Bharat Coking Coal Q3 Results: Revenue drops 25% YoY; Coal India arm slips into losses to Rs 23 crore

Bharat Coking Coal Posts Q3FY26 Net Loss Amid Revenue Drop

Bharat Coking Coal Limited (BCCL) reported a standalone net loss of Rs 23 crore in the quarter ended December 31, 2025, a significant decline from the net profit of Rs 425 crore in the corresponding quarter of the last financial year.

Revenue Decline and Sequential Improvement

• The company's revenue dropped by 25% year-on-year to Rs 2,783 crore in Q3FY26 compared to Rs 3,688 crore in the same period last year.
• However, the company's expenses decreased by 5% sequentially to Rs 2,922 crore and by 10% year-on-year compared to Q3FY25.
• The sequential improvement in the company's topline was driven by an 8.3% quarter-on-quarter growth from Rs 2,572 crore in the July-September quarter of FY26.

Stock Performance and IPO Update

BCCL's shares ended 2.3% lower on Tuesday, largely due to weak earnings despite a strong listing and heavy investor demand.

• The stock made a stellar debut on the exchanges, getting listed at Rs 45.21 on the BSE, a 97% premium over the issue price of Rs 23.
• The Rs 1,071 crore IPO was entirely an offer for sale (OFS) by promoter Coal India Limited and received an overwhelming response from investors.
• The issue was subscribed 147 times overall, driven by strong demand across institutional, non-institutional, and retail categories.

Market Strength and Investor Sentiment

Despite the weak earnings, the broader market remained buoyant, driven by the US-India trade deal.

The company's post-IPO interest and lower expenses offered some relief to investors, but the weak earnings led to a decline in the stock price.

Key Statistics

• Q3FY26 revenue: Rs 2,783 crore (-25% YoY)
• Q3FY26 expenses: Rs 2,922 crore (-5% sequential, -10% YoY)
• Net loss: Rs 23 crore (-Rs 425 crore in Q3FY25)
• Stock listing price: Rs 45.21 (97% premium over issue price)