Quick Verdict
Bharat Coking Coal returned to profit in Q2 FY2026–27, posting ₹123.74 crore net income, ₹4,412.58 crore revenue and ₹0.27 basic EPS. These Bharat Coking Coal Limited Q2 FY2026–27 Earnings show revenue rose 39.1% year on year. Shares subsequently climbed nearly 7% intraday on October 26, reflecting a positive initial response to stronger production, dispatches and improved profitability.
About Bharat Coking Coal Limited
Bharat Coking Coal Limited, or BCCL, is a Coal India subsidiary engaged in coal mining and related services. Founded on January 1, 1972, the company is headquartered at Koyla Bhawan, Dhanbad, Jharkhand. Its operations in the Jharia and Raniganj coalfields make it an important supplier of coking coal used in steel manufacturing. BCCL uses both opencast and underground mining methods. Its NSE trading symbol is BHARATCOAL, while its BSE scrip code is 544678.
The September-quarter filing reports paid-up equity capital of ₹4,657 crore, comprising shares with a face value of ₹10 each. Using that share count and the October 26 intraday high of ₹31.80 gives an indicative equity valuation of approximately ₹14,809 crore—not a verified closing market capitalisation. Current P/E, dividend yield, and employee count were not established from the reviewed documents. BCCL reports a single business segment: coal mining and related services, rather than separately disclosed operating divisions.
Top Financial Highlights
- Revenue from operations: ₹4,412.58 crore, up 39.1% from ₹3,173.25 crore in Q2 FY2025–26.
- Net income: ₹123.74 crore, reversing a ₹52.99 crore loss a year earlier—a ₹176.73 crore improvement.
- Basic EPS: ₹0.27, compared with a loss per share of ₹0.11.
- Total income: ₹4,571.15 crore, up 25.5% from ₹3,643.54 crore. Total income includes other income and is distinct from operating revenue.
- Total expenses: ₹4,385.37 crore, compared with ₹3,691.60 crore a year earlier.
- Profit before tax: ₹185.78 crore, compared with a ₹48.06 crore loss in the corresponding quarter.
- Net profit margin: Approximately 2.80%, calculated as net income divided by revenue from operations.
- Operating cash flow: ₹777.16 crore for the six months ended September 30, 2026, versus an outflow of ₹391.35 crore a year earlier. These are half-year figures, not standalone Q2 cash flows.
- Cash and cash equivalents: ₹255.34 crore at September 30, 2026, down from ₹367.09 crore at March 31, 2026. Other bank balances were separately reported at ₹1,075.80 crore.
- Raw coal production: 7.22 million tonnes, up 7.6% from 6.71 million tonnes.
- Raw coal offtake: 8.89 million tonnes, up 9.6% from 8.11 million tonnes.
Beat or Miss?
BCCL’s year-on-year improvement is clear, but a consensus earnings beat cannot be established. The reviewed earnings coverage and filing do not supply analyst revenue or EPS estimates. Accordingly, “revenue hits” in the headline describes the reported amount—not an expectations beat.
| Metric | Reported | Difference/Analysis |
| Revenue from operations | ₹4,412.58 crore | Consensus: N/A; up 39.1% YoY. |
| Net income | ₹123.74 crore | Consensus: N/A; reversed a ₹52.99 crore loss. |
| Basic EPS | ₹0.27 | Consensus: N/A; improved from −₹0.11. |
| Profit before tax | ₹185.78 crore | Consensus: N/A; compared with −₹48.06 crore. |
| Raw coal production | 7.22 million tonnes | Expectations: N/A; up 7.6% YoY. |
| Raw coal offtake | 8.89 million tonnes | Expectations: N/A; up 9.6% YoY. |
What Leadership Is Saying
Two individually attributed CEO and CFO quotations were not available in the reviewed material. The following are company statements reproduced by Upstox; they should not be presented as personal remarks by either executive.
On the drivers of sales growth:
“The increase in sales is on account of an increase in outside dispatch from 8.03 million tonnes to 8.93 million tonnes. Additionally, the increase is also due to an increase in the average price of washed coal from ₹9,437/Te to ₹12,681/Te.”
On customer reconciliation and realisations:
“With persistent persuasion and reconciliation with customers, higher realisations were made possible during the quarter.”
These comments connect stronger sales to both dispatch volumes and washed-coal pricing. The “outside dispatch” figures in the quotation are a separately described measure and should not be confused with the filing’s raw coal offtake figures of 8.89 million tonnes and 8.11 million tonnes.
Historical Performance
Amounts are in ₹ crore unless otherwise indicated. Percentage changes are calculated from the reported figures; profit changes crossing from loss to profit are shown as absolute improvements to avoid misleading growth percentages.
| Category | Q2 FY2026–27 | Q2 FY2025–26 | Change (%) |
| Revenue from operations | 4,412.58 | 3,173.25 | 39.06% |
| Net income | 123.74 | −52.99 | N/M; ₹176.73 crore improvement |
| Total expenses, including finance costs and depreciation | 4,385.37 | 3,691.60 | 18.79% |
| Total income | 4,571.15 | 3,643.54 | 25.46% |
| Basic EPS, ₹ | 0.27 | −0.11 | N/M; ₹0.38 improvement |
| Raw coal production, million tonnes | 7.22 | 6.71 | 7.60% |
| Raw coal offtake, million tonnes | 8.89 | 8.11 | 9.62% |
(Source: BCCL’s reviewed standalone quarterly financial results. N/M means not meaningful because the comparison moves from a negative value to a positive value.)
Revenue grew faster than total expenses, supporting the return to profitability. Nevertheless, a net margin of approximately 2.80% indicates that the resulting profit remained modest relative to quarterly sales.
How the Market Reacted?
BCCL shares rose nearly 7% to an intraday high of ₹31.80 on October 26, compared with the previous close of ₹29.76, according to Upstox’s 11:12 a.m. IST update. Morning trading volume exceeded 3.50 crore shares, indicating substantial activity alongside the price rise. The initial response was bullish as investors reacted to the return to profit and stronger quarterly production and offtake. These are intraday observations, not a verified October 26 closing price or after-hours movement.
