BCCL swings to ₹68 Cr Q1 standalone loss as coal output falls 27%; year-ago ₹177 Cr profit reverses
PAT -138.5% YoY · revenue -3.56% · margins compressing · miss vs street
₹3,587.27 Cr
-3.56% YoY
₹-68.09 Cr
-138.5% YoY
-1.83%
₹-0.15
Bharat Coking Coal reported a standalone net loss of ₹68.09 Cr for Q1 FY27 (quarter ended June 30, 2026), reversing a ₹176.87 Cr profit a year earlier and a ₹27.28 Cr profit in the seasonally strong March quarter. Revenue from operations slipped 3.6% YoY to ₹3,587.27 Cr, but the real damage was below the topline: PBT swung to a loss of ₹103.07 Cr from a ₹247.40 Cr profit, cushioned only by a ₹34.98 Cr deferred-tax credit. There were no exceptional or one-off items — this is an operational loss, so no adjustment is required to the headline.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The swing is volume- and cost-led. Raw coal production fell 27.4% YoY to 6.56 MT and offtake dropped 14% to 7.72 MT, deleveraging a largely fixed cost base. Total expenses actually rose 4.7% YoY to ₹3,826.31 Cr even as revenue fell: the biggest single adverse item was the ₹173.50 Cr inventory drawdown (a cost) versus a ₹62.63 Cr inventory build (a credit) a year ago — a ~₹236 Cr swing — compounded by finance costs up 84% to ₹48.33 Cr and depreciation up 27% to ₹126.24 Cr. A larger stripping-activity credit (₹379.74 Cr vs ₹320.27 Cr) and lower contractual expense (₹917.57 Cr vs ₹1,061.69 Cr, tracking lower volumes) only partly offset this. Other income also thinned to ₹135.97 Cr from ₹182.20 Cr. EBITDA turned negative at roughly −₹65 Cr against +₹191 Cr a year ago; net margin fell to −1.9% from +4.8%.
The stock went into the print at ₹34.99, down 16.3% over the past month of trading.
The print was a negative surprise — the stock fell about 8% intraday as coverage flagged an unexpected loss for the Coal India arm. As a coal PSU, BCCL gives no formal earnings guidance and none is on record, so there is no company outlook to measure this against; the miss is versus the market's implicit assumption of continued profitability rather than a published consensus number. Concurrent developments align with the weak quarter: the company disclosed a sharp production/offtake decline and June output down 11.8%, brought a new washery online, saw senior management changes effective June 30, and agreed to deposit ₹39.8 Cr toward a workmen litigation. The QoQ optics (revenue +9.3%) are misleading — the March quarter carried ₹556.55 Cr of other income and a large inventory build that flattered it — so YoY is the fair read, and on that basis the quarter is a clear deterioration.
W1
Whether production/offtake recover from 6.56 MT / 7.72 MT — sustained sub-9 MT output keeps the cost base deleveraged and margins negative.
W2
New washery ramp-up and its contribution to washed-coal realisations in H2 FY27.
W3
Cost trajectory — finance costs (₹48.33 Cr) and the inventory swing that turned a ~₹247 Cr PBT into a ₹103 Cr loss YoY.
Clean digital PDF, standalone only (BCCL is a Coal India subsidiary; no consolidated statement). No exceptional/one-off items disclosed — loss is operational. Tax line is a ₹34.98 Cr deferred-tax credit (no current tax). Year-ago (Q1 FY26) column present in filing: rev 3,719.59, PAT 176.87, EPS 0.38. No non-controlling interest.