Coal India’s Subsidiary Listing Push: BCCL IPO in 2–3 Weeks, MCL & SECL Get In-Principle Nod—Value Unlock Seen Up to ₹65k–70k Cr

’s planned subsidiary listings are being positioned as a major value-unlocking trigger, with Bharat Coking Coal (BCCL) “on track” to list in about 2–3 weeks and a media-reported valuation around ₹13,000 crore, according to Parthiv Jhonsa of Anand Rathi Institutional. He added that South Eastern Coalfields (SECL) and Mahanadi Coalfields (MCL) have received in-principle approval and together contribute roughly 45–50% of Coal India’s consolidated bottom line, making the development sentimentally positive for the stock. Using BCCL as a rough benchmark (about 1x topline on FY25 revenue of ~₹13,500–14,000 crore), Jhonsa estimates a potential combined valuation for SECL and MCL in the ₹65,000–70,000 crore range, though it depends on ministry decisions, approvals, and market conditions. He also highlighted MCL’s superior operating metrics versus peers (productivity/output measures), suggesting better potential value unlocking once timelines firm up (possibly around FY27 given approval processes). On risks, he expects some holding-company discount but argues it may be limited if dilution stays around 10% (as indicated for BCCL) and because Coal India still retains other large subsidiaries. Key monitorables flagged include the final dilution structure (OFS vs other routes), achieved valuations, and the employee wage revision overhang—though Coal India is also attempting to manage employee costs via workforce rationalisation. Source: The Economic Times No Recommendations