India has set itself a net zero emission target by 2070 and power generation will be led by non-fossil fuels like solar, wind or nuclear. But coal production and utilisation will continue to be robust in the economy, as the red herring prospectus of Bharat Coking Coal indicates. The supply gap is expected to narrow by 2035 as mines and production will match demand. Even though power, the largest end use of coal, is expected to show marginal growth, demand from steel, cement, and other industries utilising coal for captive-power use is expected to drive demand. Coal prices, on the other hand, have been declining from their peak in 2022 and are expected to arrest the decline from 2026