Bharat Coking Q2 FY27 Results (NSE: BHARATCOAL)
Signal: Revenue declined
The read
The key inflection is the Q2 recovery to ₹123.74 crore PAT from a Q1 loss of ₹68.09 crore, but the underlying trajectory remains weak: H1 revenue declined 14.4% YoY to ₹7,999.85 crore, production fell 12.5% to 13.78 million tonnes, and H1 PAT fell 61.6% to ₹55.65 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,412.58 Cr | -5.2% | +23.0% |
| Net profit | ₹123.74 Cr | -22.8% | |
| EPS | ₹0.27 | -3.6% |
P&L walk
Revenue of ₹4,412.58 crore declined 5.2% YoY but rose 23.0% QoQ; Q2 PAT of ₹123.74 crore recovered from the Q1 loss, although H1 PAT of ₹55.65 crore remained 61.6% below H1FY26 as production stayed 12.5% lower YoY.
Key positives
- Q2 revenue rose 23.0% QoQ to ₹4,412.58 crore after the Q1FY27 weakness, while PAT turned positive at ₹123.74 crore from a Q1 loss of ₹68.09 crore.
- Finance costs fell 19.5% YoY to ₹48.33 crore, reducing pressure below operating profit.
- H1 operating cash flow turned positive at ₹777.16 crore versus negative ₹391.35 crore in H1FY26.
Key concerns
- H1 revenue declined 14.4% YoY to ₹7,999.85 crore and H1 PAT declined 61.6% to ₹55.65 crore.
- H1 raw coal production fell 12.5% YoY to 13.78 million tonnes, showing that the quarterly profit recovery has not yet established an operating recovery.
- Q2 other income rose 26.1% YoY to ₹158.57 crore, making non-core income a meaningful contributor alongside the ₹123.74 crore PAT.
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