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Bharat Coking Coal

BHARATCOAL NSE
₹31.15 No trade today
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹31.15 −9.43 −23.2% since 19 Jan 2026
Start ₹40.58

Key Fundamentals

SmallcapConsumable FuelsEnergy

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
4.05%
Debt to Equity
0.39
EPS (TTM)
−₹0.25
Book Value
₹12.50
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
2.49
ROE
1.91%
Dividend Yield
0.00%
EBITDA
₹785 Cr
52W High
₹45.09
52W Low
₹28.92
Volume
0

Key Insights

No strengths listed

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish685
OscillatorsBearish261
Moving AveragesNeutral424

Key readings

RSI (14)
49.39
Neutral
MACD (12,26,9)
−0.53
Bullish
SMA (50)
32.23
Bearish
SMA (200)
—
Neutral

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
5Y+15.75%
3Y+2.63%
1Y−14.27%

Net profit

Net profit growth by window
5YTurned to profit
3Y−42.26%
1Y−89.68%

Operating cash flow

Operating cash flow growth by window
5YOutflow narrowed by ₹1,662 Cr
3YTurned negative
1YTurned negative

Operating margin· change in pp

Operating margin growth by window
5Y+18.10 pp
3Y−7.56 pp
1Y−14.65 pp

Trailing twelve months: Fewer than eight quarters are reported, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹6,567 Cr
Mar 2022₹10,128 Cr
Mar 2023₹12,624 Cr
Mar 2024₹14,246 Cr
Mar 2025₹15,917 Cr
Mar 2026₹13,645 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021−₹1,202 Cr
Mar 2022₹112 Cr
Mar 2023₹665 Cr
Mar 2024₹1,564 Cr
Mar 2025₹1,240 Cr
Mar 2026₹128 Cr

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

Bharat Coking Coal Ltd trades at ₹29.71 as of 2026-10-30 with a market cap of ₹13,836 Cr, near its 52-week low of ₹28.92. The company has a negative TTM EPS of -₹0.25 and an ROE of just 2.22%, reflecting a sharp earnings decline with TTM profit contracting 91% and TTM sales declining 14%.

Bull Case 7
  • Debt-to-equity ratio stands at a manageable 0.39, indicating the balance sheet is not over-leveraged despite the earnings downturn
  • 5-year compounded sales growth of 16% shows the company has demonstrated meaningful top-line expansion over a longer horizon
  • 5-year compounded profit growth of 16% indicates that over a longer cycle the company has been able to grow earnings substantially
  • 5-year average ROE of 16% suggests the business has historically generated reasonable returns on equity over a full cycle
  • Price-to-book ratio of 2.38 is relatively modest for a company with a ₹13,836 Cr market cap, implying limited premium over book value
  • Stock trading at ₹29.71, just 2.7% above its 52-week low of ₹28.92, may reflect significant pessimism already priced into the shares
  • 3-year compounded sales growth of 3% shows the company has at least maintained revenue stability even as profits contracted sharply
Bear Case 8
  • TTM EPS is negative at -₹0.25, meaning the company is currently loss-making on a trailing twelve-month basis
  • TTM profit has contracted 91%, representing a severe and rapid deterioration in earnings
  • TTM sales have declined 14%, indicating the top line is shrinking alongside collapsing profitability
  • Earnings include other income of ₹1,233 Cr, meaning core operating performance is even weaker than headline numbers suggest
  • ROE has collapsed from a 3-year average of 18% to just 2.22% currently, reflecting a dramatic erosion in return on equity
  • Debtor days have increased from 51.0 to 76.6 days, signalling deteriorating working capital efficiency and potential collection issues
  • The company pays zero dividend despite reporting profits in prior years, with a dividend yield of 0%, offering no income cushion to shareholders
  • Low interest coverage ratio indicates limited headroom to service debt, which becomes a greater risk given the current loss-making trajectory

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

AI News Digest

9h ago

TL;DR: BCCL showed a positive monthly rebound with October raw coal output up 7.1% and coking coal up 9.8%, but the year-to-date production gap of -9.7% and a near-total collapse in underground mining remain serious concerns. A ₹46.20 crore Supreme Court payment order adds a confirmed financial liability. Multiple senior management changes and a legal disposal are largely routine. The monthly uptick is encouraging, but sustained recovery in cumulative output and underground operations will be key to watch in coming quarters.

Headwinds 3
  • SC upholds ₹46.20cr payment order Oct 14

    Supreme Court dismissed BCCL's petition, upholding a ₹46.20 crore payment order to AT-Libra BPL JV for HEMM services at Golukdih NC Project.

  • Progressive output down 9.7% YTD Nov 1

    Cumulative raw coal production from April to October 2026 fell 9.7% YoY to 16.64 million tonnes, indicating a broader production shortfall despite monthly improvement.

  • Underground mining near collapse Nov 1

    Underground mine production plunged 75.6% YoY to just 0.02 million tonnes in October 2026, signaling severe operational challenges in sub-surface operations.

Positives 1
  • October raw coal up 7.1% YoY Nov 1

    Raw coal production for October 2026 rose 7.1% YoY to 2.86 million tonnes, while coking coal output climbed 9.8% to 2.82 million tonnes.

Neutral 4
  • Director Technical exits on tenure end Nov 3

    Rajeev Kumar Sinha ceased to be Director (Technical) at BCCL on November 1, 2026, upon completion of his designated tenure, also relinquishing additional charge of Director (Technical) Project & Planning.

  • Senior management reshuffles Nov 1

    BCCL announced multiple rounds of senior management transfers and postings, including 6 changes effective November 1 and 10 additional personnel moves in October 2026.

  • Q2 board meeting rescheduled Oct 22

    The 448th board meeting to consider Q2FY26 and H1FY26 standalone financial results was postponed from October 24 to October 25, 2026 due to unavoidable circumstances.

Quarterly Results

₹ Cr
BHARATCOAL quarterly results, ₹ crore
Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
3,688
3,866
3,720
2,572
3,469
3,283
3,587
4,413
Expenses
3,122
3,804
3,529
2,955
3,435
3,618
3,652
4,212
Operating Profit
566
62
191
−384
34
−335
−64
200
OPM %
15%
1.6%
5%
−15%
1%
−10%
−1.8%
4.5%
Other Income
69
286
182
470
70
557
136
159
Interest
17
24
26
34
46
52
48
49
Depreciation
104
260
100
101
127
150
126
124
PBT
515
64
247
−48
−69
19
−103
186
Tax %
17%
−4%
29%
10%
−67%
−44%
−34%
33%
Net Profit
425
66
177
−53
−23
27
−68
124
EPS (₹)
91.26
14.28
0.38
−0.11
−0.05
0.06
−0.15
—

Sep 2026: from the results filed on 25 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
BHARATCOAL profit and loss, annual, ₹ crore
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 (₹)
−258
23.97
143
336
266
0.28
−0.25
Div. Payout %
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
BHARATCOAL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
BHARATCOAL cash flow, annual, ₹ crore
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

Ratios

BHARATCOAL financial ratios, annual
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

Log in to view Bharat Coking Coal insights

48 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 90.00%
  • Public 7.95%
  • Others 1.01%
  • DIIs 0.98%
  • FIIs 0.06%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

  • Q3 FY26 concall · Feb 2026
    PPT

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.
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 52-week high and low of Bharat Coking Coal Ltd?
Over the last 52 weeks Bharat Coking Coal Ltd has traded between ₹28.92 and ₹45.09 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Bharat Coking Coal Ltd?
Bharat Coking Coal Ltd reported a return on equity of 1.91%. 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.

Website bcclweb.in
CEO Mr. Manoj Kumar Agarwal
Employees 31,389
Listed 19 Jan 2026
Face Value ₹10

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