Synopsis: BCCL shares fell 6% after Q4 results. Revenue declined 15% YoY to ₹3,283 crore, and net profit dropped 58.9% to ₹27.3 crore. Along with it, lets alsos see the management guidance of FY27.
The shares of a Small-Cap company specialising in the mining, beneficiation (washing), and supply of prime coking coal are in focus as they have declined by 6 percent in the day’s trade following their Q4 results.
With a market capitalization of Rs. 15,899.00 crores in the day’s trade, the shares of Bharat Coking Coal Ltd declined upto 6 percent, making a low of Rs. 33.92 per share compared to its previous closing price of Rs. 35.86 per share.
What Happened
Bharat Coking Coal Ltd, engaged in the mining, beneficiation (washing), and supply of prime coking coal, is in the spotlight today as it has announced its Q4 results as follows:
Its Revenue from operations declined by 15 percent YoY from Rs. 3,866 Crores in Q4FY25 to Rs. 3,283 Crores in Q4FY26, and it declined by 5.3 percent QoQ from Rs. 3,469 Crores in Q3FY26 to Rs. 3,283 Crores in Q4FY26.
Its Net Profit YoY decreased by 58.9 percent from Rs. 66.5 Crores in Q4FY25 to Rs. 27.3 Crores in Q4FY26, and on a QoQ basis, from a loss of Rs. 22.9 Crores in Q3FY26, it turned to a profit of Rs. 27.3 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 0.06, compared to Rs. 0.14 in the previous year’s quarter.
Other Updates
The Board has approved the revised price of Washed Coking Coal under the import parity pricing mechanism, in line with the MoU with SAIL, effective from 1st April 2026 for Q1 of FY 2026–27. The basic price has been fixed at Rs. 13,403 per MT for Washed Prime Coking Coal and Rs. 10,937 per MT for Washed Medium Coking Coal, with applicable taxes, levies, and other charges extra.
Additionally, evacuation charges for washery products have been revised with effect from 1st April 2026. The approved recoveries are Rs. 731/₹878 per MT for Washed Coal (65% PCC/MCC), Rs. 225/₹270 per MT for Washed Power Coal (20%), and Rs. 169/₹202 per MT for Rejects/Slurry (15%), which will be recovered through invoices over and above the existing evacuation charges.
Along with it, the BCCL Board has also approved the waiver of Performance Incentive and the discount in price (up to 10% in various slabs) that was earlier provided to power consumers for lifting coal beyond 100% of the Annual Contracted Quantity (ACQ). This means such additional incentives and discounts will no longer be applicable on over-and-above ACQ lifting.
Management Guidance
Bharat Coking Coal’s management has indicated a significant shift in its production mix, with the proportion of washed coal in FY27 expected to be roughly double that of FY26. The company also noted that exposed coal within its mines currently exceeds 10 million tonnes, which supports higher near-term output potential.
This improvement in washed coal production is expected to enhance realisations meaningfully, with FY27 realisations projected to be about Rs. 1,000 per tonne higher than FY26 levels. As a result, total income is forecast to rise to around Rs. 17,000 crore in FY27 compared to Rs. 15,500 crore in FY26.
Profitability is also expected to strengthen sharply. EBITDA for FY27 is projected at around Rs. 1,500 crore versus Rs. 785 crore in FY26, while net profit is expected to be at least three times higher than FY26, reflecting both better pricing and improved operating efficiency.
Company Overview & Others
Bharat Coking Coal Limited (BCCL) is a subsidiary of Coal India Limited and one of India’s key coal-producing companies. It was established in 1972 and is headquartered in Dhanbad, Jharkhand. The company primarily focuses on mining and production of coking coal, which is essential for steel manufacturing and other industrial processes.
BCCL operates numerous coal mines across the Jharia and Raniganj coalfields, which are among the richest coal reserves in India. It plays a critical role in supporting the country’s steel industry by supplying high-quality coking coal, while also contributing significantly to India’s overall energy and industrial growth.
The company has low profitability, with ROCE at 4.18% and ROE at 2.10%, showing weak returns for both capital and shareholders. However, its debt-to-equity ratio of 0.39 indicates it uses a relatively low amount of debt, so financial risk is moderate.
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