Bharat Coking Coal logo

Bharat Coking Coal

BHARATCOAL NSE

Key Fundamentals

SmallcapCoalOil & Gas
Market Cap
₹15,401 Cr
Volatility
Moderate
P/E Ratio
-133.8
EBITDA
₹785 Cr
Return on Equity
2.22%
Debt to Equity
0.39
Book Value
₹12.41
52W High
₹45.09
52W Low
₹29.74

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

4
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Earnings include an other income of Rs.1,233 Cr.
  • Debtor days have increased from 51.0 to 76.6 days.

Growth Rate

Revenue Growth
-9.64% lower than 3Y
Net Income Growth
-89.65% lower than 3Y
Cash Flow Change
-202% lower than 3Y
ROE
-88.43% lower than 3Y
ROCE
-82.21% higher than 3Y
EBITDA Margin (Avg.)
-63.14% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Bharat Coking Coal Ltd, a subsidiary of Coal India, trades at a market cap of ~Rs.15,401 Cr with a negative trailing P/E of -133.8, reflecting a sharp 91% TTM profit decline. The company has a historical track record of profitability with 5-year compounded profit growth of 16%, but recent performance has deteriorated significantly with last-year ROE dropping to just 2% from a 3-year average of 18%.

Bull Case 7
  • 5-year compounded sales growth of 16% demonstrates a solid medium-term revenue expansion track record
  • 5-year compounded profit growth of 16% indicates the company has historically been capable of delivering strong earnings growth
  • 3-year average ROE of 18% shows the business has generated respectable returns on equity over a meaningful period
  • Price-to-book ratio of 2.7x is relatively modest for a company with an 18% 3-year ROE, suggesting the stock is not excessively valued on a book basis
  • 3-year compounded sales growth of 3% shows the company has maintained positive revenue trajectory even through recent headwinds
  • As a coking coal producer and Coal India subsidiary, the company operates in a sector critical to India's steel industry, which has structural demand tied to infrastructure spending
  • Market cap of Rs.15,401 Cr provides reasonable scale and liquidity for a mining operation with established reserves and infrastructure
Bear Case 8
  • TTM compounded profit has collapsed by 91%, signalling a severe deterioration in earnings power
  • Negative trailing P/E of -133.8 indicates the company is currently loss-making on a trailing twelve-month basis
  • Last-year ROE has plunged to just 2% from a 3-year average of 18%, showing a dramatic decline in capital efficiency
  • TTM sales declined 14%, indicating weakening demand or pricing pressure in its core coking coal business
  • 3-year compounded profit CAGR of -44% shows the earnings erosion is not a one-quarter anomaly but a sustained multi-year trend
  • Debtor days have increased from 51.0 to 76.6 days, a 50% deterioration in receivable collection that pressures working capital
  • Despite reporting profits historically, the company pays zero dividend (dividend yield 0%), offering no income return to shareholders
  • Earnings quality is a concern as other income of Rs.1,233 Cr forms a significant portion of reported profits, masking weaker operating performance

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 5
  • EBITDA crashes 81% in Q1 FY27 Aug 21

    EBITDA slashed ~81% YoY to ₹71.5 crore in Q1 FY27 from ₹373 crore, with EBITDA margin at 1.92% and profit margin turning negative at -1.83%. Revenue fell ~4% YoY to ₹3,587 crore while total expenses rose ~5% to ₹3,826 crore.

  • Production drops 27% in Q1 Aug 21

    Raw coal production dropped over 27% YoY to 9.53 million tonnes in Q1 FY27, missing targets. Five-month progressive output declined 17.7% to 11.21 million tonnes as of August 2026.

  • NSE/BSE fine for non-compliance Aug 26

    BCCL received penalty notices totalling ₹22.25 lakh (₹11.13 lakh each) from NSE and BSE for non-compliance with SEBI LODR regulations for Q4 FY26.

  • NAKC blasting halted by DGMS Aug 19

    Blasting operations at New Akashkinaree Colliery stopped following a DGMS directive citing land subsidence. Fresh permission is required to resume operations.

  • Stock down 34% post-listing Aug 21

    Shares fell 34% in ~two months post-debut to a record low of ₹29.74 in March 2026. Stock is down 14% over one month and over 5% in one week as of Aug 21.

Positives 3
  • Global coking coal prices surge Aug 21

    Premium hard coking coal prices rose 25% in 2026 to average $236/MT FOB Australia, with prices jumping 18% in two sessions. BHP's CEO signalled the best years for coking coal may still be ahead.

  • Shares rally 7.5% on commodity wave Aug 21

    BCCL shares surged 7.5% to ₹37.70 on BSE, recovering ~16% from the March record low. Market cap stood at over ₹16,383 crore.

  • Coking coal output grows 2.8% Sep 1

    Core coking coal production grew 2.8% YoY to 2.18 million tonnes in August 2026, with opencast mines contributing 2.19 million tonnes, up 1.4% YoY.

Neutral 2
  • New HR director appointed Sep 2

    Rajesh Kumar, Director (Finance), given additional charge of Director (HR) effective September 1, 2026, following Murlikrishna Ramaiah's superannuation on August 31.

  • August raw coal output flat Sep 1

    Total raw coal production dipped marginally 0.2% YoY to 2.21 million tonnes in August 2026. Non-coking coal fell sharply 65.9% to 0.03 million tonnes.

TL;DR: Bharat Coking Coal faces serious operational headwinds with Q1 FY27 EBITDA collapsing 81% on a 27% production drop, regulatory fines, and a mine halt order. The key bright spot is surging global coking coal prices — up 25% in 2026 — which drove a 7.5% share rally, though the stock remains well below listing levels. Core coking coal output showed modest 2.8% growth in August, but progressive five-month production is down 17.7%, suggesting execution remains the primary risk. The trend is deteriorating operationally, and sustained recovery depends on BCCL meeting production targets while global commodity tailwinds persist.

Quarterly Results

Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,688
3,866
3,720
2,572
3,469
3,283
3,587
Expenses
3,122
3,804
3,529
2,955
3,435
3,618
3,652
Operating Profit
566
62
191
-384
34
-335
-64
OPM %
15%
1.6%
5%
-15%
1%
-10%
-1.8%
Other Income
69
286
182
470
70
557
136
Interest
17
24
26
34
46
52
48
Depreciation
104
260
100
101
127
150
126
PBT
515
64
247
-48
-69
19
-103
Tax %
17%
-4%
29%
10%
-67%
-44%
-34%
Net Profit
425
66
177
-53
-23
27
-68
EPS in Rs
91.26
14.28
0.38
-0.11
-0.05
0.06
-0.15
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,567
10,128
12,624
14,246
15,917
13,645
12,911
Expenses
7,994
9,995
12,126
12,158
14,159
14,138
13,660
Operating Profit
-1,426
133
499
2,088
1,758
-493
-750
OPM %
-22%
1.3%
4%
15%
11%
-3.6%
-6%
Other Income
180
452
393
406
598
1,279
1,233
Interest
122
78
56
62
72
159
181
Depreciation
209
315
305
340
581
478
504
PBT
-1,577
191
530
2,092
1,703
149
-201
Tax %
-24%
42%
-25%
25%
27%
14%
—
Net Profit
-1,202
112
665
1,564
1,240
128
-117
EPS in Rs
-258
23.97
143
336
266
0.28
-0.25
Div. Payout %
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,657
4,657
4,657
4,657
4,657
4,657
Reserves
-1,568
-1,383
-853
665
1,806
1,122
Borrowings
2,052
0
213
230
233
2,242
Other Liabilities
7,288
7,892
9,654
9,533
10,944
12,839
Total Liabilities
12,429
11,166
13,671
15,085
17,640
20,859
Fixed Assets
2,303
2,499
3,079
3,615
4,502
5,326
CWIP
1,390
1,466
1,300
1,368
1,617
1,874
Investments
0
0
80
267
0
0
Other Assets
8,736
7,201
9,212
9,836
11,521
13,659
Total Assets
12,429
11,166
13,671
15,085
17,640
20,859
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-2,303
3,300
1,699
1,299
627
-641
Investing
970
-582
-1,706
-1,484
-823
-310
Financing
1,930
-2,150
-43
-74
37
1,150
Net Cash Flow
597
569
-50
-259
-159
200
Free Cash Flow
-2,705
2,656
692
112
-138
-1,239
CFO/OP
158
2,511
344
68
56
167
Figures in ₹ Crores

Ratios

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
167
37
36
34
42
77
Inventory Days
—
413
—
—
—
—
Days Payable
—
338
—
—
—
—
Cash Conversion Cycle
167
113
36
34
42
77
Working Capital Days
-37
-25
-33
10
13
-39
ROCE %
—
6%
16%
45%
29%
4%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs0.38%Promot.90.00%DIIs1.05%Others1.21%Public7.36%As ofJun 2026

Documents

Frequently Asked Questions about Bharat Coking Coal

What does Bharat Coking Coal Ltd do?
Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal.[1]
Where is Bharat Coking Coal Ltd (BHARATCOAL) listed?
Bharat Coking Coal Ltd trades as BHARATCOAL on the NSE and under code 544678 on the BSE.
Which sector does Bharat Coking Coal Ltd belong to?
Bharat Coking Coal Ltd is classified under the Oil & Gas sector, in the Coal industry.
What is the market capitalisation of Bharat Coking Coal Ltd?
Bharat Coking Coal Ltd has a market capitalisation of ₹15,401 Cr, which places it in the Mid Cap band.
What is the PE ratio of Bharat Coking Coal Ltd?
Bharat Coking Coal Ltd trades at a PE ratio of -133.80, against a book value of ₹12.41 per share.
What is the 52-week high and low of Bharat Coking Coal Ltd?
Over the last 52 weeks Bharat Coking Coal Ltd has traded between ₹29.74 and ₹45.09.
What is the Return on Equity (ROE) of Bharat Coking Coal Ltd?
Bharat Coking Coal Ltd reported a return on equity of 2.22%. Its debt-to-equity ratio is 0.39.

Company Information

Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal.[1]

Website bcclweb.in
CEO Mr. Manoj Kumar Agarwal
Employees 31,389
Listed 2026-01-19
Face Value ₹ 10
Issued Size 4,65,70,00,000

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