Mahanadi Coalfields IPO: dates, price band, lot size and GMP
Mahanadi Coalfields IPO opens 19 – 23 Nov 2026 on the Mainboard, price band Band awaited, lot size awaited, GMP ₹20. Allotment 25 Nov, listing 27 Nov.
Listing date: Mahanadi Coalfields IPO is scheduled to list on 27 Nov on NSE, BSE.
Updated 14 Nov 2026, 10:10 IST. Dated dealer references.
BuyUnlistedShares tracks 225 IPOs on its calendar; the Mahanadi Coalfields IPO has a price band of Band awaited, a lot of — shares and a grey-market premium of ₹20 as of 14 Nov 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 19 – 23 Nov 2026 |
| Price band | Band awaited |
| GMP (unofficial) | ₹20 |
| Subscription | — |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | SBI Capital Markets Ltd., Axis Capital Ltd., BOB Capital Markets Ltd., IDBI Capital Markets & Securities Ltd., IIFL Capital Services Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 19 Nov
- Issue closes: 23 Nov
- Allotment: 25 Nov
- Refunds: 26 Nov
- Demat credit: 26 Nov
- Listing: 27 Nov
GMP today
Grey-market premium ₹20 per share. Unofficial, dated, not a forecast. Day-by-day GMP trend.
Issue details
| Face value | ₹2 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Offer for sale (shares) | 66,18,36,300 |
| Total shares offered | 66,18,36,300 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 90% |
| Promoters | Government of India, Coal India Ltd. |
| Lead managers | SBI Capital Markets Ltd., Axis Capital Ltd., BOB Capital Markets Ltd., IDBI Capital Markets & Securities Ltd., IIFL Capital Services Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | mahanadi.ipo@kfintech.com |
| Company website | mahanadicoal.in |
| Anchor bid date | 18 Nov 2026 |
| Anchor lock-in ends (50%) | 25 Dec 2026 |
| Anchor lock-in ends (remaining) | 23 Feb 2027 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Offer |
| NII (HNI) | — | — | Not less than 15% of the Net Offer |
| Retail | — | — | Not less than 35% of the Net Offer |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹16.16 |
|---|---|
| EPS (post-issue) | ₹16.16 |
| RoNW | 53.87% |
| RoCE | 73.26% |
| PAT margin | 31.56% |
| EBITDA margin | 47.45% |
| NAV per share | ₹32.29 |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 57,693.76 | 55,358.27 | 53,590.53 | 50,687.79 | +3.3% |
| Total Income | 8,437.92 | 33,899.28 | 33,028.65 | 33,590.34 | +2.6% |
| Profit After Tax | 2,398.78 | 10,698.12 | 10,825.12 | 11,841.55 | −1.2% |
| EBITDA | 3,641.37 | 16,084.93 | 15,331.11 | 16,636.91 | +4.9% |
| NET Worth | 23,769.02 | 21,371.23 | 18,343.49 | 16,119.91 | +16.5% |
| Reserves and Surplus | 13,23,672.6 | 19,932.31 | 16,873.51 | 14,700.91 | +18.1% |
| Total Borrowing | 2.94 | 3.16 | 3.35 | 3.95 | −5.7% |
About Mahanadi Coalfields
Incorporated in April 1992, Mahanadi Coalfields Limited is India's largest coal producer in terms of production, primarily engaged in the mining and production of non-coking coal. The Company operates mainly in the Talcher and Ib Valley coalfields in Odisha and produces various grades of coal, including washed and beneficiated coal, catering primarily to the power sector as well as industries such as cement, sponge iron, steel, aluminium and paper.
The Company is a wholly owned subsidiary of Coal India Limited and was established to enhance coal production and meet India's growing energy requirements. Its operations include a network of opencast and underground mines, supported by coal handling plants, rapid loading systems, silos and coal evacuation infrastructure. As of June 30, 2026, the Company operated 17 mines, including 14 opencast mines and three underground mines.
Mahanadi Coalfields follows a highly mechanised mining model, with extensive deployment of surface miners, enabling efficient coal extraction while reducing the use of explosives, ground vibration, dust and noise. Its predominantly opencast mining operations, mechanisation and strategic location have supported efficient production and cost management.
The Company also operates the Ib Valley Coal Washery, which has a capacity of 10 million tonnes per annum and produces washed coal with lower ash content for high-efficiency power stations. Its coal evacuation network is supported by extensive railway connectivity, dedicated coal corridors, roads, rapid loading infrastructure and access to ports on India's eastern coast.
The Company derives a significant portion of its revenue from long-term Fuel Supply Agreements (FSAs) and serves customers across multiple states in India, including major power utilities. It is also focused on research and development, operational efficiency, technological advancement and environmentally sustainable practices, including the installation of solar power projects.
As of June 30, 2026, Mahanadi Coalfields had 20,473 permanent employees, comprising executives, workmen, staff and supervisors across mining, engineering, excavation, finance, human resources, environment, marketing and other operational functions.
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Mahanadi Coalfields Ltd. (issuer) | 16.13 | 16.13 | 32.29 | — | 53.87% | — | Consolidated |
| Coal India Ltd | 50.46 | 50.46 | 195.22 | 7.95x | 27.78% | 2.06 | Consolidated |
| Bharat Coking Coal Ltd | 0.28 | 0.28 | 12.53 | — | 2.07% | 2.83 | Consolidated |
| National Mineral Development Corporation Ltd | 8.47 | 8.47 | 38.73 | 10.24x | 23.28% | 2.26 | Consolidated |
| PT Bukit Asam (Persero) Tbk | 1.36 | 1.36 | 10.47 | 10x | 13.16% | 1.3 | Consolidated |
| Yancoal Australia Ltd | 20.11 | 20.05 | 410.11 | 20.81x | 4.83% | 1.02 | Consolidated |
Notes : All the financial information for listed industry peers mentioned above is on a consolidated basis. For Coal India Limited, Bharat Coking Coal Limited and National Mineral Development Corporation Limited, P/E ratio is calculated as closing share price as of August 28, 2026, divided by the diluted EPS for year ended March 31, 2026. For PT Bukit Asam (Persero) Tbk and Yancoal Australia Limited, P/E ratio is calculated as closing share price as of August 28, 2026 divided by the diluted EPS for year ended December 31, 2025.
Offer documents: DRHP (PDF)
Track this issue
- Mahanadi Coalfields IPO GMP today and trend
- Mahanadi Coalfields IPO subscription status, day by day
- Mahanadi Coalfields IPO allotment status and how to check
Frequently asked questions
When does the Mahanadi Coalfields IPO open and close?
The issue is scheduled for 19 – 23 Nov 2026.
What is the Mahanadi Coalfields IPO price band?
The price band is Band awaited per share.
What is the Mahanadi Coalfields IPO GMP today?
The grey-market premium reported today is ₹20 per share. GMP is an unofficial, unregulated indicator and not a prediction of the listing price.
When will Mahanadi Coalfields list?
The tentative listing date is 27 Nov on the main board.
How do I apply for the Mahanadi Coalfields IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Mahanadi Coalfields · as filed with SEBI · nsearchives.nseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 25 Nov · ipostatus.kfintech.com
- NSE public issues page · listing 27 Nov · nseindia.com
- BSE public issues page · listing 27 Nov · bseindia.com
- Mahanadi Coalfields company website · mahanadicoal.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 14 Nov, 03:32 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Mahanadi Coalfields IPO”, https://buyunlistedshares.com/ipo/mahanadi-coalfields-ipo, as of 14 Nov 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 14 Nov 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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