B. Sairam, Chairman and Managing Director of Coal India Ltd (CIL), announced on Monday that the Initial Public Offering (IPO) of two of the company's largest subsidiaries—South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL)—will be completed within the current fiscal year.
Responding to questions from shareholders and stakeholders during the address, Sairam specified that the exact timelines depend on government directives and market conditions. He emphasized the plan to successfully conclude the IPOs for both companies by year-end, though the specific month and date will be determined by market forces and governmental guidance.
The CIL Board of Directors had previously given preliminary approval in March of this year for the sale of up to 25 percent of the equity capital in SECL and MCL through an Offer for Sale (OFS). Furthermore, SECL plans to issue new shares through its IPO amounting to up to 10 percent of its paid-up share capital post-listing.
The listing of these two subsidiaries, which are among the largest coal producers under CIL's purview and account for about half of the company's total production, follows the successful public listing of two other CIL units—Bharat Coking Coal Ltd (BCCL) and Central Mine Planning and Design Institute Ltd (CMPDI)—earlier this year.
Previously, speaking at the 52nd Annual General Meeting of CIL, Sairam noted that BCCL was listed in January following the sale of a 10 percent stake, which attracted a subscription of nearly 147 times, and CMPDI was listed on March 30, 2026, after selling a 15 percent stake. He characterized these two listings as a significant step toward unlocking the value of CIL's subsidiaries and expanding their access to capital markets.
According to CIL's annual report, MCL and SECL also demonstrated the best performance among subsidiaries in the fiscal year 26. MCL produced 218.31 million tonnes of coal and achieved the highest profit after tax among subsidiaries—₹10,698 crore, while SECL produced 176.29 million tonnes and reported a profit after tax of ₹4,755 crore.
Sairam also mentioned the foundation stone laying on June 20, 2026, for India's first commercial coal gasification project, being developed by a joint venture between CIL and BHEL—Bharat Coal Gasification and Chemicals Ltd. This project involves an investment of approximately ₹25,000 crore and is slated to have an annual capacity of 6.6 lakh tonnes of ammonium nitrate.
Regarding the current fiscal year's performance, Sairam stated that growth rates in procurement and revenue are encouraging. For the quarter ending June 30, 2026, procurement volume grew by 4 percent year-on-year, and operating revenue increased by 8 percent to ₹46,255 crore due to higher realization, with profit after tax slightly improving to ₹8,850 crore. Procurement volume for July 2026 rose by 18 percent compared to the same month last year, and aggregate e-auction volumes for April-July 2026 held an average premium of 43 percent over announced prices.
In terms of diversification, Sairam reported that CIL commissioned its first 100 MW solar power plant in Patan, Gujarat, on May 4, 2026, and launched its 300 MW Khavda project (200 MW) on July 8, 2026, generating its first renewable energy sales revenue of ₹5.68 crore in the first quarter of this fiscal year.
The company has set a target of achieving 9.5 GW of renewable capacity by FY30. CIL also commissioned an additional 2 million tonnes per annum coal washing plant at BCCL, bringing the total washing capacity to 17.35 million tonnes per annum, and commenced production at its first Miner Development Operator (MDO) project at ASGKCC mine in Katras.
Concerning critical minerals and new ventures, Sairam announced that CIL acquired the Kawalapur composite rare earth element license block in Maharashtra in January 2026, bringing the total number of critical mineral blocks to five, and also secured the Gadadharpur iron ore block in Odisha, valued at 288 million tonnes, marking the company's entry into iron ore mining.
CIL also established a wholly-owned subsidiary, CIL Global Pte Ltd, in Singapore on August 24, 2026, to facilitate the acquisition of overseas critical mineral assets, and entered into a joint venture with Damodar Valley Corporation to construct a 1,600 MW thermal power plant in Chandrapur.