Bharat Coking Coal Ltd (BHARATCOAL) Quarterly Report Analysis & Insights

Bharat Coking Coal Ltd

| Financial Results for Q4 and Year Ending March 31, 2026

⬤22nd Apr 26

Summary : BCCL reported reduced annual profit, revised coking coal prices, offered power consumer incentives, and auditors highlighted accounting uncertainties.

Quarterly Report Analysis & Insights

Financial Disclosures

Cost of Materials Consumed (FY26): ₹563.17 Crore
Employee Benefits Expense (FY26): ₹6,443.61 Crore
Finance Costs (FY26): ₹158.64 Crore
Depreciation/Amortization/Impairment expenses (FY26): ₹477.56 Crore
Stripping Activity Adjustment (FY26): -₹817.94 Crore
Contractual Expense (FY26): ₹4,482.20 Crore
Other Expenses (FY26): ₹4,462.29 Crore
Certain trade receivables reconciliation with ledger balances in progress.
Revenue from Operations (FY26): ₹13,644.78 Crore
Other Income (FY26): ₹1,279.48 Crore
Net Cash Flow from Operating Activities (FY26): -₹640.64 Crore (FY25: ₹626.91 Crore)
Net Cash used in Investing Activities (FY26): -₹309.59 Crore (FY25: -₹822.80 Crore)
Net Cash generated from Financing Activities (FY26): ₹1,149.78 Crore (FY25: ₹37.12 Crore)
Cash and Cash equivalent at year end (FY26): ₹367.09 Crore (FY25: ₹167.54 Crore)
Total Equity (FY26): ₹5,778.80 Crore (FY25: ₹6,462.73 Crore)
Total Non-Current Liabilities (FY26): ₹4,042.75 Crore (FY25: ₹3,631.64 Crore)
Total Current Liabilities (FY26): ₹10,763.80 Crore (FY25: ₹7,189.11 Crore)
Total Assets (FY26): ₹20,585.35 Crore (FY25: ₹17,283.48 Crore)
Standalone Financial Statements

Corporate Overview

Registered office in Dhanbad, Jharkhand, India.
Pricing mechanism linked to import parity pricing.
MoU with SAIL for Washed Coking Coal pricing.
Coal mining and related services.
All company activities revolve around main business.
Formal and factual disclosure of board decisions and financial results.
Power Consumers
No separate reportable segments for the company.
Production (FY26): 35.52 Million Tonne
Offtake (FY26): 33.05 Million Tonne

Risk Factors

Uncertain financial impact of GST accounting.
Uncertainty from store items physical verification.
Unresolved debit/credit balance reconciliations.
Dependence on government pricing and levies.

Key Drivers

Increased Washed Coking Coal prices.
Waiver of incentives for power consumers.
Input Tax Credit on capital goods.
Recovery of Jharkhand Mineral Bearing Land Cess.

Auditor’s Report

Unmodified Opinion (Emphasis of Matter)
Revised accounting for Input GST on capital goods from capitalization to current assets/ITC.
Physical verification of all store items conducted, financial impact undetermined.
Unconfirmed debit/credit balances, reconciliation in progress, financial impact undetermined.
Reassessment of accounting for levies on coal production/sales, now treated as principal.
Jharkhand Mineral Bearing Land (JMBL) Cess recovery accounted as revenue.

Board Commentary

Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

Corporate Governance

Auditors adhere to Code of Ethics, ICAI ethical requirements.
Audit Committee reviewed and recommended financial results.

Management Discussion & Analysis

Performance Drivers

Revision in price of Washed Coking Coal.
Waiver of Performance Incentive and Discount to Power Consumers.