Whalesbook
BCCL ke liye FY26 ka last quarter (Q4) kaafi mushkil raha. Pichhle saal isi time ₹66.5 crore ka profit tha, woh ab kam hokar sirf ₹27.3 crore reh gaya, matlab 59% ki girawat. Aur bhi bura ye hai ki EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) mein ₹61.9 crore ka profit tha, woh ab ₹335 crore ke loss mein badal gaya. Revenue bhi 15% gir kar ₹3,283 crore ho gaya. Production bhi kam hui, FY26 mein 35.52 million tonnes hi bana paye, jo FY25 ke 40.50 million tonnes se kam hai. Ye sab company ke andar ki problems aur Jharkhand government dwara coal dispatch par cess badhane ki wajah se hua hai. March 2025 mein cess ₹100 se badha kar ₹250 per metric tonne kar diya gaya, jisne margins ko kaafi damage kiya.
Magar company ke Chairman aur MD, Manoj Kumar Agarwal, bilkul bhi demotivated nahi hain. Unka kehna hai ki FY27 mein prices aur volume dono 10-15% tak badh sakte hain, kyuki steel sector mein demand acchi hai. Is fiscal year mein 39 million tonnes coal produce karne ka target rakha hai.
Jabki BCCL pressure mein hai, badi company Coal India ka performance kaafi accha raha. Unka Q4 profit 11.1% badha aur ₹10,839 crore tak pahuncha. Coal India ka P/E ratio sirf 9.34x hai, jabki BCCL ka P/E 120.36 ke high level par hai. BCCL ki market cap ~₹15,656 crore hai, Coal India ke ~₹2,90,264 crore ke saamne toh kuch bhi nahi. Poore FY26 mein BCCL ka net profit bhi ₹1.28 billion raha, jo FY25 ke ₹12.4 billion se bohot kam hai. BCCL ne washed coking coal ke naye prices bhi announce kiye hain, Prime Coking Coal ₹13,403 per tonne aur Medium Coking Coal ₹10,937 per tonne.
Par sabko ye future ka forecast itna acha nahi lag raha. MarketsMojo ne toh April 2026 mein hi is stock ko 'Sell' rating de di thi, valuation bahut risky batate hue. Pichhle paanch saalon se BCCL ki net sales mein koi growth nahi dikhi hai, jo high P/E ratio ke bilkul khilaf hai. Aur toh aur, off-take volumes bhi 33.05 million tonnes ho gaye FY26 mein, jo FY25 ke 38.3 million tonnes se kam hai. Iska matlab company apne products ko market mein utna push nahi kar pa rahi.
So, management ki 10-15% growth ki baat toh sunne mein acchi lagti hai, aur steel/power demand ka support bhi hai. Lekin Jharkhand cess ka badhta bojh aur operational efficiency ko sudharna BCCL ke liye badi challenges hain. Itne high valuation par, company ko apni performance mein real improvement dikhana hoga jo abhi tak dikha nahi hai.