Bharat Coking Coal H1 PAT Drops 55% to ₹55.65 Crore

Date: 25.10.2026

Financial Results (Standalone & Consolidated)

Half Year Ended 30th September 2026 (H1 FY27) vs H1 FY26:

Total Income: ₹8,294.39 crore (vs ₹7,545.33 crore in H1 FY26), +9.93%
Revenue from Operations: ₹7,999.85 crore (vs ₹6,892.84 crore in H1 FY26), +16.06%
Total Expenditure: ₹8,211.68 crore (vs ₹7,345.99 crore in H1 FY26), +11.78%
Profit Before Tax: ₹82.71 crore (vs ₹199.34 crore in H1 FY26), -58.51%
Tax Expenses: ₹27.06 crore (vs ₹75.46 crore in H1 FY26)
Profit After Tax: ₹55.65 crore (vs ₹123.88 crore in H1 FY26), -55.07%
EBITDA: ₹430.37 crore (vs ₹459.93 crore in H1 FY26), -6.42%
Sales per ton: ₹3,505.57/te (vs ₹3,121.09/te in H1 FY26)
Cost per ton: ₹3,456.17/te (vs ₹3,002.82/te in H1 FY26)
Profit per ton: ₹49.40/te (vs ₹118.27/te in H1 FY26)

Quarter Ended 30th September 2026 (Q2 FY27) vs Q2 FY26:

Total Income: ₹4,571.15 crore (vs ₹3,643.54 crore in Q2 FY26), +25.46%
Revenue from Operations: ₹4,412.58 crore (vs ₹3,173.25 crore in Q2 FY26), +39.06%
Total Expenditure: ₹4,385.37 crore (vs ₹3,691.60 crore in Q2 FY26), +18.79%
Profit Before Tax: ₹185.78 crore (vs loss of ₹48.06 crore in Q2 FY26)
Tax Expenses: ₹62.04 crore (vs ₹4.93 crore in Q2 FY26)
Profit After Tax: ₹123.74 crore (vs loss of ₹52.99 crore in Q2 FY26)
EBITDA: ₹358.87 crore (vs ₹86.65 crore in Q2 FY26)
Sales per ton: ₹3,668.20/te (vs ₹2,972.61/te in Q2 FY26)
Cost per ton: ₹3,460.10/te (vs ₹3,032.47/te in Q2 FY26)
Profit per ton: ₹208.10/te (vs loss of ₹59.86/te in Q2 FY26)

Physical Performance

Half Year Ended 30th September 2026:

Coal Production: 13.78 MT (vs 15.75 MT in H1 FY26), -12.51%
OB Removal: 64.87 MCuM (vs 81.76 MCuM in H1 FY26), -20.66%
Offtake: 16.61 MT (vs 17.05 MT in H1 FY26), -2.58%

Quarter Ended 30th September 2026:

Coal Production: 7.22 MT (vs 6.71 MT in Q2 FY26), +7.60%
OB Removal: 31.92 MCuM (vs 32.32 MCuM in Q2 FY26), -1.24%
Offtake: 8.89 MT (vs 8.11 MT in Q2 FY26), +9.62%

Sales Overview (H1 FY27)

| FSA | 12.52 | 3,860.19 | 3,083.22 |

| E-Auction (Raw Coal) | 0.98 | 365.45 | 3,729.08 |

| Total Raw Coal | 13.50 | 4,225.64 | 3,130.10 |

| Washed Coal (PCC) | 0.37 | 508.21 | 13,735.41 |

| Washed Coal (MCC) | 0.43 | 493.29 | 11,471.86 |

| Washed Coal (E-Auction) | 0.01 | 12.91 | 12,910.00 |

| Total Washed Coal | 0.81 | 1,014.41 | 12,509.54 |

| Other By Product (Washed Power Coal) | 2.02 | 593.45 | 2,937.87 |

| Other By Product (E-Auction) | 0.41 | 35.15 | 857.32 |

| Total Other By Products | 2.43 | 628.60 | 2,586.83 |

| Total | 16.74 | 5,868.65 | 3,505.57 |

Performance Incentive & Compensation Income: Current Year ₹386.50 Crore; Previous Year ₹121.75 Crore

Washery Performance (H1 FY27)

| Operable capacity (in LT) | 10.25 | 68.00 | 78.25 | 8.50 | 86.75 |

| Total Coal feed (in LT) | 1.64 | 23.03 | 24.66 | 6.76 | 31.43 |

| Capacity Utilization | 15.96% | 33.87% | 31.52% | 79.54% | 36.22% |

| Production of washed coal (in LT) | 0.602 | 4.653 | 5.255 | 2.921 | 8.176 |

| Washed coal Yield | 36.82% | 20.20% | 21.31% | 43.21% | 26.02% |

| Profit/(Loss) (in ₹ Crore) | 54.75 | 242.97 | 297.72 | 204.22 | 501.94 |

Note: Loss of Non-operative Washeries (Bhojudih, Dugdha, Sudamdih, & Mahuda) not considered.

Debtors' Analysis

Gross Debtors as on 30.09.2026: ₹2,267.12 crore (decreased 25.05% from ₹3,024.97 crore on 01.04.2026)

Unbilled Dues: ₹632.81 crore
Major Customers: DVC (₹187.66 crore), SAIL (₹691.36 crore), DPL (₹318.23 crore), UPRUVNL (₹143.86 crore), HPGCL (₹103.17 crore)

Inventory of Raw Coal

Closing Stock as on 30.09.2026: 6.34 MT (vs 9.17 MT on 31.03.2026)
Stock accretion/(decretion): (2.83) MT
Stock quantity as number of days' sales: 70 days (vs 101 days as on 31.03.2026)

Financial KPIs

| KPI | H1 2026-27 | FY 2025-26 |

| EBITDA as % of Total Income | 5.19% | 5.26% |

| PAT as % of Total Income | 0.67% | 0.86% |

| Return on average capital employed (ROCE) (Annualized) | 6.20% | 5.03% |

| Return on Net Worth (Annualized) | 1.90% | 2.07% |

| Trade receivables as number of days of Revenue from operations | 34 days | 67 days |

| Current ratio | 0.80 | 0.93 |

| Net asset value (NAV) per equity share [Face Value ₹10] | ₹12.65 | ₹12.53 |

| Earnings Per Share (EPS) [Face Value ₹10] (not annualized) | ₹0.12 | ₹0.28 |

Capex Comparison

H1 FY27 Capex: ₹630.77 crore (vs ₹343.57 crore in H1 FY26)

Plant & Machinery: ₹168.45 crore
Increase in Capital Advance & Surveyed Off Assets: ₹373.64 crore
Development: ₹36.92 crore
Building: ₹32.53 crore

Q2 FY27 Capex: ₹143.44 crore (vs ₹161.55 crore in Q2 FY26)

CAPEX target for FY 2026-27: ₹1,000 crores

Major Operational Highlights

Bhojudih washery (2.0 MTPA capacity) started commercial operations from 26-05-2026, enhancing total washing capacity to 17.35 MT (including 1.70 MT of TSL)
ASGKCC mine (Katras Area) started production on MDO revenue-sharing basis (company receives 9% of revenue), contributed 13,400 Te production in H1
Surface compatibility test of longwall equipment at Moonidih Colliery successfully completed (Minimum Guaranteed production: 1.5 MT/Y)
Maheshpur RLS (Rapid Loading System) Project became operational on 20.09.2026 (capacity: 5.0 MTPY, BCCL's first FMC project)
First Coal Neer plant inaugurated on 22.07.2026 by Hon'ble Minister of Coal
MOU signed with SAIL for joint development of Kalyaneshwari Block (Peak Rated Capacity: 4.0 MTPA)
Tripartite MoU signed with Hindalco & Rajdhani Textiles on 22.07.2026 for Skill Development and Livelihood (employment potential: 1200 each)

Variance Analysis Key Points

Revenue Increase Drivers: Higher average prices of Washed coal (from ₹9,495/Te to ₹12,510/Te), Recognition of Performance Incentive and compensation of ₹386.50 Cr (vs ₹121.65 Cr)

Expense Increase Drivers:

Employee Benefits: Increased due to NCWA XII provision (₹76.07 Cr) and one-time compensation payment (₹39.83 crores)
Finance Cost: Increased due to higher working capital loan utilization (average ₹2,100 cr vs ₹780 cr)
Other expenses: Increased due to JMBL cess rate hike (₹250/tonn to ₹450/tonn) and power tariff increase by 40%
POL (Diesel): Price increase of approx. 40%
Explosives: Price increase of approx. 21%