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Swing Capital

Bharat Coking Coal Ltd

NSE: BHARATCOAL BSE: 544678

Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal.[1]

₹37.2
52W: ₹28 — ₹45.2
PE 135 · Book ₹12.4 · +200% vs book
Market Cap₹17,305 Cr
Stock P/E135Price to Earnings
ROCE4.18%Return on Capital
ROE2.1%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Earnings include an other income of Rs.1,279 Cr.
  • −Debtor days have increased from 53.2 to 76.6 days.

Shareholding Pattern

Promoters90%
FIIs0.17%
DIIs2.03%
Public7.78%
CategoryMar 2026
Promoters90%
FIIs0.17%
DIIs2.03%
Public7.78%

Financial Statements

MetricDec 2024Mar 2025Sep 2025Dec 2025Mar 2026
Sales3,6883,8662,5723,4693,283
Expenses3,1223,8042,9553,4353,618
Operating Profit56662-38434-335
OPM %15%2%-15%1%-10%
Net Profit42566-53-2327
EPS ₹91.2614.28-0.11-0.050.06

AI Insights

Revenue Trend

Mar 2026 revenue at ₹13,645Cr, down 1.1% YoY. OPM at -4%.

Debt Position

Borrowings at ₹2,242Cr. Debt-to-equity ratio: 2.00x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹1,874Cr (36% of fixed assets). Significant capex underway — growth runway building.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 4% (Mar 2026). Working capital days: -47.

Valuation

PE 135x with 4.18% ROCE. Price is 200% above book value of ₹12.4. Dividend yield: 0%.

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