Bharat Coking Coal (BHARATCOAL) Q4 24/25 earnings summary

Executive summary

• FY25 PAT was ₹1,240.19 crore versus ₹1,564.46 crore in FY24; PBT was ₹1,702.89 crore versus ₹2,091.67 crore. Earnings remained positive for a fourth consecutive year.

• Raw coal output declined 1.45% YoY to 40.50 Mt; washed coking coal production rose 13.02% to a two-decade high of 1.65 Mt.

• Net sales were ₹13,083.26 crore, while revenue from operations was ₹13,998.45 crore. Record OB removal of 182.35 million cu. m supported mining access amid geological constraints.

Financial highlights

• Revenue from operations was ₹13,998.45 crore versus ₹14,045.34 crore in FY24; other income increased to ₹599.08 crore from ₹406.67 crore.

• EBITDA was ₹2,356.06 crore versus ₹2,493.89 crore; depreciation and impairment rose to ₹580.68 crore from ₹340.39 crore.

• PAT fell to ₹1,240.19 crore from ₹1,564.46 crore; EPS was ₹266.31 versus ₹335.94 on the reported ₹1,000 face value.

• Contractual expenses increased 36.07% to ₹4,311.51 crore, mainly from outsourced production, diesel and wage escalation, and higher washery charges; employee costs fell to ₹6,713.73 crore from ₹7,150.69 crore.

Outlook and guidance

• Coal production roadmap targets 46 Mt in FY26, 47 Mt in FY27 and 50 Mt in FY28; the longer-term underground production plan targets 2.5 Mt in FY26 and 9 Mt in FY29.

• Raw coking coal washing capacity is targeted to rise from 13.65 MTPA to 18.95 MTPA by FY26-end, through Bhojudih and Patherdih projects and Moonidih washery upgrades.

• Three new washeries with 7 MTPA combined capacity are planned; Bhojudih commissioning was scheduled for May 2025, Patherdih-II for March 2026, and New Moonidih for March 2028.

• Jharia CBM Block I is in exploration, with production anticipated by FY28; six discontinued mines have been awarded under revenue-sharing MDO arrangements.