - - - - -
- Have significant increase in credit risk - - - - -
- Credit impaired - - - - -
1 .40 - - - -
Less: Allowance for doubtful loans4.2.1 - - - - -
1 .40 - - - -
Deferred Asset on Non Interest Bearing Advance - - - - -
TOTAL 1 .40 - - - -
Current
Loans to related parties
- Secured, considered good - - - - -
- Unsecured, considered good - - - - -
- Have significant increase in credit risk - - - - -
- Credit impaired - - - - -
- - - - -
Less: Allowance for doubtful loans4.2.1 - - - - -
- - - - -
Loans to other than related parties
Loans to body corporate and employees
- Secured, considered good - - - - -
- Unsecured, considered good - - - - -
- Have significant increase in credit risk - - - - -
- Credit impaired - - - - -
- - - - -
Less: Allowance for doubtful loans4.2.1 - - - - -
- - - - -
TOTAL - - - - -
4.2.1 The details of movement in Allowance for doubtful loans balances (Current and Non-Current)
As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Balance at the beginning of the year - - - - -
Recognised during the year - - - - -
Write back during the year - - - - -
Balance at the end of the year - -
369BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.3 : TRADE RECEIVABLES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Secured, considered good4.3.4 66.70 67.70 79.50 66.70 66.70
Unsecured, considered good4.3.3 & 4.3.6 21,958.50 14,423.00 18,398.10 13,265.80 12,444.80
Have significant increase in credit risk - - -
Credit impaired - - -
22025.20 14490.70 18477.60 13332.50 12511.50
Less : Allowance for expected credit loss4.3.1 - -
Total 22025.20 14490.70 18477.60 13332.50 12511.50
Note:
4.3.1 The details of movement in Allowance for expected credit loss:
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning of the year
Recognised during the year
Write back during the year
Balance at the end of the year
4.3.2 For dues from directors - Refer Note 16(2)
4.3.3 Trade receivables above is net of Coal quality variance of ₹ 1692.00 Millions as at September 30, 2025, ₹ 5328.40 Millions as at September 30, 2024, ₹ 3703.40 Millions as at March
31, 2025, ₹ 5394.80 Millions as at March 31, 2024 & ₹ 4578.00 Millions as at March 31, 2023.
4.3.4 Trade Receivables- Secured considered good are secured against Bank Guarantee.
4.3.5Thecompanyhasusedthepracticalexpedientbycomputingtheexpectedcreditlossallowancebasedonaprovisionmatrixindeterminingallowanceforcreditlossesoftrade
receivables.Theprovisionmatrixtakesintoaccounthistoricalcreditlossexperienceandforwardlookinginformation.Theexpectedcreditlossallowanceisbasedonageingofreceivables
that are due and the rates used in provision matrix.
4.3.6 Trade Receivables: Unsecured considered good includes an amount of ₹ 1939.90 Millions as at September 30, 2025, ₹ 1782.30 Millions as at September 30, 2024, ₹ 1870.80 Millions
asatMarch31,2025,₹1615.80MillionsasatMarch31,2024&₹1394.20MillionsasatMarch31,2023receivablefromSAILonaccountofBazaarFeewithacorresponding
outstanding Statutory Liability.
Trade Receivables ageing schedule as at September 30, 2025
Outstanding for following periods from transaction date
Particulars Unbilled Dues Less than 6 More than Total
6 months 1 year 1-2 years 2-3 years
months 3 years
(i) Undisputed Trade receivables – considered good 3625.20 14496.80 472.20 367.70 1216.00 1808.30 21,986.20
(ii) Undisputed Trade Receivables – which have significant increase in credit risk -
(iii) Undisputed Trade Receivables – credit impaired -
(iv) Disputed Trade Receivables– considered good 39.00 39.00
(v) Disputed Trade Receivables– which have significant increase in credit risk -
(vi) Disputed Trade Receivables – credit impaired -
Total 3,625.20 14,496.80 4 72.20 3 67.70 1 ,216.00 1 ,847.30 22,025.20
Allowance for expected credit loss -
Expected credit losses (Loss allowance provision) - %
Trade Receivables ageing schedule as at September 30, 2024
Outstanding for following periods from transaction date
Particulars Unbilled Dues Less than 6 More than Total
6 months 1 year 1-2 years 2-3 years
months 3 years
(i) Undisputed Trade receivables – considered good 4089.10 7767.70 1045.90 303.80 99.30 1145.90 14,451.70
(ii) Undisputed Trade Receivables – which have significant increase in credit risk -
(iii) Undisputed Trade Receivables – credit impaired -
(iv) Disputed Trade Receivables– considered good 39.00 39.00
(v) Disputed Trade Receivables– which have significant increase in credit risk -
(vi) Disputed Trade Receivables – credit impaired -
Total 4,089.10 7,767.70 1 ,045.90 3 03.80 9 9.30 1 ,184.90 14,490.70
Allowance for expected credit loss -
Expected credit losses (Loss allowance provision) - %
Trade Receivables ageing schedule as at March 31, 2025
Outstanding for following periods from transaction date
Particulars Unbilled Dues Less than 6 More than Total
6 months 1 year 1-2 years 2-3 years
months 3 years
(i) Undisputed Trade receivables – considered good 3436.10 11303.70 737.90 1230.50 645.30 1085.10 18,438.60
(ii) Undisputed Trade Receivables – which have significant increase in credit risk -
(iii) Undisputed Trade Receivables – credit impaired -
(iv) Disputed Trade Receivables– considered good 39.00 39.00
(v) Disputed Trade Receivables– which have significant increase in credit risk -
(vi) Disputed Trade Receivables – credit impaired -
Total 3,436.10 11,303.70 7 37.90 1 ,230.50 6 45.30 1 ,124.10 18,477.60
Allowance for expected credit loss -
Expected credit losses (Loss allowance provision) - %
Trade Receivables ageing schedule as at March 31, 2024
Outstanding for following periods from transaction date
Particulars Unbilled Dues Less than 6 More than Total
6 months 1 year 1-2 years 2-3 years
months 3 years
(i) Undisputed Trade receivables – considered good 3735.10 6,376.90 6 7.20 1 ,968.40 6 7.80 1 ,078.10 13,293.50
(ii) Undisputed Trade Receivables – which have significant increase in credit risk - - - - - -
(iii) Undisputed Trade Receivables – credit impaired - - - - - -
(iv) Disputed Trade Receivables– considered good - - - - 3 9.00 39.00
(v) Disputed Trade Receivables– which have significant increase in credit risk - - - - - -
(vi) Disputed Trade Receivables – credit impaired - - - - - -
Total 3,735.10 6,376.90 6 7.20 1 ,968.40 6 7.80 1 ,117.10 13,332.50
Allowance for expected credit loss - -
Expected credit losses (Loss allowance provision) - %
Trade Receivables ageing schedule as at March 31, 2023
Outstanding for following periods from transaction date
Particulars Unbilled Dues Less than 6 More than Total
6 months 1 year 1-2 years 2-3 years
months 3 years
(i) Undisputed Trade receivables – considered good 11,031.00 1 96.30 9 9.30 6 7.80 1,117.10 12,511.50
(ii) Undisputed Trade Receivables – which have significant increase in credit risk - - - - - -
(iii) Undisputed Trade Receivables – credit impaired - - - - - -
(iv) Disputed Trade Receivables– considered good - - - - - -
(v) Disputed Trade Receivables– which have significant increase in credit risk - - - - - -
(vi) Disputed Trade Receivables – credit impaired - - - - - -
Total - 11,031.00 1 96.30 9 9.30 6 7.80 1,117.10 12,511.50
Allowance for expected credit loss - -
Expected credit losses (Loss allowance provision) - %
370BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.4 : CASH AND CASH EQUIVALENTS
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balances with Banks
- in Deposit Accounts 2,643.30 127.30 189.70 2,261.90 630.00
- in Current Accounts4.4.4 1,644.60 4,105.90 1,485.30 596.00 613.40
Bank Balances outside India - - - - -
ICDs with Primary Dealers4.4.1 - - - - 4,200.00
Cheques, Drafts and Stamps in hand - - - - 0.80
Cash on hand - - - - -
Cash on hand outside India - - - - -
Others4.4.2 0.80 0.70 0.40 0.30 5.20
TOTAL 4,288.70 4,233.90 1,675.40 2,858.20 5,449.40
Note:
4.4.1 ICDs with Primary Dealers are Inter-Corporate Deposits accepted by the Primary Dealers with an original maturity between 7 to 31 days from the date of investment.
4.4.2 Others include Imprest balances.
4.4.3 Cash and cash equivalents comprises cash on hand and at bank, sweep accounts and term deposits held with banks with original maturities of three months or less.
4.4.4Includes₹2.80MillionsasatSeptember30,2025,₹5.10MillionsasatSeptember30,2024,₹1.00MillionsasatMarch31,2025,₹3.30MillionsasatMarch31,2024
and ₹ 5.00 Millions as at March 31, 2023 lying in Axis bank against EMD Pool Account.
371BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.5 : OTHER BANK BALANCES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balances with Banks
Deposit accounts 6,096.20 7,200.00 9,100.00 6,100.00 5 ,600.00
Deposit accounts for specific purpose4.5.1 & 4.5.5 405.70 509.70 523.10 488.10 4 92.60
Mine Closure Plan - - - - -
CSR Fund for ongoing projects - - - - -
Shifting and Rehabilitation Fund scheme - - - - -
Escrow Account for Buyback of Shares - - - - -
Unpaid dividend accounts - - - - -
Dividend accounts - - - - -
Total 6,501.90 7,709.70 9,623.10 6,588.10 6 ,092.60
Note:
4.5.1Depositforspecificpurposesarebankdepositsheldunderlien/earmarkedaspercourtsorder,e-procurementaccount/GeMaccount,Escrowaccounts
for MDO contracts and others.
4.5.2OtherBankBalancesincludedepositsforspecificpurposeswhicharebankdepositsheldunderlien/earmarkedaspercourtsorderandforotherspecific
purposes and bank deposits, which are expected to realise in cash within 12 months after the reporting date.
4.5.3 Deposit Accountwith maturitymorethan 3 monthsbutwithin 12 months includes Fixed Deposit pledged with Bank as margin moneyfor Bank
guarantee.
4.5.4Anamountof₹15.00Millionswasrealisedfromtheexplosivesuppliersfortheperiodfrom01.03.2006to30.06.2006onaccountofpricedifferences.
InthelightofthedecisiongivenbytheHon’bleHighCourt,Kolkata,theamountwasdepositedasFixedDepositwithdifferentBanksatdifferentratesof
interestoneachmaturity.ThelastMaturedvalueof₹42.80Millions(Excl.accruedinterestof₹0.50Millions)wasfurtherre-depositedatUnionBankof
IndiaonNovember02,2024@7.50%interestp.a.ThedifferencebetweenaccruedinterestonthesaidFixedDepositandinterest@12%p.a.whichmightbe
payable in future in view of Hon'ble High Court order amounting to ₹ 50.90 Millions has been considered as contingent liability up to September 30, 2025.
4.5.5Includes₹328.00MillionsasatSeptember30,2025,₹423.90MillionsasatSeptember30,2024,₹434.30MillionsasatMarch31,2025,₹404.90Millionsasat
March 31, 2024 and ₹ 416.80 Millions as at March 31, 2023 lying in State Bank of India against GeM Pool Account.
372BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 4.6 : OTHER FINANCIAL ASSETS
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non Current
Security Deposit 125.30 125.30 125.30 140.60 1 47.90
Less: Allowance for doubtful security deposits4.6.1 6.70 6.70 6.70 6.70 6.70
118.60 118.60 118.60 1 33.90 1 41.20
Bank Deposits with more than 12 months maturity 0.10 0.10 0.10 0.10 0.10
Deposits with bank under - Mine Closure Plan4.6.2 10,770.20 8,973.60 9,256.20 8,667.30 6 ,871.90
Deposits with bank under - Shifting & Rehabilitation Fund
scheme4.6.3 - - - - -
10,770.30 8,973.70 9,256.30 8 ,667.40 6 ,872.00
Finance Lease receivables4.6.4 - - - - -
Other Deposit and Receivables 821.00 1,489.60 814.10 64.90 45.40
Less : Allowance for doubtful deposits & receivables4.6.1 - - - -
821.00 1,489.60 814.10 6 4.90 4 5.40
TOTAL 11,709.90 10,581.90 10,189.00 8 ,866.20 7 ,058.60
Current
Security deposits - - - - -
Less : Allowance for doubtful security deposits4.6.1 - - - - -
- - - - -
Balance with Indian Institute of Coal Management (IICM) - - - - -
Interest accrued 319.50 271.90 245.40 140.90 1 08.80
Finance lease receivables4.6.4 - - - - -
Other Deposit and Receivables4.6.5 3,639.30 572.00 2,146.00 645.60 5 30.60
Less : Allowance for doubtful deposits & receivables4.6.1 49.50 49.50 49.50 49.50 4 9.50
3,589.80 522.50 2,096.50 5 96.10 4 81.10
TOTAL 3,909.30 794.40 2,341.90 7 37.00 5 89.90
Note:
4.6.1 The details of movement in Allowance for bad and doubtful deposit and receivables (Current and Non-Current)
As at As at As at As at As at March 31,
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 2023
Balance at the beginning of the year 56.20 56.20 56.20 56.20 56.20
Recognised during the year - - - - -
Write back during the year - - - - -
Balance at the end of the year 56.20 56.20 56.20 56.20 56.20
4.6.2 Deposit with bank under Mine Closure Plan
FollowingtheguidelinesfromMinistryofCoal,GovernmentofIndiaforpreparationofMineClosurePlan,anEscrowAccounthasbeen
opened. AsperMCPguidelinesdatedJanuary31,2025upto50%ofthetotalamountdepositedexcludinginterestintheescrowaccount
maybereleasedaftereveryyearbasedonworkdonetowardsmineclosureandaftereveryfiveyearupto50%ofthetotaldeposit
includinginterestaccruedintheescrowaccountmaybereleasedinlinewiththeperiodicexaminationoftheclosureplanasperthe
Guidelines.Howevertheyearinwhich5yearlyreimbursementisclaimed,theyearlyreimbursementwillnotbeapplicable(ReferNote9.1
for Provision for Site Restoration/Mine Closure).
As at As at As at As at As at March 31,
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 2023
Opening Balance in Escrow Account 9 ,256.20 8 ,667.30 8 ,667.30 6 ,871.90 5 ,928.10
Add: Amount deposited during Year 1 ,282.00 1 2.20 1 2.20 1 ,346.10 6 98.10
Add: Interest Credited during the year (Net of TDS) 3 21.90 2 94.60 5 98.80 4 49.30 2 45.70
Less: Amount Withdrawn during year 8 9.90 0 .50 2 2.10
Balance in Escrow Account on Closing date 1 0,770.20 8 ,973.60 9 ,256.20 8 ,667.30 6 ,871.90
4.6.3 Deposit in Bank under Shifting and Rehabilitation Fund scheme
Following the direction of the Ministry of Coal the company has setup a fund for implementation of action plan for shifting and rehabilitation dealing with fire and stabilization of
unstable areas of Bharat Coking Coal Limited. The fund is utilized based on implementation of approved projects in this respect.
The coal producing subsidiaries of CIL are making a contribution of ₹ 6 per tonne of their respective coal despatch per annum to this fund, which remains in the custody of CIL,
till they are disbursed/utilised by subsidiaries/agencies implementing the relevant projects.
4.6.4 Lease
Finance Lease
(i) Amounts recognised in profit and loss account in respect of Lease Receivables:
As at As at As at As at As at March
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 31, 2023
Lease Income
Income relating to variable lease payments that do not
depend on an index or a rate
Total
(ii) Undiscounted lease payments to be received on an annual basis for a minimum of each of the first five years and for the remaining years:
As at As at As at As at As at March 31,
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 2023
Less than One Year
Between one and two years
Between two and three years
Between three and four years
Between four and five years
More than five years
Total
373Operating Lease
(iii) Amounts recognised in profit and loss account in respect of Lease Receivables:
As at As at As at As at As at March 31,
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 2023
Lease Income
Income relating to variable lease payments that do not
depend on an index or a rate
Total
(iv) Undiscounted lease payments to be received on an annual basis for a minimum of each of the first five years and for the remaining years:
As at As at As at As at As at March 31,
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 2023
Less than One Year
Between one and two years
Between two and three years
Between three and four years
Between four and five years
More than five years
Total
(v) Changes in the carrying value of assets given on Operating Lease as at September 30, 2025:
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the Value at the
Particular the beginning of the Amortisation
year / period year / period closing of the
year for the year
year
Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Telecommunication
Railway Sidings
Rail Corridor
Intangible Assets
(vi) Changes in the carrying value of assets given on Operating Lease as at September 30, 2024:
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the Value at the
Particular the beginning of the Amortisation
year / period year / period closing of the
year for the year
year
Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Telecommunication
Railway Sidings
Rail Corridor
Intangible Assets
(vii) Changes in the carrying value of assets given on Operating Lease as at March 31, 2025:
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the Value at the
Particular the beginning of the Amortisation
year / period year / period closing of the
year for the year
year
Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Telecommunication
Railway Sidings
Rail Corridor
Intangible Assets
(viii) Changes in the carrying value of assets given on Operating Lease as at March 31, 2024:
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the Value at the
Particular the beginning of the Amortisation
year / period year / period closing of the
year for the year
year
Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Telecommunication
Railway Sidings
Rail Corridor
Intangible Assets
(ix) Changes in the carrying value of assets given on Operating Lease as at March 31, 2023:
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the Value at the
the beginning of the Amortisation
year / period year / period closing of the
year for the year
Particular year
Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Telecommunication
Railway Sidings
Rail Corridor
Intangible Assets 374BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 5.1 : INVENTORIES
(All amounts in ₹ Million, except as otherwise stated)
As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Coal (Finished Goods) 20,168.10 16,814.20 21,186.00 15,579.20 12,156.60
Coal at Development Projects5.1.4 - - 1 9.00 - 136.50
Less: Provision for diminution in value5.1.1 1,964.80 2,912.80 2,921.40 2,935.00 2,948.50
18,203.30 13,901.40 18,283.60 12,644.20 9,344.60
Stores, Spares & other inventories 5.1.2 and 5.1.3 1,965.00 1,877.20 1,962.40 1,809.30 1,575.50
Less: Provision for slow-moving, non-moving,
650.70 638.40 644.60 637.70 6 29.50
and obsolete inventories
1,314.30 1,238.80 1 ,317.80 1 ,171.60 9 46.00
Total 19,517.60 15,140.20 19,601.40 13,815.80 10,290.60
Note:
5.1.1 The details of movement in provision for diminution in value
Balance at the beginning of the year 2,921.40 2,935.00 2,935.00 2,948.50 3,026.00
Recognised during the year 9.90 1.70 7.50 9.40 -
Derecognised during the year 966.50 23.90 21.10 22.90 77.50
Balance at the end of the year 1 ,964.80 2 ,912.80 2 ,921.40 2 ,935.00 2 ,948.50
- - - - -
5.1.2Theinventoryofstoresandsparescomprisesitemsthatfallintothecategoriesofslow-moving,non-moving,andobsolete.Impairmentallowancesarerecognizedfortheseitemsasper
the company's policy.
The details of movement in impairment allowance for slow-moving, non-moving and obsolete Stores, Spares, and other inventories :
Balance at the beginning of the year 644.60 637.70 637.70 629.50 653.10
Recognised during the year 6.10 6.40 40.50 12.90 21.00
Utilised during the year - 5.70 33.60 4.70 44.60
Balance at the end of the year 6 50.70 6 38.40 6 44.60 6 37.70 6 29.50
- - - - -
5.1.3 Other inventories above includes Stock of Workshop Jobs, Stationery, medicine, press jobs etc.
5.1.4 Represents value of coal lying for testing at 2 MTPA Bhojudih NLW Washery for the year ended March 31, 2025 and at 5 MTPA Patherdih Washery for the year ended March 31,
375BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 6.1 : OTHER NON-CURRENT ASSETS
(All amounts in ₹ Million, except as otherwise stated)
As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Capital Advances 7,194.80 7,320.90 7,149.40 6,461.40 3,676.20
Less : Allowance for doubtful advances6.1.1 44.00 44.00 44.00 44.00 44.00
7,150.80 7,276.90 7,105.40 6 ,417.40 3,632.20
Advances other than capital advances
Other Deposits & Advances 554.90 84.40 330.00 83.20 1.40
Less :Allowance for doubtful deposits6.1.1 - - - - -
554.90 8 4.40 3 30.00 83.20 1.40
Progressive Mine Closure expenses incurred6.1.2 2,991.10 2,068.40 2,991.10 2,068.40 2,574.90
Advances to Related Parties6.1.3 - - - - -
TOTAL 10,696.80 9,429.70 10,426.50 8 ,569.00 6,208.50
Note:
6.1.1 The details of movement in Allowance for bad and doubtful deposit and receivables (Current and Non-Current)
Balance at the beginning of the year 44.00 44.00 44.00 44.00 44.00
Recognised during the year - - - - -
Utilised during the year - - - - -
Balance at the end of the year 4 4.00 4 4.00 44.00 4 4.00 44.00
6.1.2 The above represents concurrent expenditure recognised as per guidelines from Ministry of Coal, Government of India for preparation of Mine Closure Plan.
ProgressiveMineClosureExpenseincurredareduetobereceivedfromEscrowaccount maintainedforthepurposes.OutoftheabovebalanceasatSeptember30,2025,₹789.60
Millions has been audited by the Coal Controller Organization(CCO) and for ₹ 3545.60 Millions audit is yet to be done by the Coal Controller Organization(CCO).
376BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE -6.2 : OTHER CURRENT ASSETS
(All amounts in ₹ Million, except as otherwise stated)
As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Advances other than capital advances
Advance payment of statutory dues 2,681.20 3,418.60 4,416.40 4,070.70 1 ,581.80
Less : Allowance for doubtful Stat. dues6.2.1 - - - - -
2,681.20 3,418.60 4,416.40 4 ,070.70 1 ,581.80
Other Deposits and Advances6.2.2 9,312.80 9,206.70 8,357.10 10,414.10 1 1,922.50
Less : Allowance for other deposits and advances6.2.1 18.20 18.20 18.20 18.20 18.20
9 ,294.60 9 ,188.50 8 ,338.90 1 0,395.90 1 1,904.30
Progressive Mine Closure expenses incurred6.1.2 1,344.10 2,039.40 1,434.00 2,039.90 1 ,456.10
Input Tax Credit receivable 19,625.10 16,724.60 17,507.80 15,316.20 1 3,232.90
TOTAL 32,945.00 31,371.10 31,697.10 3 1,822.70 2 8,175.10
Note:
6.2.1 The details of movement in Allowance for bad and doubtful advances and deposits (Current and Non-Current)
Balance at the beginning of the year 18.20 18.20 18.20 18.20 11.00
Recognised during the year - - - - 7.20
Utilised during the year - - - - -
Balance at the end of the year 1 8.20 1 8.20 1 8.20 1 8.20 1 8.20
6.2.2ThebalanceasatSeptember30,2025includesdepositunderprotestandrefundyettobereceivedforIncometax₹6000.50Millions,Salestax₹559.90Millions,ServiceTax&Excisecases₹100.10
Millions and others ₹ 639.90 Millions.
377BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 7.1 : EQUITY SHARE CAPITAL
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Authorised
5,100,000,000 EquityShares of ₹ 10 each as at September 30,
2025 (51,000,000 Equity Shares of ₹ 1,000 each for the other 51,000.00 51,000.00 51,000.00 5 1,000.00 51,000.00
periods)7.1.3
51,000.00 51,000.00 51,000.00 51,000.00 51,000.00
Issued, Subscribed and Paid-up
908,200,600EquitySharesof₹10eachasatSeptember30,2025
(9,082,006EquitySharesof₹ 1,000eachfortheotherperiods) 9,082.01 9,082.01 9,082.01 9,082.01 9,082.01
fully paid up in cash7.1.4 & 7.1.5
3,748,799,400EquitySharesof ₹10eachasatSeptember30,2025
(37,487,994EquitySharesof ₹1,000eachfortheotherperiods)
37,487.99 37,487.99 37,487.99 37,487.99 37,487.99
allotted as fully paid up for consideration received other than
cash7.1.4 & 7.1.5
46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
Note:
7.1.1 (a) Shares in the company held by the promoter as at March 31, 2025:
No.of Shares held
% of Total % Change during
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares the year
each)
Coal India Limited (Holding Company) 46,570,000 100% 0.00
Shares in the company held by the promoter as at March 31, 2024:
No.of Shares held
% of Total % Change during
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares the year
each)
Coal India Limited (Holding Company) 46,570,000 100% 0.00
Shares in the company held by the promoter as at March 31, 2023:
No.of Shares held
% of Total % Change during
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares the year
each)
Coal India Limited (Holding Company) 46,570,000 100% 0.00
For the Interim Period Reported
Shares in the company held by the promoter as at September 30, 2024:
No.of Shares held
% of Total % Change during
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares the year
each)
Coal India Limited (Holding Company) 46,570,000 100% 0.00
Shares in the company held by the promoter as at September 30, 2025:
No.of Shares held
% of Total % Change during
Name of Shareholder/Promoter (Face value of ₹10/-
Shares the year
each)
Coal India Limited (Holding Company) 4,657,000,000 100% 0.00
7.1.1 (b) Shares in the company held by each shareholder holding more than 5% Shares as at March 31, 2025:
No.of Shares held
% of Total
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares
each)
Coal India Limited (Holding Company) 46,570,000 100%
Shares in the company held by each shareholder holding more than 5% Shares as at March 31, 2024:
No.of Shares held
% of Total
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares
each)
Coal India Limited (Holding Company) 46,570,000 100%
Shares in the company held by each shareholder holding more than 5% Shares as at March 31, 2023:
No.of Shares held
% of Total
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares
each)
Coal India Limited (Holding Company) 46,570,000 100%
378For the Interim Period Reported
Shares in the company held by each shareholder holding more than 5% Shares as at September 30, 2024:
No.of Shares held
% of Total
Name of Shareholder/Promoter (Face value of ₹1,000/-
Shares
each)
Coal India Limited (Holding Company) 46,570,000 100%
Shares in the company held by each shareholder holding more than 5% Shares as at September 30, 2025:
No.of Shares held
% of Total
Name of Shareholder/Promoter (Face value of ₹10/-
Shares
each)
Coal India Limited (Holding Company) 4,657,000,000 100%
7.1.2 Reconciliation of equity shares outstanding at the beginning and at the end of the year:-
(All amounts in ₹ Million, except as otherwise stated)
Particulars Number of Share Amount
Balance as at April 01, 2022 46,570,000 46570.00
Change during the year 2022-23 - -
Balance as at March 31, 2023 46,570,000 46570.00
Change during the year 2023-24 - -
Balance as at March 31, 2024 46,570,000 46570.00
Change during the year 2024-25 - -
Balance as at March 31, 2025 46,570,000 46570.00
For the Interim Period Reported
Particulars Number of Share Amount
Balance as at April 01, 2024 46,570,000 46570.00
Change during the period - -
Balance as at September 30, 2024 46,570,000 46570.00
Particulars Number of Share Amount
Balance as at April 01, 2025 46,570,000 46570.00
Change during the period 4,610,430,000 -
Balance as at September 30, 2025 4,657,000,000 46570.00
7.1.3ThereisnomovementintheequitysharecapitalheldbyCoalIndiaLimited(100%)duringthesixmonthsendedSeptember30,
2025,2024andtheyearendedMarch31,2025,March31,2024andMarch31,2023.Fordetails,refertoNoteNo16.6.q:Changein
Capital Structure.
7.1.4Thenumberofsharesissuedincashandforconsideration receivedother thancash, hasbeen regroupedfrom 2,330,126to
9,082,006equitysharesof₹1,000eachand26,239,874to37,487,994equitysharesof₹1,000eachrespectively.Thisregroupingdoes
not have any financial implication.
7.1.5TheBoardofDirectorsoftheCompany, atits 420thmeeting heldon April15, 2025had approvedthesubdivision ofthe
existingauthorisedsharecapitaloftheCompanyfrom5,10,00,000equitysharesof₹1000eachinto5,100,000,000equitysharesof
₹10eachandalsoapprovedthesubdivisionoftheexistingpaidupsharesoftheCompanyfrom4,65,70,000 equitysharesof₹1000
each into 4,657,000,000 equityshares of ₹10 each, which wasapproved bythe shareholders in the18th Extra-ordinaryGeneral
Meeting held on April 28, 2025. The record date for the share split is May 19, 2025.
7.1.6TheCompanyhasonlyoneclassofequityshareshavingafacevalue₹10/-pershare.Theholdersoftheequitysharesare
entitledtoreceivedividendsasdeclaredfromtimetotimeandareentitledtovotingrightsproportionatetotheirshareholdingatthe
meetingofshareholders.ThedividendproposedbytheBoardofDirectorsissubjecttotheapprovaloftheshareholdersintheAnnual
GeneralMeeting.Intheeventofliquidation,theequityshareholdersareeligibletoreceivetheremainingassetsofthecompanyafter
payment of all preferential amount, in proportionate to there shareholdings.
379BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 7.2 : OTHER EQUITY
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Capital Redemption reserve - - - - -
Capital Reserve - - - - -
General Reserve 2,812.10 2,192.10 2,192.10 1,409.90 1,409.90
Retained Earnings 8,926.80 11,835.30 16,750.20 5,574.80 (10,069.80)
Other comprehensive income that will not be (1,673.70) (2,184.60) (885.00) (337.50) 128.90
reclassified to profit or loss
Other comprehensive income that will be -
- - - -
reclassified to profit or loss
TOTAL 1 0,065.20 1 1,842.80 1 8,057.30 6 ,647.20 ( 8,531.00)
(a) Capital Redemption Reserve
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning of the year - - - - -
Transfers and Other Movements/Adjustments
Balance at the end of the year - - - - -
(i)AsperCompaniesAct,2013CapitalRedemptionReserveiscreatedwhencompanypurchasesitsownshareoutoffreereserveorsecuritiespremium,asumequaltothe
nominalvalueofthesharessopurchasedistransferredtocapitalredemptionreserve.Thereserveisutilisedinaccordancewiththeprovisionsofthesection69ofthe
Companies Act, 2013.
(ii) In case of Holding Company:
Details of Capital Redemption Reserve
Amount
Particulars Year
(₹ in Millions)
Total -
(b) Capital Reserve
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning of the year - - - - -
Issue of Bonus Share
Transfers and Other Adjustments
Balance at the end of the year - - - - -
As at As at As at As at As at
(c) General Reserve
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning of the year 2,192.10 1,409.90 1,409.90 1,409.90 1,409.90
Transfers and Other Adjustments 620.00 782.20 782.20 - -
Balance at the end of the year 2 ,812.10 2 ,192.10 2 ,192.10 1 ,409.90 1 ,409.90
The general reserve is a free reserve that is used from time to time to transfer profits from/to retained earnings for appropriation purposes.
380(d) Retained Earnings
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning of the year7.2.1(iii) 16,750.20 5,574.80 5,574.80 (10,069.80) (16,717.60)
Profit for the period 1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
Interim Dividend - - - - -
Final Dividend7.2.1(iii) (8,442.20) (444.30) (444.30) - -
Transfers and Other Adjustments (620.00) (782.20) (782.20) - -
Balance at the end of the year 8 ,926.80 1 1,835.30 1 6,750.20 5 ,574.80 ( 10,069.80)
(e) Other Comprehensive Income items that will not be reclassified to profit or loss 7.2.1(i)
Balance at the beginning of the year (885.00) (337.50) (337.50) 128.90 1,475.40
Other Comprehensive Income during the period (788.70) (1,847.10) (547.50) (466.40) (1,346.50)
Adjustment during the year - - - - -
Balance at the end of the year ( 1,673.70) ( 2,184.60) ( 885.00) ( 337.50) 1 28.90
Total (d + e) 7 ,253.10 9 ,650.70 1 5,865.20 5 ,237.30 ( 9,940.90)
Note:
7.2.1 (i) Includes net actuarial gains/(losses) on defined benefit plans (net of tax)
(ii) Retained Earnings are the accumulated profit and loss of the company earned till date, net of appropriations.
(iii)Outofthetotaldividendonerstwhile5%Non-ConvertibleCumulativeRedeemablePreferenceSharesof₹8886.50million,₹444.33millionwasrecommendedbythe
Board and paid on August 05, 2024 after the approval of the shareholders in the Annual General Meeting for the Financial Year 2023-24 held on August 01, 2024.
Theremainingdividendof₹8442.17millionwasapprovedbytheshareholdersofthecompanyintheAnnualGeneralMeetingfortheFinancialYear2024-25heldonJuly
25, 2025. The amount was paid on July 28, 2025.
(f) Other comprehensive income that will be reclassified to profit or loss
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
(i) Exchange differences on translating the
financial statements of a foreign operation
Balance at the beginning of the year - - - -
Total Comprehensive Income for the current year
Adjustment during the year
Balance at the end of the year - - - - -
(ii) Share of other comprehensive
income/(expense) of joint ventures accounted
for using the equity method (net of tax)
Balance at the beginning of the year - - - -
Total Comprehensive Income for the current year
Adjustment during the year
Balance at the end of the year - - - - -
Total [(i)+(ii)] - - - - -
381BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 8.1 : BORROWINGS
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non-Current
Term Loans -From Banks
- Secured - - - - -
- Unsecured - - - - -
-From Others
- Secured - - - - -
- Unsecured - - - - -
Total - - - - -
Current
From Banks - Secured
- Bank Overdrafts 2,809.80 - - - -
- Other Loans from banks 12,781.50 - - - -
- Unsecured - - - - -
-From Others
- Secured - - - - -
- Unsecured - - - - -
Current Maturities of Long Term Borrowings - - - - -
Total 15,591.30 - - - -
Note:
8.1.1
As at As at As at As at As at
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Working Capital sanctioned demand loan
limit (unsecured)
HDFC Bank 3500 3500 3500.00 3500.00 8500.00
Axis Bank 2000 2000 2000.00 2000.00 2000.00
Bank of Baroda 2000 - - - -
State Bank of India 18000 - - - -
Short term loan sanctioned limit (unsecured)
ICICI Bank 500 500 500.00 500.00 500.00
Sanctioned limit on overdraft facility
secured against fixed deposits from Indian
5660.00 - 2952.41 - -
Bank, Canara Bank, State Bankof India &
Union bank of India
The utilized amount out of the above is ₹15591.30 Millions as at September 30, 2025 (₹0.00 Million as at September 30, 2024, as at March 31, 2025,
March 31, 2024 and March 31, 2023).
382BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 8.2 : LEASE LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non - Current Finance Lease Liabilities 1,657.50 1,689.90 1,430.60 1,527.30 1,537.90
Current Finance Lease Liabilities 826.20 904.50 901.10 775.00 588.50
Note:
8.2.1 Maturity Analysis of Lease Liability on an undiscounted basis (Non-Current and Current):
Particulars As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Up to 1 Year 826.20 904.50 901.10 775.00 588.50
1-5 Years 1,657.50 1,689.90 1,430.60 1,527.30 1,537.90
More than 5 Years - - - - -
8.2.2 Changes in the carrying value of right-of-use assets as at September 30, 2025
(All amounts in ₹ Million, except as otherwise stated)
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the year Value at the
Particulars the beginning of the Amortisation for
year / period / period closing of the
year the year
year
Land 310.20 - - 306.50 3.70
Building - - - -
Plant and Equipment - - - -
Furniture and Fixtures - - - -
Vehicles 718.30 2.40 - 589.80 130.90
Office Equipment - - - - -
Telecommunication 839.60 350.80 - 912.80 277.60
Railway Sidings 179.20 - - 175.90 3.30
Rail Corridor - - - - -
Intangible Assets - - - - -
Changes in the carrying value of right-of-use assets as at September 30, 2024
(All amounts in ₹ Million, except as otherwise stated)
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the year Value at the
Particulars the beginning of the Amortisation for
year / period / period closing of the
year the year
year
Land 250.40 10.30 257.00 3.70
Building - -
Plant and Equipment - -
Furniture and Fixtures - -
Vehicles 785.90 157.70 827.80 115.80
Office Equipment - 389.00 155.30 233.70
Telecommunication 918.00 918.00
Railway Sidings 185.90 159.40 26.50
Rail Corridor - -
Intangible Assets - -
Changes in the carrying value of right-of-use assets as at March 31, 2025
(All amounts in ₹ Million, except as otherwise stated)
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the year Value at the
Particulars the beginning of the Amortisation for
year / period / period closing of the
year the year
year
Land 250.40 67.30 - 310.20 7.50
Building - - - - -
Plant and Equipment - - - - -
Furniture and Fixtures - - - - -
Vehicles 785.90 235.20 - 718.30 302.80
Office Equipment - - - - -
Telecommunication 918.00 389.00 - 839.60 467.40
Railway Sidings 185.90 - - 179.20 6.70
Rail Corridor - - - - -
Intangible Assets - - - - -
383Changes in the carrying value of right-of-use assets as at March 31, 2024
(All amounts in ₹ Million, except as otherwise stated)
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the year Value at the
Particulars the beginning of the Amortisation for
year / period / period closing of the
year the year
year
Land 253.90 9.20 - 250.40 12.70
Building - - - - -
Plant and Equipment - - - - -
Furniture and Fixtures - - - - -
Vehicles 408.90 607.90 - 785.90 230.90
Office Equipment - - - - -
Telecommunication 1,209.40 71.40 - 918.00 362.80
Railway Sidings 192.50 - - 185.90 6.60
Rail Corridor - - - - -
Intangible Assets - - - - -
Changes in the carrying value of right-of-use assets as at March 31, 2023
(All amounts in ₹ Million, except as otherwise stated)
Net Carrying
Net Carrying Value at Depreciation/
Addition during the Deletion during the year Value at the
Particulars the beginning of the Amortisation for
year / period / period closing of the
year the year
year
Land 260.60 0.50 - 253.90 7.20
Building - - - - -
Plant and Equipment - - - - -
Furniture and Fixtures - - - - -
Vehicles 95.30 394.70 - 408.90 81.10
Office Equipment - - - - -
Telecommunication 1,572.20 - - 1,209.40 362.80
Railway Sidings 199.10 - - 192.50 6.60
Rail Corridor - - - - -
Intangible Assets - - - - -
Leasetermsarenegotiatedonanindividualbasisandcontainawiderangeofdifferenttermsandconditions.Eachleasegenerallyimposesarestrictionthat,unlessthereisa
contractual right for the Company to sublet the asset to another party, the right-of-use asset can only be used by the Company.
Withtheexceptionofshort-termleasesandleasesoflow-valueunderlyingassets,eachleaseisreflectedonthebalancesheetasarightof-useassetandaleaseliability.Payments
made for short-term leases and leases of low value are expensed on a straight-line basis over the lease term.
The company's significant leasing arrangements include assets dedicated for use under long-term arrangements as given in the above table of Right of Use Assets.
8.2.3 Amounts recognised in profit or loss
As at As at As at As at As at
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Depreciation and amortisation expense for right-of-use assets
(included in Note 13.5) 784.40 6 13.00 4 57.70
Interest expense on lease liabilities (included under
"unwinding of discounts" in Note 13.4) 1 85.80 1 79.30 1 58.10
- - -
Expense relating to short-term leases
- - -
Gain or loss arising from sale and leaseback transaction
- - 9 70.20 7 92.30 6 15.80
8.2.4 Total Cash outflow for Leases disclosed in the cash flow statement
As at As at As at As at As at
Particulars
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Payment of finance lease liabilities 874.30 724.70 4 29.70
Cash Outflow relating to short term leases - - -
- - 8 74.30 724.70 4 29.70
384BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 8.3 : TRADE PAYABLES
(All amounts in ₹ Million, except as otherwise stated)
As at As at
As at As at As at
March 31, March 31,
September 30, 2025 September 30, 2024 March 31, 2025
2024 2023
Current
Total outstanding dues of micro, small and
57.50 33.70 236.30 87.10 1 35.70
medium enterprises
Total outstanding dues of Creditors other
28,592.90 11,763.60 21,496.40 12,248.20 8,993.40
than micro, small and medium enterprises
TOTAL 2 8,650.40 1 1,797.30 2 1,732.70 1 2,335.30 9,129.10
8.3.1 Trade Payables ageing schedule as at September 30, 2025
Outstanding for following periods from transaction date
Particulars More than 3
Less than 1 year 1-2 years 2-3 years Total
years
(i) MSME 57.50 5 7.50
(ii) Others 27,270.70 471.30 298.70 552.20 28,592.90
(iii) Disputed dues - MSME -
(iv)Disputed dues - Others -
(v)Unbilled dues -
Total 2 7,328.20 471.30 298.70 552.20 28,650.40
Trade Payables ageing schedule as at September 30, 2024
Outstanding for following periods from transaction date
Particulars More than 3
Less than 1 year 1-2 years 2-3 years Total
years
(i) MSME 33.70 3 3.70
(ii) Others 10,464.10 410.20 93.50 795.80 11,763.60
(iii) Disputed dues - MSME -
(iv)Disputed dues - Others -
(v)Unbilled dues -
Total 1 0,497.80 410.20 93.50 795.80 11,797.30
Trade Payables ageing schedule as at March 31, 2025
Outstanding for following periods from transaction date
Particulars More than 3
Less than 1 year 1-2 years 2-3 years Total
years
(i) MSME 236.30 - - - 2 36.30
(ii) Others 20,214.60 307.90 235.70 738.20 21,496.40
(iii) Disputed dues - MSME - - - - -
(iv)Disputed dues - Others - - - - -
(v)Unbilled dues - - - - -
Total 2 0,450.90 307.90 235.70 738.20 21,732.70
Trade Payables ageing schedule as at March 31, 2024
Outstanding for following periods from transaction date
Particulars More than 3
Less than 1 year 1-2 years 2-3 years Total
years
(i) MSME 87.10 - - - 8 7.10
(ii) Others 10,271.30 860.00 378.30 738.60 12,248.20
(iii) Disputed dues - MSME - - - - -
(iv)Disputed dues - Others - - - - -
(v)Unbilled dues - - - - -
Total 1 0,358.40 860.00 378.30 738.60 12,335.30
Trade Payables ageing schedule as at March 31, 2023
Outstanding for following periods from transaction date
Particulars More than 3
Less than 1 year 1-2 years 2-3 years Total
years
(i) MSME 135.70 - - - 1 35.70
(ii) Others 7,266.80 952.70 185.00 588.90 8,993.40
(iii) Disputed dues - MSME - - - - -
(iv)Disputed dues - Others - - - - -
(v)Unbilled dues - - - - -
Total 7 ,402.50385 952.70 185.00 588.90 9,129.10BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 8.4 : OTHER FINANCIAL LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non Current
Deposits from Contractors and others 3,886.00 3,924.50 3,579.30 3,241.70 2,965.10
Others - - - - -
TOTAL 3 ,886.00 3 ,924.50 3 ,579.30 3 ,241.70 2 ,965.10
Current
Current Account with- Coal India Limited 3,671.50 3,673.80 3,370.80 3,613.80 3 ,954.60
Current Account with- Indian Institute of Coal Management 0 .10 0 .10 0 .10 0 .10 0 .10
3 ,671.60 3 ,673.90 3 ,370.90 3 ,613.90 3 ,954.70
Unpaid dividends - - - - -
Deposits from Contractors and others 2,283.20 2,002.40 2,511.60 2,217.90 1 ,955.90
Payable for Capital Expenditure 816.10 644.90 760.40 760.80 5 00.00
Liability for Employee Benefits 8,720.40 9,023.60 10,121.80 8,756.40 7 ,611.30
Others8.4.1 & 8.4.2 7,672.10 5,286.70 6,628.10 4,111.00 4 62.20
TOTAL 2 3,163.40 2 0,631.50 2 3,392.80 1 9,460.00 1 4,484.10
Note:
8.4.1 Others above includes unspent CSR expenses (Refer Annexure to Note - 13.8 CSR Expenses)
8.4.2IncludesCompositionUserFee(CUF)collectedtillSeptember30,2025₹7202.10Millions,tillSeptember30,2024₹4836.20Millions,tillMarch31,2025
₹6109.20 Millions, till March 31, 2024 ₹3620.80 Millions and till March 31, 2023 ₹ 0.00 Millions [Refer Note 16(6)(r)].
386BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 9.1 : PROVISIONS
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Non Current
Employee Benefits:
Gratuity 5,456.20 7,340.30 4,207.40 4,758.20 6 ,016.30
Leave Encashment 5,898.80 4,961.40 6,842.20 6,044.50 4 ,203.10
Post Retirement Medical Benefits 3,091.90 2,938.00 2,912.60 2,992.60 3 ,013.30
Other Employee Benefits 3 98.90 4 09.80 4 28.60 6 12.90 4 03.30
1 4,845.80 1 5,649.50 1 4,390.80 1 4,408.20 1 3,636.00
Other Provisions:
Site Restoration/Mine Closure9.1.2 7,100.00 5,771.10 6,926.50 5,796.10 5 ,281.00
Stripping Activity Adjustment9.1.1 1,929.80 (308.40) 1,929.80 (29.20) 1 ,976.00
Others - - - - -
TOTAL 2 3,875.60 2 1,112.20 2 3,247.10 2 0,175.10 2 0,893.00
Current
Employee Benefits:
Gratuity 3,628.40 3,888.00 3,587.00 3,756.90 3 ,316.50
Leave Encashment 745.10 791.90 846.40 848.60 6 36.10
Post Retirement Medical Benefits 433.30 392.10 403.50 - 3 25.10
Other Employee Benefits 3 ,437.30 8 ,737.70 5 ,686.80 7 ,241.00 2 0,029.70
8 ,244.10 1 3,809.70 1 0,523.70 1 1,846.50 2 4,307.40
Site Restoration/ Mine Closure - -
Other Provisions:
Others - -
TOTAL 8 ,244.10 1 3,809.70 1 0,523.70 1 1,846.50 2 4,307.40
Note:
9.1.1Strippingactivityprovision(RatioVariance):StrippingactivityprovisionrecognizedearlierisbasedonthepolicyfollowedconsistentlybyCILsinceitsinception.Stripping
activityprovision(net)wasrecognizedorreversedbasedonthecurrentratioofOBtoCoalascomparedtotheaverageStrippingratio(Standardratio)ofthemine. Thisaccounting
method has been substantiated and validated by a multitude of authoritative bodies and forums, including income tax authorities.
Thecarryingamountofthestrippingactivityprovisionisreversedsystematicallywheneverthesituationofreversalarisesonextractionofactualvolumeofoverburdenoverexpected
volume thereof. Such reversal is specific to mines at the rate the said provision has been recognized.
Inthecaseofamine,wherethestrippingactivityprovisionhasresultedinanexcessvolumeofoverburdenoverthevolumeofoverburdenexpected,thecorrespondingprovisionas
determinedwithrespectto,multipliedbytheopeningaveragerateofstrippingactivitybeingnolongerrequiredhasbeenrecognisedasreversalofstrippingactivityprovisionunder
other operating revenue in the statement of profit and loss.
AmountofstrippingactivityprovisionrepresentingthecreditbalanceofthestrippingactivitycreatedtillMarch31,2022isreversedandcreditedtotheprofitandlossaccountsin
systematic manner.
The details of movement in Stripping Activity Provision:
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Stripping Activity Provision
Balance at the beginning of the year 1,929.80 (29.20) (29.20) 1,976.00 (4,750.70)
Reversed during the year -for stripping activity provision - (279.20) 1,959.00 (2,005.20) 6,726.70
Reversed during the year - for advance stripping adjustment - - - - -
Balance at the end of the year 1,929.80 (308.40) 1,929.80 (29.20) 1,976.00
9.1.2 Provision for Site Restoration/Mine Closure
The Company's obligation for land reclamation and decommissioning of structures consists of spending at both surface and underground mines in accordance with the guidelines from
Ministry of Coal, Government of India. The estimate of obligation for Mine Closure, Site Restoration and Decommissioning based upon detailed calculation and technical assessment
of the amount and timing of the future cash spending to perform the required work. Mine Closure expenditure is provided as per approved Mine Closure Plan. The estimates of
expenses are escalated for inflation, and then discounted at a discount rate (@8%) that reflects current market assessment of the time value of money and the risks, so that the amount
of provision reflects the present value of the expenditures expected to be required to settle the obligation. The value of the provision is progressively increased over time as the effect
of discounting unwinds; creating an expense recognised as financial expenses. In reference to above guidelines for preparation of mine closure plan, an escrow account has been
Reconciliation of Reclamation of Land/ Site restoration /Mine Closure :
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Site restoration provision on opening date 6,926.50 5,796.10 5,796.10 5,281.00 4,833.50
Addition of further Site restoration Provision 10.60 166.50 787.30 134.20 48.70
Add: Unwinding of Provision charged during the period 249.40 238.90 795.00 380.90 398.80
Less: Withdrawal during the period 86.50 430.40 451.90 - -
Mine Closure Provision 7,100.00 5,771.10 6,926.50 5,796.10 5,281.00
9.1.3 The liability of Gratuity (net of plan assets) is inclusive of amount recoverable from the gratuity trust for beneift paid.
387BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 10.1 :OTHER NON CURRENT LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Shifting & Rehabilitation Fund4.6.3 3,129.20 1,448.30 719.40 1,383.20 1475.60
Deferred Income (Government Grant)10.1.1, 10.1.2 & 10.1.3 7,289.50 7,347.70 7,333.90 7,401.70 19.80
Others 6.90 4.90 6.10 41.40 2.80
Total 1 0,425.60 8 ,800.90 8 ,059.40 8 ,826.30 1 ,498.20
Note:
10.1.1CapitalAssistanceof ₹13.70 Millionsreceived fromMOCthroughCILagainstConstruction ofRailwaySidingatEJArea.TheRailway
SidinghasbeencapitalisedduringFY2021-22.Duringthecurrentperiod,proportionateamountagainstRailwaySidingshasbeenamortisedthrough
Other Income.
10.1.2 CapitalAssistance of ₹ 47.10 Millions received fromMOCthrough CILagainstTele-monitoring&Man-ridingsystematWJArea. Tele-
monitoringsystemhasbeencapitalisedandaccordinglytilldateoutoftheCapitalAssistancepertainingtoTele-monitoring₹38.30Millionshasbeen
amortisedthroughOtherIncomeonyear-to-yearbasis.Man-ridingsystemisstillunderCapitalWIPandaccordinglycapitalassistancepertainingto
thisislyingunderDeferredIncome.DuringFY2024-25,2023-24andFY2022-23,proportionateamountagainstTele-monitoringsystemhasbeen
amortised through Other Income.
10.1.3 Deferred income includes capital assistance of ₹ 7507.30 Millions received from CIL against the expenditure incurred on account of
Rehabilitation under Jharia Master Plan. The same has been amortized in line with the depreciation charged on the assets created under the
Rehabilitation Plan. During the current period, proportionate amount has been amortised through Other Income.
BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 10.2 : OTHER CURRENT LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Statutory Dues10.2.1 & 10.2.2 8,121.90 7,936.30 9,655.30 8,722.70 8 ,502.70
Advance for Coal Import - - - - -
Advance from customers/others 5,813.50 7,039.70 5,534.90 7,039.20 11021.60
Cess Equalization Account10.2.3 219.70 92.50 148.00 97.20 148.60
Deferred Income (Government Grant) - 5.20 1.70 13.80 13.40
Others liabilities 0.90 0.90 0.90 -
TOTAL 14156.00 15074.60 15340.80 15872.90 19686.30
Note:
10.2.1 Statutory Dues is net of receivable and payable.
10.2.2StatutoryDuesincludeBazaarFeeamountingto₹1944.40MillionsasatSeptember30,2025,₹1983.10MillionsasatSeptember30,2024,
₹2012.20MillionsasatMarch31,2025,₹1913.10MillionsasatMarch31,2024and₹1717.40MillionsasatMarch31,2023whichincludesun-
realised amount of Bazaar Fee up to September 30, 2025 from Steel Authority of India Limited not yet paid of ₹ 1939.90 Millions.
10.2.3ThepaymentofCessontheannualvalueofcoal-bearinglandiscalculatedusingtheaverageproductionofthetwoprecedingyearsandthe
notified sale price as of 1st April. Conversely, the revenue collected from customers is based on the value of coal despatches.
388BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 11.1 :TAX ASSETS / LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Income Tax Assets
Balance at the beginning of the year 6,689.00 2,831.80 2,831.80 1,685.70 1514.40
Recognised during the year 0.60 1,285.60 3,857.20 1,146.10 171.30
Reversal/refund during the year - (439.40) - -
Balance at the Closing of the year 6 ,689.60 3 ,678.00 6 ,689.00 2 ,831.80 1 ,685.70
Income Tax Liabilities
Balance at the beginning of the year 4,703.60 1,803.30 1,803.30 - -
Recognised during the year (Refer 14.1) 433.80 1,899.20 2,900.30 1,803.30 -
Reversal/Adjustment during the year - -
Balance at the Closing of the year 5 ,137.40 3 ,702.50 4 ,703.60 1 ,803.30 -
Net income tax asset/(liabilities) at the end 1552.20 (24.50) 1985.40 1028.50 1685.70
Disclosed as:
Non Current
Income Tax Assets (net) - - - - -
Income Tax Liabilities (net) - - - - -
Current
Income Tax Assets (net) 1552.20 (24.50) 1985.40 1028.50 1,685.70
Income Tax Liabilities (net) - - - - -
1 ,552.20 - 2 4.50 1 ,985.40 1 ,028.50 1,685.70
389BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE - 11.2 : DEFERRED TAX ASSETS/LIABILITIES
(All amounts in ₹ Million, except as otherwise stated)
Recognis
ed in
Recognised/ other
Recognised/ (reversed) Recognised in other Balance as
Balance as on April 01, Balance as on (reversed) in compreh
in profit and loss during comprehensive income on March
2023 April 01, 2024 profit and loss ensive
the year during the year 31, 2025
during the year income
during
the year
(A) Deferred Tax Assets:
Provision for Doubtful Advances, Claims and Debts 1 ,873.20 1 06.50 - 1 ,979.70 ( 1,052.40) 9 27.30
Employee Benefits 6 ,830.70 ( 3,109.50) - 3 ,721.20 ( 165.60) 3 ,555.60
Others (Lease Liabilities and Site Restoration) 3 ,969.90 ( 1,443.20) - 2 ,526.70 ( 196.60) 2 ,330.10
TOTAL OF (A) 1 2,673.80 ( 4,446.20) - 8 ,227.60 ( 1,414.60) - 6 ,813.00
(B) Deferred Tax Liability:
Related to Property, Plant and Equipment and Intangible assets 1 ,103.80 1 07.50 - 1 ,211.30 3 14.50 1 ,525.80
Others 1 ,087.30 ( 1,084.90) - 2 .40 ( 2.40) ( 0.00)
TOTAL OF (B) 2 ,191.10 ( 977.40) - 1 ,213.70 3 12.10 - 1 ,525.80
Net Deferred Tax Asset/ (Deferred Tax Liability) (C= A-B) 1 0,482.70 ( 3,468.80) - 7 ,013.90 ( 1,726.70) - 5 ,287.20
D. Re measurement of Defined benefit Plan DTL/DTA - - 1 56.90 1 56.90 1 84.20 3 41.10
Net Deferred Tax Asset/ (Deferred Tax Liability) (E=C+D) 1 0,482.70 ( 3,468.80) 1 56.90 7 ,170.80 ( 1,726.70) 1 84.20 5 ,628.30
Recognised/ (reversed) Recognised in other Balance as on
Balance as on April 01,
in profit and loss during comprehensive income September 30,
2024
the period during the period 2024
(A) Deferred Tax Assets:
Provision for Doubtful Advances, Claims and Debts 1 ,979.70 ( 74.70) - 1 ,905.00
Employee Benefits 3 ,721.20 ( 225.40) - 3 ,495.80
Others (Lease Liabilities and Site Restoration) 2 ,526.70 8 3.90 - 2 ,610.60
TOTAL OF (A) 8 ,227.60 ( 216.20) - 8 ,011.40
(B) Deferred Tax Liability:
Related to Property, Plant and Equipment and Intangible assets 1 ,211.30 1 ,640.40 - 2 ,851.70
Others 2 .40 ( 2.40) - ( 0.00)
TOTAL OF (B) 1 ,213.70 1 ,638.00 - 2 ,851.70
Net Deferred Tax Asset/ (Deferred Tax Liability) (C= A-B) 7 ,013.90 ( 1,854.20) - 5 ,159.70
D. Re measurement of Defined benefit Plan DTL/DTA 1 56.90 - 6 21.20 7 78.10
Net Deferred Tax Asset/ (Deferred Tax Liability) (E=C+D) 7 ,170.80 ( 1,854.20) 6 21.20 5 ,937.80
Recognised/ (reversed) Recognised in other Balance as on
Balance as on April 01,
in profit and loss during comprehensive income September 30,
2025
the period during the period 2025
(A) Deferred Tax Assets:
Provision for Doubtful Advances, Claims and Debts 9 27.30 ( 239.30) - 6 88.00
Employee Benefits 3 ,555.60 ( 94.30) - 3 ,461.30
Others (Lease Liabilities and Site Restoration) 2 ,330.10 8 1.90 - 2 ,412.00
TOTAL OF (A) 6 ,813.00 ( 251.70) - 6 ,561.30
(B) Deferred Tax Liability:
Related to Property, Plant and Equipment and Intangible assets 1 ,525.80 6 9.10 - 1 ,594.90
Others ( 0.00) - ( 0.00)
TOTAL OF (B) 1 ,525.80 6 9.10 - 1 ,594.90
Net Deferred Tax Asset/ (Deferred Tax Liability) (C= A-B) 5 ,287.20 ( 320.80) - 4 ,966.40
D. Re measurement of Defined benefit Plan DTL/DTA 3 41.10 - 2 65.20 6 06.30
Net Deferred Tax Asset/ (Deferred Tax Liability) (E=C+D) 5 ,628.30 ( 320.80) 2 65.20 5 ,572.70
Disclosed as:
As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Deferred Tax Assets 5 ,572.70 5 ,937.80 5 ,628.30 7170.80 10482.70
Deferred Tax Liability - - - - -
5 ,572.70 5 ,937.80 5 ,628.30 7 ,170.80 10,482.70
390BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 12.1 : REVENUE FROM OPERATIONS
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Sales 7 4,990.90 8 4,353.30 1 74,499.90 1 75,457.40 1 63,533.60
Less : Statutory Levies 2 2,388.00 2 0,666.50 4 3,667.30 4 3,846.40 4 0,042.20
Sales- Net (A)12.1.1 and 12.1.2 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
Other Operating Revenue
Subsidy for Sand Stowing & Protective Works 7 .30 -
Loading and additional transportation charges 3 ,190.40 3 ,633.60 7 ,339.00 7 ,157.00 7 ,742.40
Less : Statutory Levies 2 14.30 2 ,976.10 2 51.90 3 ,381.70 4 73.70 6 ,865.30 6 74.90 6 ,482.10 4 10.50 7 ,331.90
Evacuation facilitating Charges 1 ,061.90 1 ,169.50 2 ,401.00 2 ,470.60 2 ,252.60
Less: Statutory Levies 5 0.70 1 ,011.20 5 5.30 1 ,114.20 1 14.40 2 ,286.60 1 17.60 2 ,353.00 1 08.60 2 ,144.00
Reversal of Stripping Activity Provision12.1.3 - 2 79.20 ( 1,959.00) 2 ,005.20 ( 6,726.70)
Other Operating Revenue (Net) (B) 3 ,987.30 4 ,775.10 7 ,192.90 1 0,847.60 2 ,749.20
Revenue from Operations (A+B) 5 6,590.20 6 8,461.90 1 38,025.50 1 42,458.60 1 26,240.60
Note:
12.1.1Saleabovehasbeenincreased/(decreased)byestimatedCoalQualityVariance(Netofreversal)of ₹88.20MillionsforthesixmonthsendedSeptember30,2025,₹(209.17)Millionsforthesix
months ended September 30, 2024, ₹ 364.09 Millions for FY 2024-25, ₹ (266.10) Millions for FY 2023-24 and ₹ 916.74 Millions for FY 2022-23.
12.1.2SalesincludePerformanceIncentive(PI)recognisedduringtheperiod₹1199.90MillionsforthesixmonthsendedSeptember30,2025,₹1482.50MillionsforthesixmonthsendedSeptember30,
2024, ₹ 5921.00 Millions for FY 2024-25, ₹ 3735.10 Millions for FY 2023-24 and ₹5774.90 Millions for FY 2022-23.
391BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 12.2 : OTHER INCOME
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Interest Income12.2.1 7 51.90 1 ,056.90 1 ,763.30 1 ,682.00 5 90.80
Dividend Income from Mutual funds - - - - -
- - -
Others non-operating income (net of expenses directly
attributable to such income) - - -
Profit on Sale of Assets 1 08.20 1 2.50 6 .30 2 0.70 23.10
Gain on Foreign Exchange Transactions - - - - -
Gain on Sale of Mutual Fund 0 .40 4 2.50 5 2.80 1 25.60 76.10
Lease Rent 3 3.90 1 .20 4 .90 1 6.70 0.30
Provision Written Back12.2.2 9 66.50 2 9.60 5 4.70 2 7.60 122.10
Liability Written Back 2 ,337.10 7 97.50 1 ,498.80 5 75.70 2,059.30
Fair value changes (net) - - 0 .10 2 .30 1.10
Miscellaneous Income12.2.3 2 ,326.90 5 04.90 2 ,609.90 1 ,616.10 1,072.30
TOTAL 6 ,524.90 2 ,445.10 5 ,990.80 4 ,066.70 3 ,945.10
Note:
12.2.1 Includes interest on income tax refund ₹ 50.40 Millions for the six months ended September 30, 2025, ₹ 404.20 Millions for the six months ended September 30, 2024, ₹ 404.20 Millions for FY
2024-25, ₹ 512.10 Millions for FY 2023-24 and ₹ 0.00 million for FY 2022-23).
12.2.2 Details of provision written back
For loans to body corporate and employees (4.2.1) - - - - -
For trade receivables (4.3.1) - - - - -
For financial deposits and receivables (4.6.1) - - - - -
For coal and store inventories (5.1.1 and 5.1.2) 9 66.50 2 9.60 5 4.70 2 7.60 1 22.10
For other non current deposits and advances (6.1.1) - - - - -
For other current deposits and advances (6.2.1) - - - - -
Total provision written back during the period/year 9 66.50 2 9.60 5 4.70 2 7.60 1 22.10
12.2.3IncludesamortisationofDeferredIncome(Capitalgrant)of₹44.50MillionsforthesixmonthsendedSeptember30,2025,₹55.70MillionsforthesixmonthsendedSeptember30,2024,₹
67.70 Millions for FY 2024-25, ₹ 125.40 Millions for FY 2023-24 and ₹ 7.80 Millions for FY 2022-23.
BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.1 : COST OF MATERIALS CONSUMED
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Explosives 1 ,314.70 1 ,393.70 2 ,824.70 3 ,622.60 5 ,313.30
Timber 0 .60 0 .60 3 .00 1 .90 5 .40
Oil and Lubricants 1 ,070.60 1 ,242.10 2 ,501.20 2 ,977.20 3 ,728.50
HEMM Spares 2 29.20 2 94.40 7 10.70 4 74.60 4 65.90
Other consumable stores & spares 1 12.20 1 42.80 3 69.60 3 45.40 3 78.50
Total 2 ,727.30 3 ,073.60 6 ,409.20 7 ,421.70 9 ,891.60
392BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE:13.2 CHANGE IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND STOCK IN TRADE
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Change in Inventory of coal
Stock at the beginning of the year 2 1,205.00 1 5,579.20 1 5,579.20 12,155.80 12,019.40
Opening Stock brought to Revenue - - - 102.10 -
Stock at the closing of the year 2 0,168.10 1 6,814.20 2 1,205.00 15,579.20 12,156.60
1,036.90 ( 1,235.00) ( 5,625.80) ( 3,321.30) (137.20)
Change in Inventory of workshop and press jobs
Stock at the beginning of the year
Stock at the closing of the year
- - - - -
Total 1,036.90 ( 1,235.00) ( 5,625.80) ( 3,321.30) (137.20)
393BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.3 : EMPLOYEE BENEFITS EXPENSES
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Salaries and Wages13.3.1 24,821.40 27,278.50 51,624.04 5 3,713.80 5 6,701.40
Contribution to Provident Fund and Other Funds13.3.2 4979.60 5376.80 12033.60 1 4,400.00 1 3,903.30
Staff welfare Expenses 574.20 708.10 1766.10 1 ,392.90 8 74.60
TOTAL 30,375.20 33,363.40 65,423.74 69,506.70 71,479.30
Note:
13.3.1 Including allowances, bonus, incentives, performance related pay, overtime pay, sitting fees to independent directors etc.
13.3.2ExpensesrecognizedforProvidentFundis₹2454.20MillionsforthesixmonthsendedSeptember30,2025,₹2501.07MillionsforthesixmonthsendedSeptember30,2024,₹5017.00
MillionsforFY2024-25,₹5094.70Millions forFY2023-24&₹4441.28MillionsforFY2022-23;PensionFund is₹1293.60MillionsforthesixmonthsendedSeptember30,2025,₹1327.35
MillionsforthesixmonthsendedSeptember30,2024,₹2845.20MillionsforFY2024-25,forFY2023-24₹2753.20Millions&forFY2022-23₹2259.23MillionsandCILExecutiveDefined
ContributionPensionScheme(NPS)₹105.00MillionsforthesixmonthsendedSeptember30,2025,₹108.57MillionsforthesixmonthsendedSeptember30,2024,₹216.00MillionsforFY2024-
25, for FY 2023-24 ₹ 227.70 Millions & for FY 2022-23 ₹ 753.96 Millions).
13.3.3 Disclosures as per Ind AS 19 ‘Employee Benefits’ in respect of provision made towards various employee benefits except those covered under actuarial valuation, are provided in Note 9.1.1.
13.3.4DisclosuresasperIndAS19‘EmployeeBenefits’inrespectofdefinedbenefitplansandotherlongtermemployeebenefitplanswhicharecoveredunderactuarialvaluationaredisclosedin
Note 16.
394BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.4 : FINANCE COSTS
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Interest Expenses
Unwinding of discounts 347.70 321.90 718.90 6 04.60 556.90
Fair value changes (net) - - - - -
Other Borrowing Costs13.4.1 252.80 - 6.00 13.70 -
Interest on Income Tax - - - - -
Total 600.50 321.90 724.90 6 18.30 556.90
Note:
13.4.1 It includes accrued interest on borrowings ₹31.50 Millions for the six months ended September 30, 2025 and ₹ 0.00 Millions for all other periods.
BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.5: DEPRECIATION/ AMORTIZATION/ IMPAIRMENT
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Depreciation/Amortization/Impairment
Property, Plant And Equipment (Note 3.1) 1,990.60 2,126.50 5,779.60 3 ,309.50 2,986.20
Capital Work In Progress (Note 3.2) (0.60) 30.90 - 64.10 39.10
- -
Exploration And Evaluation Assets (Note 3.3) - - -
Intangible Assets (Note 3.4) 15.40 15.00 27.20 30.30 29.00
Intangible Assets Under Development (Note
-
3.5) - - - -
2,005.40 2 ,172.40 5 ,806.80 3 ,403.90 3,054.30
Less:
Transferred to expenditure during
development of coal mines - - - - -
TOTAL 2,005.40 2 ,172.40 5 ,806.80 3 ,403.90 3,054.30
395BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.6 : STRIPPING ACTIVITY ADJUSTMENT
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Improved access to coal (5,854.60) (5,023.30) (7,723.00) (1,851.70) -
Total (5,854.60) (5,023.30) (7,723.00) (1,851.70) -
Note:
13.6.1Improvedaccesstocoal:Whentheactualvolumeofoverburdenremovedisgreaterthantheexpectedvolumeofoverburdenremoval,thestrippingcostforexcessoverburden
removed over the expected overburden removal is capitalised to the stripping activity asset.
BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.7 : CONTRACTUAL EXPENSES
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Transportation Charges 1,322.90 1,692.90 2 ,819.90 3 ,420.10 3 ,361.10
Wagon Loading 71.70 118.00 2 82.10 3 05.80 3 14.80
Outsourcing Expenses for Coal and
18,020.40 15,414.80 3 7,338.10 2 4,804.70 1 7,511.60
Overburden
Other Contractual Work 1,173.30 1,097.50 2 ,675.00 3 ,155.80 2 ,726.00
Total 20,588.30 18,323.20 4 3,115.10 3 1,686.40 2 3,913.50
396BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 13.8 : OTHER EXPENSES
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Power expenses 2197.70 2304.50 4,064.50 4,525.10 4,410.80
Repairs and Maintenance
-Building 59.70 86.80 381.50 438.10 445.70
-Plant and Equipment 160.90 197.90 641.70 617.60 676.20
-Others 20.10 10.50 36.80 43.60 49.20
Travelling expenses 103.90 100.10 225.10 106.50 140.20
Training Expenses 13.80 33.50 70.50 96.40 80.40
Telephone & Internet 74.50 26.70 107.90 66.20 102.50
Advertisement & Publicity 19.10 13.40 36.30 34.80 31.20
Freight Charges 203.90 202.90 421.90 421.00 338.20
Demurrage 82.90 96.40 313.00 123.70 219.40
Under Loading Charges 308.80 368.40 706.60 501.00 555.80
Coal Sampling Charges 42.70 47.10 114.50 97.30 63.70
Security Expenses 2093.50 1732.60 3,829.30 3,693.60 3,595.40
Sitting Fees to Independent Directors 0.30 0.80 1.06 1.70 1.70
Legal Expenses 29.20 44.10 105.80 53.90 56.00
Consultancy Charges 53.10 15.50 34.50 13.40 24.30
Service Charges of CIL 157.50 191.00 405.00 411.00 361.80
Service Charges (CMPDI) 123.30 159.30 453.10 508.40 562.30
Loss on Sale/Discard/Surveyed of Assets 6.00 5.10 12.70 6.90 17.30
Auditor's Remuneration & Expenses
For Audit Fees - - 3.10 2.50 2.50
For Taxation Matters - - 0.20 0.20 0.20
For Other Services 1.60 1.40 2.20 1.90 1.90
For Reimbursement of Exps. 0.30 0.30 0.90 1.50 2.10
Internal & Other Audit Expenses 15.50 14.30 32.70 31.80 33.80
Rehabilitation Charges 102.40 111.20 229.20 235.60 213.40
Lease Rent, Surface / Dead Rent & Hiring Charges 128.90 92.90 219.10 161.30 401.20
Rates & Taxes 2629.60 2199.80 5,045.00 4,769.20 2,655.00
Insurance 3.20 3.80 9.40 16.70 17.10
Loss on Exchange rate variance - - - - -
Other Rescue/Safety Expenses 5.70 7.00 26.60 27.80 29.60
Siding Maintenance Charges 14.20 16.70 58.70 86.90 121.30
Research , Development and Survey expenses - - - - -
Environmental & Tree Plantation Expenses 189.50 164.00 192.90 139.00 35.20
Expenses on Buyback of shares - - - - -
Corporate Social Responsibility expenses13.8.2 36.20 56.40 286.70 100.90 133.60
Donations, Rewards & Grant - 1.00 1.10 0.10 0.80
Other Social and Welfare Expenses 438.10 6.50 37.40 41.10 88.20
Provisions 16.00 8.10 48.00 22.30 21.00
Write off - 1.50 - - -
Less: Write back of provisions recognized earlier on write
- - - - -
off
Write off (Net of Write back of provisions recognized
- - - -
earlier) 1.50
Miscellaneous expenses 310.60 348.90 701.50 745.60 636.40
TOTAL 9642.70 8670.40 18856.46 18144.60 16125.40
397Note: For The Six For The Six (All amounts in ₹ MillionF, eoxrc Tephte a Ys eoatrh erwFisoer s Ttahtee d)
Months Ended Months Ended For The Year Ended Year Ended
13.8.1 Details of provisions September 30, September 30, Ended March 31, March 31,
2025 2024 March 31, 2025 2024 2023
For loans to body corporate and employees (4.2.1) - - - - -
For trade receivables (4.3.1) - - - - -
For financial deposits and receivables (4.6.1) - - - - -
For coal and store inventories (5.1.1 and 5.1.2) 16.00 8.10 48.00 22.30 21.00
For other non current deposits and advances (6.1.1) - - - - -
For other current deposits and advances (6.2.1) - - - - -
Total provision made during the period/year 16.00 8.10 48.00 22.30 2 1.00
13.8.2 Details of CSR Expenses
A. Activity wise break-up of CSR Expenses (incl. excess spent):
(All amounts in ₹ Million, except as otherwise stated)
For The Six For The Six For The Year For The
For The Year
Months Ended Months Ended Ended Year Ended
Ended
September 30, September 30, March 31, March 31,
March 31, 2025
2025 2024 2024 2023
Eradicating hunger, poverty and malnutrition 10.00 41.70 206.20 62.50 93.00
Promoting education, including special education and
26.20 14.20 75.60 37.40 38.80
employment enhancing vocational skills
Gender equality and measures for reducing inequalities
- - 2.50 0.50 -
faced by socially and economically backward groups
Environmental Sustainability - - - - -
Protection of National heritage, art and culture - 0.50 0.60 0.50 -
Benefit of Armed forces veterans, war widows and their
- - - - -
dependents
Training to promote rural sports, nationally recognised
- - 0.20 - -
sports, Paralympic sports and Olympic sports
ContributiontofundsetupbytheCentralGovernmentfor
- - - - -
socio economic development
Contribution to incubators or research and development
- - - - -
projects
Contributions to Universities and Research Institutes - - - - -
Rural development projects - - 1.60 - 1.80
Slum area development - - - - -
Disaster Management, including relief, rehabilitation and
- - - - -
reconstruction activities
Total 36.20 56.40 286.70 100.90 133.60
B. CSR required to be spent and CSR Expenditure Break-up:
a) Amount Required to be spent during theyear (2% of
Averagenetprofitsofthecompanymadeduringthethree
288.30 187.50 187.50 N.A. N.A.
immediatelypreceding financial years under Section 135
of the Companies Act, 2013)
b)AmountapprovedbytheBoardtobespentduringthe
288.30 256.10 288.70 100.90 114.20
year
c) Amount spent during the year on:
(i) Construction/Acquisition of any Asset -
(ii) on purposes other than (i) above 36.20 56.40 286.70 100.90 114.20
Total 36.20 56.40 286.70 100.90 114.20
For The Six For The Six For The Year For The
For The Year
Months Ended Months Ended Ended Year Ended
Ended
September 30, September 30, March 31, March 31,
March 31, 2025
2025 2024 2024 2023
CSR Expenses Spent 36.20 49.60 221.50 77.70 104.40
Less: Excess carried forward/(Utilised) during the year
Add: Unspent CSR expense on ongoing projects 6.80 65.20 23.20 29.2
Add: Unspent CSR expense on other than ongoing
Amount recognised in Statement of Profit & Loss 36.20 56.40 286.70 100.90 1 33.60
398For The Six For The Six For The Year For The
For The Year
D. Unspent amount Other than ongoing Project Months Ended Months Ended Ended Year Ended
Ended
[Section 135(5)] September 30, September 30, March 31, March 31,
March 31, 2025
2025 2024 2024 2023
Opening Balance - - - - -
Deposited in Specified Fund of Schedule VII within 6
- - - - -
months
Amount required to be spent during the year - - - - -
Amount spent during the year - - - - -
Closing Balance - - - - -
E. Excess amount spent [Section 135(5)]
Amount required
Amount spent Closing
Year-wise details Opening Balance to be spent during
during the year Balance
the year
2022-23 - - - -
2023-24 - - - -
2024-25 - - - -
2025-26 - - - -
For The Six For The Six For The Year For The For The
Months Ended Months Ended Ended Year Ended Year
F. Unspent Ongoing Project [Section 135(6)]
September 30, September 30, March 31, March 31, Ended
2025 2024 2025 2024 March
With Company - - - - -
Opening Balance In separate CSR
77.50 35.20 35.20 29.20 19.40
Account
Amount required to be spent during the year 288.30 256.10 288.10 100.90 114.20
From Company's
36.20 49.60 223.00 77.70 85.00
Bank Account
Amount spent during the year
From Separate CSR
0.50 6.80 22.80 17.20 19.40
Account
With Company - - - - -
Closing Balance In separate CSR
77.00 28.40 77.50 35.20 29.20
Account
For The Six For The Six For The Year For The
For The Year
Months Ended Months Ended Ended Year Ended
G. Provision for Liability of CSR Expenses Ended
September 30, September 30, March 31, March 31,
March 31, 2025
2025 2024 2024 2023
Opening Balance 77.50 35.20 35.20 100.00 75.00
Addition during the period 0.00 0.00 65.10 48.60
Adjustment during the year 0.50 6.80 22.80 64.80 23.60
Closing Balance 77.00 28.40 77.50 35.20 100.00
399BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 14.1: TAX EXPENSE
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Current Year 4 33.80 1 ,899.20 2 ,900.30 1 ,803.30 1 3.10
Earlier Year - -
Total Current Tax 4 33.80 1 ,899.20 2 ,900.30 1 ,803.30 1 3.10
Deferred Tax 3 20.80 1 ,854.20 1 ,726.70 3 ,468.80 ( 1,359.00)
MAT Credit Entitlement - -
TOTAL 7 54.60 3 ,753.40 4 ,627.00 5 ,272.10 ( 1,345.90)
14.1.1 Reconciliation of Tax Expenses:
Profit/(Loss) before tax 1 ,993.40 1 1,240.40 1 7,028.90 2 0,916.70 5 ,301.90
At income tax rate of 25.168% 5 01.70 2 ,829.00 4 ,286.00 5 ,264.30 1 ,334.40
Less: Tax on exempted Income
Add: Tax on non-deductible expenses/(Additional
2 52.90 9 24.40 3 41.00 7 .80 ( 2,680.30)
expenses allowed for tax purpose)
Adjustment for Tax under MAT provisions
Adjustment for earlier year tax - - - - -
Income Tax Expenses reported in statement of Profit
and Loss 7 54.60 3 ,753.40 4 ,627.00 5 ,272.10 ( 1,345.90)
Effective income tax rate : 37.85% 33.39% 27.17% 25.21% -25.39%
14.1.1 Refer Note 11.2 for component of deferred tax assets / (liabilities).
BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 15.1 : OTHER COMPREHENSIVE INCOME
(All amounts in ₹ Million, except as otherwise stated)
For The Six Months Ended For The Six Months Ended For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
(i) Items that will not be reclassified to profit or loss
Re measurement of defined benefit plans15.1.1 (1,053.90) (2,468.30) (731.70) (623.30) (1,799.40)
(1,053.90) (2,468.30) (731.70) (623.30) (1,799.40)
(ii) Income tax relating to items that will not be
reclassified to profit or loss
Re measurement of defined benefit plans (265.20) (621.20) (184.20) (156.90) (452.90)
(265.20) (621.20) (184.20) (156.90) (452.90)
(iii) Items that will be reclassified to profit or loss
Share of OCI in Joint ventures - -
- - - - -
(iv) Income tax relating to items that will be
reclassified to profit or loss
Share of OCI in Joint ventures - -
- - - - -
Total (i+ii+iii+iv) (788.70) (1,847.10) (547.50) (466.40) (1,346.50)
Note:
15.1.1RepresentsfigureinrespectofGratuity₹(658.20)MillionsforthesixmonthsendedSeptember30,2025,₹(2308.50)MillionsforthesixmonthsendedSeptember30,2024,₹(701.40)
MillionsforFY2024-25,₹(736.80)MillionsforFY2023-24and₹(1690.70)MillionsforFY2022-23;forpostretirementmedicalbenefits₹(395.70)Millionsforthesixmonthsended
September30,2025,₹(159.80)MillionsforthesixmonthsendedSeptember30,2024,₹(30.30)MillionsforFY2024-25,₹113.50MillionsforFY2023-24and₹(108.70)MillionsforFY2022-
23.
400BHARAT COKING COAL LIMITED
CIN - U10101JH1972GOI000918
Notes to Restated Financial Information
NOTE 16 - ADDITIONAL NOTES TO THE RESTATED FINANCIAL INFORMATION
1 Contingent Liabilities and Contingent Assets -
I. Claims against the Company not acknowledged as debts (to the extent not provided for)
(All amounts in ₹ Million, except as otherwise stated)
Sl No. Particulars Central Government Stat loe cG alo av uer thn om re itn iet sand Centr Ea nl tP eru pb rli ic se S sector Others Total
1 O 01p , e 2n 0i 2n 5g as at April 8,178.00 10,817.50 0.00 22,891.90 41,887.40
2 A yed ad ritions during the 210.00 1,234.30 0.00 16.40 1,460.70
3 C thl ea i ym eas r settled during
a.From Opening Balance 2,076.40 4,269.30 0.00 431.30 6,777.00
b.O thu e t y o ef a raddition during 0.00 516.10 0.00 69.10 585.20
4 C Sel pos ti en mg b a es r a 3t 0 , 2025 6,311.60 7,266.40 0.00 22,407.90 35,985.90
(All amounts in ₹ Million, except as otherwise stated)
Sl No. Particulars Central Government Stat loe cG alo av uer thn om re itn iet sand Centr Ea nl tP eru pb rli ic se S sector Others Total
1 O 01p , e 2n 0i 2n 4g as at April 12,076.70 11,608.10 0.00 20,834.10 44,518.90
2 A yed ad ritions during the 1.40 0.00 0.00 2,322.40 2,323.80
3 C thl ea i ym eas r settled during
a.From Opening Balance 2,129.50 399.70 0.00 0.00 2,529.20
b.O thu e t y o ef a raddition during 0.00 0.00 0.00 334.80 334.80
4 C Sel pos ti en mg b a es r a 3t 0 , 2024 9,948.60 11,208.40 0.00 22,821.70 43,978.70
(All amounts in ₹ Million, except as otherwise stated)
Sl No. Particulars Central Government Stat loe cG alo av uer thn om re itn iet sand Centr Ea nl tP eru pb rli ic se S sector Others Total
1 O 01p , e 2n 0i 2n 4g as at April 12,076.70 11,608.10 0.00 20,834.10 44,518.90
2 A yed ad ritions during the 306.33 677.53 0.00 2,444.81 3,428.67
3 C thl ea i ym eas r settled during
a.From Opening Balance 4,204.99 1,468.13 0.00 50.05 5,723.17
b.O thu e t y o ef a raddition during 0.04 0.00 0.00 336.96 337.00
4 C 31lo , s 2i 0n 2g 5 as at March 8,178.00 10,817.50 0.00 22,891.90 41,887.40
(All amounts in ₹ Million, except as otherwise stated)
Sl No. Particulars Central Government Stat loe cG alo av uer thn om re itn iet sand Centr Ea nl tP eru pb rli ic se S sector Others Total
1 O 01p , e 2n 0i 2n 3g as at April 16,219.30 12,756.80 0.00 18,808.80 47,784.90
2 A yed ad ritions during the 718.30 2,764.20 0.00 2,238.40 5,720.90
3 C thl ea i ym eas r settled during
a.From Opening Balance 4,860.90 3,912.90 0.00 213.10 8,986.90
b.O thu
e
t
y
o ef
a
raddition during
0.00
4 C 31lo , s 2i 0n 2g 4 as at March 12,076.70 11,608.10 0.00 20,834.10 44,518.90
(All amounts in ₹ Million, except as otherwise stated)
Sl No. Particulars Central Government Stat loe cG alo av uer thn om re itn iet sand Centr Ea nl tP eru pb rli ic se S sector Others Total
1 O 01p , e 2n 0i 2n 2g as at April 21,615.10 11,035.90 0.00 6,201.70 38,852.70
2 A yed ad ritions during the 21.50 2,402.90 0.00 12,625.80 15,050.20
3 C thl ea i ym eas r settled during
a.From Opening Balance 5,417.30 682.00 0.00 18.70 6,118.00
b.O thu
e
t
y
o ef
a
raddition during
0.00
4 C 31lo , s 2i 0n 2g 3 as at March 16,219.30 12,756.80 0.00 18,808.80 47,784.90
401(All amounts in ₹ Million, except as otherwise stated)
Contingent Liability
Sl No. Particulars SeptemA bes r a 3t 0, 2025 SeptemA bes r a 3t 0, 2024 MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 Central Government
Income Tax 3844.40 6597.30 5785.30 6597.50 8893.80
Sales Tax: CST 1527.40 2760.90 1566.00 2760.90 4617.90
Central Excise 885.30 524.00 775.50 2651.90 2658.10
Service Tax 54.50 66.40 51.20 66.40 49.50
Sub-Total 6311.60 9948.60 8178.00 12076.70 16219.30
2 State Government and local authority
Sales Tax: VAT 1689.90 2457.00 1925.40 2457.00 4474.10
GST 2180.90 1103.00 1103.00 1103.00 1880.10
Royalty 558.80 4712.50 4913.30 5112.20 3444.40
Holding Tax 2522.30 2522.30 2522.30 2522.30 2522.30
Electricity Duty 231.70 314.20 266.00 314.20 301.30
Others Statutory Dues (RE/PE Cess) 82.80 99.40 87.50 99.40 134.60
Sub-Total 7266.40 11208.40 10817.50 11608.10 12756.80
3 Central Public Sector Enterprises
Sub- Total 0.00 0.00 0.00 0.00 0.00
4 Others
Suits against the Company under litigation 9591.80 10028.50 10076.60 9093.10 6899.20
Arbitration proceedings 11970.10 11969.70 11969.70 11140.80 11297.80
Misc (Land) 846.00 823.50 845.60 600.20 611.80
Sub-Total 22407.90 22821.70 22891.90 20834.10 18808.80
Grand Total 35985.90 43978.70 41887.40 44518.90 47784.90
No interest is expected in the settlement of cases under contingent liabilities, except where management has an adverse view.
Thecompany'spendinglitigationcomprisesofclaimsagainstthecompanyandproceedingspendingtax/statutory/Governmentauthorities.Thecompanyhasreviewedallitspendinglitigationsandproceedingsandhas
madeadequateprovisions,anddisclosedthecontingentliabilities,whereapplicable,initsRestatedFinancialInformation.Thecompanydoesnotexpecttheoutcomeoftheseproceedingstohaveamaterialimpactonits
financial position. Future cash outflows in respect of above are dependent upon the outcome of judgements/decisions.
Other Disclosures on Contingent Liabilities:
(i)PenaltypursuanttoSupremeCourtJudgmentinWP(Civil)114of2014-CommonCauseCase:Demandnoticesamountingto₹173,444.60Millionshavebeenissuedinrespectof47Projects/Mines/Collieriesofthe
AreabyStateGovernmentinpursuanceofthejudgmentdated02.08.2017ofHon’bleSupremeCourtofIndiavideW.P.(C)No.114of2014inCommonCausevs.UnionofIndia&Ors.IthasbeenallegedthatCoal
ProductionhavebeenundertakeneitherwithoutEnvironmentalClearance,ForestClearance,Consenttooperateand/orNOC/ConsenttoEstablishorbeyondtheapprovedlimitsofproductiongivenundersuchclearances.
Theexecutionoftheabovedemandnoticesisstayedinexerciseofthepowerunderrule55(5)ofMineralConcessionRules,1960readwithSec30oftheMMDRAct,tillfurtherorder.AnorderdatedNovember03,
2022 issued by JS& RA under 30 of the MMDR Act, 1957 set-aside demand notices amounting to ₹ 173,444.60 Millions in respect of 47 Projects/Mines/Collieries of the Area.
(ii)VariousCertificateCasesarependingbeforeCertificateOfficerinDistrictMiningOfficer’s(D.M.O.’s)OfficeinrespectofRoyaltyonshortageofStockofCoalatAreas.Hon'bleSupremeCourthasdirectedthe
D.M.O.’stoquantifythedemandforRoyaltypayableafterdeterminingshortagesarisingfrominflation,pilferage,overreportingofproductionofCoaletc.InviewofabovedirectionoftheHon’bleSupremeCourt,the
amountinvolvedasperCertificateCaseisyettoberevised/confirmedbytheD.M.O.HencethesamehasnotbeenprovidedintheRestatedFinancialInformationbuthasbeenconsideredascontingentliabilitiesas
shown above.
(iii)DisputedReceivable/Payablea/cDLF-AsperthetermsofAgreement,thereareReceivablesfromDLFagainstcostofsupplyof(i)rejectsand(ii)startup/backup/emergencypowerbyMadhubanCoalWashery
(MCW)toDLFandPayablestoDLFforEnergyreceivedbyMCWfromCaptivePowerPlant(CPP)installedbyDLF.Thematterissub-judice-oneatDhanbadCourtandanotheratAppellateTribunalforElectricity,
NewDelhi-onaccountofdisputesoverprice/qualityofrejectsvis-à-visbelowguaranteedperformanceofCPP.Accordingly,Interestreceivable/payableonnetoutstandinghasnotbeenaccountedforatthisstage.
However,thenetinterest@18%p.a.simpleuptoSeptember30,2025comesto₹406.70Millions,uptoSeptember30,2024comesto₹388.80Millions,uptoMarch31,2025comesto₹419.97Millions,uptoMarch
31, 2024 ₹ 388.80 Millions and up to March 31, 2023 ₹ 371.70 Millions payable to DLF and has so been considered as Contingent Liability.
II. Contingent Assets
Acontingentassetisapossibleassetthatarisesfrompasteventsandwhoseexistencewillbeconfirmedonlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontrolof
theentity.Duringthenormalcourseofbusiness,severalunresolvedclaimsarecurrentlyoutstanding.Theinflowofeconomicbenefits,inrespectofsuchclaimscannotbemeasuredduetouncertaintiesthatsurroundthe
related events and circumstances.
Bank Guarantee issued by the Company
(All amounts in ₹ Million, except as otherwise stated)
Description SeptemA bes r a 3t 0, 2025 SeptemA bes r a 3t 0, 2024 MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Against floating charge on current assets 3077.40 2945.80 2,998.50 2,942.30 2,621.40
Letter of Credit issued by the Company
(All amounts in ₹ Million, except as otherwise stated)
Description SeptemA bes r a 3t 0, 2025 SeptemA bes r a 3t 0, 2024 MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Outstanding as at the reporting date 4852.60 3928.60 4,413.70 3,927.90 58.70
Commitments:
1. Capital Commitments
(All amounts in ₹ Million, except as otherwise stated)
Description SeptemA bes r a 3t 0, 2025 SeptemA bes r a 3t 0, 2024 MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Estimated amount of contract remaining to be executed on capital account not provided for:
a) Land 507.90 335.80 477.90 0.00 0.00
b) Buildings 666.90 808.80 663.60 953.80 842.80
c) Plant & Machinery 0.00 0.00 0.00 103.80 207.80
d) Others 4564.60 4489.30 4,922.30 4,698.80 4,436.60
Total 5,739.40 5,633.90 6,063.80 5,756.40 5,487.20
2 Related Party Information
(a) Holding Company -
Coal India Limited (CIL)
(b) Subsidiaries of Holding Company -
i. Eastern Coalfields Limited (ECL)
ii. Central Coalfields Limited (CCL)
iii. Northern Coalfields Limited (NCL)
iv. Western Coalfields Limited (WCL)
v. South Eastern Coalfields Limited (SECL)
vi. Mahanadi Coalfields Limited (MCL)
vii. Central Mine Planning & Design Institute Limited (CMPDI)
viii. CIL Solar Pvt. Ltd. (CSPL)
ix. CIL Navikarniya Urja Limited (CNUL)
402x. Coal India Africana Limitada, Mozambique (CIAL)
xi. Bharat Coal Gasification & Chemicals Limited (BCGCL)
xii. Coal Gas India Limited (CGIL)
b) Post-Employment Benefit Fund and Others:
i. Coal India Employees Gratuity Fund
ii. Coal Mines Provident Fund (CMPF)
iii. Coal India Superannuation Benefit Fund Trust
iv. Contributory Post-Retirement Medical Scheme for Non-Executives Modified
v. CIL Executive Defined Contribution Pension Trust
vi. Indian Institute of Coal Management (IICM) - Registered Society of Holding Company
vii. Coal India Sports Promotion Association (CISPA)
c) Board of Directors & Key Managerial Personnel:
As at September 30, 2025
Name Designation Date (if joined/ceased during the financial
year)
Shri Samiran Dutta Chairman cum Managing Director Cessation w.e.f. 01.09.2025
Sri Debashish Nanda Non-Executive Director; Government Nominee; Director (BD) CIL Tenure Ended on 01.06.2025
Sri Rakesh Kumar Sahay Director (Finance) Cessation w.e.f. 01.09.2025
Shri Sanjay Kumar Singh Director (Technical/OP)
Shri Lakhpat Singh Choudhary Non-Executive Director (MoC) Appointment w.e.f. 08.04.2025 Cessation
w.e.f. 01.05.2025
Sri Murlikrishna Ramaiah Director (Personnel)
Shri Sanoj Kumar Jha Non-Executive Director (MoC)
Appointment w.e.f. 01.05.2025
Dr. Arun Kumar Oraon Independent Director
Appointment w.e.f. 30.04.2025
Shri Sanjay Kumar Independent Director
Appointment w.e.f. 14.05.2025
Smt. Vismita Tej Non-Executive Director (Project Advisor, MoC, Govt. Nominee)
Tenure Ended on 08.04.2025
Shri Manoj Kumar Agarwal Chairman cum Managing Director & Addl. Charge of D(F)
Joined on 01.09.2025 as (CMD & D(F))
Shri Manoj Kumar Agarwal Director (Technical/P&P) Cessation on 01.09.2025
Shri Niladri Roy Director (Technical/P&P)(Addl. Charge) Joined on 05.09.2025
Shri B.K. Parui Company Secretary
As at September 30, 2024
Name Designation Date (if joined/ceased during the financial
year)
Shri Samiran Dutta Chairman cum Managing Director
Sri Debashish Nanda Government Nominee Director; Director (BD) CIL
Sri Rakesh Kumar Sahay Director (Finance)
Shri Sanjay Kumar Singh Director (Technical/OP)
Sri Shankar Nagachari Director (Technical/P&P) Additional charge
Sri Murlikrishna Ramaiah Director (Personnel)
Shri Anandji Prasad Part time Director (Project Advisor, MoC, Govt. Nominee)
Smt. Shashi Singh Independent Director
Shri Alok Kumar Agrawal Independent Director
Shri Satyabrata Panda Independent Director
Shri Ram Kumar Roy Independent Director
Shri B.K. Parui Company Secretary
As at March 31, 2025
Name Designation Date (if joined/ceased during the financial
year)
Shri Samiran Dutta Chairman cum Managing Director
Sri Debashish Nanda Non-Executive Director; Government Nominee; Director (BD) CIL
Sri Rakesh Kumar Sahay Director (Finance)
Shri Sanjay Kumar Singh Director (Technical/OP)
Sri Shankar Nagachari Director (Technical/P&P) Additional charge
Tenure Ended on January 27, 2025
Sri Murlikrishna Ramaiah Director (Personnel)
Shri Anandji Prasad Non-Executive Director (Project Advisor, MoC, Govt. Nominee)
Tenure Ended on January 20, 2025
Smt. Shashi Singh Independent Director
Tenure Ended on October 31, 2024
Shri Alok Kumar Agrawal Independent Director
Tenure Ended on October 31, 2024
Shri Satyabrata Panda Independent Director
Tenure Ended on October 31, 2024
Shri Ram Kumar Roy Independent Director
Tenure Ended on October 31, 2024
Smt. Vismita Tej Non-Executive Director (Project Advisor, MoC, Govt. Nominee) Joined on January 20, 2025
Shri Manoj Kumar Agarwal Director (Technical/P&P) Joined on January 27, 2025
Shri B.K. Parui Company Secretary
As at March 31, 2024
Name Designation Date (if joined/ceased during the financial
year)
Shri Samiran Dutta Chairman cum Managing Director
Sri Debashish Nanda Non-Executive Director; Government Nominee; Director (BD) CIL
Sri Rakesh Kumar Sahay Director (Finance) Joined April 14, 2023
Shri Sanjay Kumar Singh Director (Technical/P&P/OP) Ceased from June 30, 2023
Shri Sanjay Kumar Singh Director (Technical/OP) Joined on October 10, 2023
Shri Sanjay Kumar Singh Director (Technical/P&P) Additional Charge Joined October 10, 2023
Ceased January 11, 2024
Shri Uday A Kaole Director (Technical/OP) Ceased from December 19, 2023
Sri Shankar Nagachari Director (Technical/P&P) Additional charge Joined January 12, 2024
Sri Murlikrishna Ramaiah Director (Personnel)
Shri Anandji Prasad Non-Executive Director (Project Advisor, MoC, Govt. Nominee)
403Smt. Shashi Singh Independent Director
Shri Alok Kumar Agrawal Independent Director
Shri Satyabrata Panda Independent Director
Shri Ram Kumar Roy Independent Director
Shri B.K. Parui Company Secretary
As at March 31, 2023
Name Designation Date (if joined/ceased during the financial
year)
Shri Samiran Dutta Chairman cum Managing Director
Shri Samiran Dutta Director (Finance) Additional charge
Sri P.V.K.R. Mallikarjuna Director (Personnel) Ceased from July 31, 2022
Sri Harsh Nath Mishra Director (Personnel) Additional Charge Joined November 01, 2022
Ceased February 22, 2023
Sri Murlikrishna Ramaiah Director (Personnel) Joined February 23, 2023
Shri Sanjay Kumar Singh Director (Technical/OP)
Shri Uday A Kaole Director (Technical/P&P) Joined August 22, 2022
Lt. Gen Narendra Singh Independent Director Ceased from July 09, 2022
Shri B. Veera Reddy Non-Executive Director; Government Nominee; Director (T) CIL Ceased from August 23, 2022
Sri Debashish Nanda Non-Executive Director; Government Nominee; Director (BD) CIL Joined August 23, 2022
Shri Anandji Prasad Non-Executive Director (Project Advisor, MoC, Govt. Nominee)
Smt. Shashi Singh Independent Director
Shri Alok Kumar Agrawal Independent Director
Shri Satyabrata Panda Independent Director
Shri Ram Kumar Roy Independent Director
Shri B.K. Parui Company Secretary
d) Remuneration of Board of Directors & Key Managerial Personnel: (All amounts in ₹ Million, except as otherwise stated)
Sl. No. Particulars For Th Ee nS dix e dM onths For Th Ee nS dix e dM onths For The Year Ended For The Year Ended For The Year Ended
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
(i) Short Term Employee Benefits
Payment to Chairman cum Managing Directors,
a.Whole Time Directors, Chief Financial Officer 16.50 12.50 27.10 26.40 25.30
and Company Secretary
b.Sitting Fees to Independent Directors 0.30 0.80 1.06 1.70 1.70
(ii) Post-Employment Benefits 0.00 0.00 0.00 3.90 1.60
(iii) Other Long-term Benefits 0.00 0.00 0.00 0.00 0.00
(iv) Termination Benefits 0.00 0.00 0.00 0.00 0.00
(v) Share Based Payment 0.00 0.00 0.00 0.00 0.00
TOTAL 16.80 13.30 28.16 32.00 28.60
e) Balance Outstanding with Key Managerial Personnel: (All amounts in ₹ Million, except as otherwise stated)
Sl. No. Particulars As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
(i) Amount Payable 0.00 0.00 0.00 0.00 0.00
(ii) Amount Receivable 0.00 0.00 0.00 0.00 0.00
f)NoTradeorotherreceivablesareduefromdirectorsorotherofficersofthecompanyeitherseverallyorjointlywithanyotherperson.Noranytradeorotherreceivableareduefromfirmsorprivatecompanies
respectively in which any director is a partner, a director or member. Further there are no loans to related parties (Directors, Key Managerial Persons and others).
g) Related Party Transactions within Group
ThecompanyhasenteredintotransactionswithCoalIndiaLimited(Holdingcompany),whichincludeApexcharges,Rehabilitationcharges,Dividendpayment,IICMchargesandotherexpenditureincurredbyoron
behalf of other subsidiaries of Coal India Limited through current account.
Transactions with Related Parties during the six months ended September 30, 2025
(All amounts in ₹ Million, except as otherwise stated)
Other Services
Name of the Related Party Apex Charges Rehabilitation ChargesparI kn ete dr e bs yt So un b F su idn id as r ies IICM Charges Any Other*
CIL 157.50 102.40 0.00 0.00 8442.20
IICM 0.00 0.00 0.00 0.00 0.00
CMPDIL 0.00 0.00 0.00 0.00 286.30
* Transactions under "Any Other" represent Dividend Payment to CIL and Consultancy charges paid to CMPDIL
Balances with Related Parties as at September 30, 2025
(All amounts in ₹ Million, except as otherwise stated)
Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
Coal India Limited (CIL) 0.00 0.00 (3671.50) 0.00
IICM 0.00 0.00 (0.10) 0.00
Central Mine Planning & Design Institute Limited (CMPDI) 0.00 0.00 0.00 (443.10)
Transactions with Related Parties during the six months ended September 30, 2024
(All amounts in ₹ Million, except as otherwise stated)
Other Services
Name of the Related Party Apex Charges Rehabilitation ChargesparI kn ete dr e bs yt So un b F su idn id as r ies IICM Charges Any Other*
CIL 191.00 111.20 0.00 0.00 444.30
IICM 0.00 0.00 0.00 0.00 0.00
CMPDIL 0.00 0.00 0.00 0.00 389.10
* Transactions under "Any Other" represent Dividend Payment to CIL and Consultancy charges paid to CMPDIL
Balances with Related Parties as at September 30, 2024
(All amounts in ₹ Million, except as otherwise stated)
Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
404Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
Coal India Limited (CIL) 0.00 0.00 ( 3,673.80) 0.00
IICM 0.00 0.00 (0.10) 0.00
Central Mine Planning & Design Institute Limited (CMPDI) 0.00 0.00 0.00 (238.70)
Transactions with Related Parties during the Year Ended March 31, 2025
(All amounts in ₹ Million, except as otherwise stated)
Other Services
Name of the Related Party Apex Charges Rehabilitation ChargesparI kn ete dr e bs yt So un b F su idn id as r ies IICM Charges Any Other*
CIL 405.00 229.20 0.00 0.00 444.30
IICM 0.00 0.00 0.00 37.80 0.00
CMPDIL 0.00 0.00 0.00 0.00 866.00
* Transactions under "Any Other" represent Dividend Payment to CIL and Consultancy charges paid to CMPDIL
Balances with Related Parties as at March 31, 2025
(All amounts in ₹ Million, except as otherwise stated)
Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
Coal India Limited (CIL) 0.00 0.00 (3370.80) 0.00
IICM 0.00 0.00 (0.10) 0.00
Central Mine Planning & Design Institute Limited (CMPDI) 0.00 0.00 0.00 (509.30)
Transactions with Related Parties during the Year Ended March 31, 2024
(All amounts in ₹ Million, except as otherwise stated)
Other Services
Name of the Related Party Apex Charges Rehabilitation ChargesparI kn ete dr e bs yt So un b F su idn id as r ies IICM Charges Any Other*
CIL 411.00 235.60 0.00 0.00 0.00
IICM 0.00 0.00 0.00 0.00 0.00
CMPDIL 0.00 0.00 0.00 0.00 802.90
* Transactions under "Any Other" represent Consultancy charges paid to CMPDIL
Balances with Related Parties as at March 31, 2024
(All amounts in ₹ Million, except as otherwise stated)
Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
CIL 0.00 0.00 (3613.80) 0.00
IICM 0.00 0.00 0.00 (7.50)
CMPDIL 0.00 0.00 0.00 (530.70)
Transactions with Related Parties during the Year Ended March 31, 2023
(All amounts in ₹ Million, except as otherwise stated)
Other Services
Name of the Related Party Apex Charges Rehabilitation ChargesparI kn ete dr e bs yt So un b F su idn id as r ies IICM Charges Any Other*
CIL 361.80 213.40 0.00 0.00 0.00
IICM 0.00 0.00 0.00 38.50 0.00
CMPDIL 0.00 0.00 0.00 0.00 1040.40
* Transactions under "Any Other" represent Consultancy charges paid to CMPDIL
Balances with Related Parties as at March 31, 2023
(All amounts in ₹ Million, except as otherwise stated)
Name of the Related Party Loan to Related Party Loan fr Po am rt yR elated BaC lu anr Rr c ee e cn s e t ( i vPA aac byc lao ebu ln et ) / Outst R(a P en a cd y ei a in vbg al e bB s la ) e l s/a nces
CIL 0.00 0.00 (3954.60) 0.00
IICM 0.00 0.00 (0.10) (7.50)
CMPDIL 0.00 0.00 0.00 (352.80)
Disclosure of Central Mine Planning & Design Institute Limited (CMPDI)
(All amounts in ₹ Million, except as otherwise stated)
Sr. No Description Note No. F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 5s F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 4s For M T ah re c hY 3e 1a ,r 2 E 02n 5ded For M T ah re c hY 3e 1a ,r 2 E 02n 4ded For M T ah re c hY 3e 1a ,r 2 E 02n 3ded
Transactions during the year
1 3.1 0.00 0.00 0.00 0.00 0.00
2 3.2 163.10 229.80 412.90 294.50 478.10
3 Capital Expenses 3.3 0.00 0.00 0.00 0.00 0.00
4 3.4 0.00 0.00 0.00 0.00 0.00
5 3.5 0.00 0.00 0.00 0.00 0.00
6 CMPDIL Expense 13.8 123.20 159.30 453.10 508.40 562.30
7 Environment expense 13.8 0.00 0.00 0.00 0.00 0.00
8 Other heads 0.00 0.00 0.00 0.00 0.00
Balances as at Reporting Date As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
1 P exa py ea nb dle i tf uo rr e Capital 8.4 224.20 77.10 233.70 170.00 119.60
2 Trade Payable 8.3 218.90 161.60 275.60 360.70 233.20
3 Other heads 0.00 0.00 0.00 0.00 0.00
3 Fair Value Measurement
a) Financial Instruments by Category
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at
Particulars March 31, 2025 March 31, 2024 March 31, 2023
FVTPL Amortized cost FVTPL Amortized cost FVTPL Amortized cost
Financial Assets
Investments:
Secured Bonds 0.00 0.00 0.00 0.00 0.00 0.00
Co-operative Shares 0.00 0.00 0.00 0.00 0.00 0.00
Mutual Fund/ ICD 4.10 0.00 2,665.20 0.00 4,997.20 0.00
405Loans 0.00 0.00 0.00 0.00 0.00 0.00
Deposits & receivable 0.00 12,530.90 0.00 9,603.20 0.00 7,648.50
Trade receivables* 0.00 18,477.60 0.00 13,332.50 0.00 12,511.50
Cash & cash equivalents 0.00 1,675.40 0.00 2,858.20 0.00 1,249.40
Other Bank Balances 0.00 9,623.10 0.00 6,588.10 0.00 6,092.60
Financial Liabilities
Borrowings & Lease Liabilities 0.00 2,331.70 0.00 2,302.30 0.00 2,126.40
Trade payables 0.00 21,732.70 0.00 12,335.30 0.00 9,129.10
Security Deposit and Earnest money 0.00 6,090.90 0.00 5,459.60 0.00 4,921.00
Other Liabilities 0.00 20,881.20 0.00 17,242.10 0.00 12,528.20
(All amounts in ₹ Million, except as otherwise stated)
As at As at
Particulars September 30, 2025 September 30, 2024
FVTPL Amortized cost FVTPL Amortized cost
Financial Assets
Investments:
Secured Bonds 0.00 0.00 0.00 0.00
Co-operative Shares 0.00 0.00 0.00 0.00
Mutual Fund/ ICD 0.00 0.00 22.60 0.00
Loans 0.00 0.00 0.00 0.00
Deposits & receivable 0.00 15,619.20 0.00 11,376.30
Trade receivables* 0.00 22,025.20 0.00 14,490.70
Cash & cash equivalents 0.00 4,288.70 0.00 4,233.90
Other Bank Balances 0.00 6,501.90 0.00 7,709.70
Financial Liabilities
Borrowings & Lease Liabilities 0.00 18,075.00 0.00 2,594.40
Trade payables 0.00 28,650.40 0.00 11,797.30
Security Deposit and Earnest money 0.00 6,169.20 0.00 5,926.90
Other Liabilities 0.00 20,880.20 0.00 18,629.10
* Allowance for Coal Quality Variance deducted from Trade Receivable.
b) Fair value hierarchy
TablebelowshowsJudgmentsandestimatesmadeindeterminingthefairvaluesofthefinancialinstrumentsthatare(a)recognizedandmeasuredatfairvalueand(b)measuredatamortizedcostandforwhichfair
valuesaredisclosedintheRestatedFinancialInformation.Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,theCompanyhasclassifieditsfinancialinstrumentsintothethree
levels prescribed under the accounting standard. An explanation of each level follows underneath the table.
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at
Financial assets and liabilities measured at fair value March 31, 2025 March 31, 2024 March 31, 2023
Level II Level III Level II Level III Level II Level III
Financial Assets at FVTPL
Investments:
Mutual Fund/ ICD 4.10 0.00 2,665.20 0.00 4,997.20 0.00
(All amounts in ₹ Million, except as otherwise stated)
As at As at As at
Financial assets and liabilities measured at amortized cost March 31, 2025 March 31, 2024 March 31, 2023
for which fair values are disclosed
Level II Level III Level II Level III Level II Level III
Financial Assets
Investments:
Secured Bonds 0.00 0.00 0.00 0.00 0.00 0.00
Co-operative Shares 0.00 0.00 0.00 0.00 0.00 0.00
Loans 0.00 0.00 0.00 0.00 0.00 0.00
Deposits & receivable 0.00 12,530.90 0.00 9,603.20 0.00 7,648.50
Trade receivables* 0.00 18,477.60 0.00 13,332.50 0.00 12,511.50
Cash & cash equivalents 0.00 1,675.40 0.00 2,858.20 0.00 1,249.40
Other Bank Balances 0.00 9,623.10 0.00 6,588.10 0.00 6,092.60
Financial Liabilities
Borrowings & Lease Liabilities 0.00 2,331.70 0.00 2,302.30 0.00 2,126.40
Trade payables 0.00 21,732.70 0.00 12,335.30 0.00 9,129.10
Security Deposit and Earnest money 0.00 6,090.90 0.00 5,459.60 0.00 4,921.00
Other Liabilities 0.00 20,881.20 0.00 17,242.10 0.00 12,528.20
(All amounts in ₹ Million, except as otherwise stated)
As at As at
Particulars September 30, 2025 September 30, 2024
FVTPL Amortized cost FVTPL Amortized cost
Financial Assets
Investments:
Secured Bonds 0.00 0.00 0.00 0.00
Co-operative Shares 0.00 0.00 0.00 0.00
Mutual Fund/ ICD 0.00 0.00 22.60 0.00
Loans 0.00 0.00 0.00 0.00
Deposits & receivable 0.00 15619.20 0.00 11376.30
Trade receivables* 0.00 22025.20 0.00 14490.70
Cash & cash equivalents 0.00 4288.70 0.00 4233.90
Other Bank Balances 0.00 6501.90 0.00 7709.70
Financial Liabilities
Borrowings & Lease Liabilities 0.00 18075.00 0.00 2594.40
Trade payables 0.00 28650.40 0.00 11797.30
Security Deposit and Earnest money 0.00 6169.20 0.00 5926.90
Other Liabilities 0.00 20880.20 0.00 18629.10
* Allowance for Coal Quality Variance deducted from Trade Receivable.
A brief of each level is given below:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes Mutual fund which is valued using closing Net Asset Value (NAV) as at the reporting date.
Level2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarketisdeterminedusingvaluationtechniqueswhichmaximizetheuseofobservablemarketdataandrelyaslittleaspossibleonentity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for investments , security deposits and other liabilities included in level 3.
(c) Valuation technique used in determining fair value
Valuation techniques used to value financial instruments include the use of quoted market prices (NAV) of instruments in respect of investment in Mutual Funds.
(d) Fair value measurements using significant unobservable inputs
At present there are no fair value measurements using significant unobservable inputs.
(e) Fair values of financial assets and liabilities measured at amortised cost
The carrying amounts of trade receivables, short term deposits, cash and cash equivalents, trade payables are considered to be the same as their fair values, due to their short-term nature.
406TheGroup considers thattheSecurityDepositsdoesnotincludeasignificantfinancingcomponent.Securitydepositscoincidewiththecompany’sperformanceandthecontractrequiresamountstoberetainedforreasons
otherthantheprovisionoffinance. Thewithholdingofaspecifiedpercentageofeachmilestonepaymentisintendedtoprotecttheinterestofthegroup,fromthecontractorfailingtoadequatelycompleteitsobligations
under the contract. Accordingly, transaction cost of Security deposit is considered as fair value at initial recognition and subsequently measured at amortised cost.
Significant estimates: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses its judgment to select a method and makes suitable
assumptions at the end of each reporting period.
4 Financial Risk Management
a) Financial risk management objectives and policies
TheCompany’sprincipalfinancialliabilitiescompriseloansandborrowings,tradeandotherpayables.ThemainpurposeofthesefinancialliabilitiesistofinancetheCompany’soperationsandtoprovideguaranteesto
support its operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that is derived directly from its operations.
TheCompanyisexposedtomarketrisk,creditriskandliquidityrisk.TheCompany’sseniormanagementoverseesthemanagementoftheserisks.TheCompany’sseniormanagementissupportedbyariskcommittee
thatadvises,interalia,onfinancialrisksandtheappropriatefinancialriskgovernanceframeworkfortheCompany.TheriskcommitteeprovidesassurancetotheBoardofDirectorsthattheCompany’sfinancialrisk
activitiesaregovernedbyappropriatepoliciesandproceduresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththeCompany’spoliciesandriskobjectives.TheBoardofDirectorsreviews
and agrees policies for managing each of these risks, which are summarized below.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedge accounting in the Restated Financial Information.
Risk Exposure arising from Measurement Management
Credit Risk C fina ash ncia an l d assC eta msh ease uq ru ei dv a al te n amts, ortt ir sa ed de cor se tceivablesA rag tie ni gnganalysis/CreditD g liu me ip d ita e sr l t i am n ne de sn ) ot , td hi ev ro e sf r es cif uic rp iau tt ib i eol si nc ofbe an nte krp dr ei pse os sitsc(D reP dE it
Liquidity Risk Borrowings and other liabilities Periodic cash flows A bov ra roil wab inil git y facio lif tiescommitted credit lines and
Market Risk-foreign exchange F f Ii Nu n Rt au nr ce ialc ao ssm etm se ar nc dial liabt ir la itn ies sac nti oo tn ds, enomre ic no ag tn edise id nC sea ns sh itivitf yl o aw nalysf isorecastR ane dg u al ua dr itw ca ot mch ma in ttd eer .e viewbyseniormanagement
Department of public enterprises (DPE
Market Risk-interest rate C ma us th uala n fud ndC sa shequivalents,BankdepositsandC sea ns sh itivitf yl o aw nalysf isorecastg mu ai nd ae gli en mes e) n, tR ae ng du ala ur diw
t
ca otc mh ma in ttd eer .eviewbysenior
b) The Company risk management is carried out by the board of directors as per DPE guidelines issued by Government of India. The board provides written principals for overall risk management as well as policies
covering investment of excess liquidity.
c) Credit Risk:
(i) CreditRiskManagement:ReceivablesarisemainlyoutofsaleofCoal.SaleofCoalisbroadlycategorizedassalethroughfuelsupplyagreements(FSAs)ande-auction.Macro–economicinformation(suchas
regulatory changes) is incorporated as part of the fuel supply agreements (FSAs) and e-auction terms.
(ii) FuelSupplyAgreements(FSAs):AscontemplatedinandinaccordancewiththetermsoftheNewCoalDistributionPolicy(NCDP),thecompanyentersintolegallyenforceableFSAswithcustomersorwithState
Nominated Agencies that in turn enters into appropriate distribution arrangements with end customers. FSAs can be broadly categorized into:
• FSAs with customers in the power utilities sector, including State power utilities, private power utilities (“PPUs”) and independent power producers (“IPPs”);
• FSAs with customers in non-power industries (including captive power plants (“CPPs”)); and
• FSAs with State Nominated Agencies.
(iii) E-AuctionScheme:TheE-Auctionschemeofcoalhasbeenintroducedtoprovideaccesstocoalforcustomerswhowerenotabletosourcetheircoalrequirementthroughtheavailableinstitutionalmechanisms
undertheNCDPforvariousreasons,forexample,duetoalessthanfullallocationoftheirnormativerequirementunderNCDP,seasonalityoftheircoalrequirementandlimitedrequirementofcoalthatdoesnotwarrant
a long-term linkage. The quantity of coal to be offered under E-Auction is reviewed from time to time by the Ministry of Coal.
Credit risk arises when a counterparty defaults on contractual obligations resulting in financial loss to the company.
(iv)ProvisionforExpectedcreditloss:TheCompanyprovidesforexpectedcreditrisklossfordoubtful/creditimpairedassets,bylifetimeexpectedcreditlosses(Simplifiedapproach).ReferNote-4.3:Trade
Receivables.
(v) Significantestimatesandjudgment–ImpairmentofFinancialAssets:Theimpairmentprovisionsforfinancialassetsdisclosedabovearebasedonassumptionsaboutriskofdefaultandexpectedlossrates.The
Companyusesjudgmentinmakingtheseassumptionsandselectingtheinputstotheimpairmentcalculation,basedontheCompany’spasthistory,existingmarketconditionsaswellasforwardlookingestimatesatthe
end of each reporting period.
d) Liquidity Risk
Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailabilityoffundingthroughanadequateamountofcommittedcreditfacilitiestomeetobligationswhendue.
Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.
ManagementmonitorsforecastsoftheCompany’sliquidityposition(comprisingtheundrawnborrowingfacilities)andcashandcashequivalentsonthebasisofexpectedcashflows.Thisisgenerallycarriedoutatlocal
levelinaccordancewithpracticeandlimitssetbytheCompany.Thebankborrowingsofthecompanyhavebeensecuredbycreatingchargeagainststockofcoal,storesandsparepartsandbookdebts,withinconsortium
ofbanks.Thetotalworkingcapitalcreditlimitavailableis₹53,700.00(unsecured)and₹4,300.00million(secured)ofwhichfundbasedlimitis₹1400.00millionandnon-fundbasedlimitis₹2900.00million.Further,
outside the consortium, the total sanctioned working capital demand loan limit (unsecured) available to the company is ₹ 6000.00 Millions. Moreover, sanctioned limit on overdraft facility secured against fixed deposits is
₹2952.41 millions.
e) Market risk
i. Foreign currency risk
ForeigncurrencyriskarisesfromfuturecommercialtransactionsandrecognizedassetsorliabilitiesdenominatedinacurrencythatisnottheCompany’sfunctionalcurrency(INR).TheCompanyisexposedtoforeign
exchangeriskarisingfromforeigncurrencytransactions.Foreignexchangeriskinrespectofforeignoperationisconsideredtobeinsignificant.TheCompanyalsoimportsandriskismanagedbyregularfollowup.
Company has a policy which is implemented when foreign currency risk becomes significant.
ii. Cash flow and fair value interest rate risk
The Company’s main interest rate risk arises from bank deposits with change in interest rate exposes the Company to cash flow interest rate risk. Company policy is to maintain most of its deposits at fixed rate.
Company manages the risk using guidelines from Department of Public Enterprises (DPE), diversification of bank deposits credit limits and other securities.
f) Capital management
The company being a government entity manages its capital as per the guidelines of Department of Investment and Public Asset Management under Ministry of Finance.
Capital Structure of the company is as follows:
(All amounts in ₹ Million, except as otherwise stated)
Particulars As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Equity Share capital 46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
Long Term Debt 0.00 0.00 0.00 0.00 0.00
5 Employee Benefits: Recognition and Measurement (Ind AS-19)
Defined Benefit Plans :
a) Gratuity
407TheCompanyprovidesforgratuity,apost-employmentdefinedbenefitplan("theGratuityScheme")coveringtheeligibleemployees.Gratuitypaymentismadeasperpolicyofthecompanysubjecttomaximumof₹2
MillionsatthetimeofseparationfromthecompanyconsideringtheprovisionsofthePaymentofGratuityAct1972asamended.TheliabilityorassetrecognisedintheRestatedStatementofAssetsandLiabilitiesin
respectoftheGratuitySchemeisthepresentvalueofthedefinedbenefitobligationattheendofthereportingyearlessthefairvalueofplanassets.Thedefinedbenefitobligationiscalculatedateachreportingdateby
actuariesusingtheprojectedunitcreditmethod.Re-measurementgainsandlossesarisingfromexperienceadjustmentsandchangesinactuarialassumptionsarerecognisedintheyearinwhichtheyoccur,directlyin
other comprehensive income (OCI).
TheGratuitySchemeisfundedthroughtrustmaintainedwithLifeInsuranceCorporationofIndia.LICalsoprovidesaninsurancecoverage(LifeCoverSumAssured-“LCSA”)incaseofdeathofamemberduring
service, to compensate the shortfall in gratuity amount from estimated payable at normal retirement date based on last drawn salary subject to ceiling of maximum of ₹2 Millions.
b) Post-Retirement Medical Benefit – Executive (CPRMSE)
Companyhaspost-retirementmedicalbenefitschemeknownasContributoryPostRetirementMedicareSchemeforExecutiveofCILanditsSubsidiaries(CPRMSE),toprovideMedicaretotheexecutives,theirspouses
andfullyfinanciallydependentDivyangchild(ren)sufferingfromnotlessthan40%ofanydisabilityinCompanyhospital/empanelledhospitalsoroutpatient/DomiciliaryonlyinIndiasubjecttoceilinglimit,onaccount
ofretirementonattainingtheageofsuperannuationorareseparatedbytheCompanyonmedicalgroundorretirementunderVoluntaryRetirementSchemeundercommoncoalcadreorVoluntaryRetirementScheme
formulatedandmadeapplicablefromtimetotime. MembershipisnotextendedtotheexecutiveswhoresignsfromtheservicesoftheCILanditssubsidiaries.Themaximumamountreimbursableduringtheentirelife
fortheretiredexecutives,spouseanddependentDivyangchild(ren)takentogetherjointlyorseverallyis₹2.50Millionsexceptforspecifieddiseaseswithnoupperlimit.TheSchemeisfundedthroughtrustforgroup,
maintained with Life Insurance Corporation of India . The liability for the scheme is recognised based on actuarial valuation done at each reporting date.
c) Post-Retirement Medical Benefit – Non Executive (CPRMS -NE)
Asapartofsocialsecurityschemeunderwageagreement,CompanyisprovidingContributoryPost-RetirementMedicareSchemefornon-executives(CPRMSE-NE)toprovidemedicalcaretothenon-executivesand
theirspousesandDivyangChild(ren)inCompanyhospital/empanelledhospitalsoroutpatient/DomiciliaryonlyinIndiasubjecttoceilinglimit,onaccountofretirementonattainingtheageofsuperannuationorare
separatedbytheCompanyonmedicalgroundorretirementunderVoluntaryRetirementSchemeformulatedandmadeapplicablefromtimetotimeorresignsfromthecompanyattheageof57Yearsoraboveorondeath
tothespouseandDivyangChild(ren).Themaximumamountreimbursableduringtheentirelifefortheretirednon-executivesandspousetakentogetherjointlyorseverallyis₹0.80Millionsexceptforspecifieddiseases
withnoupperlimit.ThemaximumamountreimbursableduringtheentirelifeofDivyangchildwouldbe₹0.25Millions.TheSchemeisfundedthroughtrustforgroup,maintainedwithLifeInsuranceCorporationof
India . The liability for the scheme is recognised based on actuarial valuation done at each reporting date.
Defined Contribution Plans
a) Provident Fund and Pension
CompanypaysfixedcontributiontowardsProvidentFundandPensionFundatpre-determinedratesbasedonafixedpercentageoftheeligibleemployee'ssalaryi.e.12%and7%ofBasicsalaryandDearnessAllowance
towardsProvidentFundandPensionFundrespectively.ThesefundsaregovernedbyaseparatestatutorybodyunderthecontrolofMinistryofCoal,GovernmentofIndia,namedCoalMinesProvidentFundOrganisation
(CMPFO).The contribution towards the fund for the period is recognized in the Statement of Profit & Loss.
b) CIL Executive Defined Contribution Pension Scheme (NPS)
Thecompanyprovidesapost-employmentcontributorypensionschemetotheexecutivesoftheCompanyknownas“CILExecutiveDefinedContributionPensionScheme-2007”(NPS).TheSchemeisfundedthrough
trustforgroup,maintainedwithLifeInsuranceCorporationofIndia.TheobligationoftheCompanyistocontributetothetrusttotheextentofamountnotexceeding30%ofbasicpayanddearnessallowanceless
employer’scontributiontowardsprovidentfund,gratuity,post-retirementmedicalbenefits-Executivei.e.CPRMSEoranyotherretirementbenefits.Thecurrentemployercontributionof6.99%ofbasicandDearness
Allowance is being charged to statement of profit and loss.
Other Long Term Employee Benefits
a) Leave encashment
ThecompanyprovidesbenefitoftotalEarnedLeave(EL)of30daysandHalfPaidLeave(HPL)of20daystotheexecutivesofthecompany,accruedandcreditedproportionatelyonhalfyearlybasisonthefirstdayof
JanuaryandJulyofeveryyear.Duringtheservice,75%ELcreditedbalanceisonetimeencashableineachcalendaryearsubjecttoceilingofmaximum60daysELencashment.AccumulatedHPLisnotpermittedfor
encashmentduringtheperiodofservice.Onsuperannuation,ELandHPLtogetherisconsideredforencashmentsubjecttotheoveralllimitof300dayswithoutcommutationofHPL.Incaseofnon-executives,Leave
encashmentisgovernedbytheNationalCoalWageAgreement(NCWA)andatpresenttheworkmenareentitledtogetencashmentofearnedleaveattherateof15daysperyearandondiscontinuationofservicedueto
death,retirement,superannuationandVRS,thebalanceleaveor150dayswhicheverisless,isallowedforencashment.Therefore,theliabilitiesforearnedleaveareexpectedtobesettledduringtheserviceaswellas
aftertheretirementofemployee.Theyarethereforemeasuredasthepresentvalueofexpectedfuturepaymentstobemadeinrespectofservicesprovidedbyemployeesuptotheendofthereportingperiodusingthe
projectedunitcreditmethod.Thebenefitsarediscountedusingthemarketyieldsattheendofthereportingperiodthathavetermsapproximatingtothetermsoftherelatedobligation.Theschemeisfundedbyqualifying
insurance policies from Life Insurance Corporation of India. The liability under the scheme is borne by the Company as per actuarial valuation at each reporting date.
b) Life Cover Scheme (LCS)
Asapartofthesocialsecurityscheme,theGrouphasaLifeCoverSchemeknownas“LifeCoverSchemeofCoalIndiaLimited”(LCS)whichcoversalltheexecutiveandnon-executivecadreemployees.Incaseofdeath
inservice,anamountof₹0.15625Millionsispaidtothenomineesundertheschemew.e.fJune01,2023.Theexpectedcostofthebenefitsisrecognizedwhenaneventoccursthatcausesthebenefitpayableunderthe
scheme.
c) Settlement Allowances
Asapartofwageagreement,alumpsumamountof₹0.012Millionsispaidtoallthenon-executivecadreemployeesgovernedunderNCWAontheirsuperannuationonorafterOctober31,2010assettling-in
allowance. The liability under the scheme is borne by the Company as per actuarial valuation at each reporting date.
d) Group Personal Accident Insurance (GPAIS)
CoalIndiaLimited(CIL)hastakengroupinsuranceschemefromUnitedIndiaInsuranceCompanyLimitedtocovertheexecutivesoftheCILGroupagainstpersonalaccidentknownas“CoalIndiaExecutivesGroup
Personal Accident Insurance Scheme” (GPAIS). GPAIS covers all types of accident on 24 hour basis worldwide. Premium for the scheme is borne by the CIL.
e) Leave Travel Concession (LTC)
Asapartofwageagreement,Non-executiveemployeesareentitledtotravelassistanceforvisitingtheirhometownandfor“BharatBhraman”onceinablockof4years.Alumpsumamountof₹0.010Millionsand₹
0.015 Millions is paid for visiting Home town and “Bharat Bhraman”, respectively. The liability for the scheme is recognised based on actuarial valuation at each reporting date.
f) Workmen's Compensation Benefits in Mine Accident
Asapartofsocialsecurityschemeunderwageagreement,thecompanyprovidethebenefitsadmissibleunderTheEmployee’sCompensationAct,1923.Anamountof₹1.50Millionsispaidtothenextofkinofan
employeeincaseofafatalmineaccidentw.e.fNovember07,2019.Inaddition,w.e.fJune01,2023anexgratiaamountof₹0.09Millionsispaidincaseofdeathorpermanenttotaldisablement.Theexpectedcostofthe
benefits is recognised when an event occurs that causes the benefit payable under the scheme.
Funding status of defined benefit plans and other long term employee benefits plans are as under:
(i) Funded
o Gratuity
o Leave Encashment
o Post-Retirement Medical Benefit – Executive (CPRMSE)
o Post-Retirement Medical Benefit – Non Executive (CPRMS -NE)
(ii) Unfunded
o Life Cover Scheme
o Settlement Allowance
o Group Personal Accident Insurance
o Leave Travel Concession
o Compensation to dependent on Mine Accident Benefits
Actuarial Provisions ₹ 49419.20 Millions as at September 30, 2025 based on valuation made by the Actuary, details of which are mentioned below:
(All amounts in ₹ Million, except as otherwise stated)
Opening Actuarial Closing Actuarial Closing Actuarial Closing Actuarial
Particulars Liability Incremental Liability Liability Incremental Liability Liability Incremental Liability Liability
As at April 01, 2022 during the year MarcA h s 3 a 1t , 2023 during the year MarcA h s 3 a 1t , 2024 during the year MarcA h s 3 a 1t , 2025
Gratuity 3 1,341.10 8 25.10 3 2,166.20 7 45.30 3 2,911.50 ( 893.40) 3 2,018.10
Leave 5 ,596.30 2 ,067.60 7 ,663.90 1 ,552.80 9 ,216.70 1 6.00 9 ,232.70
Settlement Allowance 2 58.40 ( 18.00) 2 40.40 ( 6.40) 2 34.00 ( 6.60) 2 27.40
Leave Travel Concession 3 57.50 ( 9.40) 3 48.10 3 0.70 3 78.80 3 6.70 4 15.50
Post Retired Medical Benefits 7 ,044.80 1 4.00 7 ,058.80 5 27.20 7 ,586.00 5 18.40 8 ,104.40
Total 4 4,598.10 2 ,879.30 4 7,477.40 2 ,849.60 5 0,327.00 ( 328.90) 4 9,998.10
(All amounts in ₹ Million, except as otherwise stated)
Opening Actuarial Closing Actuarial Opening Actuarial Closing Actuarial
Particulars Liability Incremental Liability Liability Liability Incremental Liability Liability
As at April 01, 2024 during the period SeptemA bes r a 3t 0, 2024 As at April 01, 2025 during the period SeptemA bes r a 3t 0, 2025
Gratuity 3 2,911.50 1 ,318.00 3 4,229.50 3 2,018.10 2 .50 3 2,020.60
Leave 9 ,216.70 ( 860.70) 8 ,356.00 9 ,232.70 ( 962.80) 8 ,269.90
Settlement Allowance 2 34.00 1 1.50 2 45.50 2 27.40 1 .90 2 29.30
Leave Travel Concession 3 78.80 3 .20 3 82.00 4 15.50 ( 47.30) 3 68.20
Post Retired Medical Benefits 7 ,586.00 5 52.50 8 ,138.50 8 ,104.40 4 26.80 8 ,531.20
Total 5 0,327.00 1 ,024.50 5 1,351.50 4 9,998.10 ( 578.90) 4 9,419.20
Disclosure as per Actuary's Certificate
408The disclosures as per actuary’s certificate for employee benefits for Gratuity (funded), Leave Encashment (funded) and Post-Retirement Medical Benefits (funded) are given below : -
i. Actuarial Valuation of Gratuity Benefit as at March 31, 2025, 2024 & 2023
Table 1 : Disclosure of Defined Benefit Cost
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A Profit & Loss (P&L)
1 Current service cost 436.90 433.40 957.30
2 Past service cost - plan amendments 0.00 1,256.40 0.00
3 Curtailment cost / (credit) 0.00 0.00 0.00
4 Settlement cost / (credit) 0.00 0.00 0.00
5 Service cost 436.90 1,689.80 957.30
6 Net interest on net defined benefit
liability / (asset) 531.50 564.10 522.70
7 Immediaterecognitionof(gains)/losses
– other long term employee benefit 0.00 0.00 0.00
8 Cost recognised in P&L 968.40 2,253.90 1,480.00
Other Comprehensive Income
B (OCI )
Actuarial (gain)/loss due to DBO
1 experience (19.40) 100.50 2,680.20
Actuarial (gain)/loss due to DBO
2 assumption changes 795.10 601.90 (1,020.00)
Actuarial (gain)/loss arising during
3 period 775.60 702.40 1,660.20
Returnonplanassets(greater)/lessthan
4 discount rate (74.20) 34.40 30.50
Actuarial(gains)/lossesrecognizedin
5 OCI 701.40 736.90 1,690.70
C Defined Benefit Cost
1 Service cost 436.90 1689.80 957.30
2 Net interest on net defined benefit
liability / (asset) 531.50 564.10 522.70
3 Actuarial(gains)/lossesrecognizedin
OCI 701.40 736.90 1,690.70
Immediaterecognitionof(gains)/losses
4 – other long term employee benefit 0.00 0.00 0.00
plans
5 Defined Benefit Cost 1 ,669.80 2,990.70 3,170.70
D Assumptions MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023 MarcA h s 3 a 1t , 2022
1 Discount Rate 7.00% 7.30% 6.80%
2 Rate of salary increase E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
Table 2 : Net Balance Sheet Position
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Development of Net Balance Sheet
A Position
1 Defined benefit obligation (DBO) (32,018.10) (32,911.50) (32,166.20)
2 Fair value of plan assets (FVA) 24,130.80 23,944.00 22,689.30
3 Funded status [surplus/(deficit)] (7,887.40) (8,967.60) (9,476.90)
4 Effect of Asset ceiling 0.00 0.00 0.00
5 Net defined benefit asset/ (liability) (7,887.40) (8,967.60) (9,476.90)
B Reconciliation P o of s N itie ot n Balance Sheet
1 Netdefinedbenefitasset/(liability)at
end of prior period (8,967.60) (9,476.90) (9,067.10)
2 Service cost (436.90) (1,689.80) (957.30)
3 Net interest on net defined benefit
liability/ (asset) (531.50) (564.10) (522.70)
4 Amount recognised in OCI (701.50) (736.90) (1,690.70)
5 Employer contributions 2,750.00 3,500.00 2,761.00
6 Benefit paid directly by the Company 0.00 0.00 0.00
7 Acquisitions credit/ (cost) 0.00 0.00 0.00
8 Divestitures 0.00 0.00 0.00
9 Cost of termination benefits 0.00 0.00 0.00
10 Netdefinedbenefitasset/(liability)at
end of current period (7,887.40) (8,967.60) (9,476.90)
C Assumptions MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 Discount Rate 6.60% 7.00% 7.30%
2 Rate of salary increase E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
Table 3: Changes in Benefit Obligations and Assets
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A Change in Defin (e Dd B B Oe )nefit Obligation
1 DBO at end of prior period 32,911.50 32,166.20 31,341.10
2 Current service cost 436.90 433.40 957.30
3 Interest cost on the DBO 2,154.70 2,207.50 2,002.20
4 Curtailment (credit)/ cost 0.00 0.00 0.00
5 Settlement (credit)/ cost 0.00 0.00 0.00
6 Past service cost - plan amendments 0.00 1,256.40 0.00
7 Acquisitions (credit)/ cost 0.00 0.00 0.00
8 Actuarial (gain)/loss - experience (19.40) 100.50 2,680.20
9 Actuarial (gain)/loss - demographic
assumptions 0.00 0.00 0.00
10 Actuarial (gain)/loss - financial
assumptions 795.10 601.90 (1,020.00)
11 Benefits paid directly by the Company 0.00 0.00 0.00
12 Benefits paid from plan assets (4,260.60) (3,854.30) (3,794.60)
13 DBO at end of current period 32,018.10 32,911.50 32,166.20
B Change in Fair Value of Assets
4091 Fairvalueofassets atendofprior
period 23,944.00 22,689.30 22,274.00
2 Acquisition adjustment 0.00 0.00 0.00
3 Interest income on plan assets 1,623.20 1,643.40 1,479.40
4 Employer contributions 2,750.00 3,500.00 2,761.00
5 Returnonplanassetsgreater/(lesser)
than discount rate 74.10 (34.40) (30.50)
6 Benefits paid (4,260.60) (3,854.30) (3,794.60)
7 F cua rir renV ta plu ere ioo dfassetsattheendof
24,130.80 23,944.00 22,689.30
Table 4: Additional Disclosure Information
(All amounts in ₹ Million, except as otherwise stated)
Sl. Particulars As at As at As at
No. March 31, 2025 March 31, 2024 March 31, 2023
A E yex ap re ec nte dd ingbenefitpayments forthe
1 March 31, 2026 3,703.52 March 31, 2025 3,886.20 March 31, 2024 3,435.40
2 March 31, 2027 3,757.00 March 31, 2026 3,726.80 March 31, 2025 3,763.40
3 March 31, 2028 3,693.30 March 31, 2027 3,802.90 March 31, 2026 3,636.20
4 March 31, 2029 3,424.80 March 31, 2028 3,751.90 March 31, 2027 3,723.00
5 March 31, 2030 3,165.10 March 31, 2029 3,447.00 March 31, 2028 3,659.80
6 March 31, 2031 to March 31, 2035 13,370.00 March 31, 2030 to 14,464.10 March 31, 2029 to 15,104.30
March 31, 2035 March 31, 2030
7 Beyond 10 years 23,757.60 Beyond 10 years 24,644.70 Beyond 10 years 24,234.60
B Expectedemployercontributionsfor 436.60 436.90 623.00
the period ending March 31
C W defe ii ng eh dte bd enefa iv t e or ba lg ige atiod nuration of 7 years 7 years 7 years
D A 31ccruedBenefitObligationatMarch 27,407.00 28,108.80 25,408.30
E PlanAssetInformationasatMarch
31
1 Government of India Securities (Central
and State) 0.00% 0.00% 0.00%
2 High quality corporate bonds (including
Public Sector Bonds) 0.00% 0.00% 0.00%
3 Equity shares of listed companies 0.00% 0.00% 0.00%
4 Property 0.00% 0.00% 0.00%
5 Cash (including Special Deposits) 0.00% 0.00% 0.00%
6 Schemes of insurance - conventional
products 100.00% 100.00% 100.00%
7 Schemes of insurance - ULIP products 0.00% 0.00% 0.00%
8 Other 0.00% 0.00% 0.00%
9 Total 100.00% 100.00% 100.00%
F CurrentandNon-CurrentLiability
Breakup as at March 31
1 Current Liability 3 ,587.00 3,756.90 3,316.50
2 Non-Current Liability 2 8,431.10 29,154.70 28,849.70
3 Liability as at March 31 3 2,018.10 32,911.50 32,166.20
Table 5: Sensitivity Analysis
(All amounts in ₹ Million, except as otherwise stated)
Sl. As at As at As at
No. Particulars March 31, 2025 March 31, 2024 March 31, 2023
DBO on base assumptions as at March
31 3 2,018.10 32,911.50 32,166.20
A Discount Rate
Discount Rate as at March 31 6.60% 7.00% 7.30%
1 EffectonDBOdueto0.5%increasein (987.70) (991.10) (960.80)
Discount Rate
Percentage Impact -3% -3% -3%
2 EffectonDBOdueto0.5%decreasein 1,052.70 1,054.30 1,020.00
Discount Rate
Percentage Impact 3% 3% 3%
B Salary Escalation Rate
Salary Escalation Rate as at March 31 E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
1 EffectonDBOdueto0.5%increasein 255.60 251.80 348.70
Salary Escalation Rate
Percentage Impact 1% 1% 1%
2 EffectonDBOdueto0.5%decreasein (274.00) (267.60) (374.70)
Salary Escalation Rate
Percentage Impact -1% -1% -1%
ii. Group Gratuity Assurance Scheme
CompanyhasadoptedtheEmployeesGroupGratuityAssuranceSchemewithLICofIndiaforitsemployeesandforwhich
aMOUhasalreadybeenenteredintowithLICintheyear2012-13.TomanagetheaforesaidScheme,anEmployees
GroupGratuityTrusthasbeenformedbyenteringintoaTrustDeedwiththeTrustees.BalancewithLICunderthesaid
Scheme is as follows:
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 OpeningBalanceatthebeginningof
the Year 2 4,396.50 22,833.40 22,274.00
2 Add: Investment during the Period/Year 4 ,257.60 3,500.00 2,761.00
3 Add: Interest earned during the
Period/Year 1 ,896.40 1,711.20 1,613.10
4 Less:NetPremiumchargedbyLICfor
the Period/Year 1 04.50 102.30 164.10
5 Less:GratuityFundreleasedbyLIC
during the Period/Year 6 ,222.30 3,545.80 3,650.60
6 Closing Balance at the end of the
Period/Year 2 4,223.70 24,396.50 22,833.40
iii. Actuarial Valuation of Leave Encashment Benefit as at March 31, 2025, 2024 & 2023
Table 1: Disclosure of Defined Benefit Cost
(All amounts in ₹ Million, except as otherwise stated)
410NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A Profit & Loss (P&L)
1 Current service cost 1,806.10 1,632.20 1,400.30
2 Past service cost - plan amendments 0.00 888.90 0.00
3 Curtailment cost / (credit) 0.00 0.00 0.00
4 Settlement cost / (credit) 0.00 0.00 0.00
5 Service cost 1,806.10 2,521.00 1,400.30
6 Net interest on net defined benefit
liability / (asset) 470.60 243.00 203.60
Immediaterecognitionof(gains)/losses
7 – other long term employee benefit (1,311.00) 630.20 205.60
8 Cost recognised in P&L 965.70 3,394.20 1,809.50
B O (Oth Ce Ir ) Comprehensive Income
1 Actuarial(gain)/loss due toDBO
experience (1,004.00) 335.40 723.60
2 Actuarial(gain)/loss due toDBO
assumption changes 307.10 220.60 (322.00)
3 Actuarial(gain)/lossarisingduring
period (696.90) 555.90 401.60
4 Returnonplanassets(greater)/less
than discount rate (614.10) 74.20 (196.00)
5 A inc Otu Car Iial(gains)/lossesrecognized
0.00 0.00 0.00
C Defined Benefit Cost
1 Service cost 1 ,806.10 2,521.00 1,400.30
2 Net interest on net defined benefit
liability / (asset) 470.60 243.00 203.60
3 Actuarial(gains)/lossesrecognizedin
OCI 0.00 0.00 0.00
Immediaterecognitionof(gains)/losses
4 – other long term employee benefit
plans (1,311.00) 630.20 205.60
5 Defined Benefit Cost 965.60 3394.20 1809.50
D Assumptions as at MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023 MarcA h s 3 a 1t , 2022
1 Discount Rate 7.00% 7.30% 6.80%
2 Rate of salary increase E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
Table 2: Net Balance Sheet Position
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Development of Net Balance Sheet
A Position
1 Defined benefit obligation (DBO) (9,232.70) (9,216.70) (7,663.90)
2 Fair value of plan assets (FVA) 1,544.70 2,494.40 4,335.70
3 Funded status [surplus/(deficit)] (7,688.00) (6,722.30) (3,328.20)
4 Effect of Asset ceiling 0.00 0.00 0.00
5 Net defined benefit asset/ (liability) (7,688.00) (6,722.30) (3,328.20)
B Reconciliation P o of s N itie ot n Balance Sheet
1 Netdefinedbenefitasset/(liability)at (6,722.30) (3,328.20) (4,468.70)
end of prior period
2 Service cost (1,806.10) (2,521.10) (1,400.30)
3 Net interest on net defined benefit (470.60) (243.00) (203.60)
liability/ (asset)
4 Actuarial (losses)/ gains 1,311.00 (630.20) (205.60)
5 Employer contributions 0.00 0.00 2,950.00
6 Benefit paid directly by the Company 0.00 0.00 0.00
7 Acquisitions credit/ (cost) 0.00 0.00 0.00
8 Divestitures 0.00 0.00 0.00
9 Cost of termination benefits 0.00 0.00 0.00
10 Netdefinedbenefitasset/(liability)at (7,688.00) (6,722.30) (3,328.20)
end of current period
C Assumptions MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 Discount Rate 6.60% 7.00% 7.30%
2 Rate of salary increase E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
Table 3: Changes in Benefit Obligations and Assets
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A Change in Defin (e Dd B B Oe )nefit Obligation
1 DBO at end of prior period 9,216.70 7,663.90 5,596.30
2 Current service cost 1,806.10 1,632.20 1,400.30
3 Interest cost on the DBO 586.40 486.10 376.80
4 Curtailment (credit)/ cost 0.00 0.00 0.00
5 Settlement (credit)/ cost 0.00 0.00 0.00
6 Past service cost - plan amendments 0.00 888.90 0.00
7 Acquisitions (credit)/ cost 0.00 0.00 0.00
8 Actuarial (gain)/loss - experience (1,004.00) 335.40 723.60
9 Actuarial (gain)/loss - demographic 0.00 0.00
assumptions 0.00
10 Actuarial (gain)/loss - financial 220.50 (322.00)
assumptions 307.10
11 Benefits paid directly by the Company 0.00 0.00 0.00
12 Benefits paid from plan assets (1,679.60) (2,010.20) (111.00)
13 DBO at end of current period 9,232.70 9,216.70 7,663.90
B Change in Fair Value of Assets
1 Fairvalueofassets atendofprior 2,494.40 4,335.70 1,127.60
period
2 Acquisition adjustment 0.00 0.00 0.00
3 Interest income on plan assets 115.80 243.10 173.20
4 Employer contributions 0.00 0.00 2,950.00
4115 Returnonplanassetsgreater/(lesser) 614.10 (74.20) 196.00
than discount rate
6 Benefits paid (1,679.60) (2,010.20) (111.00)
7 F cua rir renV ta plu ere ioo dfassetsattheendof 1,544.70 2,494.40 4,335.80
Table 4: Additional Disclosure Information
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A E yex ap re ec nte dd ingbenefitpayments forthe
1 March 31, 2026 873.90March 31, 2025 877.80March 31, 2024 658.90
2 March 31, 2027 868.30March 31, 2026 906.70March 31, 2025 761.00
3 March 31, 2028 849.10March 31, 2027 905.70March 31, 2026 790.40
4 March 31, 2029 891.20March 31, 2028 879.60March 31, 2027 776.50
5 March 31, 2030 784.70March 31, 2029 913.70March 31, 2028 743.70
6 March 31, 2031 to March 31, 2035 March 31, 2030 to March 31, 2029 to
3 ,467.10 March 31, 2035 3,715.60 March 31, 2030 3,274.10
7 Beyond 10 years 1 1,847.40 Beyond 10 years 11,730.50 Beyond 10 years 10,104.20
B Expectedemployercontributionsfor
the period ending March 31 1 ,877.50 1,806.10 1,516.30
C W defe ii ng eh dte bd enefa iv t e or ba lg ige atiod nuration of 9 years 9 years 9 years
D A 31ccruedBenefitObligationatMarch
5 ,703.90 5,810.50 4,825.70
E P 31lanAssetInformationasatMarch
1 Government of India Securities (Central
and State) 0% 0% 0%
2 High quality corporate bonds (including
Public Sector Bonds) 0% 0% 0%
3 Equity shares of listed companies 0% 0% 0%
4 Property 0% 0% 0%
5 Cash (including Special Deposits) 0% 0% 0%
6 Schemes of insurance - conventional
products 100% 100% 100%
7 Schemes of insurance - ULIP products 0% 0% 0%
8 Other 0% 0% 0%
9 Total 100% 100% 100%
F CurrentandNon-CurrentLiability
Breakup as at March 31
1 Current Liability 846.40 848.60 636.10
2 Non-Current Liability 8 ,386.30 8,368.10 7,027.80
3 Liability as at March 31 9 ,232.70 9,216.70 7,663.90
Table 5: Sensitivity Analysis
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
DBO on base assumptions as at March 9 ,232.70 9,216.70 7,663.90
31
A Discount Rate
Discount Rate as at March 31 6.60% 7.00% 7.30%
1 EffectonDBOdueto0.5%increasein (380.90) (362.00) (298.10)
Discount Rate
Percentage Impact -4% -4% -4%
2 EffectonDBOdueto0.5%decreasein 412.90 391.30 322.00
Discount Rate
Percentage Impact 4% 4% 4%
B Salary Escalation Rate
Salary Escalation Rate as at March 31 E N 6.x o 2e n 5c - %u Et xiv ee cs u t: i v9 e% s : E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%E Nx oe nc -u Et xiv ee cs u t: i v9 e% s : 6.25%
1 EffectonDBOdueto0.5%increasein 409.20 389.50 321.40
Salary Escalation Rate
Percentage Impact 4% 4% 4%
2 EffectonDBOdueto0.5%decreasein (381.30) (363.90) (300.40)
Salary Escalation Rate
Percentage Impact 4% 4% -4%
iv. Leave Encashment Funding
CoalIndiaBoardaccordeditsapprovalinthe322ndmeetingheldon13thNovember2015forfundingofLeave
EncashmentLiabilitywithLifeInsuranceCorporationofIndiaandIRDAIapprovedLifeInsuranceCompaniesintheratio
of70:30.SelectionofIRDAIapprovedLifeInsuranceCompaniesisunderprocessatCILlevel.Inthemeantime,all
subsidiariescompanieswereadvisedbyCILtoinitiatethefundingofLeaveEncashmentliabilitywithLICofIndiainNew
GroupLeaveEncashmentPlan.Accordingly,theCompanyhasstartedfundingintheBCCLEmployees’NewGroup
LeaveEncashmentPlanadoptingtheMasterProposalofLICnamely‘NewGroupLeaveEncashmentCashAccumulation
Scheme (UIN512N282V01)’. Balance with LIC under the said Scheme is as follows:
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 OpeningBalanceatthebeginningof
the Year 2 ,323.60 2,824.70 1,127.60
2
Add: Investment during the Period/Year 7 ,610.00 6,830.00 6,950.00
3 Add: Interest earned during the
Period/Year 1 69.50 178.50 155.60
4 Less:NetPremiumchargedbyLICfor
the Period/Year 9 .00 9.60 8.50
5 Less:GratuityFundreleasedbyLIC
during the Period/Year 8 ,550.00 7,500.00 5,400.00
6 Closing Balance at the end of the
Period/Year 1 ,544.10 2,323.60 2,824.70
v. Actuarial Valuation of Post-Retirement Medical Benefit as at March 31, 2025, 2024 & 2023
Table 1: Disclosure of Defined Benefit Cost
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
412A Profit & Loss (P&L)
1 Current service cost 150.90 152.50 166.80
2 Past service cost - plan amendments 0.00 0.00 0.00
3 Curtailment cost / (credit) 0.00 0.00 0.00
4 Settlement cost / (credit) 0.00 0.00 0.00
5 Service cost 150.90 152.50 166.80
6 Net interest on net defined benefit
liability / (asset) 223.10 251.80 273.40
Immediaterecognitionof(gains)/losses
7 – other long term employee benefit 0.00 0.00 0.00
8 Cost recognised in P&L 374.00 404.30 440.20
B Other Comp (Ore Che I n )sive Income
1 Actuarial(gain)/loss due toDBO
experience (261.00) (327.50) 582.20
2 Actuarial(gain)/loss due toDBO
assumption changes 359.10 253.10 (426.80)
3 Actuarial(gain)/lossarisingduring
period 98.00 (74.40) 155.40
4 Returnonplanassets(greater)/less
than discount rate (67.70) (39.10) (46.70)
5 A inc Otu Car Iial(gains)/lossesrecognized
30.30 (113.50) 108.70
C Defined Benefit Cost
1 Service cost 150.90 152.50 166.80
2 Net interest on net defined benefit
liability / (asset) 223.10 251.80 273.40
3 Actuarial(gains)/lossesrecognizedin
OCI 30.30 (113.50) 108.70
Immediaterecognitionof(gains)/losses
4 – other long term employee benefit
plans 0.00 0.00 0.00
5 Defined Benefit Cost 404.30 290.80 548.90
As at As at As at
D Assumptions as at March 31, 2024 March 31, 2023 March 31, 2022
1 Discount Rate 7.00% 7.30% 6.80%
2 Medical Inflation Rate 0.00% 0.00% 0.00%
Table 2: Net Balance Sheet Position
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
Development of Net Balance Sheet
A Position
1 Defined benefit obligation (DBO) (8,104.40) (7,586.00) (7,058.80)
2 Fair value of plan assets (FVA) 4,788.30 4,122.40 3,332.30
3 Funded status [surplus/(deficit)] (3,316.10) (3,463.60) (3,726.50)
4 Effect of Asset ceiling 0.00 0.00 0.00
5 Net defined benefit asset/ (liability) (3,316.10) (3,463.60) (3,726.50)
B Reconciliation P o of s N itie ot n Balance Sheet
1 Netdefinedbenefitasset/(liability)at
end of prior period (3,463.60) (3,726.50) (4,864.40)
2 Service cost (150.90) (152.50) (166.80)
3 Net interest on net defined benefit
liability/ (asset) (223.10) (251.80) (273.40)
4 Amount recognised in OCI (30.30) 113.50 (108.70)
5 Employer contributions 551.80 553.70 1,686.70
6 Benefit paid directly by the Company 0.00 0.00 0.00
7 Acquisitions credit/ (cost) 0.00 0.00 0.00
8 Divestitures 0.00 0.00 0.00
9 Cost of termination benefits 0.00 0.00 0.00
10 Netdefinedbenefitasset/(liability)at
end of current period (3,316.10) (3,463.60) (3,726.60)
C Assumptions MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 Discount Rate 6.60% 7.00% 7.30%
2 Medical Inflation Rate 0.00% 0.00% 0.00%
Table 3: Changes in Benefit Obligations and Assets
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A Change in Defin (e Dd B B Oe )nefit Obligation
1 DBO at end of prior period 7,586.00 7,058.80 7,044.90
2 Current service cost 150.90 152.50 166.80
3 Interest cost on the DBO 522.20 513.00 453.20
4 Curtailment (credit)/ cost 0.00 0.00 0.00
5 Settlement (credit)/ cost 0.00 0.00 0.00
6 Past service cost - plan amendments 0.00 0.00 0.00
7 Acquisitions (credit)/ cost 0.00 0.00 0.00
8 Actuarial (gain)/loss - experience (261.00) (327.50) 582.20
9 Actuarial (gain)/loss - demographic
assumptions 0.00 0.00 0.00
10 Actuarial (gain)/loss - financial
assumptions 359.10 253.10 (426.80)
11 Benefits paid directly by the Company 0.00 0.00 0.00
12 Benefits paid from plan assets (252.70) (63.80) (761.40)
13 DBO at end of current period 8,104.40 7,586.00 7,058.80
B Change in Fair Value of Assets
1 Fairvalueofassets atendofprior
period 4,122.40 3,332.30 2,180.50
2 Acquisition adjustment 0.00 0.00 0.00
3 Interest income on plan assets 299.00 261.10 179.70
4 Employer contributions 551.80 553.70 1,686.70
5 Returnonplanassetsgreater/(lesser)
than discount rate 67.70 39.10 46.70
6 Benefits paid (252.70) (63.80) (761.40)
7 F cua rir renV ta plu ere ioo dfassetsattheendof
4,788.30 4,122.40 3,332.20
Table 4: Additional Disclosure Information
413(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
A E yex ap re ec nte dd ingbenefitpayments forthe
1 March 31, 2026 4 16.60 March 31, 2025 380.30 March 31, 2024 336.70
2 March 31, 2027 4 56.60 March 31, 2026 422.90 March 31, 2025 379.60
3 March 31, 2028 4 93.80 March 31, 2027 461.40 March 31, 2026 420.80
4 March 31, 2029 5 25.90 March 31, 2028 497.30 March 31, 2027 458.10
5 March 31, 2030 5 53.50 March 31, 2029 528.50 March 31, 2028 492.50
6 March 31, 2031 to March 31, 2035 March 31, 2030 to 2,965.60 March 31, 2029 to 2,830.80
3 ,049.60 March 31, 2035 March 31, 2030
7 Beyond 10 years 1 5,075.70 Beyond 10 years 15,328.70 Beyond 10 years 15,405.80
B Weighted average duration of 12 years 12 years 12 years
defined benefit obligation
C AccruedBenefitObligationatMarch 8 ,104.40 7,586.00 7,058.80
31
Table 5: Sensitivity Analysis
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
DBO on base assumptions as at March
31 8 ,104.40 7,586.00 7,058.80
A Discount Rate
Discount Rate as at March 31 6.60% 7.00% 7.30%
1 EffectonDBOdueto0.5%increasein (444.60) (414.10) (387.90)
Discount Rate
Percentage Impact -5% -5% -5%
2 EffectonDBOdueto0.5%decreasein 489.80 455.70 426.80
Discount Rate
Percentage Impact 6% 6% 6%
vi. Post-Retirement Medical Benefit Funding
The status of fund is as follows:
(All amounts in ₹ Million, except as otherwise stated)
NS ol. . Particulars MarcA h s 3 a 1t , 2025 MarcA h s 3 a 1t , 2024 MarcA h s 3 a 1t , 2023
1 OpeningBalanceatthebeginningof
the Year 4 ,593.40 3,720.40 2,180.50
2
Add: Investment during the Period/Year 7 8.10 553.70 1,686.70
3 Add: Interest earned during the
Period/Year 3 66.80 319.30 228.90
4 Less:NetPremiumchargedbyLICfor
the Period/Year 0.00 0.00 0.00
5 Less:GratuityFundreleasedbyLIC
during the Period/Year 2 50.00 0.00 375.70
6 Closing Balance at the end of the
Period/Year 4 ,788.30 4,593.40 3,720.40
6 Other Matters
a) Segment Reporting:
The company is primarily engaged in a single segment business of production and sale of Coal.
b) Earnings per Share (Ind AS-33)-Statement of Profit & Loss
(₹ in Millions /Shares in numbers)
Particulars F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 5s F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 4s For M T ah re c hY 3e 1a ,r 2 E 02n 5ded For M T ah re c hY 3e 1a ,r 2 E 02n 4ded For M T ah re c hY 3e 1a ,r 2 E 02n 3ded
Net profit after tax attributable to Equity Share Holders 1 ,238.80 7 ,487.00 1 2,401.90 1 5,644.60 6 ,647.80
Weighted Average no. of Equity Shares Outstanding* 4 ,657,000,000 4 ,657,000,000 4 ,657,000,000 4 ,657,000,000 4 ,657,000,000
BasicandDilutedEarningsperShareinRupees(₹)(Facevalue
₹10) [Refer footnote 7.1.5 regarding splitting of shares] 0.27 1.61 2.66 3.36 1.43
*Subsequenttothereportingperiod,theCompanyeffectedasharesplitonApril15,2025,wherebyeachequityshareoffacevalue₹1,000wassplitinto100equitysharesoffacevalue₹10each
[referfootnote7.1.5].Inaccordancewithparagraph64ofIndAS33–EarningsPerShare,thenumberofequitysharesusedinthecomputationofbasicanddilutedEPSforalltheperiods
presented has been retrospectively adjusted to reflect the impact of this share split, as if the split had occurred at the beginning of the earliest reporting period presented.
c) Insurance and escalation claims
Insurance and escalation claims are accounted for on the basis of admission/final settlement.
d) Current Assets, Loans and Advances etc.
The value on realisation on current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Restated Statement of Assets and Liabilities.
e) Current Liabilities
Estimated liability has been provided where actual liability could not be measured.
f) Balance Confirmation
TheCompanyhasaprocedureforobtainingperiodicconfirmationofbalancesfrombanks.Therearenounconfirmedbalancesinrespectofbankaccountsandborrowingsfrombanks&financialinstitutions.Withregard
tootherparties,reconciliationsaremadeandthebalanceconfirmationletters/emailsarealsosentonaperiodicbasis.Someofsuchbalancesaresubjecttoconfirmation/reconciliation.Adjustments,ifanywillbe
accounted for on confirmation/reconciliation of the same, and are not anticipated to materially affect the results.
g) Other Securities received by the Company
The Company is in possession of following fund based/non-fund-based security received from suppliers/contractors/customers, etc. which has not been accounted for.
(All amounts in ₹ Million, except as otherwise stated)
Sl. No. Nature of Security As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
1 Bank Guarantee 1 7,703.10 1 6,278.50 1 6,296.30 1 5,753.00 1 2,063.70
2 Letter of Credit 6 17.50 6 17.50 6 17.50 6 17.50 5 65.00
3 NSC 2 .20 2 .20 2 .20 2 .20 2 .20
4 FDR/TDR 1 13.90 1 42.00 1 22.60 2 16.70 6 6.50
h) AContractwasawardedtoM/sAMR-BBBConsortiumfor“DevelopmentofKapuriaBlockandextractionofcoalfromKapuriaBlockbymassproductiontechnologypackageforaminimumguaranteedproduction
of2.0MTYonturnkeybasis”inApril2012.ThesaidcontractwascancelledonJanuary21,2021andtwoPerformanceBankGuaranteesvaluing₹347.90MillionsofM/sAMRBBBConsortiumhasbeenencashedby
BCCL.TheCompanyhadanoutstandingCapitalAdvanceof₹377.60MillionswhichhasbeenadjustedagainsttheseencashedBankGuaranteesandbalanceof₹29.70MillionshasbeenshownasDepositwithCourts
inthebooksofaccounts.AnArbitrationTribunalhasbeenconstitutedbytheorderofHighCourt,wheretheproceedingsofthecasearepresentlybeingcarriedout.AsperthedirectionofDelhiHighCourtvideitsorder
datedJanuary27,2021,theremainingtwoBankGuaranteesamountingto₹191.90MillionswereencashedbytheBankandwasdepositedwiththeRegistrarofDelhiHighCourt.AmountpaidforDPR₹65.00
Millions as appearing under the head “Development” (CWIP Note – 3.2) of WJ Area will be adjusted after the final verdict of the arbitration proceedings.
414i) TheCompany(BCCL,KolkataOffice)hasfiledacivilsuitintheHighCourtatKolkata(G.A.No.2797of2013/C.S.No.11of2013)againstM/sTurnerMorrisonLimited,Kolkatafor(i)adeclarationthatthe
Companyisthelawfulowneroftheitspresentofficepremisesat6,LyonsRange,Kolkata-700001,(ii)adeclarationthattherewasnorelationshipasthelandlordandthetenantbetweenthemand(iii)adecreeof₹
1877.40MillionswithinterestagainsttheRentetc.alreadypaidbytheCompanytoM/sTurnerMorrisonLimited,Kolkata.Further,asperthedirectionofHon'bleHighCourt,anamountof₹104.30Millionsinsix
months ended September 30, 2025, ₹ 99.60 Millions in FY 2024-25, ₹ 97.20 Millions in FY 2023-24 and ₹ 90.20 Millions in FY 2022-23 has been deposited with the court.
j) Balances of Erstwhile Kustore Area
LiabilitiesoferstwhileKustoreArea,appearingintheauditedfinancialstatementsofPBArea,areunderexamination/investigation.Similarly,‘Advances,Deposits&Claimsetc.’oferstwhileKustoreAreaarealso
under verification/scrutiny. Based on the outcome of the examination / investigation / verification / scrutiny, ‘Liabilities’ will be written back or paid and similarly Advances etc. will be adjusted or written off.
k) Physical Verification of Assets of Erstwhile Kustore Area merged with P.B. Area
InviewoftheobservationoftheAuditandassurancegiventhereonbytheManagement,thejobofPhysicalverificationofAssetsofcollieries/unitsoferstwhileKustoreAreamergedwithPBAreaandtheir
reconciliationwithAssetRegister/PlantCardetc.wasassignedtoafirmofCharteredAccountantduring2015-16.ThefirmreportedbasedonphysicalverificationthattheGrossBlockhasbeenoverstatedby₹96.30
Millionsandprovisionfordepreciationisunder-chargedby₹160.60Millionsinfinancialstatementsasondateofmerger.Butithasbeenrecommendedbythefirmthat‘underthereportedlimitations,havinginfluence
onthegrossvalue,depreciationandnetvalueofphysicallyexistingAssets(derived),thereisnooptionbuttoconsidertheauditedfiguresofgrossvalue,depreciationandnetvalueappearinginfinancialstatementsas
assets physically existing. Management has accepted the aforesaid recommendation.
l) Possession of Parbatpur (Central) Coal Mine
AllocationofParbatpur(Central)CoalMine(Bokaro)in2006byGovernmentofIndia(GOI)toElectrosteelCastingLimitedstoodde-allocatedw.e.f.March31,2015andthereafterGovt.ofIndia(GOI)assignedthe
saidminetothedesignatedCustodiani.e.‘Chairman,CIL’intermsoftheprovisionsoftheCoalMines(SpecialProvisions)SecondOrdinance,2014(DONo.13016/36/2015-CA-IIIdatedMarch31,2015issuedbythe
JointSecretaryMOC).ChairmanCIL,inturn,authorized‘CMD,BCCL’toactonhisbehalf(CIL/CH/CUSTODIAN/27/1608datedMarch31,2015).Accordingly,Parbatpur(Central)CoalMinewasplacedunderthe
administrative control of Eastern Jharia Area (Dhanbad) of the Company (Office Order No. the Company: CS: F-17(A):138 dated April 03, 2015 issued by Company Secretary the Company).
Now,videOfficeMemorandumNo.13016/77/2015-CA-IIIdatedOctober06,2015ofGOI,MOC,Parbatpur(Central)CoalMinehasbeenallottedtoM/sSAILandtheDesignatedCustodianieChairman,CILhasbeen
advisedtohandoverpossessionoftheminetoSAIL.Accordingly,ithasbeenhandedovertoSAILasconfirmedbyGM,EasternJhariaAreavidehisLetterNo.BCCL/GM/EJA/2016/1429datedJuly28,2016enclosing
therewithchargehand-overandtake-overreport.Further,theCompanyhasspent₹50.80MillionsuptoJuly28,2016(Powerbill₹40.40Millions,Repair&Maintenanceandothers₹10.40Millions)onmaintainingthe
possession of the mine as custodian which has been booked as ‘Receivable’ in the Restated Financial Information. The amount is adjustable from the sale proceeds from the coal stock lying at the mine.
It is updated that as against BCCL claim of ₹ 50.80 Millions, SAIL has also claimed ₹ 170.00 Millions towards de-watering of mine, etc. which was not reasonably accepted by BCCL Management.
Again,GovernmentofIndiahasappointedtheChairman,CILtomanageandoperateParbatpur-CentralCoalminevidenotificationintheGazetteofIndia(F.No.CBA2-13016/1/2018-CBA2datedFebruary13,2020).
Chairman,CILauthorizedtheCMD,BCCLtotakeappropriateactionasperrelevantprovisionsofCoalMines(SpecialProvisions)Act,2015asamendedbyMineralLaws(Amendment)Ordinance2020andtherules
made thereunder, to manage and operate the said mine.
Accordingly,Parbatpur(Central)CoalMinewasplacedundertheadministrativecontrolofEasternJhariaArea(Dhanbad)oftheCompanyandGM(EJArea),BCCLisauthorizedtotakeoverthepossessionofthe
Parbatpur-Central Coal Mine and to manage and operate with immediate effect. (Authorization letter No: BCCL/D(T)P&P/F-83(B)/2020/45 dated March 03, 2020 issued by Director (Tech.) P&P of the Company).
Fromthedateofsecondtimetakeoverpossessionofthemineascustodian,theCompanyhasspent₹350.50Millions(Total₹401.30millionsinceJuly28,2016)onmaintainingthemineascustodianwhichhasbeen
booked as ‘Receivable’ in the Restated Financial Information. The Parbatpur-Central Coal Mine has been handed over to M/s JSW Steel w.e.f. July 31, 2023.
m) Fund under Master Plan
TheCompanyreceivesfundfromCoalIndiaLimitedagainstMasterPlanfordealingwithfireandrehabilitationofpersonsdwellingincoalbearing/fireaffectedareaoftheCompany.TheCompanyistheimplementing
agencyforfireprojectsandrehabilitationofpersonsdwellingintheCompanyhouses.JhariaRehabilitation&DevelopmentAuthority(JRDA)istheimplementingagencyforrehabilitationofpersonsdwellinginnon-
BCCLhouses,forwhichtheCompanyactsasanodalagency.FundreceivedasnodalagencyisadvancedtoJRDAandsuchAdvance(shownunderOtherCurrentAssetsinNote-6.2)aswellastherelevantFund,both
areadjustedonthebasisofutilizationstatementsubmittedbyJRDA.ThereisanAdvanceof₹676.10MillionsasatSeptember30,2025andMarch31,2025(₹1112.10MillionsasatMarch31,2024and₹1112.10
Millions as at March 31, 2023) to JRDA awaiting utilization certificate for their adjustment.
Position of Unutilized Fund under Master Plan is shown hereunder:
(All amounts in ₹ Million, except as otherwise stated)
Particulars As at As at As at As at As at
September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023
Opening balance of unutilized fund under Master Plan at the beginning of the year 6 82.60 1 ,383.10 1 ,383.10 1 ,438.90 4 ,645.70
Fund Received during the year 2 ,500.00 3 8.40 3 8.40 0.00 6 3.70
Utilization /adjustment during the year ( 53.30) ( 10.00) ( 738.90) ( 55.80) ( 3,270.50)
Closing balance of unutilized fund 3 ,129.30 1 ,411.50 6 82.60 1 ,383.10 1 ,438.90
n) Revenue from Contracts with Customers (Ind AS-115)
i. Other claims are accounted for when there is certainty of realization. Accordingly, in the matter of Rent receivable from the tenants, revenue is accounted for on cash basis.
ii. Refund / Adjustment together with interest thereon from Tax Authorities are accounted for on the basis of final assessment / refund.
iii. Recovery of the liquidated damages and penalties are accounted for on the basis of final settlement.
iv. Disaggregated Revenue information:
The table below presents disaggregated revenues from contract with customers’ information as per requirement of Ind AS 115, Revenue from Contract with Customer for revenue from sale of coal & others:
(All amounts in ₹ Million, except as otherwise stated)
Particulars F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 5s F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 4s For M T ah re c hY 3e 1a ,r 2 E 02n 5ded For M T ah re c hY 3e 1a ,r 2 E 02n 4ded For M T ah re c hY 3e 1a ,r 2 E 02n 3ded
Types of goods or service
Coal 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
Others 0.00 0.00 0.00 0.00 0.00
Total 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
Types of Customers
Power sector 3 8,318.80 3 9,682.40 9 2,902.70 8 9,661.40 8 0,930.90
Non-Power sector 1 4,284.10 2 4,004.30 3 7,929.90 4 1,949.60 4 2,560.50
Others or Services 0.00 0.00 0.00 0.00 0.00
Total 5 2,602.90 6 3,686.70 1 30,832.60 1 31,611.00 1 23,491.40
Types of Contract
FSA 3 5,543.50 3 9,451.40 9 1,948.70 9 2,043.00 8 9,822.40
E Auction 2 ,957.10 3 ,965.10 7 ,163.80 1 1,403.30 1 5,531.10
Others 1 4,102.30 2 0,270.30 3 1,720.10 2 8,164.70 1 8,137.90
Total 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
Timing of goods or service
Goods/Service transferred at a point in time 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
Total 5 2,602.90 6 3,686.80 1 30,832.60 1 31,611.00 1 23,491.40
v. Information about major customers (contributing more than 10% of Sales / Revenue from Operations):
For The Six Months Ended For The Six Months Ended
September 30, 2025 September 30, 2025
Name of the Customer Contribution to
(₹ MSa ill le is o ns) % of Sales R Oev pe en ru ae t if or no sm % of O R pe ev re an tiu oe n sfrom
(₹ Millions)
Damodar Valley Corporation (DVC) 1 4,237.81 18.99% 1 5,294.74 27.03%
Uttar Pradesh Rajya Vidyut Utpadan 8 ,239.76 10.99% 8 ,712.88 15.40%
Nigam Limited (UPRVUNL)
Steel Authority of India Limited (SAIL) 7 ,272.32 9.70% 7 ,992.00 14.12%
For The Six Months Ended For The Six Months Ended
September 30, 2024 September 30, 2024
Name of the Customer
415Name of the Customer Contribution to
(₹ MSa ill le is o ns) % of Sales R Oev pe en ru ae t if or no sm % of O R pe ev re an tiu oe n sfrom
(₹ Millions)
Damodar Valley Corporation (DVC) 1 5,187.63 18.00% 1 6,356.50 23.89%
Steel Authority of India Limited (SAIL) 1 1,054.93 13.11% 1 1,875.49 17.35%
Uttar Pradesh Rajya Vidyut Utpadan 7 ,880.95 9.34% 8 ,332.77 12.17%
Nigam Limited (UPRVUNL)
For The Year Ended For The Year Ended
March 31, 2025 March 31, 2025
Name of the Customer Contribution to
(₹ MSa ill le is o ns) % of Sales R Oev pe en ru ae t if or no sm % of O R pe ev re an tiu oe n sfrom
(₹ Millions)
Damodar Valley Corporation (DVC) 5 1,294.20 29.39% 3 7,086.21 26.87%
Steel Authority of India Limited (SAIL) 2 4,328.40 13.94% 2 1,767.01 15.77%
Uttar Pradesh Rajya Vidyut Utpadan 2 1,769.60 12.48% 1 6,279.12 11.79%
Nigam Limited (UPRVUNL)
National Thermal Power Corporation 2 1,294.70 12.20% 1 8,346.65 13.29%
(NTPC)
For The Year Ended For The Year Ended
March 31, 2024 March 31, 2024
Name of the Customer Contribution to
(₹ MSa ill le is o ns) % of Sales R Oev pe en ru ae t if or no sm % of O R pe ev re an tiu oe n sfrom
(₹ Millions)
Damodar Valley Corporation (DVC) 5 1,294.20 29.23% 3 9,662.99 27.84%
Steel Authority of India Limited (SAIL) 2 4,328.40 13.87% 2 3,285.55 16.35%
National Thermal Power Corporation 2 1,769.60 12.41% 1 9,106.98 13.41%
(NTPC)
For The Year Ended For The Year Ended
March 31, 2023 March 31, 2023
Name of the Customer Contribution to
(₹ MSa ill le is o ns) % of Sales R Oev pe en ru ae t if or no sm % of O R pe ev re an tiu oe n sfrom
(₹ Millions)
Damodar Valley Corporation (DVC) 5 1,294.20 31.37% 3 1,813.03 25.20%
Steel Authority of India Limited (SAIL) 2 4,328.40 14.88% 1 9,325.08 15.31%
National Thermal Power Corporation 2 1,769.60 13.31% 1 6,913.51 13.40%
(NTPC)
vi. InSeptember2022,CCO,directedallCoalcompanies,exceptthosewhohavealreadyexecutedescrowagreementsaspertheofficememorandumofMay2020,torevisethemine-wiseannualclosurecost.Also,the
mineownerhadtosubmittherevisedmineclosurecostscheduleandexecutetheamendedEscrowagreementattheearliest.InBCCL,thereare65existingEscrowaccounts,butduetoamalgamationofseveralold
mines,thepresentnumberofEscrowaccountsremainsas49.Outof49Escrowaccounts,18EscrowaccountshavebeenrevisedaspertheofficememorandumofMay2020.Theremaining31Escrowaccountsareyet
to be revised.
Inthemeanwhile,therevisedguidelinesforpreparationofminingplanandmineclosureplanforcoalandligniteblocks2025wereissuedonJanuary31,2025,wherebyalltheescrowaccountsaretoberevisedwithin
oneyearaftercomingintoforceoftheseguidelinesi.e.January31,2026.Inthisregard,theestimatedliabilityforrevisingthemine-wiseannualclosurecosthasbeenaccountedforinthefinancialstatementsfortheyear
ended March 31, 2025 (refer Note 9.1).
o) Financial Parameters:
Sr No Description F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 5s F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 4s For M T ah re c hY 3e 1a ,r 2 E 02n 5ded For M T ah re c hY 3e 1a ,r 2 E 02n 4ded For M T ah re c hY 3e 1a ,r 2 E 02n 3ded
EBITDA as a
1 percentage of Total 7.29% 19.37% 16.36% 17.02% 6.85%
Income
EBITDAasapercentageofTotalIncomereferstothepercentagederivedbydividingEBITDAbytotalincomewhereEBITDAiscalculatedasrestatedprofit/(loss)fortheperiod/year,plus
finance costs, total taxes, and depreciation and amortisation expense.
2 PAT as a percentage 1.96% 10.56% 8.61% 10.68% 5.11%
of Total Income
Profit After Tax (PAT) as a percentage of Total Income refers to the percentage derived by dividing profit after tax by total income.
Return on average
3 capital employed 8.56% 41.43% 30.13% 47.20% 16.56%
(ROCE)
Returnonaveragecapitalemployed(ROCE)referstotheEBITdividedbyaveragecapitalemployedfortheyear/period.EBITmeansrestatedprofit/(loss)fortheperiod/year,plusfinance
costsandtotaltaxes.Capitalemployedisthetotalequityattributabletoequity-holdersofthecompany,asappearingintheRestatedFinancialInformationplusnon-currentborrowings.Average
capital employed is the sum of opening and closing capital employed divided by two. [Annualized for six months ended September 30, 2025 and 2024.]
4 Return on Net Worth 4.00% 26.24% 20.83% 34.21% 19.22%
ReturnonNetWorthiscalculatedasrestatedprofit/(loss)fortheperiod/yeardividedbyaveragenetworth.NetWorthisthetotalequityattributabletoequity-holdersofthecompany,as
appearingintheRestatedFinancialInformationlessOCI-Re-measurementofDefinedBenefitsPlans(netofTax)Reserve.Averagenetworthisthesumofopeningandclosingnetworth
divided by two. [Annualized for six months ended September 30, 2025 and 2024.]
Trade receivables as
5 number of days of 60 28 40 25 36
Revenue from
operations
TradereceivablesasnumberofdaysofRevenuefromoperationsreferstoTradeReceivablesonthereportingdate(excludingunbilledreceivables)asappearingintheRestatedFinancial
Information divided by Revenue from operations multiplied by number of days in the financial year.
6 Current ratio 1.00 1.19 1.19 1.21 0.96
Current ratio has been calculated as current assets divided by current liabilities as at the end of the financial year.
Net asset value (NAV)
7 per equity share 12.52 13.01 14.07 11.50 8.14
[Face Value ₹10/-
each]
Netassetvalue(NAV)perequitysharereferstoNetworthasattheendoftheyear/perioddividedbynumberofequitysharesoutstandingattheendofthefinancialyear.NetWorthisthetotal
equity attributable to equity-holders of the company, as appearing in the Restated Financial Information less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve.
Earning Per Shares
8 (EPS) [Face Value 0.27 1.61 2.66 3.36 1.43
₹10/- each]
Earningspershare(EPS)equalsprofitfortheyearattributabletotheshareholdersofthecompanydividedbytheWeightedaveragenumberofEquitySharesoutstandingduringtheyear.Since
there is no dilutive capital, Basic and Diluted EPS would be same. [Not Annualized for six months ended September 30, 2025 and 2024.]
p) Events Occurring after the Reporting Period (Ind AS 10) / Subsequent Events
No adjusting or non-adjusting events occurred after the reporting period.
q) Change in Capital Structure
There is no movement in the equity share capital held by Coal India Limited (100%) during the six months ended September 30, 2025, 2024 and the year ended March 31, 2025, March 31, 2024 and March 31, 2023.
416r)TheJharkhandHighwaysFee(DeterminationofRatesandCollection)AmendmentRules,2021notifiedvidegazettenotificationdated26October,2021statesthattheStatemayprovideforaschemeforpaymentof
compositionuserfeepayablebyallsuchmechanicalvehicles,foruseofanystateroadsorpartthereoforcommutinginminingareasasthecasemaybe.Thecompositionuserfee(CUF)maybebasedonthe“toandfro”
basis.Suchuserfeeshallbe₹600/-foreachway.Tilldate,nosuchschemehasbeennotifiedinthegazette.However,DirectorMinesvideitsletterNo.2089dated28December,2021hascommunicatedpaymentof
CUF through JIMS Portal.
TheprimeresponsibilitytowardsthepaymentofsaidCUFisonthetransporter.SaleintheCompanyisbeingeffectedthroughauction,RCR,RailandRoadmode.InRailmode,coalisbeingtransportedtorailway
sidingthroughhiredvehiclesandaspertheapplicablecontract,theCUFbeingthetaxwillbereimbursedonitsclaimbytherespectivecontractor.ThematteroflevyofCUFissub-judicebeforetheHon’bleJharkhand
High Court on account of petition filed by transporters and further there is no claim for the same from any transporter / contractor.
TheCompanyiscollectingthesamefromcustomersandthesameisbeingshownasOtherFinancialLiability(Current).Thetotalamountbilled/accountedtillSeptember30,2025is₹7202.10millions,tillMarch31,
2025is₹6109.20millions,uptoMarch31,2024is₹3620.80millionsanduptoMarch31,2023is₹0.00millions.Also,₹102.70MillionshasbeenpaidtothestateexchequerasCUFadvance.Theamountbeing
billedandcollectedforthesaidCUFremainswiththeCompany,aspresentlythereisnoclaimfromcontractor.Thematterwhichwassub-judicehasbeendecideduponbytheHon'bleHighCourtofJharkhandwhereby
thecourthasstuckdownthelevyofCompositionUserFeesvideitsorderdatedSeptember24,2025.Inviewofabove,theotheraspectsofthesaidtransactionsuchaspaymentofCUFtotransporter/refundofCUFto
the customers / the adjustment of collected CUF with other dues including the matter of interest thereon will be decided upon by the management based on the court's verdict.
s) Benami Property : No proceedings have been initiated or pending against the Company under the Benami Transactions (Prohibition) Act,1988.
t) Returns or statements filled with banks or financial institutions : The quarterly returns / statement of current assets filed by the Company with banks / financial institutions are generally in agreement with the books
of accounts.
u) Wilful Defaulter : Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.
v) Relationship with Struck off Companies : Company has not undertaken any material transactions with struck-off companies.
w) Registration of charges or satisfaction with Registrar of Companies : No charges or satisfaction is pending for registration with Registrar of Companies beyond the statutory period by the Company.
x)Compliancewithnumberoflayersofcompanies:Theprovisionsofclause(87)ofsection2oftheActreadwiththeCompanies(RestrictiononnumberofLayers)Rules,2017arenotapplicabletotheCompanyas
per Section 2(45) of the Companies Act, 2013.
y) Compliance with approved Scheme(s) of Arrangements : There were no scheme of Arrangements approved by the competent authority during the year in terms of sections 230 to 237 of the Companies Act,2013.
z)UtilisationofBorrowedfundsandsharepremium:(A)Companyhasnotadvancedorloanedorinvestedanyfundtoanyentity(Intermediaries)withtheunderstandingthattheIntermediaryshalllendorinvestin
partyidentifiedbyoronbehalfoftheCompany(UltimateBeneficiaries).(B)CompanyhasnotreceivedanyfundfromanypartywiththeunderstandingthattheCompanyshallwhether,directlyorindirectlylendorinvest
in other entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
aa) Crypto Currency or Virtual Currency : Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
ab)UndisclosedIncome:Companydoesnothaveanytransactionwhichisnotrecordedinthebooksofaccountsthathasbeensurrenderedordisclosedasincomeduringtheyearinthetaxassessmentsunderthe
Income Tax Act, 1961.
7 Part A: Non-adjusting events
(a) Audit qualifications for the respective period/years, which do not require any adjustment in the Restated Financial Information:
Therearenoauditqualificationinauditor'sreportforthefinancialyearsendedMarch31,2025,March31,2024andMarch31,2023andtheauditor'sreviewreportforthesixmonthsendedSeptember30,2025and
September 30, 2024 which require adjustments.
(b) Emphasis of matters which do not require any adjustment in the Restated Financial Information:
For the year ended March 31, 2025:
We draw attention to the following notes/matters to the Financial Statements:
(a)Balancesundertradereceivables,tradepayables,loans&advancesandothercurrentassets/liabilitiesasontheBalanceSheetdate,havenotbeenconfirmedasyetandreconciliationwithrespectiveledgerbalances
are pending, the consequential impact thereof, if any in the financial statements, are not ascertainable (Refer Note No. 4.3, 8.3, 4.2).
(b)Theaccumulatedamountofinputtaxcreditof₹17507.80Million,representstheGSTpaidoninputmaterials/servicesthatcanbeutilizedagainsttheGSTonoutput.GSTliabilityoncoalsalesis5%whereasthe
inputsarebeingtaxedat18%andGSTInputtaxcreditgettingaccumulatedat13%.Thisaccumulationhasoccurredduetoinvertedtaxstructure.UtilizationofaccumulatedITCwhichhasbeenavailedincompliance
withvariousGSTprovisionscanbeutilizedinthefuturewithoutanytimelimit.Theamountisnotrefundableintermsofnotificationsissuedinthisrespectandisthereforeavailableonlyforutilizationagainstoutputtax
in future. Consequential impact and adjustments thereof and pending determination of amount as such cannot be commented upon by us (Refer Note No. 6.2).
Our opinion is not modified in respect of the above matters.
For the year ended March 31, 2024:
We draw attention to the following :-
Pending confirmation/ reconciliation of certain balances under Trade Receivables, the consequential impact thereof, if any on the financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.
For the year ended March 31, 2023 :
We draw attention to the following :-
Pending confirmation/ reconciliation of certain balances under Trade Receivables, the consequential impact thereof, if any on the financial statements are not ascertainable.
Our opinion is not modified in respect of the above matters.
(c) Matters reported with respect to Other Legal and Regulatory Requirements which do not require any adjustment in the Restated Financial Information:
For the year ended March 31, 2025:
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure II to Auditor’s Report):
(i)(c)AccordingtotheinformationandexplanationsgiventousandonthebasisofourexaminationoftherecordsoftheCompany,thetitledeedsofalltheimmovableproperties(otherthanpropertieswherethecompany
is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the restated financial information are held in the name of the Company except in the following cases: -
Description of property Gro (s is n c ₹a Mrr iy li ln iog n v s)alue Held in Name of rW ed lah i tre iet vh c ee t o or r rp o er r mo m t ph lo e ot i yre e r e, Perio r ad a pn h pge rel o,d pw – rh i i aen trd eei cate Reason for not being held in name of the Company
417Outofthetotallandof16390.45HaheldinthepossessionofBCCL,
divertedforestlandis334.39Haandfreeholdlandis16056.06Hawhich
incudes9945.88Haoflandisunderthecategoryofvestedlandthrough
CokingCoalMines/CoalMinesNationalisationAct,1972and1973;
1090.17HaoflandisrelatedtoCoalMinesLabourWelfareOrganisation
includingCentralHospitalandfourotherHospitals,MinesRescueStations
ofGovernmentofIndia,fourWasheriesofSAIL,erstwhileCoalBoardand
CentralJhariaProjectswhichhavebeentransferredtotheCompanybythe
Only in case of directly GovernmentofIndia;and5020.01HaoflandisacquiredunderLand
Freehold Land 1,814.70 purc Ch oa mse pd a b ny y t h e Not Applicable Different dates A trac nq su fi es ri rt eio dn lanA dc (t, outC oB fA w( hA ic& hD 1) 08A 9.c 1t 2, HM ae larg ne dr hao sf beN enCD diC re, ctlG yo pv ue rr cn hm ase en dt
(1079.75 Ha) and title deeds in these cases are held in the name of the Company).
Outoftotalland16390.45HaheldinthenameoftheCompany,mutation
isnotrequiredfor1381.86Ha.AstheyareGovernmentlandtransferred,
forestdivertedlandandlandacquiredunderCBA(A&D)Act,1957.Outof
remaining15008.59Ha.ofland,9941.32Hahasbeenmutatedinthename
ofBCCL,andfortheremainingland5067.27Ha,mutationincompliance
withletterdated07.04.2022ofMinistryofCoalisstillpendingfor
mutation.
Other Land 598.00 Not Applicable Not Applicable Different dates Includes 24.22 Ha of land leased from Railways.
(vi)TheCentralGovernmenthasspecifiedmaintenanceofcostrecordsundersub-section(1)ofsection148oftheActinrespectoftheproductsoftheCompany.Wehavebroadlyreviewedthebooksofaccount
maintainedbytheCompanypursuanttotheRulesmadebytheCentralGovernmentforthemaintenanceofcostrecordsandareoftheopinionthat,primafacie,theprescribedaccountsandrecordshavebeenmadeand
maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
For the year ended March 31, 2024:
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure II to Auditor’s Report):
(i)(c)AccordingtotheinformationandexplanationsgiventousandonthebasisofourexaminationoftherecordsoftheCompany,thetitledeedsofalltheimmovableproperties(otherthanpropertieswherethecompany
is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the restated financial information are held in the name of the Company except in the following cases: -
Description of property Gro (s is n c ₹a Mrr iy li ln iog n v s)alue Held in Name of rW ed lah i tre iet vh c ee t o or r rp o er r mo m t ph lo e ot i yre e r e, Perio r ad a pn h pge rel o,d pw – rh i i aen trd eei cate Reason for not being held in name of the Company
Outofthetotalfreeholdlandof16381.09Haheldinthepossessionof
BCCL,9945.88Haoflandisunderthecategoryofvestedlandthrough
CokingCoalMines/CoalMinesNationalisationAct,1972and1973;
1090.17HaoflandisrelatedtoCoalMinesLabourWelfareOrganisation
includingCentralHospitalandfourotherHospitals,MinesRescueStations
ofGovernmentofIndia,fourWasheriesofSAIL,erstwhileCoalBoardand
CentralJhariaProjectshavebeentransferredtotheCompanybythe
GovernmentofIndia;balancelandof4265.29Haoflandisacquiredunder
LandAcquisitionAct,CBA(A&D)Act,MergerofNCDC,Government
Only in case of directly transferredlandandforestdivertedland.Nowasperthenotificationofthe
Freehold Land 1,504.50 purc Ch oa mse pd a b ny y t h e Not Applicable Different dates G uno dv ee rrn Cm oe an lt Mof iI nn ed sia (, Nd aa tt ie od na0 l7 iz.0 a4 ti. o2 n0 )22 A, cth te 1m 97u 2tat &ion 1o 9f 73tho as se wla en ld la ac squ Cir oe ad l
(1079.75 Ha) BearingAreas(Acquisition&Development)Act1957,arerequiredtobe
mutatedwithrespectiveStateGovernmentsinthenameoftheCompany.
But the said mutation, has not yet been completed.
3.Incaseofdirectlypurchasedlandsof1,079.75HabytheCompany,proof
ofmutationsinfavouroftheCompanycouldnotbeproducedforour
verification by the Estate Department of Head Quarter.
4.Further,landsinthenameofBCCL,HQ,measuring542.22acres,outof
whichnodocumentaryevidencescouldbeproducedof42.72acreswith
relation to the Company’s ownership.
3.864 Ha of Railway land at Loyabad station is taken on lease for a period
Other Land 404.30 Not Applicable Not Applicable Different dates of 35 years from March 2022.
(vi)TheCentralGovernmenthasspecifiedmaintenanceofcostrecordsundersub-section(1)ofsection148oftheActinrespectoftheproductsoftheCompany.Wehavebroadlyreviewedthebooksofaccount
maintainedbytheCompanypursuanttotheRulesmadebytheCentralGovernmentforthemaintenanceofcostrecordsandareoftheopinionthat,primafacie,theprescribedaccountsandrecordshavebeenmadeand
maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(xi)(a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year, except the
following cases of fraud on the Company by its officers or employees, vide letter dated April 03, 2024 received from Vigilance Department:
Sl No Case No. Brief of the Case
Case-1 C onB 0/0 33 .0/2 50 .22 03 2 R 3egistered CA ell ne tg raed l Hir or se pg iu tala l r Diti he as nbin adtheremittanceofPFandPensioncontributionat
IrregulardeploymentofSunday/holidaytothedroversofwatertankersand
Case-2 C onB 1/0 54 .0/2 50 .22 03 2 R 3egistered p tae nr kso en r s reo mf aa inu st o brd ee ap ka dr otm wnen .tatKustorecollieryinPBAreaevenifwater
Allegedacquisitionofassetdisproportionatetohisknownsourcesof
Case-3 C onB 1/0 55 .0/2 90 .22 03 2 R 3egistered i Bn Cco Cm Le .byShriRatnakarMallik,AreaPersonnelManage.Block-IIAreaof
Case-4 C onB 0/0 61 .0/2 10 .22 04 2 R 4egistered Alleged corrupt practices by the officials of Katras Area.
Case-5 C onB 2/0 82 .0/2 30 .22 04 2 R 4egistered A hal nle dg ie nd g oi vrr ee rg hu il sa r ai lt li oe ts tei dn Ci os msu pa an nc ye ’so qf uaN rO teC r. toretiredemployeewithout
Case-6 C onB 2/0 94 .0/2 30 .22 04 2 R 4egistered MAl ele dg ice ad l i Orr fe fg icu el ra ,r Giti oe vs inin dpc uom r Am ri et atedbyDr.S.S.KumarwhilepostedasArea
For the year ended March 31, 2023:
I. Observations as per the Companies (Auditor’s Report) Order, 2020 (CARO 2020) issued by the Central Government of India in terms of sub section (11) of section 143 of the Act (Annexure II to Auditor’s Report):
(i)(c)Thetitledeedsofalltheimmovableproperties(otherthanpropertieswherethecompanyisthelesseeandtheleaseagreementsaredulyexecutedinfavourofthelessee)disclosedinthefinancialstatementsare
tabulated below:-
Description of property Gro (s is n c ₹a Mrr iy li ln iog n v s)alue Held in Name of rW ed lah i tre iet vh c ee t o or r rp o er r mo m t ph lo e ot i yre e r e, Perio r ad a pn h pge rel o,d pw – rh i i aen trd eei cate Reason for not being held in name of the Company
4181.Outofthetotal(freehold&otherland)of18682.195Hainthe
possessionofBCCL,17840.084Halandconstitutesfreeholdlandand
842.111 Ha other land.
2.16692.629HaoffreeholdlandacquiredonNationalizationofCoal
MinesaswellastakingoverofCoalMinesLabourWelfareOrganization
including Central Hospital and four other Hospitals, Mines Rescue
StationsofGovt.ofIndia,fourWasheriesofSAIL,erstwhileCoalBoard
Only in case of Directly and CentralJhariaProjectshavebeentransferredtotheCompanybythe
Freehold Land 1,288.00 purchased by company Not Applicable Different dates Govt.of India.Thequestionofmutationofland acquiredunderCoal
(1147.455 Ha) Mines (Nationalization) Act 1972 as well as Coal Bearing Areas
(Acquisition&Development)Act1957,doesnotariseinlaw,asitsright,
titleandinterestremainsvestedabsolutelyintheCentralGovernment,
which is, on transfer, exercised by BCCL, a Government Company.
3.Allothertitledeedsforlandacquiredareinpossessionandaremutated
infavourofcompanyexceptinfewcasesoffreeholdlands,wheresameis
under progress pending legal formalities.
838.247Halandisinthecategoryofotherlandwhichwereacquiredin
pursuancetoCoalMines(Nationalisation)Act1973,underCoalBearing
Areas(AcquisitionandDevelopment)Act,1957andLandAcquisitionAct,
Other Land 332.10 Not Applicable Not Applicable Different dates 1894 that does not require title deeds separately for corresponding land.
3.864HaofRailwaylandatLoyabadstationistakenonleaseforaperiod
of 35 years from March 2022.
(vi)Accordingtotheinformationandexplanationgiventous,CentralGovernmenthasprescribedmaintenanceofcostrecordsundersub-section(1)ofsection148oftheCompaniesAct,2013fortheproductsofthe
company and in our opinion the company is preparing and maintaining such accounts and records as specified.
(xi)(a) According to the information and explanations given to us, no fraud by the company or no material fraud on the company has been noticed or reported during the year except the following cases of fraud on the
Company by its officers or employees vide letter dated 05-04-2023 received from the Vigilance department. The details of the same are hereunder:
Sl No Case No. Brief of the Case
IrregularitiesinarbitrarycancellationofBCandFCinatenderofLodna
1 C onB 2/0 61 .0/2 50 .22 02 2 R 2egistered A wr oe ra k e inv e fn ava of ute r r or fe Lc -o 1m tm ene dn ed ra et ri .onoftendercommitteemembertoawardthe
CB/02/2022.
2 Registered on Irregularities in handover and takeover of BCCL’s quarter at EJ Area.
17.06.2022
CB/04/2022. IrregularitiesinworkofCoalTransportationfromvariouscoaldumpof
3 Registered on kuyaocptocksidingthroughfeederbreakerduringtheperiodJanuary2021
22.09.2022 to May 2021 by the three private coal transporters.
CA/01/2022. Alleged violation ofterms and conditions ofthecontractand non-
4 Registered on deposition of correct amount of EPF.
07.12.2022
(d) Material regroupings :
(i)DivisionII-ScheduleIIItotheCompaniesAct,2013hasbeenfurtheramendedvidetheGovernmentNotificationdatedMarch24,2021toincludecertainadditionalpresentationanddisclosuresrequirementsand
changes to some of the existing requirements. In the month of January 2022, Guidance note on Division II - Schedule III to the Companies Act, 2013 was issued by the ICAI to give effect to these amendments, which was
applicabletothecompanyforpreparationandpresentationofitsRestatedFinancialInformation.ItmaybenotedthatinpreparingandpresentingtheauditedRestatedFinancialInformationforthesixmonthsended
September30,2025and2024andtheyearsendedMarch31,2025,March31,2024andMarch31,2023,thecompanyhadreclassifiedthecomparativefiguresinaccordancewiththerequirementsoftheGuidancenote.
Accordingly,theseRestatedFinancialInformationhavebeencompiledbasedontheaboverequirement.Theadoptionofthesaidamendmentdoesnotimpactrecognitionandmeasurementprinciplesfollowedfor
preparation of the historical Financial Statements.
(ii)AppropriateregroupingandreclassificationhavebeencarriedoutintheRestatedFinancialInformationwherevernecessary.Theseadjustmentshavebeenmadetoensurealignmentwiththeaccountingpoliciesand
classificationframeworkadoptedintheAuditedFinancialStatementsfortheyearendedMarch31,2025.Thereclassifications/regroupingarealsoinaccordancewiththerequirementsofScheduleIII(DivisionII)ofthe
CompaniesAct,2013,asamended,IndAS1–PresentationofFinancialStatements,otherapplicableIndianAccountingStandards(IndAS),theSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosure
Requirements)Regulations,2018,asamended("SEBIICDRRegulations"),andtheGuidanceNoteonReportsinCompanyProspectuses(Revised2019)issuedbytheInstituteofCharteredAccountantsofIndia.The
adoptionofthesaidamendmentdoesnotimpactrecognitionandmeasurementprinciplesfollowedforpreparationofthehistoricalFinancialStatements.TheregroupingsthathavebeenmadeintheRestatedFinancial
Information are as under:
Reconciliation between Amount as per DRHP and Amount as per RHP:
For the year ended March 31, 2025: (₹ in Million)
Impact of
Particulars Note Reference Amount as per DRHP Amount as per RHP reclassification - Reason for Re-classification
Increase / (Decrease)
Other Operating Revenue 12.1 9,151.90 7,192.90 (1,959.00)
ReversalofStrippingActivityProvisionhasbeenreclassifiedasOther
Operating Revenue under Note No. 12.1 i.e. Sales
Stripping Activity Adjustment 13.6 (5,764.00) (7,723.00) 1,959.00
Employee Benefits Expense 13.3 67,137.30 65,423.74 (1,713.56)ExpensesonaccountofPower(Domestic),SittingfeesofIndependent
Directors,GrantstoSchools&Institutions,Sports&Recreation,Hire
ChargesofBus,Ambulanceetc.hasbeenreclassifiedasOtherExpenses
Other Expenses 13.8 17,142.90 18,856.46 1,713.56 under Note No. 13.8
Cash & Cash equivalents 4.4 2,109.70 1,675.40 (434.30)BalanceinGEMPoolAccounthasbeenreclassifiedasDepositaccountsfor
specific purpose under Note No. 4.5
Other Bank Balances 4.5 9,188.80 9,623.10 434.30
For the year ended March 31, 2024: (₹ in Million)
Impact of
Particulars Note Reference Amount as per DRHP Amount as per RHP reclassification - Reason for Re-classification
Increase / (Decrease)
Other Operating Revenue 12.1 8,842.40 10,847.60 2,005.20 ReversalofStrippingActivityProvisionhasbeenreclassifiedasOther
Stripping Activity Adjustment 13.6 (3,856.90) (1,851.70) (2,005.20)Operating Revenue under Note No. 12.1 i.e. Sales
ExpensesonaccountofPower(Domestic),SittingfeesofIndependent
Employee Benefits Expense 13.3 71,506.90 69,506.70 (2,000.20)Directors,GrantstoSchools&Institutions,Sports&Recreation,Hire
Other Expenses 13.8 16,144.40 18,144.60 2,000.20 ChargesofBus,Ambulanceetc.hasbeenreclassifiedasOtherExpenses
under Note No. 13.8
Cash & Cash equivalents 4.4 3,263.10 2,858.20 (404.90)BalanceinGEMPoolAccounthasbeenreclassifiedasDepositaccountsfor
Other Bank Balances 4.5 6,183.20 6,588.10 404.90 specific purpose under Note No. 4.5
For the year ended March 31, 2023: (₹ in Million)
Impact of
Particulars Note Reference Amount as per DRHP Amount as per RHP reclassification - Reason for Re-classification
Increase / (Decrease)
Other Operating Revenue 12.1 9,475.90 2,749.20 (6,726.70)ReversalofStrippingActivityProvisionhasbeenreclassifiedasOther
Operating Revenue under Note No. 12.1 i.e. Sales
419ReversalofStrippingActivityProvisionhasbeenreclassifiedasOther
Stripping Activity Adjustment 13.6 6,726.70 - 6,726.70 Operating Revenue under Note No. 12.1 i.e. Sales
Employee Benefits Expense 13.3 73,581.20 71,479.30 (2,101.90)ExpensesonaccountofPower(Domestic),SittingfeesofIndependent
Directors,GrantstoSchools&Institutions,Sports&Recreation,Hire
Other Expenses 13.8 14,023.50 16,125.40 2,101.90 ChargesofBus,Ambulanceetc.hasbeenreclassifiedasOtherExpenses
under Note No. 13.8
Cash & Cash equivalents 4.4 5,866.20 5,449.40 (416.80)BalanceinGEMPoolAccounthasbeenreclassifiedasDepositaccountsfor
Other Bank Balances 4.5 5,675.80 6,092.60 416.80 specific purpose under Note No. 4.5
Reconciliation between Amount as per Audited Financial Statements and Amount as per Restated Financial Information:
For the year ended March 31, 2024: (₹ in Million)
Amount as per Amount as per
Particulars Note Reference Aud Si tt ae td e mFi en na tn scial Res It na ft oe rd m F ain tia on ncial I Im np cra ec at so ef /r (e Dgr eo cru ep ain seg ) - Reason for Regrouping
Sales 12.1 176,008.10 175,457.40 (550.70)
RegroupingofAllowanceforExpectedCreditLossasProvisionforCoal
Provision - For trade receivables 13.8 573.00 22.30 (550.70)QualityVariance.Also,inNote4.3,TradeReceivables-CreditImpairedof
Allowance for Expected Credit Loss 4.3 4,174.70 - (4,174.70)₹4174.70millionhasbeenregroupedasTradeReceivables-Unsecured,
considered good.
Provision for Coal Quality Variance Footnote 4.3.3 1,220.10 5,394.80 4,174.70
L cho aa rd gi en sgandadditionaltransportation 12.1 10,446.70 7,157.00 (3,289.70)Compositionuserfees(CUF)of₹3160.70millionnettedofffromgross
S adta dt iu tit oo nry al trL ae nv si pe os rtato in on cL ho aa rgd ein sg and 12.1 3,835.60 674.90 (3,160.70)min ic lo lim onea mnd apc po er dres ap son Md ii sn cg ell le av ni ee os. usAl Is no c, os mer evi ic nec ph laa crg ees ofof Oc to ha el ro Of p₹ e1 r2 a9 ti. n0 g0
Revenue.
Miscellaneous Income 12.2 1,487.10 1,616.10 129.00
Statutory Dues 10.2 12,343.50 8,722.70 (3,620.80)Compositionuserfees(CUF)reclassifiedasOtherfinancialliabilities
O Ot th he er rsFinancialLiabilities(Current)- 8.4 490.20 4,111.00 3,620.80 (current) in place of Statutory Dues.
Explosives 13.1 3 ,623.10 3 ,622.60 (0.50)ChangeinInventoryofworkshopandpressjobshasbeenreclassifiedas
C prh ea sn s g joe bi snInventoryofworkshopand 13.2 (0.50) - 0.50 consumption of explosives.
BalancewithIndianInstituteofCoal
Management (IICM) 4.6 (0.10) - 0.10 BalancePayabletoIndianInstituteofCoalManagement(IICM)hasbeen
CurrentAccountwith-IndianInstitute 8.4 - (0.10) (0.10)shown as Other Financial liabilities in place of Other Financial Assets.
of Coal Management
Freehold Land 3.1 1,504.50 1,513.30 8.80 Others regrouped as Freehold Land. Refer Footnote 3.1.5
N Oe pt erC ata is nh g F Al co tw ivig tie en serated/(used)from 11,581.00 12,991.40 1,410.40
N Ine vt eC stia ns gh AFl co tiw vitg ie en serated/(used)from Statem Fe ln ot w o sf Cash (13,498.30) (14,856.10) (1,357.80)Regroupings / Reclassifications
N Fie nt aC nca is nh g F Alo cw tivg ite ien serated/(used)from (685.80) (738.40) (52.60)
For the year ended March 31, 2023: (₹ in Million)
Restated Amount for
the year ended March
Particulars Note Reference SA t3 u a1 d te, i mt2 e0 d e2 n 3 F t sia n fs a o p n re c tr i ha el ReA s Im t na fto oeu rdn m t F aa in ts ia op n ne cr i al I Im np cra ec at so ef /r (e Dgr eo cru ep ain seg ) - Reason for Regrouping
year ended March 31,
2024
Sales 12.1 163,375.60 163,533.60 158.00
P rer co ev ii vs aio bn lesWritten Back - For trade 12.2 441.70 122.10 (319.60)R Ce oc al las Qsi ufi ac la itt yion Vao rf iaA ncll eo .w Aan lsc oe ,f io nrE Nx op teect 4e .d 3,C Tre rad dit eL Ro es cs eia vs abP lr eo svi -sio Cn ref do ir
t
Provision - For trade receivables 13.8 182.60 21.00 (161.60)Impairedof₹3624.00millionhasbeenreclassifiedasTradeReceivables-
Allowance for Expected Credit Loss 4.3 3,624.00 - (3,624.00)Unsecured, considered good.
Provision for Coal Quality Variance Footnote 4.3.3 954.00 4,578.00 3,624.00
Explosives 13.1 5 ,319.90 5 ,313.30 (6.60)ChangeinInventoryofworkshopandpressjobshasbeenreclassifiedas
C prh ea sn s g joe bi snInventoryofworkshopand 13.2 (6.60) - 6.60 consumption of explosives.
B Ma al nan agce emw ei nt th (II In Cd Mia )nInstituteofCoal 4.6 (0.10) - 0.10 BalancePayabletoIndianInstituteofCoalManagement(IICM)hasbeen
CurrentAccountwith-IndianInstitute 8.4 - (0.10) (0.10)shown as Other Financial liabilities in place of Other Financial Assets.
of Coal Management
Freehold Land 3.1 1,288.00 1,296.80 8.80 Others regrouped as Freehold Land. Refer Footnote 3.1.5
N Oe pt erC ata is nh g F Al co tw ivig tie en serated/(used)from 16,485.20 16,987.80 502.60
N Ine vt eC stia ns gh AFl co tiw vitg ie en serated/(used)from Statem Fe ln ot w o sf Cash (16,082.90) (16,865.20) (782.30)Regroupings / Reclassifications
N Fie nt aC nca is nh g F Alo cw tivg ite ien serated/(used)from (709.40) (429.70) 279.70
(iii)Thenumberofsharesissuedincashandforconsiderationreceivedotherthancash,asdisclosedinNote7.1,hasbeenregroupedfrom2,330,126to9,082,006equitysharesof₹1,000eachand26,239,874to
37,487,994 equity shares of ₹1,000 each respectively. This regrouping does not have any financial implication.
Part B: Statement of adjustments to Restated Financial Information
Reconciliation between Audited Total Comprehensive Profit and Restated Total Comprehensive Profit:
(All amounts in ₹ Million, except as otherwise stated)
Particulars F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 5s F Seo pr tT emh Ee b nS ed rix e 3 dM 0 , o 2n 0t 2h 4s For M T ah re c hY 3e 1a ,r 2 E 02n 5ded For M T ah re c hY 3e 1a ,r 2 E 02n 4ded For M T ah re c hY 3e 1a ,r 2 E 02n 3ded
A. Audited Total Comprehensive
Profit 4 50.10 5,639.90 11,854.40 15,178.20 5,103.60
B. Material restatement adjustments:
(i) Audit qualifications 0.00 0.00 0.00 0.00 0.00
(ii) other material adjustments
Change in accounting policies 0.00 0.00 0.00 0.00 197.70
Other adjustments 0.00 0.00 0.00 0.00 0.00
Total (B) 0.00 0.00 0.00 0.00 197.70
C. Restated Total Comprehensive
Profit 4 50.10 5,639.90 11,854.40 15,178.20 5,301.30
420OTHER FINANCIAL INFORMATION
The accounting ratios derived from the Restated Financial Information as required under Clause 11 of Part A of
Schedule VI of the SEBI ICDR Regulations are given below:
As at and As at and
for the for the
six-month six-month
Sr.
Financial Parameters period period Fiscal 2025 Fiscal 2024 Fiscal 2023
No.
ended ended
Septembe Septembe
r 30, 2025 r 30, 2024
1 Earnings Per Share (basic 0.27# 1.61# 2.66 3.36 1.43
and diluted)* (in ₹)(1)
2 Return on Net Worth(2) (in 2.00# 13.12# 20.83 34.21 19.22
%)
3 Net asset value (NAV) per 12.52 13.01 14.07 11.50 8.14
equity share(3)
4 EBITDA(4) (in ₹ million) 4,599.30 13,734.70 23,560.60 24,938.90 8,913.10
5 Revenue from Operations(5) 56,590.20 68,461.90 138,025.50 142,458.60 126,240.60
(in ₹ million)
# Not annualised
* Pursuant to the resolutions passed by Board of Directors and Shareholders dated April 15, 2025, and April 28, 2025, respectively, the face
value of the equity shares was sub-divided from ₹1,000 per equity share to ₹ 10 per equity share. Accordingly, the issued, subscribed and
paid-up equity share capital of our Company being 46,570,000 equity shares of ₹1,000 each was sub-divided into 4,657,000,000 equity shares
of ₹ 10 each. Earnings Per Share and NAV have been calculated after giving effect to such sub division.
Notes:
(1)
Earnings per share (EPS) equals profit for the year/ period attributable to the shareholders of the Company divided by the Weighted
average number of Equity Shares outstanding during the year/ period. Since there is no dilutive capital, Basic and Diluted EPS would be
same.
(2)
Return on Net Worth is calculated as restated profit / (loss) for the period / year divided by average net worth. Net Worth is the total
equity attributable to equity-holders of the company, as appearing in the Restated Financial Information less OCI - Re-measurement of
Defined Benefits Plans (net of Tax) Reserve. Average net worth is the sum of opening and closing net worth divided by two.
(3)
Net asset value (NAV) per equity share refers to Net worth as at the end of the year / period divided by number of equity shares outstanding
at the end of the financial year. Net Worth is the total equity attributable to equity-holders of the company, as appearing in the Restated
Financial Information less OCI - Re-measurement of Defined Benefits Plans (net of Tax) Reserve.
(4)
EBITDA is calculated as restated profit / (loss) for the period / year, plus finance costs, total taxes, and depreciation and amortisation
expense.
(5)
Revenue from Operations means the revenue from operations as appearing in the Restated Financial Information
For a reconciliation of non-GAAP measures, see “Management’s Discussion and Analysis of our Results of
Operations – Non-GAAP Measures” on page 443.
In accordance with the SEBI ICDR Regulations, the audited financial statements of our Company as at and for
the Fiscals 2025, 2024 and 2023 and the reports thereon (collectively, the “Audited Financial Statements”) are
available on our website at www.bcclweb.in.
Our Company is providing a link to this website solely to comply with the requirements specified in the SEBI
ICDR Regulations. The Audited Financial Statements do not constitute, (i) a part of this Prospectus; or (ii) a
prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement,
an offer or a solicitation of any offer or an offer document or recommendation or solicitation to purchase or sell
any securities under the Companies Act, the SEBI ICDR Regulations, or any other applicable law in India or
elsewhere. The Audited Financial Statements should not be considered as part of information that any investor
should consider subscribing for or purchase any securities of our Company and should not be relied upon or used
as a basis for any investment decision.
None of our Company or any of its advisors, nor BRLMs nor any of their respective employees, directors,
affiliates, agents or representatives accept any liability whatsoever for any loss, direct or indirect, arising from any
information presented or contained in the Audited Financial Statements, or the opinions expressed therein.
421MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion is intended to convey the management’s perspective on our financial condition and
results of operations for six months period ended September 30, 2025 and September 30, 2024, Fiscals 2025,
2024 and 2023 and should be read in conjunction with “Restated Financial Information” on page 299.
This Prospectus may include forward-looking statements that involve risks and uncertainties, and our actual
financial performance may materially vary from the conditions contemplated in such forward-looking statements
as a result of various factors, including those described below and elsewhere in this Prospectus. For further
information, see “Forward-Looking Statements” on page 22. Also see “Risk Factors” and “– Significant
Factors Affecting our Results of Operations and Financial Condition” on pages 33 and 422, respectively, for a
discussion of certain factors that may affect our business, financial condition or results of operations.
Our Company’s financial year commences on April 1 and ends on March 31 of the immediately subsequent year,
and references to a particular Fiscal are to the 12 months ended March 31 of that year. Unless otherwise indicated
or the context otherwise requires, the financial information for six months period ended September 30, 2025and
2024, Fiscal 2025, 2024 and 2023 included herein is derived from the Restated Financial Information, included
in this Prospectus. For further information, see “Restated Financial Information” on page 299.
We have included certain information in relation to our reserves, resources, capacity utilization and estimates
from the report dated December 2, 2025 prepared by SRK, an independent mining and geological consultancy
firm (“SRK Report”). Estimates included in the SRK Report are subject to certain assumptions. Actual reserves
and production levels may differ significantly from reserve estimates. For further information, see “Risk Factors
– Information relating to our reserve and resource base included in this Prospectus are estimates, and our
actual production, revenues and expenditure with respect to our reserves and resources may differ materially
from these estimates. Additionally, certain reserve and resource base information provided in this Prospectus
has been prepared and classified in accordance with Indian Standard Procedure guidelines (the “ISP
Guidelines”), which has not been audited by SRK Mining Services (India) Private Limited (“SRK”) and differs
from international standards” on page 34.
Unless otherwise indicated, industry and market data used in this section has been derived from the industry
report titled “Report on Indian Coking Coal Industry” dated November, 2025 (the “CRISIL Report”) prepared
and issued by CRISIL, appointed by the Promoter Selling Shareholder pursuant to an engagement letter dated
January 19, 2025 and exclusively commissioned and paid for by the Promoter Selling Shareholder to enable
investors to understand the industry in which we operate in connection with the Offer. The data included herein
includes excerpts from the CRISIL Report and may have been re-ordered by us for the purposes of presentation.
Unless otherwise indicated, financial, operational, industry and other related information derived from the
CRISIL Report and included herein with respect to any particular calendar year/ Fiscal refers to such information
for the relevant calendar year/ Fiscal. For further information, see “Risk Factors – Certain sections of this
Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid
for exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risks.” on page 73. Also see, “Certain Conventions, Currency of
Presentation, Use of Financial Information and Market Data – Industry and Market Data” on page 20.
OVERVIEW
For details in relation to our business, see “Our Business” on page 215.
SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
Our results of operations and financial condition are affected by a number of important factors including:
Sectoral demand and market dynamics
Our revenues are significantly influenced by demand from the steel and power sectors. We also produce washed
coal, washed power coal, which has reduced ash content and is used in steel making and power generation.
422Washed power coal, by-products of coal washing, are used for power generation and in various industrial
plants. The following table sets forth details of the industry-wise sales for the years/periods indicated:
Particulars Six months period ended September 30, Six months period ended September 30,
2025 2024
Amount Percentage of Total Amount Percentage of Total
(in ₹ million) Sales (in ₹ million) Sales
Power industry (including
39,692.12 75.46% 45,264.07 71.07%
captive power plants)
Steel industry 9,720.59 18.48% 13,158.49 20.66%
Fertilizer industry 684.88 1.30% 463.70 0.73%
Cement industry 22.53 0.04% 0.00 0.00%
Other non-regulated
2,482.78 4.72% 4,800.54 7.54%
sectors*
Total 52,602.90 100.00% 63,686.80 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Amount Percentage of Amount Percentage of Amount Percentage of
(in ₹ Total Sales (in ₹ Total Sales (in ₹ Total Sales
million) million) million)
Power industry
96,787.00 73.98% 91,715.80 69.68% 80,184.22 64.94%
(including
captive power
plants)
Steel industry 23,751.50 18.15% 24,585.10 18.68% 22,615.50 18.31%
Fertilizer industry 1,051.10 0.80% 1,274.90 0.97% 1,014.30 0.82%
Cement industry 137.74 0.11% 192.08 0.15% 23.74 0.02%
Other non-
regulated 9,105.26 6.96% 13,843.12 10.52% 19,653.64 15.91%
sectors*
Total 130,832.60 100.00% 131,611.00 100.00% 123,491.40 100.00%
* Other non-regulated sectors include traders, cokery and other small industries.
According to the CRISIL Report, the demand for coking coal in India stands at 67 million metric tonnes in Fiscal
2025 and is expected to reach 138 million metric tonnes by Fiscal 2035. The demand for coking coal in India is
expected to rise substantially, driven by the growth of the steel and power industries. (Source: CRISIL Report,
Industry Overview on page 200) While India’s infrastructure growth and industrialization continue to support
long-term demand, short-term fluctuations – such as reduced steel output or changes in the energy mix, can affect
coal offtake. For instance, a temporary slowdown in steel production due to global oversupply could reduce
demand for washed coking coal. To mitigate such risks, we are expanding our customer base through e-auctions
and long-term MoUs, while enhancing our washed coal capacity to cater to quality-sensitive industrial users.
Sales volumes and pricing
Our results of operations are significantly influenced by the sales volumes and pricing of coking coal. The volume
of coking coal we are able to sell depends not only on our production capacity and operational efficiency but also
on the demand from key consuming sectors, particularly steel, which is sensitive to broader economic and
industrial trends. The table below sets forth details of our sales for the years/periods indicated:
Particul Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
ars period ended period ended
September 30, September 30,
2025 2024
Amou Percent Amou Percent Amoun Percent Amoun Percent Amoun Percent
nt age of nt age of t age of t age of t age of
(in ₹ Total (in ₹ Total (in ₹ Total (in ₹ Total (in ₹ Total
millio Sales millio Sales million Sales million Sales million Sales
n) (%) n) (%) ) (%) ) (%) ) (%)
Raw 41,760 48,271 101,690 77.72% 101,784 77.34% 95,925. 77.68%
79.38% 75.79%
coal .12 .17 .37 .08 90
423Particul Six months Six months Fiscal 2025 Fiscal 2024 Fiscal 2023
ars period ended period ended
September 30, September 30,
2025 2024
Amou Percent Amou Percent Amoun Percent Amoun Percent Amoun Percent
nt age of nt age of t age of t age of t age of
(in ₹ Total (in ₹ Total (in ₹ Total (in ₹ Total (in ₹ Total
millio Sales millio Sales million Sales million Sales million Sales
n) (%) n) (%) ) (%) ) (%) ) (%)
Washed 6,967. 10,507 19,111. 14.61% 20,450. 15.54% 16,892. 13.68%
13.25% 16.50%
coal 90 .91 32 90 60
Other 10,030. 7.67% 9,376.0 7.12% 10,672. 8.64%
by- 3,874. 4,907. 91 2 90
7.37% 7.71%
products 88 72
*
Total 52,602 100.00 63,686 100.00 130,832 100.00 131,611 100.00 123,491 100.00
.9 % .80 % .60 % .00 % .40 %
*includes washed power coal, slurry, rejects
Pricing of coking coal is determined through a combination of mechanisms, including long-term Fuel Supply
Agreements (“FSAs”), linkage auctions, e-auctions, and negotiated Memoranda of Understanding with major
customers. While FSAs provide a degree of price stability, e-auction prices are subject to market dynamics and
can fluctuate based on domestic and international supply-demand conditions. Global coking coal prices, in
particular, influence the competitiveness of domestic coal and can affect customer preferences between imported
and indigenous sources. The sustained increase in international coking coal prices has reinforced our competitive
position within the domestic market, enabling us to reliably meet demand as a key supplier of coking coal.
To mitigate the impact of price volatility and demand fluctuations, we have adopted a multi-pronged strategy.
This includes expanding our washed coal capacity to cater to the quality requirements of steel producers,
enhancing our logistics and evacuation infrastructure to ensure timely delivery, and diversifying our customer
base through increased participation in e-auctions and private sector linkages. These efforts are aimed at ensuring
that we can maintain stable sales volumes and optimize price realization across different market segments.
Coal reserve quality and extraction efficiency
The quality and accessibility of our coal reserves play a critical role in determining our production efficiency and
cost structure. Our extensive reserve base provides long-term security, operational challenges persist, particularly
in the Jharia coalfield, where certain seams are fire-prone or have high ash content. For instance, in fire-affected
areas, we have undertaken advance overburden (“OB”) removal to ensure safe and timely access to coal seams.
In Fiscal 2025, we recorded our highest OB removal volumes, which supported continued high production levels
despite geological constraints.
To address these challenges and improve reserve recovery, we are deploying highwall and longwall mining
technologies to access deeper or previously uneconomical seams—yielding 0.53 million tonnes of coal via
highwall mining in Fiscal 2025; and reorganizing Jharia coal blocks into seven large opencast units to streamline
extraction and reduce fire risk; and expanding and modernizing washeries to process high-ash coal more
efficiently, with ₹11,598.32 million committed to new and upgraded facilities. These initiatives are aimed at
maximizing reserve utilization, improving coal quality, and enhancing operational resilience.
Capacity utilization and operational productivity
Our profitability is intrinsically linked to how effectively we utilize our mining and washery infrastructure. While
we have made significant investments in expanding our production and processing capacities, the actual utilization
of these assets has varied due to a combination of operational, logistical, and market-driven factors. In six months
period ended September 30, 2025, for instance, our overall coal production stood at 15.75 million tonnes, yet our
washeries operated at only 28.46% of their operable capacity, This underutilization reflects the complex interplay
between raw coal availability, feedstock quality, and the synchronization of mining and beneficiation operations.
Operational productivity is also influenced by the efficiency of our equipment, the reliability of our logistics
infrastructure, and the coordination between different stages of the coal value chain—from extraction to
processing to dispatch. Delays in overburden removal, equipment downtime, or bottlenecks in coal evacuation
can all contribute to suboptimal utilization of installed capacity, thereby affecting cost efficiency and margins.
424To address these challenges and enhance overall productivity, we are undertaking a comprehensive modernization
and expansion of our washery infrastructure. We are in the process of commissioning three new washeries—
Patherdih-II, Bhojudih, and Moonidih—with a combined capacity of 7.00 million tonnes per annum. These
facilities are designed to handle high-ash coking coal and are equipped with advanced beneficiation technologies
to improve yield and product quality. At the same time, we are upgrading existing washeries to align their
operational capabilities with current and projected production volumes. By improving the alignment between coal
production and processing, and by investing in more efficient and flexible infrastructure, we aim to significantly
improve capacity utilization and operational productivity across our value chain.
Relationship with Coal India Limited
As a wholly-owned subsidiary of Coal India Limited, the world’s largest coal-producing company (Source:
CRISIL Report, Industry Overview on page 200), we benefit significantly from the strategic, technical, and
financial support that comes with being part of a well-established and resource-rich group. This relationship
enhances our operational capabilities, strengthens our market credibility, and provides access to a wide pool of
expertise and infrastructure that would be difficult to replicate independently.
One of the most tangible benefits of this relationship is the technical support we receive from CMPDIL, a
subsidiary of Coal India Limited and a recognized leader in mine planning, geological surveys, and resource
assessment. CMPDIL’s involvement in our operations ensures that our mine development strategies are grounded
in robust geological data and optimized for long-term sustainability. Their support is particularly critical in
complex mining environments like the Jharia coalfield, where fire-prone seams and intricate geology require
advanced planning and risk mitigation.
Beyond technical collaboration, our association with Coal India Limited provides us with access to centralized
procurement systems, shared research and development initiatives, and group-level policy frameworks that
promote operational consistency and cost efficiency. For example, procurement of high-speed diesel, explosives,
and heavy earth-moving machinery is often coordinated at the group level, allowing us to benefit from economies
of scale and standardized quality benchmarks.
Financially, our position within the Coal India Limited group enhances our credit profile and provides a stable
platform for long-term capital investment. This has enabled us to undertake large-scale modernization projects—
such as the commissioning of new washeries and the deployment of highwall and longwall mining technologies—
without the need for external debt. Our debt-free status and strong balance sheet are, in part, a reflection of the
financial discipline and support embedded within the Coal India Limited ecosystem.
At the same time, we recognize the importance of operational autonomy and local responsiveness. While we align
with Coal India Limited’s broader strategic direction, we also pursue project-specific initiatives tailored to our
unique resource base and regional context. For instance, we have entered into revenue-sharing agreements with
private developers for the revival of discontinued underground mines, and we are actively engaging with local
communities and state authorities to implement the Jharia Master Plan and other sustainability initiatives.
Nevertheless, our dependence on Coal India Limited also introduces certain sensitivities. Any shift in Coal India
Limited’s strategic priorities, resource allocation, or governance structure could influence our operational
flexibility and investment planning. We maintain close coordination with Coal India Limited’s leadership while
continuing to build internal capabilities and partnerships that support our long-term growth and resilience.
PRESENTATION OF FINANCIAL INFORMATION
The restated financial statements of our Company comprises the restated statement of assets and liabilities as at
September 30, 2025 and 2024 and March 31, 2025, 2024 and 2023, the restated statement of profit and loss
(including other comprehensive income), the restated statement of changes in equity, the restated cash flow
statement for the six months period ended September 30, 2025 and September 30, 2024 and the years ended
March 31, 2025, 2024, and 2023, the summary of material accounting policies together with the notes thereto and
other explanatory information (collectively, the “Restated Financial Information”).
The Restated Financial Information has been prepared in accordance with the requirements of:
• Section 26 of Part I of Chapter III of the Companies Act, 2013;
• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018, as amended; and
425• The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of
Chartered Accountants of India, as amended from time to time.
The Restated Financial Information has been compiled from:
• the special purpose audited financial statements of the Company as at and for the six months period ended
September 30, 2025 and 2024, prepared in accordance with the Indian Accounting Standards (referred to
as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting
Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which
have been approved by the Board of Directors at their meetings held on December 08, 2025.
• the audited financial statements of the Company as at and for the year ended March 31, 2025, prepared in
accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section
133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other
accounting principles generally accepted in India, which have been approved by the Board of Directors at
their meetings held on April 23, 2025.
• the audited financial statements of the Company as at and for the year ended March 31, 2024 prepared in
accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian
Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in
India, which have been approved by the Board of Directors at their meetings held on April 24, 2024.
• the audited financial statements of the Company as at and for the year ended March 31, 2023 prepared in
accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian
Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in
India, which have been approved by the Board of Directors at their meetings held on April 24, 2023.
Figures for previous year have been regrouped/ rearranged wherever necessary, in order to make them comparable
with current year figures.
SUMMARY OF MATERIAL ACCOUNTING POLICIES
Current and Non-Current Classification
The Company presents assets and liabilities in the Restated Statement of Assets and Liabilities based on current/
non-current classification. An asset is treated as current by the Company when:
• it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
• it holds the asset primarily for the purpose of trading;
• it expects to realise the asset within twelve months after the reporting period; or
• the asset is cash or a cash equivalent (as defined in Ind AS 7) unless the asset is restricted from being
exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is treated as current by the Company when:
• it expects to settle the liability in its normal operating cycle;
• it holds the liability primarily for the purpose of trading;
• the liability is due to be settled within twelve months after the reporting period; or
• it does not have an unconditional right to defer settlement of the liability for at least twelve months after
the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement
by the issue of equity instruments do not affect its classification.
All other liabilities are classified as non-current.
Having regard to the nature of the business being carried out by the Company, the Company has ascertained its
operating cycle as twelve months for the purpose of current and non-current classification of assets and liabilities.
Revenue Recognition
426Revenue from contracts with customers
Revenue is principally derived from the sale of coal, related ancillary services, and products. Revenue from sales
of products is recognized when control of the products has transferred, being when the products are delivered to
the customer. Delivery occurs when the products have been shipped or delivered to the specific location as the
case may be, and the risks of loss have been transferred in accordance with the sales contract. The amount of
revenue recognized reflects the consideration to which the Company is or expects to be entitled in exchange for
those goods or services. Accumulated experience is used to estimate and provide for the variable consideration as
per the sales contract, using the most likely method, and revenue is only recognized to the extent that it is highly
probable that a significant reversal will not occur. The amount of consideration does not contain a significant
financing component as payment terms are less than one year as per the sales contracts.
The Company has a number of long-term contracts to supply products to customers in future periods. Generally,
revenue is recognized on an invoice basis, as each unit sold is a separate performance obligation, and therefore
the right to consideration from a customer corresponds directly with our performance completed to date.
Interest - Interest income from a financial asset is recognized when it is probable that the economic benefits will
flow to the company and the amount of income can be measured reliably. Interest income is accrued on a time
basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that
exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset's
net carrying amount on initial recognition.
Dividends - Dividend is recognised when the Company’s right to receive the payment is established, which is
generally when shareholders approve the dividend.
Other Claims - Revenue in respect of Other claims (including interest on delayed realization from customers) are
recognized only when there is reasonable certainty as to the ultimate collection and the amount can be measured
reliably.
Grants from Government
Government Grants are not recognised until there is reasonable assurance that the Company will comply with the
conditions attached to them and that there is reasonable certainty that grants will be received.
Government grants are recognised in Restated Statement of Profit and Loss on a systematic basis over the periods
in which the Company recognises the related expenses or costs for which the grants are intended to compensate.
Government Grants related to assets are presented in the Restated Statement of Assets and Liabilities by setting
up the grant as deferred income and are recognised in Restated Statement of Profit and Loss on systematic basis
over the useful life of asset.
Grants related to income (i.e. grant related to other than assets) are presented as part of Restated Statement of
Profit and Loss under the head ‘Other Income’.
A government grant/assistance that becomes receivable as compensation for expenses or losses already incurred
or for the purpose of giving immediate financial support to the Company with no future related costs, is recognised
in profit or loss of the period in which it becomes receivable.
The Government grants or grants in the nature of promoter’s contribution is recognised directly in “Capital
Reserve” which forms part of the “Shareholders fund”.
Leases (Ind AS 116)
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
Company as a lessee
427The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to
direct the use of the asset.
At the commencement date, a lessee shall recognise a right-of-use asset at cost and a lease liability at the present
value of the lease payments that are not paid at that date for all leases unless the lease term is 12 months or less
or the underlying asset is of low value.
Subsequently, right-of-use asset is measured using cost model whereas, the lease liability is measured by
increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the
lease payments made and re-measuring the carrying amount to reflect any reassessment or lease modifications.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates of these leases. Lease liabilities are premeasured with a corresponding adjustment to
the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a
termination option. Lease liability and ROU asset are separately presented in the Restated Statement of Assets
and Liabilities and lease payments are classified as financing cash flows. Lease liability obligations is presented
separately under the head "Financial Liabilities".
Finance charges are recognised in finance costs in the Restated Statement of Profit and Loss, unless the costs are
included in the carrying amount of another asset applying other applicable standards.
Right-of-use asset is depreciated over the useful life of the asset, if the lease transfers ownership of the asset to
the lessee by the end of the lease term or if the cost of the right-to-use asset reflects that the lessee will exercise a
purchase option. Otherwise, the lessee shall depreciate the right-to-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
Company as a lessor
Assets are given on lease either as finance lease or operating lease.
Finance Lease: A lease is classified as finance lease if it transfers substantially all the risks and rewards incidental
to ownership of an underlying asset. Initially, asset held under finance lease is recognised in Restated Statement
of Assets and Liabilities and presented as a receivable at an amount equal to the net investment in the lease.
Finance income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return
on Company's net investment in the lease.
Operating Lease: A lease which is not classified as a finance lease is an operating lease. The Company recognises
lease payments in case of assets given on operating leases as income on a straight line basis.
Non-Current Assets Held for Sale
The Company classifies non-current assets and (or disposal groups) as held for sale if their carrying amounts will
be recovered principally through a sale rather than through continuing use. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will
be withdrawn. Management must be committed to the sale expected to be completed within one year from the
date of classification.
For these purposes, sale transactions include exchanges of non-current assets for other non-current assets when
the exchange has commercial substance. The criteria for held for sale classification is regarded met only when the
assets or disposal group is available for immediate sale in its present condition, subject only to terms that are usual
and customary for sales of such assets (or disposal groups), its sale is highly probable; and it will genuinely be
sold, not abandoned.
The Company treats sale of the asset or disposal group to be highly probable when:
428• The appropriate level of management is committed to a plan to sell the asset (or disposal group)
• An active programme to locate a buyer and complete the plan has been initiated
• The asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to
its current fair value
• The sale is expected to qualify for recognition as a completed sale within one year from the date of
classification, and
• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be
made or that the plan will be withdrawn.
Non-current asset or disposal groups classified as held for sale are measured at the lower of carrying amount and
fair value less costs to sell.
Property, Plant and Equipment (PPE) and Depreciation
An item of PPE is recognized as an asset if it is probable that future economic benefits associated with the item
will flow to the Company and the cost of the item can be measured reliably.
PPE are initially measured at cost of acquisition/construction including decommissioning or restoration cost
wherever required. Cost of land includes expenditures which are directly attributable to the acquisition of the land
like, rehabilitation expenses, resettlement cost and compensation in lieu of employment incurred for concerned
displaced persons etc.
After recognition, an item of all other Property, plant and equipment are carried at its cost less any accumulated
depreciation and any accumulated impairment losses under Cost Model. The cost of an item of property, plant
and equipment comprises:
• its purchase price, including import duties and non-refundable purchase taxes, after deducting trade
discounts and rebates.
• any costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management.
• the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is
located, the obligation for which the Company incurs either when the item is acquired or as a consequence
of having used the item during a particular period for purposes other than to produce inventories during
that period.
• Interest on Borrowings utilized to finance the construction of qualifying assets are capitalised as part of
cost of the asset until such time that the asset is ready for its intended use.
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of
the item is depreciated separately. However, significant part(s) of an item of PPE having same useful life and
depreciation method are grouped together in determining the depreciation charge.
Costs of the day to-day servicing described as ‘repairs and maintenance’ are recognised in the restated statement
of profit and loss in the period in which the same are incurred.
Subsequent cost of replacing parts which are significant in relation to the total cost of an item of property, plant
and equipment are recognised in the carrying amount of the item, if it is probable that future economic benefits
associated with the item will flow to the Company; and the cost of the item can be measured reliably. The carrying
amount of those parts that are replaced is derecognised in accordance with the derecognition policy mentioned
below.
When major inspection is performed, its cost is recognised in the carrying amount of the item of property, plant
and equipment as a replacement if it is probable that future economic benefits associated with the item will flow
to the Company; and the cost of the item can be measured reliably. Any remaining carrying amount of the cost of
the previous inspection (as distinct from physical parts) is derecognised.
An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are
expected from the continuing use of assets. Any gain or loss arising on such derecognition of an item of property
plant and equipment is recognised in restated statement of profit and loss.
429Depreciation on property, plant and equipment, except freehold land, is provided as per cost model on straight
line basis over the estimated useful lives of the asset as follows:
Other Land (including Leasehold
Life of the project or lease term whichever is lower
Land):
Building (incl. Roads): 3-60 years
Telecommunication: 3-9 years
Railway Sidings: 15 years
Plant and Equipment (incl. Railway
1-30 years
Corridor, Others):
Computers and Laptops: 3 Years
Office equipment: 2-5 years
Furniture and Fixtures: 10 years
Vehicles: 8-10 years
Based on technical evaluation, the management believes that the useful lives given above best represent the period
over which the management expects to use the asset. Hence the useful lives of the assets may be different from
the useful lives as prescribed under Part C of Schedule II of the Companies Act, 2013.
The estimated useful life of the assets is reviewed at the end of each financial year.
The residual value of property, plant and equipment is considered as 5% of the original cost of the asset except
for some items of assets such as other land, site restoration asset, other mining infrastructure, surveyed off assets.
Useful life has been technically estimated to be one year with nil residual value for items such as Coal tub, winding
ropes, haulage ropes, stowing pipes and safety lamps etc.
Depreciation on the assets added/disposed of during the year is provided on pro-rata basis with reference to the
month of addition / disposal.
Value of “Other Land” includes land acquired under Coal Bearing Area (Acquisition & Development) (CBA)
Act, 1957, Land Acquisition Act, 1894, Right to Fair Compensation and Transparency in Land Acquisition,
Rehabilitation and Resettlement (RFCTLAAR) Act, 2013, Long term transfer of government land etc., which are
amortised on the basis of the balance life of the project; and in case of leasehold land such amortisation is based
on lease period or balance life of the project whichever is lower.
Assets that are fully depreciated and retired from active use are disclosed separately as surveyed off assets at its
residual value under Property, Plant Equipment and are tested for impairment.
Transition to Ind AS
The Company elected to continue with the carrying value as per the cost model (for all of its property, plant and
equipment as recognised in the restated financial information as at the date of transition to Ind ASs, measured as
per the previous GAAP.
Mine Closure, Site Restoration and Decommissioning Obligation
The Company’s obligation for land reclamation and decommissioning of structures consists of spending at both
surface and underground mines in accordance with the guidelines from the Ministry of Coal, Government of India.
The Company estimates its obligation for Mine Closure, Site Restoration and Decommissioning based upon
detailed calculation and technical assessment of the amount and timing of the future cash spending to perform the
required work. Mine Closure expenditure is provided as per approved Mine Closure Plan. The estimates of
expenses are escalated for inflation, and then discounted at a discount rate that reflects current market assessment
of the time value of money and the risks, such that the amount of provision reflects the present value of the
expenditures expected to be incurred to settle the obligation. The Company records a corresponding asset
associated with the liability for final reclamation and mine closure. The obligation and corresponding assets are
recognised in the period in which the liability is incurred. The asset representing the total site restoration cost (as
estimated by Central Mine Planning and Design Institute Limited) as per the mine closure plan is recognised as a
separate item in PPE and amortised over the balance project/mine life.
430The value of the provision is progressively increased over time as the effect of discounting unwinds; creating an
expense recognised as a financial expense.
Further, a specific escrow fund account is maintained for this purpose as per the approved mine closure plan.
The progressive mine closure expenses incurred on year to year basis forming part of the total mine closure
obligation are initially recognised as receivable from the escrow account and thereafter adjusted with the
obligation in the year in which the amount is withdrawn after the concurrence of the certifying agency.
Exploration and Evaluation Assets
Exploration and evaluation assets comprise costs that are attributable to the search for coal and related resources,
pending the determination of technical feasibility and the assessment of commercial viability of an identified
resource which comprises inter alia the following:
• acquisition of rights to explore
• researching and analysing historical exploration data;
• gathering exploration data through topographical, geo-chemical and geo-physical studies;
• exploratory drilling, trenching, and sampling;
• determining and examining the volume and grade of the resource;
• surveying transportation and infrastructure requirements;
• Conducting market and finance studies.
The above includes employee remuneration, cost of materials and fuel used, payments to contractors etc.
As the intangible component represents an insignificant/indistinguishable portion of the overall expected tangible
costs to be incurred and recouped from future exploitation, these costs along with other capitalised exploration
costs are recorded as exploration and evaluation assets.
Exploration and evaluation costs are capitalised on a project-by-project basis pending the determination of
technical feasibility and commercial viability of the project and disclosed as a separate line item under non-current
assets. They are subsequently measured at cost less accumulated impairment/provision.
Once proved reserves are determined and the development of mines/projects are sanctioned, exploration and
evaluation assets are transferred to “Development” under capital work in progress. However, if proved reserves
are not determined, the exploration and evaluation asset is derecognised.
Development Expenditure
When proved reserves are determined and the development of mines/projects are sanctioned, capitalised
exploration and evaluation cost is recognised as assets under construction and disclosed as a component of capital
work in progress under the head “Development”. All subsequent development expenditure is also capitalised. The
development expenditure capitalised is net of proceeds from the sale of coal extracted during the development
phase.
Commercial Operation
The project/mines are brought to revenue; when commercial readiness of a project/mine to yield production on a
sustainable basis is established either on the basis of conditions specifically stated in the project report or on the
basis of the following criteria:
• From the beginning of the financial year immediately after the year in which the project achieves physical
output of 25% of rated capacity as per the approved project report, or
• 2 years of touching coal, or
• From the beginning of the financial year in which the value of production is more than total, expenses.
Whichever event occurs first;
On being brought to revenue, the assets under capital work in progress are reclassified as a component of property,
plant, and equipment under the nomenclature “Other Mining Infrastructure”. Other Mining infrastructures are
431amortised from the year when the mine is brought under revenue in 20 years or the working life of the project
whichever is less.
Intangible Assets and Amortisation
Intangible assets acquired separately are measured on initial recognition at cost. Cost includes any directly
attributable expenses necessary to make the assets ready for its intended use. After initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is recognized as an increase in the carrying amount of the asset when it is probable that
future economic benefits deriving from the cost incurred will flow to the Company and the cost of the item can
be measured reliably.
An item of Intangible asset is derecognized upon disposal or when no future economic benefits are expected from
its use or disposal. Gains or losses arising from the derecognition of an intangible asset are measured as the
difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the
Restated Statement of Profit and Loss when the asset is derecognised.
Internally generated intangibles, excluding capitalised development costs, are not capitalised. Instead, the related
expenditure is recognised in the restated statement of profit and loss and other comprehensive income in the period
in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives
are amortised over their useful economic lives and assessed for impairment whenever there is an indication that
the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful
life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to
modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The
amortisation expense on intangible assets with finite lives is recognised in the restated statement of profit and loss.
Amortisation of intangible asset is provided on straight line basis over the estimated useful lives of the intangible
asset as follows:
Intangible Assets Useful Life
SAP/ERP : 6 Years
Other Computer Software : License period
Rail Corridor : Life as per MoU contract period
An intangible asset with an indefinite useful life is not amortised but is tested for impairment at each reporting
date.
Exploration and Evaluation assets attributable to blocks identified for sale or proposed to be sold to outside
agencies (i.e. for blocks not earmarked for CIL) are however, classified as Intangible Assets and tested for
impairment.
Expenditure on research is charged to expenditure as and when incurred. Expenditure on development is
capitalized only if the expenditure can be measured reliably, the product or process is technically and
commercially feasible, future economic benefits are probable and the Company intends to and has sufficient
resources to complete development and to use or sell the asset.
Impairment of Assets (Other than Financial Assets)
The Company assesses at the end of each reporting period whether there is any indication that an asset may be
impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. An asset’s
recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs
of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets, in which case the recoverable amount is
determined for the cash-generating unit to which the asset belongs. The Company considers individual mines as
separate cash-generating units for the purpose of a test of impairment.
432If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount and the impairment loss is recognised in the Restated Statement of
Profit and Loss.
Investment Property
Property (land or a building or part of a building or both) held to earn rentals or for capital appreciation or both,
rather than for, use in the production or supply of goods or services or for administrative purposes; or sale in the
ordinary course of businesses are classified as an investment property.
Investment property is measured initially at its cost, including related transaction costs and where applicable
borrowing costs.
Investment properties are depreciated using the straight-line method over their estimated useful lives.
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value, in the case of financial assets not recorded at fair value
through profit or loss, plus transaction costs that are attributable to the acquisition of the financial asset. Purchases
or sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company
commits to purchase or sell the asset. However, trade receivables that do not contain a significant financing
component are measured at transaction price.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
• Debt instruments at amortised cost
• Debt instruments at fair value through other comprehensive income (FVTOCI)
• Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
• Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Debt instruments at amortised cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
• The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and
• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance
income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.
Debt instrument at FVTOCI
A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:
• The objective of the business model is achieved both by collecting contractual cash flows and selling the
financial assets, and
433• The asset’s contractual cash flows represent SPPI.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at
fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the
Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the
P&L. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the
equity to P&L. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the
EIR method.
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred to as ‘accounting mismatch’). The Company has not
designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in
the P&L.
Equity investments in subsidiaries, associates and Joint Ventures
In accordance of Ind AS 101 (First time adoption of Ind AS), the carrying amount of these investments as per
previous GAAP as on the date of transition is considered to be the deemed cost. Subsequently Investment in
subsidiaries, associates and joint ventures are measured at cost.
In case of restated financial information, Equity investments in associates and joint ventures are accounted as per
equity method as prescribed in para 10 of Ind AS 28.
Other Equity Investment
All other equity investments in scope of Ind AS 109 are measured at fair value through profit or loss.
The Company may make an irrevocable election to present in other comprehensive income subsequent changes
in the fair value. The Company makes such election on an instrument by-instrument basis. The classification is
made on initial recognition and is irrevocable.
All fair value changes of an equity instrument classified at FVTOCI, are recognized in OCI. There is no subsequent
reclassification of fair value gains and losses to the Restated Statement of Profit and Loss. However, the Company
may transfer the cumulative gain or loss within equity. Dividends from such investments are recognised in the
Statement of Profit and Loss as “other income” when the Company’s right to receive payments is established.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
in the P&L.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Restated Statement of Assets and Liabilities) when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset,
or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
434When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the
asset, the Company continues to recognise the transferred asset to the extent of the Company’s continuing
involvement. In that case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of
the original carrying amount of the asset and the maximum amount of consideration that the Company could be
required to repay.
Impairment of financial assets (other than fair value)
In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposure:
• Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities,
deposits, trade receivables and bank balance
• Financial assets that are debt instruments and are measured as at FVTOCI
• Lease receivables under Ind AS 116
• Trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 115.
The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:
• Trade receivables or contract revenue receivables; and
• All lease receivables resulting from transactions within the scope of Ind AS 116
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.
Financial liabilities
Initial recognition and measurement
The Company’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category
also includes derivative financial instruments entered into by the Company that are not designated as hedging
instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
435Financial liabilities at amortised cost
After initial recognition, these are subsequently measured at amortised cost using the effective interest rate
method. Gains and losses are recognised in restated statement of profit or loss when the liabilities are derecognised
as well as through the effective interest rate amortisation process. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest
rate. The effective interest rate amortisation is included as finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference between the carrying
amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, shall be recognised in profit
or loss.
Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities.
For financial assets which are debt instruments, a reclassification is made only if there is a change in the business
model for managing those assets. Changes to the business model are expected to be infrequent. The Company’s
senior management determines change in the business model as a result of external or internal changes which are
significant to the Company’s operations. Such changes are evident to external parties. A change in the business
model occurs when the Company either begins or ceases to perform an activity that is significant to its operations.
If Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date
which is the first day of the immediately next reporting period following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains or losses) or
interest.
Original Revised
Accounting Treatment
Classification Classification
Fair value is measured at reclassification date. Difference
Amortised cost FVTPL between previous amortized cost and fair value is
recognised in P&L.
Fair value at reclassification date becomes its new gross
FVTPL Amortised Cost carrying amount. EIR is calculated based on the new gross
carrying amount.
Fair value is measured at reclassification date. Difference
between previous amortised cost and fair value is
Amortised cost FVTOCI
recognised in OCI. No change in EIR due to
reclassification.
Fair value at reclassification date becomes its new
amortised cost carrying amount. However, cumulative gain
FVTOCI Amortised cost or loss in OCI is adjusted against fair value. Consequently,
the asset is measured as if it had always been measured at
amortised cost.
Fair value at reclassification date becomes its new carrying
FVTPL FVTOCI
amount. No other adjustment is required.
Assets continue to be measured at fair value. Cumulative
FVTOCI FVTPL gain or loss previously recognized in OCI is reclassified to
P&L at the reclassification date.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Restated Statement of
Assets and Liabilities if there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
436Fair value measurement of financial instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date under current market conditions.
The Company categorizes assets and liabilities measured at fair value into one of three levels depending on the
ability to observe inputs employed for such measurement:
• Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included within level 1 that are observable either directly or
indirectly for the asset or liability.
• Level 3: inputs for the asset or liability which are not based on observable market data (unobservable
inputs).
The Company has an established control framework with respect to the measurement of fair values. This includes
a finance team that has overall responsibility for overseeing all significant fair value measurements who regularly
review significant unobservable inputs, valuation adjustments and fair value hierarchy under which the valuation
should be classified.
Cash and Cash equivalents
Cash and cash equivalent in the Restated Statement of Assets and Liabilities comprise cash at banks and on hand
and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk
of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part
of the Company’s cash management.
Borrowing Costs
Borrowing costs are expensed as and when incurred except where they are directly attributable to the acquisition,
construction or production of qualifying assets i.e. the assets that necessarily takes substantial period of time to
get ready for its intended use, in which case they are capitalised as part of the cost of related asset up to the date
when the qualifying asset is ready for its intended use.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a
period. Taxable profit differs from “profit before income tax” as reported in the restated statement of profit and
loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible
in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current
tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are
generally recognised for all deductible temporary difference to the extent that it is probable that taxable profits
will be available against which those deductible temporary differences can be utilised. Such assets and liabilities
are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in
subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets
arising from deductible temporary differences associated with such investments and interests are only recognised
to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of
the temporary differences.
437The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered. Unrecognised deferred tax assets are reassessed at the end of each reporting year and are
recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the
manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount
of its assets and liabilities.
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised
in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business
combination.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
Employee Benefits
Short-term Benefits
Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be
settled wholly before twelve months after the end of the annual reporting period in which the employees render
the related service.
All short-term employee benefits are recognized in the period in which the services are rendered by employees.
Post-employment benefits and other long term employee benefits
Defined contributions plans
A defined contribution plan is a post-employment benefit plan under which the Company pays a fixed contribution
into a fund maintained by a separate body and the Company will have no legal or constructive obligation to pay
further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit
expense in the restated statement of profit and loss in the periods during which services are rendered by employees.
Defined benefits plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company’s
net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that
employees have earned in return of their service in the current and prior periods. The benefit is discounted to
determine its present value and reduced by the fair value of plan assets, if any. The discount rate is based on the
prevailing market yields of Indian Government securities as at the reporting date that have maturity dates
approximating the terms of the Company’s obligations and that are denominated in the same currency in which
the benefits are expected to be paid.
The application of actuarial valuation involves making assumptions about the discount rate, expected rates of
return on assets, future salary increases, mortality rates etc. Due to the long-term nature of these plans, such
estimates are subject to uncertainties. The calculation is performed at each Restated Statement of Assets and
Liabilities by an actuary using the projected unit credit method. When the calculation results in the benefit to the
Company, the recognised asset is limited to the present value of the economic benefits available in the form of
438any future refunds from the plan or reduction in future contributions to the plan. An economic benefit is available
to the Company if it is realisable during the life of the plan, or on settlement of plan liabilities.
Re-measurement of the net defined benefit liability, which comprises actuarial gain and losses considering the
return on plan assets (excluding interest) and the effects of the assets ceiling (if any, excluding interest) are
recognised immediately in the other comprehensive income. The Company determines the net interest expense
(income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure
the defined benefit obligation at the beginning of the annual period to the then net defined benefit liability (asset),
taking into account any changes in the net defined benefit liability (asset) during the period as a result of
contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are
recognised in restated statement of profit and loss.
When the benefits of the plan are improved, the portion of the increased benefit relating to past service by
employees is recognised as an expense immediately in the restated statement of profit and loss.
Other long-term employee benefits
Other long-term employee benefits are all employee benefits other than short-term employee benefits, post-
employment benefits and termination benefits.
Other long-term employee benefits include items which are not expected to be settled wholly before twelve
months after the end of the annual reporting period in which the employees render the related service.
For other long-term employee benefits, net total of the following amounts is recognized in the statement of profit
or loss:
• Service cost
• Net interest on the net defined benefit liability (asset)
• Re-measurements of the net defined benefit liability (asset)
Foreign Currency
Transactions in foreign currencies are converted into the reported currency of the Company using the exchange
rate prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies
outstanding at the end of the reporting period are translated at the exchange rates prevailing as at the end of
reporting period. Exchange differences arising on the settlement of monetary assets and liabilities or on translating
monetary assets and liabilities at rates different from those at which they were translated on initial recognition
during the period or in previous financial statements are recognised in the restated statement of profit and loss in
the period in which they arise.
Non-monetary items denominated in foreign currency are valued at the exchange rates prevailing on the date of
transactions.
Stripping Activity
In case of opencast mining, the mine waste materials (“overburden”) which consists of soil and rock on the top of
coal seam is required to be removed to get access to the coal and its extraction. The process of removing
overburden to access coal is referred to as stripping. Stripping is necessary to obtain access to coal and occurs
throughout the life of an opencast mine. Stripping costs during development and production phases are classified
in property, plant, and equipment. Stripping costs are accounted for separately for individual mines.
The Company accounts for stripping activities as follows:
Stripping costs during the Development phase
These are initial overburden removal costs incurred to obtain access to coal to be extracted. These costs are
capitalised when it is probable that future economic benefits will flow to the company and costs can be measured
reliably. Once the production phase begins, capitalised development stripping costs are amortised over the mine
life.
439Stripping costs during the production phase
These are overburden removal costs incurred after the mine has been brought to revenue as per the policy of the
group. Stripping costs during the production phase can give rise to two benefits, the extraction of coal in the
current period and improved access to coal which will be extracted in future periods. Stripping costs during the
production phase are allocated between the inventory produced and the stripping activity asset using a standard
strip ratio (overburden-to-coal). The standard strip ratio is the total volume of Overburden expected to be removed
over the life of the mine against the total coal to be extracted over the life of the mine. When the actual volume of
overburden removed is greater than the expected volume of overburden removal, the stripping cost for excess
overburden removed over the expected overburden removal is capitalised to the stripping activity asset. The
stripping activity asset is amortised over the expected useful life of the mine. Changes in geo-mining conditions
may have an impact on the standard strip ratio. Changes to the ratio are accounted for prospectively. Stripping
activity asset are included separately under Property, plant, and equipment.
The Company recognises stripping activity asset for stripping costs during the production phase in the mines with
a rated capacity of one million tonnes per annum and above.
Inventories
Stock of Coal
Inventories of coal/coke are stated at lower of cost and net realisable value. The cost of inventories are calculated
using the Weighted Average method. Net realisable value represents the estimated selling price of inventories less
all estimated costs of completion and costs necessary to make the sale.
Book stock of coal is considered in the accounts where the variance between book stock and measured stock is up
to +/- 5% and in cases where the variance is beyond +/- 5% the measured stock is considered. Coke is considered
as a part of the stock of coal.
Slurry (coking/semi-coking), middling of washeries, and by products are valued at net realisable value and
considered as a part of the stock of coal.
Stores, Spares, and Other Inventories
The stock of stores and spares including other inventories are valued at cost calculated on the basis of the weighted
average method.
Provisions are made at the rate of 100% for unserviceable, damaged and obsolete stores and spares and at the rate
of 50% for stores & spares not moved for 5 years.
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past
event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are
stated at the present value of the expenditure expected to settle the obligation.
All provisions are reviewed at each Restated Statement of Assets and Liabilities date and adjusted to reflect the
current best estimate.
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated
reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits
is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of
one or more future uncertain events not wholly within the control of the Company, are also disclosed as contingent
liabilities unless the probability of outflow of economic benefits is remote.
Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company. Contingent assets are disclosed in the financial information when inflow of economic benefits is
440probable on the basis of the judgment of management. These are assessed continually to ensure that developments
are appropriately reflected in the restated financial information.
Earnings per share
Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of
equity shares outstanding during the period. Diluted earnings per shares is computed by dividing the profit after
tax by the weighted average number of equity shares considered for deriving basic earnings per shares and also
the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential
equity shares.
Stripping activity provision (Ratio Variance)
Stripping activity provision recognized earlier is based on the policy followed consistently by Coal India Limited
since its inception. Stripping activity provision was recognized or reversed based on the current ratio of OB to
Coal as compared to the average Stripping ratio (Standard ratio) of the mine. This accounting method has been
substantiated and validated by a multitude of authoritative bodies and forums, including income tax authorities.
The carrying amount of the stripping activity provision is reversed systematically whenever the situation of
reversal arises on extraction of actual volume of overburden over expected volume thereof. Such reversal is
specific to mines at the rate the said provision has been recognized.
Judgements, Estimates and Assumptions
The preparation of the financial information in conformity with Ind AS requires management to make estimates,
judgments, and assumptions that affect the application of accounting policies and the reported amounts of assets
and liabilities, the disclosures of contingent assets and liabilities at the date of financial information and the
amount of revenue and expenses during the reported period. Application of accounting policies involving complex
and subjective judgements and the use of assumptions in these financial statements have been disclosed.
Accounting estimates could change from period to period. Actual results could differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and, if material, their effects are disclosed in the notes
to the restated financial information.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgments,
which have the most significant effect on the amounts recognised in the restated financial information:
Formulation of Accounting Policies
Accounting policies are formulated in a manner that results in financial information containing relevant and
reliable information about the transactions, other events and conditions to which they apply. Those policies need
not be applied when the effect of applying them is immaterial.
In the absence of an Ind AS that specifically applies to a transaction, other event or condition, management has
used its judgment in developing and applying an accounting policy that results in information that is:
• relevant to the economic decision-making needs of users; and
• reliable in that financial information:
(i) represent faithfully the financial position, financial performance and cash flows of the Company; (ii) reflect
the economic substance of transactions, other events and conditions, and not merely the legal form; (iii) are neutral,
i.e. free from bias; (iv) are prudent; and (v) are complete in all material respects on a consistent basis
In making the judgment management refers to, and considers the applicability of, the following sources in
descending order:
• the requirements in Ind ASs dealing with similar and related issues; and
441• the definitions, recognition criteria and measurement concepts for assets, liabilities, income, and expenses
in the Framework.
In making the judgment, management considers the most recent pronouncements of the International Accounting
Standards Board and in the absence thereof those of the other standard-setting bodies that use a similar conceptual
framework to develop accounting standards, other accounting literature, and accepted industry practices, to the
extent that these do not conflict with the Indian accounting Standard and accounting policies and practices as
stated in above paragraph.
The Company operates in the mining sector (a sector where the exploration, evaluation, and development
production phases are based on the varied topographical and geo-mining terrain spread over the lease period
running over decades and prone to constant changes), the accounting policies whereof have evolved based on
specific industry practices supported by research committees and approved by the various regulators owing to its
consistent application over the last several decades. In the absence of specific accounting literature, guidance and
standards in certain specific areas which are in the process of evolution, the Company continues to strive to
develop accounting policies in line with the development of accounting literature and any development therein
shall be accounted for prospectively as per the procedure laid down above more, particularly in Ind AS 8.
Materiality
Ind AS applies to items which are material. Management uses judgement in deciding whether individual items
groups of item are material in the financial information. Materiality is judged by reference to the nature or
magnitude or both of the items. The deciding factor is whether omitting or misstating or obscuring an information
could individually or in combination with other information influence decisions that primary users make on the
basis of the financial information. Management also uses judgement of materiality for determining the compliance
requirement of the Ind AS. Further, the Company may also be required to present separately immaterial items
when required by law.
With effect from April 1, 2019 Errors/omissions discovered in the current year relating to prior periods are treated
as immaterial and adjusted during the current year, if all such errors and omissions in aggregate does not exceed
1% of total revenue from operation (net of statutory levies) as per the last audited financial statement of the
Company.
Operating lease
Company has entered into lease agreements. The Company has determined, based on an evaluation of the terms
and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of
the commercial property and the fair value of the asset, that it retains all the significant risks and rewards of
ownership of these properties and accounts for the contracts as operating leases.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the restated financial information were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in the assumptions when they occur.
The estimates, judgements and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and future periods affected.
The application of accounting policies that require critical judgements and accounting estimates involving
complex and subjective judgements and the use of assumptions in these financial information have been disclosed
here in below:
Impairment of non-financial assets
442There is an indication of impairment if, the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Company
considers individual mines as separate cash generating units for the purpose of test of impairment. The value in
use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and
do not include restructuring activities that the Company is not yet committed to or significant future investments
that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the
discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for
extrapolation purposes. These estimates are most relevant to other mining infrastructures. The key assumptions
used to determine the recoverable amount for the different CGUs, are disclosed and further explained in respective
notes.
Income Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
Defined benefit plans and long term employee benefits
The cost of the defined benefit plan and other post-employment medical benefits and the present value of the
obligations are determined using actuarial valuations. An actuarial valuation involves making various assumptions
that may differ from actual developments in the future. These include the determination of the discount rate, future
salary increases and mortality rates.
Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter
most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in
India, the management considers the interest rates of government bonds in currencies consistent with the
currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables of the country. Those mortality tables tend to
change only at interval in response to demographic changes.
Intangible asset under development
The Company capitalises intangible asset under development for a project in accordance with the accounting
policy. Initial capitalisation of costs is based on management’s judgement that technological and economic
feasibility is confirmed, usually when a project report is formulated and approved.
Provision for Mine Closure, Site Restoration and Decommissioning Obligation
In determining the fair value of the provision for Mine Closure, Site Restoration and Decommissioning Obligation,
assumptions and estimates are made in relation to discount rates, the expected cost of site restoration and
dismantling and the expected timing of those costs. The estimates provision using the DCF method considering
life of the project/mine based on:
• Estimated cost per hectare as specified in guidelines issued by Ministry of Coal, Government of India
• The discount rate (pre-tax rate) that reflect current market assessments of the time value of money and the
risks specific to the liability.
Non-GAAP Measures
Certain financial measures such as EBITDA, EBITDA Margin, PAT Margin, Current Ratio, Return on Net Worth,
Return on Average Capital Employed and Net Asset Value per Equity Share (“Non-GAAP Measures”) presented
in this Prospectus is a supplemental measure of our performance and liquidity that is not required by, or presented
in accordance with Ind AS. Further, these Non-GAAP Measures are not a measurement of our financial
performance or liquidity under Ind AS and should not be considered in isolation or construed as an alternative to
cash flows, profit/ (loss) for the years/ period or any other measure of financial performance or as an indicator of
443our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing
activities derived in accordance with Ind AS. In addition, these Non-GAAP Measures are not standardized terms,
hence a direct comparison of these Non-GAAP Measures between companies may not be possible. Other
companies may calculate these Non-GAAP Measures differently from us, limiting its usefulness as a comparative
measure. Although such Non-GAAP Measures are not a measure of performance calculated in accordance with
applicable accounting standards, our Company’s management believes that they are useful to an investor in
evaluating us as they are widely used measures to evaluate a company’s operating performance.
Reconciliation of EBITDA and EBITDA as a percentage of Total Income
Six Months period Six Months period Fiscal 2025 Fiscal 2024 Fiscal 2023
ended September ended September 30,
Particulars
30, 2025 2024
(in ₹ million, unless otherwise stated)
Profit before tax (A) 1,993.40 11,240.40 17,028.90 20,916.70 5,301.90
Finance Costs (B) 600.50 321.90 724.90 618.30 556.90
Depreciation / Amortization
2,005.40 2,172.40 5,806.80 3,403.90 3,054.30
/ Impairment (C)
Earnings before interest,
taxes, depreciation, and
4,599.30 13,734.70 23,560.60 24,938.90 8,913.10
amortization (D = A + B +
C)
Total Income (E) 63,115.10 70,907.00 14,4016.30 146,525.30 130,185.70
EBITDA Margin (F = D/E) 7.29% 19.37% 16.36% 17.02% 6.85%
Reconciliation of PAT Margin
Six Months Six Months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
Particulars September September
30, 2025 30, 2024
(in ₹ million, unless otherwise stated)
Profit for the Period/ Year (A) 1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
Total Income (B) 63,115.10 70,907.00 144,016.30 146,525.30 130,185.70
PAT Margin (C = A / B) 1.96% 10.56% 8.61% 10.68% 5.11%
Note:
Our PAT dropped from ₹15,644.60 million in Fiscal 2024 to ₹12,401.90 million in Fiscal 2025 due to decreased production
and offtake of coal caused by excessive rainfall in Fiscal 2025.
Reconciliation of Current Ratio
Six Months Six Months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
Particulars September 30, September 30,
2025 2024
(in ₹ million, unless otherwise stated)
Total Current Assets (A) 90,739.90 73,762.60 85,406.00 72,848.00 65,592.00
Total Current Liabilities
90,631.40 62,242.10 71,891.10 60,289.70 68,195.40
(B)
Current Ratio (C = A / B) 1.00 1.19 1.19 1.21 0.96
Reconciliation of Return on Net Worth
Particulars Six Months period Six Months period Fiscal 2025 Fiscal 2024 Fiscal 2023
ended September 30, ended September
2025 30, 2024
(in ₹ million, unless otherwise stated)
Profit for the Period/ Year (A) 1,238.80 7,487.00 12,401.90 15,644.60 6,647.80
Equity Share Capital (B) 46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
Other Equity (C) 18,057.30 6,647.20 6,647.20 (8,531.00) (13,832.30)
Other Comprehensive (885.00) (337.50) (337.50) 128.90 1,475.40
Income Reserve (D)
Opening Net Worth (E = 65,512.30 53,554.70 53,554.70 37,910.10 31,262.30
B+C-D)
444Equity Share Capital (F) 46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
Other Equity (G) 10,065.20 11,842.80 18,057.30 6,647.20 (8,531.00)
Other Comprehensive (1,673.70) (2,184.60) (885.00) (337.50) 128.90
Income Reserve (H)
Closing Net Worth (I = 58,308.90 60,597.40 65,512.30 53,554.70 37,910.10
F+G-H)
Average Net Worth [J = 61,910.60 57,076.05 59,533.50 45,732.40 34,586.20
(E+I)/2]
Return on Net Worth 2.00%* 13.12%* 20.83% 34.21% 19.22%
* Not annualised
Return on Average Capital Employed
Six Months period Six Months period Fiscal 2025 Fiscal 2024 Fiscal 2023
ended September 30, ended September
Particulars
2025 30, 2024
(in ₹ million, unless otherwise stated)
Profit before tax (A) 1,993.40 11,240.40 17,028.90 20,916.70 5,301.90
Finance Costs (B) 600.50 321.90 724.90 618.30 556.90
Earnings Before
Interest and Tax (EBIT) 2,593.90 11,562.30 17,753.80 21,535.00 5,858.80
(C = A + B)
Equity Share Capital
46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
(D)
Other Equity (E) 18,057.30 6,647.20 6,647.20 (8,531.00) (13,832.30)
Opening Capital
64,627.30 53,217.20 53,217.20 38,039.00 32,737.70
Employed (F = D + E)
Equity Share Capital
46,570.00 46,570.00 46,570.00 46,570.00 46,570.00
(G)
Other Equity (H) 10,065.20 11,842.80 18,057.30 6,647.20 (8,531.00)
Closing Capital
56,635.20 58,412.80 64,627.30 53,217.20 38,039.00
Employed (I = G + H)
Average Capital
60,631.25 55,815.00 58,922.25 45,628.10 35,388.35
Employed (J - (F + I)/2
Return on Average
4.28%* 20.72%* 30.13% 47.20% 16.56%
Capital Employed
* Not annualised
Principal Components of Income and Expenditure
Total Income
Total income comprises revenue from operations (net of levies) and other income.
Revenue from Operations
Revenue from operations (net of levies) comprises (i) sales of coking coal; and (ii) other operating revenue. The
levies are in the nature of royalty, fees payable to National Mineral Exploration Trust, District Mineral Foundation,
goods and services tax, management fees and COVID-19 cess.
Other Income
Other income includes (i) interest income; (ii) dividend income from mutual funds; (iii) other non-operating
income (net of expenses directly attributable to such income) which includes (a) profit on sale of assets; (b) gain
on foreign exchange transactions; (c) gain on sale of mutual fund; (d) lease rent; (e) provision written back; (f)
liability written back; (g) fair value changes (net); and (h) miscellaneous income.
Total Expenses
Total expenses comprises (i) cost of materials consumed; (ii) changes in inventories of finished goods, work in
progress and stock-in-trade; (iii) employee benefits expense; (iv) finance costs; (v)
445depreciation/amortization/impairment; (vi) stripping activity adjustment; (vii) contractual expenses; and (viii)
other expenses.
Cost of Materials Consumed
Cost of materials consumed consists of (i) explosives; (ii) timber; (iii) oil and lubricants; (iv) HEMM spares; and
(v) other consumable stores and spares.
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
Changes in inventories of finished goods, work in progress and stock-in-trade denotes inventories of finished goods,
work in progress and stock-in-trade between beginning and end dates of a reporting year.
Employee Benefits Expense
Employee benefits expense comprises (i) salaries and wages; (ii) contribution to provident fund and other funds;
and (iii) staff welfare expenses.
Finance Costs
Finance costs primarily comprises (i) unwinding of discounts; and (ii) other borrowing costs.
Depreciation/Amortization/Impairment
Depreciation/amortization/impairment includes depreciation/amortization/impairment charged on (i) property,
plant and equipment; (ii) capital work in progress; (iii) exploration and evaluation assets; (iv) intangible assets;
and (v) intangible assets under development.
Stripping Activity Adjustment
Stripping activity adjustment includes improved access to coal that will be extracted in future. When the actual
volume of overburden removed is greater than the expected volume of overburden removal, the stripping cost for
excess overburden removed over the expected overburden removal is capitalised to the stripping activity asset.
For further information, see “Restated Financial Information” on page 299.
Contractual Expenses
Contractual expenses include (i) transportation charges; (ii) wagon loading; (iii) outsourcing expenses for coal
and overburden; and (iv) other contractual work.
Other Expenses
Other expenses primarily include (i) power expenses; (ii) rates and taxes; (iii) security expenses; (iv) repair and
maintenance; (v) service charges of CMPDIL; (vi) service charges of CIL; (vii) freight charges; (viii) provisions;
(ix) under loading charges; (x) CSR expenses; and (x) miscellaneous expenses.
RESULTS OF OPERATIONS
The following table sets forth select financial data from our statement of restated profit and loss for six months
period ended September 30, 2025and 2024, Fiscals 2025, 2024 and 2023, the components of which are also
expressed as a percentage of total income for such years:
Particular Six Months period Six Months period Fiscal 2025 Fiscal 2024 Fiscal 2023
s ended September ended September 30,
30, 2025 2024
(in ₹ Perce (in ₹ Percent (in ₹ Percenta (in ₹ Percenta (in ₹ Percent
million) ntage million) age of million) ge of million) ge of million) age of
of Total Total Total Total
Total Income Income Income Income
Incom (%) (%) (%) (%)
e (%)
Revenue from operations (net of levies)
Sales 52,602.90 83.34 63,686.80 89.82 130,832. 90.85 131,611. 89.82 123,491. 94.86
60 00 40
446Particular Six Months period Six Months period Fiscal 2025 Fiscal 2024 Fiscal 2023
s ended September ended September 30,
30, 2025 2024
(in ₹ Perce (in ₹ Percent (in ₹ Percenta (in ₹ Percenta (in ₹ Percent
million) ntage million) age of million) ge of million) ge of million) age of
of Total Total Total Total
Total Income Income Income Income
Incom (%) (%) (%) (%)
e (%)
Other 3,987.30 6.32 4,775.10 6.73 7,192.90 4.99 10,847.6 7.40 2,749.20 2.11
operating 0
revenue
Revenue 56,590.20 89.66 68,461.90 96.55 138,025. 95.84 142,458. 97.22 126,240. 96.97
from 50 60 60
operation
s (net of
levies)
Other 6,524.90 10.34 2,445.10 3.45 5,990.80 4.16 4,066.70 2.78 3,945.10 3.03
income
Total 63,115.10 100.00 70,907.00 100.00 144,016. 100.00 146,525. 100.00 130,185. 100.00
Income 30 30 70
Expenses
Cost of 2,727.30 4.32 3,073.60 4.33 6,409.20 4.45 7,421.70 5.07 9,891.60 7.60
materials
consumed
Changes 1,036.90 1.64 (1,235.00) (1.74) (5,625.8 (3.91) (3,321.3 (2.27) (137.20) (0.11)
in 0) 0)
inventorie
s of
finished
goods,
work-in-
progress
and stock
in trade
Employee 30,375.20 48.13 33,363.40 47.05 65,423.7 45.43 69,506.7 47.44 71,479.3 54.91
benefits 4 0 0
expense
Finance 600.50 0.95 321.90 0.45 724.90 0.50 618.30 0.42 556.90 0.43
costs
Depreciati 2,005.40 3.18 2,172.40 3.06 5,806.80 4.03 3,403.90 2.32 3,054.30 2.35
on/
amortizati
on/
impairmen
t
Stripping (5,854.60) (9.28) (5,023.30) (7.08) (7,723.0 (5.36) (1,851.7 (1.26) - -
activity 0) 0)
adjustment
Contractua 20,588.30 32.62 18,323.20 25.84 43,115.1 29.94 31,686.4 21.63 23,913.5 18.37
l expense 0 0 0
Other 9,642.70 15.28 8,670.40 12.23 18,856.4 13.09 18,144.6 12.38 16,125.4 12.39
expenses 6 0 0
Total 61,121.70 96.84 59,666.60 84.15 126,987. 88.18 125,608. 85.72 124,883. 95.93
Expenses 40 60 80
Profit/(Lo 1,993.40 3.16 11,240.40 15.85 17,028.9 11.82 20,916.7 14.28 5,301.90 4.07
ss) before 0 0
Tax
Tax expense
Current 433.80 0.69 1,899.20 2.68 2,900.30 2.01 1,803.30 1.23 13.10 0.01
tax
Deferred 320.80 0.51 1,854.20 2.61 1,726.70 1.20 3,468.80 2.37 (1,359.0 (1.04)
tax 0)
Total tax 754.60 1.20 3,753.40 5.29 4,627.00 3.21 5,272.10 3.60 (1,345.9 (1.03)
expense 0)
Profit / 1,238.80 1.96 7,487.00 10.56 12,401.9 8.61 15,644.6 10.68 6,647.80 5.11
(Loss) for 0 0
the year
SIX MONTHS PERIOD ENDED SEPTEMBER 30, 2025 COMPARED TO SIX MONTHS PERIOD
ENDED SEPTEMBER 30, 2024
447Total Income
Total income decreased by 10.99% from ₹ 70,907.00 million in six months period ended September 30, 2024 to
₹ 63,115.10 million in six months period ended September 30, 2025. This was primarily attributable to decrease
in net sales and other operating revenue.
Revenue from Operations (Net of Levies)
Revenue from operations (net of levies) decreased by 17.34% from ₹ 68,461.90 million in six months period
ended September 30, 2024 to ₹ 56,590.20 million in six months period ended September 30, 2025, primarily due
to decrease in net sales from ₹ 63,686.80 million in six months period ended September 30, 2024 to ₹ 52,602.90
million in six months period ended September 30, 2025.
Other Income
Other income increased from ₹ 2,445.10 million in six months period ended September 30, 2024 to ₹ 6,524.90
million in six months period ended September 30, 2025, primarily due to increase in liabilities written back from
₹ 797.50 million in six months period ended September 30, 2024 to ₹ 2,337.10 million in six months period ended
September 30, 2025 and increase in miscellaneous income from ₹ 504.90 million in six months period ended
September 30, 2024 to ₹ 2,326.90 million in six months period ended September 30, 2025.
Expenses
Cost of Materials Consumed
Cost of materials consumed decreased by 11.27% from ₹ 3,073.60 million in six months period ended September
30, 2024 to ₹ 2,727.30 million in six months period ended September 30, 2025, primarily due to reduction in
consumption of oil, lubricants and explosives on account of decrease in production during the period.
Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade
Change in inventories of finished goods, work in progress, stock in trade increased from ₹ (1,235.00) million in
six months period ended September 30, 2024 to ₹ 1,036.90 million in six months period ended September 30,
2025, primarily due to liquidation of coal stock.
Employee Benefits Expenses
Employee benefits expenses decreased by 8.96% from ₹ 33,363.40 million in six months period ended September
30, 2024 to ₹ 30,375.20 million in six months period ended September 30, 2025, primarily due to decrease in
salary and wages from ₹ 27,278.50 million in six months period ended September 30, 2024 to ₹ 24,821.40 million
in six months period ended September 30, 2025, decrease in contribution to provident fund and other funds from
₹ 5,376.80 million in six months period ended September 30, 2024 to ₹ 4,979.60 million in six months period
ended September 30, 2025 on account of reduction in manpower.
Finance Costs
Finance cost increased by 86.55% from ₹ 321.90 million in six months period ended September 30, 2024 to ₹
600.50 million in six months period ended September 30, 2025, primarily due to increase in unwinding of
discounts from ₹ 321.90 million in six months period ended September 30, 2024 to ₹ 347.70 million in six months
period ended September 30, 2025 as well as increase in other borrowing costs from nil in six months period ended
September 30, 2024 to ₹ 252.80 million in six months period ended September 30, 2025.
Depreciation/Amortization/Impairment
Depreciation/amortization/impairment decreased by 7.69% from ₹ 2,172.40 million in six months period ended
September 30, 2024 to ₹ 2,005.40 million in six months period ended September 30, 2025, primarily due to one-
time adjustment of depreciation on site restoration cost that was charged during the six months period ended
September 30, 2024.
Stripping Activity Adjustment
448Stripping activity adjustment decreased by 16.55% from ₹ (5,023.30) million in six months period ended
September 30, 2024 to ₹ (5,854.60) million in six months period ended September 30, 2025, primarily due to
change in improved access to coal.
Contractual Expense
Contractual expenses increased by 12.36% from ₹ 18,323.20 million in six months period ended September 30,
2024 to ₹ 20,588.30 million in six months period ended September 30, 2025, primarily due to increase in
outsourcing expenses for coal production and overburden removal from ₹ 15,414.80 million in six months period
ended September 30, 2024 to ₹ 18,020.40 million in six months period ended September 30, 2025.
Other Expenses
Our other expenses increased by 11.21% to ₹ 9,642.70 million in six months period ended September 30, 2025
from ₹ 8,670.40 million in six months period ended September 30, 2024, primarily due to increase in security
expenses to ₹ 2,093.50 million in six months period ended September 30, 2025 from ₹ 1,732.60 million in six
months period ended September 30, 2024, increase in other social and welfare expenses to ₹ 438.10 million in six
months period ended September 30, 2025 from ₹ 6.50 million in six months period ended September 30, 2024,
and an increase in rates and taxes to ₹ 2,629.60 million in six months period ended September 30, 2025 from ₹
2,199.80 million in six months period ended September 30, 2024.
Profit before Tax
For the reasons discussed above, profit before tax decreased by 82.27% from ₹ 11,240.40 million in six months
period ended September 30, 2024 to ₹ 1,993.40 million in six months period ended September 30, 2025.
Tax expense
Our tax expense decreased by 79.90% from ₹ 3,753.40 million in six months period ended September 30, 2024 to
₹ 754.60 million in six months period ended September 30, 2025, primarily due to decrease in profit before tax
from ₹ 11,240.40 million in six months period ended September 30, 2024 to ₹ 1,993.40 million in six months
period ended September 30, 2025.
Profit for the Year
As a result of the foregoing, our profit for the year was ₹ 1,238.80 million in six months period ended September
30, 2025 as compared to ₹ 7,487.00 million in six months period ended September 30, 2024.
FISCAL 2025 COMPARED TO FISCAL 2024
Total Income
Total income decreased by 1.71% from ₹ 146,525.30 million in Fiscal 2024 to ₹ 144,016.30 million in Fiscal
2025. This was primarily attributable to decrease in net sales and other operating revenue.
Revenue from Operations (Net of Levies)
Revenue from operations (net of levies) decreased by 3.11% from ₹ 142,458.60 million in Fiscal 2024 to
₹138,025.50 million in Fiscal 2025, primarily due to decrease in net sales and other operating revenue.
Other Income
Other income increased by 47.31% from ₹ 4,066.70 million in Fiscal 2024 to ₹ 5,990.80 million in Fiscal 2025,
primarily due to increase in liabilities written back from ₹ 575.70 million in Fiscal 2024 to ₹ 1,498.80 million in
Fiscal 2025 and increase in miscellaneous income from ₹ 1,616.10 million in Fiscal 2024 to ₹ 2,609.90 million in
Fiscal 2025.
Expenses
Cost of Materials Consumed
449Cost of materials consumed decreased by 13.64% from ₹ 7,421.70 million in Fiscal 2024 to ₹ 6,409.20 million in
Fiscal 2025, primarily due to reduction in consumption of oil, lubricants and explosives on account of decrease in
production in Fiscal 2025 as compared to Fiscal 2024.
Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade
Change in inventories of finished goods, work in progress, stock in trade decreased from ₹ (3,321.30) million in
Fiscal 2024 to ₹ (5,625.80) million in Fiscal 2025, primarily due to accumulation of stock.
Employee Benefits Expenses
Employee benefits expenses decreased by 5.87% from ₹ 69,506.70 million in Fiscal 2024 to ₹ 65,423.74 million
in Fiscal 2025, primarily due to decrease in manpower from 33,920 employees in Fiscal 2024 to 32,118 employees
in Fiscal 2025.
Finance Costs
Finance cost increased by 17.24% from ₹ 618.30 million in Fiscal 2024 to ₹ 724.90 million in Fiscal 2025,
primarily due to increase in unwinding of discounts on right of use assets and under site restoration costs from
₹604.60 million in Fiscal 2024 to ₹ 718.90 million in Fiscal 2025.
Depreciation/Amortization/Impairment
Depreciation/amortization/impairment increased by 70.59% from ₹ 3,403.90 million in Fiscal 2024 to ₹ 5,806.80
million in Fiscal 2025, primarily due to increase in depreciation on the newly capitalized assets.
Stripping Activity Adjustment
Stripping activity adjustment decreased by 317.08% from ₹ (1,851.70) million in Fiscal 2024 to ₹ (7,723.00)
million in Fiscal 2025, primarily due to change in improved access to coal.
Contractual Expense
Contractual expenses increased by 36.07% to ₹ 43,115.10 million in Fiscal 2025 from ₹ 31,686.40 million in
Fiscal 2024, primarily due to increase in outsourcing expenses for coal production and overburden removal from
₹ 24,804.70 million in Fiscal 2024 to ₹ 37,338.10 million in Fiscal 2025.
Other Expenses
Our other expenses increased by 3.92% to ₹ 18,856.46 million in Fiscal 2025 from ₹ 18,144.60 million in Fiscal
2024, primarily due to increase in security expenses to ₹ 3,829.30 million in Fiscal 2025 from ₹ 3,693.60 million
in Fiscal 2024, increase in CSR expenses to ₹ 286.70 million in Fiscal 2025 from ₹ 100.90 million in Fiscal 2024,
and an increase in rates and taxes to ₹ 5,045.00 million in Fiscal 2025 from ₹ 4,769.20 million in Fiscal 2024.
Profit before Tax
For the reasons discussed above, profit before tax decreased by 18.59% from ₹ 20,916.70 million in Fiscal 2024
to ₹ 17,028.90 million in Fiscal 2025.
Tax expense
Our tax expense decreased by 12.24% from ₹ 5,272.10 million in Fiscal 2024 to ₹ 4,627.00 million in Fiscal 2025,
primarily due to decrease in profit before tax from ₹ 20,916.70 million in Fiscal 2024 to ₹17,028.90 million in
Fiscal 2025.
Profit for the Year
As a result of the foregoing, our profit for the year was ₹ 12,401.90 million in Fiscal 2025 compared to ₹ 15,644.60
million in Fiscal 2024.
FISCAL 2024 COMPARED TO FISCAL 2023
Total Income
450Total income increased by 12.55% from ₹ 130,185.70 million in Fiscal 2023 to ₹ 146,525.30 million in Fiscal
2024. This was primarily attributable to an increase in revenue from operations and other income.
Revenue from Operations
Revenue from operations (net of levies) increased by 12.85% from ₹ 126,240.60 million in Fiscal 2023 to
₹142,458.60 million in Fiscal 2024, primarily due to increase in net sales to ₹ 131,611.00 million in Fiscal 2024
from ₹ 123,491.40 million in Fiscal 2023.
Other Income
Other income increased by 3.08% from ₹ 3,945.10 million in Fiscal 2023 to ₹ 4,066.70 million in Fiscal 2024,
primarily due to increase in miscellaneous income from ₹ 1,072.30 million in Fiscal 2023 to ₹1,616.10 million in
Fiscal 2024 and increase in interest income from ₹ 590.80 million in Fiscal 2023 to ₹ 1,682.00 million in Fiscal
2024.
Total Expenses
Cost of Materials Consumed
Cost of materials consumed decreased by 24.97% from ₹ 9,891.60 million in Fiscal 2023 to ₹ 7,421.70 million in
Fiscal 2024, primarily due to decrease in the expenditure on explosives from ₹5,313.30 million in Fiscal 2023 to
₹ 3,622.60 million in Fiscal 2024 due to reduction in price of explosives and decrease in the expenditure on oil
and lubricants from ₹3,728.50 million in Fiscal 2023 to ₹2,977.20 million in Fiscal 2024.
Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade
Change in inventories of finished goods, work in progress, stock in trade decreased from ₹ (137.20) million in
Fiscal 2023 to ₹ (3,321.30) million in Fiscal 2024, primarily due to accumulation of coal stock.
Employee Benefits Expenses
Employee benefits expenses decreased by 2.76% from ₹ 71,479.30 million in Fiscal 2023 to ₹ 69,506.70 million
in Fiscal 2024, primarily due to decrease in manpower from 37,037 employees in Fiscal 2023 to 33,920 employees
in Fiscal 2024.
Finance Costs
Finance cost increased by 11.03% from ₹ 556.90 million in Fiscal 2023 to ₹ 618.30 million in Fiscal 2024,
primarily due to increase in unwinding of discount on right of use assets and assets under site restoration costs
from ₹ 556.90 million in Fiscal 2023 to ₹ 604.60 million in Fiscal 2024 and an increase in borrowing costs from
nil in Fiscal 2023 to ₹ 13.70 million in Fiscal 2024.
Depreciation/Amortization/Impairment
Depreciation/amortization/impairment increased by 11.45% from ₹ 3,054.30 million in Fiscal 2023 to ₹ 3,403.90
million in Fiscal 2024, primarily due to increase in depreciation on the newly capitalized assets.
Stripping Activity Adjustment
Stripping activity adjustment decreased from nil in Fiscal 2023 to ₹ (1,851.70) million in Fiscal 2024, primarily
due to increase in capitalization of stripping activity assets.
Contractual Expense
Contractual expenses increased by 32.50% from ₹ 23,913.50 million in Fiscal 2023 to ₹ 31,686.40 million in
Fiscal 2024, primarily due to increase in outsourcing expenses for coal and overburden from ₹ 17,511.60 million
in Fiscal 2023 to ₹ 24,804.70 million in Fiscal 2024 and an increase in other contractual work from ₹ 2,726.00
million in Fiscal 2023 to ₹ 3,155.80 million in Fiscal 2024.
Other Expenses
451Our other expenses increased by 12.52% from ₹ 16,125.40 million in Fiscal 2023 to ₹ 18,144.60 million in Fiscal
2024, primarily due to increase in rates and taxes from ₹ 2,655.00 million in Fiscal 2023 to ₹ 4,769.20 million in
Fiscal 2024.
Profit before Tax
For the reasons discussed above, profit before tax increased by 294.51% from ₹ 5,301.90 million in Fiscal 2023
to ₹ 20,916.70 million in Fiscal 2024.
Tax Expense
Our tax expense increased from ₹ (1,345.90) million in Fiscal 2023 to ₹ 5,272.10 million in Fiscal 2024, primarily
due to increase in profit before tax from ₹ 5,301.90 million in Fiscal 2023 to ₹ 20,916.70 million in Fiscal 2024.
Profit for the Year
As a result of the foregoing, our profit for the year was ₹ 15,644.60 million in Fiscal 2024 as compared to ₹
6,647.80 million in Fiscal 2023.
LIQUIDITY AND CAPITAL RESOURCES
We have historically financed the expansion of our business and operations primarily through internal accruals
and capital infusion from Coal India Limited. Being a Central Public Sector Enterprise, we manage our capital
as per the guidelines of Department of Investment and Public Asset Management under Ministry of Finance.
As of September 30, 2025, we had cash and cash equivalents of ₹ 4,288.70 million.
Our funding requirements are primarily for capital expenditure and working capital purposes. We evaluate our
funding requirements periodically in light of our cash flow from operating activities, the requirements of our
business and operations and market conditions. We believe our existing cash and cash equivalents and cash flow
from operating activities will be sufficient to meet our funding requirements needs for the near future.
The bank borrowings of the Company have been secured by creating charge against stock of coal, stores and spare
parts and book debts, within consortium of banks. As on the date of this Prospectus, the total working capital
facility for CIL and all its subsidiaries (including our Company) is ₹78,700.00 (unsecured) and ₹4,300.00 million
(secured by creating charge against stock of coal, stores and spare parts and book debts, within consortium of
banks) of which fund based limit is ₹1,400.00 million and non-fund based limit is ₹2,900.00 million. Further,
outside the consortium, the total sanctioned working capital loan limit (unsecured) available to the company is ₹
8,000.00 million. However, our Board has conferred borrowing power of ₹20,000.00 million in the form of
unsecured working capital loan to the our Company. Moreover, sanctioned limit of overdraft facility secured
against fixed deposits is ₹5660.02 million.
CASH FLOWS
The following table sets forth our cash flows and cash and cash equivalents for the years indicated:
Particulars Six Months Six Months Fiscal 2025 Fiscal 2024 Fiscal 2023
period ended period ended
September 30, September
2025 30, 2024
(in ₹ million)
Net cash flow generated from
(3,349.30) 10,148.10 7,964.90 12,991.40 16,987.80
operating activities (A)
Net cash used in investing activities
(651.60) (7,881.30) (7,823.10) (14,844.20) (17,058.30)
(B)
Net cash flows used in financing
3,804.40 (891.10) (1,324.60) (738.40) (429.70)
activities (C)
Net increase/(decrease) in cash and
(196.50) 1,375.70 (1,182.80) (2,591.20) (500.20)
cash equivalents (A+B+C)
Cash and cash equivalents at the
1,675.40 2,858.20 2,858.20 5,449.40 5,949.60
beginning of the year
Cash and cash equivalents at the end
1,478.90 4,233.90 1,675.40 2,858.20 5,449.40
of the year
452Operating Activities
Six months period ended September 30, 2025
Net cash generated from operating activities was ₹ (3,349.30) million in six months period ended September 30,
2025. In six months period ended September 30, 2025, our profit before tax was ₹ 1,993.40 million. Primary
adjustments consisted of depreciation, amortisation and impairment expenses of ₹ 2,005.40 million and finance
costs of ₹ 600.50 million. This was partially offset by interest income of ₹ 701.90 million, stripping activity
adjustment of ₹ 5,854.60 million and liability and provision written back (net) of ₹ 3,303.60 million.
Cash flows from operating activities before changes in assets and liabilities was ₹ (5,347.00) million in six months
period ended September 30, 2025. The changes in assets and liabilities in six months period ended September 30,
2025 primarily comprised of increase in trade payables of ₹ 6,917.70 million and increase in other current and
non-current liabilities of ₹ 3,518.50 million. This was partially offset by increase in trade receivables of ₹ 3,547.60
million and increase in loans and provisions of ₹ 2,973.00 million.
Six months period ended September 30, 2024
Net cash generated from operating activities was ₹ 10,148.10 million in six months period ended September 30,
2024. In six months period ended September 30, 2024, our profit before tax was ₹ 11,240.40 million. Primary
adjustments consisted of depreciation, amortisation and impairment expenses of ₹ 2,172.40 million and finance
costs of ₹ 321.90 million. This was partially offset by interest income of ₹ 822.50 million, stripping activity
adjustment of ₹ 5,023.30 million and liability and provision written back (net) of ₹ 1,167.20 million.
Cash flows from operating activities before changes in assets and liabilities was ₹ 6,509.40 million in six months
period ended September 30, 2024. The changes in assets and liabilities in six months period ended September 30,
2024 primarily comprised of increase in provisions of ₹ 5,504.00 million and other financial liabilities of ₹
6,238.50 million. This was partially offset by increase in inventories of ₹ 1,303.00 million, increase in other
current and non-current liabilities of ₹ 3,647.00 million and increase in loans and advances and other financial
assets of ₹ (1,335.80) million.
Fiscal 2025
Net cash generated from operating activities was ₹ 7,964.90 million in Fiscal 2025. In Fiscal 2025, our profit
before tax was ₹ 17,028.90 million. Primary adjustments consisted of depreciation, amortisation and impairment
expenses of ₹ 5,806.80 million and finance cost of ₹ 724.90 million. This was partially offset by interest income
of ₹ 1,539.30 million, stripping activity adjustment of ₹ 7,723.00 million and liability and provision written back
(net) of ₹ 1,553.50 million.
Cash flows from operating activities before changes in assets and liabilities was ₹ 14,758.20 million in Fiscal
2025. The changes in assets and liabilities in Fiscal 2025 primarily comprised of increase in trade payables of ₹
9,397.40 million and increase in other financial liabilities of ₹ 4,988.70 million. This was partially offset by
increase in inventories of ₹ 5,778.90 million, increase in trade receivables of ₹ 5,145.10 million and increase in
loans and advances and other financial assets of ₹ 2,234.30 million.
Fiscal 2024
Net cash generated from operating activities was ₹ 12,991.40 million in Fiscal 2024. In Fiscal 2024, our profit
before tax was ₹ 20,916.70 million. Primary adjustments consisted of depreciation, amortisation and impairment
expense of ₹3,403.90 million and finance costs of ₹ 618.30 million. This was partially offset by interest income
of ₹ 1,297.80 million, stripping activity adjustment of ₹ 1,851.70 million and liability and provision written back
(net) of ₹ 603.30 million.
Cash flows from operating activities before changes in assets and liabilities was ₹ 19,189.40 million in Fiscal
2024. The changes in assets and liabilities in Fiscal 2024 primarily comprised of increase in trade payables of ₹
3,206.20 million. This was partially offset by increase in inventories of ₹ 3,519.90 million and provisions of ₹
10,370.50 million.
Fiscal 2023
Net cash generated from operating activities was ₹ 16,987.80 million in Fiscal 2023. In Fiscal 2023, our profit
before tax was ₹ 5,301.90 million. Primary adjustments consisted of depreciation, amortisation and impairment
453expense of ₹3,054.30 million, stripping activity adjustment of ₹ 6,726.70 million and finance costs of ₹ 556.90
million. This was partially offset by interest income of ₹ 668.00 million and liability and provision written back
(net) of ₹ 2,181.40 million.
Cash flows from Operating activities before changes in assets and liabilities was ₹ 12,805.60 million in Fiscal
2023. The main working capital adjustments in Fiscal 2023 comprised of increase in trade payables of ₹ 1,126.50
million, increase in provisions of ₹ 10,542.30 million and increase in other financial liabilities of ₹ 373 million.
This was partially offset by increase in inventories of ₹ 397.80 million and loans and advances and other financial
assets of ₹ 162.00 million.
Investing Activities
Six months period ended September 30, 2025
Net cash used in investing activities was ₹ 651.60 million in six months period ended September 30, 2025
primarily due to payments for property, plant equipment and intangible assets of ₹ 3,021.50 million. This was
partially offset by proceeds from sale of property, plant and equipment of ₹ 131.70 million, realisation of deposits
with banks of ₹ 1,607.20 million and proceeds from mutual funds of ₹ 627.40 million.
Six months period ended September 30, 2024
Net cash used in investing activities was ₹ 7,881.30 million in six months period ended September 30, 2024
primarily due to payments for property, plant equipment and intangible assets of ₹ 9,799.50 million and deposits
with bank of ₹ 1,427.90 million. This was partially offset by proceeds from investment of ₹ 2,685.10 million and
interest received on investments of ₹ 649.00 million.
Fiscal 2025
Net cash used in investing activities was ₹ 7,823.10 million in Fiscal 2025 primarily due to payments for property,
plant equipment and intangible assets of ₹ 7,701.80 million and deposits with bank of ₹ 3,623.90 million. This
was partially offset by interest from investment of ₹ 1,381.90 million and proceeds from mutual funds of ₹
2,714.00 million.
Fiscal 2024
Net cash used in investing activities was ₹ 14,844.20 million in Fiscal 2024 primarily due to payments for
property, plant equipment and intangible assets of ₹ 11,928.30 million, deposits with bank of ₹ 2,290.90 million
and investment in mutual fund of ₹ 1,740.10 million. This was partially offset by interest from investment of ₹
1,137.80 million.
Fiscal 2023
Net cash used in investing activities was ₹ 17,058.30 million in Fiscal 2023 primarily due to payments for
property, plant equipment and intangible assets of ₹ 10,122.90 million, deposits with bank of ₹ 6,740.30 million
and investment in mutual fund of ₹ 720.00 million. This was partially offset by interest from investment of ₹
483.00 million.
Financing Activities
Six months period ended September 30, 2025
Net cash used in financing activities was ₹ 3,804.40 million in six months period ended September 30, 2025
primarily due to proceeds from current borrowings of ₹ 12,781.50 million and dividend paid on equity shares of
₹ (8,442.20) million.
Six months period ended September 30, 2024
Net cash used in financing activities was ₹ 891.10 million in six months period ended September 30, 2024
primarily due to repayment of lease liabilities including interest of ₹ (446.30) million and dividend paid on equity
shares of ₹ 444.30 million.
Fiscal 2025
454Net cash used in financing activities was ₹ 1,324.60 million in Fiscal 2025 primarily due to repayment of lease
liabilities including interest of ₹ 874.30 million, dividend payment of ₹(444.30) million.
Fiscal 2024
Net cash used in financing activities was ₹ 738.40 million in Fiscal 2024 primarily due to repayment of lease
liabilities including interest of ₹ 724.70 million and interest and finance cost pertaining to financing activities of
₹13.70 million.
Fiscal 2023
Net cash used in financing activities was ₹ 429.70 million in Fiscal 2023 due to repayment of lease liabilities
including interest of ₹ 429.70 million.
INDEBTEDNESS
For details of our indebtedness, please see “Financial Indebtedness” on page 462.
CONTINGENT LIABILITIES
The following table below sets forth our contingent liabilities as of September 30, 2025:
Particulars As of September 30, 2025
(in ₹ million)
Central Government
Income Tax 3,844.40
Sales Tax: CST 1,527.40
Central Excise 885.30
Service Tax 54.50
Sub-Total 6,311.60
State Government and local authority
Sales Tax: VAT 1,689.90
GST 2,180.90
Royalty 558.80
Holding Tax 2,522.30
Electricity Duty 231.70
Others Statutory Dues (RE/PE Cess) 82.80
Sub-Total 7,266.40
Central Public Sector Enterprises
Sub- Total -
Others
Suits against the Company under litigation 9,591.80
Arbitration proceedings 11,970.10
Misc (Land) 846.00
Sub-Total 22,407.90
Grand Total 35,985.90
For further information relating to our contingent liabilities, see “Restated Financial Information” on page 299.
Commitments
The following table below sets forth our commitments as of September 30, 2025:
Particulars As of September 30, 2025
(in ₹ million)
Estimated amount of contract remaining to be executed on capital account not provided
for:
455a) Land 507.90
b) Buildings 666.90
c) Plant & Machinery 0.00
d) Others 4,564.60
Total 5,739.40
For further information relating to our contingent liabilities, see “Restated Financial Information” on page 299.
Capital Expenditure
The following table sets forth the capital expenditures incurred during the six months period ended September 30,
2025 and 2024 and Fiscals 2025, 2024 and 2023:
Particulars Six Months Six Months
period ended period ended Fiscal 2025
Fiscal 2024 Fiscal 2023
September 30, September 30,
2025 2024
(in ₹ million)
Plant & Machinery
(including. railway siding 1,392.60 1,361.58 1,483.60 4,197.00 4,348.10
and SILO)
Solar Projects 322.50 682.28 2,010.60 176.40 0.00
Land 25.50 131.00 495.10 288.70 189.50
Telecommunication 354.50 402.70 723.50 80.00 16.70
Other Mining
Infrastructure 2,663.60 642.60 1,455.00 1,338.20 1,570.90
Development
Building 299.90 329.40 1,330.50 623.80 673.70
Exploration &
(1,753.90) 19.60 645.30 81.70 (117.70)
Evaluation of Assets
Office Equipment 57.80 27.00 82.40 131.70 51.50
Vehicles 5.40 184.60 266.80 644.10 395.80
Furniture & Fixtures 12.00 29.00 52.70 38.10 28.90
Change in Capital
45.40 859.50 688.00 2,785.20 2,507.40
Advance
Stripping Activity
0.00 0.00 7,722.90 1,851.70 0.00
Adjustment
Land Reclamation/Site
0.00 35.70 1,153.70 113.40 114.10
Restoration
Surveyed off assets 10.40 19.40 39.30 25.30 86.40
Total 3,435.70 4,724.36 18,149.40 12,375.30 9,865.30
OFF-BALANCE SHEET ARRANGEMENTS
We do not have any off-balance sheet arrangements, derivative instruments or other relationships with other
entities that would have been established for the purpose of facilitating off-balance sheet arrangements.
The dividend on erstwhile 5% non-convertible cumulative redeemable preference shares of ₹ 444.33 million was
recommended by the Board of Directors and paid on August 5, 2024 after the approval of the shareholders in the
annual general meeting for Fiscal 2024 held on August 1, 2024. The remaining dividend of ₹ 8,442.17 million,
has been recommended by the Board of Directors of our Company in the meeting held on April 23, 2025, which
was approved by the shareholders in the Annual General Meeting of the Company for Fiscal 2025 held on July
25, 2025. The amount was paid on July 28, 2025. For further information, see “Restated Financial Information”
on page 299.
RELATED PARTY TRANSACTIONS
We enter into various transactions with related parties in the ordinary course of business. These transactions
principally include payment of apex, rehabilitation charges and dividend to Coal India Limited, payment of
consultancy charges to Central Mine Planning and Design Institute Limited and payment of training charges to
Indian Institute of Coal Management. For further details, see “Restated Financial Information” on page 299.
456CHANGES IN ACCOUNTING POLICIES
Except as disclosed below, there have been no changes in our accounting policies in the six months period ended
September 30, 2025 and 2024 and the last three Fiscals:
In the Fiscal 2024, our Company has adopted a revised policy on stripping activity in accordance with Appendix
B Stripping Costs in the Production Phase of a Surface Mine, of Ind AS 16, Property, Plant, and Equipment. In
accordance with Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,
‘Presentation of Financial Statements’, our Company has retrospectively restated its balance sheet as at March 31,
2023 and April 01, 2022 (beginning of the preceding period; as restatement prior to that period is impracticable)
and statement of profit and loss and statement of cash flows for the year ended March 31, 2023. The impact of
such restatements had already been given in the financial statements for the year ended March 31, 2024 (along
with comparative figures for the year ended March 31, 2023) and hence no additional impact was required to be
incorporated in the restated financial information.
Apart from the above, the Material Accounting Policies for the six months period ended September 30, 2025 and
2024, Fiscal 2025, 2024 and 2023 have been updated to enhance clarity for users of the financial statements. These
updates do not carry any financial implication.
AUDITOR’S OBSERVATIONS
Our Statutory Auditors have not included any qualifications, reservations or adverse remarks in the Restated
Financial Information.
For details of emphasis of matters and other matters included in the Restated Financial Information, please see
“Risk Factors- Our Statutory Auditors have included certain emphasis of matters and other matters in their audit
report for the audited financial statements for Fiscal 2025, 2024 and 2023.” on page 70.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The risk management of the Company is carried out by the Board of Directors as per Department of Public
Enterprises (“DPE”) Guidelines issued by Government of India. The board provides written principals for overall
risk management as well as policies covering investment of excess liquidity.
Credit Risk
Credit Risk Management
Receivables arise mainly out of sale of coal. Sale of coal is broadly categorized as sale through fuel supply
agreements (“FSAs”) and e-auction. Macro – economic information (such as regulatory changes) is incorporated
as part of the FSAs and e-auction terms.
FSAs
As contemplated in and in accordance with the terms of the New Coal Distribution Policy (NCDP), the company
enters into legally enforceable FSAs with customers or with State Nominated Agencies that in turn enters into
appropriate distribution arrangements with end customers. FSAs can be broadly categorized into:
• FSAs with customers in the power utilities sector, including State power utilities, private power utilities
(“PPUs”) and independent power producers (“IPPs”);
• FSAs with customers in non-power industries (including captive power plants (“CPPs”); and
• FSAs with State Nominated Agencies.
E-Auction Scheme
The E-Auction scheme of coal has been introduced to provide access to coal for customers who were not able to
source their coal requirement through the available institutional mechanisms under the NCDP for various reasons,
for example, due to a less than full allocation of their normative requirement under NCDP, seasonality of their
coal requirement and limited requirement of coal that does not warrant a long-term linkage. The quantity of coal
to be offered under E-Auction is reviewed from time to time by the Ministry of Coal.
457Credit risk arises when a counterparty defaults on contractual obligations resulting in financial loss to the
company.
Provision for expected credit loss
Our Company provides for expected credit risk loss for doubtful/ credit impaired assets, by lifetime expected
credit losses.
Significant estimates and judgment– Impairment of Financial Assets
The impairment provisions for financial assets disclosed above are based on assumptions about risk of default and
expected loss rates. Our Company uses judgment in making these assumptions and selecting the inputs to the
impairment calculation, based on our Company’s past history, existing market conditions as well as forward
looking estimates at the end of each reporting period.
Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due.
Due to the dynamic nature of the underlying businesses, our Company treasury maintains flexibility in funding
by maintaining availability under committed credit lines. Management monitors forecasts of our Company’s
liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of
expected cash flows. This is generally carried out at local level in accordance with practice and limits set by the
Company. The bank borrowings of the Company have been secured by creating charge against stock of coal,
stores and spare parts and book debts. As on the date of this Prospectus, the total working capital facility for CIL
and all its subsidiaries (including our Company) is ₹78,700.00 (unsecured) and ₹4,300.00 million (secured by
creating charge against stock of coal, stores and spare parts and book debts, within consortium of banks) of which
fund based limit is ₹1,400.00 million and non-fund based limit is ₹2,900.00 million. Further, outside the
consortium, the total sanctioned working capital loan limit (unsecured) available to the company is ₹ 8,000.00
million. However, our Board has conferred borrowing power of ₹20,000.00 million in the form of unsecured
working capital loan to the our Company. Moreover, sanctioned limit of overdraft facility secured against fixed
deposits is ₹5660.02 million.
Market Risk
(i) Foreign currency risk
Foreign currency risk arises from future commercial transactions and recognized assets or liabilities denominated
in a currency that is not our Company’s functional currency (INR). Our Company is exposed to foreign exchange
risk arising from foreign currency transactions. Foreign exchange risk in respect of foreign operation is considered
to be insignificant. Our Company also imports and risk is managed by regular follow up. Our Company has a
policy which is implemented when foreign currency risk becomes significant.
(ii) Cash flow and fair value interest rate risk
Our main interest rate risk arises from bank deposits with change in interest rate exposes the Company to cash
flow interest rate risk. Our policy is to maintain most of its deposits at fixed rate. We manage the risk using
guidelines from DPE, diversification of bank deposits credit limits and other securities. .
UNUSUAL OR INFREQUENT EVENTS OR TRANSACTIONS
Except as described in this Prospectus, to our knowledge, there have been no unusual or infrequent events or
transactions that have in the past or may in the future affect our business operations or future financial
performance.
SIGNIFICANT ECONOMIC CHANGES THAT MATERIALLY AFFECT OR ARE LIKELY TO
AFFECT INCOME FROM CONTINUING OPERATIONS
There are no significant changes that materially affect or are likely to affect income from continuing operations,
except as described in “– Significant Factors Affecting our Results of Operations”, in “Risk Factors”, “Our
Business” on pages 422, 33 and 215, respectively.
KNOWN TRENDS OR UNCERTAINTIES
458Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising
from the trends identified above in “– Significant Factors Affecting our Results of Operations” and the uncertainties
described in “Risk Factors” on pages 422 and 33, respectively. To our knowledge, except as discussed in this
Prospectus, there are no known trends or uncertainties that have or had or are expected to have a material adverse
impact on revenues or income of our Company from continuing operations.
TOTAL TURNOVER OF EACH MAJOR INDUSTRY SEGMENT IN WHICH THE COMPANY
OPERATED
Our Company is primarily engaged in a single segment business of production and sale of coal. As such, there
are no separate reportable segments for the company.
FUTURE RELATIONSHIP BETWEEN COST AND INCOME
Other than as described in “Risk Factors”, “Our Business” on pages 33 and 215, and this section respectively, to
our knowledge there are no known factors that may adversely affect our business prospects, results of operations
and financial condition.
COMPETITIVE CONDITIONS
We operate in a competitive environment. See “Our Business”, “Industry Overview” and “Risk Factors” on pages
215, 146 and 33, respectively, for further details on competitive conditions that we face.
EXTENT TO WHICH MATERIAL INCREASES IN NET SALES OR REVENUE ARE DUE TO
INCREASED SALES VOLUME, INTRODUCTION OF NEW PRODUCTS OR SERVICES OR
INCREASED SALES PRICE
Changes in revenue in the last three Fiscals are as described in “-Fiscal 2025 compared to Fiscal 2024” and “-
Fiscal 2024 compared to Fiscal 2023” above on pages 449 and 450, respectively.
SIGNIFICANT DEPENDENCE ON SINGLE OR FEW CUSTOMERS OR SUPPLIERS
A significant majority of the coal produced by us is sold to our top 10 customers which include public sector
thermal power companies and utilities. The coal sold to government-owned and controlled power generation
companies and utilities contributed 66.13 %, 60.39 %, 63.39%, 61.75% and 56.46% of our revenue from
operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023,
respectively. See, “Risk Factors - Our business largely depends upon our top 10 customers which accounted for
83.89%, 82.46%, 88.88%, 80.79% and 83.10% of our revenue from operations in in the six months period ended
September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers
could have an adverse effect on our business, financial condition, results of operations and cash flows.” and “Our
Business” on pages 39 and 215, respectively.
Further, we depend on a limited number of vendors to provide contractual services and our expenses in relation
to our top 10 vendors contributed to 65.09%, 59.40%, 60.86%, 53.16% and 49.63% of our total purchases in the
six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. See, “Risk
Factors - We depend on a limited number of vendors to provide contractual services and any disruptions in their
supply of services could adversely affect our business, results of operations, financial condition and cash flows.”
and “Our Business” on pages 41 and 215, respectively.
SEASONALITY OF BUSINESS
Our operations may be adversely affected by difficult working conditions due to high temperatures during summer
months and rain during monsoon that restrict our ability to carry on mining activities and fully utilize our
resources. During periods of curtailed activity due to adverse weather conditions, we may continue to incur
operating expenses, but our revenues from operations may be delayed or reduced. Although such adverse weather
conditions do not typically have a material impact on our revenue from operations, abnormally hot summer months
or rainy monsoon could have a material impact. For further information, see “Risk Factors - Our operations are
sensitive to seasonal changes and seasonal variations such as monsoon or extreme temperatures can disrupt our
mining activities which may have an adverse impact on our business, results of operations, financial conditions
and cash flows.” on page 53.
NEW PRODUCTS OR BUSINESS SEGMENTS
459Except as set out in this Prospectus, we have not announced and do not expect to announce in the near future any
new products or business segments.
SIGNIFICANT DEVELOPMENTS AFTER SEPTEMBER 30, 2025 THAT MAY AFFECT OUR
FUTURE RESULTS OF OPERATIONS
To our knowledge no circumstances have arisen since September 30, 2025, that could materially and adversely
affect or are likely to affect, our operations, trading or profitability, or the value of our assets or our ability to pay
our liabilities within the next 12 months, except as set out in this Prospectus.
460CAPITALISATION STATEMENT
The following table sets forth our Company’s capitalisation as at September 30, 2025, derived from our Restated
Financial Information, and as adjusted for the Offer. This table should be read in conjunction with the sections
titled “Risk Factors” “Restated Financial Information” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” on pages 33, 299 and 422.
(in ₹ million, except ratios)
Particulars Pre-Offer as at As adjusted for the
September 30, 2025 Offer
Borrowings
Current borrowings# (I) 15,591.30
Non-current borrowings (including current maturities) -
Refer Note Below*
# (II)
Total Borrowings (III = I + II) 15,591.30
Equity
Equity Share capital# (IV) 46,570.00
Other equity# (V) 10,065.20
Total Equity (VI = IV + V) 56,635.20
Refer Note Below*
Non-current borrowings/Total Equity (II/VI) -
Total Borrowings / Total Equity (III/VI) 0.28
As certified by Nag & Associates, Chartered Accountants pursuant to their certificate dated January 13, 2026.
Notes:
* There is no change in capitalisation statement post the Offer since it is an initial public offering by way of an Offer for Sale by the Promoter
Selling Shareholder.
# These terms carry the same meaning as per Schedule III of the Companies Act, 2013, as amended.
461FINANCIAL INDEBTEDNESS
Our Company has availed certain credit facilities in their ordinary course of business for working capital
requirements, general corporate purposes and other business requirements. In accordance with the Articles of
Association and subject to approval from the President of India, acting through the Ministry of Coal, Government
of India or Coal India Limited and provisions of the Companies Act, 2013, our Board may by means of a board
resolution passed from time to time, borrow and/or secure the payment of any sum or sums of money for the
purposes of our Company. Provided that no approval of President of India, acting through Ministry of Coal,
Government of India or Coal India Limited would be necessary for borrowing from the banks for the purpose of
meeting the working capital requirements on the hypothecation of our Company’s current assets. For details
regarding the borrowing powers of our Board, see “Our Management –Borrowing Powers of the Board” on page
275.
As on November 15, 2025, the aggregated outstanding borrowings of our Company amounted to ₹ 27,365.64
million and a summary of such borrowings is set forth below:
Category of borrowing Amount Sanctioned Amount Outstanding (in ₹
(in ₹ million) million)
Secured
Overdraft against fixed deposit 5,660.03 -
Working capital facility 4,300.00 -
Unsecured
Working capital demand loan 22,500.00 15,000.00
Working capital facility 63,700.00 12,365.64
Short-term loan 500.00 -
Total 96,660.03 27,365.64
As certified by Nag & Associates, Chartered Accountants, by way of their certificate dated January 2, 2026
Key terms of the borrowings availed by our Company are disclosed below:
The details provided below are indicative and there may be additional terms, conditions and requirements under
the various borrowing arrangements entered by our Company:
Tenor: The tenor of the facilities availed by the Company typically ranges from 30 days to 1 year subject to
maturity of Fixed Deposits in case of overdraft facilities.
Interest: The applicable rate of interest for the overdraft facilities availed by the Company are typically linked to
interest rate on respective fixed deposits which are ranging from 7.40% to 8.48%. Interest rate for other facilities
is being decided at the time of drawl of funds, which are currently ranging from 5.78% to 6.00%.
Security: All overdraft facilities are backed by respective Fixed Deposits and other secured facilities are secured
by first charge by way of hypothecation of ram material, stock in progress, finished goods, spares, stores,
consumables, other inventory and receivables of the company.
Prepayment: Overdraft facilities availed by the Company typically have pre-payment provisions which allow us
for pre-payment of the outstanding overdraft amount. Other facilities have prepayment option without any
prepayment penalty only after 7 days from the date of drawl.
Repayment: Company is required to repay overdraft borrowings on or before the maturity date of respective Fixed
Deposits. Other facilities are generally repayable on demand.
Restrictive covenants: Borrower shall not, without the prior written intimation to the banks;
i) enter into any merger/amalgamation etc or do a buyback;
ii) wind-up/ liquidate its affair or agree/authorise to settle any litigation/ arbitration having a material
adverse effect;
iii) change the general nature of its business;
iv) permit any change in its ownership/control/management;
v) make any amendments to its constitutional documents.
462Events of Default: In terms of the overdraft borrowing arrangements entered into by our Company, non-payment
of any payable amount, non-compliance of any obligation under agreement, repudiation of agreement, providing
misleading information and other material adverse effect will constitute an event of default.
Consequences of events of default: In terms of the borrowing arrangements of the Company, the consequences
of occurrence of events of default may include cancellation of the undrawn portion of facility, declaring all or part
of the amount together with accrued interest due/payable immediately, right to enforce the security created, review
of existing credit limits and report to take all necessary steps including recalling of the credit limit etc.
This is an indicative list and there may be additional terms that may require the consent of the relevant lender, the
breach of which may amount to an event of default under various borrowing arrangements entered into by the
Company with its respective lenders, and the same may lead to consequences other than those stated above.
We have obtained the necessary consents required under the relevant loan documentation for undertaking
activities in relation to the Offer. For further details of financial and other covenants required to be complied with
in relation to our borrowings, see “Risk Factors – Our financing arrangement consist of certain restrictive
covenant. Such restrictive covenants may restrict our ability to raise funds.” on page 72.
463SECTION VI: LEGAL AND OTHER INFORMATION
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS
Except as disclosed in this section, there are no pending: (i) criminal proceedings; (ii) actions taken/ penalties
imposed by statutory and/ or regulatory authorities (including all outstanding penalties and show cause notices)
issued by such authorities to the Relevant Parties (as defined hereinafter); (iii) claims related to direct and indirect
taxes; and (iv) any other pending litigation which has been determined to be material by our Board as per the
Materiality Policy (defined hereinafter), in each case involving our Company, Directors and Corporate Promoter,
(collectively, the “Relevant Parties”). Further, except as disclosed in this section, there are no disciplinary
actions including penalties imposed initiated by SEBI or a stock exchange against our Corporate Promoter in the
last five Fiscals immediately preceding the date of this Prospectus, including any outstanding action. Further,
except as disclosed in this section, there no pending: (i) criminal proceedings; or (ii) pending actions by
regulatory and statutory authorities, against our KMPs or SMPS.
Further, as on the date of this Prospectus, there are no findings/observations of any inspections by SEBI or any
other regulator involving our Company which are material, and which need to be disclosed or non-disclosure of
which may have bearing on the investment decision.
For the purpose of identification of material litigation in (iv) above, our Board has considered and adopted the
following policy on materiality with regard to outstanding litigation involving the Relevant Parties to be disclosed
by our Company in this Prospectus pursuant to resolution dated May 27, 2025, of our Board (“Materiality
Policy”). Accordingly, disclosures of the following types of litigation involving the Relevant Parties have been
included:
(a) As regards our Company and the Directors, the monetary amount of claim by or against the entity or
person in any such proceedings is individually in excess of the lower of (a) 2% of the turnover of our
Company, as per the Restated Financial Information for the last Fiscal; or (b) 2% of the net worth of the
Company as per the Restated Financial Information for the last Fiscal; or (c) 5% of the average of the
absolute value of the profit/loss after tax of the Company as per the Restated Financial Information of
the preceding three Fiscals (“Litigation Materiality Threshold”);
2% of turnover, as per the Restated Financial Information for Fiscal 2025 is ₹ 3,490 million, 2% of net
worth, as per the Restated Financial Information as at March 31, 2025 is ₹ 1,310.25 million and 5% of
the average of absolute value of profit or loss after tax, as per the Restated Financial Information for the
last three Fiscals is ₹ 578.24 million. Accordingly, ₹ 578.24 million has been considered as the Litigation
Materiality Threshold for the purpose of (a) above.
(b) As regards our Corporate Promoter, Coal India Limited, entity the aggregate monetary claim / amount
in dispute, to the extent quantifiable, made by or against Coal India Limited in any such pending
litigation / arbitration proceeding is equivalent to or above ₹ 17,399.00 million in accordance with the
materiality policy of Coal India Limited pursuant to Regulation 30 of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, has been considered.
(c) any litigation which, irrespective of the amount involved in such litigation, involve the Relevant Parties
and could have a material adverse effect on the business, operations, performance, prospects, financial
position or reputation of the Company; or
(d) any such litigation where the decision in one case is likely to affect the decision in similar matters such
that the cumulative amount involved in such matters exceeds the threshold as specified in (a) or (b) above,
even though the amount involved in an individual matter may not exceed the threshold as specified in (a)
or (b) above.
It is clarified that for the purposes of disclosures in this Prospectus, pre-litigation notices received by the Relevant
Parties, KMPs and SMPs from third parties (excluding governmental / statutory / regulatory / judicial authorities)
shall, in any event, not be considered as litigation until such time that Relevant Parties, KMPs and SMPs are
impleaded as defendants in proceedings initiated before any court, arbitral forum, tribunal or governmental
authority, or is notified by any governmental, statutory or regulatory authority of any such proceeding that may
be commenced.
464Except as stated in this section, there are no outstanding material dues to creditors of our Company. Further, in
accordance with the Materiality Policy, our Company has considered such creditors ‘material’ if the amounts
due to such creditor is equivalent to or exceeds 5% of the trade payables of the Company as at the end of the latest
period included in the Restated Financial Information in the Offer Documents. Accordingly, a creditor has been
considered ‘material’ if the amount due to such creditor is equal to or exceeds ₹ 1,086.64 million (being 5% of
the total trade payables of our Company as on March 31, 2025 as per the Restated Financial Information). For
outstanding dues to MSMEs and other creditors, the disclosure will be based on the information available with
our Company regarding the status of the creditors as MSME as defined under Section 2 of the Micro, Small and
Medium Enterprises Development Act, 2006, as amended, as has been relied upon by the statutory auditors in
preparing their audit report.
Unless stated to the contrary, all terms defined in a particular litigation disclosure below are for that particular
litigation only.
Litigation Involving our Company
Pending criminal proceedings initiated by our Company
1. Our Company has filed a criminal complaint before the Metropolitan Magistrate, Calcutta, against
Virendra Kumar Agarwal and fourteen others under Sections 420 and 120B of the Indian Penal Code,
1860. It has been alleged that these individuals, acting in the capacity of agents and middlemen for coal
procurement, dishonoured cheques amounting to ₹2.93 million, of which ₹1.02 million was recovered
through a bank guarantee and entered into a criminal conspiracy against our Company. The matter is
currently pending.
2. Our Company has filed criminal miscellaneous petition under Section 482 of the Criminal Procedure Code,
1973, seeking quashing of a complaint pursuant to which cognizance was taken by the Chief Judicial
Magistrate, Dhanbad, on November 29, 2017, under Section 33 of the Indian Forest Act, 1927. The said
complaint was filed by the Forest Range Officer, Raniganj, alleging unauthorised construction on forest
land by certain labourers who purportedly acted under instructions from our Company. We have submitted
that our Company’s officers have been falsely implicated solely by virtue of their official capacity, without
any direct involvement or specific allegation of overt misconduct. We have further submitted that in the
absence of any statutory provision imposing vicarious liability, we cannot be held criminally liable for the
alleged acts. It has also been argued that the order of cognizance was passed mechanically, without proper
judicial application of mind. We have prayed for quashing of the entire criminal proceedings along with
the order of cognizance, and for a stay on all further proceedings in the matter. The matter is currently
pending.
3. Our Company has filed a criminal miscellaneous petition under Section 482 of the Criminal Procedure
Code, 1973, seeking quashing of the criminal proceedings arising out of a case registered against our
Company officials at Jorapokhar Police Station. The case was registered against our Company officials
under Sections 323, 427, 504, and 506 of the Indian Penal Code, 1860, and Section 3 of the Prevention of
Damage to Public Property Act, 1984, presently pending before the Judicial Magistrate, Dhanbad. The said
proceedings were initiated pursuant to a first information report lodged by one Khemlal Mahato, alleging
unauthorised mining activity on his land. However, the first information report does not attribute any
specific overt act to our Company officials. We have contended that they have been falsely implicated
solely on account of their official positions in our Company and that they had no personal involvement in
the alleged incident, amongst other contentions. The matter is currently pending.
4. Our Company filed a complaint before the Chief Judicial Magistrate, Dhanbad alleging alleged violations
under the Mines and Minerals (Development and Regulation) Act, 1957. During the proceedings, our
Company appointed Sanjay Kumar Choudhary, Project Officer of Keshabpur West Mudidih Colliery, to
represent the Company in court under Section 305(5) of the Criminal Procedure Code, 1973. The matter is
currently pending.
5. Our Company has filed a petition for surrender along with a prayer for bail before the Chief Judicial
Magistrate, Dhanbad on behalf of Sidhartha Sankar Das, General Manager of our Company, regarding
alleged violations under Sections 23 and 24 of the Contract Labour (Regulation and Abolition) Act, 1970.
The complaint arises from an inspection by the Labour Enforcement Officer and cites deficiencies
including failure to maintain registers, notify commencement of work, and provide certain facilities to
465contract labourers. Sidhartha Sankar Das has denied the allegations, asserted his respectable position, and
sought bail on grounds of cooperation and non-tampering of evidence. The matter is currently pending.
6. Our Company has filed has filed a criminal miscellaneous petition under section 482 of the Code of
Criminal Procedure, 1973 with the High Court of Jharkhand, against the State of Jharkhand and the labour
enforcement officer, Dhanbad for quashing of the criminal proceedings including the order dated April 29,
2006, passed by the chief judicial magistrate, Dhanbad in a case filed under section 29 of the Industrial
Disputes Act, 1947. The labour enforcement officer filed a compliant against our Company due to alleged
non-compliance with the award dated March 29, 2004. We have contented stating that the relevant
authorities who may take relevant action to implement the award have been informed to the labour
enforcement officer and have been wrongly accused of non-compliance. The matter is currently pending.
7. Our Company along with other persons (“Petitioners”) has filed a criminal miscellaneous petition under
section 482 of the Code of Criminal Procedure, 1973 with the High Court of Jharkhand against the State
of Jharkhand and the labour enforcement officer, Dhanbad (“LEO”), for quashing the order dated
December 16, 1996 passed by the chief judicial magistrate in a case filed under section 29 of the Industrial
Disputes Act, 1947. The LEO had filed a complaint dated December 16, 1998 before the chief judicial
magistrate alleging non-implementation of an award dated July 20, 1992 (“Complaint”). We have
contended stating that while BCCL had initiated the steps for implementation of the award and requested
assistance from the government to furnish details of the relevant individuals to whom compensation was
to be paid and that the documents furnished by certain individuals were improper. Post receiving directions
from the Supreme Court vide order dated September 8 1998, BCCL issued a public notice by which
applications for identification we invited and received 470 applications. While this process was pending,
the LEO had the Complaint, and hence such complaint was premature. The matter is currently pending.
8. Our Company has filed a criminal writ petition under section 226 of the Constitution of India before the
High Court of Jharkhand in connection with incidents of illegal mining, theft and transportation of coal
from various mining areas operated by our Company. Despite several complaints being filed by our
Company the concerned authorities had failed to register FIRs or take effective action against persons
involved in such illegal mining activities. The petition seeks directions to register FIRs and to take
appropriate preventive and enforcement actions to prevent such illegal mining activities. The matter is
currently pending before the High Court of Jharkhand.
Pending criminal proceedings initiated against our Company
1. Somen Chatterjee, General Manager of our Company, Bastacola, and Devendra Singh, Project Officer of
Dobari Colliery, (“Accused”) have been accused of contravening Sections 30(A), 30(C), 41, and 42 of the
Indian Forest Act, 1927, and Rules 4(A), 12, 12(1), and 18 of the Jharkhand Transit Rules, 2020 and
accordingly a complaint letter and offence report was submitted by the Vanpal-in-Charge to the Chief
Judicial Magistrate, Dhanbad on April 13, 2022, alleging illegal extraction of minerals by local persons
from forest land adjoining Dobari Colliery, which falls within land lawfully handed over to our Company.
The Accused have denied any wrongdoing, asserting that our Company has obtained the requisite Stage-I
and Stage-II forest clearances for mining activities in Mouza Bera and Ghanoodih and that the land was
duly handed over by the Government of Jharkhand. They further contend that only Kuya Colliery operates
on protected forest land, with all applicable transit fees being paid in accordance with law. The accused
also submit that measures have been taken to prevent illegal mining activities, including alerting the
District Task Force. The Chief Judicial Magistrate has registered the complaint and is presently awaiting
the prosecution report. The matter is pending.
2. State of Jharkhand through the Deputy Director of Mines Safety, filed a complaint dated June 4, 2014
against six accused individuals associated with the Jamunia OCP mine of our Company. The complaint
relates to a fatal accident on December 10, 2013, at the Jamunia OCP mine, Dhanbad, Jharkhand, in which
the tipper operator Shyam Sundar Chouhan was buried and killed due to a collapse of developed galleries
caused by violations of statutory safety norms. Following inspections and inquiries, it is alleged that we
had violated Sections 73, 72A, and 72C(1)(a) of the Mines Act, 1952, along with related provisions of the
Coal Mines Regulations. The alleged violations included failure to enforce gallery thickness safety
protocols, inadequate vocational training for the deceased, and non-maintenance of mandatory safety
registers. The matter is currently pending before the Court of the Sub-Divisional Judicial Magistrate,
Dhanbad.
4663. State of Jharkhand, through the Director of Mines Safety, Dhanbad Region No. 1, filed a complaint dated
December 11, 2014 under Sections 73 and 72C(1)(a) of the Mines Act, 1952 before the Chief Judicial
Magistrate, Dhanbad against four officials of Gopalichuck Colliery alleging that on June 24, 2014, a fatal
accident occurred in the sand stowing bunker at Gopalichuck Colliery, wherein two persons cleaning stuck-
up sand fell into the bunker and sustained fatal and reportable injuries due to lack of safety measures. It
was alleged that there was a failure to ensure statutory supervision, failure to provide and enforce the use
of safety belts and anchoring ropes, non-implementation of a safe operating procedure amongst violations
under the Coal Mines Regulations and the Mines Act, 1952. The matter is currently pending.
4. The workers employed as contract labourers under work orders issued by our Company and other have
filed a complaint dated March 25, 2023 under Sections 420, 406, 120(B), and 34 of the Indian Penal
Code,1860 alleging large-scale misappropriation of their statutory dues. It is alleged that our Company has
misappropriated approximately ₹30 million which was deducted from their wages towards the Coal Mines
Provident Fund and failed to deposit the amount with the concerned authority. The matter is currently
pending.
5. A complaint dated September 16, 2014, has been filed against our Company before the Chief Judicial
Magistrate, Dhanbad, pursuant to an inspection conducted by the Labour Enforcement Officer (Central),
Baghmara, Bokaro wherein a show cause was issued to our Company. It is alleged that our Company was
in violation of various provisions of the Contract Labour (Regulation & Abolition) Act, 1970, including
failure to amend the Certificate of Registration, non-submission of required statutory notices, failure to
maintain mandatory registers, and non-payment or short payment of wages by the contractor engaged for
coal mining and allied activities at the Block-II Area of our Company. The matter is currently pending.
6. The Deputy Director-General of Mines Safety has filed a criminal complaint dated November 20, 2003
against six officials of our Company in connection with a fatal inundation incident which resulted in the
death of 29 mine workers and injuries to one survivor. It is alleged that the accident occurred due to gross
negligence in the discharge of their statutory duties. It is alleged that there was a failure to conduct proper
joint surveys and non-maintenance of accurate and updated mine plans, which led to an unintended and
catastrophic breach into water-logged abandoned workings of the adjoining Jayrampur Colliery, in
violations of Sections 18(4) and 18(5)(1) of the Mines Act, 1952, as well as Regulations 49, 58(3), 64(4),
103A, and 127(5) of the Coal Mines Regulations. The matter is currently pending adjudication before the
competent court.
7. Mahendra Singh (“Petitioner”) has filed a writ petition before the High Court of Jharkhand at Ranchi
(“Court”) under Article 226 of the Constitution of India, against the State of Jharkhand, BCCL and others.
The Petitioner states that the present petition arises pursuant to a case dated July 13, 1989, filed under
Sections 302, 307, 452, 207, 380, 120B and 34 of the Indian Penal Code, wherein fifteen persons were
named as accused in the chargesheet, with three of them facing subsequent arrest and the rest remain
absconding post obtaining bail, and are allegedly residing in their residence. BCCL has been made party
to the petition due to certain members of the accused being our erstwhile employees. The Petitioner also
alleges that certain members of the accused are also harassing the family members of the accused. The
Petitioner prays that the Court issues appropriate directions to the relevant parties to carry out the arrest of
the accused persons. The matters is currently pending.
8. Jai Kumar Ojha (“Petitioner”) has filed a writ petition before the High Court of Jharkhand at Ranchi
(“Court”) under Article 226 of the Constitution of India, against the State of Jharkhand, BCCL and others
(“Respondents”). The Petitioner states that the present petition is in relation to quashing of the order dated
March 29, 2004 (“Order”) passed by the sessions court which allowed the setting aside of the order dated
August 30, 2003 passed by the district magistrate, which directed the release of seized property to the
Petitioner. The Petitioners alleges that the seized property and articles thereon were seized from his custody
and the Respondents have wrongfully claimed that the seized property and articles thereon belong to them.
The Petitioner prays for the issuance of a writ of certiorari or in nature thereof, for quashing and rescinding
the Order. The matter is currently pending.
9. Sahendar Kumar (“Petitioner”) has filed a writ petition before the High Court of Jharkhand at Ranchi
(“Court”) under Article 226 of the Constitution of India, against the State of Jharkhand, BCCL and others
(“Respondents”). The Petitioner alleges that his father, a retired employee of BCCL, has been kidnapped
by certain respondents (“Accused”). It is also alleged that the Accused persons have harassed his father,
subjected him to threats and have forced him to sign certain documents which have deprived him of this
467retirement benefits. The Petitioner also states that multiple complaints have been made at police stations,
however the investigations have been to no avail. The Petitioner alleges that the police officials may also
be involved in the harassment and threats subjected to his father. The Petitioner prays to the court to direct
the relevant authorities to release his father from the illegal custody of the Accused.
10. Ratish Kumar Singh (“Petitioner”) has filed a criminal miscellaneous petition under section 482 of the
Code of Criminal Procedure, 1973 dated August 30, 2025, with the High Court of Jharkhand against the
Central Bureau of Investigation, our Company, and others (“Respondents”) for quashing of the criminal
proceedings including the order dated order dated December 10, 2019 wherein the judicial magistrate,
Dhanbad in connection with the first information report registered by the Central Bureau of Investigation
under Section 120B read with Sections 420 of the Indian Penal Code, 1860 and Section 13(2) and Section
13(l)(d) of the Prevention of Corruption Act,1988, took cognizance for offence punishable under section
420, 468, 471 of IPC against the Petitioner. The Petitioner has alleged that BCCL has breached the terms
and conditions of the fuel supply agreement. The matter is currently pending.
11. Manish Agarwal (“Petitioner”) has filed criminal complaint dated October 23, 2010 against our Company
and others (“Defendants”) before the chief judicial magistrate, arising out of the transfer of land from our
Company to the Indian Iron and Steel Company Limited. The Petitioner alleges that the land did not belong
to the Company and hence the transfer was invalid. We have contented stated that the land was acquirement
under the Land Acquisition Act, 1894. The matter is currently pending.
12. The District Mining Officer, Dhanbad, has filed 11 criminal complaints against our Company and its
Project Officers dated January 1, 2023, June 7, 2023 and June 12, 2023 for alleged violations of the Mines
and Minerals (Development and Regulation) Act, 1957, and the Jharkhand Minerals (Prevention of Illegal
Mining, Transportation and Storage) Rules, 2017 alleging that the date of dispatch of coal and the
corresponding e-challans were not generated on the same day on Jharkhand Integrated Mines and Mineral
System portal, which was a violation of Rule 9 and Rule 13 of the Jharkhand Rules and Section 4(1A) read
with Section 21 of the MMDR Act and other violations in relation to transport of coal. The matters are
currently pending before the respective judicial forums.
13. The Labour Enforcement Officer (Central), Katrasgarh, Dhanbad has initiated three proceedings under
Section 29 of the Industrial Disputes Act, 1947 alleging non-implementation of awards passed by the
Central Government Industrial Tribunal, Dhanbad. All matters are currently pending.
Pending material proceedings initiated by our Company
1. Our Company has filed a writ petition before the High Court of Jharkhand at Ranchi under Article 226 of
the Constitution of India against Dhanbad Municipal Corporation & others for issuance of Writ of
Certioratri for quashing the notices issued by the Dhanbad Municipal Corporation in relation to the
properties of our Company situated within the area of Dhanbad Municipal Corporation. Dhanbad
Municipal Corporation has demanded holding tax pursuant to notices issued by it in respect of these
properties held by our Company within the municipal area. Our Company has been granted a stay order
for the arrears of tax for the duration upto the financial year 2015-16. The amount involved in the matter
is ₹ 2,522.26 million and interest thereon. The matter is currently pending.
2. Madhucon Projects Limited has filed a commercial suit against our Company before the Commercial
Court, Dhanbad, Jharkhand in relation to the work order issued by our Company to Madhucon Projects
Limited for the hiring of HEMM including Surface Miner for removal of OB, extraction and transportation
of coal in Phularitand colliery OC of Barora area. Madhucon Projects Limited has alleged that they cannot
complete the work order due to non-availability of private land and other issues. The court has ordered our
Company to pay a total compensation of ₹ 1,635.55 million along with interest thereon. Aggrieved by this,
our Company has filed an appeal before the High Court of Jharkhand at Ranchi. The matter is currently
pending.
3. Our Company has filed an appeal under Section 13 of Commercial Courts, Commercial Division and
Commercial Appellate Division of High Courts, 2015 against the order passed by the District Judge-XIV-
Cum Presiding Officer, Commercial Court, Dhanbad, whereby the District Judge-XIV-Cum Presiding
Officer, Commercial Court, Dhanbad has declined to interfere with an award passed by the Arbitrator in
favour of DLF Power Limited for an amount involving ₹ 2,870.00 million, payable by our Company. The
matter is currently pending.
468Pending material proceedings initiated against our Company
1. Libra Business Private Limited has filed a commercial suit against our Company before the Commercial
Court, Dhanbad, Jharkhand in relation to the work order issued by our Company to Libra Business Private
Limited for the hiring of HEMM including Surface Miner for removal of OB, extraction and transportation
of coal in Bassuria colliery of Kasunda area, demanding payment of the alleged amounts due to it under
the work order. Libra Business Private Limited has further alleged that our Company has deducted certain
amounts without assigning any valid reasons and has filed the claim for an amount of ₹ 771.19 million
along with interest thereon. The matter is currently pending.
2. Oriental Structural Engineers Private Limited has filed a commercial suit against our Company before the
Commercial Court at Dhanbad, Jharkhand in relation to the work order issued by our Company to Oriental
Structural Engineers Private Limited for the hiring of HEMM including Surface Miner for removal of OB,
extraction and transportation of coal at Govindpur Colliery. Oriental Structural Engineers Private Limited
has alleged that they cannot complete the work order due to non-handover of the complete land, disputes
with the local residents whose land is not yet acquired by our Company for completing the work order and
other issues. Oriental Structural Engineers Private Limited has demanded a total compensation of ₹ 826.72
million along with interest thereon. The matter is currently pending.
3. Oriental Structural Engineers Private Limited has filed a suit against our Company before the Commercial
Court at Dhanbad, Jharkhand in relation to the work order issued by our Company to Oriental Structural
Engineers Private Limited for the hiring of HEMM including Surface Miner for removal of OB, extraction
and transportation of coal at New Akashkinaree Colliery. Oriental Structural Engineers Private Limited
alleged that they cannot complete the work order due to non-handover of the complete, lack of coal
availability, prohibition and restriction on mining by the regulator, excess water flooding and other related
issued. Oriental Structural Engineers Private Limited has demanded a total compensation of ₹ 780.28
million along with interest thereon. The matter is currently pending.
4. Haradhan Roy has filed a civil writ petition before the Supreme Court of India under Article 32 of the
Constitution of India against our Company and others seeking relief on behalf of residents of fire-affected
areas in Jharia, Jharkhand and Raniganj, West Bengal. Several other similar petitions have been filed by
various individuals and organisations before various judicial forums in relation to the rehabilitation of the
local residents of Jharia, Jharkhand and Raniganj, West Bengal given that the area is prone to fires. This
lead to the formulation of the Jharia Master Plan pursuant to directions issued by the Supreme Court of
India in 1999. The Jharia Master Plan for dealing with fire, subsidence and Rehabilitation was approved
on August 12, 2009 for a period 12 years. Its implementation tenure was completed on August 11, 2021.
Subsequently, a revised master plan was developed which is pending approval from the Government of
India. The matter is currently pending.
5. Avinash Transports has initiated arbitration proceedings against our Company in relation to disputes
arising out of a work order issued by our Company to Avinash Transports for hiring HEMM for removal
of overburden, extraction, and transportation of coal from the Salanpur C and D seam of East Ramnagar
patch of Damagoria Colliery, C.V. area. Avinash Transport has alleged that they were unable to complete
the work due to constant hindrance by local villagers and further claimed that despite repeated requests,
our Company did not provide necessary support, resulting in loss to Avinash Transport. The amount in
dispute is ₹916.30 million. The matter is currently pending before the sole Arbitrator.
6. AMR-BBB Consortium has filed an arbitration claim in relation to disputes arising from a contract
agreement between them and our Company for the development and coal extraction from Kapuria Block
a turnkey basis. AMR-BBB Consortium has alleged that the delays were caused primarily due to delay in
land acquisition, obstruction by local residents, and delayed approvals which prevented from timely
completion of the work. Our Company has cancelled the contract citing breach of contract conditions. The
amount involved in the dispute is ₹10,434.34 million. The matter is currently pending the Arbitral Tribunal.
Actions by statutory or regulatory authorities against our Company
1. Our Company is currently involved in several labour related proceedings currently pending before various
fora wherein it is alleged that our Company has violated provisions of various labour laws applicable to
our Company. These matters are currently pending at various stages.
4692. The Forest Department, Jharkhand has filed a case before the Chief Judicial Magistrate, Dhanbad,
Jharkhand against some of the officials of our Company under Section 33 of Indian Forest Act, 1927 in
connection with alleged construction of iron shed on the forest land. The matter is currently pending.
3. State of Jharkhand through Factory Inspector has filed a complaint under Section 7-A(1)(2) of the Factory
Act, 1948 and Rule 55-A of Jharkhand Factory Rule, 1950 against our General Manager, Western Washery
Zone & Harendra Mishra, Project officer, Moonidih Washery of our Company before the Chief Judicial
Magistrate, Dhanbad, Jharkhand in relation to a fatal accident which occurred in Moonidih Coal washery
of our Company. The matter is currently pending.
4. Ajay Rajak has filed an application before the National Green Tribunal, Eastern Zone, Kolkata, alleging
violations of the Environment Protection Act, 1986, by our Company and others. It is contended that illegal
mining is occurring at Central Surunga Paharigora, Parbad Laxmi Colliery, and other sites located at
Alakdiha OP, District Dhanbad, Jharkhand, which belong to our Company. It is further alleged that several
fatalities have resulted from such illegal mining activities. It is also alleged that the illegal mining is carried
out under the instructions of an individual, Bittu Yadav, in connivance with our Company. In response,
our Company has filed a first information report against Bittu Yadav. The matter is currently pending.
5. The National Green Tribunal exercising suo moto jurisdiction has registered a case against our Company
pursuant to a complaint filed against our Company under Sections 14 and 15 of the National Green Tribunal
Act, 2010. It is alleged that there were instances of environmental violations by the companies engaged in
coal mining and coal transportation activities (outsourced by our Company) at mines owned by our
Company. The National Green Tribunal directed that our Company be impleaded as a respondent in the
matter. The matter is currently pending.
6. Vijay Sharma has filed an application against Coal India Limited, alleging air pollution caused by the
burning of overburden from the open cast mine at Block II, OCP, Baghmara area, Jharkhand, operated by
our Company. In response, our Company took immediate steps to prevent air pollution and address the
grievances. Following the complaint, the National Green Tribunal, New Delhi directed a joint committee
comprising the Central Pollution Control Board, State Pollution Control Board, District Magistrate,
Dhanbad, and State Environment Impact Assessment Authority to inspect the site and submit a report to
the National Green Tribunal, New Delhi. The committee submitted its inspection report. Subsequently, the
Jharkhand State Pollution Control Board issued a show cause notices to our Company. Thereafter,
Jharkhand State Pollution Control Board imposed an environmental compensation of ₹ 7.59 million.
Aggrieved, our Company filed an interim application before the National Green Tribunal, seeking to be
made a party to the proceedings and to set aside the compensation order, respectively. The National Green
Tribunal disposed of these applications and upheld the imposition of the environmental compensation.
Consequently, our Company has filed a revisional application challenging the order of National Green
Tribunal. The matter is currently pending.
7. Our Company has filed three information under Section 19(1)(a) of the Competition Act, 2002, with the
Competition Commission of India, New Delhi, against various bidders alleging bid rigging and collusion
in relation to various tenders floated by our Company. Our Company alleged that these bidders violated
Sections 3(3)(b) and 3(3)(d) of the Competition Act, 2002, by engaging in cartel formation and collusive
bidding. Our Company filed Information requesting an investigation by the Director General, Competition
Commission of India. The Director General conducted an inquiry and submitted its report in the said
matters. The matters are currently pending.
8. Vijay Kumar Mahto (“Applicant”) has filed an original application before the National Green Tribunal at
New Delhi (“Application”) against the Ministry of Coal, Ministry of environment forest and climate
change, Director General of Mines and Safety, Coal India Limited, Our Company and the Collector
Dhanbad, Jharkhand (“Respondents”). The Applicant has filed the Application under sections 14 and 15
read with sections 18 and 20 of the National Green Tribunal Act, 2010, inter alia challenging continuing
environmental degradation and non-compliance with environmental norms in and around Godhar
Kurmidih, District Dhanbad, Jharkhand, on account of coal mining and allied activities of the Respondents.
The applicant has, inter alia, sought directions for interim suspension of mining, transportation and land
acquisition activities; constitution of a joint committee to examine alleged environmental non-compliances
and illegal mining; assessment of environmental impact and damage with imposition of penalties and
compensation; directions for environmental restoration; and issuance of remedial and preventive measures
470relating to fire safety, noise pollution, groundwater contamination, tremors and other environmental
safeguards. The matter is currently pending.
Tax proceedings involving our Company
Nature of case Number of cases Amount in dispute/demand (in ₹
million)*
Direct tax 43 3,843.59
Indirect tax 222 8,046.63
Total 265 11,890.22
*to the extent ascertainable
Pending litigation involving our Directors
Pending criminal proceedings initiated by our Directors
Nil
Pending criminal proceedings initiated against our Directors
1. Proceedings have been initiated by Ajoy Kumar Bhattacharya (“Complainant”) against Niladri Roy
(“Accused No. 3”) alleging conflict of interest on the grounds that Accused No. 3 is a member of a high-
level committee of Coal India Limited while simultaneously serving as a director of a private mining
consultancy firm, along with further allegations relating to purported involvement in a coal pilferage matter.
The complainant has also sought directions for his own appointment as Director and for the arrest of
Accused No. 3. In this regard, the Complainant has filed one complaint before the Judicial Magistrate at
Asansol and one writ petitions before the Calcutta High Court under Article 226 of the Constitution of
India. All proceedings are currently pending.
Pending actions by statutory or regulatory authorities against our Directors
Nil
Pending material civil proceedings initiated by our Directors
Nil
Pending material civil proceedings initiated against our Directors
Nil
Pending tax proceedings initiated against our Directors
Amount in dispute/demand (in ₹
Nature of case Number of cases
million)*
Direct tax Nil Nil
Indirect tax 1** 0.01
Total 1** 0.01
*to the extent ascertainable
**includes the litigation against the Company, wherein a Director of the Company has also been impleaded in the
notice
Pending litigation involving our Corporate Promoter
Pending criminal proceedings initiated by our Corporate Promoter
1. Coal India Limited through its authorised representative has on August 19, 2019 filed a complaint against
an unknown accused (the “Accused”). Coal India Limited alleged that the Accused has on July 25, 2019
designed and published a fake employment notice under reference no. SCCLCIL/MH/IND/2019/13862 on
a fraudulent and fake website www.scclcil.in in order to mislead the public that South Central Coalfields
Limited, a subsidiary of Coal India Limited is recruiting for the 88,585 vacancies. Based on this, Coal India
Limited has on August 19, 2019 filed a first information Report with the Bidhannagar Cyber Police Station
471under Sections 419, 420, 469, 471, 120B and 34 of the Indian Penal Code, 1860. The Investigating Officer
has on November 30, 2021 submitted the final report stating that they have sent notices to two suspected
persons, however the notices could not be served due to improper addresses. Against the final report, Coal
India Limited has on October 29, 2024 filed an application under Section 173(8) of the Criminal Procedure
Code, 1973, before Additional Chief Judicial Magistrate, Bidhannagar, West Bengal. The Additional Chief
Judicial Magistrate ordered a fresh investigation into the matter. The matter is currently pending.
Pending criminal proceedings initiated against our Corporate Promoter
1. Samrat Chatterjee (the “Complainant”) has filed a complaint against the Chairman of Coal India Limited
and other officers and employees of Coal India Limited (hereinafter collectively referred to as “Accused”)
before the Chief Judicial Magistrate at Barasat Court, North Parganas, West Bengal. In his complaint, the
Complainant alleged that his father is a retired chief manager of Coal India Limited and a last stage cancer
patient. That Arka Sen who is a relative of one the accused has misappropriated fund amounting to ₹ 1.75
million against which the Complainant has lodged a complaint before Gonda Police Station and before the
Judicial Magistrate First Class, Ranchi. The Complainant alleged that on January 02, 2024, the
Complainant and his father were assaulted and humiliated. The Complainant further alleges conspiracy
involving the creation and misuse of fake identity card, unauthorised withdrawal of funds using a blank
cheque, and defamation through social media and internal Coal India Limited channels. The Complainant
alleges that his ailing parents have been harassed and evicted from Coal India Limited accommodation in
the Rohini Guest House at Ultadanga, Kolkata. Aggrieved by this, the Complainant filed a defamation case
seeking a compensation of ₹ 30 million along with a review of CCTV footage and punishment for the
accused for defamation and wrongful conduct. The matter is currently pending. Against this, Coal India
Limited has on February 13, 2025 filed a criminal Revision Petition before the Calcutta High Court for the
quashing of the defamation complaint under Section 482 of the Criminal Procedure Code, 1973 and Section
528 of the Bharatiya Nagarik Suraksha Sanhita, 2023. The matter is currently pending.
Further, the Coal India Limited through its authorised representative has filed a First Information Report
(the “FIR”) against the Complainant with the Newtown Police Station. Consequently, the Complainant
was produced before the Chief Judicial Magistrate, North 24 Parganas, whereby the Complainant was
remanded to judicial custody. Subsequently, the Accused has filed Criminal Miscellaneous case against
the Complainant before the Session Judge, North 24 Parganas (the “Session Court”) and has been granted
bail by the Session Court. An Investigating Officer with the Newtown Police Station has on February 29,
2024 filed a charge sheet against the Complainant. The matter is currently pending.
2. Samir Kumar Chatterjee (the “Complainant”), a retired chief manager of our Company, has on December
20, 2024 filed Writ Petition (Criminal) before the High Court of Jharkhand, Ranchi, against Coal India
Limited and others (hereinafter collective referred to as “Accused”). The Complainant alleges that Accused
has falsely implicated his son, Samrat Chatterjee, in First Information Report (F.I.R.) and wrongfully
declared him persona non grata at Coal India Limited. The matter is currently pending.
Pending actions by statutory or regulatory authorities against our Corporate Promoter
1. Sai Wardha Power Limited (“Informant”) instituted an information dated November 11, 2013, bearing
Case No. 88 of 2013, before the Competition Commission of India (“CCI”) against Coal India Limited
and Western Coalfields Limited, alleging abuse of dominant position in the coal market by engaging in
discriminatory pricing and restrictive supply conditions, in contravention of Section 4 of the Competition
Act, 2002. Upon consideration of the material on record, the CCI, vide order dated October 27, 2014, held
that Coal India Limited’s dominant position emanates from the statutory regime under the Coal Mines
(Nationalization) Act, 1973, which envisages equitable distribution of coal in public interest. The CCI
further concluded that Coal India Limited, notwithstanding its statutory and constitutional obligations and
adherence to governmental policy directives, had indulged in abuse of dominant position, thereby
contravening the provisions of Section 4(2)(a)(i) of the Competition Act, 2002. Aggrieved by the aforesaid
order, Coal India Limited filed an appeal before the Competition Appellate Tribunal (the “COMPAT”) on
December 5, 2014. The COMPAT, vide order dated December 9, 2016, dismissed the appeal and affirmed
the findings recorded by the CCI. Aggrieved by this, the Coal India Limited has filed an appeal vide no.
2845 of 2017 before the Supreme Court of India. During the pendency of the matter, the Supreme Court,
noting the pendency of other proceedings involving identical and analogous issues before the National
Company Law Appellate Tribunal (the “NCLAT”) as of June 9, 2021, directed Coal India Limited to file
a transfer application seeking consolidation of all such matters before the Supreme Court. In compliance,
472Coal India Limited filed the transfer application on March 22, 2023, pursuant to which the Supreme Court,
by passing an order consolidated and transferred the pending matters from the NCLAT to itself. However,
vide its order dated June 15, 2023, the Supreme Court retransferred all the cases to the NCLAT, with
directions that the same be adjudicated independently on their respective merits. The Supreme Court further
directed that Coal India Limited’s appeal shall similarly be disposed of on merits. The matter is currently
pending.
2. Bijay Poddar, Kolkata (“Informant”) has on July 18, 2013 filed an information before the Competition
Commission of India (the “CCI”) against Coal India Limited and its subsidiaries, alleging abuse of
dominant position by Coal India Limited and its subsidiaries, which violates the provision of section
4(2)(a)(i) of the Competition Act, 2002. The Informant alleged that Coal India Limited had imposed unfair
and discriminatory conditions in the sale of non-coking coal under its Spot E-Auction Scheme. Upon
consideration, the CCI, vide order dated October 27, 2014, held Coal India Limited to be in abuse of its
dominant position, in violation of the aforementioned provision. Aggrieved by the said order, Coal India
Limited preferred an appeal before the Competition Appellate Tribunal (the “COMPAT”) on December
5, 2014. The COMPAT, vide order dated March 20, 2017, dismissed the appeal, upheld the findings of the
CCI, and directed Coal India Limited to amend the terms of its Spot E-Auction Scheme. Challenging the
COMPAT’s decision, Coal India Limited filed an appeal before the Supreme Court of India. The Supreme
Court, vide interim order dated May 5, 2017, granted a stay on the operation of the COMPAT order dated
March 20, 2017. Subsequently, on February 18, 2019, the legal representative of Coal India Limited
apprised the Supreme Court that an issue involving analogous provisions was pending adjudication in civil
appeal, and that the outcome thereof would have a bearing on the present matter. Accordingly, the Supreme
Court adjourned the proceedings. The matter is currently pending.
3. Maharashtra State Power Generation Company Limited and others (collectively, “Informants”) has filed
an information under Section 19(1) read with section 4 of the Competition Act, 2002, before the
Competition Commission of India (the “CCI”) against Coal India Limited and Mahanadi Coalfields
Limited. The Informants alleged abuse of dominant position by Coal India Limited and its subsidiaries
through the imposition of unfair and discriminatory conditions in the provisions of the Fuel Supply
Agreement (the “FSA”), particularly relating to grade slippage, sampling methodology, supply of ungraded
coal, compensation for stones and oversized coal, termination clauses, force majeure conditions, and the
absence of bilateral negotiations with the counter-parties. Upon consideration, the CCI, vide order dated
December 09, 2013, found Coal India Limited to be in contravention of Section 4(2)(a)(i) of the
Competition Act, 2002 and imposed a penalty of ₹ 17,730 million. Aggrieved by the said order, the Coal
India Limited preferred an appeal before the erstwhile Competition Appellate Tribunal (the “COMPAT”),
inter alia contending that the principles of natural justice had been violated, as the members constituting
the final bench of the CCI were not the same as those who had heard oral arguments. Acknowledging this
procedural irregularity, the COMPAT, vide its order, set aside the CCI’s order dated December 9, 2013,
and remanded the matter for de novo consideration by a duly constituted bench. Pursuant thereto, a fresh
hearing was conducted by the CCI on May 17, 2016, and a revised order was passed on March 24, 2017,
reiterating the earlier findings of abuse of dominant position by Coal India Limited. However, considering
the remedial measures undertaken by Coal India Limited to improve the sampling process and amend
certain provisions of the FSA, along with operational constraints arising from government directives, the
CCI reduced the penalty to ₹ 5,910 million. Coal India Limited has challenged this revised order dated
March 24, 2017 before the National Company Law Appellate Tribunal (the “NCLAT”). The NCLAT has
granted a stay on the operation of the CCI’s order dated March 24, 2017. Subsequently, the Supreme Court
of India, noting on June 9, 2021, that multiple matters involving identical or analogous facts were pending
before the NCLAT, directed Coal India Limited to file a transfer application for consolidation of all such
matters before the Supreme Court. In compliance, Coal India Limited filed the requisite transfer application
on March 22, 2023, pursuant to which all pending cases were consolidated and transferred to the Supreme
Court. Thereafter, vide order dated June 15, 2023, the Supreme Court retransferred all such matters to the
NCLAT, directing that they be adjudicated independently on their respective merits. Further, Coal India
Limited filed Interlocutory Applications on July 19, 2024, seeking leave to raise additional grounds before
the NCLAT, including reliance on the Administrative Mechanism for Resolution of Central Public Sector
Enterprise Disputes (the “AMRCD”) Guidelines for potential resolution of the dispute. These applications,
along with the main matter, were listed on July 22, 2024, wherein the respondents contested the
maintainability of such applications. The matter, along with the interlocutory applications, are currently
pending.
4. Madhya Pradesh Power Generating Company Limited, West Bengal Power Development Corporation
Limited, and the Sponge Iron Manufacturers Association (collectively, the “Informants”) filed separate
473information before the Competition Commission of India (the “CCI”) under Section 19(1) read with
Section 4 of the Competition Act, 2002 against Coal India Limited and its subsidiaries. The Informants
alleged that Coal India Limited and its subsidiaries abused their dominant position by imposing unfair and
discriminatory terms in the Fuel Supply Agreements (the “FSAs”) without conducting any bilateral
negotiations with thermal power producers (the “TPPs”) for finalizing the terms and conditions of the
FSAs. Upon consideration, the CCI held that Coal India Limited was indeed in abuse of its dominant
position in respect of the drafting and finalization of FSAs, grade declaration and review mechanisms, coal
supplies under Memoranda of Understanding (MoUs), Delivery Dispute Quantity (DDQ) adjustments, and
the supply of ungraded coal. However, the CCI refrained from imposing any monetary penalty, noting that
a penalty for identical conduct had already been imposed in the Mahagenco case (Case No. 03 of 2012).
Aggrieved by the findings, Coal India Limited preferred an appeal before the erstwhile Competition
Appellate Tribunal (the “COMPAT”), which was tagged along with the Mahagenco appeal. Pursuant to
remand directions in the Mahagenco matter, the CCI re-heard these information in 2016. Thereafter, the
CCI, vide order dated April 2017, reaffirmed its earlier findings and observations, extensively relying on
the reasoning adopted in the Mahagenco order. No separate penalty was levied in view of the penalty
imposed in the connected matter. Coal India Limited, dissatisfied with this decision, preferred an appeal
before the National Company Law Appellate Tribunal (the “NCLAT”), where it remains pending. In
addition, in another case, GHCL filed an information before the CCI against Coal India Limited and
Western Coalfields Limited (“WCL”), alleging abuse of dominant position. The CCI’s findings in this
case related to several aspects, including the terms and conditions of Letters of Assurance (LOAs), drafting
processes of FSAs, reduction of Annual Contracted Quantity (ACQ) through MoUs, cumulative impact of
MoUs and addenda to FSAs, extensions of Coal Guarantees (CG), security deposit provisions, sampling
methodology, grade review mechanisms, and DDQ clauses. On June 9, 2021, the Supreme Court of India,
while noting that several matters involving similar issues and overlapping facts were pending before the
NCLAT, directed Coal India Limited to file a transfer application to consolidate these proceedings before
the Supreme Court. In compliance, Coal India Limited filed the transfer application on March 22, 2023,
following which all such cases were consolidated and transferred to the Supreme Court. Subsequently, by
order dated June 15, 2023, the Supreme Court retransferred all matters back to the NCLAT with a direction
that each matter be adjudicated on its individual merits. Further, on July 19, 2024, Coal India Limited filed
Interlocutory Applications, seeking to raise additional grounds before the NCLAT, including placing
reliance on the Administrative Mechanism for Resolution of Central Public Sector Enterprises Disputes
(the “AMRCD”) Guidelines as an alternative framework for the resolution of the disputes. These
applications, along with the main matters, were listed before the NCLAT on July 22, 2024, where the
respondents opposed the maintainability of the said applications. However, no substantive determination
was made on that date. The matters, including the interlocutory applications, are currently pending.
5. The Karnataka Power Corporation Limited (the “Informant”) filed an information on February 10, 2017
before the Competition Commission of India (the “CCI”) under Section 19(1)(a) read with Section 4 of
the Competition Act, 2002, against Coal India Limited and others (collectively, the “Respondents”). The
Informant alleged that the Respondents abused their dominant position in the coal supply market by
imposing unfair and discriminatory conditions in the sale of coal. Specifically, the Informant contended
that the Fuel Supply Agreements (the “FSAs”) executed by Coal India Limited contained unilateral and
non-negotiable clauses, including fixed pricing structures and restrictive terms governing coal sampling
procedures, resulting in the consistent supply of lower-grade coal. These practices, it was alleged,
amounted to a contravention of Section 4(2)(a)(i) of the Competition Act, 2002. Upon consideration, the
CCI, vide order dated March 16, 2018, dismissed the information, holding that the issues raised by the
Informant had already been adjudicated upon in the earlier Mahagenco case, and did not warrant separate
intervention. Aggrieved by the said order, the Informant filed an appeal before the National Company Law
Appellate Tribunal (the “NCLAT”), New Delhi, challenging the dismissal of its information and seeking
appropriate relief. Subsequently, on March 22, 2023, the Supreme Court of India passed an order noting
that several matters involving similar facts and issues were pending before the NCLAT. Accordingly, the
Court directed consolidation of these matters and their transfer from the NCLAT to the Supreme Court for
comprehensive adjudication. Thereafter, by order dated June 15, 2023, the Supreme Court retransferred all
such matters, including the instant appeal, back to the NCLAT with a direction that the cases be heard and
decided on their own merits. The matter is currently pending.
Pending material civil proceedings by our Corporate Promoter
1. Mahanadi Coalfields Limited (the “Petitioner”) has filed a writ petition before the High Court of Orissa
at Cuttack (the “Orissa High Court”) against the State of Odisha and others, challenging the legislative
competence of the State to impose a tax on coal-bearing lands under the provisions of the Orissa Rural
474Infrastructure and Socio-Economic Development Act, 2004 (the “ORISED Act”). The principal issue for
consideration before the Orissa High Court was the interplay between the Coal Bearing Areas (Acquisition
and Development) Act, 1957 (the “CBA Act”), a central legislation enacted to regulate the acquisition,
development, and management of coal-bearing areas by vesting both land ownership and mineral rights
with the Central Government and its instrumentalities, and the taxing powers of the State Legislature under
the Constitution of India. It was contended that the imposition of a 15% tax on coal-bearing lands by the
State Government under the ORISED Act was ultra vires, as the field stood occupied by the Central
Government under the CBA Act, leaving no scope for the State Legislature to levy such a tax. The Orissa
High Court, vide its judgment dated December 5, 2005, upheld the challenge and declared the provisions
of the ORISED Act imposing the tax as unconstitutional, being beyond the legislative competence of the
State, and struck it down as ultra vires. Aggrieved by the said judgment, the State of Odisha has filed a
civil appeal before the Supreme Court of India, wherein the constitutional validity of the ORISED Act and
the extent of the State’s taxing powers vis-à-vis lands vested in the Central Government under the CBA
Act remain under judicial scrutiny. The monetary implication involved in the matter is approximately ₹
312,278 million. The matter is currently pending.
Pending material civil proceedings against our Corporate Promoter
Nil
Disciplinary actions including penalties imposed by SEBI or a stock exchange in the last five Fiscals against our
Corporate Promoter
1. Coal India Limited has received various notices from NSE & BSE imposing fine cumulatively amounting
to ₹ 32.39 million (including GST), in respect of non-compliance of Regulations 17, 18, 19, 20 and 21 of
SEBI Listing Regulations due to non-availability of adequate numbers of independent directors on the
Board of Coal India Limited. As directors of Coal India Limited are appointed by the Ministry of Coal,
Government of India, Coal India Limited has requested the stock exchanges to waive the fines and penalties
imposed. Pursuant to the request, NSE has waived the fine of ₹ 3.38 million while BSE has waived the
fine of 1.41 million and the remaining fine is pending.
Pending tax proceedings against our Corporate Promoter
Amount in dispute/demand (in ₹
Nature of case Number of cases
million)
Direct tax 13 1,422.40
Indirect tax 1 1.37
Total 14 1,423.77
Litigation involving our KMPs
Pending litigation involving our KMPs
Pending criminal proceedings initiated by our KMPs
Nil
Pending criminal proceedings initiated against our KMPs
1. The State of Jharkhand, acting through Labour Enforcement Officer has filed a complaint before the Chief
Judicial Magistrate, Dhanbad in an Industrial Dispute case pursuant to which the Chief Judicial Magistrate,
Dhanbad has taken cognisance against Bani Kumar Parui employee of our Company for an offence under
section 29 of the Industrial Dispute Act, 1947. The employee has filed an appeal before the High Court of
Jharkhand at Ranchi for the quashing of the order passed by the Chief Judicial Magistrate, Dhanbad. The
matter is currently pending.
2. For details of pending criminal proceedings initiated against our KMPs, please see “– Pending criminal
proceedings initiated against our Company.”
Pending actions by statutory or regulatory authorities against our KMPs
475For details of pending actions by statutory or regulatory authorities against our KMPs, please see “– Pending
actions by statutory or regulatory authorities against our Company.”
Litigation involving our SMPs
Pending criminal proceedings initiated by our SMPs
Nil
Pending criminal proceedings initiated against our SMPs
1. Pursuant to an incident which occurred at the Gopalichak Mine, PB Area, resulting in the fatality of one
individual, an enquiry conducted by the Directorate General of Mines Safety (“DGMS”) and proceedings
have been initiated against Gopal Krishna Mehata for alleged non-compliance with certain provisions of
the Coal Mines Regulations, 1957. Gopal Krishna Mehata has contested the allegations and the matter is
currently pending.
2. A complaint has been filed by the District Mining Officer under Sections 4(1A) and 21 of the Mines and
Minerals (Development and Regulation) Act, 1957, alleging non-synchronisation of 76 RR challans and
rake data on the JIMMS portal during February 2023. The case is currently pending before the District
Court, Dhanbad.
3. A complaint has been filed against Nikhil B. Trivedi under Sections 30(c) and 63 of the Indian Forest
Act, 1927. The case is currently pending before the District Court, Dhanbad.
4. A complaint has been filed against Nirjhar Chakraborty alleging illegal dumping of overburden (“OB”)
on forest land, under Sections 30(c) and 33 of the Indian Forest Act, 1927. The matter is pending before
the District Court, Dhanbad. Nirjhar Chakraborty has filed an appeal against the order passed in relation
to the alleged violations, and the appeal proceedings are currently pending.
5. A complaint has been filed against Pranab Das by the Government of India, through the Inspector of
Mines (also designated as Deputy Director of Mines Safety – Mechanical), under Section 200 of the
Code of Criminal Procedure for alleged offences under Sections 72A and 72C(1)(a) of the Mines Act,
1952. The case is currently pending before the District Court, Dhanbad.
6. Proceedings have been initiated against Tuneshwar Paswan by the District Mining Officer for alleged
violations of Section 4(1A) of the Mines and Minerals (Development and Regulation) Act, 1957 and
Rules 9 and 10 of the Jharkhand Minerals (Prevention of Illegal Mining, Transportation and Storage)
Rules, 2017. The matter is currently pending before the District Court, Dhanbad.
7. A complaint has been filed against Rajeev Ranjan Karn and another (“Accused”) alleging dishonest and
fraudulent filing of ITR for assessment year 2014-15 by showing lesser gross total income and taxable
income than actual by inflating deductions under the Income Tax Act causing a wrongful loss of ₹ 87,520
to the Income Tax Department and a corresponding wrongful gain to the Accused. Therefore, an offence
under sections 120B and 420 of the IPC were registered against the Accused. The matter is currently
pending before the Chief Judicial Magistrate, Dhanbad.
8. Kamlesh Kumar has filed a first information report against Ganesh Chandra Saha and others, under
Section 154 of the Criminal Procedure Code, 1973 for the alleged violation of Sections 191, 121, 132,
127 and other provisions of Bharatiya Nyaya Sanhita, 2023 and Section 27 of the Arms Act, 1959.
Kamlesh Kumar has alleged that Ganesh Chandra Saha along with others was involved in the criminal
conspiracy. The matter is currently pending.
9. For details of pending criminal proceedings initiated against our SMPs, please see “– Pending criminal
proceedings initiated against our Company.”
Pending actions by statutory or regulatory authorities against our SMPs
For details of pending actions by statutory or regulatory authorities against our SMPs, please see “– Pending
actions by statutory or regulatory authorities against our Company.”
476Outstanding Dues to Creditors
In accordance with the Materiality Policy, a creditor has been considered ‘material’ if the amount due to such
creditor by our Company is equal to or in excess of ₹1,432.52 million, being 5% of the total trade payables of our
Company as on September 30, 2025 (“Material Creditor(s)”) as per the Restated Financial Information.
As of September 30, 2025, in accordance with the Materiality Policy, the outstanding dues to Material Creditors,
MSME (as defined under section 2 of the Micro, Small and Medium Enterprises Development Act, 2006) and
other creditors is as follows:
Sr. Type of creditor No. of creditors Amount outstanding
No. (in ₹ million)
1. Dues to micro, small and medium enterprises 27 57.51
2. Dues to Material Creditors 3 21,679.59
3. Dues to other creditors 1,123 6,913.31
Total 1,153 28,650.41
As certified by Nag & Associates, Chartered Accountants, pursuant to their certificate dated January 2, 2026.
The details pertaining to outstanding dues to the Material Creditors along with names and amounts involved for
each such Material Creditor are available on the website of our Company at www.bcclweb.in.
It is clarified that such details available on our Company’s website do not form a part of this Prospectus and should
not be deemed to be incorporated by reference. Anyone placing reliance on any source of information including
our Company’s website, would be doing so at their own risk.
Material Developments
Except as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations
– Significant Developments after September 30, 2025 that may affect our future results of operations” on page
460 and elsewhere in this Prospectus, there have not arisen, since the date of the last financial information
disclosed in this Prospectus, any circumstances which materially and adversely affect, or are likely to affect, our
operations, our profitability taken as a whole or the value of our assets or our ability to pay our liabilities within
the next 12 months
477GOVERNMENT AND OTHER APPROVALS
Our Company has received the necessary material consents, licenses, permissions, registrations and approvals
from the Government of India, various governmental agencies and other statutory and/ or regulatory authorities
required for carrying out our present business activities. Unless otherwise stated, these approvals or licenses are
valid as of the date of this Prospectus. Certain licenses/ approvals may have expired in their normal course and
our Company has either made applications to the appropriate authorities for such licenses/ approvals, or is in
the process of making such applications. For further details in connection with the applicable regulatory and
legal framework, please see the section titled “Key Regulations and Policies in India” on page 253.
Approvals relating to the Offer
For the approvals and authorisations obtained by our Company in relation to the Offer, see “Other Regulatory
and Statutory Disclosures – Authority for the Offer” on page 482.
Incorporation details of our Company
1. Certificate of incorporation dated January 01, 1972, issued by the RoC to our Company, in the name of
‘Bharat Coking Coal Limited’
2. The CIN of our Company is U10101JH1972GOI000918
3. Fresh certificate of incorporation dated May 7, 2025, consequent upon conversion into a public limited
company issued to our Company by the Registrar of Companies, Central Processing Centre.
Material Approvals obtained by our Company in relation to our business and operations
We require various approvals to carry on our business in India. Some of these may expire in the ordinary course
of business and applications for renewal of these approvals are submitted in accordance with applicable
procedures and requirements as disclosed below. We have received the following approvals which are material
and necessary for carrying on the business and operations of our Company:
1. Tax related approvals
(a) Permanent Account Number AAACB7934M, issued by the Income Tax Department, Government of
India.
(b) Our Company has obtained GST registration certificates issued by the Government of India and the
State Governments for GST payments in the states where our business operations are situated. The
central and state GST identification numbers for Jharkhand and West Bengal, where our registered
office and Area office/ Administrative office are located are 20AAACB7934MFZB and
19AAACB7934M2Z7, respectively.
(c) Tax Deduction Account Number RCHB00369F, issued by the Income Tax Department, Government
of India.
(d) Registrations under the applicable professional tax statutes in various states where are business
operations are situated.
2. Labour related approvals
(a) Registration under Contract Labour (Regulation and Abolition) Act, 1970;
(b) Registration under the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948;
3. Material approvals in relation to our mines and washeries
We are required to obtain various approvals and licenses under various laws, rules and regulations in relation
to our mines and washeries. The approvals and licenses are required to be obtained at various stages for
478operating such mines and washeries. Set forth below are the material approvals required by us in relation to
our mines and washeries:
(a) Mining Rights under the Coking Coal Mines (Nationalisation) Act, 1972 and the Coal Mines
(Nationalization) Act, 1973;
(b) Environmental Clearance certificates issued by the Ministry of Environment, Forest and Climate
Change (Impact Assessment Division);
(c) Clearance from the Department of Forest, Ministry of Environment, Forest and Climate Change;
(d) Clearance from the Central Ground Water Authority for the extraction of ground water;
(e) Consents to operate under the Air (Prevention and Control of Pollution) Act, 1981, and the Water
(Prevention and Control of Pollution) Act, 1974 issued by the respective Pollution Control Board of
the states where our mines and washeries are located;
(f) Consent to establish under Air (Prevention and Control of Pollution) Act, 1981, and the Water
(Prevention and Control of Pollution) Act, 1974;
(g) Approvals from the Director General Mines and Safety;
(h) License to possess and use of explosives from Petroleum and Explosives Safety Organisations;
(i) Registration under the Factories Act, 1948;
(j) Registration under the Shops and Establishments Act.
4. Intellectual property related approvals
Our logo and name have not been registered as trademarks as on the date of this Prospectus. For details in
relation to the application made by us in relation to our intellectual property related approvals, please see “-
Material approvals applied for but not received” on page 479
For risks associated with our intellectual property, see “Risk Factors – We do not own our corporate
trademark, name or logo, and our logo and name have not been registered as trademarks. Accordingly, our
ability to use our name or logo may be impaired. If we are unable to protect our intellectual property rights,
our business, results of operations and financial condition may be adversely affected. As part of our
operations, we might infringe upon the intellectual property rights of others and any misappropriation of
our intellectual property could harm our competitive position” on page 62.
Material approvals applied for but not received
Given the nature of our operations, our Company requires certain approvals and licenses that expire in the ordinary
course of business and we apply for their renewals on a regular basis. Further, our Company also in its ordinary
course of business makes applications for approvals and licenses for blocks of mines which we propose to operate
post receipt of such approval. Set forth below are the material approvals applied for but not received as of the date
of this Prospectus, that are required in relation to our ongoing business operations:
a) Application for registration of our logo as a trademark under class 37 and class 4 with the Trademarks
Registry and the status of both is “Formalities Check Pass”;
b) Applications for no objection certificate for groundwater abstraction under the Environment (Protection)
Act, 1986 for certain of our facilities;
c) Application for issuance of fire safety no objection certificate for our Registered and Corporate Office.
Material Approvals expired and renewal to be applied for
As on the date of this Prospectus, there are no material approvals which have expired and for which renewal
applications are yet to be made by our Company, as on the date of this Prospectus.
Material Approvals required but not obtained or applied for
479There are no material approvals which are required for our business operations but which have not been obtained
or for which applications are yet to be made by our Company, as on the date of this Prospectus.
We cannot assure you that such approvals and licenses will be granted or renewed in a timely manner or will not
be cancelled or withdrawn by the relevant governmental or regulatory authorities. Failure to obtain or renew such
approvals and licenses in a timely manner would make our operations non-compliant with applicable laws and
may result in the imposition of penalties by relevant authorities. For further details, please see “Risk factors -
Failure to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely
manner, or at all, may adversely affect our business, financial condition, results of operations and cash flows.”
on page 60.
480OUR GROUP COMPANIES
In terms of Schedule VI, Part A, Paragraph 13(A) of the SEBI ICDR Regulations, our Company has not identified
any group companies of our Company.
481OTHER REGULATORY AND STATUTORY DISCLOSURES
Authority for the Offer
Our Board has approved the Offer pursuant to a resolution dated May 27, 2025. The Draft Red Herring Prospectus
has been approved by our Board pursuant to its resolution dated May 30, 2025. The Red Herring Prospectus was
approved by our Board pursuant to its resolution dated January 2, 2026. The Prospectus was approved by our
Board pursuant to its resolution dated January 13, 2026.
The Promoter Selling Shareholder has confirmed and approved its participation in the Offer for Sale and has also
authorized the sale of the Offered Shares in the Offer for Sale as set our below:
Name of Selling Number of Offered Shares Date of resolution or other Date of consent
Shareholder corporate authorization letter
Coal India 465,700,000 Equity Shares of face May 21, 2025 May 22, 2025
Limited value ₹ 10 each aggregating to ₹
10,687.82 million*
*Subject to finalisation of basis of allotment
Our Board has taken on record the consent and authorisation of the Promoter Selling Shareholder for participation
in the Offer for Sale, pursuant to a resolution dated May 27, 2025.
The Equity Shares being offered by the Promoter Selling Shareholder in the Offer for Sale have been held by them
for a period of at least one year prior to the filing of the Draft Red Herring Prospectus with SEBI, calculated in
the manner as set out under Regulation 8 of the SEBI ICDR Regulations and are eligible for being offered in the
Offer for Sale.
The Equity Shares proposed to be offered by the Promoter Selling Shareholder in the Offer for Sale are free from
any lien, encumbrance, transfer restrictions or third-party rights.
Our Company has received in-principle approvals from the BSE and the NSE for the listing of the Equity Shares
pursuant to letters each dated September 3, 2025.
Prohibition by the SEBI or other Governmental Authorities
Our Company, our Directors, the Promoters (the persons in control of our Company) and the members of Promoter
Group are not debarred from accessing the capital market or debarred from buying, selling or dealing in securities
under any order or direction passed by the SEBI or any securities market regulator in any other jurisdiction or any
other authority/court.
The Promoter Selling Shareholder confirms that it is not debarred from accessing the capital markets or debarred
from buying, selling, or dealing in securities under any order or direction passed by the SEBI or any securities
market regulator in any other jurisdiction or any other authority/ court.
None of the companies with which our Promoters and Directors are associated with as promoters, directors or
persons in control have been debarred from accessing capital markets under any order or direction passed by the
SEBI or any other authorities.
None of our Company or our Promoters or Directors have been identified as a Wilful Defaulter or Fraudulent
Borrowers.
Our Promoters and Directors have not been declared as fugitive economic offenders under section 12 of the
Fugitive Economic Offenders Act, 2018.
There are no outstanding warrants, options or rights to convert debentures, loans or other instruments convertible
into, or which would entitle any person any option to receive Equity Shares, as on the date of this Prospectus.
Directors associated with securities market
482None of our Directors are associated with the securities market in any manner and no outstanding action has been
initiated against our Directors by SEBI in the five years preceding the date of this Prospectus.
Confirmation under Companies (Significant Beneficial Owners) Rules, 2018
Our Corporate Promoter, Coal India Limited, along with its nominees, currently holds 100.0% of the pre-Offer
paid-up equity share capital of our Company. Section 89 of the Companies Act, 2013, which deals with declaration
in respect of beneficial interest in any share, is not applicable to the government companies. Accordingly, the
Companies (Significant Beneficial Ownership) Rules, 2018 ("SBO Rules") are not applicable to us in terms of
Rule 8 of the SBO Rules
Eligibility for the Offer
Our Company is eligible for the Offer in accordance with Regulation 6(1) of the SEBI ICDR Regulations, and is
in compliance with the conditions specified therein as disclosed below:
• Our Company has net tangible assets of at least ₹ 30.00 million, calculated on a restated basis, in each of
the preceding three full years (of 12 months each), i.e., as at and for the Financial Years 2025, 2024 and
2023.
• Our Company has an average operating profit of ₹150.00 million, calculated on a restated basis, during
the preceding three years (of 12 months each), i.e., as at and for the Financial Years 2025, 2024 and 2023
with operating profit in each of these preceding three financial years.
• Our Company has a net worth of at least ₹10.00 million, calculated on a restated basis in each of the
preceding three full years (of 12 months each), i.e., as at and for the Financial Years 2025, 2024 and
2023; and
• Our Company has not changed its name in the year immediately preceding the date of this Prospectus.
Our Company’s net tangible assets, operating profit and net worth derived from the Restated Financial Information
included in this Prospectus as at, and for the three immediately preceding Financial Years are disclosed below.
Derived from the Restated Financial Information
(in ₹ million)
Particulars Financial year Financial year Financial year
ended March 31, ended March 31, ended March 31,
2025 2024 2023
Net Tangible Assets (1) 64,532.40 53,090.60 37,882.20
Operating Profit(2) 11,763.00 17,468.30 1,913.70
Average Operating Profit 10,381.67
Net Worth, as restated (3) 65,512.30 53,554.70 37,910.10
‘Source: Restated Statement of Assets and Liabilities and Restated Statement of Profit and Loss of the Company as included in this Prospectus
under the section "Restated Financial Information”.
Notes:
(1) The net tangible assets, as defined under Regulation 2(1) gg of ICDR Regulations, means the sum of all net assets of the Company,
excluding intangible assets as defined in Indian Accounting Standard (Ind AS) 38.
(2) ‘Operating Profit’ has been calculated as profit before tax add finance cost and less other income.
(3) ‘Net worth’ means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium
account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred
expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back
of depreciation and amalgamation.
We are eligible to undertake the Offer as per Rule 19(2)(b) of the SCRR read with Regulations 6(1) of the SEBI
ICDR Regulations.
Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company and the Promoter
Selling Shareholder shall ensure that the number of prospective Allottees to whom the Equity Shares will be
Allotted shall not be less than 1,000, failing which the entire application monies shall be refunded in accordance
with the SEBI ICDR Regulations and timelines specified under other applicable laws. The Promoter Selling
Shareholder shall be liable to reimburse our Company for any interest paid by it on behalf of the Promoter Selling
Shareholder on account of any delay with respect to Allotment of the Offered Shares offered by the Promoter
483Selling Shareholder in the Offer for Sale, or otherwise.
Our Company is in compliance with conditions specified in Regulations 5 and 7(1) of the SEBI ICDR Regulations
to the extent applicable and will ensure compliance with Regulation 7(2) of the SEBI ICDR Regulations.
a. Neither our Company, our Promoters, members of our Promoter Group, the Promoter Selling
Shareholder or our Directors are debarred from accessing the capital markets by the SEBI;
b. None of our Promoters or Directors are promoters or directors of companies which are debarred from
accessing the capital markets by the SEBI;
c. Neither our Company nor our Promoters or Directors are categorised as a Wilful Defaulter or a
Fraudulent Borrower;
d. Neither our Promoters nor our Directors have been declared a fugitive economic offender (in accordance
with Section 12 of the Fugitive Economic Offenders Act, 2018);
e. There are no outstanding convertible securities of our Company or any other right which would entitle
any person with any option to receive Equity Shares of our Company as on the date of filing of this
Prospectus;
f. Our Company, along with the Registrar to the Offer, has entered into tripartite agreements dated May 8,
2025 and May 28, 2025 with NSDL and CDSL, respectively, for dematerialization of the Equity Shares;
g. The Equity Shares of our Company held by our Promoters are in dematerialised form;
h. The Equity Shares are fully paid-up and there are no partly paid-up Equity Shares as on the date of filing
of this Prospectus; and
i. There is no requirement for us to make firm arrangements of finance under Regulation 7(1)(e) of the
SEBI ICDR Regulations through verifiable means towards at least 75% of the stated means of finance.
Disclaimer Clause of SEBI
IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT RED HERRING
PROSPECTUS TO SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED TO MEAN
THAT THE SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY
RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE
PROJECT FOR WHICH THE OFFER IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS
OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THE DRAFT RED HERRING
PROSPECTUS. THE BOOK RUNNING LEAD MANAGERS, BEING IDBI CAPITAL MARKETS &
SECURITIES LIMITED AND ICICI SECURITIES LIMITED HAVE CERTIFIED THAT THE
DISCLOSURES MADE IN THE DRAFT RED HERRING PROSPECTUS ARE GENERALLY
ADEQUATE AND ARE IN CONFORMITY WITH THE SECURITIES AND EXCHANGE BOARD OF
INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018. THIS
REQUIREMENT IS TO FACILITATE INVESTORS TO TAKE AN INFORMED DECISION FOR
MAKING AN INVESTMENT IN THE PROPOSED OFFER.
IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY
RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THE DRAFT RED HERRING PROSPECTUS AND THE PROMOTER SELLING
SHAREHOLDER ARE, SEVERALLY AND NOT JOINTLY, RESPONSIBLE ONLY FOR THE
STATEMENTS SPECIFICALLY CONFIRMED OR UNDERTAKEN BY THEM IN THE DRAFT RED
HERRING PROSPECTUS IN RELATION TO THEMSELVES FOR THE RESPECTIVE PORTION OF
THE EQUITY SHARES BEING OFFERED BY THEM IN THE OFFER FOR SALE, THE BOOK
RUNNING LEAD MANAGERS ARE EXPECTED TO EXERCISE DUE DILIGENCE TO ENSURE
THAT THE COMPANY AND THE PROMOTER SELLING SHAREHOLDER DISCHARGE THEIR
RESPECTIVE RESPONSIBILITIES ADEQUATELY IN THIS BEHALF AND TOWARDS THIS
PURPOSE, THE BRLMS, BEING IDBI CAPITAL MARKETS & SECURITIES LIMITED AND ICICI
SECURITIES LIMITED, HAVE FURNISHED TO SEBI, A DUE DILIGENCE CERTIFICATE DATED
484MAY 30, 2025 IN THE FORMAT PRESCRIBED UNDER SCHEDULE V(FORM A) OF THE
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2018.
THE FILING OF THE DRAFT RED HERRING PROSPECTUS DOES NOT, HOWEVER, ABSOLVE
THE COMPANY FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013, OR FROM THE
REQUIREMENT OF OBTAINING SUCH STATUTORY OR OTHER CLEARANCES AS MAY BE
REQUIRED FOR THE PURPOSE OF THE PROPOSED OFFER. SEBI FURTHER RESERVES THE
RIGHT TO TAKE UP, AT ANY POINT OF TIME, WITH THE BOOK RUNNING LEAD MANAGERS
ANY IRREGULARITIES OR LAPSES IN THE DRAFT RED HERRING PROSPECTUS.
Except the exemptions applied and/or granted by SEBI as provided in “Summary of the Offer Document –
Exemption from complying with any provisions of securities laws, if any, granted by SEBI” on page 32, all
applicable legal requirements pertaining to the Offer have been complied with at the time of filing of this
Prospectus with the RoC in terms of Section 32 of the Companies Act, 2013. Except the exemptions applied and/or
granted by SEBI as provided in “Summary of the Offer Document – Exemption from complying with any provisions
of securities laws, if any, granted by SEBI” on page 32, all applicable legal requirements pertaining to the Offer
will be complied with at the time of filing of this Prospectus with the RoC, including in terms of Sections 26, 32,
33(1) and 33(2) of the Companies Act, 2013.
Disclaimer from our Company, our Directors, the Promoter Selling Shareholder and the Book Running
Lead Managers
Our Company, the Directors, the Promoter Selling Shareholder and the BRLMs accept no responsibility for
statements made otherwise than in this Prospectus or in the advertisements or any other material issued by or at
our Company’s instance. Anyone placing reliance on any other source of information, including our Company’s
website, www.bcclweb.in or any website of any affiliates of our Company would be doing so at his or her own
risk.
The Promoter Selling Shareholder is providing information in this Prospectus only in relation to itself as a selling
shareholder and the Offered Shares, and the Promoter Selling Shareholder, including its directors, partners,
affiliates, associates and officers, accepts and/or undertakes no responsibility for any statements made or
undertakings provided, including without limitation, any statement made by or in relation to our Company or its
business, other than those specifically undertaken or confirmed by the Promoter Selling Shareholder, in relation
to itself and the Offered Shares in this Prospectus.
The BRLMs accept no responsibility, save to the limited extent as provided in the Offer Agreement and as will
be provided in the Underwriting Agreement.
All information, to the extent required in relation to the Offer, was made available by our Company, the Promoter
Selling Shareholder and the BRLMs to the public and investors at large and no selective or additional information
was made available by our Company, the Promoter Selling Shareholder and the BRLMs for a section of the
investors in any manner whatsoever including at road show presentations, in research or sales reports, at Bidding
Centres or elsewhere.
Neither our Company nor the Promoter Selling Shareholder or any member of the Syndicate is liable for any
failure in uploading the Bids due to faults in any software/ hardware system or otherwise; the blocking of Bid
Amount in the ASBA Account on receipt of instructions from the Sponsor Bank(s) on account of any errors,
omissions or non-compliance by various parties involved in, or any other fault, malfunctioning or breakdown in,
or otherwise, in the UPI Mechanism.
Bidders were required to confirm and were deemed to have represented to our Company, the Promoter Selling
Shareholder, the Underwriters, the BRLMs and their respective directors, officers, agents, affiliates and
representatives that they are eligible under all applicable laws, rules, regulations, guidelines and approvals to
acquire the Equity Shares and will not issue, sell, pledge or transfer the Equity Shares to any person who is not
eligible under any applicable laws, rules, regulations, guidelines and approvals to acquire the Equity Shares. Our
Company, the Underwriters, the BRLMs and their respective directors, officers, agents, affiliates and
representatives accept no responsibility or liability for advising any investor on whether such investor is eligible
to acquire the Equity Shares.
485The BRLMs and their respective associates and affiliates in their capacity as principals or agents may engage in
transactions with, and perform services for, our Company, the Promoters, Promoter Group and the Promoter
Selling Shareholder and their respective directors and officers, affiliates, associates or third parties in the ordinary
course of business and have engaged, or may in the future engage, in commercial banking and investment banking
transactions with our Company, the Promoter, the Promoter Group, the Promoter Selling Shareholder and their
respective directors and officers, affiliates, associates or third parties, for which they have received, and may in
the future receive, compensation.
Disclaimer in Respect of Jurisdiction
Any dispute arising out of the Offer will be subject to the jurisdiction of appropriate court(s) in Jharkhand only.
The Offer was made in India to persons resident in India (including Indian nationals resident in India who are
competent to contract under the Indian Contract Act, 1872, HUFs, companies, corporate bodies and societies
registered under the applicable laws in India and authorised to invest in equity shares, domestic Mutual Funds
registered with the SEBI, Indian financial institutions, commercial banks, regional rural banks, co-operative banks
(subject to RBI permission), or trusts under applicable trust law and who are authorised under their constitution
to hold and invest in shares, state industrial development corporations, permitted insurance companies registered
with IRDAI, public financial institutions as specified in Section 2(72) of the Companies Act, 2013, permitted
provident funds with a minimum corpus of ₹ 250 million (subject to applicable law) and pension funds (registered
with the Pension Fund Regulatory and Development Authority established under Section 3(1) of the Pension Fund
Regulatory and Development Authority Act, 2013, subject to applicable laws, with minimum corpus of ₹ 250
million), National Investment Fund, insurance funds set up and managed by the army and navy or air force of
Union of India and insurance funds set up and managed by the Department of Posts, India registered with the
Insurance Regulatory and Development Authority of India, systemically important NBFCs registered with the
RBI and permitted Non-Residents including FPIs and Eligible NRIs, AIFs and other eligible foreign investors, if
any, provided that they were eligible under all applicable laws and regulations to purchase the Equity Shares. This
Prospectus does not constitute an offer to sell or an invitation to subscribe to Equity Shares offered hereby, in any
jurisdiction to any person to whom it is unlawful to make an offer or invitation in such jurisdiction. Any person
into whose possession this Prospectus comes is required to inform him or herself about, and to observe, any such
restrictions.
Neither the delivery of this Prospectus nor the offer of the Offered Shares shall, under any circumstances, create
any implication that there has been no change in the affairs of our Company since the date of this Prospectus or
that the information contained herein is correct as of any time subsequent to this date.
Invitations to subscribe to or purchase the Equity Shares in the Offer was made only pursuant to the Red Herring
Prospectus if the recipient is in India or the preliminary offering memorandum for the Offer, which comprises the
Red Herring Prospectus and the preliminary international wrap for the Offer, if the recipient was outside India.
No person outside India is eligible to Bid for Equity Shares in the Offer unless that person has received the
preliminary offering memorandum for the Offer, which contains the selling restrictions for the Offer
outside India.
Bidders were advised to ensure that any Bid from them did not exceed the investment limits or maximum number
of Equity Shares that can be held by them under applicable law.
Eligibility and Transfer Restrictions
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act, as amended, or any state securities laws in the United States, and unless so registered may not be
offered or sold within the United States, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the
jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional
buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement
exemption set out in Section 4(a) of the U.S. Securities Act.
486Bidders were advised to ensure that any Bid from them did not exceed investment limits or maximum number of
Equity Shares that can be held by them under applicable law. Further, each Bidder where required must agree in
the Allotment Advice that such Bidder will not sell or transfer any Equity Shares or any economic interest therein,
including any offshore derivative instruments, such as participatory notes, issued against the Equity Shares or any
similar security, other than in accordance with applicable laws.
Disclaimer clause of BSE
As required, a copy of the Draft Red Herring Prospectus was submitted to BSE. The disclaimer clause as intimated
by BSE to our Company, post scrutiny of the Draft Red Herring Prospectus, vide its in-principle approval dated
September 03, 2025, is as follows:
“BSE Limited (“the Exchange”) has given vide its letter dated September 03, 2025 permission to this Company
to use the Exchange's name in this offer document as one of the stock exchanges on which this company's securities
are proposed to be listed. The Exchange has scrutinized this offer document for its limited internal purpose of
deciding on the matter of granting the aforesaid permission to this Company. The Exchange does not in any
manner:
a. warrant, certify or endorse the correctness or completeness of any of the contents of this offer document;
or
b. warrant that this Company’s securities will be listed or will continue to be listed on the Exchange; or
c. take any responsibility for the financial or other soundness of this Company, its promoters, its
management or any scheme or project of this Company.
and it should not for any reason be deemed or construed that this offer document has been cleared or approved
by the Exchange. Every person who desires to apply for or otherwise acquires any securities of this Company may
do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the
Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection
with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or for any
other reason whatsoever.”
Disclaimer clause of the NSE
As required, a copy of the Draft Red Herring Prospectus was submitted to the NSE. The disclaimer clause as
intimated by NSE to our Company, post scrutiny of the Draft Red Herring Prospectus, vide its in-principle
approval dated September 03, 2025, is as follows:
“As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited
(hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/5486 dated September 03, 2025,
permission to the Issuer to use the Exchange’s name in this Offer Document as one of the Stock Exchanges on
which this Issuer’s securities are proposed to be listed. The Exchange has scrutinized this draft offer document
for its limited internal purpose of deciding on the matter of granting the aforesaid permission to this Issuer. It is
to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or
construed that the offer document has been cleared or approved by NSE; nor does it in any manner warrant,
certify or endorse the correctness or completeness of any of the contents of this offer document; nor does it warrant
that this Issuer’s securities will be listed or will continue to be listed on the Exchange; nor does it take any
responsibility for the financial or other soundness of this Issuer, its promoters, its management or any scheme or
project of this Issuer.
Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to
independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever
by reason of any loss which may be suffered by such person consequent to or in connection with such subscription
/acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.”
Listing
The Equity Shares proposed to be offered through the Red Herring Prospectus and this Prospectus are proposed
to be listed on the Stock Exchanges. Application will be made to the Stock Exchanges for obtaining permission
for listing and trading of the Equity Shares. NSE will be the Designated Stock Exchange with which the Basis of
Allotment will be finalised.
487Our Company shall ensure that all steps for the completion of the necessary formalities for listing and
commencement of trading of the Equity Shares at the Stock Exchanges are taken within three Working Days
from the Bid/ Offer Closing Date or within such other period as may be prescribed. The Promoter Selling
Shareholder confirms that it shall extend reasonable support and co-operation as required by law for the
completion of the necessary formalities for listing and commencement of trading of the Equity Shares at the Stock
Exchanges within three Working Days from the Bid/Offer Closing Date, or within such other period as may be
prescribed.
If our Company does not Allot the Equity Shares within two Working Days from the Bid/Offer Closing Date or
within such timeline as prescribed by SEBI, all amounts received in the Public Offer Accounts will be transferred
to the Refund Account and it shall be utilised to repay, without interest, all monies received from Bidders, failing
which interest shall be due to be paid to the Bidders as prescribed under applicable law.
Other than the listing fees, audit fees of the statutory auditors (other than to the extent attributable to the Offer),
corporate or product advertisements expenses in the ordinary course of business by our Company (not in
connection with the Offer), all costs, charges, fees and expenses that are associated with and incurred solely in
connection with the Offer including, inter-alia, filing fees, book building fees and other charges, fees and expenses
of the SEBI, the Stock Exchanges, the Registrar of Companies, road show expenses, accommodation and travel
expenses, fees and expenses of the legal counsel to our Company, fees and expenses of the statutory auditors (to
the extent related to the Offer), registrar fees and broker fees (including fees for procuring of applications), bank
charges, fees and expenses of the BRLMs, Syndicate Members, Self-Certified Syndicate Banks, other Designated
Intermediaries and any other consultant, advisor or third party in connection with the Offer shall be borne by the
Promoter Selling Shareholder, subject to compliance with the applicable law and as agreed among parties.
The cost for (i) necessary advertising and marketing expenses (ii) printing and stationery expenses and (iii)
BRLMs Legal Counsel shall be borne by the Book Running Lead Managers in terms of their engagement.
Payments, if any, made by our Company in relation to the Offer shall be on behalf of the Selling Shareholder and
such payments will be reimbursed to our Company.
Any expenses relating to the Offer, if be paid by our Company in the first instance shall be reimbursed to our
Company by the Promoter Selling Shareholder if such expense has been paid on behalf of the Promoter Selling
Shareholder.
In the event the Offer is withdrawn or unsuccessful or the listing and trading approvals from the Stock Exchanges
are not received, subject to applicable laws, all costs and expenses (including all applicable taxes) with respect to
the Offer shall be exclusively borne by the Promoter Selling Shareholder. Promoter Selling Shareholder shall also
pay the fees and expenses of the BRLMs as agreed to among the parties.
Consents
Consents in writing of: (a) the Promoter Selling Shareholder, our Directors, our Company Secretary and
Compliance Officer, Chief Financial Officer, the Auditors of our Company, the Domestic Legal Counsel to our
Company, the Bankers to our Company and (b) the BRLMs, the Registrar to the Offer, Independent practicing
company secretary, SRK Consulting, CRISIL have been obtained prior to filing of the Red Herring Prospectus
and the consents in writing of (b) the Bankers to the Offer to act in their respective capacities, have been obtained
prior to filing the Red Herring Prospectus with the RoC and filed (as applicable) along with a copy of the Red
Herring Prospectus with the RoC as required under the Companies Act, 2013 and such consents that have been
obtained have not been withdrawn as of the date of the Red Herring Prospectus and this Prospectus.
Experts
Except as stated below, our Company has not obtained any expert opinions in connection with the Offer:
Our Company has received written consent dated December 9, 2025 from Nag & Associates, Chartered
Accountants, the Statutory Auditors to include their name as required under section 26(5) of the Companies Act
in this Prospectus and as an “expert” as defined under Section 2(38) of the Companies Act in respect of their (i)
examination report dated December 8, 2025, on the Restated Financial Information; (ii) the statement of possible
special tax benefits dated December 9, 2025; included in this Prospectus and such consent has not been withdrawn
488as of the date of this Prospectus. However, the term “expert” shall not be construed to mean an “expert” as defined
under the U.S. Securities Act.
Our Company has received written consent dated December 2, 2025, from SRK Consulting to include their name
as required under section 26(5) of the Companies Act in this Prospectus and as an “expert” as defined under
Section 2(38) of the Companies Act in respect of their SRK Report dated December 2, 2025 and such consent has
not been withdrawn as of the date of this Prospectus. However, the terms “expert” shall not be construed to mean
“expert” as defined under the U.S. Securities Act.
Our Company has received written consent dated December 9, 2025 from Mehta and Mehta, practicing company
secretary, to include their name in this Prospectus and be named as an “expert” as defined under Section 2(38) of
the Companies Act, 2013 in respect of the certificate issued by them in their capacity as a practicing company
secretary to our Company and such consent has not been withdrawn as of the date of this Prospectus. However,
the terms “expert” shall not be construed to mean “expert” as defined under the U.S. Securities Act.
Particulars regarding public or rights issues by our Company in the last five years
There have been no public issues, including any rights issues to the public undertaken by our Company during the
five years preceding the date of this Prospectus
Particulars regarding capital issues by our listed subsidiaries or associate entities during the last three years
As on date of this Prospectus, our Company does not have any listed subsidiaries or associates.
Commission and Brokerage paid on previous issues of the Equity Shares in the last five years
Since this is the initial public offer of the Equity Shares, no sum has been paid or has been payable as commission
or brokerage for subscribing to or procuring or agreeing to procure subscription for any of the Equity Shares in
the five years preceding the date of this Prospectus.
Performance vis-à-vis Objects – Details of Public or Rights Issues by our Company
Our Company has not made any public issue or rights issue of Equity Shares during the five years immediately
preceding the date of this Prospectus.
Performance vis-à-vis Objects – Details of Public or Rights Issues by listed subsidiaries/listed Promoter of
our Company
Our Corporate Promoter, which is a listed company, has not made any public or rights issue of equity shares
during the five years immediately preceding the date of this Prospectus. Further, as on the date of this Prospectus,
our company does not have a subsidiary
489Price Information of Past Issues Handled by the BRLMs
A. IDBI Capital Markets & Securities Limited
1. Price information of past public issues (during the current Financial Year and the two Financial Years immediately preceding the current Financial Year)
handled by IDBI Capital Markers & Securities Limited:
Sr. Issuer Name Issue Size (in ₹ Issue Listing Date Opening +/-% change in +/-% change in +/-% change in closing
No. million) Price (₹) price on closing price, [+/- closing price, [+/- price, [+/-% change in
listing date % change in % change in closing benchmark]-180th
closing closing calendar days from listing
benchmark]-30th benchmark]-90th
calendar days from calendar days from
listing listing
1 Vidya Wires 3,000.05 52.00 December 10, 52.13 [-3.27%] N.A. N.A.
Limited^^ 2025 [-0.25%]
2 National 40,109.54 800.00 August 6, 880.00 +54.48% +40.72% N.A.
Securities 2025 [+0.22%] [+4.26%]
Depository
Limited^^*
3 Transrail Lighting 8,389.12 432.00 December 27, 590.00 +22.45% +14.25% +48.37%
Limited^^ 2024 [-3.19%] [-1.79%] [+4.26%]
4 NTPC Green 1,00,000.00 108.00 November 27, 111.50 +16.69% -8.89% +3.00%
Energy Limited^$ 2024 [-2.16%] [-7.09%] [+2.38%]
5 Indian Renewable 21,502.12 32.00 November 29, 50.00 +204.06% +373.44% +479.84%
Energy 2023 [+8.37%] [+10.08%]. [+14.23%]
Development
Agency Limited^
Source: www.nseindia.com and www.bseindia.com, as applicable
^NSE as Designated Stock Exchange
^^BSE as Designated Stock Exchange
* Discount of Rs. 76.00 per equity Share offered to Eligible Employees. All calculations are based on the Offer Price of ₹800.00 per equity share
$Discount of Rs.5.00 per equity Share offered to Eligible Employees. All calculations are based on the Issue Price of ₹108.00 per equity share
Notes:
a. Wherever 30th/ 90th/ 180th calendar day from listing day is a holiday, the closing data of the previous trading day has been considered
b. Similarly, benchmark index considered is “NIFTY 50” where NSE is the designated stock exchange and “S&P BSE SENSEX” where BSE is the designated stock
exchange, as disclosed by the respective issuer company at the time of the Issue has been considered for all of the above calculations.
c. NA means Not Applicable
4902. Summary statement of price information of past public issues (during the current Financial Year and the two Financial Years immediately preceding the
current Financial Year):
Financial Total Total No. of IPOs trading at No. of IPOs trading at No. of IPOs trading at No. of IPOs trading at
Year no. of amount of discount – 30th calendar days premium – 30th calendar discount – 180th calendar premium – 180th calendar
IPOs funds raised from listing days from listing days from listing days from listing
(in ₹ Over Between Less Over Between Less Over Between Less Over Between Less
million)# 50% 25- 50% than 50% 25- 50% than 50% 25- 50% than 50% 25- 50% than
25% 25% 25% 25%
2025-26 2 43,109.59 - - 1 1 - - - - - - - -
2024-25 2 1,08,389.12 - - - - - 2 - - - - 1 1
1 21,502.12 - - - 1 - - - - - 1 - -
2023-24
#As per the Prospectus
Notes:
The information is as on date of this Prospectus
The Information for each of the Fiscals is based on the offers listed during such financial year.
491B. ICICI Securities Limited
1. Price information of past public issues (during the current Financial Year and the two Financial Years immediately preceding the current Financial Year) handled by
ICICI Securities Limited:
+/- % change in closing +/- % change in closing +/- % change in closing
Opening
Issue price, [+/- % change in price, [+/- % change in price, [+/- % change in
Sr. Issue Size Price on
Issue Name Price Listing Date closing benchmark]- closing benchmark]- closing benchmark]-
No. (Rs. Mn.) Listing
(Rs.) 30th calendar days from 90th calendar days from 180th calendar days
Date
listing listing from listing
September 30,
1. Seshaasai Technologies Ltd^ 8,130.74 423.00(1) 436.00 -11.45% [+5.89%] -35.41% [+5.95%] NA*
2025
2. Jain Resource Recycling Limited^^ 12,500.00 232.00 October 01, 2025 265.05 +71.37% [+4.19%] +69.48% [+4.45%] NA*
WeWork India Management
3. 29,996.43 648.00(2) October 10, 2025 650.00 -2.48% [+0.82%] -4.21% [+3.38%] NA*
Limited^^
4. Tata Capital Limited^^ 1,55,118.70 326.00 October 13, 2025 330.00 -0.11% [+1.85%] +10.43% [+1.81%] NA*
November 06,
5. Orkla India Limited^ 16,673.30 730.00(3) 751.50 -13.60% [+2.88%] NA* NA*
2025
November 07,
6. Studds Accessories Limited^ 4,554.88 585.00 570.00 -8.33% [+3.00%] NA* NA*
2025
November 28,
7. Sudeep Pharma Limited^^ 8,950.00 593.00 730.00 +4.97% [-0.61%] NA* NA*
2025
Nephrocare Health Services December 17,
8. 8,710.48 460.00(4) 490.00 NA* NA* NA*
Limited^^ 2025
ICICI Prudential Asset December 19,
9. 1,06,026.50 2,165.00 2,600.00 NA* NA* NA*
Management Company Limited^^ 2025
December 23,
10. KSH International Limited^ 6,444.48 384.00 370.00 NA* NA* NA*
2025
*Data not available
^BSE as designated stock exchange
^^NSE as designated stock exchange
(1) Discount of Rs. 40 per equity share offered to eligible employees. All calculations are based on Issue price 423.00 per equity share
(2) Discount of Rs. 60 per equity share offered to eligible employees. All calculations are based on Issue price 648.00 per equity share
(3) Discount of Rs. 69 per equity share offered to eligible employees. All calculations are based on Issue price 730.00 per equity share
(4) Discount of Rs. 41 per equity share offered to eligible employees. All calculations are based on Issue price 460.00 per equity share
4922. Summary statement of price information of past public issues (during the current Financial Year and the two Financial Years immediately preceding the current
Financial Year):
No. of IPOs trading at discount No. of IPOs trading at premium
No. of IPOs trading at discount No. of IPOs trading at premium
Total - 180th calendar days from - 180th calendar days from
Total - 30th calendar days from listing - 30th calendar days from listing
Financial amount of listing listing
no. of
Year funds raised Less Less Less Less
IPOs Over Between Over Between Over Between Over Between
(Rs. Mn.) than than than than
50% 25-50% 50% 25-50% 50% 25-50% 50% 25-50%
25% 25% 25% 25%
2025-26* 18 5,23,711.05 - - 9 3 - 3 - - 2 - - 2
2024-25 23 6,47,643.15 - - 5 4 8 6 - 3 5 6 4 5
2023-24 28 2,70,174.98 - - 8 5 8 7 - 1 4 10 5 8
* This data covers issues up to YTD
Notes:
1. Data is sourced either from www.nseindia.com or www.bseindia.com, as per the designated stock exchange disclosed by the respective Issuer Company.
2. Similarly, benchmark index considered is “NIFTY 50” where NSE is the designated stock exchange and “S&P BSE SENSEX” where BSE is the designated stock exchange, as disclosed by
the respective Issuer Company.
3. 30th, 90th, 180th calendar day from listed day have been taken as listing day plus 29, 89 and 179 calendar days, except wherever 30th, 90th, 180th calendar day is a holiday, in which case we
have considered the closing data of the previous trading day.
493Track record of past issues handled by the BRLMs
For details regarding the track record of the BRLMs, as specified in the SEBI circular dated January 10, 2012,
bearing reference number CIR/MIRSD/1/2012, see the websites of the BRLMs, as provided in the table below.
S. No. Name of the BRLM Website
1. IDBI Capital Markets & Securities Limited www.idbicapital.com
2. ICICI Securities Limited www.icicisecurities.com
For further details in relation to the BRLMs, please see “General Information – Book Running Lead Managers”
on page 97.
Stock Market Data of Equity Shares
This being an initial public offer of Equity Shares of our Company, the Equity Shares are not listed on any stock
exchange as of the date of this Prospectus, and accordingly, no stock market data is available for the Equity Shares.
Mechanism for Redressal of Investor Grievances
The Registrar Agreement provides for the retention of records with the Registrar to the Offer for a period of at
least eight years from the date of listing and commencement of trading of the Equity Shares on the Stock Exchanges
or any such period as prescribed under the applicable laws, to enable the investors to approach the Registrar to the
Offer for redressal of their grievances. The Registrar to the Offer shall obtain the required information from SCSBs
for addressing any clarifications or grievances of ASBA Bidders.
Bidders can contact our Company Secretary and the Compliance Officer and/or the Registrar to the Offer in case
of any pre-Offer or post-Offer related problems such as non-receipt of letters of Allotment, non- credit of Allotted
Equity Shares in the respective beneficiary account, non-receipt of refund orders or non- receipt of funds by
electronic mode, etc. For all Offer related queries and for redressal of complaints, Bidders may also write to the
BRLMs, in the manner provided below. Our Company, the Promoter Selling Shareholders, the BRLMs and the
Registrar to the Offer accept no responsibility for errors, omissions, commission or any acts of SCSBs including
any defaults in complying with its obligations under the applicable provisions of the SEBI ICDR Regulations.
All Offer related grievances, other than of Anchor Investors, may be addressed to the Registrar to the Offer with
a copy to the relevant Designated Intermediary, with whom the Bid cum Application Form was submitted giving
full details such as name of the sole or First Bidder, Bid cum Application Form number, Bidder’s DP ID, Client
ID, PAN, address of the Bidder, number of the Equity Shares applied for, ASBA Account number in which the
amount equivalent to the Bid Amount was blocked or the UPI ID (for UPI Bidders), date of Bid cum Application
Form and the name and address of the relevant Designated Intermediary where the Bid was submitted. Further,
the Bidder shall also enclose the Acknowledgment Slip or the application number from the Designated
Intermediary in addition to the documents or information mentioned hereinabove.
Further, Bidders shall also enclose a copy of the Acknowledgment Slip or specify the application number duly
received from the Designated Intermediaries in addition to the documents/information mentioned hereinabove.
All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full
details such as the name of the sole or first bidder, Anchor Investor Application Form number, Bidders’ DP ID,
Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares
applied for, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address
of the BRLMs where the Anchor Investor Application Form was submitted by the Anchor Investor.
Pursuant to the SEBI ICDR Master Circular and the circular bearing number
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 (“March 2021 Circular”) (to the extent not
rescinded by the SEBI ICDR Master Circular), SEBI has identified the need to put in place measures, in order to
manage and handle investor issues arising out of the UPI Mechanism inter alia in relation to delay in receipt of
mandates by Bidders for blocking of funds due to systemic issues faced by Designated Intermediaries/SCSBs and
failure to unblock funds in cases of partial allotment/non allotment within prescribed timelines and procedures.
In terms of SEBI ICDR Master Circular and subsequent circulars issued by the SEBI, as may be applicable, any
ASBA Bidder whose Bid has not been considered for Allotment, due to failure on the part of any SCSB, shall have
494the option to seek redressal of the same by the concerned SCSB within three months of the date of listing of the
Equity Shares. SCSBs are required to resolve these complaints within 15 days, failing which the concerned SCSB
would have to pay interest at the rate of 15% per annum for any delay beyond this period of 15 days. Further, in
terms of SEBI ICDR Master Circular read with the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated
April 20, 2022 (to the extent not rescinded by the SEBI ICDR Master Circular), the payment of processing fees to
the SCSBs shall be undertaken pursuant to an application made by the SCSBs to the BRLMs, and such application
shall be made only after (i) unblocking of application amounts for each application received by the SCSB has been
fully completed, and (ii) applicable compensation relating to investor complaints has been paid by the SCSB.
In case of any delay in unblocking of amounts in the ASBA Accounts exceeding two Working Days from the
Bid/Offer Closing Date, the Bidder shall be compensated by the intermediary responsible for causing such delay
in unblocking in accordance with applicable law. Further, investors shall be entitled to compensation in the manner
specified in the SEBI ICDR Master Circular in case of delays in resolving investor grievances in relation to
blocking/unblocking of funds. The BRLMs, in their sole discretion, identify and fix the liability on such
intermediary or entity responsible for such delay in unblocking.
Separately, pursuant to the SEBI ICDR Master Circular, the following compensation mechanism shall be
applicable for investor grievances in relation to Bids made through the UPI Mechanism, for public issues opening
on or after May 1, 2021, for which the relevant SCSBs shall be liable to compensate the investor:
Scenario Compensation amount Compensation period
Delayed unblock for cancelled / ₹100 per day or 15% per annum of From the date on which the request
withdrawn / deleted applications the Bid Amount, whichever is for cancellation / withdrawal /
higher deletion is placed on the bidding
platform of the Stock Exchanges till
the date of actual unblock
Blocking of multiple amounts for 7. Instantly revoke the From the date on which multiple
the same Bid made through the UPI blocked funds other than the amounts were blocked till the date
Mechanism original application amount; and of actual unblock
8. ₹100 per day or 15% per
annum of the total cumulative
blocked amount except the
original Bid Amount, whichever is
higher
Blocking more amount than the Bid 2. Instantly revoke the From the date on which the funds to
Amount difference amount, i.e., the the excess of the Bid Amount were
blocked amount less the Bid blocked till the date of actual
Amount; and unblock
3. ₹100 per day or 15% per
annum of the difference amount,
whichever is higher
Delayed unblock for non – Allotted/ ₹100 per day or 15% per annum of From the Working Day subsequent
partially Allotted applications the Bid Amount, whichever is to the finalisation of the Basis of
higher Allotment till the date of actual
unblock
Further, in the event there are any delays in resolving the investor grievance beyond the date of receipt of the
complaint from the investor, for each day delayed, the BRLMs shall be liable to compensate the investor ₹100 per
day or 15% per annum of the Bid Amount, whichever is higher. The compensation shall be payable for the period
ranging from the day on which the investor grievance is received till the date of actual unblock.
All grievances relating to Bids submitted with Registered Brokers, may be addressed to the Stock Exchanges, with
a copy to the Registrar to the Offer. Further, for grievance redressal contact details of the BRLMs pursuant to the
SEBI ICDR Master Circular, see “Offer Procedure” on page 511.
495Disposal of Investor Grievances by Our Company
Our Company has obtained registration and authentication for the SEBI SCORES platform and shall comply with
the SEBI circular no. CIR/OIAE/1/2014 dated December 18, 2014, read with the SEBI circular no.
SEBI/HO/OIAE/IGRD/CIR/P/2019/86 dated August 2, 2019, the SEBI circular no.
SEBI/HO/OIAE/IGRD/CIR/P/2021/642 dated October 14, 2021, the SEBI circular no.
SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 7, 2022, and the SEBI circular
SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023, in relation to redressal of investor grievances
though SCORES.
Our Company estimates that the average time required by our Company or the Registrar to the Offer or the relevant
Designated Intermediary for the redressal of routine investor grievances shall be 7 Working Days from the date of
receipt of the complaint. In case of non-routine complaints and complaints where external agencies are involved,
our Company will seek to redress these complaints as expeditiously as possible.
Our Company has also constituted a Stakeholders Relationship Committee which is responsible for redressal of
grievances of security holders of our Company. For further details on the Stakeholders Relationship Committee,
see “Our Management – Committees of the Board – Stakeholders’ Relationship Committee” on page 280.
Our Company has appointed Bani Kumar Parui, the Company Secretary of our Company, as the Compliance
Officer. For details, “General Information – Company Secretary and Compliance Officer” on page 97.
The Selling Shareholder has authorized Bani Kumar Parui, the Company Secretary and Compliance Officer of our
Company and the Registrar to the Offer to redress any complaints received from Bidders solely to the extent of
the statements specifically made, confirmed or undertaken by the Selling Shareholder in the Offer Documents in
respect of itself and its respective Offered Shares.
Our Company has not received any investor grievances during the three years preceding the date of this Prospectus
and there are no investor complaints pending as of the date of this Prospectus.
Other Confirmations
Any person connected with the Offer shall not offer any incentive, whether direct or indirect, in any manner,
whether in cash or kind or services or otherwise to any person for making an application in the initial public offer,
except for fees or commission for services rendered in relation to the Offer.
Exemption from complying with any provisions of securities laws granted by the SEBI
Our Company through its letter dated May 30, 2025, had sought an exemption from SEBI under Regulation 300(1)
of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i) compliance with
Regulation 17 (1) of the SEBI Listing Regulations in relation to the appointment of independent directors; (ii)
compliance with certain corporate governance requirements in relation to composition of the audit committee of
the Board of Directors and the terms of reference of the Nomination and Remuneration Committee as specified
under Regulation 19(4) read with Schedule II –Part D of the SEBI Listing Regulations and the Audit Committee
as specified under Regulation 18(3) read with point (2) of para (A) under Schedule II -Part C of the SEBI Listing
Regulations; (iii) clause (1) (b), Schedule XVI of the SEBI ICDR Regulations which states that any change in
more than half of the board of directors after filing of the DRHP, may require filing a fresh draft offer document
with SEBI and; (iv) compliance with Regulation 33(1) read with Regulation 2(o) of the SEBI ICDR Regulations
to allow the permanent employees of each of the wholly-owned subsidiaries of Coal India Limited to participate
in the Offer under the Employee Reservation Portion. SEBI vide its letter bearing reference number
SEBI/CFD/RACDIL2/2025/24344/1 dated September 12, 2025 has granted our Company an exemption from
compliances of the aforesaid corporate governance requirements as prescribed under the SEBI Listing Regulations
until the listing of the Equity Shares of the Company and subsequent to listing, our Company is required to comply
with the applicable provisions of the SEBI Listing Regulations. Exemption under Regulation 33(1)(a), read with
Regulation 2(o) of the SEBI ICDR Regulations, to include the permanent employees of the wholly owned
subsidiaries of Coal India Limited within the definition of ‘employee’ solely for the purpose of providing an
employee reservation in the proposed offer, has been granted.
496Further, our Company through its letter dated December 3, 2025, had sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations from: (i)
the corporate governance in relation composition of the Nomination and Remuneration Committee as specified
under Regulation 19(1)(c) of the SEBI Listing Regulations; (ii) constitution of the committee of Independent
Directors as required under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations, since
the Company is exempted from complying with Regulation 17(1) of the SEBI Listing Regulations, and has only
one Independent Director on the Board, and (iii) the corporate governance requirements in relation to the
composition of the Stakeholders Relationship Committee and Risk Management Committee as required under
Regulations 20(2A) and 21(2) of the SEBI LODR Regulations respectively. SEBI vide its letter bearing reference
number SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1 dated December 11, 2025 has granted our Company an
exemption from compliance of the aforesaid corporate governance requirements as prescribed under the SEBI
LODR Regulations and the constitution of the committee of independent directors for approval of price band
under Clause (9)(K)(4)(f) of Part A of Schedule VI of the SEBI ICDR Regulations.
497SECTION VII: OFFER RELATED INFORMATION
TERMS OF THE OFFER
The Equity Shares offered and Allotted pursuant to the Offer shall be subject to the provisions of the Companies
Act, the SEBI ICDR Regulations, the SCRA, the SCRR, our Memorandum of Association and our Articles of
Association, the SEBI Listing Regulations, the terms of the Red Herring Prospectus, this Prospectus, the abridged
prospectus, the Bid cum Application Form, the Revision Form, the CAN/Allotment Advice and other terms and
conditions as may be incorporated in the Allotment Advice and other documents/certificates that were be executed
in respect of the Offer. The Equity Shares shall also be subject to laws as applicable, guidelines, rules, notifications
and regulations relating to the issue of capital and listing and trading of securities issued from time to time by the
SEBI, the Government of India, the Stock Exchanges, the RBI, the RoC and/or any other authorities, as in force
on the date of the Offer and to the extent applicable or such other conditions as may be prescribed by the SEBI,
the RBI, the Government of India, the Stock Exchanges, the RoC and/or any other authorities while granting its
approval for the Offer.
The Offer
The Offer comprised of an Offer for Sale by the Promoter Selling Shareholder. Expenses for the Offer shall be
shared amongst our Company and the Promoter Selling Shareholder in the manner specified in “Objects of the
Offer—Offer Expenses” on page 120.
Ranking of the Equity Shares
The Equity Shares Offered / Allotted pursuant to the Offer are subject to the provisions of the Companies Act, the
SEBI ICDR Regulations, the SEBI Listing Regulations, the SCRA, the SCRR, our Memorandum of Association
and our Articles of Association and will rank pari passu in all respects with the existing Equity Shares, including
in respect of the right to receive dividend and voting. The Allottees, upon Allotment of Equity Shares, will be
entitled to dividend and other corporate benefits, if any, declared by our Company after the date of Allotment. For
further details, see “Description of Equity Shares and Terms of the Articles of Association” beginning on page
534.
Mode of Payment of Dividend
Our Company shall pay dividends, if declared, to our Shareholders in accordance with the provisions of
Companies Act, our Memorandum of Association, our Articles of Association and provisions of the SEBI Listing
Regulations and other applicable law. Dividends, if any, declared by our Company after the date of Allotment
(pursuant to the transfer of Equity Shares from the Offer for Sale), will be payable to the Bidders who have been
Allotted Equity Shares in the Offer, for the entire year, in accordance with applicable law. For further details in
relation to dividends, see “Dividend Policy” and “Description of Equity Shares and Terms of the Articles of
Association” beginning on pages 298 and 534, respectively.
Face Value, Offer Price, Floor Price and Price Band
The face value of each Equity Share is ₹ 10 and the price at the lower end of the Price Band was ₹21 per Equity
Share (“Floor Price”) and at the higher end of the Price Band was ₹23 per Equity Share (“Cap Price”). The Offer
Price was ₹23 per Equity Share. The Anchor Investor Offer Price was ₹23 per Equity Share.
The Offer Price, Price Band and the minimum Bid Lot was decided by our Company, in consultation with the
BRLMs and advertised in (i) all editions of Financial Express, a widely circulated English national daily
newspaper; (ii) all editions of Jansatta, a Hindi national daily newspaper; and (iii) Dhanbad edition of Bihar
Observer a widely circulated Hindi newspaper, Hindi being the regional language of Jharkhand, where our
Registered and Corporate Office is located), each with wide circulation, at least two Working Days prior to the
Bid/Offer Opening Date and was made available to the Stock Exchanges for the purpose of uploading on their
websites. The Price Band, along with the relevant financial ratios calculated at the Floor Price and at the Cap
Price, was pre-filled in the Bid cum Application Forms available on the websites of the Stock Exchanges. The
498Offer Price was determined by our Company, in consultation with the BRLMs, after the Bid/Offer Closing Date,
on the basis of assessment of market demand for the Equity Shares offered by way of the Book Building Process.
At any given point of time, there shall be only one denomination of Equity Shares unless otherwise permitted by
law.
Compliance with Disclosure and Accounting Norms
Our Company shall comply with all disclosure and accounting norms as specified by the SEBI from time to time.
Rights of Equity Shareholders
Subject to applicable laws, rules, regulations and guidelines and our Articles of Association, our Shareholders
shall have the following rights:
• right to receive dividends, if declared;
• right to attend general meetings and exercise voting rights, unless prohibited by law;
• right to vote on a poll either in person or by proxy and e-voting, in accordance with the provisions of the
Companies Act;
• right to receive offers for rights Equity Shares and be allotted bonus Equity Shares, if announced;
• right to receive surplus on liquidation, subject to any statutory and preferential claim being satisfied;
• right of free transferability of their Equity Shares, subject to applicable law; and
• such other rights, as may be available to a shareholder of a listed public company under the Companies
Act, the SEBI Listing Regulations, our Articles of Association and other applicable laws.
For a detailed description of the main provisions of our Articles of Association relating to voting rights, dividend,
forfeiture and lien, transfer, transmission and/or consolidation/splitting, see “Description of Equity Shares and
Terms of the Articles of Association” beginning on page 534.
Allotment only in Dematerialized Form
Pursuant to Section 29 of the Companies Act, 2013 and the SEBI ICDR Regulations, the Equity Shares shall be
allotted only in dematerialized form. The trading of the Equity Shares shall only be in the dematerialized segment
of the Stock Exchanges. In this context, the following agreements have been signed among our Company, the
respective Depositories and the Registrar to the Offer:
• tripartite agreement dated May 8, 2025 among our Company, NSDL and the Registrar to the Offer; and
• tripartite agreement dated May 28, 2025 among our Company, CDSL and the Registrar to the Offer.
Market Lot and Trading Lot
Since trading of the Equity Shares is in dematerialized form, the tradable lot is one Equity Share. Allotment in the
Offer will be only in dematerialized form in multiples of 600 Equity Shares subject to a minimum Allotment of
600 Equity Shares. For details of basis of allotment, see “Offer Procedure” on page 511.
499Joint Holders
Subject to the provisions contained in our Articles of Association, where two or more persons are registered as
the holders of the Equity Shares, they shall be deemed to hold the same as joint tenants with benefits of
survivorship.
Jurisdiction
Exclusive jurisdiction for the purpose of the Offer is with the competent courts/authorities in Jharkhand, India.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, or any state securities laws in the United States, and unless so registered may not
be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the
jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional
buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement
exemption set out in Section 4(a) of the U.S. Securities Act.
The Equity Shares have not been registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except
in compliance with the applicable laws of such jurisdiction.
Period of operation of subscription list
Please see “-Bid/Offer Programme” on page 500.
Nomination Facility to Bidders
In accordance with Section 72 of the Companies Act, 2013 and the relevant rules notified thereunder, the sole
Bidder, or the First Bidder along with other joint Bidders, may nominate any one person in whom, in the event of
the death of sole Bidder or in case of joint Bidders, death of all the Bidders, as the case may be, the Equity Shares
Allotted, if any, shall vest. A person, being a nominee, entitled to the Equity Shares by reason of the death of the
original holder(s), shall be entitled to the same advantages to which he or she would be entitled if he or she were
the registered holder of the Equity Share(s). Where the nominee is a minor, the holder(s) may make a nomination
to appoint, in the prescribed manner, any person to become entitled to Equity Share(s) in the event of his or her
death during the minority. A nomination shall stand rescinded upon a sale/transfer/alienation of Equity Share(s)
by the person nominating. A nomination may be cancelled or varied by nominating any other person in place of
the present nominee by the holder of the Equity Shares who has made the nomination by giving a notice of such
cancellation. A buyer will be entitled to make a fresh nomination in the manner prescribed. Fresh nomination can
be made only on the prescribed form available on request at our Registered and Corporate Office or to the registrar
and transfer agents of our Company.
Any person who becomes a nominee by virtue of the provisions of Section 72 of the Companies Act, 2013 shall
upon the production of such evidence as may be required by our Board, elect either:
a) to register himself or herself as the holder of the Equity Shares; or
b) to make such transfer of the Equity Shares, as the deceased holder could have made.
Further, our Board may at any time give notice requiring any nominee to choose either to be registered himself or
herself or to transfer the Equity Shares, and if the notice is not complied with within a period of 90 days, our
Board may thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the Equity
Shares, until the requirements of the notice have been complied with.
Since the Allotment of Equity Shares in the Offer will be made only in dematerialized mode there is no need to
make a separate nomination with our Company. Nominations registered with the respective Depository Participant
500of the Bidder would prevail. If the Bidders wish to change the nomination, they are requested to inform their
respective Depository Participant.
Our Company shall comply with such disclosure and accounting norms as may be specified by SEBI from time
to time.
Bid/Offer Programme
BID/OFFER OPENED ON Friday, January 9, 2026
BID/OFFER CLOSED ON Tuesday, January 13, 2026(1)
(1) The UPI mandate end time and date was 5 p.m. on the Bid / Offer Closing Date.
An indicative timetable in respect of the Offer is disclosed below.
Event Indicative Date
Bid/Offer Closing Date Tuesday, January 13, 2026
Finalization of Basis of Allotment with the Designated Stock Exchange On or about Wednesday,
January 14, 2026
Initiation of refunds (if any, for Anchor Investors)/unblocking of funds from On or about Friday, January
ASBA* 16, 2026^
Allotment of Equity Shares/ Credit of Equity Shares to dematerialized On or about Friday, January
accounts of Allottees 16, 2026^
Commencement of trading of the Equity Shares on the Stock Exchanges On or about Monday, January
19, 2026^
* In case of (i) any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) for
cancelled / withdrawn / deleted ASBA Forms, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the
Bid Amount, whichever is higher from the date on which the request for cancellation/ withdrawal/ deletion is placed in the Stock Exchanges
bidding platform until the date on which the amounts are unblocked; (ii) any blocking of multiple amounts for the same ASBA Form (for
amounts blocked through the UPI Mechanism), the Bidder shall be compensated at a uniform rate ₹100 per day or 15% per annum of the
total cumulative blocked amount except the original application amount, whichever is higher from the date on which such multiple amounts
were blocked till the date of actual unblock; (iii) any blocking of amounts more than the Bid Amount, the Bidder shall be compensated at a
uniform rate of ₹100 per day or 15% per annum of the difference in amount, whichever is higher from the date on which such excess amounts
were blocked till the date of actual unblock; (iv) any delay in unblocking of non-allotted/ partially allotted Bids, exceeding two Working Days
from the Bid/ Offer Closing Date, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the Bid Amount,
whichever is higher for the entire duration of delay exceeding two Working Days from the Bid/ Offer Closing Date by the SCSB responsible
for causing such delay in unblocking. The BRLMs shall, in their sole discretion, identify and fix the liability on such intermediary or entity
responsible for such delay in unblocking. The post Offer BRLMs shall be liable for compensating the Bidder at a uniform rate of ₹100 per day
or 15% per annum of the Bid Amount, whichever is higher from the date of receipt of the investor grievance until the date on which the blocked
amounts are unblocked. The Bidder shall be compensated in the manner specified in the SEBI ICDR Master Circular, which for the avoidance
of doubt, shall be deemed to be incorporated in the deemed agreement of our Company with the SCSBs, to the extent applicable, issued by
SEBI, and any other applicable law in case of delays in resolving investor grievances in relation to blocking/unblocking of funds. RIBs Bidding
for up to ₹0.50 million and individual investors Bidding under the Non - Institutional Portion Bidding for more than ₹0.20 million and up to
₹0.50 million, using the UPI Mechanism, shall provide their UPI ID in the Bid – cum - Application Form for Bidding through Syndicate, sub
- syndicate members, Registered Brokers, RTAs or CDPs, or online using the facility of linked online trading, demat and bank account (3 in
1 type accounts), provided by certain brokers.
^BSE has pursuant to a notice dated January 12, 2026 bearing no. 20260112-8, and NSE has, pursuant to a circular dated January 12, 2026
bearing reference number 07/2026, declared a trading holiday on January 15, 2026 on account of municipal corporation elections in
Maharashtra, and accordingly, the indicative timeline with respect to the Offer stands amended. However, the statutory requirement of T+2
and T+3 does not change in accordance with the definition of “Working Days” in the section titled “Definitions and Abbreviations” on page
12.
The above timetable, other than the Bid/Offer Closing Date, is indicative and does not constitute any
obligation on our Company, the Promoter Selling Shareholder or the BRLMs.
While our Company shall ensure that all steps for the completion of the necessary formalities for the listing
and commencement of trading of the Equity Shares on the Stock Exchanges within three Working Days
from the Bid/Offer Closing Date or such other period as may be prescribed by the SEBI are taken, the
timetable may be extended due to various factors, or any delay in receiving the final listing and trading
approval from the Stock Exchanges. The commencement of trading of the Equity Shares will be entirely at
the discretion of the Stock Exchanges and in accordance with the applicable laws. The Promoter Selling
501Shareholder confirms that they shall extend all reasonable support and co-operation required by our
Company and the BRLMs for the completion of the necessary formalities for listing and commencement of
trading of the Equity Shares at the Stock Exchanges within three Working Days from the Bid/Offer Closing
Date or such other period as may be prescribed by the SEBI.
The offer procedure is subject to change to any revised circulars issued by the SEBI to this effect.
In terms of the UPI Circulars, in relation to the Offer, the BRLMs will be required to submit reports of compliance
with listing timelines and activities prescribed by the SEBI, identifying non-adherence to timelines and processes
and an analysis of entities responsible for the delay and the reasons associated with it.
Submission of Bids (Other than Bids from Anchor Investors)
Bid/Offer Period (except the Bid/Offer Closing Date)
Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. IST
Bid/Offer Closing Date
Submission of electronic applications (online ASBA Only between 10.00 a.m. and up to 5.00 p.m. IST
through 3-in-1 accounts) – For RIBs, Eligible
Employees Bidding in the Employee Reservation
Portion and Eligible Shareholders bidding in the
Shareholder Reservation Portion.
Submission of electronic application (bank ASBA Only between 10.00 a.m. and up to 4.00 p.m. IST
through online channels like internet banking, mobile
banking and syndicate ASBA applications through UPI
as a payment mechanism where Bid Amount is up to
₹5,00,000)
Submission of electronic applications (syndicate non- Only between 10.00 a.m. and up to 3.00 p.m. IST
retail, non-individual applications of QIBs and NIIs)
Submission of physical applications (direct bank Only between 10.00 a.m. and up to 1.00 p.m. IST
ASBA)
Submission of physical applications (syndicate non- Only between 10.00 a.m. and up to 12.00 p.m. IST
retail, non-individual applications where Bid Amount is
more than ₹5,00,000)
Revision/cancellation of Bids
Upward Revision of Bids by QIBs and Non-Institutional Only between 10.00 a.m. and up to 4.00 p.m. IST on
Bidders categories Bid/ Offer Closing Date
Upward or downward Revision of Bids or cancellation Only between 10.00 a.m. and up to 5.00 p.m. IST
of Bids by RIBs, Eligible Employees Bidding in the
Employee Reservation Portion and Eligible
Shareholders bidding in the Shareholder Reservation
Portion.
On the Bid/Offer Closing Date, the Bids were uploaded until:
(i) 4.00 p.m. IST in case of Bids by QIBs and Non-Institutional Bidders, and
(ii) until 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by Retail
502Individual Bidders and Eligible Employees and Eligible Shareholders.
On the Bid/Offer Closing Date, extension of time may be granted by Stock Exchanges only for uploading Bids
received from Retail Individual Bidders, Eligible Employees Bidding under the Employee Reservation Portion
and Eligible Shareholders Bidding under the Shareholder Reservation Portion after taking into account the total
number of Bids received and as reported by the BRLMs to the Stock Exchanges.
The Registrar to the Offer submitted the details of cancelled/ withdrawn/ deleted applications to the SCSBs on a
daily basis within 60 minutes of the Bid closure time from the Bid/ Offer Opening Date until the Bid/ Offer
Closing Date by obtaining the same from the Stock Exchanges. The SCSBs unblocked such applications by the
closing hours of the Working Day and submitted the confirmation to the BRLMs and the RTA on a daily basis
as per the format in the SEBI ICDR Master Circular.
It is clarified that Bids not uploaded on the electronic bidding system or in respect of which the full Bid
Amount were not blocked by SCSBs or were not blocked under the UPI Mechanism were rejected.
Due to limitation of time available for uploading the Bids on the Bid/Offer Closing Date, Bidders were advised
to submit their Bids one day prior to the Bid/Offer Closing Date and in any case no later than 12:00 p.m. IST on
the Bid/Offer Closing Date. Any time mentioned in the Red Herring Prospectus or this Prospectus is IST. Bidders
were cautioned that, in the event a large number of Bids were received on the Bid/Offer Closing Date, as is
typically experienced in public offerings, some Bids could not get uploaded due to lack of sufficient time. Such
Bids that cannot be uploaded were not considered for allocation under the Offer. Bids were accepted only during
Monday to Friday (excluding any public holiday). Bids by ASBA Bidders were uploaded by the relevant
Designated Intermediary in the electronic system to be provided by the Stock Exchanges. None among our
Company, the Selling Shareholder or any member of the Syndicate is liable for any failure in (i) uploading the
Bids due to faults in any software/ hardware system or otherwise; and (ii) the blocking of Bid Amount in the
ASBA Account on receipt of instructions from the Sponsor Banks on account of any errors, omissions or non-
compliance by various parties involved in, or any other fault, malfunctioning or breakdown in, or otherwise, in
the UPI Mechanism.
In case of discrepancy in data entered in the electronic book vis-à-vis data contained in the Bid cum Application
Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges were taken as the
final data for the purpose of Allotment.
Minimum Subscription
The requirement of minimum subscription is not applicable to the Offer in accordance with the SEBI ICDR
Regulations. In the event our Company does not receive the minimum subscription in the Offer as specified under
Rule 19(2)(b) of the SCRR, including devolvement of Underwriters, our Company shall within four days from
the closure of the Offer, refund the entire subscription amount received. In case of delay, if any, in unblocking the
ASBA Accounts within such timeline as prescribed under applicable laws, our Company shall be liable to pay
interest on the application money in accordance with applicable laws.
Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the
number of prospective Allottees to whom the Equity Shares will be Allotted shall be not less than 1,000, failing
which the entire application money shall be unblocked in the respective ASBA Accounts of the Bidders. In case
of delay, if any, in unblocking the ASBA Accounts within such timeline as prescribed under applicable laws, our
Company shall be liable to pay interest on the application money in accordance with applicable laws.
Arrangements for Disposal of Odd Lots
Since our Equity Shares will be traded in dematerialized form only and the market lot for our Equity Shares will
be one Equity Share, no arrangements for disposal of odd lots are required.
New Financial Instruments
Our Company is not issuing any new financial instruments through this Offer.
503Restrictions on Transfer and Transmission of Equity Shares
Except for: (i) the lock-in of the pre-Offer Equity Share capital of our Company, lock-in of the Promoters’
contribution and the Anchor Investor lock-in as provided in “Capital Structure” beginning on page 106 and (ii)
as provided under our Articles of Association, there are no restrictions on transfer of Equity Shares. Further, there
are no restrictions on the transmission of Equity Shares and on their consolidation/splitting, except as provided in
our Articles of Association. For details, see “Description of Equity Shares and Terms of the Articles of
Association” beginning on page 534.
Withdrawal of the Offer
Our Company, in consultation with the BRLMs, reserves the right not to proceed with the Offer, in whole or in
part thereof, before the Allotment. In such an event, our Company would issue a public notice in the newspapers
in which the pre-Offer advertisements were published, within two days of the Bid/ Offer Closing Date or such
other time as may be prescribed by SEBI, providing reasons for not proceeding with the Offer and inform the
Stock Exchanges promptly on which the Equity Shares are proposed to be listed. The BRLMs, through the
Registrar to the Offer, shall notify the SCSBs and the Sponsor Bank, in case of UPI Bidders using the UPI
Mechanism, to unblock the bank accounts of the ASBA Bidders and the BRLMS shall notify the Escrow
Collection Bank to release the Bid Amounts to the Anchor Investors, within one Working Day from the date of
receipt of such notification. The notice of withdrawal will be issued in the same newspapers where the pre-Offer
advertisements have appeared and the Stock Exchanges will also be informed promptly.
If our Company, in consultation with the BRLMs withdraws the Offer at any stage and thereafter determines that
it will proceed with an offer of the Equity Shares, our Company shall file a fresh draft red herring prospectus with
SEBI. Notwithstanding the foregoing, this Offer is also subject to (i) obtaining the final listing and trading
approvals of the Stock Exchanges, which our Company shall apply for after Allotment; and (ii) the filing of this
Prospectus with the RoC.
504OFFER STRUCTURE
Initial public offering was of 465,700,000* equity shares of face value ₹ 10 each of our Company for cash at a
price of ₹ 23 per Equity Share of face value ₹10 each (including a share premium of ₹ 13 per Equity Share)
aggregating to ₹ 10,687.82 million, comprising an Offer for Sale of 465,700,000 Equity Shares aggregating to
₹10,687.82 million by the Promoter Selling Shareholder. The Offer included an Employee Reservation Portion
of 23,285,000* Equity Shares aggregating to ₹512.27 million, for subscription by Eligible Employees,
Shareholder Reservation Portion of 46,570,000* Equity Shares aggregating to ₹1,071.11 million, for subscription
by Eligible Shareholders. The Employee Reservation Portion did not exceed 5% of our post-Offer paid-up Equity
Share capital and the Shareholders Reservation Portion did not exceed 10% of the Offer Size. The Offer less the
Employee Reservation Portion and the Shareholder Reservation Portion is the Net Offer. The Offer and the Net
Offer constituted 10.00% and 8.50%, respectively of the post-Offer paid-up Equity Share capital of our Company.
The face value of our Equity Shares is ₹ 10 each.
*Subject to finalisation of the Basis of Allotment
The Offer was made through the Book Building Process and in compliance with Regulation 32(1) of the SEBI
ICDR Regulations.
Eligible Eligible Non- Retail
Particulars Employees# Shareholders## QIBs(2) (4) Institutional Individual
Bidders(4) Bidders(4)
Number of 23,285,000* 46,570,000* 197,922,500* 59,376,750* 138,545,750*
Equity Shares Equity Shares Equity Shares Equity Shares Equity Shares Equity Shares
available for available for available for
Allotment/allo allocation or allocation or
cation the Net Offer the Net Offer
less allocation less allocation
to QIB Bidders to QIB
and RIBs Bidders and
Non-
Institutional
Bidders
Percentage of The Employee The Shareholders 50.00% of the Net 15.00% of the 35.00% of the
Offer Size Reservation Reservation Offer being Net Offer, Net Offer.
available for Portion Portion available for subject to the
allocation constituted constituted 10% allocation to QIB following:
0.50% of the of the Offer size Bidders.
post-offer paid- (i) one-third of
up equity share However, 5.00% the portion
capital of the of the Net QIB available to
Company and Portion was Non-
5% of the Offer available for Institutional
size. allocation on a Bidders was
proportionate reserved for
basis to Mutual applicants with
Funds only. an application
Mutual Funds size of more than
participating in ₹ 0.20 million
the Mutual Fund and up to ₹ 1.00
Portion were also million; and
eligible for
allocation in the (ii) two-thirds of
remaining QIB the portion
Portion. The available to
unsubscribed Non-
portion in the Institutional
Mutual Fund Bidders was
Portion were reserved for
available for applicants with
allocation to other application size
QIBs in the of more than ₹
remaining Net 1.00 million.
QIB Portion.
505Eligible Eligible Non- Retail
Particulars Employees# Shareholders## QIBs(2) (4) Institutional Individual
Bidders(4) Bidders(4)
Provided that
the
unsubscribed
portion in
either of the
sub-categories
specified above
was allocated
to applicants in
the other sub-
category of
Non-
Institutional
Bidders
Basis of Proportionate, Proportionate and Proportionate as The allotment The allotment
Allotment/allo unless the in case of follows to each Non- to each RIB
cation if Employee oversubscription (excluding the Institutional was not less
respective Reservation subject to Anchor Investor Bidder was be than the
category is Portion was minimum bid lot; Portion): less than the minimum Bid
oversubscribed undersubscribed, For details, see Minimum Bid Lot, subject to
* the value of “Offer (a) 3,958,450* Lot, subject to availability of
allocation to an Procedure” Equity availability of Equity Shares
Eligible beginning on Shares was Equity Shares in the Retail
Employee shall page 511. available for in the Non- Portion and
not exceed ₹0.20 allocation on Institutional the remaining
million (net of a Portion and the available
Employee proportionate remaining Equity Shares
Discount). In the basis to available were allotted
event of Mutual Equity Shares, on a
undersubscriptio Funds only; were allotted proportionate
n in the and on a basis. For
Employee (b) Balance proportionate further details,
Reservation 75,210,550* basis see “Offer
Portion, the Equity Procedure”
unsubscribed Shares was (a) One-third of on page 511.
portion may be available for the Non-
allocated, on a allocation on Institutional
proportionate a Portion was
basis, to Eligible proportionate reserved for
Employees basis to all Bidders with
Bidding in the QIBs, application size
Employee including of more than
Reservation Mutual ₹0.20 million
Portion for value Funds and up to ₹1.00
exceeding ₹0.20 receiving million; and (b)
million (net of allocation as two-thirds of
the Employee per (a) above the Non-
Discount), Institutional
subject to total 118,753,500* Portion was
Allotment to an Equity Shares was reserved for
Eligible allocated on a Bidders with
Employee not discretionary basis application size
exceeding ₹0.50 to Anchor of more than
million (net of Investors.(3) ₹1.00 million,
Employee provided that
Discount) the
unsubscribed
portion in
either of such
sub-categories
may be
allocated to
Bidders in the
other sub-
506Eligible Eligible Non- Retail
Particulars Employees# Shareholders## QIBs(2) (4) Institutional Individual
Bidders(4) Bidders(4)
category of
Non-
Institutional
Bidders. For
further details,
see “Offer
Procedure” on
page 511.
Through ASBA Through ASBA Through ASBA Through Through
process process process only ASBA process ASBA
only (including only (including (except Anchor only (including process only
Mode of
the UPI the UPI Investors) the UPI (including the
Bidding(1)
Mechanism) Mechanism) (excluding the Mechanism for UPI
UPI Mechanism) Bids up to ₹ Mechanism)
0.50 million)
Minimum 600 Equity 600 Equity Such number of Such number 600 Equity
Bid Shares and in Shares and in Equity Shares and of Equity Shares and in
multiples of 600 multiples of 600 in multiples of Shares and in multiples of
Equity Shares Equity Shares 600 Equity Shares multiples of 600 Equity
thereafter thereafter that the Bid 600 Equity Shares
Amount exceeds Shares that the thereafter
₹0.20 million Bid Amount
exceeds ₹0.20
million
Maximum Such number of Such number of Such number of Such number Such number
Bid Equity Shares Equity Shares and Equity Shares in of Equity of Equity
and in multiples in multiples of multiples of 600 Shares in Shares in
of 600 Equity 600 Equity Equity Shares not multiples of multiples of
Shares, so that Shares, so that the exceeding the size 600 Equity 600 Equity
the maximum maximum Bid of the Net Offer, Shares not Shares so that
Bid Amount by Amount by each (excluding the exceeding the the Bid
each Eligible Eligible Anchor Portion) size of the Net Amount did
Employee in Shareholder in subject to Offer not exceed
Employee Shareholder applicable limits (excluding the ₹0.20 million
Reservation Reservation to each Bidder QIB Portion),
Portion did not Portion did not subject to
exceed ₹0.50 exceed ₹0.20 applicable
million (net of million limits to Bidder
Employee
Discount)
Bid Lot 600 Equity Shares and in multiples of 600 Equity Shares thereafter
Allotment Lot 600 Equity Shares 600 Equity Shares 600 Equity Shares 600 Equity 600 Equity
and in multiples of and in multiples of and in multiples of Shares and in Shares and in
one Equity Share one Equity Share one Equity Share multiples of one multiples of one
thereafter thereafter thereafter Equity Share Equity Share
thereafter thereafter
subject to subject to
availability in availability in
the Non- the Retail
Institutional Portion
Portion
Trading Lot One Equity Share
Mode of Compulsory in dematerialized form
Allotment
Who can Eligible Eligible Public financial Resident Indian Resident
apply(5)(7) Employees Shareholders institutions as individuals, Indian
specified in Eligible NRIs, individuals,
Section 2(72) of HUFs (in the Eligible NRIs
the Companies name of karta), and HUFs (in
Act 2013, companies, the name of
scheduled corporate karta).
commercial bodies,
banks, mutual scientific
507Eligible Eligible Non- Retail
Particulars Employees# Shareholders## QIBs(2) (4) Institutional Individual
Bidders(4) Bidders(4)
funds registered institutions,
with SEBI, societies, trusts
eligible FPIs and any
(other than individuals,
individuals, corporate
corporate bodies bodies and
and family family offices
offices), VCFs, including FPIs
AIFs, FVCIs which are
registered with individuals,
the SEBI, corporate
multilateral and bodies and
bilateral family offices
development which are re-
financial categorized as
institutions, state Category II
industrial FPIs and
development registered with
corporation, SEBI.
insurance
company
registered with
IRDAI, provident
fund with
minimum corpus
of ₹250.00
million, pension
fund with
minimum corpus
of ₹250.00
million registered
with the Pension
Fund Regulatory
and Development
Authority
established under
sub-section (1) of
section 3 of the
Pension Fund
Regulatory and
Development
Authority Act,
2013, National
Investment Fund
set up by the
Government,
insurance funds
set up and
managed by
army, navy or air
force of the Union
of India,
insurance funds
set up and
managed by the
Department of
Posts, India and
Systemically
Important
NBFCs.
Terms of In case of Anchor Investors: Full Bid Amount was payable by the Anchor Investors at the time of
Payment submission of their Bids(6)
508Eligible Eligible Non- Retail
Particulars Employees# Shareholders## QIBs(2) (4) Institutional Individual
Bidders(4) Bidders(4)
In case of other Bidders: Full Bid Amount was blocked by the SCSBs in the bank account of the
ASBA Bidder or by the Sponsor Banks through the UPI Mechanism (for RIBs or individual investors
Bidding under the Non-Institutional Portion for an amount of more than ₹0.20 million and up to ₹0.50
million) that was specified in the ASBA Form at the time of submission of the ASBA Form.
*Subject to finalisation of the Basis of Allotment.
# Eligible Employees Bidding in the Employee Reservation Portion could Bid up to a Bid Amount of ₹0.50 million (net of the Employee
Discount). However, a Bid by an Eligible Employee in the Employee Reservation Portion was considered for allocation, in the first instance,
for a Bid Amount of up to ₹ 0.20 million (net of Employee Discount). In the event of under-subscription in the Employee Reservation Portion,
the unsubscribed portion was made available for allocation and Allotment, proportionately to all Eligible Employees who Bid in excess of ₹
0.20 million (net of Employee Discount), subject to the maximum value of Allotment made to such Eligible Employee not exceeding ₹ 0.50
million (net of Employee Discount). Our Company, in consultation with the BRLMs, offered a discount of 4.35% on the Offer Price (equivalent
of ₹ 1 per Equity Share) to Eligible Employees bidding in the Employee Reservation Portion.
## Eligible Shareholders Bidding in the Shareholder Reservation Portion can also Bid under the Net Offer and Employee Reservation Portion
(if eligible) and such Bids shall not be considered as multiple Bids subject to applicable limits. If an Eligible Shareholder is Bidding in the
Shareholders Reservation Portion up to ₹ 0.20 million, application by such Eligible Shareholders in the Retail Portion or Non-Institutional
Portion and Employee Reservation Portion (if eligible and subject to applicable limits) shall not be treated as multiple Bids. Therefore,
Eligible Shareholders bidding in the Shareholder Reservation Portion (subject to the Bid Amount being up to ₹ 0.20 million) can also Bid
under the Net Offer and Employee Reservation Portion (if eligible and subject to applicable limits) and such Bids shall not be treated as
multiple Bids.
(1) Pursuant to the SEBI Master Circular, the SEBI has mandated that ASBA applications in the Offer will be processed only after the
Bid Amounts are blocked in the bank accounts of the investors. Accordingly, Stock Exchanges shall, for all categories of investors
and all modes through which the Applications are processed, accept ASBA Forms in their electronic book building platform only
with a mandatory confirmation on the Bid Amounts blocked.
(2) The Offer was made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein
not more than 50% of the Net Offer was made available for allocation on a proportionate basis to QIBs. Such number of Equity
Shares representing 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds only.
The remainder of the QIB Portion was made available for allocation on a proportionate basis to QIBs (other than Anchor Investors),
including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate
demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual
Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs. Further, not less than 15% of
the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available
for allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the
Offer Price.
(3) Our Company, in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis, in
accordance with SEBI ICDR Regulations. 40% of the Anchor Investor Portion was available for allocation as follows: (i)33.33% to
domestic Mutual Funds, and (ii) 6.67% to life insurance companies and pension funds at or above the Anchor Investor Allocation
Price. In the event of under-subscription in (ii) above, the allocation was made to domestic Mutual Funds. For further details, see
“Offer Procedure” on page 511.
(4) Subject to valid Bids having been received at or above the Offer Price. This Offer is being made in accordance with Rule 19(2)(b) of
the SCRR and Regulation 6(1) of the SEBI ICDR Regulations. For further details, see “Terms of the Offer” on page 498.
(5) If the Bid is submitted in joint names, the Bid cum Application Form should contain only the name of the First Bidder whose name
should also appear as the first holder of the depository account held in joint names. The signature of only the First Bidder was
required in the Bid cum Application Form and such First Bidder is deemed to have signed on behalf of the joint holders. Bidders
were required to confirm and were deemed to have represented to our Company, the Promoter Selling Shareholder, the members of
the Syndicate, their respective directors, officers, agents, affiliates and representatives that they are eligible under applicable law,
rules, regulations, guidelines and approvals to acquire the Equity Shares.
(6) Anchor Investors were not permitted to use the ASBA process. Full Bid Amount was payable by the Anchor Investors at the time of
submission of the Anchor Investor Application Forms provided that any difference between the Anchor Investor Allocation Price and
the Anchor Investor Offer Price was payable by the Anchor Investor Pay-In Date as indicated in the CAN. In case the Offer Price is
lower than the Anchor Investor Allocation Price, the amount in excess of the Offer Price paid by the Anchor Investors shall not be
refunded to them.
(7) Bidders were required to confirm and were deemed to have represented to our Company, the Selling Shareholder, the Underwriters,
their respective directors, officers, designated partners, partners, trustees, associates, agents, affiliates and representatives that they
are eligible under applicable law, rules, regulations, guidelines and approvals to acquire the Equity Shares.
Under-subscription, if any, in any category except the QIB Portion, would be met with spill-over from the other
categories at the discretion of our Company, in consultation with the BRLMs and the Designated Stock Exchange.
Bidders were required to confirm and were deemed to have represented to our Company, the Underwriters, their
respective directors, officers, agents, affiliates and representatives that they are eligible under applicable law,
rules, regulations, guidelines and approvals to acquire the Equity Shares.
Eligible Employees who bid in the Employee Reservation Portion and Eligible Shareholders who bid in the
Shareholder Reservation Portion at a price within the Price Band could make payment based on Bid Amount, at
the time of making a Bid. Eligible Employees who bid in the Employee Reservation Portion and Eligible
Shareholders who bid in the Shareholder Reservation Portion at the Cut-Off Price had to ensure payment at the
Cap Price, at the time of making a Bid. Employee Discount was offered to Eligible Employees bidding in the
Employee Reservation Portion, and, at the time of making a Bid.
509In case of discrepancy in the data entered in the electronic book vis-à-vis the data contained in the physical Bid
cum Application Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges
was taken as the final data for the purpose of Allotment.
510OFFER PROCEDURE
All Bidders were required to read the General Information Document for Investing in Public Offers prepared and
issued in accordance with the circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 and the
UPI Circulars (the “General Information Document”), which highlights the key rules, processes and procedures
applicable to public issues in general in accordance with the provisions of the Companies Act, the SCRA, the
SCRR and the SEBI ICDR Regulations which was part of the abridged prospectus accompanying the Bid cum
Application Form. The General Information Document is also available on the websites of the Stock Exchanges
and the BRLMs. Please refer to the relevant provisions of the General Information Document which are
applicable to the Offer, including in relation to the process for Bids through the UPI Mechanism.
Bidders could refer to the General Information Document for information in relation to (i) category of investors
eligible to participate in the Offer; (ii) maximum and minimum Bid size; (iii) price discovery and allocation; (iv)
payment instructions for ASBA Bidders; (v) Issuance of CAN and Allotment in the Offer; (vi) general instructions
(limited to instructions for completing the Bid cum Application Form); (vii) submission of Bid cum Application
Form; (viii) other instructions (limited to joint bids in cases of individual, multiple bids and instances when an
application would be rejected on technical grounds); (ix) applicable provisions of the Companies Act, 2013
relating to punishment for fictitious applications; (x) mode of making refunds; (xi) Designated Date; (xii) disposal
of applications; and (xiii) interest in case of delay in Allotment or refund.
The SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its
circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, has introduced an alternate payment
mechanism using Unified Payments Interface (“UPI”) and consequent reduction in timelines for listing in a
phased manner. Further, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16,
2021 read with SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 (to the extent these have not been rescinded by the
SEBI RTA Master Circular, the SEBI ICDR Master Circular and the SEBI RTA Master Circular, has introduced
certain additional measures for streamlining the process of initial public offers and redressing investor
grievances. The provisions of these circulars are deemed to form part of this Prospectus. Furthermore, pursuant
to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022, all individual bidders in initial
public offerings whose application sizes are up to ₹ 0.50 million shall use the UPI Mechanism.
Pursuant to SEBI circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023, the time period for
listing of equity shares pursuant to a public issue has been reduced from six Working Days to three Working
Days, and as a result, the final reduced timeline of T+3 days has been made effective using the UPI Mechanism
for applications by UPI Bidders (“UPI Phase III”). Accordingly, subject to any circulars, clarification or
notification issued by the SEBI from time to time (including in connection with SEBI circular no.
SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023), this Offer will be undertaken pursuant to the
processes and procedures prescribed under UPI Phase III, subject to any circulars, clarifications or notifications
which may be issued by the SEBI.
Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using
the ASBA facility in initial public offerings shall be processed by the Registrar along with the SCSBs only after
application monies are blocked in the bank accounts of investors (all categories). Accordingly, Stock Exchanges
shall, for all categories of investors and other reserved categories and also for all modes through which the
applications are processed, accept the ASBA applications in their electronic book building platform only with a
mandatory confirmation on the application monies blocked.
In terms of Regulation 23(5) and Regulation 52 of SEBI ICDR Regulations, the timelines and processes mentioned
in SEBI circular no. SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019 shall continue to form part
of the agreements being signed between the intermediaries involved in the public issuance process and lead
managers shall continue to coordinate with intermediaries involved in the said process. In case of any delay in
unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceeding
two Working Days from the Bid/Offer Closing Date, the Bidder shall be compensated at a uniform rate of ₹100
per day or 15% per annum of the application amount for the entire duration of delay exceeding two Working
Days from the Bid/Offer Closing Date by the intermediary responsible for causing such delay in unblocking.
Our Company, the Promoter Selling Shareholder and the BRLMs are not liable for any amendment, modification
or change in the applicable law which may occur after the date of this Prospectus. Bidders were advised to make
their independent investigations and ensure that their Bids were submitted in accordance with applicable laws
511and do not exceed the investment limits or maximum number of the Equity Shares that can be held by them under
applicable law or as specified in the Red Herring Prospectus and this Prospectus.
The BRLMs shall be the nodal entity for any issues arising out of public issuance process.
Book Building Procedure
The Offer was made in terms of Rule 19(2)(b) of the SCRR read with Regulations 31 and 32(1) of the SEBI ICDR
Regulations, through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR
Regulations wherein not more than 50% of the Net Offer was available for allocation on a proportionate basis to
QIBs, provided that our Company, in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor
Investors on a discretionary basis in accordance with the SEBI ICDR Regulations, of which 40% was made
available for allocation as follows, (i) 33.33% to domestic Mutual Funds, and (ii) 6.67% for life insurance
companies and pension funds, subject to valid Bids being received from domestic Mutual Funds, life insurance
companies and pension funds at or above the Anchor Investor Allocation Price. In the event of under-subscription
in (ii) above, the allocation was made to domestic Mutual Funds. In the event of under-subscription, or non-
allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.
Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis only to Mutual
Funds, and spill-over from the remainder of the Net QIB Portion shall be available for allocation on a
proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being
received at or above the Offer Price. Further, not less than 15% of the Net Offer was made available for allocation
to Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, out of which (a) one-third of such
portion was reserved for applicants with application size of more than ₹0.20 million and up to ₹1.00 million; and
(b) two-third of such portion was reserved for applicants with application size of more than ₹1.00 million,
provided that the unsubscribed portion in either of such sub-categories was to be allocated to applicants in the
other sub-category of Non-Institutional Bidders and not less than 35% of the Net Offer was to be available for
allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or
above the Offer Price.
The Offer included a reservation of 23,285,000 Equity Shares, aggregating to ₹512.27 million, for subscription
on a proportionate basis by Eligible Employees Bidding in the Employee Reservation Portion and a reservation
of 46,570,000 Equity Shares, aggregating to ₹1,071.11 million, for subscription on a proportionate basis by
Eligible Shareholders Bidding in the Shareholder Reservation Portion, subject to valid Bids being received at or
above the Offer Price, if any.
Subject to valid Bids having been received at or above the Offer Price, under-subscription, if any, in any category,
including the Employee Reservation Portion and Shareholder Reservation Portion, except in the QIB Portion, was
allowed to be met with spill over from any other category or combination of categories of Bidders at the discretion
of our Company, in consultation with the BRLMs and the Designated Stock Exchange subject to receipt of valid
Bids received at or above the Offer Price. Under-subscription, if any, in the QIB Portion, was not allowed to be
met with spill-over from any other category or a combination of categories. Further, in the event of an under-
subscription in the Employee Reservation Portion, such unsubscribed portion may be Allotted on a proportionate
basis to Eligible Employees Bidding in the Employee Reservation Portion, for a value in excess of ₹ 0.20 million,
subject to the total Allotment to an Eligible Employee not exceeding ₹ 0.50 million. Further, undersubscription,
if any, in the Employee Reservation Portion or the Shareholders Reservation Portion, may be added to other
reserved category and the unsubscribed portion, if any, after such inter-se adjustments among such reserved
categories shall be added to the Net Offer.
The Equity Shares, on Allotment, shall be traded only in the dematerialized segment of the Stock Exchanges.
All potential Bidders (except Anchor Investors) were required to mandatorily utilize the ASBA process providing
details of their respective ASBA accounts, and UPI ID (in case of UPI Bidders) if applicable, in which the
corresponding Bid Amounts were blocked by the SCSBs or under the UPI Mechanism, as applicable.
Investors should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialized
form. The Bid cum Application Forms which did not have the details of the Bidders’ depository account,
including DP ID, Client ID, the PAN and UPI ID, for UPI Bidders using the UPI Mechanism, were treated
as incomplete and were rejected. Bidders did not have the option of being Allotted Equity Shares in physical
form. However, they may get their Equity Shares rematerialized subsequent to Allotment of the Equity
Shares in the Offer, subject to applicable laws.
512Investors should have ensured that their PAN is linked with Aadhaar and were in compliance with Central
Board of Direct Taxes notification dated February 13, 2020 and the press releases dated June 25, 2021,
September 17, 2021, March 30, 2022 and March 28, 2023.
SEBI has issued the UPI Circulars in relation to streamlining the process of public issue of inter alia, equity
shares. Pursuant to the UPI Circulars, the UPI Mechanism has been introduced in a phased manner as a payment
mechanism (in addition to mechanism of blocking funds in the account maintained with SCSBs under ASBA) for
applications by RIBs through Designated Intermediaries with the objective to reduce the time duration from public
issue closure to listing from six Working Days to up to three Working Days. The SEBI in its circular no.
SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023, has reduced the time period for listing of equity
shares pursuant to a public issue from six Working Days to three Working Days. This Offer was undertaken
pursuant to the processes and procedures prescribed under UPI Phase III, subject to any circulars, clarifications
or notifications which may be issued by the SEBI.
Pursuant to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 issued by
SEBI, as amended by the SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and the
SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated April 20, 2022 (the “UPI Streamlining
Circular”) (to the extent these have not been rescinded by the SEBI RTA Master Circular) and the SEBI RTA
Master Circular, SEBI ICDR Master Circular, SEBI has set out specific requirements for redressal of investor
grievances for applications that have been made through the UPI Mechanism. The requirements of the UPI
Streamlining Circular include, appointment of a nodal officer by the SCSB and submission of their details to
SEBI, the requirement for SCSBs to send SMS alerts for the blocking and unblocking of UPI mandates, the
requirement for the Registrar to submit details of cancelled, withdrawn or deleted applications, and the
requirement for the bank accounts of unsuccessful Bidders to be unblocked no later than one day from the date
on which the Basis of Allotment is finalized. Failure to unblock the accounts within the timeline would result in
the SCSBs being penalized under the relevant securities law. Additionally, if there is any delay in the redressal of
investors’ complaints, the relevant SCSB as well as the post–Offer BRLM will be required to compensate the
concerned investor.
All SCSBs offering the facility of making applications in public issues shall also provide the facility to make
applications using UPI. Our Company will be required to appoint Sponsor Banks to act as conduits between the
Stock Exchanges and NPCI in order to facilitate collection of requests and/ or payment instructions of the UPI
Bidders using the UPI.
Further, pursuant to the SEBI ICDR Master Circular, all UPI Bidders shall provide their UPI ID in the Bid cum
Application Form submitted with any of the entities mentioned herein below:
a) a syndicate member;
b) a stock broker recognised with a registered stock exchange (and whose name is mentioned on the website of
the stock exchange as eligible for this activity);
c) a depository participant (whose name is mentioned on the website of the stock exchange as eligible for this
activity);
d) a registrar to an issue and share transfer agent (whose name is mentioned on the website of the stock exchange
as eligible for this activity)
For further details, refer to the “General Information Document” available on the websites of the Stock Exchanges
and the BRLMs.
Bid cum Application Form
Copies of the Bid cum Application Form (other than for Anchor Investors) and the abridged prospectus were
available with the Designated Intermediaries at the Bidding Centres and our Registered and Corporate Office. An
electronic copy of the Bid cum Application Form was also available for download on the websites of NSE
(www.nseindia.com) and BSE (www.bseindia.com) at least one day prior to the Bid/Offer Opening Date.
Copies of the Anchor Investor Application Form were made available at the offices of the BRLMs.
All Bidders (other than Anchor Investors) mandatorily participated in the Offer only through the ASBA process.
Anchor Investors are not permitted to participate in the Offer through the ASBA process.
513UPI Bidders who used the UPI Mechanism had to provide the valid UPI ID in the relevant space provided in the
Bid cum Application Form and the Bid cum Application Form that did not contain the UPI ID were liable to be
rejected.
ASBA Bidders (other than UPI Bidders using UPI Mechanism) had to provide bank account details and
authorization to block funds in their respective ASBA Accounts in the relevant space provided in the ASBA Form
and the ASBA Forms that did not contain such details were liable to be rejected. The ASBA Bidders had to ensure
that they have sufficient balance in their bank accounts to be blocked through ASBA for their respective Bid as
the application made by a Bidder was only processed after the Bid amount was blocked in the ASBA account of
the Bidder pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022.
ASBA Bidders had to ensure that the Bids are made on ASBA Forms bearing the stamp of the Designated
Intermediary, submitted at the Bidding Centres only (except in case of electronic ASBA Forms) and the ASBA
Forms not bearing such specified stamp were liable to be rejected. UPI Bidders who used UPI Mechanism, could
submit their ASBA Forms, including details of their UPI IDs, with the Syndicate, Sub-Syndicate Members,
Registered Brokers, RTAs or CDPs. RIBs authorizing an SCSB to block the Bid Amount in the ASBA Account
could submit their ASBA Forms with the SCSBs. ASBA Bidders had to ensure that the ASBA Account had
sufficient credit balance such that an amount equivalent to the full Bid Amount could be blocked by the SCSB or
the Sponsor Banks, as applicable at the time of submitting the Bid. In order to ensure timely information to
investors, SCSBs were required to send SMS alerts to investors intimating them about Bid Amounts blocked/
unblocked.
The prescribed colour of the Bid cum Application Form for the various categories is as disclosed below.
Colour of Bid cum
Category
Application Form*
Resident Indians, including resident QIBs, Non-Institutional Bidders, Retail White
Individual Bidders and Eligible NRIs applying on a non-repatriation basis(1)
Non-Residents including Eligible NRIs, FVCIs, FPIs, registered multilateral and Blue
bilateral development financial institutions applying on a repatriation basis(1)
Anchor Investors(2) White
Eligible Employees Bidding in the Employee Reservation Portion(3) Pink
Eligible Shareholders Bidding in the Shareholder Reservation Portion(3) Green
* Excluding electronic Bid cum Application Form
Notes:
(1) Electronic Bid Cum Application Forms and the abridged prospectus were made available for download on the website of NSE
(www.nseindia.com) and BSE (www.bseindia.com).
(2) Bid cum Application Forms for Anchor Investors were made available at the office of the BRLMs.
(3) Bid cum Application Forms for Eligible Employees and Eligible Shareholders were made available at the Registered and Corporate
Office of our Company
In case of ASBA forms, the relevant Designated Intermediaries were required to upload the relevant Bid details
in the electronic bidding system of the Stock Exchanges. For ASBA Forms (other than through UPI Mechanism)
Designated Intermediaries (other than SCSBs) were required to submit/ deliver the ASBA Forms to the respective
SCSB where the Bidder had ASBA bank account and were not allowed to submit it to any non-SCSB bank or any
Escrow Collection Bank.
For UPI Bidders using the UPI Mechanism, the Stock Exchanges shared the Bid details (including UPI ID) with
the Sponsor Banks on a continuous basis to enable the Sponsor Banks to initiate the UPI Mandate Request to UPI
Bidders for blocking of funds. The Sponsor Banks initiated request for blocking of funds through NPCI to UPI
Bidders, accepted the UPI Mandate Request for blocking of funds on their respective mobile applications
associated with UPI ID linked bank account. The NPCI maintained an audit trail for every bid entered in the Stock
Exchanges bidding platform, and the liability to compensate UPI Bidders (using the UPI Mechanism) in case of
failed transactions was with the concerned entity (i.e., the Sponsor Banks, NPCI or the Bankers to the Offer) at
whose end the lifecycle of the transaction has come to a halt. The NPCI shall share the audit trail of all disputed
transactions/ investor complaints to the Sponsor Banks and the bankers to an issue. The BRLMs shall also be
required to obtain the audit trail from the Sponsor Banks and the Banker to the Offer for analyzing the same and
fixing liability. For ensuring timely information to investors, SCSBs shall send SMS alerts as specified in the
SEBI circular dated March 16, 2021, as amended pursuant to the SEBI circulars dated June 2, 2021 and April 20,
5142022 (to the extent these have not been rescinded by the SEBI RTA Master Circular) and the SEBI RTA Master
Circular.
For all pending UPI Mandate Requests, the Sponsor Banks shall initiate requests for blocking of funds in the
ASBA Accounts of relevant Bidders with a confirmation cut-off time of 5:00 p.m. on the Bid/Offer Closing Date
(“Cut-Off Time”). Accordingly, UPI Bidders Bidding using through the UPI Mechanism should accept UPI
Mandate Requests for blocking off funds prior to the Cut-Off Time and all pending UPI Mandate Requests at the
Cut-Off Time shall lapse.
The processing fees for applications made by UPI Bidders using the UPI Mechanism may be released to the
SCSBs only after such banks provide a written confirmation on compliance with the UPI Circulars.
The Sponsor Banks undertook a reconciliation of Bid responses received from Stock Exchanges and sent to NPCI
and will also ensure that all the responses received from NPCI are sent to the Stock Exchanges platform with
detailed error code and description, if any. Further, the Sponsor Banks undertook reconciliation of all Bid requests
and responses throughout their lifecycle on daily basis and share reports with the BRLMs in the format and within
the timelines as specified under the UPI Circulars. Sponsor Banks and issuer banks shall download UPI settlement
files and raw data files from the NPCI portal after every settlement cycle and do a three way reconciliation with
UPI switch data, CBS data and UPI raw data. NPCI is to coordinate with issuer banks and Sponsor Banks on a
continuous basis.
The Sponsor Banks hosted a web portals for intermediaries (closed user group) from the date of Bid/Offer Opening
Date until the date of listing of the Equity Shares with details of statistics of mandate blocks/unblocks,
performance of apps and UPI handles, down-time/network latency (if any) across intermediaries and any such
processes having an impact/bearing on the Offer Bidding process.
Electronic registration of Bids
a) The Designated Intermediary registered the Bids using the on-line facilities of the Stock Exchanges. The
Designated Intermediaries also set up facilities for off-line electronic registration of Bids, subject to the
condition that they subsequently uploaded the off-line data file into the on-line facilities for Book
Building on a regular basis before the closure of the Offer.
b) On the Bid/Offer Closing Date, the Designated Intermediaries uploaded the Bids until such time as may
be permitted by the Stock Exchanges and as disclosed in the Red Herring Prospectus.
c) Only Bids that were uploaded on the Stock Exchanges Platform are considered for allocation/Allotment.
The Designated Intermediaries were given until 5:00 p.m. for Retail Individual Bidders and 4:00 p.m.
for NIB and QIB on the Bid/Offer Closing Date to modify select fields uploaded in the Stock Exchange
Platform during the Bid/Offer Period after which the Stock Exchange(s) sent the Bid information to the
Registrar to the Offer for further processing.
d) QIBs and Non-Institutional Bidders could neither revise their bids downwards nor cancel/withdraw their
bids.
Participation by the Promoters, the members of the Promoter Group, the BRLMs, the Syndicate Members
and persons related to Promoters/the members of the Promoter Group/the BRLMs
The BRLMs and the Syndicate Members were not allowed to purchase the Equity Shares in any manner, except
towards fulfilling their underwriting obligations. However, the respective associates and affiliates of the BRLMs
and the Syndicate Members could purchase Equity Shares in the Offer, either in the QIB Portion or in the Non-
Institutional Portion, as may be applicable to such Bidders, and such subscription may be on their own account or
on behalf of their clients. All categories of investors, including respective associates or affiliates of the BRLMs
and Syndicate Members, were treated equally for the purpose of allocation to be made on a proportionate basis.
Except as stated below, neither the BRLMs nor any associate of the BRLMs could apply in the Offer under the
Anchor Investor Portion:
(i) mutual funds sponsored by entities which are associates of the BRLMs;
(ii) insurance companies promoted by entities which are associates of the BRLMs;
515(iii) AIFs sponsored by the entities which are associates of the BRLMs;
(iv) FPIs (other than individuals, corporate bodies and family offices) which are associates of the BRLMs; or
(v) pension funds sponsored by entities which are associates of the BRLMs
Further, an Anchor Investor was deemed to be an associate of the BRLMs, if: (a) either of them controls, directly
or indirectly through its subsidiary or holding company, not less than 15% of the voting rights in the other; or (b)
either of them, directly or indirectly, by itself or in combination with other persons, exercises control over the
other; or (c) there is a common director, excluding a nominee director, among the Anchor Investor and the
BRLMs.
Further, our Promoters and members of the Promoter Group could not participate by applying for Equity Shares
in the Offer.
However, a QIB who has any of the following rights in relation to our Company was deemed to be a person related
to our Promoters or the members of the Promoter Group of our Company:
(i) rights under a shareholders’ agreement or voting agreement entered into with our Promoters or the
members of the Promoter Group of our Company;
(ii) veto rights; or
(iii) right to appoint any nominee director on the Board.
Bids by Mutual Funds
With respect to Bids by Mutual Funds, a certified copy of their SEBI registration certificate were required to be
lodged along with the Bid cum Application Form. Failing this, our Company, in consultation with the BRLMs,
reserved the right to reject any Bid without assigning any reason thereof, subject to applicable law.
Bids made by asset management companies or custodians of Mutual Funds were to specifically state names of the
concerned schemes for which such Bids are made.
In case of a Mutual Fund, a separate Bid could be made in respect of each scheme of the Mutual Fund registered
with SEBI and such Bids in respect of more than one scheme of the Mutual Fund were not treated as multiple
Bids provided that the Bids clearly indicated the scheme concerned for which the Bid was made.
No Mutual Fund scheme could invest more than 10% of its NAV in equity shares or equity-related instruments
of any single company, provided that the limit of 10% was not applicable for investments in case of index funds
or sector or industry specific schemes. No Mutual Fund under all its schemes was allowed to own more than 10%
of any company’s paid-up share capital carrying voting rights.
Bids by HUFs
Bids by Hindu Undivided Families or HUFs, were made in the individual name of the Karta. The Bidder had to
specify that the Bid is being made in the name of the HUF in the Bid cum Application Form/Application Form as
follows: “Name of sole or First Bidder: XYZ Hindu Undivided Family applying through XYZ, where XYZ is the
name of the Karta”. Bids/Applications by HUFs were considered at par with Bids/Applications from individuals.
Bids by Eligible NRIs
Eligible NRIs could obtain copies of Bid cum Application Form from the Designated Intermediaries. Only Bids
accompanied by payment in Indian Rupees or freely convertible foreign exchange were considered for Allotment.
Eligible NRI Bidders Bidding on a repatriation basis by using the Non-Resident Forms were required to authorize
their SCSB (if they are Bidding directly through the SCSB) or confirmed or accepted the UPI Mandate Request
(in case of UPI Bidders Bidding through the UPI Mechanism) to block their Non-Resident External (“NRE”)
accounts, or Foreign Currency Non-Resident (“FCNR”) Accounts, and Eligible NRI Bidders Bidding on a non-
repatriation basis by using Resident Forms should have authorized their SCSB (if they are Bidding directly
through SCSB) or confirmed or accepted the UPI Mandate Request (in case of UPI Bidders Bidding through the
UPI Mechanism) to block their Non-Resident Ordinary (“NRO”) accounts for the full Bid Amount, at the time of
the submission of the Bid cum Application Form. Participation of Eligible NRIs in the Offer was subject to the
FEMA Rules.
516In accordance with the FEMA rules, the total holding by any individual NRI, on a repatriation basis, could not
exceed 5% of the total paid-up equity capital on a fully diluted basis or did not exceed 5% of the paid-up value of
each series of debentures or preference shares or share warrants issued by an Indian company and the total
holdings of all NRIs and OCIs put together could not exceed 10% of the total paid-up equity capital on a fully
diluted basis or could not exceed 10% of the paid-up value of each series of debentures or preference shares or
share warrant. Provided that the aggregate ceiling of 10% could be raised to 24% if a special resolution to that
effect is passed by the general body of the Indian company.
Eligible NRIs Bidding on non-repatriation basis were advised to use the Bid cum Application Form for residents
(White in colour). Eligible NRIs Bidding on a repatriation basis were advised to use the Bid cum Application
Form meant for Non-Residents (Blue in colour).
NRIs were permitted to apply in the Offer through Channel I or Channel II (as specified in the UPI Circulars).
Further, subject to applicable law, NRIs may use Channel IV (as specified in the UPI Circulars) to apply in the
Offer, provided the UPI facility is enabled for their NRE/ NRO accounts.
NRIs who applied in the Offer using UPI Mechanism were advised to enquire with the relevant bank whether
their bank account is UPI linked prior to making such application. For details of investment by NRIs, see
“Restrictions on Foreign Ownership of Indian Securities” on page 532.
Bids by FPIs
In terms of the SEBI FPI Regulations, the issue of Equity Shares to a single FPI or an investor group (which means
the same multiple entities having common ownership directly or indirectly of more than 50% or common control)
must be below 10% of our post-Offer Equity Share capital. Further, in terms of the FEMA Non-debt Instruments
Rules, with effect from April 1, 2020, the aggregate FPI investment limit is the sectoral cap applicable to an Indian
company as prescribed in the FEMA Non-debt Instruments Rules with respect to its paid-up equity capital on a
fully diluted basis. Currently, the sectoral cap for Mining (Coal & Lignite) is 100% under the automatic route and
accordingly, the applicable limit with respect to our Company is 100%.
FPIs were permitted to participate in the Offer subject to compliance with conditions and restrictions which may
be specified by the Government from time to time. In case of Bids made by FPIs, a certified copy of the certificate
of registration issued under the SEBI FPI Regulations was required to be attached to the Bid cum Application
Form, failing which our Company reserved the right to reject any Bid without assigning any reason. FPIs who
wished to participate in the Offer were advised to use the Bid cum Application Form for Non-Residents (Blue in
colour).
In terms of the FEMA, for calculating the aggregate holding of FPIs in a company, holding of all registered FPIs
shall be included.
The FEMA NDI Rules were enacted on October 17, 2019 in supersession of the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, except as respects things
done or omitted to be done before such supersession. FPIs were permitted to participate in the Offer subject to
compliance with conditions and restrictions which may be specified by the Government from time to time.
Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 21 of the SEBI FPI Regulations, an FPI, may issue, subscribe to or otherwise deal in offshore derivative
instruments(as defined under the SEBI FPI Regulations as any instrument, by whatever name called, which is
issued overseas by a FPI against securities held by it in India, as its underlying) directly or indirectly, only in the
event (i) such offshore derivative instruments are issued only by persons registered as Category I FPIs; (ii) such
offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs; (iii) such
offshore derivative instruments are issued after compliance with ‘know your client’ norms; and (iv) such other
conditions as may be specified by SEBI from time to time.
An FPI issuing offshore derivate instruments was also required to ensure that any transfer of offshore derivative
instruments issued by, or on behalf of it subject to, inter alia, the following conditions:
(i) such offshore derivative instruments were transferred to persons subject to fulfilment of SEBI FPI
Regulations; and
517(ii) prior consent of the FPI was obtained for such transfer, except when the persons to whom the
offshore derivative instruments were to be transferred are pre-approved by the FPI.
Bids by FPIs which utilised the multi investment manager structure in accordance with the SEBI master circular
bearing reference number SEBI/HO/AFD-2/CIR/P/2022/175 dated December 19, 2022, submitted with the same
PAN but with different beneficiary account numbers, Client IDs and DP IDs were not treated as multiple Bids
(“MIM Bids”). FPIs bearing the same PAN were treated as multiple Bids by a Bidder and were rejected, except
for Bids from FPIs that utilised the multi investment manager structure in accordance with the Operational FPI
Guidelines (such structure referred to as “MIM Structure”). In order to ensure valid Bids, FPIs making MIM
Bids using the same PAN and with different beneficiary account numbers, Client IDs and DP IDs, were required
to submit a confirmation that their Bids are under the MIM Structure and indicate the name of their investment
managers in such confirmation which shall be submitted along with each of their Bid cum Application Forms. In
the absence of such confirmation from the relevant FPIs, such MIM Bids were rejected.
Further, in the following cases, the bids by FPIs were not considered as multiple Bids: involving (i) the MIM
Structure and indicating the name of their respective investment managers in such confirmation; (ii) offshore
derivative instruments (“ODI”) which have obtained separate FPI registration for ODI and proprietary derivative
investments; (iii) sub funds or separate class of investors with segregated portfolio who obtain separate FPI
registration; (iv) FPI registrations granted at investment strategy level/sub fund level where a collective investment
scheme or fund has multiple investment strategies/sub-funds with identifiable differences and managed by a single
investment manager; (v) multiple branches in different jurisdictions of foreign bank registered as FPIs; (vi)
Government and Government related investors registered as Category 1 FPIs; and (vii) Entities registered as
Collective Investment Scheme having multiple share classes.
Please note that in terms of the General Information Document, the maximum Bid by any Bidder including QIB
Bidder should not exceed the investment limits prescribed for them under applicable laws. Further, MIM Bids by
an FPI Bidder utilising the MIM Structure was aggregated for determining the permissible maximum Bid. Further,
please note that as disclosed in this Prospectus read with the General Information Document, Bid Cum Application
Forms were liable to be rejected in the event that the Bid in the Bid cum Application Form “exceeds the Offer size
and/or investment limit or maximum number of the Equity Shares that can be held under applicable laws or
regulations or maximum amount permissible under applicable laws or regulations, or under the terms of the
Prospectus.”
For example, an FPI had to ensure that any Bid by a single FPI and/ or an investor group (which means the same
multiple entities having common ownership directly or indirectly of more than 50% or common control)
(collective, the “FPI Group”) were below 10% of the total paid-up Equity Share capital of our Company on a
fully diluted basis. Any Bids by FPIs and/ or the FPI Group (including but not limited to (a) FPIs Bidding through
the MIM Structure; or (b) FPIs with separate registrations for offshore derivative instruments and proprietary
derivative instruments) for 10% or more of our total paid-up post Offer Equity Share capital were liable to be
rejected.
Bids by SEBI-registered AIFs, VCFs and FVCIs
The SEBI FVCI Regulations, SEBI VCF Regulations and the SEBI AIF Regulations prescribe, inter alia, the
investment restrictions on the FVCIs, VCFs and AIFs registered with SEBI respectively. While the SEBI VCF
Regulations have since been repealed, the funds registered as VCFs under the SEBI VCF Regulations continue to
be regulated by such regulations until the existing fund or scheme managed by the fund is wound up. FVCIs can
invest only up to 33.33% of the investible funds by way of subscription to an initial public offering. Category I
AIF and Category II AIF cannot invest more than 25% of the investible funds in one investee company directly
or through investment in the units of other AIFs, subject to the conditions prescribed by SEBI. A Category III AIF
cannot invest more than 10% of the investible funds in one investee company directly or through investment in
the units of other AIFs, subject to the conditions prescribed by SEBI. AIFs which are authorized under the fund
documents to invest in units of AIFs are prohibited from offering their units for subscription to other AIFs.
Additionally, a VCF that has not re-registered as an AIF under the SEBI AIF Regulations shall continue to be
regulated by the SEBI VCF Regulations (and accordingly shall not be allowed to participate in the Offer) until
the existing fund or scheme managed by the fund is wound up and such funds shall not launch any new scheme
after the notification of the SEBI AIF Regulations.
There was no reservation for Eligible NRIs, AIFs, FPIs and FVCIs, and all Bidders were treated on the same basis
with other categories for the purpose of allocation.
518All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other
distributions, if any, will be payable in Indian Rupees only and net of bank charges and commission.
The Company, the Promoter Selling Shareholder or the BRLMs will not be responsible for loss, if any, incurred
by the Bidder on account of conversion of foreign currency.
Bids by Limited Liability Partnerships
In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008,
a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, was required
to be attached to the Bid cum Application Form. Failing this, our Company, in consultation with the BRLMs,
reserved the right to reject any Bid without assigning any reason thereof.
Bids by Banking Companies
In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of
registration issued by RBI, and (ii) the approval of such banking company’s investment committee were required
to be attached to the Bid cum Application Form. Failing this, our Company, in consultation with the BRLMs,
reserved the right to reject any Bid without assigning any reason thereof. The investment limit for banking
companies in non-financial services companies as per the Banking Regulation Act, the Master Directions - the
Reserve Bank of India (Financial Services provided by Banks) Directions, 2016, as amended and Master Circular
on Basel III Capital Regulations dated May 12, 2023, as amended, is 10% of the paid-up share capital of the
investee company, not being its subsidiary engaged in non-financial services, or 10% of the banking company’s
own paid-up share capital and reserves, whichever is lower.
However, a banking company was permitted to invest in excess of 10% but not exceeding 30% of the paid-up
share capital of such investee company, subject to prior approval of the RBI, if (i) the investee company is engaged
in non-financial activities permitted for banking companies in terms of Section 6(1) of the Banking Regulation
Act; or (ii) the additional acquisition is through restructuring of debt, or to protect the banking company’s interest
on loans/investments made to a company. The banking company was required to submit a time bound action plan
to the RBI for the disposal of such shares within a specified period. The aggregate investment by a banking
company along with its subsidiaries, associates or joint ventures or entities directly or indirectly controlled by the
banking company; and mutual funds managed by asset management companies controlled by the banking
company, more than 20% of the investee company’s paid up share capital engaged in non-financial services.
However, this cap did not apply to the cases mentioned in (i) and (ii) above. The aggregate equity investment
made by a banking company in all its subsidiaries and other entities engaged in financial services and non-
financial services, including overseas investments, cannot exceed 20% of the banking company’s paid-up share
capital and reserves.
Bids by SCSBs
SCSBs participating in the Offer were required to comply with the terms of the SEBI ICDR Master Circular,
issued by SEBI. Such SCSBs were required to ensure that for making applications on their own account using
ASBA, they should have a separate account in their own name with any other SEBI registered SCSBs. Further,
such account shall be used solely for the purpose of making application in public issues and clear demarcated
funds should be available in such account for such applications.
Bids by Systemically Important NBFCs
In case of Bids made by Systemically Important NBFCs registered with RBI, certified copies of: (i) the certificate
of registration issued by RBI, (ii) the last audited financial statements on a standalone basis, (iii) a net worth
certificate from its statutory auditors, and (iv) such other approval as may be required by the Systemically
Important NBFCs were required to be attached to the Bid cum Application Form. Failing this, our Company, in
consultation with the BRLMs, reserved the right to reject any Bid, without assigning any reason thereof.
Systemically Important NBFCs who participated in the Offer had to comply with all applicable regulations,
directions, guidelines and circulars issued by the RBI from time to time.
The investment limit for Systemically Important NBFCs shall be as prescribed by RBI from time to time.
519Bids by Insurance Companies
In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of
registration issued by IRDAI was required to be attached to the Bid cum Application Form. Failing this, our
Company, in consultation with the BRLMs, reserved the right to reject any Bid without assigning any reason
thereof.
The exposure norms for insurers are prescribed under the IRDAI Investment Regulations, based on investments
in equity shares of the investee company, the entire group of the investee company and the industry sector in
which the investee company operates. Insurance companies participating in the Offer were advised to refer to the
IRDAI Investment Regulations for specific investment limits applicable to them and comply with all applicable
regulations, guidelines and circulars issued by the IRDAI from time to time.
Bids by Provident Funds/Pension Funds
In case of Bids made by pension funds registered with the Pension Fund Regulatory and Development Authority
established under sub-section (1) of section 3 of the Pension Fund Regulatory and Development Authority Act,
2013, subject to applicable laws, with minimum corpus of ₹250 million and provident funds with minimum corpus
of ₹250 million, a certified copy of certificate from a chartered accountant certifying the corpus of the provident
fund/pension fund must have been attached to the Bid cum Application Form. Failing this, our Company, in
consultation with the BRLMs, reserved the right to reject any Bid, without assigning any reason thereof.
Bids by Eligible Employees
The Bid must be for a minimum of 600 Equity Shares and in multiples of 600 Equity Shares thereafter so as to
ensure that the Bid Amount payable by the Eligible Employee does not exceed ₹ 0.50 million. The Allotment in
the Employee Reservation Portion was on a proportionate basis. Eligible Employees under the Employee
Reservation Portion Bid at Cut-off Price provided that their Bid did not exceed ₹ 0.50 million. For the method of
proportionate basis of Allotment see “Offer Procedure” on page 511.
Bids under Employee Reservation Portion by Eligible Employees were to be:
(a) made only in the prescribed Bid cum Application Form or Revision Form (i.e., Pink colour form);
(b) the Bid must be for a minimum of 600 Equity Shares and in multiples of 600 Equity Shares thereafter so
as to ensure that the Bid Amount payable by the Eligible Employee does not exceed ₹ 0.50 million. The
maximum Bid in this category by an Eligible Employee cannot exceed ₹ 0.50 million. However, the
initial allocation to an Eligible Employee in the Employee Reservation Portion shall not exceed ₹ 0.20
million. In the event of under-subscription in the Employee Reservation Portion upon the initial
allocation, such unsubscribed portion may be Allotted on a proportionate basis to Eligible Employees
Bidding in the Employee Reservation Portion for a value in excess of ₹ 0.20 million, subject to the
maximum value of Allotment made to an Eligible Employee not exceeding ₹ 0.50 million;
(c) Eligible Employees should mention their employee number at the relevant place in the Bid cum
Application Form.
(d) the Bidder should be an Eligible Employee. In case of joint bids, the First Bidder shall be an Eligible
Employee;
(e) only Eligible Employees would be eligible to apply in the Offer under the Employee Reservation Portion;
(f) only those Bids, which are received at or above the Offer Price, would be considered for Allotment under
this category;
(g) Eligible Employees can apply at Cut-off Price;
(h) Bid by Eligible Employees in Employee Reservation Portion can be made in Shareholder Reservation
Portion (if eligible) and also in the Retail Portion or the Non-Institutional Portion and such Bids shall not
be treated as multiple Bids;
520(i) if the aggregate demand in this category is less than or equal to 23,285,000 Equity Shares at or above the
Offer Price, full allocation shall be made to the Eligible Employees to the extent of their demand; and
(j) Undersubscription, if any, in the Employee Reservation Portion may be added to other reserved category
i.e. Shareholders Reservation Portion and the remaining unsubscribed portion, if any, after such inter-se
adjustments among such reserved categories, shall be added to the Net Offer. In case of under-
subscription in the Net Offer (except QIB), spill over to the extent of under-subscription shall be
permitted from the Employee Reservation Portion. If the aggregate demand in this category is greater
than 23,285,000 Equity Shares at or above the Offer Price, the allocation shall be made on a proportionate
basis.
Bids by Eligible Shareholders
Bids under the Shareholder Reservation Portion shall be subject to the following:
1. Only Eligible Shareholders (i.e. individuals and HUFs who are public equity shareholders of our Corporate
Promoter, excluding such other persons not eligible under applicable laws, rules, regulations and guidelines
as at the date of the Red Herring Prospectus) would be eligible to apply in this Offer under the Shareholder
Reservation Portion subject to the maximum bid amount.
2. In case of joint Bids, the sole / first Bidder shall be an Eligible Shareholder.
3. Only those Bids, which are received at or above the Offer Price, would be considered for allocation under
this portion.
4. The Bids must be for a minimum of 600 Equity Shares and in multiples of 600 Equity Shares thereafter.
5. Bids by Eligible Shareholders in the Shareholder Reservation Portion, the Net Offer portion and the Employee
Reservation Portion (if eligible) shall not be treated as multiple Bids subject to applicable limits. If an Eligible
Shareholder is Bidding in the Shareholder Reservation Portion up to ₹ 0.20 million, application by such
Eligible Shareholders in the Retail Portion or Non- Institutional Portion and Employee Reservation Portion
(if eligible and subject to applicable limits) was not treated as multiple Bids. Therefore, Eligible Shareholders
bidding in the Shareholder Reservation Portion (subject to the Bid Amount being up to ₹ 0.20 million) can
also Bid under the Net Offer and Employee Reservation Portion (if eligible and subject to applicable limits)
and such Bids was not treated as multiple Bids. Our Company reserved the right to reject, in its absolute
discretion, all or any multiple Bids in any or all categories.
6. If the aggregate demand in this portion is less than or equal to 46,570,000 Equity Shares at or above the Offer
Price, full allocation shall be made to the Eligible Shareholders to the extent of their demand.
7. Undersubscription, if any, in the Shareholders Reservation Portion may be added to other reserved category
and the unsubscribed portion, if any, after such inter-se adjustments among such reserved categories shall be
added to the Net Offer. Under-subscription, if any, in any category including the Shareholder Reservation
Portion and Employee Reservation Portion, except in the QIB Portion, would be allowed to be met with spill
over from any other category or a combination of categories at the discretion of our Company and the Selling
Shareholder in consultation with the Book Running Lead Managers and the Designated Stock Exchange.
Eligible Shareholders would need to have a valid PAN and their PAN should be updated with the register of
shareholders maintained with Coal India Limited. Further, Eligible Shareholders required a valid demat account
and details, as Equity Shares can only be Allotted to Eligible Shareholders having a valid demat account.
If the aggregate demand in this portion is greater than 46,570,000 Equity Shares at or above the Offer Price, the
allocation shall be made on a proportionate basis. For the method of proportionate basis of Allotment, see “Offer
Procedure” on page 511.
Bids under Power of Attorney
In case of Bids made pursuant to a power of attorney or by limited companies, corporate bodies, registered
societies, eligible FPIs, Mutual Funds, Systemically Important NBFCs, insurance companies, insurance funds set
521up by the army, navy or air force of the Union of India, insurance funds set up by the Department of Posts, India,
or the National Investment Fund and provident funds with a minimum corpus of ₹250 million (subject to
applicable law) and pension funds with a minimum corpus of ₹250 million, registered with the Pension Fund
Regulatory and Development Authority established under sub-section (1) of section 3 of the Pension Fund
Regulatory and Development Authority Act, 2013, a certified copy of the power of attorney or the relevant
resolution or authority, as the case may be, along with a certified copy of the memorandum of association and
articles of association and/or bye laws had to be lodged along with the Bid cum Application Form. Failing this,
our Company, in consultation with the BRLMs, reserved the right to accept or reject any Bid in whole or in part,
in either case without assigning any reason therefor.
Our Company, in consultation with the BRLMs, in its absolute discretion, reserved the right to relax the above
condition of simultaneous lodging of the power of attorney along with the Bid cum Application Form, subject to
such terms and conditions that our Company, in consultation with the BRLMs may deem fit.
In accordance with existing regulations issued by the RBI, OCBs could not participate in this Offer.
The Equity Shares have not been registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except
in compliance with the applicable laws of such jurisdiction.
The above information was given for the benefit of the Bidders. Our Company, the Promoter Selling
Shareholder and the BRLMs were not liable for any amendments or modification or changes in applicable
laws or regulations, which may occur after the date of the Red Herring Prospectus and this Prospectus.
Bidders were advised to make their independent investigations and ensure that any single Bid from them
does not exceed the applicable investment limits or maximum number of the Equity Shares that can be
held by them under applicable law or regulation or as specified in the Red Herring Prospectus and this
Prospectus.
Bids by Anchor Investors
In accordance with the SEBI ICDR Regulations, the key terms for participation by Anchor Investors are provided
below.
(i) Anchor Investor Application Forms were made available for the Anchor Investor Portion at the offices of
the BRLMs.
(ii) The Bid was required to have been for a minimum of such number of Equity Shares so that the Bid Amount
exceeds ₹100 million. A Bid could not be submitted for over 60% of the QIB Portion. In case of a Mutual
Fund, separate Bids by individual schemes of a Mutual Fund were aggregated to determine the minimum
application size of ₹100 million.
(iii) One-third of the Anchor Investor Portion was reserved for allocation to domestic Mutual Funds.
(iv) Bidding for Anchor Investors was open one Working Day before the Bid/ Offer Opening Date.
(v) Our Company, in consultation with the BRLMs finalized allocation to the Anchor Investors on a
discretionary basis, provided that the minimum number of Allottees in the Anchor Investor Portion will not
be less than: (a) minimum of 2 and maximum of 15 Anchor Investors for allocation up to ₹ 2,500 million,
subject to minimum allotment of ₹ 50.00 million per Anchor Investor (b) in case of allocation above
₹2,500.0 million under the Anchor Investor Portion, a minimum of five such investors and a maximum of
15 Anchor Investors for allocation up to ₹2,500.0 million, and an additional 15 Anchor Investors for every
additional ₹2,500.0 million, subject to minimum Allotment of ₹50.0 million per Anchor Investor.
(vi) Allocation to Anchor Investors was completed on the Anchor Investor Bid/ Offer Period. The number of
Equity Shares allocated to Anchor Investors and the price at which the allocation was made, was made
available in the public domain by the BRLMs before the Bid/Offer Opening Date, through intimation to
the Stock Exchanges.
(vii) Anchor Investors could not withdraw or lower the size of their Bids at any stage after submission of the
Bid.
522(viii) If the Offer Price was greater than the Anchor Investor Allocation Price, the additional amount being the
difference between the Offer Price and the Anchor Investor Offer Price was payable by the Anchor
Investors on the Anchor Investor pay-in date specified in the CAN. If the Offer Price is lower than the
Anchor Investor Offer Price, Allotment to successful Anchor Investors was be at the higher price.
(ix) 50% of the Equity Shares allotted to Anchor Investors under the Anchor Investor Portion shall be locked-
in for a period of 90 days from the date of Allotment and the remaining 50% of the Equity Shares shall be
locked-in for a period of 30 days from the date of Allotment.
(x) Neither the BRLMs(s) or any associate of the BRLMs (other than mutual funds sponsored by entities which
are associate of the BRLMs or insurance companies promoted by entities which are associate of the BRLMs
or Alternate Investment Funds (AIFs) sponsored by the entities which are associates of the BRLMs or FPIs,
other than individuals, corporate bodies and family offices which are associates of the BRLMs or pension
funds sponsored by entities which are associates of the BRLMs) shall apply under the Anchor Investors
Portion.
Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion were not considered multiple
Bids.
For more information, please read the General Information Document.
Information for Bidders
The relevant Designated Intermediary could enter a maximum of three Bids at different price levels opted in the
Bid cum Application Form and such options were not considered as multiple Bids. It was the Bidder’s
responsibility to obtain the acknowledgment slip from the relevant Designated Intermediary. The registration of
the Bid by the Designated Intermediary does not guarantee that the Equity Shares shall be allocated/Allotted. Such
Acknowledgement Slip will be non-negotiable and by itself will not create any obligation of any kind. When a
Bidder revises his or her Bid, he /she shall surrender the earlier Acknowledgement Slip and may request for a
revised acknowledgment slip from the relevant Designated Intermediary as proof of his or her having revised the
previous Bid. In relation to electronic registration of Bids, the permission given by the Stock Exchanges to use
their network and software of the electronic bidding system should not in any way be deemed or construed to
mean that the compliance with various statutory and other requirements by our Company, the Promoter Selling
Shareholder and/or the BRLMs are cleared or approved by the Stock Exchanges; nor does it in any manner
warrant, certify or endorse the correctness or completeness of compliance with the statutory and other
requirements, nor does it take any responsibility for the financial or other soundness of our Company, the
management or any scheme or project of our Company; nor does it in any manner warrant, certify or endorse the
correctness or completeness of any of the contents of the Red Herring Prospectus or this Prospectus; nor does it
warrant that the Equity Shares will be listed or will continue to be listed on the Stock Exchanges.
General Instructions
Do’s:
A. Check if you are eligible to apply as per the terms of the Red Herring Prospectus and under applicable
law, rules, regulations, guidelines and approvals. All Bidders (other than Anchor Investors) should
submit their Bids through the ASBA process only;
B. Ensure that you have Bid within the Price Band;
C. Read all the instructions carefully and complete the Bid cum Application Form in the prescribed form;
D. Ensure that you (other than the Anchor Investors) have mentioned the correct details of your ASBA
Account (i.e., bank account number) in the Bid cum Application Form if you are not a UPI Bidder using
the UPI Mechanism in the Bid cum Application Form and if you are a UPI Bidder using the UPI
Mechanism ensure that you have mentioned the correct UPI ID (with maximum length of 45 characters
including the handle), in the Bid cum Application Form;
523E. Ensure that your Bid cum Application Form bearing the stamp of a Designated Intermediary is submitted
to the Designated Intermediary at the Bidding Center (except in case of electronic Bids) within the
prescribed time. Bidders (other than Anchor Investors) shall submit the Bid cum Application Form in the
manner set out in the General Information Document;
F. Investors must ensure that their PAN is linked with Aadhaar and are in compliance with the notification
dated February 13, 2020 issued by the Central Board of Direct Taxes and the press release dated June
25, 2021, September 17, 2021, March 30, 2022 and March 28, 2023.
G. Bidders Bidding shall ensure that they use only their own ASBA Account or only their own bank account
linked UPI ID (for UPI Bidders using the UPI Mechanism) to make an application in the Offer and not
ASBA Account or bank account linked UPI ID of any third party;
H. UPI Bidders Bidding using the UPI Mechanism shall make Bids only through the SCSBs, mobile
applications and UPI handles whose name appears in the list of SCSBs which are live on UPI, as
displayed on the SEBI website. An application made using incorrect UPI handle or using a bank account
of an SCSB or bank which is not mentioned on the SEBI website is liable to be rejected;
I. Ensure that you have funds equal to or more than the Bid Amount in the ASBA Account maintained with
the SCSB before submitting the ASBA Form to any of the Designated Intermediaries;
J. UPI Bidders using UPI Mechanism, may submit their ASBA Forms with the Syndicate Member,
Registered Brokers, RTAs or CDPs and should ensure that the ASBA Form contains the stamp of such
Designated Intermediary;
K. The ASBA bidders shall ensure that bids above ₹0.50 million, are uploaded only by the SCSBs;
L. Ensure that the signature of the First Bidder in case of joint Bids, is included in the Bid cum Application
Forms. If the First Bidder is not the ASBA Account holder, ensure that the Bid cum Application Form is
signed by the ASBA Account holder. Ensure that you have mentioned the correct bank account number
in the Bid cum Application Form;
M. Ensure that the name(s) given in the Bid cum Application Form is/are exactly the same as the name(s) in
which the beneficiary account is held with the Depository Participant. In case of joint Bids, the Bid cum
Application Form should contain the name of only the First Bidder whose name should also appear as
the first holder of the beneficiary account held in joint names;
N. Ensure that you request for and receive a stamped Acknowledgment Slip in the form of a counterfoil or
acknowledgment specifying the application number as a proof of having accepted the of the Bid cum
Application Form for all your Bid options from the concerned Designated Intermediary;
O. Ensure that you submit the revised Bids to the same Designated Intermediary, through whom the original
Bid was placed, and obtain a revised Acknowledgment Slip;
P. Bidders not using the UPI Mechanism, should submit their Bid cum Application Form directly with
SCSBs and/or the designated branches of SCSBs or the relevant Designated Intermediary, as applicable;
Q. Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by the
courts, who, in terms of the circular (no. MRD/DoP/Cir-20/2008) dated June 30, 2008 issued by the
SEBI, may be exempt from specifying their PAN for transacting in the securities market, (ii) submitted
by investors who are exempt from the requirement of obtaining/specifying their PAN for transacting in
the securities market, and (iii) Bids by persons resident in the state of Sikkim, who, in terms of the SEBI
circular dated July 20, 2006, may be exempted from specifying their PAN for transacting in the securities
market, all Bidders should mention their PAN allotted under the Income Tax Act. The exemption for the
Central or the State Government and officials appointed by the courts and for investors residing in the
State of Sikkim is subject to (a) the Demographic Details received from the respective depositories
confirming the exemption granted to the beneficiary owner by a suitable description in the PAN field
and the beneficiary account remaining in “active status”; and (b) in the case of residents of Sikkim, the
address as per the Demographic Details evidencing the same. All other applications in which PAN is not
mentioned will be rejected;
524R. Ensure that thumb impressions and signatures other than in the languages specified in the Eighth
Schedule to the Constitution of India are attested by a Magistrate or a Notary Public or a Special
Executive Magistrate under official seal;
S. Ensure that the category and the investor status is indicated in the Bid cum Application Form to ensure
proper upload of your Bid in the electronic Bidding system of the Stock Exchanges;
T. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trusts, etc., the
relevant documents, including a copy of the power of attorney, if applicable, are submitted;
U. Ensure that Bids submitted by any person outside India is in compliance with applicable foreign and
Indian laws;
V. Since the Allotment will be in demat form only, ensure that the depository account is active, the correct
DP ID, Client ID, the PAN, and UPI ID (for UPI Bidders Bidding through UPI Mechanism) and PAN
are mentioned in their Bid cum Application Form and that the name of the Bidder, the DP ID, Client ID,
UPI ID (for UPI Bidders bidding through UPI Mechanism) and the PAN entered into the online IPO
system of the Stock Exchanges by the relevant Designated Intermediary, as applicable, matches with the
name, DP ID, Client ID, UPI ID (for UPI Bidders bidding through UPI Mechanism) and PAN available
in the Depository database;
W. Ensure that while Bidding through a Designated Intermediary, the ASBA Form is submitted to a
Designated Intermediary in a Bidding Centre and that the SCSB where the ASBA Account, as specified
in the ASBA Form, is maintained has named at least one branch at that location for the Designated
Intermediary to deposit ASBA Forms (a list of such branches is available on the website of SEBI at
www.sebi.gov.in);
X. The ASBA Bidders shall use only their own bank account or only their own bank account linked UPI ID
for the purposes of making Application in the Offer, which is UPI 2.0 certified by NPCI;
Y. In case of UPI Bidders, once the Sponsor Banks issues the Mandate Request, the UPI Bidders would be
required to proceed to authorize the blocking of funds by confirming or accepting the UPI Mandate
Request to authorize the blocking of funds equivalent to application amount and subsequent debit of
funds in case of Allotment, in a timely manner;
Z. UPI Bidders Bidding using the UPI Mechanism should mention valid UPI ID of only the Bidder (in case
of single account) and of the First Bidder (in case of joint account) in the Bid cum Application Form;
AA. Ensure that when applying in the Offer using the UPI Mechanism, the name of your SCSB appears in
the list of SCSBs displayed on the SEBI website which are live on UPI. Further, also ensure that the
name of the app and the UPI handle being used for making the application is also appearing in Annexure
‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019;
BB. In case of ASBA Bidders (other than 3-in-1 Bids) Syndicate Members shall ensure that they do not upload
any bids above ₹ 0.50 million;
CC. UPI Bidders who wish to revise their Bids using the UPI Mechanism, should submit the revised Bid with
the Designated Intermediaries, pursuant to which UPI Bidders should ensure acceptance of the UPI
Mandate Request received from the Sponsor Banks to authorize blocking of funds equivalent to the
revised Bid Amount in the UPI Bidder’s ASBA Account;
DD. Anchor Investors should submit the Anchor Investor Application Forms to the BRLMs;
EE. FPIs making MIM Bids using the same PAN, and different beneficiary account numbers, Client IDs and
DP IDs, are required to submit a confirmation that their Bids are under the MIM Structure and indicate
the name of their investment managers in such confirmation which shall be submitted along with each
of their Bid cum Application Forms. In the absence of such confirmation from the relevant FPIs, such
MIM Bids shall be rejected;
525FF. Bids received from FPIs bearing the same PAN shall not be treated as multiple Bids in the event such
FPIs utilise the MIM Structure and such Bids have been made with different beneficiary account
numbers, Client IDs and DP IDs;
GG. UPI Bidders Bidding through UPI Mechanism shall ensure that details of the Bid are reviewed and
verified by opening the attachment in the UPI Mandate Request and then proceed to authorize the UPI
Mandate Request using his/her/its UPI PIN. Upon the authorization of the mandate using his/her UPI
PIN, a UPI Bidder may be deemed to have verified the attachment containing the application details of
the UPI Bidder in the UPI Mandate Request and have agreed to block the entire Bid Amount and
authorizes the Sponsor Banks to block the Bid Amount mentioned in the Bid cum Application Form;
HH. Ensure that you have accepted the UPI Mandate Request received from the Sponsor Banks prior to 5:00
p.m. on the Bid/ Offer Closing Date;
II. Bids by Eligible NRIs, HUFs and any individuals, corporate bodies and family offices who are FPIs and
registered with SEBI for a Bid Amount of less than ₹0.20 million would be considered under the Retail
Portion for the purposes of allocation and Bids for a Bid Amount exceeding ₹0.20 million would be
considered under the Non-Institutional Portion for allocation in the Offer;
JJ. Ensure that you have correctly signed the authorization/undertaking box in the Bid cum Application
Form, or have otherwise provided an authorization to the SCSB or the Sponsor Banks, as applicable, via
the electronic mode, for blocking funds in the ASBA Account equivalent to the Bid Amount mentioned
in the Bid cum Application Form, as the case may be, at the time of submission of the Bid. In case of
UPI Bidders submitting their Bids and participating in the Offer through the UPI Mechanism, ensure that
you authorize the UPI Mandate Request raised by the Sponsor Banks for blocking of funds equivalent to
Bid Amount and subsequent debit of funds in case of Allotment;
KK. Ensure that the Demographic Details are updated, true and correct in all respects; and
LL. Ensure that your PAN is linked with your Aadhaar card, and that you are in compliance with notification
dated February 13, 2020 and the press release dated June 25, 2021, September 17, 2021, March 30, 2022
and March 28, 2023, each issued by the Central Board of Direct Taxes.
The Bid cum Application Form was liable to be rejected if the above instructions, as applicable, were not complied
with. Application made using incorrect UPI handle or using a bank account of an SCSB or SCSBs which is not
mentioned in the Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019
is liable to be rejected.
Don’ts:
A. Do not Bid for lower than the minimum Bid size;
B. Do not submit a Bid using UPI ID, if you are not a UPI Bidder;
C. Do not Bid/revise the Bid Amount to an amount calculated at less than the Floor Price or higher than the
Cap Price;
D. Do not Bid for a Bid Amount exceeding ₹ 0.20 million (for Bids by Retail Individual Bidders);
E. Do not Bid at Cut-off Price (for Bids by QIBs and Non-Institutional Bidders);
F. Do not pay the Bid Amount in cheques, demand drafts, cash, money order, postal order or by stock invest;
G. Do not send Bid cum Application Forms by post; instead submit the same to the Designated Intermediary
only;
H. Do not submit the Bid cum Application Forms to any non-SCSB bank or our Company;
I. Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA
process;
526J. Do not submit the Bid for an amount more than funds available in your ASBA account;
K. Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Equity Shares or the Bid
Amount) at any stage, if you are a QIB or a Non-Institutional Bidders. Retail Individual Bidders, Eligible
Employees Bidding in the Employee Reservation Portion and Eligible Shareholders Bidding under the
Shareholder Reservation Portion can revise or withdraw their Bids on or before the Bid/Offer Closing Date;
L. Do not submit your Bid after 3.00 p.m. on the Bid/Offer Closing Date;
M. Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediary;
N. If you are a QIB, do not submit your Bid after 3 p.m. on the Bid/Offer Closing Date for QIBs;
O. In case of ASBA Bidders (other than 3 in 1 Bids) Syndicate Members shall ensure that they do not upload
any bids above ₹ 0.50 million;
P. Do not Bid for Equity Shares in excess of what is specified for each category;
Q. In case of ASBA Bidders and UPI Bidders using UPI mechanism, do not submit more than one Bid cum
Application Form per ASBA Account or UPI ID, respectively;
R. Do not make the Bid cum Application Form using third party bank account or using third party linked bank
account UPI ID;
S. Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid cum
Application Forms in a colour prescribed for another category of Bidder;
T. Do not submit a Bid in case you are not eligible to acquire Equity Shares under applicable law or your
relevant constitutional documents or otherwise;
U. Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minors
having valid depository accounts as per Demographic Details provided by the depository);
V. Do not fill up the Bid cum Application Form such that the number of Equity Shares Bid for exceeds the
Offer size and/or investment limit or maximum number of the Equity Shares that can be held under the
applicable laws or regulations, or under the terms of the Red Herring Prospectus;
W. Do not submit the General Index Register (GIR) number instead of the PAN;
X. Do not submit incorrect details of the DP ID, Client ID, the PAN and UPI ID, if applicable, or provide details
for a beneficiary account which is suspended or for which details cannot be verified by the Registrar to the
Offer;
Y. Do not submit the ASBA Forms to any Designated Intermediary that is not authorized to collect the relevant
ASBA Forms or to our Company;
Z. Do not submit Bids to a Designated Intermediary at a location other than at the relevant Bidding Centres. If
you are RIB and are using UPI mechanism, do not submit the ASBA Form directly with SCSBs;
AA. Do not submit the Bid without ensuring that funds equivalent to the entire Bid Amount are available for
blocking in the relevant ASBA account;
BB. Anchor Investors should not Bid through the ASBA process;
CC. Do not Bid on a Bid cum Application Form that does not have the stamp of a Designated Intermediary;
DD. Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediaries;
527EE. Do not link the UPI ID with a bank account maintained with a bank that is not UPI 2.0 certified by the NPCI
in case of Bids submitted by UPI Bidders using the UPI Mechanism;
FF. UPI Bidders Bidding through the UPI Mechanism using the incorrect UPI handle or using a bank account
of an SCSB or a bank which is not mentioned in the list provided in the SEBI website is liable to be rejected;
GG. Do not submit more than one Bid cum Application Form for each UPI ID in case of UPI Bidders Bidding
using the UPI Mechanism; and
HH. Do not Bid if you are an OCB.
The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not
complied with.
For helpline details of the BRLMs pursuant to the SEBI ICDR Master Circular, see “General Information –Book
Running Lead Managers” on page 97.
Grounds for technical rejection
In addition to the grounds for rejection of Bids on technical grounds as provided in the GID, Bidders were
requested to note that Bids maybe rejected on the following additional technical grounds:
(a) Bids submitted without instruction to the SCSBs to block the entire Bid Amount;
(b) Bids which do not contain details of the Bid Amount and the bank account details in the ASBA Form;
(c) Bids submitted on a plain paper;
(d) Bids submitted by UPI Bidders through an SCSBs and/or using a mobile application or UPI handle, not
listed on the website of SEBI;
(e) Bids under the UPI Mechanism submitted by UPI Bidders using third-party bank accounts or using a
third-party linked bank account UPI ID (subject to availability of information regarding third-party
account from Sponsor Bank(s));
(f) Anchor Investors should submit Anchor Investor Application Form only to the Book Running Lead
Managers;
(g) Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediary;
(h) ASBA Form by the UPI Bidders using third party bank accounts or using third party linked bank account
UPI IDs;
(i) ASBA Form submitted to a Designated Intermediary does not bear the stamp of the Designated
Intermediary;
(j) Bids submitted without the signature of the First Bidder or Sole Bidder;
(k) The ASBA Form not being signed by the account holders, if the account holder is different from the
Bidder;
(l) Bids by persons for whom PAN details have not been verified and whose beneficiary accounts are
“suspended for credit” in terms of SEBI circular CIR/MRD/DP/ 22 /2010 dated July 29, 2010;
(m) GIR number furnished instead of PAN;
(n) Bids by RIBs with Bid Amount of a value of more than ₹200,000;
(o) Bids by persons who are not eligible to acquire Equity Shares in terms of all applicable laws, rules,
regulations, guidelines and approvals;
(p) Bids accompanied by stock invest, money order, postal order, or cash; and
(q) Bids uploaded by QIBs after 4.00 pm on the QIB Bid/Offer Closing Date and by Non-Institutional
Bidders uploaded after 4.00 p.m. on the Bid/Offer Closing Date, and Bids by RIBs and Eligible
Employees uploaded after 5.00 p.m. on the Bid/Offer Closing Date, unless extended by the Stock
Exchanges. On Bid/Offer Closing Date, extension of time may be granted by Stock Exchanges only for
uploading Bids received RIBs and Eligible Employees under the Employee Reservation Portion, after
taking into account the total number of Bids received and as reported by the BRLMs to the Stock
Exchanges.
Further, in case of any pre-Offer or post Offer related issues regarding share certificates/demat credit/refund
orders/unblocking etc., investors shall reach out the Company Secretary and Chief Compliance Officer. For details
of the Company Secretary and Compliance Officer, see “General Information – Company Secretary and
Compliance Officer” on page 97.
528For details of grounds for technical rejections of a Bid cum Application Form, please see the General Information
Document.
Names of entities responsible for finalising the basis of allotment in a fair and proper manner
The authorized employees of the Designated Stock Exchange, along with the BRLMs and the Registrar, shall
ensure that the Basis of Allotment is finalized in a fair and proper manner in accordance with the procedure
specified in SEBI ICDR Regulations.
Method of allotment as may be prescribed by SEBI from time to time
Our Company will not make any allotment in excess of the Equity Shares through the Red Herring Prospectus
and this Prospectus except in case of oversubscription for the purpose of rounding off to make allotment, in
consultation with the Designated Stock Exchange. Further, upon oversubscription, an allotment of not more than
one per cent of the Offer may be made for the purpose of making allotment in minimum lots.
The allotment of Equity Shares to Bidders other than to the RIBs, NIBs and Anchor Investors was on a
proportionate basis within the respective investor categories and the number of securities allotted were rounded
off to the nearest integer, subject to minimum allotment being equal to the minimum application size as determined
and disclosed.
The Allotment of Equity Shares to each Retail Individual Investor was required to be not be less than the minimum
Bid Lot, subject to the availability of shares in Retail Individual Investor category, and the remaining available
shares, if any, shall be allotted on a proportionate basis. Not less than 15% of the Net Offer shall be available for
allocation to Non-Institutional Bidders. The Equity Shares available for allocation to Non-Institutional Bidders
under the Non-Institutional Portion, shall be subject to the following: (i) one-third of the portion available to Non-
Institutional Bidders shall be reserved for applicants with an application size of more than ₹ 0.20 million and up
to ₹ 1.00 million, and (ii) two-third of the portion available to Non-Institutional Bidders shall be reserved for
applicants with an application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either
of the aforementioned sub-categories may be allocated to applicants in the other sub-category of Non-Institutional
Bidders. The allotment to each Non-Institutional Bidder shall not be less than the Minimum NIB Application
Size, subject to the availability of Equity Shares in the Non-Institutional Portion, and the remaining Equity Shares.
The allotment of Equity Shares to each Retail Individual Bidder and Non-Institutional Bidder shall not be less
than the minimum bid lot, subject to the availability of shares in the Retail Portion and Non-Institutional Bidder,
and the remaining available shares, if any, shall be allotted on a proportionate basis.
Payment into Escrow Accounts for Anchor Investors
Our Company, in consultation with the BRLMs, in its absolute discretion, has decided the list of Anchor Investors
to whom the CAN have been sent, pursuant to which the details of the Equity Shares allocated to them in their
respective names will be notified to such Anchor Investors. Anchor Investors should transfer the Bid Amount
(through direct credit, RTGS, NACH or NEFT) to the Escrow Account(s). For Anchor Investors, the payment
instruments for payment into the Escrow Account(s) were required to be drawn in favour of:
(a) In case of resident Anchor Investors: “BHARAT COKING COAL LTD ANCHOR R A/C”; and
(b) In case of Non-Resident Anchor Investors: “BHARAT COKING COAL LTD ANCHOR NR A/C”.
Anchor Investors should note that the escrow mechanism is not prescribed by the SEBI and has been established
as an arrangement between our Company, the Promoter Selling Shareholder, the Syndicate, the Escrow Collection
Bank and the Registrar to the Offer to facilitate collections of Bid amounts from Anchor Investors.
Pre-Offer Advertisement
Subject to Section 30 of the Companies Act, 2013, our Company, after filing the Red Herring Prospectus with the
RoC, published a pre-Offer and Price Band advertisement, in the form prescribed by the SEBI ICDR Regulations,
in: (i) all editions of Financial Express, a widely circulated English national daily newspaper; (ii) all editions of
529Jansatta, a Hindi national daily newspaper; and (iii) Dhanbad edition of Bihar Observer a widely circulated Hindi
newspaper, (Hindi being the regional language of Jharkhand, where our Registered and Corporate Office is
located), each with wide circulation.
In the pre-Offer advertisement, we stated the Bid/Offer Opening Date and the Bid/Offer Closing Date. The
advertisement, subject to the provisions of Section 30 of the Companies Act, 2013, was in the format prescribed
in Part A of Schedule X of the SEBI ICDR Regulations.
Allotment advertisement
The Allotment Advertisement shall be uploaded on the websites of our Company, BRLMs and Registrar to the
Offer, before 9:00 p.m. IST, on the second Working Day after the Bid/ Offer Closing Date, provided such final
listing and trading approval from each of BSE and NSE is received prior to 9:00 p.m. IST on such day. In the
event that the final listing and trading approval from each of BSE and NSE is received post 9:00 p.m. IST on the
second Working Day after the Bid/ Offer Closing Date, then the Allotment Advertisement shall be uploaded on
the websites of our Company, BRLMs and Registrar to the Offer, following the receipt of final listing and trading
approval from each of BSE and NSE.
Our Company, the BRLMs and the Registrar shall publish an allotment advertisement not later than one Working
Day after the date of commencement of trading, disclosing the date of commencement of trading in (i) all editions
of Financial Express, a widely circulated English national daily newspaper; (ii) all editions of Jansatta, a Hindi
national daily newspaper; and (iii) Dhanbad edition of Bihar Observer a widely circulated Hindi newspaper,
(Hindi being the regional language of Jharkhand, where our Registered and Corporate Office is located), each
with wide circulation.
The information set out above is given for the benefit of the Bidders/applicants. Our Company, severally
and not jointly and the Book Running Lead Managers are not liable for any amendments or modification
or changes in applicable laws or regulations, which may occur after the date of this Prospectus.
Bidders/applicants are advised to make their independent investigations and ensure that the number of
Equity Shares Bid for do not exceed the prescribed limits under applicable laws or regulations.
Signing of the Underwriting Agreement and the RoC Filing
a. Our Company, the Promoter Selling Shareholder and the Underwriters have entered into an Underwriting
Agreement dated January 13, 2026.
b. After signing the Underwriting Agreement, this Prospectus has been with the RoC in accordance with
applicable law, which is termed as this ‘Prospectus’. This Prospectus contains details of the Offer Price,
the Anchor Investor Offer Price, Offer size, and underwriting arrangements and is complete in all
material respects.
Impersonation
Attention of the Bidders is specifically drawn to the provisions of sub-section (1) of Section 38 of the
Companies Act, which is reproduced below:
“Any person who:
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or
subscribing for, its securities; or
(b) makes or abets making of multiple applications to a company in different names or in different
combinations of his name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to
him, or to any other person in a fictitious name, shall be liable for action under Section 447.”
The liability prescribed under Section 447 of the Companies Act, for fraud involving an amount of at least ₹1
million or 1% of the turnover of the Company, whichever is lower, includes imprisonment for a term which shall
not be less than six months extending up to 10 years and fine of an amount not less than the amount involved in
the fraud, extending up to three times such amount (provided that where the fraud involves public interest, such
530term shall not be less than three years.) Further, where the fraud involves an amount less than ₹ 1.00 million or
one per cent of the turnover of the company, whichever is lower, and does not involve public interest, any person
guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine
which may extend to ₹ 5.00 million or with both.
Undertakings by our Company
Our Company undertakes the following:
• adequate arrangements were made to collect all Bid cum Application Forms submitted by Bidders;
• the complaints received in respect of the Offer were attended to by our Company expeditiously and
satisfactorily;
• all steps for completion of the necessary formalities for listing and commencement of trading at all the
Stock Exchanges where the Equity Shares are proposed to be listed within three Working Days of the
Bid/Offer Closing Date or such other time as may be prescribed by the SEBI or under any applicable law
shall be taken;
• if Allotment is not made within the prescribed time period under applicable law, the entire Bid amount
received will be refunded/unblocked within the time prescribed under applicable law, failing which
interest will be due to be paid to the Bidders at the rate prescribed under applicable law for the delayed
period;
• the funds required for making refunds (to the extent applicable) to unsuccessful Bidders as per the
mode(s) disclosed shall be made available to the Registrar to the Offer by our Company;
• where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable
communication shall be sent to the Bidder within the time prescribed under applicable law, giving details
of the bank where refunds shall be credited along with amount and expected date of electronic credit of
refund;
• no further issue of the Equity Shares shall be made until the Equity Shares issued through the Red Herring
Prospectus and this Prospectus are listed or until the Bid monies are unblocked in ASBA
Account/refunded on account of non-listing, under-subscription, etc.; and
• if our Company, in consultation with the BRLMs withdraws the Offer after the Bid/ Offer Closing Date
and thereafter determines that it will proceed with an issue of the Equity Shares, it shall be required to
file a fresh draft red herring prospectus with the SEBI.
Undertakings by the Promoter Selling Shareholder
The Promoter Selling Shareholder, severally and not jointly, undertake the following:
• it is the legal and beneficial owner of the Offered Shares and that the Offered Shares shall be transferred
to the successful Bidders free from liens, charges and encumbrances.
• it shall not have any recourse to the proceeds of the Offer for Sale until final listing and trading approvals
have been received from the Stock Exchanges;
• it shall not offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or
services or otherwise to the Bidder for making a Bid in the Offer, and shall not make any payment, direct
or indirect, in the nature of discounts, commission, allowance or otherwise to any person who makes a
Bid in the Offer;
• it shall provide reasonable support and extend such reasonable cooperation as may be required by our
Company and the BRLMs in redressal of such investor grievances that pertain to the Offered Shares.
Utilization of Net Proceeds
Our Company and the Promoter Selling Shareholder, severally and not jointly, specifically confirm that all monies
received out of the Offer shall be credited/transferred to a separate bank account other than the bank account
referred to in sub-section (3) of Section 40 of the Companies Act.
531RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES
Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India
and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign
investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner in which
such investment may be made. Under the Industrial Policy, unless specifically restricted, foreign investment is
freely permitted in all sectors of the Indian economy up to any extent and without any prior approvals, but the
foreign investor is required to follow certain prescribed procedures for making such investment. The RBI and the
concerned ministries/departments are responsible for granting approval for foreign investment.
The Government of India has from time to time made policy pronouncements on foreign direct investment
(“FDI”) through press notes and press releases. The Department for Promotion of Industry and Internal Trade,
Ministry of Commerce and Industry, Government of India (earlier known as the Department of Industrial Policy
and Promotion) (“DPIIT”), issued the FDI Policy, which, with effect from October 15, 2020 consolidated,
subsumed and superseded all previous press notes, press releases and clarifications on FDI issued by the DPIIT
that were in force and effect as of and prior to October 15, 2020. The FDI Policy will be valid until the DPIIT
issues an updated circular.
The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the
RBI, provided that: (i) the activities of the investee company are under the automatic route under the FDI Policy
and transfer does not attract the provisions of the SEBI Takeover Regulations; (ii) the non-resident shareholding
is within the sectoral limits under the FDI Policy; and (iii) the pricing is in accordance with the guidelines
prescribed by the SEBI/RBI. For details of the aggregate limit for investments by NRIs and FPIs in our Company,
see “Offer Procedure—Bids by Eligible NRIs” and “Offer Procedure—Bids by FPIs” on page 516 and 517,
respectively.
In accordance with existing regulations issued by the RBI, OCBs cannot participate in this Offer.
Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the
Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from
April 22, 2020, any investment, subscription, purchase or sale of equity instruments by entities of a country which
shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen
of any such country (“Restricted Investors”), will require prior approval of the Government, as prescribed in the
FDI Policy and the FEMA Rules. Further, in the event of transfer of ownership of any existing or future foreign
direct investment in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within
the aforesaid restriction/ purview, such subsequent change in the beneficial ownership will also require approval
of the Government. Furthermore, on April 22, 2020, the Ministry of Finance, Government of India has also made
a similar amendment to the FEMA Rules. Pursuant to the Foreign Exchange Management (Non-debt Instruments)
(Fourth Amendment) Rules, 2020, a multilateral bank or fund, of which India is a member, shall not be treated as
an entity of a particular country nor shall any country be treated as the beneficial owner of the investments of such
bank or fund in India.
Each Bidder should seek independent legal advice about its ability to participate in the Offer. In the event such
prior approval of the Government of India is required, and such approval has been obtained, the Bidder shall
intimate our Company and the Registrar to the Offer in writing about such approval along with a copy thereof
within the Bid/Offer Period.
For further details, see “Offer Procedure” on page 511.
Foreign Exchange Laws
The foreign investment in our Company is governed by inter alia the FEMA, the FEMA Rules, the FDI Policy
issued and amended by way of press notes, and the SEBI FPI Regulations. In terms of the FEMA Rules, for
calculating the aggregate holding of FPIs in a company, holding of all registered FPIs shall be included. The
aggregate limit for FPI investments shall be the sectoral cap applicable to our Company. In accordance with the
FEMA Rules, the total holding by any individual NRI, on a non-repatriation basis and repatriation basis, shall not
exceed 5% of the total paid-up equity capital on a fully diluted basis or shall not exceed five percent of the paid
up value of each series of debentures or preference shares or share warrants issued by an Indian company and the
total holdings of all NRIs and OCIs put together shall not exceed 10% of the total paid-up equity capital on a fully
diluted basis or shall not exceed 10% of the paid-up value of each series of debentures or preference shares or
532share warrant. Provided that the aggregate ceiling of 10% may be raised to 24% if a special resolution to that
effect is passed by the general body of the Indian company. For details of the aggregate limit for investments by
NRIs and FPIs in our Company, see “Offer Procedure – Bids by Eligible NRIs” and “Offer Procedure – Bids by
FPIs” on page 516 and 517, respectively.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, or any state securities laws in the United States, and unless so registered may not
be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the
jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional
buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement
exemption set out in Section 4(a) of the U.S. Securities Act.
The Equity Shares have not been registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except
in compliance with the applicable laws of such jurisdiction.
The above information was given for the benefit of the Bidders. Our Company, the Promoter Selling
Shareholder and the BRLMs are not liable for any amendments or modification or changes in applicable
laws or regulations, which may occur after the date of this Prospectus. Bidders were advised to make their
independent investigations and ensure that the number of Equity Shares Bid for did not exceed the
applicable limits under laws or regulations.
533SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF THE ARTICLES OF
ASSOCIATION
Capitalized terms used in this section have the meanings that have been given to such terms in the Articles of
Association of our Company. Pursuant to the SEBI ICDR Regulations, the main provisions of the Articles of
Association of our Company are detailed below. The Articles have been adopted pursuant to a special resolution
passed by the shareholders of our Company in the extraordinary general meeting held on April 15, 2025, in
substitution for, and to the exclusion of, the earlier articles of association of the Company.
No material clause of the Articles of Association that has a bearing on the Offer and on the disclosures in this
Prospectus has been excluded. Further, the Articles of Association of our Company are in consonance with the
Companies Act and SEBI Act and the regulations made thereunder and meet the requirements as laid down in
law.
ARTICLE OF ASSOCIATION
OF
BHARAT COKING COAL LIMITED
“This set of Articles of Association has been approved pursuant to the provisions of Section 14 of the
Companies Act, 2013 and by a special resolution passed at the extraordinary general meeting of Bharat
Coking Coal Limited (the “Company”) held on April 15, 2025. These Articles have been adopted as the
Articles of Association of the Company in substitution for and to the exclusion of all the existing Articles
thereof.”
PRELIMINARY
The regulations contained in the Table marked ‘F’ in Schedule I to the Companies Act, 2013, as amended
from time to time, shall not apply to the Company, except in so far as the same are repeated, contained or
expressly made applicable in these Articles or by the said Act.
The regulations for the management of the Company and for the observance by the members thereto and
their representatives, shall, subject to any exercise of the statutory powers of the Company with reference to
addition, deletion, alteration, substitution, modification, repeal and variation thereto by special resolution as
prescribed or permitted by the Companies Act, 2013, as amended from time to time, be such as are contained
in these Articles.
DEFINITIONS AND INTERPRETATION
1. In the interpretation of these Articles the following expressions shall have the Interpretation Clause
following meanings, unless repugnant to the subject or context:
“The Act” or “the said Act” means The Companies Act, 2013, including any “The Act” or the said
statutory modification(s) or re-enactment(s) thereof for the time being in Act
force containing the provisions of the Legislature in relation to
companies.
“Articles of Association” or “The Articles” means the Articles of Association The Articles
of the Company, for the time being in force.
“Annual General Meeting” means a General Meeting of the members held in Annual General
accordance with the provisions of section 96 of the Act or any Meeting
adjourned meeting thereof.
“Applicable Law” means the Act, and as appropriate, includes any statute, Applicable Law
law, regulation, ordinance, rule, judgment, order, decree, bye-law, clearance,
directive, guideline, policy, requirement, notifications and clarifications or
other governmental instruction or any similar form of decision of, or
determination by, or any interpretation or administration having the force of
law of any of the foregoing, by any governmental authority having
534jurisdiction over the matter in question, or mandatory standards as may be
applicable from time to time.
“Board Meeting” means a meeting of the Directors duly called and Board Meeting
constituted.
“Board of Directors” or “Board” means the Board of Directors for the time Board of
being of the company. Directors or Board
“Beneficial Owner” means and includes beneficial owner as defined in Beneficial Owner
clause (a) sub-Section (1) of Section 2 of the Depositories Act,1996 or
such other Act as may be applicable.
“Capital” means the Capital for the time being raised or authorized to be Capital
raised for the purposes of the Company.
“The Chairman” means the person who acts as a Chairman of the Board of The Chairman
Directors of the Company.
“CIL” means Coal India Limited, a Company incorporated under the CIL
Companies Act, 1956.
“Committee” means any committee of the Board of Directors of the Committee
Company formed as per the requirements of the Act or for any other
purpose as the Board may deem fit.
“The Company” or “This Company” or “BCCL” means “Bharat Coking The Company or
Coal Limited.” This Company
“Chief Executive Officer” (CEO) or “Chairman cum Managing Director” Chief Executive
(CMD) means an officer of a Company, who has been designated as such by Officer (CEO) or
the Company. Chairman cum
Managing Director
(CMD)
“Chief Financial Officer (CFO)” means a person appointed as Chief Chief Financial
Financial Officer of the Company. Officer (CFO)
“Company Secretary” or “Secretary” means a Company Secretary as defined Company Secretary
in clause (c) of sub-section (1) of section (2) of the Company Secretaries Act, or Secretary
1980(56 of 1980) who is appointed by the Company to perform the functions
of a Company Secretary under the Act.
“Dematerialization” is the process by which shareholder/ debenture holder can Dematerialization
get physical share/debenture certificates converted into electronic balances in
his account maintained with the participant of a Depository.
“Depositories Act” means the Depositories Act, 1996 as amended and the Depositories Act
rules made thereunder and include any statutory modification or re-enactment
thereof for the time being force.
“Depository” shall mean a depository as defined in Clause (e) sub-section Depository
(1) of section 2 of the Depositories Act, 1996 and includes a company formed
and registered under the Companies Act, 1956 which has been granted a
certificate of registration under sub-section (1A) of section 12 of the Securities
and Exchange Board of India Act, 1992.
“Director” means the Director of the Company for the time being, Director
appointed as such.
535“Dividend” means the dividend including any interim dividend, as defined under Dividend
the Act.
“Debenture” includes debenture-stock, bonds and any other debt securities of Debenture
the Company, whether constituting a charge on the assets of the Company
or not.
“Executor” or “Administrator” means a person who has obtained Probate or Executor or
Letters or Administration, as the case may be, from some competent court. Administrator
“Extra-ordinary General Meeting” means an extraordinary general Extra-ordinary
meeting of the members duly called and constituted and any adjourned General Meeting
meeting thereof.
“Electronic Mode” means electronic medium of communication including Electronic Mode
video conferencing or other audio-visual means or other electronic
communication facility capable of being recorded, as may be applicable.
“Financial Year” means the same as in section 2(41) of the Act. Financial Year
“Free Reserves” means such reserves which, as per the latest audited Free Reserves
balance sheet of a Company, are available for distribution as dividend:
Provided that------
i. any amount representing unrealized gains, notional gains or
revaluation of assets, whether shown as a reserve or otherwise, or
ii. any change in carrying amount of an asset or of a liability recognized
in equity, including surplus in profit and loss account on
measurement of the asset or the liability at fair value, shall not be
treated as free reserves.
“Government” means either Central Government or any Government of any Government
of the States of India.
“Government Company” means a Company defined as in section 2(45) of the Government
Act. Company
“Holding Company” in relation to one or more other companies, means a Holding Company
company of which such companies are subsidiary companies.
“In writing or written” means and include printing, typing, lithographing, In writing or written
computer mode and other modes of reproducing words in visible form.
“Independent Director” means an independent Director referred to in sub- Independent
section (6) of section 149 of the Act. Director
“Key Managerial Personnel” or “KMP” means such persons as defined in Key Managerial
section 2(51) of the Act. Personnel
or KMP
“Local Board” means a Board constituted by the Board of Directors Local Board
comprising any person for managing any of the affairs of the Company in any
specified locality in India, or out of India, and to appoint any persons to be
members of such local Board.
“Lien” shall mean any right, title or interest existing or creating or Lien
purporting to exist or created by way of or in the nature of sale, agreement to
sell, pledge, hypothecation, license, hire purchase, lease tenancy, mortgage,
536charge, co-ownership, trespass, squatting, attachment or other process of any
court, tribunal, or authority, statutory liabilities which are recoverable by a
sale of property or any other third party rights or encumbrance generally.
“Managing Director” (MD) means a Director who, by virtue of the Articles of Managing Director
the Company or an agreement with the Company or a resolution passed in its (MD)
general meeting, or by its Board of Directors, is entrusted with substantial
powers of management of the affairs of the Company and includes a Director
occupying the position of Managing Director, by whatever name called.
“Manager” means an individual defined in section 2 (53) of the Act. Manager
“Marginal notes” hereto shall not affect the construction hereof. Marginal Notes
“Meeting or General Meeting” means a meeting of members. Meeting or General
Meeting
“Member or Members” in relation to company, means – (a) the subscribers Member or
to the memorandum of association of the Company who shall be deemed to Members
have agreed to become members of the Company, and on its registration, shall
be entered as member in its register of members, (b) every other person who
agrees in writing to become a member of the Company and whose name is
entered in the register of members of the Company; (c) every person holding
shares in the Company and whose name is entered in register of beneficial
owners as beneficial owner
“Month” means a calendar month. Month
“Office” means the Registered office of the Company. Office
“Ordinary Resolution” means a resolution referred to in section 114 (1) of the Ordinary Resolution
Act.
“President” means the President of India. President
“Paid Up Capital” means the capital which is paid up presently. Paid Up Capital
“Persons” Includes any artificial juridical person, corporations or such Persons
other entities as are entitled to hold property in their own name.
“Postal Ballot” means voting by post through postal papers distributed Postal Ballot
amongst eligible voters and shall include voting by Electronic Mode or any
other mode as permitted under Applicable Law.
“Register of Members”/ “Register of Debenture holders” means Register of Register of
Members including any Foreign Register/ Register of Debenture Holders, Members/ Register
which the Company may maintain pursuant to the Act and includes of Debenture
Register of Beneficial owners. holders
“Register of Beneficial Owners” means the Register of Members in case of Register of
shares held with a Depository in any media as may be permitted by law, Beneficial Owners
including in any form of Electronic Mode.
“Registered Owner” means a depository whose name is entered as such in the Registered Owner
records of the company.
“Registrar and Transfer Agent” (RTA) is a private firm that is registered with
SEBI and provides services for companies that have issued shares to the Registrar and
public. Transfer Agent
537“Seal” means the Common Seal of the Company. Seal
“SEBI” means the Securities & Exchange Board of India. SEBI
“Section” means the relevant section of the Act; and shall, in case of any Section
modification or re- enactment of the Act shall be deemed to refer to any
corresponding provision of the Act as so modified or re-enacted.
“Security or Securities” means the shares, Debentures and/or such other Security or
securities as may be treated as securities under Applicable Law. Securities
“Shares” means the shares into which the capital of the company is Shares
divided whether held in tangible or fungible form.
“Special Resolution” means a resolution referred to in section 114 (2) of the Special Resolution
Act.
“Statutory Auditor” means and includes those persons appointed as such, for Statutory Auditor
the time being, by the Comptroller & Auditor General of India.
“Vice-Chairman” (VC) means the Vice-Chairman of the Company. Vice-Chairman (VC)
“Whole-Time Director” (WTD) means and includes a Director in the Whole-Time
whole-time employment of the Company Director (WTD)
Words importing the masculine gender also include the feminine Gender
gender.
Words importing the plural number also include the singular number. Singular Number
Words importing the singular number also include the plural number. Plural Number
“These Presents” or “Regulations” means these Articles of Association as These Presents or
originally framed or altered from time to time and include the Regulations
Memorandum where the context so requires.
“Subject as aforesaid, any words or expression defined in the Act shall, except Expression in the
so where the subject or context forbids, bear the same meaning in these Act to bear the
Articles.” same meaning in
Articles
Except where the context requires otherwise, these Articles will be interpreted
as follows:
a) headings are for convenience only and shall not affect the construction or
interpretation of any provision of these Articles;
b) where a word or phrase is defined, other parts of speech and grammatical
forms and the cognate variations of that word or phrase shall have
corresponding meanings;
c) the expressions “hereof”, “herein” and similar expressions shall be construed
as references to these Articles as a whole and not limited to the particular
Article in which the relevant expression appears;
d) the ejusdem generis (of the same kind) rule will not apply to the
interpretation of these Articles. Accordingly, include and including will be read
without limitation;
e) any reference to a person includes any individual, firm, corporation,
partnership, company, trust, association, joint venture, government (or agency
or political subdivision thereof) or other entity of any kind, whether or not
having separate legal personality. A reference to any person in these Articles
538shall, where the context permits, include such person’s executors,
administrators, heirs, legal representatives and permitted successors and
assigns;
f) reference to a statute or statutory provision includes, to the extent applicable
at any relevant time:
(a) that statute or statutory provision as from time to time consolidated,
modified, re- enacted or replaced by any other statute or statutory
provision; and
(b) any subordinate legislation or regulation made under the relevant statute or
statutory provision;
g) references to writing include any mode of reproducing words in a legible and
non-transitory form;
h) references to Rupees, Rs., Re., INR, ₹ are references to the lawful currency
of India;
2. The regulation in Table-F in the first schedule to the act, shall not apply to Table-F not to apply
the company except so far as the same are repeated or contained in or expressly
made applicable by these articles or by the act.
3. The Regulations for the management of the Company and for the observance Regulations for the
of the members thereof and their representatives shall, subject as aforesaid and management of the
to any exercise of the statutory powers of the company in reference to the company
repeal or alteration of or addition to its Articles of Association by Special
Resolution, as prescribed or permitted by the Act, be such as are contained in
these Articles.
4. Company is a Public
The Company is a Public Limited Company Limited Company
5. The intention of these articles is to be in consonance with the contemporary Article to be
rules and regulations prevailing in India. If there is an amendment in any Contemporary in
Acts, Rules and Regulations allowing that what were not previously allowed Nature
under the statute, the Articles herein shall be deemed to have been amended
to the extent that Articles will not be capable of restricting what has been
allowed by the Act by virtue of an amendment subsequent to registration of
the Articles.
6. The Share Capital shall be as in clause V of the Memorandum of Capital & Shares
Association (MOA) of the company with power to increase or reduce the
capital and divide the shares in the capital of the Company for the time being
into Equity Share Capital and Preference Share Capital and to attach thereto
respectively any preferential, qualified or special rights including as to voting,
privileges or conditions as may be determined in accordance with these
presents and to modify or abrogate any such rights, privileges or conditions in
such manner as may for the time being be permitted by the said Act.
Save as permitted by Section 67 of the Act, the funds of the Company shall not
be employed in the purchase of, or lent on security, the shares of the Company
and the Company shall not give directly or indirectly, any financial assistance,
whether by way of loan, guarantee, the provisions of security or otherwise, for
the purpose of, or in connection with any purchase of or subscription for Shares
in the Company.
5397. Subject to the applicable Laws, the board may from time to time, increase the Increase in Capital
capital by issuance of new shares. Such increase shall be of such aggregate by The Company
amount and to be divided into such number of shares of such respective and how carried
amounts, as the resolution of the board shall prescribe, Subject to the into effect
provisions of the Act, any shares of the original or increased capital shall be
issued upon such terms and conditions and with such rights and privileges
annexed thereto, as the Board shall determine. Whenever the capital of the
company has been increased under the provisions of this articles, the
directors shall comply with the provisions of Section 64 of the Act or any
such compliance as may be required by the Act for the time being force.
8. Subject to the provisions of section 62 of the Act and these Articles and to Shares and
the rights of CIL, the shares and securities in the Capital of the Company for Securities Shall be
the time being shall be under the control of the Directors, who may issue, under the control
allot or otherwise dispose of the same or any of them to such persons, in such of the directors
proportion and on such terms and conditions and either at a premium or at
par at such time as they may from time to time think fit and to give to any
person or persons the option or right to call for any shares either at par or
premium during such time and for such consideration as the Directors think
fit, and may issue and allot shares in the Capital of the Company or other
securities on payment in full or part of any property sold and transferred or
for any services rendered to the Company in the conduct of its business and
any shares which may so be allotted or may be issued as fully paid up shares
and if so issued, shall be deemed to be fully paid shares. Provided that option
or right to call of shares shall not be given to any person or persons without
the sanction of the Company in the General Meeting.
9. Every person whose name is entered as a member in the Register shall, Share Certificate
without payment be entitled to a certificate under the common seal of the
company, specifying the share or shares held by him and the amount paid
thereon.
If any security certificate be worn out, defaced, mutilated or torn or if there
be no further space on the back thereof for endorsement of transfer upon
production and surrender thereof to the Company, a new certificate may be
issued in lieu thereof, and if any certificate be lost or destroyed then upon
proof thereof to the satisfaction of the Company and on execution of such
indemnity as the Company may deem adequate, being given, a new
certificate in lieu thereof shall be given to the party entitled to such lost or
destroyed certificate. Every certificate under the article shall be issued
without payment of any fees.
Provided that notwithstanding what is stated above the Directors shall
comply with such rules or regulations or the rules made under the Act or any
other Act, or rules applicable in this behalf.
The provision of this article shall mutatis mutandis apply to issue of
certificates of Debentures of the Company.
10. a) Subject to the provision of the Listing Agreement between the company Transfer &
and the Stock Exchange, in the event that the proper documents have been Transmission of
lodged, the company shall register the transfer in the name of the transferee Shares
except:
(i) When the transferee is, in exceptional circumstances, not approved by the
Directors in accordance with the provisions contained herein;
540(ii) When any statutory prohibition or any attachment or prohibitory order of
a competent authority restrains the Company from transferring the securities
out of the name of the transferor;
(iii) When the transferor object to the transfer provided he serves on the
company within a reasonable time a prohibitory order of a court of
competent jurisdiction.
b) Subject to the provisions of Section 56 of the Act, these Articles
and other applicable provisions of the Act or any other law for the
time being in force, the board may refuse, in the interest of the
company or in pursuance of power under any applicable law, to
register the transfer of, or the transmission by operation of law of
the right to, any shares or interest of a member in or Debenture of
the company. The company shall within sixty days from the date on
which the instrument of transfer, or the intimation of such
transmission, as the case may be, was delivered to the company,
send notice of the refusal to the transferee and the transferor or to
the person giving intimation of such transmission, as the case may
be, giving reasons for such refusal. Provided that the registration of
a transfer shall not be refused on the ground of the transferor bring
either alone or jointly with any other person or persons indebted to
the company on any account whatsoever except where the
company has a lien on shares.
c) The board may, subject to the right of appeal conferred by
provisions of section 58 of the Act, and any other Applicable
Law declines to register-
(i) the transfer of a share, not being a fully paid shares, to a person of whom
they do not approve; or
(ii) any transfer of shares on which the company has a lien.
d) The Board may decline to recognize an instrument of transfer unless-
(i) the instrument of transfer is duly executed and is in the form as
prescribed in the Rules made under sub- section (1) of section 56 of the Act
or Applicable Law:
(ii) the instrument o transfer is accompanied by the certificate of the shares
to which it relates, and such other evidences as the Board may reasonably
require to show the right of the transferor to make the transfer; and
(iii) the instrument of transfer is in respect of only one class of shares.
e) No fees shall be charged for registration of transfer, transmission,
probate, Succession certificates and letters of administration,
certificate of death or marriage, power of attorney or similar other
document.
f) The instrument of transfer shall be in common form and in writing
and all provisions of section 56 of the Act and statutory
modifications thereof of the time being shall be duly complied with
in respect of all transfer of shares and registration thereof.
54111. The Company shall keep a book to be called the “Register of Transfer of Register of Transfer
Shares and Transfer of Debentures”, and therein shall be fairly and directly of Shares and
entered particulars of every transfer or transmission of any share or Transfer of
debenture. The Register of Transfers shall not be available for inspection or Debentures
making of extracts by the members of the Company or any other persons.
Entries in the register should be authenticated by the Secretary of the
Company or by any other person authorized by the Board for the purpose, by
appending his signature to each entry.
12. The Company may, from time to time, by ordinary resolution increase the Alteration of Share
share capital by such sum, to be divided into shares of such amount, as may Capital
be specified in the resolution.
A. Subject to the provisions of section 61, the Company may, by ordinary
resolution,—
(a) consolidate and divide all or any of its share capital into shares of larger
amount than its existing shares provided that any consolidation and
division which results in changes in the voting percentage of Members
shall require applicable approvals under the Act;
(b) convert all or any of its fully paid-up shares into stock, and
reconvert that stock into fully paid-up shares of any denomination;
(c) sub-divide its existing shares or any of them into shares of smaller
amount;
(d) Cancel any shares which, at the date of the passing of the resolution,
have not been taken or agreed to be taken by any person, and diminish
the amount of its Share Capital by the amount of Shares so cancelled.
A cancellation of Shares pursuant to this Article shall not be deemed to
be a reduction of the Share Capital within the meaning of the Act.
B. Where shares are converted into stock,—
(a) the holders of stock may transfer the same or any part thereof in the
same manner as, and subject to the same regulations under
which, the shares from which the stock arose might before the
conversion have been transferred, or as
near thereto as circumstances admit:
Provided that the Board may, from time to time, fix the minimum
amount of stock transferable, so, however, that such minimum shall
not exceed the nominal amount of the shares from which the stock
arose.
(b) the holders of stock shall, according to the amount of stock held by
them, have the same rights, privileges and advantages as regards
dividends, voting at meetings of the Company, and other matters, as
if they held the shares from which the stock arose; but no such
privilege or advantage (except participation in the dividends and
profits of the Company and in the assets on winding up) shall be
conferred by an amount of stock which would not, if existing in
shares, have conferred that privilege or advantage.
(c) such of the regulations of the Company as are applicable to paid up
shares shall apply to stock and the words “share” and “shareholder”
in those regulations shall include “stock” and “stock- holder”
respectively.
542C. The Company may, by special resolution as prescribed by the Act,
reduce in any manner subject to, any consent required by law,-
a. Its share capital; and/or
b. Any capital redemption reserve account; and/ or
c. Any share premium account; and/ or
d. Any other reserves as may be applicable
and in particular without prejudice to the generality of the foregoing power
may be: (i) extinguishing or reducing the liability on any of its Shares in
respect of share capital not paid up; (ii) either with or without extinguishing
or reducing liability on any of its Shares, (a) cancel paid up share capital
which is lost or is unrepresented by available assets; or (b) pay off any paid
up share capital which is in excess of the wants of the Company; and may,
if and so far as is necessary, alter its Memorandum, by reducing the amount
of its share capital and of its Shares accordingly.
13. (i) The Company in general meeting may, upon the recommendation of the Capitalisation of
Board, resolve— Profits
(a) that it is desirable to capitalise any part of the amount for the time
being standing to the credit of any of the Company’s reserve
accounts, or to the credit of the profit and loss account, or otherwise
available for distribution; and
(b) that such sum be accordingly set free for distribution in the manner
specified in clause (ii) (a) amongst the members who would have been
entitled thereto, if distributed by way of dividend and in the same
proportions.
(ii) The sum aforesaid shall not be paid in cash but shall be applied, subject
to the provision contained herein, either in or towards—
(a) paying up any amounts for the time being unpaid on any shares held
by such members respectively;
(b) paying up in full, unissued shares or other securities of the Company
to be allotted and distributed, credited as fully paid-up, to and
amongst such members in the proportions aforesaid;
(c) partly in the way specified in sub-clause (ii) (a) and partly in that
specified in sub-clause (ii) (b);
(d) a securities premium account and a capital redemption reserve
account or any other permissible reserve account may, for the
purposes of this regulation, be applied in the paying up of unissued
shares to be issued to members of the Company as fully paid bonus
shares;
(e) The Board shall give effect to the resolution passed by the Company
in pursuance of this regulation
(i) Whenever such a resolution as aforesaid shall have been passed,
the Board shall—
543a) make all appropriations and applications of the undivided profits
resolved to be capitalised thereby, and all allotments and issues of
fully paid shares if any; and
b) generally do all Acts and things required to give effect thereto.
(ii) The Board shall have power-
a) to make such provisions, by the issue of fractional certificates
or by payment in cash or otherwise as it thinks fit, for the case of
shares becoming distributable infractions; and
b) to authorize any person to enter, on behalf of all the members entitled
thereto, into an agreement with the Company providing for the
allotment to them respectively, credited as fully paid-up, of any
further shares to which they may be entitled upon such capitalisation,
or as the case may require, for the payment by the Company on their
behalf, by the application thereto of their respective proportions of
profits resolved to be capitalised, of the amount or any part of the
amounts remaining unpaid on their existing shares;
(iii) Any agreement made under such authority shall be effective and binding
on such members.
14. (a) New shares shall be issued upon such terms and conditions and with Further issue of
such rights and privileges annexed thereto as the general meeting may shares
resolve, provided that no shares (not being preference share) shall be
issued carrying voting rights or rights in the Company as to dividend,
capital or otherwise, which are disproportionate to the rights attaching
to the holders of other shares (not being preference shares).
(b) Where at any time it is proposed to increase the subscribed Capital of
the Company by allotment of further shares, then:
(i) Such further shares shall be offered to the persons who on the date of
the offer are holders of the equity shares of the Company, in proportion
as nearly as circumstances admit, to the Capital paid-up on those shares
sending a letter of offer, subject to the conditions mentioned in sub –
clause below
(ii) Such offer shall be made by a notice specifying the number of
shares offered and limiting a time not being less than fifteen days (or such
lesser number of days as per the applicable provisions of the Act and subject
to the Applicable Law from time to time and the offer if not accepted within
that time limit, will be deemed to have been declined.
Provided that the notice shall be dispatched through registered post
or speed post or through electronic mode or any other mode having proof
of delivery to all the existing Shareholders at least three days before the
opening of the issue.
(iii) The offer aforesaid shall be deemed to include a right exercisable
by the person concerned to renounce the shares offered to him or any
of them in favour of any other person and the notice referred to above
shall contain a statement of this right.
(iv) After the expiry of the time specified in the aforesaid notice or on
receipt of earlier intimation from the person to whom such notice is
given that he declines to accept the shares offered, the Board of
544Directors may dispose of them in such manner as they think most
beneficial to the interest of the Company.
(c) Notwithstanding anything contained in the Article No. 14(b) the further
shares aforesaid may be offered in any manner whatsoever, to any
persons on private placement or on preferential basis, whether or not
those persons include the persons referred to clause (a) and (b) of
Article 14, either for cash or for a consideration other than cash, if the
price of such shares is determined subject to compliance with such
conditions as may be prescribed under the Act and the rules made
thereunder in accordance with the Act and the Rules; or where no such
resolution is passed if so decided by a Special Resolution, as per
Applicable Law.
(d) Nothing contained in Article no. 14(c) hereof shall be deemed;
(i) To extend the time within which the offer should be accepted; or
(ii) To authorize any person to exercise the right of renunciation for a
second time, on the ground that the person in whose favour the
renunciation was first made has declined to take the shares comprised
in the renunciation.
e) Nothing contained in this Article shall apply to the increase of the
subscribed capital of the Company caused by the exercise of an
option attached to the debenture issued or loans raised by the
Company having an option to convert such Debentures or loans into
Equity shares in the Company or to subscribe for shares of the
Company:
(i)To convert such debentures or loans into Equity shares in the Company; or
(ii)To subscribe for shares in the Company (whether such option is conferred
in these Articles or otherwise).
Provided that the terms of issue of such debentures or the terms of such loans
include a term providing for such option and such term:
(a) Either has been approved by the Central Government before the issue of
the debentures or the raising of the loans or is in conformity with the rules, if
any, made by the Government in this behalf; and
(b) In case of debentures or loans or other than debentures issued to or loans
obtained from Government in this behalf, has also been approved by a special
resolution passed by the Company in General Meeting before the issue of the
debentures or raising of the loans.
15. The new shares resulting from an increase of (capital as aforesaid) may When to be offered
be issued or disposed of in accordance with the provisions of Article 8. to Existing
Members:
16. Except so far as otherwise provided by the conditions of issue or by these Same as Original
Articles, any capital raised by the creation of new shares shall be considered Capital
part of the original capital and shall be subject to the provisions herein
contained with reference to the payment of calls and installments, transfer
and transmission, forfeiture, lien, surrender, voting and otherwise.
17. Subject to the provisions of Section 55 of the Act and other Applicable Law, Issue of Redeemable
any preference shares may be issued from time to time, on the terms that they Preference Shares
545are redeemable within 20 years and such other terms as may be decided at
the time of the issue. Further,
(i) Such preference shares shall always rank in priority with respect to
payment of Dividend or repayment of Capital vis-à-vis equity shares;
(ii) The Board may decide on the participation of preference shareholders in
the surplus Dividend, type of preference shares issued whether
cumulative or otherwise, conversion terms into equity if any;
(iii) The Board may decide on any premium on the issue or redemption of
preference shares.
18. Notwithstanding anything contained in these Articles but subject to the Buyback of Shares/
provisions of sections 68 to 70 of the Act and other Applicable Laws, the Securities
Company may purchase its own shares or other specified securities. The
powers conferred herein may be exercised by the Board, at any time and from
time to time, and to the extent permitted by Applicable Law, and shall be
subject to such rules or approval as required.
19. The Board shall be entitled to issue, from time to time, subject to Applicable Provisions
Law, any other Securities, including Securities convertible into Shares, Applicable to any
exchangeable into shares, carrying such terms as to coupon, returns, Other Securities
repayment, servicing, as may be decided by the terms of such issue. Such
securities may be issued either at par or premium and redeemed either at par
or premium, as may be determined by the terms of the issue.
20. Whenever the share capital is divided into different types or classes of Modification of
shares, all or any of the rights and privileges attached to each type or Rights
class may, subject to the provisions of sections 48 of the Act, be varied with
the consent in writing by holders of at least three-fourths of the issued
shares of the class or is confirmed by a special resolution passed at a separate
meeting of the holders of shares of that class.
21. Except as required by law, no person shall be recognized by the Company as Shares Not to be
holding any share upon any trust, and the Company shall not be bound by, Held in Trust
or be compelled in any way to recognize (even when having notice thereof)
any equitable, contingent, future or partial interest in any share, or any
interest in any fractional part of a share, or (except only as by these
regulations or by law otherwise provided) any other rights in respect of
any share except an absolute right to the entirety thereof in the registered
holder.
22. i. The Board of Directors may, from time to time and subject to the Calls
terms on which Securities have been issued and subject to the
conditions of allotment, by a resolution passed at a meeting of the
Board, or otherwise as permitted by Applicable Law make such call
as it thinks fit upon the members in respect of all moneys unpaid on
the shares held by them respectively, and each member shall pay
the amount of every call so made on him to the person or persons
and at the times and places appointed by the Board of Directors. A
call may be made payable by installments.
ii. The option or right to make calls on Securities shall not be given to
any person except with the sanction of the issuer in general
meetings.
iii. Fourteen days notice in writing of any call shall be given by the
Company specifying the time and place of payment, and the person
or persons to whom such call shall be paid.
546iv. A call shall be deemed to have been made at the time when the
resolution authorizing such call was passed at a meeting of the
Board.
v. A call may be revoked or postponed at the discretion of the Board.
vi. The joint-holders of a share or debenture shall be jointly and
severally liable to pay all calls in respect thereof.
vii. The Board may, from time to time at its discretion, extend the time
fixed for the payment of any call, but no member or debenture
holder shall be entitled to such extension save as a matter of grace
and favour.
viii. If the sum payable in respect of any call not paid on or before the
day appointed for payment thereof, the holder for the time being or
allottee of the securities in respect of which a call shall have been
made, shall pay interest on the same at 10% per annum or at such
lower rate, if any as Board of Directors may determine, from the
day appointed for the payment thereof to the day of Actual payment,
but the Board of Directors may waive payment of such interest
wholly or in part.
ix. Any sum, which by the terms of issue of securities becomes
payable on allotment or at any fixed date, whether on account of the
nominal value of the share or by way of premium, shall for the
purposes of these Articles be deemed to be call duly made and
payable on the date on which by the terms of issue the same
becomes payable, and in case of non-payment all the relevant
provisions of these Articles as to payment of interest and expenses,
forfeiture or otherwise shall apply as if such sum had become
payable by virtue of a call duly made and notified.
x. On the trial or hearing of any Action or suit brought by the
Company against any member or debenture holder or his
representatives for the recovery of any money claimed to be due to
the Company in respect of his shares or debentures, it shall be
sufficient to prove that the name of the member or debenture holder
in respect of whose shares or debentures the money is sought to be
recovered, appears entered on the register of members or debenture
holders as the holder, at or subsequently to the date at which the
money sought to be recovered is alleged to have become due on the
share and debentures in respect of which such money is sought to
be recovered, that the resolution making the call is duly recorded in
the minute book; and that notice of such call was duly given to the
member or debenture holder or his representatives sued in
pursuance of these Articles; and that it shall not be necessary to
prove the appointment of the Directors who made such call, nor that
a quorum of Directors was present at the Board at which any call
was made nor that the meeting at which any call was made was duly
convened or constituted nor any other matters whatsoever, but the
proof of the matters aforesaid shall be conclusive of the debt.
xi. Neither the receipt by the Company of a portion of any money
which shall from time to time be due from any member or debenture
holder to the Company in respect of his shares or debentures, either
by way of principal or interest, nor any indulgence granted by the
Company in respect of the payment of any such money, shall
547preclude the Company from thereafter proceeding to enforce a
forfeiture of such shares or debentures as hereinafter provided:
(a) The Directors may, if it thinks fit, subject to the provision of the Act
agree to and receive from any member willing to advance the same,
all or any part of the amounts of his shares beyond the sums actually
called up and upon the money so paid in advance, or upon so much
thereof, from time to time, and at any time thereafter as exceeds the
amount of the calls then made upon and due in respect of the shares
on account of which such advances are made, the Board may pay
or allow interest, at such rate (not exceeding without the sanction of
the Company in General Meeting 12% percent per annum) as the
member paying the sum in advance and the Board agree upon. The
Board may agree to repay at any time any amount so advanced or
may at any time repay the same upon giving to the member three
months’ notice in writing. Provided the moneys paid in advance of
calls shall not confer a right to dividend or to participate in profits.
(b) No member paying any such sum in advance shall be entitled to
participate in profits or dividend or to voting rights in respect of the
money so paid by him until the same would but for such payment
become presently payable.
23. i. The Company shall have a first and paramount lien upon all the shares Lien
(other than fully paid-up shares)/debentures/securities registered in
the name of each member (whether solely or jointly with others)
and upon the proceeds of sale thereof, for all moneys (whether
presently payable or not) called or payable at a fixed time in
respect of such shares/debentures/securities and no
equitable interest in any shares shall be created except upon the
footing and condition that this article will have full effect. And
such lien if any, on a share shall extend to all dividends or interest,
as the case may be, payable and bonuses from time to time declared
in respect of such shares for any money owing to the Company.
Unless otherwise agreed the registration of a transfer of
shares/debentures/securities shall operate as a waiver of the
Company’s lien if any on such shares/debentures/securities. The
Directors may at any time declare any shares/debentures/securities
wholly or in part to be exempt from the provisions of this clause.
ii. The net proceeds of any such sale shall be received by the Company
and applied in or towards payment of such part of the amount in
respect of which the lien exists as is presently payable and the
residue, if any, shall (subject to a like lien for sums not presently
payable as existed upon the shares before the sale) be paid to the
person entitled to the shares/debentures/securities at the date of the
sale. Fully paid up Shares shall be free from all liens. Unless
otherwise agreed, the registration of a transfer of Shares/
Debentures shall operate as a waiver of the Company’s lien if any,
on such Shares/ Debentures.
iii. Any amount paid-up in advance of calls on any share may
carry interest but shall not entitle the holder of the share to
participate in respect thereof, in a dividend subsequently declared.
iv. There will be no forfeiture of unclaimed dividends before
the claim becomes barred by law.
548v. The option or right to call of shares shall not be given to any
person except with the sanction of the company in general meeting;
Provided that a recognised stock exchange may provisionally admit to
dealings the securities of a company which undertakes to amend its articles of
association at it next general meeting so as to fulfill the foregoing
requirements and agrees to act in the meantime strictly in accordance with the
provisions of this clause.
24. i. If any member or debenture holder fails to pay any call or Forfeiture of
installment of a call on or before the day appointed for the payment Shares/Debentures
of the same or any such extension thereof as aforesaid, the Board
may at any time thereafter, during such time as the call or
installment remains unpaid, give notice to him requiring him to
pay the same together with any interest that may have accrued and
all expenses that may have been incurred by the Company by reason
of such non-payment.
ii. The notice shall name a day (not being less than fourteen days from
the date of the notice) and a place or places on and at which such
call or installment and such interest thereon at such rate not
exceeding 20 percent per annum as the Directors shall determine
from the day on which such call or installment ought to have been
paid and expenses as aforesaid are to be paid. The notice shall also
state that, in the event of the non-payment at or before the time and
at the place appointed, the shares or debentures or securities in
respect of which the call was made or installment is payable will be
liable to be forfeited.
iii. If the requirements of any such notice as aforesaid shall not be
complied with, every or any share or debenture or securities in
respect of which such notice has been given, may at any time
thereafter before payment of all calls or installments, interest and
expenses due in respect thereof, be forfeited by a resolution of the
Board to that effect. Such forfeiture shall include all dividends
declared or interest or any other moneys payable in respect of the
forfeited share or debenture and not actually paid before the
forfeiture.
iv. When any share or debenture or securities have been so forfeited,
notice of the forfeiture shall be given to the member or debenture
holder in whose name it stood immediately prior to the forfeiture,
and an entry of the forfeiture, with the date thereof, shall forthwith
be made in the register of members or register of debenture holders
but no forfeiture shall be in any manner invalidated by any-
omission or neglect to give such notice or to make any such entry
as aforesaid.
v. Any share or debenture or securities so forfeited shall be deemed to
be the property of the Company, and may be sold, re-allotted, or
otherwise disposed of, either to the original holder thereof or to any
other person, upon such terms and in such manner as the Board shall
think fit.
vi. Any member whose shares or debenture holder whose debentures
have been forfeited shall notwithstanding the forfeiture, be liable
to pay and shall forthwith pay to the Company, on demand all calls,
installments , interest and expenses owing upon or in respect of
such shares or debentures at the time of the forfeiture, together with
interest thereon from the time of the forfeiture until payment, at
549such rate not exceeding 20% per annum as the Board may
determine and the Board may enforce the payment thereof, if it
thinks fit.
vii. The forfeiture of a share or debenture shall involve extinction, at
the time of the forfeiture, of all interest in and all claims and
demands against the Company, in respect of the share or debenture
and all other rights incidental to the share, except only such of these
rights as by these Articles are expressly saved.
viii. A duly verified declaration in writing that the declarant is a Director
or secretary of the Company and that a share or debenture or
securities in the Company has been duly forfeited in accordance
with these Articles on a date stated in the declaration, shall be
conclusive evidence of the facts therein stated as against all persons
claiming to be entitled to the shares or debentures.
ix. Upon any sale after forfeiture or for enforcing a lien in purported
exercise of the powers hereinbefore given, the Board may appoint
some person to exercise an instrument of transfer of the shares or
debentures sold and cause the purchaser’s name to be entered in the
register in respect of the shares or debentures sold and the purchaser
shall not be bound to see to the regularity of the proceedings, or to
the application of the purchase money, and after his name has been
entered in the register in respect of such shares or debentures, the
validity of the sale shall not be impeached by any person and the
remedy of any person aggrieved by the sale shall be in damages
only and against the Company exclusively.
x. Upon any sale, re-allotment or other disposal under the provisions
of the preceding Articles, the certificate or certificates originally
issued in respect of the relative shares or debentures shall (unless
the same shall on demand by the Company have been previously
surrendered to it by the defaulting member or debenture holder)
stand cancelled and become null and void and of no effect, and the
Directors shall be entitled to issue a new certificate or certificates
in respect of the said shares or debentures to the person or persons
entitled thereto.
xi. The Board may at any time before any share or debentures or
securities so forfeited shall have been sold, re-allotted or otherwise
disposed of, annul the forfeiture thereof upon such conditions as it
thinks fit.
24(A) Subject to the provisions of section 62 of the Act and the applicable Law, the Employees Stock
company may issue options, to any directors not being independent Options
Directors, officers, or employees of the company, its subsidiaries which
would give such Directors, officers or employees, the benefit or right to
purchase or subscribe at a future date, the securities offered by the company
at a predetermined price, in terms of schemes of employee stock options or
employees share Purchase or both provided that it will be lawful for such
scheme to require an employee, officer or Directors, upon leaving the
company to transfer securities acquired in pursuance of such an option, to
trust or other body established for benefit of Employees.
24(B) Subject to and in compliance with section 54 and other applicable Law the Power to issue Sweat
company may issue equity share to its employees or Directors at a discount Equity Shares
or for consideration other than cash for providing know – how or making
550available right in the nature of intellectual property right or value additions,
by whatever name called.
24(C) (a) Notwithstanding anything contained in these Articles, the Board shall be Dematerialization of
entitled to dematerialize or rematerialize its securities (both present and Securities
future) held by it with the depository and to offer its Securities for
subscription in a dematerialized form pursuant to the depositories Act. 1996
and the rule framed there under if any
(b) Every person subscribing to securities offered by the company shall have
the option to receive the security certificates or to hold securities with a
depository. Such a person who is the beneficial owner of securities can at
any time opt out of a depository, if permitted by law, in respect of any
security and the company shall, in the manner and within the time prescribed
provided by the Depositories Act, 1996 issued to the beneficial owner the
required certificates of securities.
If a person opts to hold his securities with a depository, then notwithstanding
anything to the contrary contained in the Act in these Articles, the company
shall intimate such Depository the details of allotment of the securities and
on receipt of the information the Depository shall enter in its record the name
of the allottee as the beneficial owner of the securities.
(c) All securities held by a depository shall be dematerialized and shall be in
fungible form. Nothing contained in section 89 of the Act shall apply to a
depository in respect of securities held by it on behalf of the beneficial
owners.
(d) (i) Notwithstanding anything to the contrary contained in the Act or in
these Articles, a depository shall be deemed to be the registered owner for
the purposes of effecting transfer of ownership of security on behalf of the
beneficial owner.
(ii) Save as otherwise provided in (i) above, the Depository as the registered
owner of the securities shall not have any voting rights or any other rights in
respect of the securities held by it.
(iii) Every person holding securities of the company and whose name is
entered as the beneficial owner in the records of the Depository shall be
deemed to be member / debenture holder, as the case as the case may be of
the company. The beneficial owner of securities shall be entitled to all the
rights and benefits and be subject to all the liabilities in respect of his
securities which are held by a depository.
(e) Notwithstanding anything to the contrary contained in the Act or in these
Articles where securities are hold in depository, the records of the beneficial
ownership may be served by such Depository on the company by means of
Electronic Mode.
(f) Nothing contained in the Act or in these Articles, shall apply to a transfer
or transmission of securities of securities where the company has not issued
any certificates and where such securities are being held in an electronic and
fungible from in a Depository .In such cases the provisions of the
depositories Act, 1996 shall apply.
(g) Notwithstanding anything to the contrary contained in the Act or these
Articles, after any issue where the securities are dealt with by a
Depository the company shall intimated the details thereof to the
depository immediately on allotment of the such securities.
551(h) Nothing contained in the Act or in these Articles the necessity of
having distinctive number for securities issued by the company shall
apply to securities held by a Depository.
(i) Notwithstanding anything contained in these Articles the company shall
have the right to issue securities in a public offer in dematerialized from as
required by applicable law and subject to the provisions of Applicable Law,
trading in the securities of the company post- listing shall be in the demat
segment of the relevant stock Exchange, in accordance with the directions of
SEBI, the stock exchange and the terms of the listing agreements to be entered
in to with the relevant Stock Exchanges.
24(D) (i) subject to provision of section 40(6) of the Act and the Rules made Underwriting and
thereunder and subject to the applicable SEBI Guidelines and subject to the Brokerage
terms of issue of the shares or Debentures or any securities as defined in the
Securities Contract (Regulation) Act, 1956 the company may at any time pay
a commission out of proceeds of the issue or profit or both to any person in
consideration of his subscribing or agreeing to subscribe (whether absolute
or conditionally) for any share or debenture of the company or underwriting
or procuring or agreeing to procure subscriptions (whether absolute or
conditionally) for shares, debentures of the company so that the commission
shall not exceed in the case of share five percent of the price at which the
shares are issued and in the case of the debentures, two and a half per cent of
the price at which the debentures are issued or at such rate as may be fixed
by the Board within the overall limit prescribed under the Act or Securities
and Exchange Board of India Act, 1992. Such commission may be satisfied
by the payment of cash or allotment of fully or partly paid shares /debentures
/ securities or party in one way and partly in other.
(ii) The company may, subject to applicable law pay a reasonable and
lawful sum of brokerage.
25. Any debentures, debenture stock, bonds or other Securities may be issued on Terms of Issue of
such terms and conditions as the Board may think fit. Provided that Securities
debenture with a right to allotment of or conversion into equity shares shall
be issued in conformity with the provisions of Section 62 of the Act.
Debentures, debenture stock, bonds and other securities may be made
assignable free from any equities from the Company and the person to whom
it may be issued. Debentures, debenture- stock, bonds or other securities with
a right of conversion into or allotment of shares shall be issued only with
such sanctions as may be applicable.
26. i. The Company shall maintain a Register of Members and index in Register of Members
accordance with Section 88 of the Act. The details of shares held in
physical or dematerialized forms may be maintained in a media
as may be permitted by law including in any form of electronic
media.
ii. A member, or other Security holder or Beneficial Owner may make
inspection of Register of Members and annual return. Any person
other than the Member or Debenture holder or Beneficial Owner of
the Company shall be allowed to make inspection of the Register
of Members and annual return on payment of Rs. 50 or such higher
amount as permitted by Applicable Law as the Board may
determine, for each inspection. Inspection may be made during
business hours of the Company during such time, not being less
than 2 hours on any day, as may be fixed by the Company Secretary
from time to time.
552iii. Such person, as referred to in Article 26 (ii) above, may be allowed
to make copies of the Register of Members or any other register
maintained by the Company and annual return, and require a copy
of any specific extract therein, on payment of Rs. 50 for each page,
or such higher amount as permitted under Applicable Law.
27. Subject to the approval of the President/CIL and the provisions of these Borrowing Powers
Articles and provisions of Section 73 to 76, 179, 180 of the Act, the Board
may by means of a resolution passed at a meeting of the Board from time to
time, borrow and/or secure the payment of any sum or sums of money for
the purposes of the Company, provided that no approval of President/CIL
would be necessary for borrowing from the banks for the purpose of
meeting the working capital requirements on the hypothecation of the
Company’s Current Assets.
28. The Company shall keep at its registered office a Register of Charges in the Register of Charges
manner as prescribed in Applicable Law and enter therein particulars of all
charges registered with the Registrar of Companies on any property acquired
subject to a charge as well as particulars of any modification of a charge and
satisfaction of charge.
The above Register and the instrument of charges kept by the Company shall
be open for inspection-
(a) by any member or creditor of the Company without fees; and
(b) by any other person on payment of a fee of Rs. 50/-only
29. a) The Annual General Meeting shall be called during business hours, General Meeting
that is, between 9 A.M. and 6 P.M. on any day that is not a national
holiday and shall be held either at the registered office of the
Company or at some other place within the city, town or village in
which the registered office of the Company is situated.
b) All General Meetings other than Annual General Meeting shall be
called as an Extraordinary General Meeting.
c) In the case of an Annual General Meeting, all businesses to be
transacted at the meeting shall be deemed special, with the
exception of business relating to:
(i) The consideration of financial statements and the reports of the
Board of Directors and auditors;
(ii) The declaration of any Dividend;
(iii) The appointment of Directors in place of those retiring;
(iv) The appointment of auditors by the Comptroller & Auditor
General of India and fixing of their remuneration by the
shareholders of the Company.
d) In case of any other meeting, all business shall be deemed special.
e) The Board may, whenever it thinks fit, call an Extraordinary
General Meeting.
f) The intent of these Articles is that in respect of seeking the sense of
the members or members of a class or any security holders, the
Company shall, subject to Applicable Law, be entitled to seek assent
of members, members of a class of members or any holders of
553securities using such contemporaneous methods of communication
as is permitted by Applicable Law. A written resolution including
that obtained through Electronic Mode shall be deemed to be
sanction provided by the member, member of a class or other security
holder by way of personal presence in a meeting
g) The Board may, whenever it thinks fit, call an Extraordinary General
Meeting and it shall do so upon a requisition in writing by any
member or members holding in the aggregate not less than one-tenth
of such of the paid-up capital as on the date carries the right of voting
in regard to the matter in respect of which the requisition has been
made.
h) Any meeting called as above by the requisitionists shall be called in
the same manner, as nearly as possible, as that in which meetings are
to be called by the Board.
i) Where there is voting in General Meeting, the person chairing the
General Meeting may require a poll to be conducted.
j) At least twenty one clear days notice in writing, specifying the place,
date, day and hour of General Meetings, with a statement of the
business to be transacted at the meeting shall be served in writing or
through electronic mode, to every member or legal representative of
any deceased member or the assignee of an insolvent member,
auditor(s) and Directors of the Company.
k) A General Meeting may be called at a shorter notice, if consented to
either by way of writing or any electronic mode by not less than 95%
of the members entitled to vote at such meeting.
l) The accidental omission to give notice to or the non-receipt thereof
by any member shall not invalidate any resolution passed at any such
meeting.
m) No business shall be transacted at any General Meeting unless a
quorum of members is present at the time when the meeting proceeds
to business.
n) Save as otherwise provided herein, the quorum for the General
Meetings shall be as provided in section 103 of the Act.
o) If, at the expiration of half an hour from the time appointed for
holding a meeting of the Company, a quorum is not present, the
meeting, if convened by or upon the requisition of members shall
stand dissolved, but in any other case the meeting shall stand
adjourned to the same day in the next week or, if that day is a public
holiday, until the next succeeding day which is not a public holiday,
at the same time and place, or to such other day and at such other
time and place as the Board may determine and if at such adjourned
meeting a quorum is not present at the expiration of half an hour from
the time appointed for holding the meeting, the members present
shall be quorum and may transact the business for which the meeting
was called.
p) No business shall be discussed at any General Meeting except
the election of a Chairman, while the chair is vacant.
q) The Chairman shall be entitled to take the chair at every General
Meeting of the Company.
554r) If there is no such Chairman or if he is not to be present within
fifteen minutes after the time appointed for holding such meeting or
is unwilling to Act as Chairman of the meeting, the Directors present
shall elect one of their members to be Chairman of the meeting.
s) If at any meeting no Director shall be present within fifteen minutes
after the time appointed for holding the meeting or if all the Directors
present decline to take the chair, then the members present shall
choose one of their member to be Chairman of the meeting.
t) The Chairman of any meeting shall be the sole judge of the validity
of every vote tendered at such meeting. The Chairman present at the
taking of a poll shall be the sole judge of the validity of every vote
tendered at such poll
u) The Chairman of General Meeting may with the consent of any
meeting at which a quorum is present, and shall, if so directed by the
meeting adjourn the same, from time to time and from place to place.
v) No business shall be transacted at any adjourned meeting other than
the business left unfinished at the meeting from which the
adjournment took place.
w) When a meeting is adjourned for thirty days or more, notice of the
adjourned meeting shall be given as in the case of an original
meeting.
x) Save as aforesaid, and as provided in section 103 of the Act, it shall
not be necessary to give any notice of an adjournment or of the
business to be transacted at an adjourned meeting.
30. a) Subject to any rights or restrictions for the time being attached to Voting Rights of
any class or classes of shares,— Members
(i) on a show of hands, every Member present in person shall have one vote.
(ii) on a poll, the voting rights of Members shall be in proportion to his share
in the paid-up equity share capital of the Company.
b) In the case of joint holders, the vote of the senior who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the
votes of the other joint holders. For this purpose, seniority shall be
determined by the order in which the names stand in the register of
members.
c) A Member of unsound mind, or in respect of whom an order has been
made by any court having jurisdiction in lunacy, may vote, whether on a
show of hands or on a poll, by his Committee or other legal guardian, and
any such Committee or guardian may, on a poll, vote by proxy.
d) Any business other than that upon which a poll has been demanded may
be preceded with, pending the taking of the poll.
e) No objection shall be raised as to the qualification of any voter except at
the meeting or adjourned meeting at which the vote objected to is given
or tendered, and every vote not disallowed at such meeting shall be valid
for all purposes.
f) Any such objection made in due time shall be referred to the Chairman
of the meeting, whose decision shall be final and conclusive.
555g) Subject to the provisions of these Articles, votes may be given either
personally or by proxy. A body corporate being a member may vote by a
representative duly authorised in accordance with section 113 of the Act,
and such representative shall be entitled to exercise the same rights and
powers (including the rights to vote by proxy) on behalf of the body
corporate, which he represents as the body could exercise if it were an
individual member.
a) The instrument appointing a proxy and the power-of-attorney or other
authority, if any, under which it is signed or a notarised copy of that power
or authority, shall be deposited at the registered office of the Company
not less than 48 hours before the time for holding the meeting or
adjourned meeting at which the person named in the instrument proposes
to vote.
b) Every proxy (whether a member or not) shall be appointed in writing
under the hand of the appointer or his attorney, or if such appointer is a
body corporate, under the common seal of such corporate, or be signed
by an officer or any attorney duly authorised by it, and any Committee or
guardian may appoint such proxy. An instrument appointing a proxy shall
be in the form as prescribed in terms of section 105 of the Act.
c) (i) A member present by proxy shall be entitled to vote only on a poll,
except where Applicable Law provides otherwise.
(ii).The proxy so appointed shall not have any right to speak at the meeting.
(iii).A vote given in accordance with the terms of an instrument of proxy
shall be valid, notwithstanding the previous death or insanity of the principal
or the revocation of the proxy or of the authority under which the proxy was
executed, or the transfer of the shares in respect of which the proxy is given;
provided that no intimation in writing of such death, insanity, revocation or
transfer shall have been received by the Company at its office before the
commencement of the meeting or adjourned meeting at which the proxy is
used.
(iv).A form of proxy shall be in the manner laid down under section 105 of
the Act read with Rule 19 (3) of the Companies (Management &
Administration) Rules, 2014 and as amended from time to time.
(v). Save as herein otherwise provided, the Directors shall be entitled to treat
the person whose name appears on the register of members as the holder of
any share as the absolute owner thereof and accordingly shall not (except as
ordered by a Court of competent jurisdiction or as bye-law required) be
bound to recognize any benami trust or equitable contingent or other claim
to or interest in such share on the part of any person whether or not it shall
have express or implied notice thereof.
d) (i) Where permitted/required by Applicable Law, all records to be
maintained by the Company may be kept in electronic form subject to the
provisions of the Act and the conditions as laid down in the Applicable Law.
Such records shall be kept open to inspection in the manner as permitted by
the Act and Applicable Law.
(ii) The Company shall cause minutes of all proceedings of every
General Meeting to be kept by making within thirty days of the
conclusion of every such meeting concerned, entries thereof in books
kept for that purpose with their pages consecutively numbered.
(iii) Any such minutes shall be evidence of the proceedings recorded therein.
556(iv) The book containing the minutes of proceedings of General Meetings
shall be kept at the registered office of the Company and shall be open
during business hours, for such periods not being less than 2 hours on
any day, as may be fixed by the Company secretary from time to time,
to the inspection of any member without charge.
(v) Any member of the Company shall be entitled to a copy of minutes of the
General Meeting on receipt of a specific request and at a fee of Rs.
10/- (rupees ten only) for each page, or such higher amount as the Board
may determine, subject to any Applicable Law.
31. a) The business of the Company shall be managed by the Board of Board of Directors
Directors subject to the compliance of conditions stipulated in
Department of Public Enterprises Office Memorandum no.
DPE/11(2)/97-fin dated 22nd July, 1997, regarding
Navratna/Miniratna Status PSUs Guidelines, as modified from time
to time.
b) The first directors of the Company were:
1. Shri S.B. Lal
2. Shri T. L. Sankar
3. Shri G.V. G. Raman
Number of Directors Number of
Directors
The President shall from time to time determine the number of Directors of
the Company which shall be not less than 3 and not more than 15. These
Directors may be either Whole Time Functional Directors or Part- Time
Directors. However, the Company may appoint more than 15 Directors after
passing a special resolution. The Directors are not required to hold any
qualification shares. Composition of the Board shall be in accordance with
the provisions of section 149 of the Act and other Applicable Laws. Provided
that where there are temporary gaps in meeting the requirements of
Applicable Law pertaining to composition of Board of Directors, the
remaining Directors shall be (a) entitled to transact the business for the
purpose of attaining the required composition of the Board and (b) would be
entitled to carry out such business as may be required in the best interest of
the Company in the meantime.
Appointment of Functional Directors
Appointment of
Functional Directors
The President may from time to time, appoint one or more Functional
Directors who shall be whole time employees of the Company.
Additional Director
Additional Director
Subject to the provisions of sections 149, 152 and 161 of the Act and
Applicable Laws, the President shall have the power to appoint an Additional
Director provided the number of the Directors and Additional Directors
together shall not at any time exceed the maximum strength fixed for the
Board by these Articles. Such person shall hold office only up to the date of
the next Annual General Meeting of the Company but shall be eligible for
appointment by the Company as a Director at that meeting subject to the
provisions of the Act.
557Nominee Director Nominee Director
In the event of Company borrowing any money from any financial
corporation or institution or government or any Government body or a
collaborator, bank, person or persons or from any other source, while any
money remains due to them or any of them, the lender concerned may have
and may exercise the right and power to appoint, from time to time, any
person or persons to be a Director or Directors of the Company.
The Nominee Director/s appointed under this Article shall be entitled to
receive all notices of and attend all General Meetings, Board meetings and
of the meetings of the committee of which Nominee Director/s is/are
member/s as also the minutes of such Meetings. The Corporation shall also
be entitled to receive all such notices and minutes. The Company may pay
the Nominee Director/s sitting fees and expenses to which the other Directors
of the Company are entitled, but if any other fees commission, monies or
remuneration in any form is payable to the Directors of the Company the
fees, commission, monies and remuneration in relation to such Nominee
Director/s may accrue to the nominee appointer and same shall accordingly
be paid by the Company directly to the Corporation. Provided that the sitting
fees, in relation to such Nominee Director/s shall also accrue to the appointer
and same shall accordingly be paid by the Company directly to the appointer.
Such Nominee Director(s) appointed under Article 140(a) shall not be
required to hold any share qualification in the Company, and subject to
applicable Law, such Nominee Director(s) appointed under Article 140(a)
shall not be liable to retire by rotation of Directors
A Nominee Director may at any time be removed from the office by the
appointing authority who may from the time of such removal or in case of
death or resignation of person, appoint any other or others in his place. Any
such appointment or removal shall be in writing, signed by the appointer and
served on the Company. Such Director need not hold any
qualification shares.
Chairman/ CMD/
Chairman/CMD/Managing Director/CEO Managing Director/
CEO
The Chairman/CMD/Managing Director/CEO of the Company shall be
appointed by the President and the terms and conditions of his appointment
shall be determined by the President, subject to the provisions of the Act. An
individual may be appointed or reappointed by the President as the Chairman
of the Company as well as the Managing Director of the Company at the
same time. Such person shall preside at all meetings of the Board as well as
General Meetings of the Company. The Chairman shall not be liable to retire
by rotation.
Vice-Chairman,
Vice-Chairman, Whole-Time Functional Directors and Other Directors
Whole-Time
Subject to the provisions of the Act, in addition to the Chairman/ CMD/
Functional Directors
Managing Director/CEO, the President shall also appoint Vice-Chairman,
and Other Directors
Whole-Time Functional Directors and other Directors in consultation with
the Chairman.
No such consultation will be necessary in case of appointment of the
Director(s) representing the Government.
Remuneration to
Remuneration to Directors
Directors
The Directors shall be paid such salary and/or allowances as the President
may, from time to time determine. Subject to the provision of the Act, such
additional remuneration as may be fixed by the President may be paid to any
or more Directors for extra or special services rendered by him or them;
558provided that where the Company takes a Directors’ Liability Insurance,
specifically pertaining to a particular Director, then the premium paid in
respect of such insurance, for the period during which a Director has been
proved guilty, will be treated as part of remuneration paid to such Directors.
The Board or a relevant Committee constituted for this purpose shall seek to
ensure that the remuneration paid to Directors, KMP and Senior
Management Personnel involves a balance between fixed and incentive pay
reflecting short and long-term performance objectives appropriate to the
working of the Company and its goals.
Entrust and Confer
Powers
Entrust and Confer Powers
Subject to the provisions of section 179 and 180 of the Act, the Board may,
from time to time, entrust and confer upon the Chairman/Vice
Chairman/CMD/Managing Director/ CEO/ Director or a Departmental Head
for the time being such of powers as they may think fit and may confer such
powers for such time and to be exercised for such objects and purposes and
upon such terms and conditions and with such restrictions as they may think
expedient and may, from time to time, revoke, withdraw, alter or vary all or
any such powers.
Sitting Fees Sitting Fees
The Non-official Part-time Directors may be paid sitting fee for attending
the meetings of Board of Directors or any Committee thereof as may be
decided by the Board from time to time not exceeding the maximum limits
as prescribed under the Act. Fee shall also be paid for attending any separate
meeting of the Independent Directors of the Company in pursuance of any
provision of the Act. Fee shall also be payable for participating in meetings
through permissible electronic mode.
Alternate Directors
Alternate Directors
Subject to the provisions of section 161(2) of the Act, the President may
appoint an Alternate Director to Act for a Director (hereinafter called “the
original Director”) during his absence for a period of not less than three
months from India. An Alternate Director appointed under this article shall
not hold office for a period longer than that permissible to the Original
Director in whose place he has been appointed and shall vacate the office if
and when the Original Director Returns to India. If the terms of office of the
Original Director are determined before he so returns to India, any provisions
in the Act or in these Articles for the automatic reappointment of any
Retiring Director in default of another appointment shall apply to the
Original Director, and not to the Alternate Director.
For the purpose of absence in the Board Meetings in terms of section 167
(1) (b) of the Act, the period during which an Original Director has an
Alternate Director appointed in his place, shall not be considered.
Casual Vacancy Casual Vacancy
Subject to the provisions of the Act, the President shall have the power at
any time and from time to time to appoint any person to be a Director to fill
up a casual vacancy in the office of a Director. Any person so appointed shall
hold office only up to the date up to which the Director in whose place he is
appointed would have held office if it had not vacated by him.
559Removal of Director Removal Of Director
Subject to the provisions of the Act, the President may from time to time or
at any time remove the Chairman, Vice Chairman, CMD, CEO or any Whole
Time or Part Time Director from office at his absolute discretion. Chairman,
Vice Chairman, CMD, and Whole Time Director may be removed from
office in accordance with terms of appointment or, if no such terms are
specified on the expiry of 3 months notice issued in writing by the President
or with immediate effect on payment of the pay in lieu of notice period.
The President shall have right to fill any vacancy in the office of the
Chairman, Vice Chairman, CMD, Managing Director, CEO, Whole Time
Directors or Director caused by retirement, removal, resignation, death or
otherwise, subject to the provisions of the Act.
Any Director of the Company, except the one appointed by the National
Company Law Tribunal, may be removed by way of ordinary resolution
before the expiry of his term of office, subject to the provisions of section
169 of Act.
Resignation by Director
Resignation of
Subject to the provisions of section and subject to the provisions of Director
Applicable Law, a Director may resign from his office by giving a notice in
writing to the Company and Board shall take note of the same. The Act of
such resignation shall be mentioned in the Directors report laid in the
immediately following General Meeting by the Company.
CMD, Managing Director, CEO or a Whole-Time Director or any Executive
Director who has any terms of employment with the Company shall not give
any notice of resignation in breach of the conditions of employment as may
be applicable, either to a Director specifically, or to
employees of the Company generally. A nominee Director shall not give any
notice of resignation except through the nominating person.
The resignation of a Director shall take effect from the date on which the
notice is received by the Company or the date, if any, specified by the
Director in the notice, whichever is later; provided that the Director who has
resigned shall be liable even after his resignation for the offences which
occurred during his tenure
Vacation Of Office of
Vacation of Office of Director Director
The office of a Director shall ipso facto be vacated:
On the happening of any of the events as specified in section 167 of the Act,
or:
(i) If a person is a Director of more than the number of companies as
specified in the Act at a time;
(ii) In the case of Alternate Director, on return of the original Director in
terms of section 161 of the Act;
(iii) Having been appointed as a Director by virtue of his holding any
office or other employment in the Company, he ceases to hold such
office or other employment in the Company;
(iv) If he is removed in pursuance of section 169 of the Act;
560(v) Any other disqualification that the Act for the time being in force may
prescribe.
(a) No person not being a retiring Director, shall be eligible for
appointment to the office of Director at any General Meeting unless
he or some member intending to propose him as a Director, has,
not less than fourteen days before the meeting, left at the registered
office of the Company a notice in writing under his hand signifying
his candidature for the office of Director or the intention of such
member to propose him as a candidate for that office along with the
requisite deposit of Rupees One (1) lac or such higher amount as
the Board may determine, as permissible by Applicable Law.
(aa) Every person (other than a Director retiring by rotation or otherwise
or a person who has left at the office of the Company a notice under
section 160 of the Act signifying his candidature for the office of a
Director) proposed as a candidate for the office of a Director, shall
sign and file with the Company, the consent in writing to Act as a
Director, if appointed.
(aaa) A person other than a Director re-appointed after retirement by
rotation immediately on the expiry of his term of office, or an
additional or alternate Director, or a person filling a casual vacancy
in the office of a Director under section 161 of the Act, appointed
as a Director or re-appointed as an additional or alternate Director,
immediately on the expiry of his term of office, shall not Act as a
Director of the Company unless he has submitted consent in writing
to Act as a Director of the Company and the same is filed with the
Registrar within thirty days of his appointment.
Woman Director Women Director
Subject to the second proviso to Section 149 (1) of the Act and other
applicable laws and Government Guidelines, if any, issued from time to
time, the Company may have at least one Woman Director on the Board.
Independent Directors Independent Director
Subject to the provisions of Section 149(6) of the Act and other
Applicable Laws as well as Government Guidelines issued from time to
time, the President shall have the power to appoint requisite number of
Independent Directors to comply with the Act as amended from time to time.
i. Every Independent Director shall at the first meeting of the Board in
which he participates as a Director and thereafter at the first meeting of
the Board in every financial year or whenever there is any change in
the circumstances which may affect his status as an Independent
Director, give a declaration that he meets the criteria of independence.
ii. The Company and Independent Directors are required to abide by the
provisions specified in Schedule IV of the Act.
iii. An Independent Director shall not be entitled to any stock option and
may receive remuneration by way of sitting fee, reimbursement of
expenses for participation in the Board and other meetings and also to
such commission based on profits, as may, subject to provisions of
Applicable Law, be approved by the Members.
iv. An Independent Director shall be held liable, only in respect of such
acts of omission or commission by a Company which had occurred with
561his knowledge, attributable through Board processes, and with his
consent or connivance or where he had not acted diligently.
v. The provisions relating to retirement of Directors by rotation shall not
be applicable to appointment of Independent Directors.
vi. Subject to Applicable Law and Government Guidelines, if any, issued
from time to time, an Independent Director shall hold office for a term
for which he is appointed upto a maximum period of 5 (five)
consecutive years on the Board of a Company, but shall be eligible for
reappointment for one more term on passing of a Special Resolution by
the Company and disclosure of such appointment in the Board’s report.
vii. No Independent Director shall hold office for more than 2 (two)
consecutive terms, but such Independent Director shall be eligible for
appointment after the expiration of 3(three) years of ceasing to become
an Independent Director provided that he shall not, during the said period
of 3 (three) years, be appointed in or be associated with the Company in
any other capacity, either directly or indirectly
32. Subject to the provisions of the Applicable Law, the Chairman shall reserve Reserve for Decision
for decision of the President/CIL any proposals or decisions of the Board of of the President/
Directors or any matter brought before the Board which raises in the opinion CIL
of the Chairman, an important issue and which is on that account fit to be
reserved for the decision of the President/CIL and no decision on such an
important issue shall be taken in the absence of the Chairman appointed by
the President/CIL.
Without prejudice to the generality of the above provision, the Board shall
reserve for the decision of the President/CIL any matter relating to:
a) Any programme of capital expenditure for an amount exceeding the
limits, if any, contained in the government guidelines issued from time
to time.
b) The Company's revenue budget in case there is an element of deficit
which is proposed to be met by obtaining funds from the
Government/CIL.
c) The five-year and annual plans of development and the Company’s
Capital Budget.
d) Agreement involving foreign collaboration proposed to be entered into
by the Company.
e) Winding up of the Company.
f) Promotion of wholly or partly owned Company (ies) or subsidiary (ies)
including participation in their share capital and entering into
partnership and/or arrangements for sharing profits, subject to the
government guidelines issued in this regard from time to time.
g) Sale, lease, disposal or otherwise of the whole or substantially the
whole of the undertaking of the Company.
33. a) Notwithstanding anything contained in all these Articles the President/CIL Directives from the
may from time to time issue such directives or instructions as may be President/CIL
considered necessary in regard to conduct of, business and affairs of the
Company and in like manner may vary and annul any such directive or
562instruction. 'The Directors shall give immediate effect to the directives or
instruction so issued. In particular, the President/CIL will have the powers:
(i) to give directives to the Company as to the exercise and performance of
its functions in matters involving national security or substantial public
interest;
(ii) to call for such returns, accounts and other information with respect to
the property and Activities of the Company and its constituent units as
may be required from time to time ;
(iii) to determine in consultation with the Board annual, short and long-
term financial and economic objectives of the Company.
Provided that all directives issued by the President/ CIL shall be in writing
addressed to the Chairman. The Board shall, except where the President/CIL
considers that the interest of national security require otherwise, incorporate
the contents of directives issued by the President
/CIL in the annual report of the Company and also indicate its impact on the
financial position of the Company.
(b) No action shall be taken by the Company in respect of any proposal
or decision of the Directors reserved for the approval of the President/CIL
until his approval to the same has been obtained. The
President/CIL shall have the power to modify such proposals or decision of
the Directors
34. Subject to Applicable Law, a Director or any related party as defined in Director’s and
section 2 (76) of the Act or other Applicable Law may enter into any contract Related Party
with Company for the sale, purchase or supply of any goods, materials, or Contract with the
services, or other contract involving creation or transfer of resources, Company
obligations or services, subject to such sanctions as required by Applicable
Law. Unless so required by Applicable Law, no sanction shall, however, be
necessary for any contracts with a related party entered into arm’s length
basis. Where a contract complies with such conditions or indicia of arm’s
length contracts as laid down in a policy on related party transactions framed
by the Board and approved in a General Meeting, the contract shall be
deemed to be a contract entered into on arm’s length basis. In the absence of
such a policy, the Board shall be at liberty to determine the arms’ length
nature of any business subject to the provisions of any Applicable Law and
proper justification being noted for the same.
35. Every director shall at the first meeting of the Board in which he participates Disclosure by
as a director and thereafter at the first meeting of the Board in every financial Directors
year or whenever there is any change in the disclosures already made, then
at the first Board meeting held after such change, disclose his concern or
interest in any company or companies or bodies corporate, firms, or other
association of individuals which shall include the shareholding, in the
manner as prescribed under Section 184 of the Act.
A Director of the Company who is in any way, whether directly or indirectly,
concerned or interested in a contract or arrangement or proposed contract or
arrangement entered into or to be entered into by or on behalf of the
Company, shall disclose the nature of his concern or interest at a meeting of
the Board in the manner provided in section 184(2) of the Act; provided that
it shall not be necessary for a Director to disclose his concern or interest in
any contract or arrangement entered into or to be entered into with any other
body corporate where the Director of the Company either himself or in
563association with any other Director hold or holds not more than two per
cent of the paid-up share capital in such other body corporate.
36. Subject to the provisions of Section 184 of the Act, no Director shall act as Interested Director
Director or take any part in the discussion of, or vote on any contract or not To Participate
arrangement entered into by or on behalf of the Company, if he is in any way or Vote in Board’s
whether directly or indirectly concerned or interested in such contract or Proceeding:
arrangement; nor shall his presence count for the purpose of forming a
quorum at the time of any such discussion or vote; and if he does vote,
his vote shall be void.
37. The Company shall keep a register in accordance with section 189 (1) of the Register of
Act and Applicable Law. The register shall be kept at the registered office of Contracts in which
the Company and shall be preserved permanently and kept in the custody of Directors are
the Company secretary of the Company or any other person authorized by Interested
the Board for the purpose.
Such a register shall be open to inspection at such office, and extracts may
be taken there from and copies thereof may be provided to a member of the
Company on his request, within seven days from the date on which such
request is made and upon the payment of Rs.10 (ten rupees) per page, or
such higher amount as may be laid by the Board, as permitted by Applicable
Law.
38. The Company shall keep at its registered office a register containing the Register of
particulars of its Directors and Key Managerial Personnel, which shall Directors and Key
include the details of Securities held by each of them in the Company or its Managerial
holding, subsidiary, subsidiary of Company’s holding Company or associate Personnel and their
companies in accordance to Section 170 of the Act and Applicable Shareholding
Law.
39. a) The Directors may meet together as a Board from time to time for Board Meeting
the conduct of the business of the Company, adjourn or otherwise
regulate its meetings, as it thinks fit.
Notice of Board Meeting Notice of Board
Meeting
b) A meeting of the Board shall be called by giving not less than seven
days notice in writing to every Director at his address registered
with the Company and such notice shall be sent by hand delivery or
by post or by electronic means.
c) The notice of the meeting shall inform the Directors regarding the
option available to them to participate through electronic mode, and
shall provide all the necessary information to enable the Directors
to participate through such electronic mode.
d) A meeting of the Board may be called at shorter notice to transact
urgent business subject to the condition that at least one
independent Director, if any, shall be present at the meeting, or in
case of absence of independent Directors from such a meeting of
the Board, decisions taken at such a meeting shall be circulated to
all the Directors and shall be final only on ratification thereof by at
least one independent Director. Where the Company does not have,
for the time being, any independent Director, a Board meeting may
be called at a shorter notice where such notice is approved by a
majority of Directors present at such meeting.
564Number of Board Meeting Number of Board
Meeting
e) The Board shall meet at least four times every year in such a manner
that not more than one hundred and twenty days shall intervene
between two consecutive meetings of the Board. The Directors may
adjourn and otherwise regulate their meetings as they think fit.
Attendance
Attendance
f) Every Director present at any meeting of the Board or of a
Committee thereof shall sign his name in a book to be kept for that
purpose. The names of Directors who have participated in Board
meetings through electronic mode shall be entered and initialled by
the Company Secretary, stating the manner in which the Director
so participated.
Calling a Board Meeting Calling a Board
Meeting
g) The Chairman/ Vice Chairman/ CMD/ CEO/ Managing Director or
a Director may, and the Company Secretary with the approval of
Chairman/ Vice-Chairman/ CMD summons a meeting of the Board.
Decision at Board Meeting
Decision at Board
h) Save as otherwise expressly provided in the Act, questions arising Meeting
at any meeting shall be decided by a majority of votes and in case
of an equality of votes, the Chairman shall have a second or casting
vote.
Chairman of the Meeting
Chairman of the
i) CMD/ Chairman/ Vice Chairman shall preside at all meetings of the Meeting
Board as well as General Meetings. If an individual is appointed or
reappointed by the President as the Chairman of the Company as
well as the Managing Director of the Company at the same time, in
that case, such person shall preside at all meetings of the Board as
well as General Meetings of the Company. Otherwise, the Board
may elect a Chairman, and determine the period for which he is to
hold office. The Managing Director/CEO may also be appointed
by the Board as the Chairman.
j) If no such Chairman is elected, or if at any meeting the Chairman is
not present within five (05) minutes after the time appointed for
holding the meeting, the Directors present may choose one of their
members to be Chairman of the meeting.
Participation through Electronic Mode
k) Subject to the provisions of section 173(2) of the Act and Participation through
Applicable Law, the Directors may participate in meetings of the Electronic Mode
Board otherwise through physical presence, electronic mode as the
565Board may from time to time decide and Directors shall be allowed
to participate from multiple locations through modern
communication equipments for ascertaining the views of such
Directors who have indicated their willingness to participate by
such electronic mode, as the case may be.
l) The Board may, by way of a resolution passed at a meeting, decide
the venues where arrangements may be made by the Company, at
the Company’s cost, for participation in Board meetings through
electronic mode, as the case may be, in accordance to the provisions
of 173(2) of the Act and Applicable Law. In case of a place other
than such places where Company makes arrangements as above, the
Chairman may decline the right of a Director to participate through
electronic mode in view of concerns of security, sensitivity and
confidentiality of Board proceedings. Where the Chairman so
permits a Director to participate from a place other than the
designated places where the Company has made the arrangements,
the security and confidentiality of the Board proceedings shall be
the responsibility of the Director so participating, and the cost and
expense in such participation, where agreed to by the Chairman,
may be reimbursed by the Company.
m) Subject as aforesaid, the conduct of the Board meeting, where a
Director participates through electronic mode shall be in the manner
as laid down in Applicable Law.
n) The rules and regulations for the conduct of the meetings of the
Board, including for matters such as quorum, notices for meeting
and agenda, as contained in these Articles, in the Act and/or
Applicable Law, shall apply to meetings conducted through
electronic mode, as the case may be.
o) Upon the discussions being held by electronic mode, as the case
may be, the Chairman or the Company secretary shall record the
deliberations and get confirmed the views expressed, pursuant to
circulation of the draft minutes of the meeting to all Directors to
reflect the decision of all the Directors participating in such
discussions.
p) Subject to provisions of section 173 of the Act and the applicable
rules, a Director may participate in and vote at a meeting of the
Board by means of electronic mode which allows all persons
participating in the meeting to hear and see each other and record
the deliberations. Where any Director participates in a meeting of
the Board by any of the means above, the Company shall ensure
that such Director is provided with a copy of all documents referred
to during such Board meeting prior to the commencement of this
Board meeting.
Quorum
q) The quorum for a meeting of the Board shall be determined from
time to time in accordance with the provisions of the section 174
Quorum
of the Act. If a quorum is not present within fifteen minutes from
the time appointed for holding a meeting of the Board it shall be
adjourned until such date and time as the Chairman of the Board
shall decide.
566r) The continuing Directors may Act notwithstanding any vacancy in
the Board; but, if and so long as their number is reduced below the
quorum fixed by the Act for a meeting of the Board, the continuing
Directors or Director may Act for the purpose of increasing the
number of Directors to that fixed for the quorum, or of summoning
a General Meeting of the Company and for no other purpose.
s) A meeting of the Board of which a quorum be present shall be
competent to exercise all or any of the authorities, discretions or
powers as per the guidelines/orders issued by the Govt./CIL from
time to time or under these Articles for the time being vested in or
exercisable by the Board, or in accordance with section 179 (1) of
the Act and rules made thereunder.
Delegation of Power
Delegation of Power by the Board to Committee by the Board to
Committee
t) (i)The Board may, subject to the provisions of the Act, from time to
time and at any time delegate any of their powers, to Committees
consisting of such Director or Directors as it thinks fit, and may
from time to time revoke such delegation. Unless a power of the
Board is not capable of being delegated, such power may be
delegated by the Board to any officer or Committee of officers as
the Board may determine.
(ii)Any Committee of the Board so formed shall in the exercise of
the powers so delegated conform to any regulations that may from
time to time be imposed on it by the Board
(iii)Subject to the provisions of the Companies Act, 2013 and the
Rules made thereunder as well as other applicable laws, chairman
of the committee may be appointed by the board.
u) The meetings and proceedings of any such Committee consisting
of two or more members shall be governed by the provisions herein
contained for regulating the meetings proceedings of the Board so
far as the same are applicable thereto and are not superseded by any
regulations made by the Board.
Passing of Resolution
Passing of Resolution by Circulation
by Circulation
v) Save as otherwise expressly provided in the Act to be passed at a
meeting of the Board and subject to section 175 of the Act or
Applicable Laws, a resolution shall be as valid and effectual as if it
had been passed at a meeting of the Board or Committee of the
Board, as the case may be, duly called and constituted, if a draft
thereof in writing is circulated, together with the necessary
papers, if any, to all the Directors, or to all the members of the
Committee of the Board, as the case may be, at their addresses
registered with the Company in India (not being less in number
than the quorum fixed for a meeting of the Board or Committee, as
the case may be), and has been approved by a majority of the
Directors or members as are entitled to vote on the resolution.
Provided that, where not less than one-third of the total number of
Directors of the Company for the time being require that any
resolution under circulation must be decided at a meeting, the
Chairman shall put the resolution to be decided at a Board
meeting.
567Provided further that where the resolution has been put to vote at a
Board meeting, the consent or dissent of the Directors obtained by
way of resolution by circulation shall be rendered void.
Defects in Appointment of Directors not to Invalidate Actions
Taken
Defects in
Appointment of
w) All Acts done in any meeting of the Board or of a Committee thereof
Directors not to
or by any person acting as a Director, shall, notwithstanding that it
Invalidate Actions
may be afterwards discovered that there was some defect in the
Taken
appointment of any one or more of such Directors or of any person
acting as aforesaid, or that they or any of them were disqualified or
had vacated office or that the appointment of any of them had been
terminated by virtue of any provisions contained in the Act or in
these Articles, be as valid as if every such Director or such person
had been duly appointed and was qualified to be a Director and had
not vacated his office or his appointment had not been terminated;
provided that nothing in this article shall be deemed to give validity
to Acts done by a Director after his appointment has been shown to
the Company to be invalid or to have been terminated.
Minutes
i. The Company shall cause minutes of proceedings of every meeting
of the Board and Committee thereof to be kept in such form by
Minutes
making within thirty days of the conclusion of every such meeting,
entries thereof in the books kept for that purpose with their pages
consecutively numbered in accordance to section 118 of the Act or
Applicable Laws.
ii. Each page of every such book shall be initialled or signed and the
last page of the record of proceedings of each meeting in such book
shall be dated and signed by the Chairman of the said meeting or
the Chairman of the next succeeding meeting.
iii. In no case shall the minutes of proceedings of a meeting be attached
to any such book as aforesaid by pasting or otherwise, if the minutes
are kept in physical form.
iv. The minutes of each meeting shall contain a fair and correct
summary of the proceedings thereat.
v. Where the meeting of the Board takes place through electronic
mode; the minutes shall disclose the particulars of the Directors
who attended the meeting through such means.
vi. The draft minutes of the meeting shall be circulated among all the
Directors within fifteen days of the meeting either in writing or in
electronic mode as may be decided by the Board and/or in
accordance with Applicable Laws.
vii. Every Director who attended the meeting, whether personally or
through electronic mode, shall confirm or give his comments in
writing, about the accuracy of recording of the proceedings of that
particular meeting in the draft minutes, within seven days or some
reasonable time as decided by the Board, after receipt of the draft
minutes failing which his approval shall be presumed.
568viii. All appointments of officers made at any of the meetings aforesaid
shall be included in the minutes of the meetings.
ix. The minutes shall also contain:
(i) The names of the Directors present at the meeting; and
(ii) In the case of each resolution passed at the meeting the names of
the Directors, if any, dissenting from or not concurring in the
resolution.
x. Nothing contained in Articles herein above, shall be deemed to require
the inclusion in any such minutes of any matter which, in the opinion of the
Chairman of the meeting:
a. is, or could reasonably be regarded as defamatory of any person.
b. is irrelevant or immaterial to the proceedings; or
c. is detrimental to the interest of the Company
xi. The Chairman shall exercise an absolute discretion in regard to the
inclusion or non-inclusion of any matter in the minutes on the grounds
specified in this article
xii. Minutes of meetings kept in accordance with the aforesaid provisions
shall be evidence of the proceedings recorded therein
xiii. Any Director of the Company may requisition for physical inspection
of the Board meeting minutes by giving a prior notice of seven days.
Provided that the Director can requisition to inspect Board meeting minutes
only for the period that he is on the Board of the Company.
Provided further that the physical inspection shall be done solely by the
Director himself and not by his authorised representative or any power of
attorney holder or agent.
Chairman of Committee of the Board
xiv. A Committee may elect a Chairman of its meetings if no such Chairman
is elected or if at any meeting the Chairman is not present, within 15 minutes
after the time appointed for holding the same, the members present may
choose one of their member to be Chairman of the meeting.
Chairman of
Committee of the
Directors may be Directors of Companies Promoted by the Company
Board
xv. A Director of this Company may be, or become, a Director of any
Company promoted by this Company or in which it may be interested
as a vendor, member or otherwise.
Directors may be
Directors of
Companies
569Promoted by the
Company
40. The Board may exercise all such powers of the Company and do all such Powers of The Board
acts, and things as are not, by the Act and Applicable Law made thereunder,
or any other Act, or by the Memorandum, or by these Articles of the
Company, required to be exercised by the Company in General Meeting
subject nevertheless to these Articles, to the provisions of the Act and the
Applicable Law made thereunder, or any other Act and to such regulations
being not inconsistent with the aforesaid regulations or provisions, as may
be prescribed by the Company in General Meeting; but no regulations
made by the Company in General Meeting shall invalidate any prior
Act of the Board which would have been valid if that regulation had not been
made.
40(a) The Board may, subject to Applicable Law, also give a loan to a Director or Loan to Directors
any entity in which the Director is interested. Where any sum of money is
payable by a Director, the Board may allow such time for payment of the
said money as is acceptable within customary periods for payment of similar
money in contemporaneous commercial practice. Grant of such period for
payment shall not be deemed to be a “loan” or grant of time for the purpose
of sec 180 (1) (d) of the Act and applicable Law.
40(b) The Board may subject to section 186 of the Act and provisions of Loan and
Applicable Law made there under shall by means of unanimous resolution Investment by the
passed at meeting of Board from time to time, invest, provide loans or Company
guarantee or security on behalf of the Company to any person or entity.
41. Without prejudice to the general powers conferred by section 179(3) of the Specific Powers of
Act or Applicable Laws made there under and the preceding article and so Board of Directors
as not in any way to limit or restrict those powers, and without prejudice to
the other powers conferred by these Articles, but subject to the restrictions
contained in these Articles or the Applicable Law it is hereby declared that
the Board of Directors shall have the following powers; that is to say, power:
a. To pay the costs, charges and expenses preliminary and incidental to
the promotion, formation, establishment and registration of the
Company.
b. To pay any interest lawfully payable under the provisions of the Act.
c. To act jointly and severally in all or any of the powers conferred on
them.
d. To appoint and nominate any person(s) to Act as representative for
purpose of attending and/or voting on behalf of the Company at a
meeting of any Company or association.
e. To comply with the provisions of Applicable Law which in their
opinion shall, in the interest of the Company be necessary or expedient
to comply with.
f. To make, vary and repeal bye-laws for regulation of business of the
Company and duties of officers and servants.
g. Subject to sections 179 and 188 of the Act to purchase or otherwise
acquire for the Company any property, rights or privileges which the
Company is authorised to acquire, at or for such price or consideration
and generally on such terms and conditions as they may think fit and
570in any such purchase or other acquisition to accept such title as the
Directors may believe or may be advised to be reasonably satisfactory.
h. Subject to the provisions of the Act and Applicable Laws, to pay for
any property, rights or privileges acquired by or services rendered to
the Company, either wholly or partially, in shares, bonds, debentures,
mortgages, or other securities of the Company, and such shares may
be issued either as fully paid up or with such amount credited as paid
up thereon as may be agreed upon all or any part of the property of the
Company and its uncalled capital or not so charged;
i. To secure fulfillment of any contracts or arrangement entered into by
the Company by mortgage or charge of all or any of the property of the
Company and its uncalled capital for the Company being or in such
manner as they may think fit;
j. To accept from any member, as far as may be permissible by law,
surrender of his shares or any part thereof, on such terms and
conditions as shall be agreed;
k. To borrow or raise or secure the payment of money in such manner as
the Company shall think fit and in particular by the issue of debenture
or debenture stock, perpetual or otherwise charged upon all or any of
the Company’s property (both present and future).
l. To open and deal with current account, overdraft accounts or any such
account by availing fund based/ non-fund based limits with any
bank/banks for carrying on any business of the Company.
m. To approve budgets – To approve Capital Budgets and Revenue
Budgets of the Company.
n. To sub-delegate powers - To sub-delegate all or any of the powers,
authorities and discretion for the time being vested in the Board of
Directors subject, however, to the ultimate control and authority being
retained by them. Any such delegate or attorney as aforesaid may be
authorized by the Board of Directors to sub-delegate all or any of the
powers, authorities and discretion for the time being vested in them.
o. To appoint any person (whether incorporated or not) to accept and hold
in trust for the Company and property belonging to the Company, in
which it is interested, or for any other purposes; and execute such deeds
and do all such things as may be required in relation to any trust, and
to provide for the remuneration of such trustee or trustees;
p. To institute, conduct, defend, compound, refer to arbitration or abandon
any legal proceedings by or against the Company or its officers, or
otherwise concerning the affairs of the Company, and also to
compound and allow time for payment or satisfaction of any debts due,
and of any claim or demands by or against the Company and to appoint
solicitors, Advocates, Lawyers, Counsel and other legal advisers for
such purposes or for any other purposes and settle and pay their fee or
remunerations.
q. To refer any claims or demands or differences by or against the
Company or to enter into any contract or arrangement for reference to
arbitration, and observe, enforce, perform, compound or challenge
such awards and to take proceedings for redressal of the same.;
571r. To act as trustees in composition of the Company’s debtors and/or act
on behalf of the Company in all matters relating to bankrupts and
insolvents;
s. To make and give receipts, releases and other discharges for moneys
payable to the Company and for the claims and demands of the
Company.
t. Subject to the provisions of sections 179 and 186 of the Act, to invest
and deal with any monies of the Company not immediately required
for the purpose thereof upon such security (not being shares of this
Company), or without security and in such manner as they think fit,
and from time to time to vary the size of such investments. Save as
provided in section 187 of the Act, all investments shall be made and
held in the Company’s own name;
u. To execute in the name and on behalf of the Company or in favour of
any Director or other person who may incur or be about to incur any
personal liability whether as principal or surety, for the benefit of the
Company, such mortgages of the Company’s property (present or
future) as they think fit, and any such mortgage may contain a power
of sale and such other powers, provisions, covenants and
agreements as shall be agreed upon.
v. To determine from time to time who shall be entitled to sign, on
Company’s behalf, bills, notes, receipts, acceptances, endorsements,
cheques, dividends, warrants, releases, contracts and documents and to
give the necessary authority for such purpose;
w. Subject to provisions of Applicable Law, to give a Director or any
officer or any other person whether employed or not by the Company,
share or shares in the profits of the Company, commission on the profits
of any particular business or transaction; and to charge such bonus or
commission as part of the working expenses of the Company;
x. To provide for the welfare of Directors or ex-Directors or employees or
ex-employees of the Company and their wives, widows and families
or the dependents or connections of such persons by building or
contributing to the building of houses, dwellings or by grants of
money, pension, gratuities, allowances, bonus or other payments, or by
creating and from time to time subscribing or contributing to provident
fund and other associations, institutions; funds or trusts and by
providing or subscribing or contributing towards places of instructions
and recreation, hospitals and dispensaries, medical and other
attendance and other assistance as the Board shall think fit;
y. To subscribe or contribute or otherwise to assist or to guarantee money
to charitable, benevolent, religious, scientific, national or other
institutions or objects which shall have any moral or other claim to
support or aid by the Company, either by reason of locality of
operation, or of public and general utility or otherwise;
z. Before recommending any dividend, to set aside out of the profits of
the Company such sums as they may think proper for depreciation or
to depreciation fund, or to an insurance fund, or as a reserve fund, or
sinking fund, or any special fund to meet contingencies or to repay
debentures or debenture stock, or for special dividends or for equalized
dividends or for repairing, improving, extending and maintaining any
of the property of the Company or for such other purpose (including
the purposes referred to in the preceding clause), as the Board may, in
572their absolute discretion, think conducive to the interest of the
Company, and subject to section 179 of the Act, to invest the sums so
set aside or so much thereof as required to be invested upon such
investments(other than shares of the Company) as they may think fit,
and from time to time to deal with and vary such investments and
dispose of and apply and expand all or any part thereof for the benefit
of the Company, in such manner and for such purpose as the Board in
their absolute discretion think conducive to the interest of the
Company, notwithstanding that the matters to which the Board apply
or upon which they expend the same, or any part thereof, may be
matters to or upon which the capital moneys of the Company might
rightly be applied or expended; and to divide the reserve into such
special funds as the Board may think fit, with full power to transfer the
whole, or any portion of a reserve fund or division of a reserve fund to
another reserve fund or division, of a reserve fund and with full power
to employ the assets constituting all or any of the above funds,
including the depreciation fund, in the business of the Company or in
the purchase or repayment of debentures or debenture stock, and
without being bound to keep the same, separate from the other assets
,and without being bound to pay interest on the same, however, Board
at their discretion to pay or allow to the credit of such funds interest
at such rate as the Board may think proper.
aa. Subject to the provisions of the Act and applicable law, to create posts
only for non-executive employees in any discipline and appoint, and at
their discretion, institute disciplinary proceedings including suspension
or removal of such general managers, managers, company secretary,
assistants, supervisor, clerks, agents, other officers and employees, and
servants of permanent, temporary or special services as they may from
time to time think fit, and to determine their powers and duties and fix
their salaries or emoluments or remuneration, and to require security in
such instances and to such amount as they may think fit also from time
to time provide for the management and transact the affairs of the
Company in any specified locality in India, or elsewhere in such
manner as they think fit.
bb. To comply with the requirements of any local law which in their
opinion it shall, in the interest of the Company, be necessary of
expedient of comply with;
cc. Subject to applicable provisions of the Act and Rules made thereunder,
and subject to any other applicable law, to appoint purchasing and
selling agents for purchase and sale of Company’s requirement and
products respectively.
dd. From time to time and at any time to establish any local Board for
managing any of the affairs of the Company in any specified locality in
India or elsewhere and to appoint any persons to the members of such
local Boards and to fix their remuneration.
ee. Subject to section 179 & 180 of the Act from time to time and at any
time, delegate to any person so appointed any of the powers, authorities
and discretion for the time being vested in the Board, other than their
power to make calls or to make loans or borrow or monies, and to
authorise the members for the time being of any such local Board, or
any of them to fill up any vacancies therein and to Act notwithstanding
vacancies, and any such appointment or delegation may be made on
such terms and subject to such conditions as the Board may think fit,
573and the Board may at any time remove any person so appointed, and
may annul or vary any such delegation.
ff. At any time and from time to time by power of attorney under the seal
of the Company, to appoint any person or persons to be the attorney or
attorneys of the Company, for such purposes and with such powers,
authorities and discretion (not exceeding those vested in or exercisable
by the Board under these presents and excluding the powers to make
calls and excluding also, except in their limits authorised by the Board,
the power to make loans and borrow money’) and for’ such period and
subject to such conditions as the Board may from time to time think fit;
and any such appointment may (if the Board thinks fit) be made in
favour of the members or any of the members of any local Board,
established as aforesaid or in favour of any Company, or the
shareholders, Directors, nominees or managers of any Company or
firm or otherwise in favour of any fluctuating body of persons whether
nominated directly by the Board and any such power of attorney may
contain such powers for the protection or convenience of persons
dealing with such attorneys as the Board may think fit and may contain
powers enabling any such delegates or attorneys as aforesaid to sub-
delegate all or any of the powers, authorities and discretions for the
time being vested in them;
gg. Subject to sections 184 and 188 of the Act, for or in relation to any of
the matters aforesaid or otherwise for the purposes of the Company to
enter into all such contracts, agreements and to execute and do all such
Acts, deeds and things in the name and on behalf of the Company as
they may consider expedient;
hh. Subject to the provisions of the Act, the Board may pay such
remuneration to Chairman / Vice Chairman of the Board upon such
conditions as they may think fit.
ii. T o take insurance of any or all properties of the Company and any or
all the employees and their dependents against any or all risks.
jj. (i).To take insurance on behalf of its CMD/Managing Director/CEO,
Director(s), Manager, Chief Financial Officer, Secretary or any officer
or employee of the Company for indemnifying any of them against any
liability in respect of any negligence, default, misfeasance, breach of
duty or breach of trust for which they may be guilty in relation to the
Company.
(ii).To invest and deal with any of the monies of the Company in any
currency not immediately required for the purposes thereof, upon such
securities and in such manner as they may think fit and from time to
time to vary or realize such investment, subject to compliance of RBI
and Government Guidelines as issued from time to time.
kk. To subscribe or otherwise to assist or to give Guarantee money to
Scientific Institutions or Objects.
ll. To authorize, the undertaking of works of a capital nature where
detailed project reports have been prepared with estimates of different
components parts of the project and to invite and accept tenders
relating to works included in the approved estimate.
mm. To authorize the undertaking of works of a capital nature, not covered
by clause (ll) above, if required to be taken up in advance of the
preparation of a detailed project report or otherwise as individual
works, whether as part of existing or new schemes, not exceeding the
574limits contained in the Guidelines issued by the Govt. /CIL from time
to time.
(i) The project should be included in the approved five year and
annual plans and outlays provided for,
(ii) The expenditure on such works in subsequent years will be the
first call on the respective allocations; and
(iii) The required funds can be found from the internal resources
of the Company and the expenditure is incurred on schemes
included in the capital budget approved by the
government/CIL.
(iv) The enhanced delegation will be applicable in respect of
projects for which no budgetary supports are envisaged i.e.
projects funded 100% from IEBR. The term IEBR (internal
and extra budgetary resources) for this purpose would include
extra budgetary resources such as bonds, ECB and other
similar mobilization made on their own internal strength by
the PSUs but excluding Govt. Guaranteed borrowings.
nn. To appoint agency or agencies or attorneys from time to time to provide
for the management of the affairs of the Company outside the
mining areas which in the context includes the townships and sites
of operations of the Company in such manner as they think fit, and
in particular to appoint any person to be the attorney or agent of the
Company with such powers (excluding power to sub-delegate) and
upon such terms as may be thought fit.
oo. To exercise the powers as per guidelines/orders issued by the
Govt./CIL from time to time.
pp. The Board will have full powers other than those reserved for its
shareholders, President/CIL in all matters for the operations of the
company including inter alia all financial matters, all matters
connected with taxes, duties, levies, cess, etc., Capital/ Revenue
works Land acquisitions, including payment of compensation to
land outsees, employment to PAPs, purchases and contracts, write-
off of stocks etc. by following of CIL Manuals and other applicable
Policies and practices etc. like Tender Committees, Purchase
Committees, Selection Committees, Departmental Promotion
Committees for non-executives with due regard to Budget
provision, Financial Concurrence, Service Rules & Guidelines, etc.
as the case may be.
qq. Subject to the provisions of the Act and of these Articles, the
President shall have the power to appoint any of the Board
member(s) as CMD/Managing Director(s)/CEO of the Company
for fixed term not exceeding five years at a time and upon such
terms and conditions as the Board thinks fit and subject to the
provisions of these Articles the Board may by resolution vest in
such Managing Director(s) such of the powers hereby vested to the
Board generally as it thinks fit, and such powers may be made
exercisable for such period or periods and upon such conditions and
subject to such restrictions as it may determine.
rr. (i) Subject to the article above, the powers conferred on the
CMD/Managing Director/CEO shall be exercised for such objects
and purpose and upon such terms and conditions and with such
restrictions as the Board may think fit and it may confer such
575powers either collateral with or to the exclusion of and in
substitution of all or any of the powers of the Board in that behalf
and may from time to time revoke, withdraw, alter or vary all or any
of such powers. CMD/Managing Director/CEO shall not exercise
any powers under Section 179 of Act except such powers which
can be delegated under the Act and specifically delegated by a
resolution of the Board.
(ii). Subject to Section 179 of the Act, to sub-delegate all or any of
the powers, authorities and discretions for the time being vested in
the Directors, subject however, to the ultimate control and authority
being retained by them.
ss. Any such delegates or attorney as aforesaid may be authorized by
the Directors to sub-delegate all, or any of the powers authorities
and discretions for the time being vested in them.
tt. To lend money to subsidiaries and associated organizations, on such
terms and conditions as they may consider desirable.
uu. To carry out mergers and acquisitions subject to guidelines issued
by the Govt. from time to time.
vv. To enter into technology joint ventures and strategic
alliances subject to guideline issued by Govt. from time to time.
ww. To give Bonus etc. - To give, award, or allow any bonus, pension,
gratuity or compensation to any employee of the Company or his
widow, children, or dependents, that may appear to the Board of
Directors just or proper, whether such employee, his widow,
children or dependants have or have not a legal claim upon the
Company.
xx. To sanction/ reimburse expenses – To sanction, pay and reimburse
to the officers or employees of the Company in respect of any
expenses incurred by them on behalf of the Company, or in
connection with the business of the Company.
yy. To hire any Person/ Firm/ Company (excluding Foreign Consultancy)
as Consultants/ Experts/ Advisors to provide consultancy or to look
after such matters as may be deemed fit in connection with the
Company activities on monthly retainer fee basis or otherwise, or on
such other terms & conditions as may be deemed fit, subject to
guidelines, if any.
42. Company shall establish a vigil mechanism for their Directors and Vigil Mechanism
employees to report their genuine concerns or grievances. Audit Committee
shall oversee the vigil mechanism. The vigil mechanism shall provide for
adequate safeguards against victimization of employees and Directors who
avail of the vigil mechanism and also provide for direct access to the
Chairman of the Audit Committee or the Director nominated to play the role
of Audit Committee, as the case may be, in exceptional cases. In case of
repeated frivolous complaints being filed by a Director or an employee, the
Audit Committee may take suitable action against the concerned Director or
employee including reprimand.
43. 1) Subject to the provisions of this Act, a director of a Company shall act in Duties Of Directors
accordance with the Articles of the Company.
5762) A director of a Company shall act in good faith in order to promote the
objects of the Company for the benefit of its members as a whole, and in
the best interests of the Company, its employees, the shareholders, the
community and for the protection of environment.
3) A director of a Company shall exercise his duties with due and reasonable
care, skill and diligence and shall exercise independent judgment.
4) A director of a Company shall not involve in a situation in which he may
have a direct or indirect interest that conflicts, or possibly may conflict,
with the interest of the Company.
5) A director of a Company shall not achieve or attempt to achieve any undue
gain or advantage either to himself or to his relatives, partners, or
associates and if such director is found guilty of making any undue gain,
he shall be liable to pay an amount equal to that gain to the Company.
6) A director of a Company shall not assign his office and any assignment so
made shall be void.
7) If a director of the Company contravenes the provisions of this section
such director shall be punishable with fine which shall not be less than
one lakh rupees but which may extend to five lakh rupees.
44. Subject to the provisions of the Act and Applicable Law,— Manager, Company
Secretary Or Chief
A. Manager, Company Secretary or Chief Financial Officer may be Financial Officer
appointed at a Board Meeting for such term, at such remuneration and upon
such conditions as it may thinks fit; and any Manager, Company Secretary
or Chief Financial Officer so appointed may be removed by means of a
resolution at a Board Meeting;
B. The Board may also designate the head of the financial function to be
the CFO of the Company.
45. The functions of the Company Secretary shall be in accordance with Functions Of A
Section 205 of the Act and other Applicable Law. Company Secretary
46. Any Director or the Company Secretary or any officer appointed by the Power To
Board for the purpose shall have power to authenticate any documents Authenticate
relating to the constitution of the Company and any books, records, Documents
documents and accounts relating to the business of the Company and to
certify copies or extracts thereof; and where any books, records documents
or accounts are then, at the office, the local manager or other officer of the
Company having the custody thereof, shall be deemed to be a person
appointed by the Board as aforesaid.
Document purporting to be a copy of resolution of the Board or an extract
from the minutes of meeting of the Board which is certified as such in
accordance with the provisions of the last preceding Article shall be
conclusive evidence in favour of all persons dealing with the Company upon
the faith thereof that such resolution has been duly passed or, as the case may
be that extract is a true and accurate records of a duly constituted meeting of
the Directors.
47. a) The Board shall provide a Common Seal for the purposes of the Company, The Seal
and shall have power from time to time to destroy the same and substitute
a new Seal in lieu thereof and the Seal shall never be used except by the
authority of the Board or a Committee of the Board previously given. The
577Company shall also be at liberty to have an official Seal for use in any
territory, district or place outside India.
b) The Seal of the Company shall not be affixed to any instrument except by
the authority of a resolution of the Board or of a Committee of the Board
authorised by it in that behalf, and except in the presence of such
Directors and the Company Secretary or such other person as the Board
may specify/appoint for the purpose; and the Director and the Company
Secretary or other person aforesaid shall sign every instrument to which
the Seal of the Company is so affixed in their presence. The Board shall
provide for the safe custody of the Seal.
48. The profits of the Company available for payment of dividend, subject to Division of Profit
any special rights relating thereto created or authorized to be created by these & Dividend
prescribed and subject to the provisions of those presents as to the reserve
fund shall with the approval of the CIL be divisible amongst the members in
proportion to the amount of capital paid up on the shares held by them
respectively. Provided always that (subject as aforesaid) any capital paid
upon a share during the period in respect of which a dividend is declared,
shall unless the Directors otherwise determine, only entitle the holder of
such share to an apportioned amount of such dividends as from the date of
payment.
The Company in Annual General Meeting may declare a dividend to be paid
to the members according to their respective rights and interest in the profits
and may fix the time for payment but no dividend shall exceed the amount
recommended by the Board. The Company in general meeting may, however
declare a lesser Dividend. No Dividend shall bear interest against the
Company.
49. Subject to the provisions of section 123 of the Act and Applicable Law, the Interim Dividend
Board may from time to time pay to the members such interim dividends as
appear to it to be justified by the profits of the Company.
50. There shall not be any forfeiture of unclaimed dividends and the Company Unclaimed Or
shall comply with the applicable provisions of the Act relating to transfer of Unpaid Dividend
unclaimed and unpaid dividend to the Investor Education And Protection
Fund or to any such other fund as may be required under Applicable Laws.
51. The Directors shall from time to time determine whether and to what extent Inspection Of
and at what time and places as under what conditions or regulations the Accounts And
accounts and books of the Company or any of them shall be open to the Books
inspection of members not being Directors and no person (not being a
Director) other than the President or his Nominees shall have any right of
inspecting any account or book or document of the Company except as
conferred by law or authorized by the Company in General Meeting.
52. Subject to the provisions of section 131 of the Act and the Applicable Law Preparation of Revise
made there under, the Board may require the preparation of revised financial Financial Statements
statement of the Company or a revised Boards’ report in respect of any of Or Board’s Report
the three preceding financial years, if it appears to them that (a) the financial
statement of the Company or (b) the report of the Board do
not comply with the provisions of section 129 or section 134 of the Act.
53. (1) Statutory Auditors shall be appointed or re-appointed by the Audit
Comptroller & Auditor General of India and Cost Auditors, if any, shall be
appointed by the Board. The rights and duties of auditors shall be regulated
in accordance with sections 139 to 148 of the Act and other Applicable
Laws, if any.
578(2) Subject to the provisions of section 139 of the Act and Applicable Laws
made thereunder, the statutory auditors of the Company shall be appointed
for a period not exceeding five consecutive years.
(3) Secretarial Auditor shall be appointed by the Board and their
rights and duties regulated in accordance with sections 204 of the Act
and Applicable Law, if any.
Notwithstanding anything contained in all these Articles but subject to the
provisions of the Act, the President or BCCL may from time to time, issue such
directives or instructions as may be considered necessary in regard to the
finances, conduct of the business and affairs of the Company and in like manner
may vary and annul any such directives or instructions. The Director(s) shall
give immediate effect to the directives or instructions so issued. All directives
issued by the President or BCCL shall be so in writing addressed to the
Chairman of the Company.
54. a) A document or notice may be served or given by the Company on any Service of
member either personally or sending it by post to him to his registered documents and
address or (if he has no registered address in India) to the address, if any, in notices
India supplied by him to the Company for serving documents or notices on
him or by way of any electronic transmission, as prescribed in section 20 of
the Act and Applicable Law made thereunder. Where a document or notice
is sent by post, services of the document or notice shall be deemed to be
effected by properly addressing, prepaying and posting a letter containing
the document or notice, provided that where a member has intimated to the
Company in advance that documents or notices should be sent to him by
registered post with or without acknowledgment due and has deposited with
the Company a sum sufficient to defray the expenses of the doing so, service
of the documents or notice shall not be deemed to be effected unless it is sent
in the manner intimated by the member and such service shall be deemed to
have been effected in the case of notice of a meeting, at the expiration of
forty-eight hours after the letter containing the document or notice is posted
and in any other case at the time at which the letter would be delivered in the
ordinary course of post.
b) A document or notice advertised in a newspaper circulating in the
neighbourhood of the registered office of the Company shall be deemed to
be duly served or sent on the day on which the advertisement appears to every
member who has no registered address in India and has not supplied to the
Company an address within India for serving of documents on or the sending
of notices to him.
c) A document or notice may be served or given by the Company or given
to the joint-holders of a share by serving or giving the document or notice on
or to the joint-holders named first in the register of members in respect of
the share.
d) A document or notice may be served or given by the Company on or to
the persons entitled to a share in consequence of the death or insolvency of
a member by sending it through post in a prepaid letter addressed to him or
them by name or by the title of representatives of the deceased or assignee
of the insolvent or by any like description, at the address if any) in India
supplied for the purpose by the persons claiming to be entitled, or (until such
an address has been so supplied) by serving the document or notice in any
manner in which the same might have been given if the death or insolvency
had not occurred.
579e) Documents or notices of every General Meeting shall be served or given
in the same manner herein before on or to (a) every member of the Company,
legal representative of any deceased member or the assignee of an insolvent
member, (b) every Director of the Company and (c) the auditor(s) for the
time being of the Company.
f) Every person who, by operation of law, transfer or other means
whatsoever, shall become entitled to any share, shall be bound by every
document or notice in respect of such shares, previously to his name and
address being entered on the register of members, shall have been duly
served on or given to the person from whom he derives his title to such
shares.
g) Any document or notice to be served or given by the Company may be
signed by a Director or some person duly authorised by the Board of
Directors for such purpose and the signatures thereto may be written, printed
or lithographed.
h) All documents or notices to be served or given by members on or to the
Company or any office thereof shall be served or given by sending it to the
Company or officer at the office by post or by registered post, or by leaving
it at the office or by such other electronic means as prescribed in section 20
of the Act and Applicable Law made thereunder.
i) Any information in the form of a micro film of a document or image or a
facsimile copy or any statement in a document included in a printed material
produced by a computer shall be deemed to be a document and shall be
admissible in any proceedings without further production of original,
provided the conditions referred in section 397 are complied with. All
provisions of The Information Technology Act, 2000 relating to the
electronic records, including the manner and format in which the electronic
records shall be filed, in so far as they are consistent with the Act, shall
apply to the records in electronic form under section 398 of the Act
55. Subject to the provisions of Chapter XX of the Act and Applicable Law made Winding Up
thereunder—
If the Company shall be wound up, the liquidator may, with the sanction of
a special resolution of the Company and any other sanction required by the
Act, but subject to the rights attached to any preference share capital, divide
among the contributories in specie any part of the assets of the Company and
may with the like sanction vest any part of the assets of the Company in
trustees upon such trusts for the benefit of the contributories as the
Liquidator, with the like sanction shall think fit.
For the purpose aforesaid, the liquidator may set such value as he deems fair
upon any property to be divided as aforesaid and may determine how such
division shall be carried out as between the members or different classes of
members.
The Liquidator may, with the like sanction, vest the whole or any part of
such assets in trustees upon such trusts for the benefit of the contributories
if he considers necessary, but no member shall be compelled to accept any
shares or other securities whereon there is any liability.
But this clause is to be without prejudice to the rights of the holders of shares
issued upon special terms and conditions.
56. Every manager, auditor, trustee, member of a committee, officer, servant, Secrecy Clause
agent, accountant or other person employed in the business of the Company
shall, if so required by the Board of Directors, before entering upon the
580duties, sign a declaration pledging himself to observe strict secrecy
respecting all bonafide transactions of the Company with its customers and
the state of accounts with individuals and in matters relating thereto and shall
by such declaration pledge himself not to reveal any of the matters which
may come to his knowledge in the discharge of his duties except when
required to do so by the Directors or by any general meeting or by the law
of the country and except so far as may be necessary in order to comply with
any of the provisions in these presents and the provisions of the Act.
No member shall be entitled to visit or inspect the Company's work without
permission of a Director or to require discovery of or any detail of the
Company's trading or any matter which is or may be in the nature of a trade
secret or secret success which may relate to the conduct of the business of
the Company and which in the opinion of the Directors, it will be inexpedient
in the interest of the members of the Company to communicate to the public.
57. For the purpose of this Article, the following expressions shall have the Indemnity and
meanings respectively assigned below:
Responsibility
(a) “Claims” means all claims for fine, penalty, amount paid in a
proceeding for compounding/composition or immunity proceeding,
actions, prosecutions, and proceedings, whether civil, criminal or
regulatory;
(b) “Indemnified Person” shall mean any Director, officer or employee
of the Company, as determined by the Board, who in bonafide pursuit
of duties or functions or of honest and reasonable discharge any
functions as a Director, officer or employees, has or suffers any
claims or losses, or against whom any claims or losses are claimed or
threatened;
(c) ”Losses” means any losses, damages, cost and expense, penalties,
liabilities, compensation or other awards, or any settlement thereof,
or the monetary equivalent of a non-monetary suffering, arising in
connection with any claim.
58. 1) Where Board determines that any Director, officer or employee of the Indemnification
Company should be an Indemnified Person herein, the Company shall, to the
fullest extent and without prejudice to any other indemnity to which the
Indemnified Person may otherwise be entitled, protect, indemnify and hold
the Indemnified Person harmless in respect of all claims and losses, arising
out of, or in connection with, the actual or purported exercise of, or failure to
exercise, any of the Indemnified Person’s powers, duties or responsibilities as
a Director or officer of the Company or of any of its subsidiaries, together
with all reasonable costs and expenses (including legal and professional fees).
2) The Company shall further indemnify the Indemnified Person and hold
him harmless on an ‘as incurred’ basis against all legal and other costs,
charges and expenses reasonably incurred in defending claims
including, without limitation, claims brought by, or at the request of,
the Company and any investigation into the affairs of the Company by
any judicial, governmental, regulatory or other body.
3) The indemnity herein shall be deemed not to provide for, or entitle the
Indemnified Person to, any indemnification against:
(a) Any liability incurred by the Indemnified Person to the Company due
to breach of trust, breach of any statutory or contractual duty, fraud
or personal offence of the Indemnified Person;
581(b) Any liability arising due to any benefit wrongly availed by the
Indemnified Person;
(c) Any liability on account of any wrongful information or
misrepresentation done by the Indemnified Person;
(d) The Indemnified Person shall continue to be indemnified under the
terms of the indemnities in this Article notwithstanding that he may
have ceased to be a Director or officer of the Company or of any of
its subsidiaries.
59. Every officer of the Company shall be indemnified out of the assets of the Not Responsible for
Company against any liability incurred by him in defending any the Acts of Others
proceedings, whether civil or criminal, in which judgment is given in his
favour or in which he is acquitted or in which relief is granted to him by the
court or the tribunal.
582SECTION IX: OTHER INFORMATION
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The copies of the following documents and contracts which have been entered or are to be entered into by our
Company (not being contracts entered into in the ordinary course of business carried on by our Company), which
are or may be deemed material, were attached to the copy of the Red Herring Prospectus and the Prospectus which
were filed with the RoC and were made available on the website of the Company which can be accessed at
www.bcclweb.in. Copies of the abovementioned contracts and also the documents for inspection referred to
hereunder, could be inspected at the Registered and Corporate Office between 10 a.m. and 5 p.m. on all Working
Days from the date of the Red Herring Prospectus until the Bid / Offer Closing Date (except for such agreements
executed after the Bid / Offer Closing Date).
Any of the contracts or documents mentioned in the Red Herring Prospectus may be amended or modified at any
time if so required in the interest of our Company or if required by the other parties, without reference to the
Shareholders, subject to compliance of the provisions contained in the Companies Act and other applicable law.
A. Material Contracts for the Offer
1. Offer Agreement dated May 30, 2025 entered into among our Company, the Promoter Selling
Shareholder and the BRLMs.
2. Registrar Agreement dated May 30 2025 entered into among our Company, the Promoter Selling
Shareholder and the Registrar to the Offer.
3. Cash Escrow and Sponsor Bank Agreement dated January 2, 2026 entered into among our Company, the
Promoter Selling Shareholder, the BRLMs, the Bankers to the Offer and the Registrar to the Offer.
4. Syndicate Agreement dated January 2, 2026 entered into among our Company, the Promoter Selling
Shareholder, the BRLMs and the Registrar to the Offer.
5. Share Escrow Agreement dated December 20, 2025 entered into among our Company, the Promoter
Selling Shareholder and the Share Escrow Agent.
6. Underwriting Agreement dated January 13, 2026 entered into among our Company, the Promoter Selling
Shareholder and the Underwriters.
B. Material Documents
1. Certified copies of the Memorandum of Association and Articles of Association of our Company, each
as amended.
2. Fresh certificate of incorporation dated May 7, 2025 consequent upon conversion into a public limited
company issued to our Company by the Registrar of Companies, Central Processing Centre.
3. Resolution of our Board dated May 27, 2025 authorizing the Offer and other related matters.
4. Resolution of our Board dated May 27, 2025 taking on record the participation of Promoter Selling
Shareholder in the Offer for Sale.
5. Resolution of our Board dated May 30, 2025 approving the Draft Red Herring Prospectus.
6. Resolution of our Board dated January 2, 2026 approving the Red Herring Prospectus.
7. Resolution of our Board dated January 13, 2026, approving this Prospectus.
8. Consent letters of the Promoter Selling Shareholder for participation in the Offer for Sale, as detailed in
“The Offer” beginning on page 85.
5839. Copies of the annual reports of our Company as of and for the Financial Years 2025, 2024 and 2023.
10. Resolution of Audit Committee dated January 2, 2026 approving the key performance indicators of the
Company.
11. Engagement letter dated January 19, 2025 with CRISIL.
12. Report titled “Report on Indian Coking Coal Industry” dated November, 2025 issued by CRISIL and
consent dated December 9, 2025 issued by CRISIL with respect to the report.
13. Engagement letter dated January 22, 2025, with SRK Consulting.
14. Report titled “An Independent Technical Report on the Coal Resources and Reserves of Bharat Coking
Coal Limited, India” dated December 2, 2025, issued by SRK Consulting and consent dated December
2, 2025 issued by SRK Consulting with respect to the report.
15. Consents of our Directors, the BRLMs, the Promoter Selling Shareholder, the legal counsel to our
Company as to Indian Law, the Registrar to the Offer, the Bankers to our Company, the Company
Secretary and Compliance Officer and the Bankers to the Offer in their respective capacities.
16. Written consent dated December 9, 2025 from Nag & Associates, Chartered Accountants, to include their
name as required under section 26(1) of the Companies Act, 2013 read with SEBI ICDR Regulations, in
this Prospectus, and as an “expert” as defined under section 2(38) of the Companies Act, 2013 to the
extent and in their capacity as our Statutory Auditors, and in respect of their (i) examination report, dated
December 8, 2025 on the Restated Financial Information; (ii) their report dated December 9, 2025 on the
statement of special tax benefits available to our Company, and their respective shareholders, included
in this Prospectus.
17. Written consent dated December 9, 2025 from Mehta and Mehta, practicing company secretary, to
include their name in this Prospectus and be named as an “expert” as defined under Section 2(38) of the
Companies Act, 2013 in respect of the certificate issued by them in their capacity as a practicing company
secretary to our Company.
18. The examination report dated December 8, 2025 of the Statutory Auditors on the Restated Financial
Information
19. The report dated December 9, 2025 of the Statutory Auditors, on the statement of special tax benefits
available to our Company and their respective shareholders.
20. Certificate relating to key performance indicators dated January 2, 2026 issued by the Statutory Auditors.
21. Certificate dated January 2, 2026 issued by the Statutory Auditors with respect to auditor’s reservations,
qualifications, adverse remarks or matters of emphasis.
22. Certificate dated January 13, 2026 issued by the Statutory Auditors with respect to the weighted average
cost of acquisition per share of the Company.
23. Certificate dated January 13, 2026 issued by the Statutory Auditors with respect to the dividends of the
Company.
24. Certificate dated January 2, 2026 issued by the Statutory Auditors with respect to the financial
indebtedness of the Company.
25. Certificate dated January 2, 2026 issued by the Statutory Auditors with respect to the outstanding dues
to MSMEs, material creditors and other creditors.
26. Certificate dated January 13, 2026 issued by the Statutory Auditors with respect to the capitalisation
statement of the Company.
58427. Certificate dated January 13, 2026 issued by the Statutory Auditors with respect to the basis for offer
price.
28. Exemption letter from SEBI bearing reference number SEBI/CFD/RACDIL2/2025/24344/1 dated
September 12, 2025.
29. Exemption letter from SEBI bearing reference number SEBI/CFD/RAC-DIL2/P/OW/2025/30957/1
dated December 11, 2025.
30. Tripartite agreement dated May 8, 2025 among our Company, NSDL and the Registrar to the Offer.
31. Tripartite agreement dated May 28, 2025 among our Company, CDSL and the Registrar to the Offer.
32. Due diligence certificate dated May 30, 2025 addressed to the SEBI from the BRLMs.
33. In-principle listing approvals each dated September 3, 2025 issued by the BSE and the NSE.
34. SEBI observation letter bearing number SEBI/HO/CFD/RAC-DIL2/P/OW/2025/25054/1 dated
September 19, 2025 addressed to the BRLMs from the SEBI.
585DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Manoj Kumar Agarwal
Chairman cum Managing Director, Chief Executive Officer and Director (Finance), additional charge
Place: Dhanbad
Date: January 13, 2026
586DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Murli Krishna Ramaiah
Director (Human Resources)
Place: Dhanbad
Date: January 13, 2026
587DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Sanjay Kumar Singh
Director (Technical)
Place: Dhanbad
Date: January 13, 2026
588DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Niladri Roy
Director (Technical), additional charge
Place: Dhanbad
Date: January 13, 2026
589DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Sanoj Kumar Jha
Part-time Official Director
Place: Delhi
Date: January 13, 2026
590DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Mukesh Choudhary
Part-time Official Director
Place: Kolkata
Date: January 13, 2026
591DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY DIRECTOR OF OUR COMPANY
_________________________________________
Arun Kumar Oraon
Non-official Independent Director
Place: Ranchi
Date: January 13, 2026
592DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the rules, regulations and
guidelines issued by the Government of India and the rules, regulations and guidelines issued by the Securities
and Exchange Board of India, established under section 3 of the Securities and Exchange Board of India Act,
1992, as amended, as the case may be, have been complied with and no statement, disclosures and undertakings
made in this Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts
(Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, the Securities and Exchange Board of
India Act, 1992, each as amended, or the rules made or regulations or guidelines notified thereunder, as the case
may be. I further certify that all statements, disclosures and undertakings in this Prospectus are true and correct.
SIGNED BY THE CHIEF FINANCIAL OFFICER OF OUR COMPANY
_________________________________________
Satya Raju Masapogu
Chief Financial Officer
Place: Dhanbad
Date: January 13, 2026
593DECLARATION
We, Coal India Limited, in our capacity as a Promoter Selling Shareholder, hereby confirm and declare that all
statements, disclosures and undertakings made or confirmed by us in this Prospectus in relation to us, as the
Promoter Selling Shareholder and the Offered Shares, are true and correct. We assume no responsibility as a
Promoter Selling Shareholder, for any other statements, disclosures or undertakings including, any of the
statements and undertakings made or confirmed by or relating to the Company or any other person(s) in this
Prospectus.
SIGNED FOR AND ON BEHALF OF COAL INDIA LIMITED
_________________________________________
For Coal India Limited
(Promoter Selling Shareholder)
Name: Asheesh Kumar
Designation: Director (Business Development), Coal India Limited
Place: Kolkata
Date: January 13, 2026
594