Financial Performance Summary
Bharat Coking Coal Limited reported a net loss of ₹68.09 crore for Q1 FY27 compared to a net profit of ₹176.87 crore in Q1 FY26. Revenue from operations declined to ₹3,587.27 crore from ₹3,719.59 crore YoY. The company reported negative EBITDA of ₹71.50 crore compared to positive EBITDA of ₹373.28 crore in the same quarter previous year.
Operational Performance
Coal production declined 27.43% YoY to 6.56 MT from 9.04 MT. Off-take decreased 14.03% to 7.72 MT from 8.98 MT. Overburden removal declined 34.68% to 32.30 MCuM from 49.45 MCuM. Sales per ton stood at ₹3,243.13 while cost per ton increased to ₹3,375.04 from ₹2,975.84 YoY, resulting in loss per ton of ₹131.91.
New Developments
The newly constructed Bhojudih washery with capacity of 2.0 MTPA started commercial operations from May 26, 2026, enhancing BCCL's total washing capacity to 17.35 MT (including 1.70 MT of TSL). The ASGKCC mine of Katras Area, awarded on an MDO revenue-sharing basis, started production in Q1 FY27 with company receiving 9% of revenue, contributing 11,980 Te to production. Surface compatibility test of longwall equipment at Moonidih Colliery was successfully completed, mandated to give minimum guaranteed production of 1.5 MT/Y.
Sales Breakdown
Total sales quantity stood at 7.81 MT with net sales value of ₹2,534.07 crore. FSA sales accounted for 5.59 MT (₹1,484.01 crore) at average realization of ₹2,654.76/ton. E-Auction raw coal sales were 0.60 MT (₹215.80 crore) at ₹3,596.67/ton. Washed coking coal sales: PCC 0.22 MT (₹309.62 crore) at ₹13,793.13/ton, MCC 0.21 MT (₹222.20 crore) at ₹10,580.95/ton. Other by products contributed 1.19 MT (₹298.25 crore) at ₹2,506.30/ton.
Washery Performance
Total coal feed across washeries was 15.92 LT with capacity utilization of 37%. Production of washed coal stood at 4.27 LT with overall yield of 27%. Washeries reported profit of ₹266.43 crore for the quarter.
Debtors Analysis
Total trade receivables stood at ₹2,664.70 crore as of June 30, 2026, showing 11.91% reduction from opening balance of ₹3,024.97 crore. Major customer dues: DVC ₹687.00 crore (-39.36%), NTPC ₹73.44 crore (+7.07%), SAIL ₹785.18 crore (+41.20%), DPL ₹330.21 crore (-3.19%), UPRUVNL ₹269.83 crore (+51.92%), HPGCL ₹110.64 crore (-19.38%). Unbilled dues reduced to ₹255.61 crore from ₹342.01 crore.
Inventory Position
Closing raw coal stock stood at 7.97 MT, representing 94 days of sales. Inventory accretion/decretion showed reduction of 1.44 MT during the quarter.
Financial KPIs
EBITDA margin stood at 1.92% vs 5.26% in FY26. PAT margin was negative at -1.83% vs positive 0.86%. ROCE (annualized) was negative at -3.80% vs positive 5.03%. Return on Net Worth (annualized) was negative at -4.69% vs positive 2.07%. Current ratio stood at 0.85 vs 0.93. NAV per share was ₹12.38 vs ₹12.53. EPS was negative at ₹-0.15 vs positive ₹0.28.
Variance Analysis
Total income declined 4.58% YoY to ₹3,723.24 crore. Employee benefits expense decreased 2.02% to ₹1,553.80 crore. Finance cost increased 84.40% to ₹48.33 crore due to working capital facilities. Depreciation increased 26.66% to ₹126.24 crore. Stripping activity adjustment showed higher capitalization of ₹379.74 crore. Contractual expenses decreased 13.57% to ₹917.57 crore. Other expenses increased 10.38% to ₹1,232.89 crore primarily due to power tariff revisions.
Capex Investment
Total capex for Q1 FY27 stood at ₹487.34 crore vs ₹182.02 crore in Q1 FY26. Major investments: Plant & Machinery ₹106.42 crore, Capital Advance & Surveyed Off Assets ₹341.25 crore, Development ₹14.22 crore, Building ₹13.11 crore, Telecommunication ₹4.81 crore, Land ₹4.36 crore. Capex target for FY27 is ₹1,000 crore.
Cost Control Measures
Demurrage costs reduced from ₹4.30/Te to ₹3.40/Te. Underloading costs reduced from ₹19.73/Te to ₹15.41/Te. Explosives expenditure reduced by ₹17.72 crore due to quantity reduction though prices increased by ₹13.06 crore. POL expenditure reduced by ₹9.17 crore due to quantity reduction though diesel prices increased by ₹21.77 crore. Power expenses increased due to DVC tariff revision (energy charge from ₹4.2/KVAH to ₹5.90/KVAH, demand charge from ₹400/KVA/Month to ₹450/KVA/Month).