Bharat Coking Coal Q4 FY26 results: net profit ₹27.28 crore

How did Bharat Coking Coal perform in Q4 FY26?

Bharat Coking Coal reported standalone revenue of ₹3,283 crore for the January–March 2026 quarter, up 18.0% from ₹2,783 crore in Q3 FY26. Total income rose to ₹3,839.5 crore from ₹2,853.24 crore, while total expenses increased to ₹3,821 crore from ₹2,922 crore. Other income for the quarter was ₹556.55 crore against ₹70.44 crore in the previous quarter, a rise of 690.1%.

EBITDA for Q4 FY26 was a loss of ₹335.26 crore, compared with ₹33.72 crore in Q3 FY26, and the EBITDA margin moved to -10.2% from 1.2%. Profit before tax was ₹18.94 crore against a loss of ₹69.10 crore in the previous quarter. The company reported a net profit of ₹27.28 crore for the quarter against a net loss of ₹22.88 crore in Q3 FY26, and basic EPS was ₹0.06 against -₹0.05.

For the full year FY26, standalone revenue was ₹13,644.78 crore and total income was ₹14,924.26 crore, with profit before tax of ₹149.18 crore and net profit of ₹128.28 crore. Full-year basic EPS was ₹0.28. The results were approved by the audit committee and the board on 22 April 2026, and the filing with the National Stock Exchange described the audited results as expressing an unmodified opinion with an emphasis of matter.

What do the balance sheet and cash flow show?

As at 31 March 2026, Bharat Coking Coal reported total assets of ₹20,585.35 crore and total equity of ₹5,778.8 crore. Borrowings stood at ₹2,000 crore and cash and cash equivalents at ₹367.09 crore. Inventories were ₹3,046.88 crore, trade receivables ₹2,863.18 crore and trade payables ₹3,693.74 crore at the year-end balance sheet date.

For FY26, net cash used in operating activities was ₹640.64 crore and net cash used in investing activities was ₹309.59 crore, while net cash from financing activities was ₹1,149.78 crore. Capital expenditure for the year was ₹618.65 crore. The filed figures do not include a comparison with the previous balance sheet date or a year-earlier cash flow figure.

What did the auditors point out?

Nag & Associates issued an unmodified opinion on the standalone financial statements, stating that they give a true and fair view of the financial position as at 31 March 2026 and the financial performance, changes in equity and cash flows for the year, in conformity with the accounting standards prescribed under section 133 of the Companies Act, 2013. The report also carries an emphasis of matter.

The auditors drew attention to the revision in the accounting treatment of input GST on capital goods from 2025-26, with capitalisation of GST on capital expenditure discontinued and input tax credit on eligible capital expenditure now recognised as current assets. They also noted the hundred percent physical verification of all store items, for which the financial impact had not been determined and no consequential impact was considered by management in the standalone financial statements as on 31 March 2026.

The emphasis of matter also stated that certain debit and credit balances, including trade receivables and trade payables, had been partially confirmed and that reconciliation with ledger balances remained in progress, so the financial impact could not be fully determined. The auditors also referred to the reassessment of levies on coal production and sales, under which the company concluded it acts as a principal for certain levies, and to the recovery of Jharkhand Mineral Bearing Land cess on coal dispatched by the washeries, which was accounted for as revenue.

How did Bharat Coking Coal shares react?

The filing appeared after market hours, and the stock moved from ₹34.6 when the results were announced. It was up 0.5% after 5 minutes, then down 0.6% after 15 minutes and down 1.8% after 30 minutes.

On the reaction day the stock closed down 5.2% from its previous close of ₹35.85. By the next day's close it was down 5.8% from that pre-results close, and by the fifth session it was down 6.8%. Over one month the move was up 0.4%.