South Eastern Coalfields Limited (SECL), a subsidiary of Coal India Limited, has filed draft documents with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO). The IPO will be entirely an Offer for Sale (OFS), through which Coal India plans to sell 66.81 crore shares of SECL.
The proposed IPO will not include any fresh issue of shares. Therefore, SECL will not receive any money from the offering, and the entire proceeds will go to Coal India.
According to the Draft Red Herring Prospectus (DRHP) dated November 1, 2026, SECL is one of India’s largest coal-producing companies. The company is based in Bilaspur, Chhattisgarh, and was established in 1985. It is Coal India’s second-largest coal-producing subsidiary.
What Is the SECL IPO Plan?
Coal India will sell up to 66.81 crore equity shares of SECL through the OFS route. The proposed offer represents around 10% of SECL’s existing equity share capital.
Since the IPO is entirely an OFS, SECL will not issue new shares or receive funds for business expansion. Coal India will receive the money from the share sale.
The proposed shares have a face value of ₹2 each. The IPO price band, issue dates and final issue size in rupee terms have not yet been announced.
SBI Capital Markets, ICICI Securities, IDBI Capital Markets & Securities and Motilal Oswal Investment Advisors have been appointed as book-running lead managers. KFin Technologies is the registrar to the issue.
SECL Coal Production
SECL is one of India’s major coal producers and contributes significantly to the country’s coal supply.
The company produced 176.29 million tonnes of coal during the financial year 2025-26. This was 5.25% higher than the 167.49 million tonnes produced in FY25.
SECL accounted for 16.94% of India’s total coal production in FY26. It contributed 22.95% to Coal India’s overall coal production during the same period.
The company received Miniratna Category-I status in March 2007 and completed 40 years of coal mining operations in 2025.
SECL Has 47.55 Billion Tonnes of Coal Resources
SECL has significant coal resources across its mining areas.
As of April 1, 2026, the company had geological coal resources of approximately 47.55 billion tonnes. This represented around 11.50% of India’s total geological coal resources.
According to the company’s draft documents, its audited coal reserves stood at 4.61 billion tonnes. These reserves could support around 26 years of production at the FY26 production level.
SECL operates major coal mines in Chhattisgarh’s Korba coalfield. Its Gevra and Kusmunda opencast mines are among the world’s largest coal mines.
As of September 30, 2026, the company operated 53 producing mines. These included 19 opencast mines and 34 underground mines across 13 operating areas.
Opencast mines accounted for 93.64% of SECL’s total coal production in FY26.
SECL Financial Performance
SECL reported an increase in revenue and net profit during FY26.
The company’s revenue from operations increased to ₹32,956.5 crore in FY26 from ₹29,998.3 crore in FY25.
Its net profit rose to ₹4,754.5 crore in FY26 compared with ₹4,540.4 crore in the previous financial year.
SECL Financial Results
| Financial Metric | FY 2025-26 | FY 2024-25 |
|---|---|---|
| Revenue from operations | ₹32,956.5 crore | ₹29,998.3 crore |
| Net profit | ₹4,754.5 crore | ₹4,540.4 crore |
The company also reported growth in its financial performance during the first six months of FY27.
For the six months ended September 30, 2026, revenue from operations increased to ₹16,593.7 crore from ₹15,090.2 crore in the corresponding period of the previous year.
Net profit nearly doubled to ₹2,174.3 crore from ₹1,140.9 crore during the same period.
These figures indicate higher revenue and profit during the reported period.
Coal India’s Other Subsidiaries Are Also Preparing for IPOs
SECL’s proposed IPO is part of Coal India’s plans to list its subsidiaries on the stock market.
In September 2026, Mahanadi Coalfields Limited (MCL), another Coal India subsidiary, filed preliminary IPO documents with SEBI. Coal India plans to sell a 10% stake in MCL through an OFS.
Earlier, Bharat Coking Coal Limited (BCCL), another subsidiary of Coal India, launched its IPO in 2026.
The proposed SECL IPO will provide investors an opportunity to participate in the company’s equity once the offer is launched and its shares are listed. However, the IPO price band, opening date and closing date are yet to be announced.
