Bharat Coking Coal Ltd(BHARATCOAL)

NSE: BHARATCOALBSE: 544678

₹ 29.78-1.36%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 13,869 crNext results: 25 Oct 2026Website: www.bcclweb.inUpdated: 24 Oct 2026

About

Bharat Coking Coal Limited (BCCL) is India's primary producer of hard coking coal, operating collieries in the Jharia coalfields of Jharkhand and supplying washed and raw coking coal to steel makers. In FY26 the company reported revenue of ₹13,644.78 crore. BCCL listed on BSE and NSE in January 2026, with its IPO subscribed 146.8 times at a debut premium of over 95%.^[1][2]

Production and offtake volumes

Raw coal production in Q1 FY27 was 6.56 MT, down 27.43% YoY from 9.04 MT in Q1 FY26, and missed the Q1 FY27 target of 9.53 MT by 31%.^[3]
Coal offtake in Q1 FY27 was 7.72 MT, down 14.03% YoY from 8.83 MT in Q1 FY26.^[3]
Overburden (OB) removal in Q1 FY27 was 32.30 MCuM, down 34.68% YoY.^[3]
Progressive raw coal production for Apr - Sept 2026 was 13.78 MT, down 12.5% YoY vs 15.75 MT in the same period of FY26.^[4]
Raw coal production in September 2026 was 2.57 MT, up 20.7% YoY from 2.13 MT in September 2025; offtake in September 2026 was 3.15 MT vs 2.77 MT a year earlier.^[4]

Realisation and cost per tonne

Sales per tonne (SPT) in Q1 FY27 was ₹3,243/te; cost per tonne (CPT) was ₹3,375/te, resulting in a cost-price inversion.^[3]
Average realisation on PCC washed coal rose 32% YoY to ₹13,793/te in Q1 FY27 from ₹10,454/te in Q1 FY26, driven by higher international coking coal prices.^[3]
Average realisation on MCC washed coal rose 25% YoY to ₹10,581/te in Q1 FY27 from ₹8,481/te in Q1 FY26.^[3]
In Q3 FY26, SPT fell to ₹3,047/te from ₹3,544/te in Q3 FY25, while CPT rose to ₹3,177.90/te from ₹3,112.04/te.^[2]

Washing capacity and utilisation

The newly constructed Bhojudih washery (2.0 MT/annum capacity) commenced commercial operations on 26 May 2026, lifting BCCL's total washing capacity to 17.35 MT (including 1.70 MT of TSL).^[3]
Washery capacity utilisation was 37% in Q1 FY27, compared with 22.59% in 9M FY26.^[3][2]

Key operating metrics

EBITDA in Q1 FY27 was ₹71.50 crore (EBITDA margin 1.92% of total income), down from ₹373.28 crore in Q1 FY26.^[3]
Trade receivables days stood at 57 days in Q1 FY27, improved from 82 days in 9M FY26.^[3][2]
Gross trade receivables declined from ₹3,025 crore on 1 April 2026 to ₹2,665 crore on 30 June 2026, as realisations of ₹4,402 crore exceeded billings.^[3]

Operations and infrastructure

BCCL operates collieries in the Jharia coalfields; total solar power capacity was 27.97 MW as at 9M FY26, with a further 25 MW addition in the pipeline.^[2]
Surface compatibility testing of longwall equipment at Moonidih Colliery was completed in Q1 FY27; the equipment carries a Minimum Guaranteed Production of 1.5 MT/year.^[3]

Mine development and MDO projects

The ASGKCC mine in Katras Area, awarded on an MDO revenue-sharing basis (BCCL receives 9% of revenue), started production in Q1 FY27 and contributed 11,980 tonnes in the quarter.^[3]
The PB Project MDO mine was inaugurated on 8 July 2025 on a revenue-sharing model where BCCL receives 6% of revenue; cumulative production contribution through December 2025 was 11,644 tonnes.^[2]

Capex

BCCL's capex target for FY27 is ₹1,000 crore.^[3]
Actual capex in 9M FY26 was ₹510.68 crore against a full-year FY26 target of ₹975 crore.^[2]

Recent developments

BCCL listed on BSE and NSE on 19 January 2026 at a premium of more than 95% over the issue price of ₹23, with IPO subscription of 146.8 times.^[2]
Finance cost in Q1 FY27 rose 84% YoY to ₹48.33 crore from ₹26.21 crore, driven by drawdowns of working capital and bank overdraft facilities.^[3]
In Q3 FY26, high stripping ratios on new projects led to large capitalisation of stripping activity assets, creating a swing of ₹436 crore vs the prior year period.^[2]

Market Cap

₹13,869 Cr

High / Low

₹45 / 28

Stock P/E

106.4

Price / Book

2.4

Book Value

₹12

EPS

₹0.3

No. of Shares

465.7 Cr

ROCE

3.7%

ROE

2.2%

OPM

2.1%

Debt / Equity

0.35

Sales

₹13,645 Cr

Net Profit

₹128 Cr

Promoter holding

90.0%

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