# Mahanadi Coalfields Ltd.: IPO analysis > Mahanadi Coalfields Ltd. (CIN U10102OR1992GOI003038) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising an offer for sale of 66.18 Cr shares. In FY26 it reported revenue of ₹30,550 Cr (-2.6% on FY25) and a net profit of ₹10,698 Cr. Promoters hold 100.0% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 40 claims looked up. - Page: https://ipo.innerkore.com/in/company/U10102OR1992GOI003038/mahanadi-coalfields-ltd/ - CIN: U10102OR1992GOI003038 - Last updated: 4 Sep 2026 ## Key facts - **Company:** Mahanadi Coalfields Ltd. - **CIN:** U10102OR1992GOI003038 - **Filing stage:** DRHP - **Latest SEBI filing:** 4 Sep 2026 - **Offer for sale:** 66,18,36,300 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹30,550 Cr - **Revenue growth:** -2.6% - **Net profit FY26:** ₹10,698 Cr - **Revenue CAGR FY24 to FY26:** -1.7% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Service Limited, IIFL Securities Limited - **Registrar:** KFin Technologies Limited - **Earlier look-up flags:** 0 high, 0 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Growth** (concern): -1.7% a year. Sales FY24 to FY26; latest year -2.6%. - **Profitability** (looks fine): 35% net margin. FY26; operating margin slipping. - **Debt** (looks fine): 0x equity. ₹3.2 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 117% of profit. Operations brought in ₹12,478 crore against ₹10,698 crore of profit in FY26. - **One-off income** (look closer): 23% of profit. Other and one-off income is 23% of pre-tax profit. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (looks fine): None serious. 40 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 31,634 | 31,353 | 7,548 | 30,550 | 8,034 | | Sales growth | – | -0.9% | – | -2.6% | – | | Operating profit | 14,681 | 13,655 | 3,298 | 12,735 | 3,237 | | Operating margin | 46.4% | 43.6% | 43.7% | 41.7% | 40.3% | | Net profit | 11,842 | 10,825 | 2,448 | 10,698 | 2,399 | | Net margin | 37.4% | 34.5% | 32.4% | 35.0% | 29.9% | | Net worth | 16,178 | 18,352 | 20,783 | 21,431 | 23,835 | | Borrowings | 4.0 | 3.4 | 3.5 | 3.2 | 2.9 | | Return on equity | 73.2% | 59.0% | – | 49.9% | – | ## Claims looked up earlier - **LOW** (RegulatoryAction): A declaration was made certifying compliance with relevant provisions of the Companies Act, 2013 and rules issued by the Government of India and SEBI.. The search results confirm that Mahanadi Coalfields Limited (MCL) has filed preliminary papers with SEBI for an IPO, which is related to the context of the DRHP. However, the search results do not explicitly state a declaration certifying compliance with all relevant provisions of the Companies Act, 2013 and SEBI rules. - **LOW** (LitigationStatus): The Company filed a revision application under section 30 of the Mines and Mineral (Development & Regulations), Act, 1957, challenging a demand notice for short realization of revenue due to non-imposition of penalty.. The search results do not directly corroborate or contradict the specific claim regarding a revision application challenging a demand notice for short realization of revenue due to non-imposition of penalty. However, they point to various legal and arbitration matters involving Mahanadi Coalfields Ltd., such as claims commission reports, court cases, and arbitration agreements. - **NONE** (LitigationStatus): The Company filed a writ petition before the High Court of Orissa challenging the State's imposition of a tax on coal-bearing lands under the Orissa Rural Infrastructure and Socio-Economic Development Act, 2004.. The search results do not directly corroborate or contradict the specific claim about a writ petition challenging a tax imposition under the Orissa Rural Infrastructure and Socio-Economic Development Act, 2004. The results point to various legal proceedings and agreements related to Mahanadi Coalfields Ltd., but none explicitly mention the challenge to the state tax on coal-bearing lands as described in the claim. - **NONE** (PromoterBackground): The face value of the equity shares was sub-divided from ₹1,000 per equity share to ₹2 per equity share pursuant to resolutions passed by the Board and Shareholders dated August 22, 2026, and August 27, 2026.. The search results do not contain any information corroborating or contradicting the claim regarding the subdivision of the face value of equity shares for Mahanadi Coalfields Ltd. on the specified dates. However, one result mentions Mahanadi Coalfields Limited in the context of an IPO, which is unrelated to the share face value change. - **NONE** (PromoterBackground): The dividend distribution policy of the Company was approved by the Board in its meeting held on August 22, 2026.. The search results do not contain information confirming or denying the specific claim that the dividend distribution policy was approved by the Board on August 22, 2026. The results mention various activities related to Coal India and Mahanadi Coalfields, such as fines, divestment approvals, and IPO preparations, but not the dividend policy approval date. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted pursuant to a resolution of the Board dated August 22, 2026.. The provided search results do not contain any information regarding the constitution of the Nomination and Remuneration Committee by the Board of Mahanadi Coalfields Ltd. on August 22, 2026. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search snippets. - **NONE** (PromoterBackground): The Audit Committee was last reconstituted pursuant to a resolution of the Board dated June 27, 2026.. The provided search results do not contain any information regarding the last reconstitution of the Audit Committee for Mahanadi Coalfields Ltd. on the specified date. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search results. - **NONE** (PromoterBackground): Remuneration paid or payable to the Directors by subsidiaries or associates in Fiscal 2026 is detailed, with Uday Anantrao Kaole receiving ₹1.07 Crore.. The provided search results do not contain any information regarding the remuneration paid or payable to directors by subsidiaries or associates in Fiscal 2026, nor do they mention the specific remuneration of Uday Anantrao Kaole. One result mentions Mahanadi Coalfields Ltd. in the context of an IPO, but not the director remuneration claim. - **NONE** (PromoterBackground): Uday Anantrao Kaole is the Chairman cum Managing Director and has been associated with the Company since December 19, 2023.. The provided search results do not contain information confirming or denying the association of Uday Anantrao Kaole with Mahanadi Coalfields Ltd. since December 19, 2023. The search results mention Mahanadi Coalfields Ltd. in the context of an IPO and other regulatory matters, but do not mention the individual specified in the claim. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on August 27, 2026, subdividing the authorized share capital from ₹16,00,00,00,000 into ₹16,00,00,00,000.. The search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association or the subdivision of the authorized share capital for Mahanadi Coalfields Ltd. Therefore, the claim cannot be corroborated or contradicted by the provided search snippets. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on October 17, 2023, increasing the authorized share capital from ₹9,80,00,00,000 to ₹16,00,00,00,000.. The search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association or changes to the authorized share capital for Mahanadi Coalfields Ltd. Therefore, the provided search results do not corroborate, contradict, or update the claim. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on March 21, 2018, increasing the authorized share capital from ₹5,00,00,00,000 to ₹9,80,00,00,000.. The provided search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association or changes to the authorized share capital of Mahanadi Coalfields Ltd. as stated in the claim. The search results focus on production, market performance, and IPO details. ## Common questions ### How big is the Mahanadi Coalfields Ltd. IPO? Mahanadi Coalfields Ltd.'s IPO comprises an offer for sale of 66.18 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Mahanadi Coalfields Ltd.'s revenue and profit? Mahanadi Coalfields Ltd. reported revenue from operations of ₹30,550 Cr in FY26, -2.6% versus FY25. Net profit was ₹10,698 Cr (FY25: ₹10,825 Cr). Revenue grew at a compound rate of -1.7% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Mahanadi Coalfields Ltd.? Promoters hold 100.0% of Mahanadi Coalfields Ltd. before the IPO. ### What are the red flags in Mahanadi Coalfields Ltd.'s DRHP? Earlier, we looked up 40 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 2 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Mahanadi Coalfields Ltd. do? Forget the hype: the true story behind the Mahanadi Coalfields IPO isn't about new money. It's about a tangled web of past legal battles, arbitration claims, and court disputes that threaten to expose the company's true financial stability. ### Who manages the Mahanadi Coalfields Ltd. IPO? Book running lead managers: SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Service Limited, IIFL Securities Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Mahanadi Coalfields Ltd. IPO documents? All 2 filings for Mahanadi Coalfields Ltd. (DRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Mahanadi Coalfields Ltd. - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788761365481.pdf) (Draft Red Herring Prospectus, filed 4 Sep 2026) - [Mahanadi Coalfields Ltd. - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Mahanadi%20Coalfields%20Limited%20_Draft%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 4 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.