SECL’s Dalal Street debut slated for 2027, eyes set on ‘world’s largest mine’ title

Following the bumper listing of Bharat Coking Coal (BCCL), another subsidiary of Coal India, South Eastern Coalfields Limited (SECL) is gearing up for its own Dalal Street debut in March 2027.

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The state-run coal miner has confirmed that it is currently drafting its Draft Red Herring Prospectus (DRHP), with book-running lead managers already structuring an Offer for Sale (OFS) in the run-up to the listing. “Stock market listing for SECL has been planned for March 2027, and we are confident that SECL listing will be even better than BCCL listing,” Harish Duhan, CMD, South Eastern Coalfields Limited (SECL) told Business Today.

Speaking about the fundamentals in the run-up to the IPO, Duhan said the company intends to bag the title of the world’s largest coal mine for its flagship Gevra Opencast Coal mine in Chhattisgarh by scaling its coal production to 70 MT. For context, Gevra produced 56.03 MT in FY25, compared to 59.11 MT in FY24. This expansion relies on opencast (OC) mining, utilising blast-free surface miners to maximize volume while meeting environmental norms.

Financially, the company aims for a revenue of Rs 5,000 crore by next year. According to official reports, SECL’s profit after tax (PAT) was approximately Rs 4,600 crore in FY25, compared to Rs 6,971 crore in FY24. The target reflects an expected rebound as the company ramps up its high-capacity assets.

SECL’s long-term strategy focuses on its Mega-3 projects—Gevra, Dipka, and Kusmunda—aiming to cross the 200 MT production mark by 2030. While opencast pits provide the primary volume, SECL is also gradually modernizing its mining operations to fulfill customer demands from G3 to G15 grades of Coal. In FY25, UG production stood at 11.87 MT, and the company is deploying Continuous Miners to improve worker safety and yield. At a group level, total production was 167.49 MT in FY25, against 187.38 MT in FY24.

Beyond traditional mining, SECL is positioning itself as a diversified energy giant. The company is pivoting towards critical minerals and coal gasification, engaging in talks with state governments for Joint Ventures in mining exploration as well as Coal gasification. 

The listing is followed by an in-principle approval granted by the Coal India Board on December 23, 2025, in response to a Ministry of Coal directive. SECL company currently operates across 13 administrative areas located in Chhattisgarh (spanning 7 districts) and Madhya Pradesh (spanning 3 districts). The company’s operational asset base consists of 60 active mines, with a structural split between 19 opencast mines and 41 Underground mines, the latter being the largest underground fleet of any Coal India subsidiary.

While the company holds total geological reserves of 48.5 BT (billion tonnes)—of which 30 BT (billion tonnes) are proven—it operates in a volatile environment where production targets have historically been missed due to land acquisition delays and the physical risks inherent to mining. To stabilise these outputs, the company is transitioning toward AI-controlled operations and robotics, targeting a revenue mark of Rs 5,000 crore next year and expanding its First Mile Connectivity from 150 MT to 240 MT over the next three years.