Bharat Coking Coal Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bharat Coking Coal Ltd trades at ₹36.5, in a downtrend and 26 weeks into that stage. That is −3.2% against its own 200-day average. It sits at 45% of a 52-week range of ₹32 to ₹42. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a downtrend — week 26 of stage 4. At ₹36.5 it trades −3.2% versus its 200-day average and sits at 45% of its 52-week range (₹32–₹42).

Against the market, two honest reads. Cumulative: over the last 6 months the stock moved +0% while the NIFTY 500 moved +1% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 75th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bharat Coking Coal Ltd trades at 133.0× P/E, at the pricey end of its own range (75th percentile). Its long-run median P/E is 0.1×, measured across 0.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 133.0× is at the pricey end of its own range (75th percentile), against a long-run median of 0.1× measured over 0.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bharat Coking Coal Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

39.7/100 — rank 13 of 13 in Mining/Minerals · 36% evidence confidence · provisional, ranked below fully-evidenced peers

Bharat Coking Coal Ltd scores 39.7 out of 100 against the 13 companies it is compared with in Mining/Minerals, ranking 13. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 11.6 + 8.1 + 10 + 10 = 39.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bharat Coking Coal Ltd reported ₹3,587 Cr of revenue in the Jun 26 quarter, −3.6% year on year. Over 5 years it has compounded at 15.8% a year. The last full year, FY26, came in at ₹13,645 Cr. The last four reported quarters add to ₹12,911 Cr.

Bharat Coking Coal Ltd reported ₹3,587 Cr of revenue in the Jun 26 quarter, −3.6% year on year. Over 5 years it has compounded at 15.8% a year. The last full year, FY26, came in at ₹13,645 Cr. The last four reported quarters add to ₹12,911 Cr.

FY26 revenue came in at ₹13,645 Cr (−14.3% on the year), capping 5 years at 15.8% compound. The latest quarter (Jun 26) printed ₹3,587 Cr, −3.6% year on year.

Pace check: the last four quarters averaged −8.2% growth against the decade's 15.8% — the current year is running slower than its own long-run rate.

→ Revenue slipped — did margins hold as it scaled? Next: −2.0% this quarter (−7.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bharat Coking Coal Ltd's operating margin is −2.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −22.0% to 15.0%. The current quarter sits inside that band.

Bharat Coking Coal Ltd's operating margin is −2.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −22.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −2.0%, −7.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −22.0%–15.0%.

🚨 Why the margin moved: operating margin went −6.9 pp year on year while gross margin went −6.9 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit −138.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bharat Coking Coal Ltd posted a net loss of ₹68.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹128 Cr. That loss is 1.9% of the quarter's revenue. The same quarter a year earlier earned ₹177 Cr.

Bharat Coking Coal Ltd posted a net loss of ₹68.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹128 Cr. That loss is 1.9% of the quarter's revenue. The same quarter a year earlier earned ₹177 Cr.

Jun 26 profit was ₹−68.0 Cr, −138.4% year on year. On the full year, FY26 printed ₹128 Cr (−89.7%).

🚨 Why profit moved: revenue contributed −3.6% and the margin −7.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −101.0% vs revenue −8.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 44% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 44% of Bharat Coking Coal Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−641 Cr of operating cash against ₹128 Cr of profit. After ₹1,559 Cr of capital spending, ₹−2,200 Cr was left as free cash.

FY26: operating cash of ₹−641 Cr against reported profit of ₹128 Cr, leaving free cash of ₹−2,200 Cr after ₹1,559 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 44% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 44%: the cash cycle tightened 90 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹4,220 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bharat Coking Coal Ltd's cash conversion cycle runs 77 days in FY26, down from 167 days in FY21. Capital spending ran ₹4,220 Cr over the last 3 years. At FY26 sales of ₹13,645 Cr each day of that cycle holds about ₹37.4 Cr, so roughly ₹2,879 Cr sits inside the business at any moment.

FY26: debtors at 77 days (an asset-light business — no inventory to speak of) — for a full cycle of 77 days, tighter than FY21's 167.

In money terms: at FY26 sales of ₹13,645 Cr, each day of the cycle holds about ₹37.4 Cr — so the 77-day loop keeps roughly ₹2,879 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,220 Cr over the last 3 fiscal years against ₹1,399 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,874 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 4%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bharat Coking Coal Ltd earns a ROCE of 4% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 0.9% net margin on 0.65× asset turns.

FY26 ROCE is 4%.

Why the return is what it is — the wiring (FY26): 0.9% net margin × 0.65× asset turns × 3.61× balance-sheet leverage ≈ 2.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 216% on reported income across 5 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.39.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Bharat Coking Coal Ltd carries ₹2,242 Cr of borrowings against ₹5,779 Cr of equity in FY26, a debt-to-equity of 0.39. Operating profit covers the interest bill −3×. Over 5 years borrowings went from ₹2,052 Cr to ₹2,242 Cr. Capital spending ran ₹4,220 Cr across the last 3 of those years.

FY26: borrowings of ₹2,242 Cr against equity of ₹5,779 Cr — a debt-to-equity of 0.39. Operating profit covers the interest bill −3×. Over 5 years borrowings went from ₹2,052 Cr to ₹2,242 Cr while capital spending ran ₹4,220 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 216% on reported income across 5 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Bharat Coking Coal Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bharat Coking Coal Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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