Mahanadi Coalfields IPO
Mahanadi Coalfields Ltd has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a offer for sale only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes an offer for sale only of up to 66,18,36,300 shares by its parent Coal India; the company gets no money. In FY26 it made a profit of ₹10,698.12 crore on revenue of ₹30,549.59 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 3 Sep 2026
- Type of issue
- Offer for sale only
- Lead manager
- SBI Capital Markets Limited
- Last SEBI contact
- 15 Oct 2026
- Price band and dates
- Not announced
Where it stands
Mahanadi Coalfields IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI3 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 3 September 2026, 64 days ago, and its last communication on the draft was on 15 October 2026 (day count is our calculation).
DRHP at a glance
Mahanadi Coalfields DRHP at a glance
Draft red herring prospectus, 31 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 208) and Risk Factors (p. 21 to 25)Mahanadi Coalfields mines coal in the Talcher and Ib Valley coalfields in Odisha and was India's largest coal producer in FY26. Raw non-coking coal is almost all its sales, and the thermal power sector bought 68.62% of FY26 product sales.
It is a wholly owned subsidiary of Coal India, a Miniratna company, and the President of India, acting through the Ministry of Coal, is a promoter. It was incorporated on 3 April 1992 and is based in Sambalpur, Odisha.
The offer
DRHP cover page and The Offer (p. 71)| Offer for sale | Up to 66,18,36,300 sharesBy promoter Coal India Limited; its average cost is ₹0.26 a share. No new shares are issued |
| Shares before the IPO | 6,61,83,63,000Face value ₹2. The offer for sale is 10.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited and IIFL Capital Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | President of India, acting through the Ministry of Coal, and Coal India Limited |
Financials
DRHP, Summary of Financial Information (p. 74 to 80) and Basis for Offer Price, KPIs (p. 108 to 112), ₹ crore| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 31,634.35 | 31,353.02 | 30,549.59 | 8,033.77 |
| Operating EBITDA | 14,680.92 | 13,655.48 | 12,735.24 | 3,237.22 |
| Operating EBITDA margin | 46.41% | 43.55% | 41.69% | 40.30% |
| Profit after tax | 11,841.55 | 10,825.12 | 10,698.12 | 2,398.78 |
| Diluted EPS (₹) | 17.89 | 16.35 | 16.13 | 3.62 |
| Net worth | 16,177.88 | 18,352.02 | 21,431.20 | 23,834.95 |
| Cash from operations | 6,325.58 | 7,704.96 | 12,477.53 | 2,928.09 |
| Return on net worth | 80.56% | 62.82% | 53.87% | 10.63% |
| Capex | 3,839.80 | 2,907.52 | 2,929.61 | 581.12 |
Restated consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. Net worth is total equity. Return on net worth uses average net worth.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 110 to 111). Peer prices as of 28 Aug 2026.The P/E for Mahanadi Coalfields is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Mahanadi Coalfields (FY26) | 16.13 | Set with the price band | 53.87% |
| Coal India | 50.46 | 7.95x | 27.78% |
| Bharat Coking Coal | 0.28 | Not meaningful | 2.07% |
| NMDC | 8.47 | 10.24x | 23.28% |
| PT Bukit Asam | 1.36 | 10.00x | 13.16% |
| Yancoal Australia | 20.05 | 20.81x | 4.83% |
Risks the draft lists first
DRHP, Risk Factors (p. 20 to 26)- Reserve estimatesIts coal resource and reserve figures are estimates and may differ from what can be mined. (Risk factor 1, p. 20)
- One productRaw non-coking coal was 97.41% of FY26 product sales. (Risk factor 2, p. 21)
- Power sectorThe thermal power sector bought 68.62% of FY26 product sales. (Risk factor 3, p. 22)
- Government buyersGovernment-owned power companies gave 44.81% of FY26 revenue. (Risk factor 4, p. 24)
- ParentIt relies on support from Coal India, and changes in Coal India's strategy could affect it. (Risk factor 5, p. 25)
- Key customersThe top 10 customers gave 55.94% of FY26 revenue. (Risk factor 6, p. 26)
Documents
Mahanadi Coalfields DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Mahanadi Coalfields IPO FAQs
When will the Mahanadi Coalfields IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 64 days ago (our calculation).
Has SEBI approved the Mahanadi Coalfields IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Mahanadi Coalfields IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Mahanadi Coalfields IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Mahanadi Coalfields IPO?
SBI Capital Markets Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
Does Mahanadi Coalfields get any money from the IPO?
No. According to the DRHP, the IPO is an offer for sale only, of up to 66,18,36,300 shares. The money goes to the selling shareholders, not the company, and no new shares are issued.
What does Mahanadi Coalfields do?
Mahanadi Coalfields mines coal in the Talcher and Ib Valley coalfields in Odisha and was India's largest coal producer in FY26. Raw non-coking coal is almost all its sales, and the thermal power sector bought 68.62% of FY26 product sales.
Where can I read the Mahanadi Coalfields DRHP?
On SEBI's website, where the draft red herring prospectus was published on 4 September 2026. The draft is dated 31 August 2026 and runs to 642 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 31 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.