MCL IPO Details: Mahanadi Coalfields Limited Dates, Price, GMP, Review, Allotment

The Mahanadi Coalfields Limited (MCL) IPO is one of the most exciting public issues of 2026. The Coal India Board has already given its clearance for the company to list its subsidiaries. MCL is the biggest part of Coal India’s overall profits, therefore it should be able to give investors and the PSU sector a lot of value. The IPO would probably start in early 2026, but it will need to get approval from SEBI and other government bodies first.

The initial public offering (IPO) for MCL is planned to open for subscriptions in early 2026. The specific dates will be announced once the company files with the government. Given MCL’s solid operational and financial characteristics, the offering size is expected to be large, possibly raising several thousand crores. The company’s net worth was ₹18,278 crore as of FY25, and it made ₹10,823 crore, or 30% of Coal India’s profits.

MCL IPO Date

MCL DRHP and RHP Files

Market Lot Size and Category-wise Allocation

The IPO will follow the standard market lot size and allocation for retail, QIB, and NII categories, with details to be updated in the final prospectus. The lot size will likely be in the range of 200–500 shares, depending on the final issue price.

MCL IPO Review

-> Strong Fundamentals: Long-term investors can trust MCL because its operational performance and financial health are solid. The company makes over 30% of Coal India’s profits, which shows how important it is in the PSU sector.

-> Pricing and Valuation: The IPO is likely to be priced well, giving investors a good deal. However, the final value will depend on the price range given in the prospectus and the state of the market at the time.

-> Grey Market Premium (GMP): The GMP is expected to be positive, which shows that investors are feeling good about MCL shares and want to buy them.

-> When compared to its peers, MCL is more profitable and efficient, making it a top pick among coal industry companies.

-> Concerns to Think About: MCL’s fundamentals are solid, but investors should think about the cyclical nature of the coal sector and the possible regulatory concerns that come with PSU listings.

Expert’s Opinion

Analysts believe that the MCL IPO will unlock significant value for shareholders and boost Coal India’s overall market capitalization. The IPO is seen as a positive move for the PSU sector, providing investors with a chance to participate in a well-established and profitable company.

Anchor Investors and Merchant Bankers

The list of anchor investors and merchant bankers for the MCL IPO will be disclosed in the Draft Red Herring Prospectus (DRHP). Leading merchant bankers such as JM Financial and IIFL Capital Services are expected to manage the issue, given their track record with major PSU IPOs.

Current GMP of MCL

The MCL IPO Grey Market Premium (GMP) is now positive, which means that investors are very interested and are feeling good about the listing. The specific GMP number may change as the IPO date gets closer, but recent market trends show that buyers are prepared to pay more for MCL shares on the gray market, which means they believe the listing price to be good.

Allotment Details

The allotment process will follow SEBI norms, with shares allocated to retail, QIB, and NII categories as per the final prospectus. Promoters’ holding pattern will be updated after the IPO, with Coal India expected to retain a significant stake post-listing.

Mahanadi Coalfields Limited (MCL) Company Information

Mahanadi Coalfields Limited (MCL) is one of India’s biggest coal producers and a major subsidiary of Coal India Limited. It is very important for providing the country’s energy needs. The company was formed in 1992 from South Eastern Coalfields Limited and is based in Sambalpur, Odisha. It mainly works in the rich coal belts of Talcher and IB Valley. MCL has changed a lot since it was Coal India’s youngest subsidiary. Now, it is one of the company’s biggest contributors in terms of both coal production and earnings.

MCL runs a large network of open-pit and underground mines in the districts of Angul, Jharsuguda, and Sundargarh in Odisha. It also has mining sites, workshops, and hospitals to service its workers and the community around them. The company has constantly increased output and shipping, reaching around 225 million tonnes of coal production and more than 210 million tonnes of shipping in FY 2024–25. This shows that the company is growing and becoming more efficient. MCL has become one of the most efficient and high-volume coal miners in the country since it currently gets almost all of its coal from surface (open-cast) mines.

MCL has been investing in technology, safety, and digital transformation to modernize its mining operations and boost production. This is more than just the size of the company. The company has laid a strong basis for long-term growth by using modern mine planning, real-time monitoring, and automation to improve overburden removal and get ready for higher future output. The company also puts a lot of money into community development and employee welfare through its comprehensive CSR programs, which makes it one of the biggest CSR spenders in Odisha.

MCL has become more focused on long-term energy transition and environmental sustainability in the last few years, even though it is still a key supplier of coal to the Indian power sector. The corporation has made big plans to reach net zero carbon emissions by FY 2029. They want to invest about ₹17,900 crore in renewable energy projects including solar, wind, and pumped storage power plants across Odisha to help them reach this goal. This change in strategy makes MCL not only a coal producer but also a new player in India’s growing clean energy sector.

MCL has done very well financially, with income from operations reaching ₹31,000 crore and profit after tax exceeding ₹10,000 crore in FY 2024–25. This made it Coal India’s biggest source of consolidated profit. Its robust bank sheet, large production base, and steady cash flows have made it more strategically important within the Coal India group and have drawn more attention from investors ahead of the planned IPO. As the firm is ready to go public, its size, profitability, development aspirations, and sustainability efforts make MCL a key participant in India’s energy and capital markets story.

Company Financial Statements and Valuation

MCL’s financials reflect its leadership in the coal sector, with strong revenue and profit figures. The valuation report will be included in the DRHP, providing detailed metrics and peer comparisons.

Peer Company Comparison

MCL’s performance is benchmarked against other leading coal and mining companies in India. The peer comparison highlights its superior operational efficiency and profitability.

Company Address and Contact Details

• Registered Office:
  Jagriti Vihar, Burla, Sambalpur, Odisha – 768020
  CIN: U10102OR1992GOI003038​

• Corporate Office:
  Jagriti Vihar, Burla, Sambalpur, Odisha – 768020
  Phone: +91-663-2542855 (CMD Office)
  Website: https://www.mahanadicoal.in

• Website: Mahanadicoal.in​

• Key Contacts:

  • Chairman-cum-Managing Director: Shri Uday A Kaole
    Email: cmd.mcl.cil@coalindia.in

  • Company Secretary: Shri Soubhagya Parida
    Email: cs.mcl@coalindia.in​

Registrar Details

The registrar for MCL’s IPO and shareholder services will be officially announced in the Draft Red Herring Prospectus (DRHP). Typically, PSU IPOs like MCL are handled by leading registrars such as KFin Technologies, Link Intime, or Bigshare Services. The exact registrar name and contact will be updated once the IPO documents are released.

Nadim

Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.