Bharat Coking Coal Ltd's Q2 FY27 numbers came in mixed. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 25, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 4,412.58 Cr (+39.06% YoY) |
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| PAT (Q2) | Rs. 123.74 Cr |
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| EBITDA margin | 7.85% (+547 bps YoY) |
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| EPS (Q2) | Rs. 0.27 |
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| Market cap | Rs. 13,859.23 Cr |
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| CMP | Rs. 29.76 |
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Quarter Snapshot
Q2 FY27 was a sharp recovery quarter: revenue grew 39.06% YoY, EBITDA margin reached 7.85% of Total Income, and PBT/PAT swung from losses to Rs.185.78 Cr/Rs.123.74 Cr, with H1 CFO turning positive at Rs.777.16 Cr. Growth was predominantly realization-led (+26.9% proxy realization) on modest volume recovery, and H1 aggregates remain behind last year (PAT −55.08% YoY) with margin still below historical norms. No revenue, margin, or PAT guidance exists for FY27, so no guidance beat can be scored; the capex target of Rs.1,000 Cr is on track at 67.88% completion.
Key Investment Insights
Key Positives
- Revenue from operations grew 39.06% YoY to Rs.4,412.58 Cr and 23.01% QoQ
- Production grew 7.60% YoY (7.22 MT) and offtake 9.62% YoY (8.89 MT) — first YoY-positive quarter in the available trend after Q1 FY27's −27.43%/−14.03%
- Proxy realization rose 26.9% YoY to Rs.4,964/te
- Company-definition EBITDA of Rs.358.87 Cr (+314.23% YoY) at 7.85% of Total Income, the best of any period shown
- PBT and PAT swung from losses to Rs.185.78 Cr and Rs.123.74 Cr respectively
- H1 CFO turned positive at Rs.777.16 Cr (vs Rs.(391.35) Cr), with FCF of Rs.98.41 Cr
- Trade receivables fell Rs.757.80 Cr and inventories drew down Rs.327.87 Cr; net debt reduced to Rs.1,146.60 Cr from Rs.1,222.18 Cr
- H1 capex of Rs.678.75 Cr is 67.88% of the FY27 Rs.1,000 Cr target — on track
Risk Factors
- H1 PAT declined 55.08% YoY and H1 EBITDA declined 6.42% YoY against an H1 FY26 base that included Rs.330.36 Cr of write-back gains
- Normalized for recurring write-back gains, H1 PAT is negative at Rs.(12.87) Cr
- EBITDA margin of 7.85% remains well below FY25-era levels (FY25 margin 16.36%)
- Finance costs rose 44.03% YoY (H1 +61.65%) on the working-capital borrowing layer
- Current ratio deteriorated to 0.798x from 0.932x, with current borrowings up to Rs.2,252.39 Cr
- H1 production is still −12.51% YoY (13.78 vs 15.75 MT) despite the Q2 rebound