South Eastern Coalfields Limited IPO

South Eastern Coalfields Limited (SECL) is a coal mining company incorporated on 28 November 1985. It is a subsidiary of Coal India Limited and has its registered and corporate office at Seepat Road, Bilaspur, Chhattisgarh.

IPO status: upcoming
IPO type: Mainboard
Exchange: NSE/BSE
Face value: 2

About South Eastern Coalfields Limited

South Eastern Coalfields Limited IPO dates and issue details

Issue opening: To be announced; closing: To be announced; basis of allotment: To be announced; expected listing: To be announced.

Published IPO research

01 overview

Company Name: South Eastern Coalfields Limited
Ipo Category: Mainboard
Ipo Status: DRHP filed; price band and bid dates are placeholders
Industry: Coal mining
Business Tagline: Coal mining company and subsidiary of Coal India Limited, headquartered in Bilaspur, Chhattisgarh.
Issue Type: Offer for Sale (OFS) only
Face Value: 2
Fresh Issue Amount: 0
Fresh Issue Shares: 0
Ofs Shares: 66,80,56,100
Total Offer Shares: 66,80,56,100
Listing Exchange: BSE Limited, National Stock Exchange of India Limited
Registrar Name: KFin Technologies Limited

02 company

Company Description: South Eastern Coalfields Limited (SECL) is a coal mining company incorporated on 28 November 1985. It is a subsidiary of Coal India Limited and has its registered and corporate office at Seepat Road, Bilaspur, Chhattisgarh.
Incorporation Date: 1985-11-28
Corporate History: Originally incorporated as a private limited company on 28 November 1985. It was converted into a public limited company following Board resolution dated 24 October 2026, shareholder special resolution dated 27 October 2026 and fresh certificate of incorporation dated 31 October 2026.
Business Model: Coal mining and related operations. Detailed mine portfolio, production mix, reserves, dispatch and operating metrics should be populated from the business overview and operational sections after detailed review.
Products Services: Coal and coal-related mining output
Industry Segments: Coal mining
Geographic Presence: Registered and corporate office: Seepat Road, Bilaspur, Chhattisgarh, India. Mine-level geographic footprint requires detailed extraction.

03 financials

Revenue From Operations: period: H1_FY2027; value: 1,65,937.8, period: H1_FY2026; value: 1,50,902.5, period: FY2026; value: 3,29,565.2, period: FY2025; value: 2,99,983.6, period: FY2024; value: 3,27,836.2
Ebitda: period: H1_FY2027; value: 40,293.6, period: H1_FY2026; value: 34,547, period: FY2026; value: 93,648.7, period: FY2025; value: 86,308.1, period: FY2024; value: 1,06,707.5
Profit After Tax: period: H1_FY2027; value: 21,743.5, period: H1_FY2026; value: 11,409.2, period: FY2026; value: 47,545.9, period: FY2025; value: 45,404.2, period: FY2024; value: 69,307.7
Profit Before Tax: period: H1_FY2027; value: 29,106, period: H1_FY2026; value: 18,887.6, period: FY2026; value: 64,328.3, period: FY2025; value: 62,674.3, period: FY2024; value: 91,012.8
Ebitda Margin: period: H1_FY2027; value: 22.85, period: H1_FY2026; value: 22.06, period: FY2026; value: 26.84, period: FY2025; value: 26.16, period: FY2024; value: 30.52
Pat Margin: period: H1_FY2027; value: 12.33, period: H1_FY2026; value: 7.29, period: FY2026; value: 13.62, period: FY2025; value: 13.76, period: FY2024; value: 19.82
Other Income: period: H1_FY2027; value: 10,419.5, period: H1_FY2026; value: 5,683.3, period: FY2026; value: 19,411, period: FY2025; value: 29,928, period: FY2024; value: 21,783.8
Total Income: period: H1_FY2027; value: 1,76,357.3, period: H1_FY2026; value: 1,56,585.8, period: FY2026; value: 3,48,976.2, period: FY2025; value: 3,29,911.6, period: FY2024; value: 3,49,620
Depreciation Amortisation: period: H1_FY2027; value: 9,272.1, period: H1_FY2026; value: 14,154.3, period: FY2026; value: 25,951.6, period: FY2025; value: 20,837.2, period: FY2024; value: 13,078
Finance Costs: period: H1_FY2027; value: 1,915.5, period: H1_FY2026; value: 1,505.1, period: FY2026; value: 3,368.8, period: FY2025; value: 2,796.6, period: FY2024; value: 2,616.7
Financial Basis: Restated consolidated financial information
Financial Periods: Six months ended 30 September 2026, Six months ended 30 September 2025, Fiscal 2026, Fiscal 2025, Fiscal 2024

04 business quality

Profit Quality Analysis: FY2026 PAT was ₹47,545.90 million versus ₹45,404.20 million in FY2025 and ₹69,307.70 million in FY2024. PAT margin was 13.62%, 13.76% and 19.82%, respectively. This indicates a lower FY2026 PAT than FY2024; analyse alongside other income and operating cash flow.
Margin Trend Analysis: EBITDA margin as a percentage of total income was 30.52% in FY2024, 26.16% in FY2025 and 26.84% in FY2026. H1 FY2027 was 22.85% versus 22.06% in H1 FY2026. Operating EBITDA margin is a separate measure.

05 ipo objects

Objects Of Issue: (i) Offer for Sale of up to 668,056,100 equity shares of face value ₹2 each by Coal India Limited; and (ii) listing of the equity shares on BSE and NSE. The company will not receive proceeds from the offer.
Debt Repayment Amount: 0
Capex Amount: 0
Working Capital Amount: 0
General Corporate Purpose: 0
Proceeds Assessment: The offer is entirely an OFS. SECL will not receive any offer proceeds; the proceeds, net of relevant offer expenses/taxes, accrue to Coal India Limited as promoter selling shareholder. No monitoring agency is required for offer proceeds.

06 peer comparison

Comparability Notes: The DRHP states that non-GAAP measures are not standardised and may not be directly comparable across companies. Compare peer metrics only after confirming reporting basis, period and metric definitions.

07 valuation

Valuation Basis: The DRHP does not specify the price band or offer price. The offer is an OFS of up to 668,056,100 shares; valuation multiples and market capitalisation cannot yet be calculated.
Valuation Conclusion: Valuation conclusion deferred. The price band and offer price are not specified in this DRHP; do not infer valuation from the offer share count alone.

08 risks

Ipo Specific Risks: The offer is an OFS and SECL will not receive proceeds. The company has no prior public market for its equity shares; post-listing liquidity and market price are not assured.
Risk Register: title: No prior public market; category: IPO / market risk; description: This is the company’s first public issue and there has been no formal market for its equity shares. There can be no assurance of sustained trading or the post-listing price.; severity: High; why it matters: Investors may face price volatility and uncertain liquidity after listing.; source refs: document: South Eastern Coalfields Limited DRHP dated 1 November 2026; page: 1; section: Risks in relation to the first issue; analyst assessment: Source-disclosed risk; monitor final offer pricing, free float and post-listing liquidity.; status: available, title: OFS proceeds do not accrue to the issuer; category: Offer structure; description: The offer is entirely an OFS by Coal India Limited; SECL will not receive the offer proceeds.; severity: Medium; why it matters: The transaction does not directly add primary capital to fund SECL operations or growth.; source refs: document: South Eastern Coalfields Limited DRHP dated 1 November 2026; page: 126; printed page: 122; section: Objects of the Offer; analyst assessment: Assess the IPO as a promoter stake sale rather than a capital-raising event for the company.; status: available

09 research

Score Confidence: Low / provisional; full DRHP risk register, operational metrics, cash flow and valuation review remain incomplete.
Business Strengths: Established Coal India Limited subsidiary, Long operating history since incorporation in 1985, Large OFS with proposed listing on BSE and NSE
Key Concerns: OFS-only offer; no proceeds accrue to SECL, Price band and offer dates are not specified in the DRHP, FY2026 PAT and EBITDA margin are below FY2024 levels, Detailed mining, environmental, land, regulatory and litigation risks still require full review
Key Monitoring Points: Final RHP and price band, Coal production and dispatch volumes, Realisation per tonne and product mix, Operating EBITDA margin and PAT, Operating cash flow and capex, Mine closure, environmental and land-related liabilities, Coal India shareholding after OFS
Overall Assessment: Preliminary DRHP-only view. SECL is a Coal India subsidiary and the proposed IPO is a large OFS. The company will not receive proceeds. FY2026 revenue from operations was ₹329,565.20 million, EBITDA ₹93,648.70 million and PAT ₹47,545.90 million on a restated consolidated basis. Margins and profitability were below FY2024 levels. A final investment view is not possible until the complete risk review, operating data, cash flows, peer comparison and price band are verified.
Research Disclaimer: This is a preliminary extraction from the DRHP dated 1 November 2026, not investment advice. Draft disclosures may change in the RHP/prospectus. Verify all material figures, risks and final offer terms before making an investment decision.

10 management

Promoters: President of India, acting through the Ministry of Coal, Government of India, Coal India Limited
Auditor Name: G N S & Associates, Chartered Accountants (FRN 318171E)
Corporate Governance Notes: The promoters are the President of India acting through the Ministry of Coal, Government of India, and Coal India Limited. SECL was converted from a private limited company to a public limited company in October 2026.

11 documents

Source Register: document: South Eastern Coalfields Limited DRHP dated 1 November 2026; type: DRHP; issuer or publisher: South Eastern Coalfields Limited; document date: 2026-11-01; uploaded filename: 1793877677653.pdf; pages reviewed: 1, 2, 3, 126, 127, 128, 551; source classification: Primary issuer filing, document: Restated consolidated financial information and non-GAAP reconciliations within SECL DRHP; type: Financial statements / reconciliation; issuer or publisher: South Eastern Coalfields Limited; G N S & Associates; document date: 2026-11-01; pages reviewed: 551; source classification: Primary issuer filing
Document Version: DRHP dated 1 November 2026
Research Version: SECL DRHP extraction v1.0 - preliminary
Last Researched At: 2026-11-14
Last Updated At: 2026-11-14
Change Log: date: 2026-11-14; version: 1.0; change: Initial SECL DRHP extraction using MoneyCalc4All v2 schema. Cover/offer details, selected company facts and consolidated financial reconciliations entered; remaining fields marked for verification.