Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Bharat Coking Coal Limited (BCCL) / Equity Bottom-Up

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>BCCL, India's sole prime coking coal producer with 58.5% domestic market share, is preparing for a public listing with an imminent Block-E (15 MTPA) capacity expansion tendering underway.</li>
<li>India imports 90% of steel-grade coking coal, spending foreign exchange on a commodity BCCL controls domestically. </li>
<li>BCCL is a structural beneficiary of India's infrastructure decade, but washery yield improvement and quality upgrade remain the critical unlock between raw-coal miner and premium steel-sector supplier.</li>
</ul>


BCCL, India's sole prime coking coal producer with 58.5% domestic market share, is preparing for a public listing with an imminent Block-E (15 MTPA) capacity expansion tendering underway.
India imports 90% of steel-grade coking coal, spending foreign exchange on a commodity BCCL controls domestically. 
BCCL is a structural beneficiary of India's infrastructure decade, but washery yield improvement and quality upgrade remain the critical unlock between raw-coal miner and premium steel-sector supplier.


Bharat Coking Coal Limited: India's Only Prime Coking Coal Producer

<ul>
<li>India declared coking coal a critical mineral in January 2026 as BCCL completed its IPO, while imports climbed to 59.98 million tonnes in 2025-26.</li>
<li>With 95% of steel sector coking coal demand met through imports, any supply shock/ price-spike directly compresses margins for Indian Players, which are collectively targeting 70 MTPA of additional capacity.</li>
<li>BCCL's washery expansion from 13.65 MTPA to 27 MTPA, and a government-mandated target of 40 MT of domestic washed coking coal by FY30 create a rare supply-side inflection point.</li>
</ul>


India declared coking coal a critical mineral in January 2026 as BCCL completed its IPO, while imports climbed to 59.98 million tonnes in 2025-26.
With 95% of steel sector coking coal demand met through imports, any supply shock/ price-spike directly compresses margins for Indian Players, which are collectively targeting 70 MTPA of additional capacity.
BCCL's washery expansion from 13.65 MTPA to 27 MTPA, and a government-mandated target of 40 MT of domestic washed coking coal by FY30 create a rare supply-side inflection point.


India's Steel Supercycle Proxy: Bharat Coking Coal, The Monopoly

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

<p><strong>In This Issue:</strong></p><p><strong>Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo, Putin's Grey Cardinal see a Western Tsar rising, nonlinear finance, and Timber's come back.</strong></p><div class="content-highlight"><p><strong>1.  Disclosure issues for <a href="https://www.smartkarma.com/entities/21716" target="_blank" data-smartkarma-citation="entities:21716:1">Steinhoff International Holdin (SNH GR)</a> continue to get worse.</strong>  The company potentially failed to disclose a USD810m loan to a company where they had a minority stake.  The accusation is that this loan should have been disclosed under…</p></div>

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo, Putin's Grey Cardinal see a Western Tsar rising, nonlinear finance, and Timber's come back.1.  Disclosure issues for Steinhoff International Holdin (SNH GR) continue to get worse.  The company potentially failed to disclose a USD810m loan to a company where they had a minority stake.  The accusation is that this loan should have been disclosed under…

<div class="content-highlight"><p>1.  <strong>Catalonia's parliament voted for full independence</strong> - with the Spanish government about to apply Constitutional rule 155 and take over Catalonia's government and police force this declaration is no real surprise.  Catalonia cannot force through independence, therefore we just see uncertainty growing for the Spanish economy.  We are growing more and more concerned about certain governments in Europe and the EU's support.  There is a clear difference in the way the UK has dealt with the issue…</p></div>

1.  Catalonia's parliament voted for full independence - with the Spanish government about to apply Constitutional rule 155 and take over Catalonia's government and police force this declaration is no real surprise.  Catalonia cannot force through independence, therefore we just see uncertainty growing for the Spanish economy.  We are growing more and more concerned about certain governments in Europe and the EU's support.  There is a clear difference in the way the UK has dealt with the issue…

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

<p>Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…</p>

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

India

Steel Authority of India Limited (SAIL) is a Maharatna public sector undertaking and one of India's largest steel-making companies. It produces a wide range of steel products, including flat and long steel products, wire rods, plates, and railway products, catering to sectors like infrastructure, railways, automotive, and defense. The company is headquartered in New Delhi, India, and was incorporated on January 24, 1973.

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Steel Authority of India (SAIL IN)

Bharat Coking Coal Limited: India's Only Prime Coking Coal Producer

India's BCCL, dominant coking coal producer, gears up for public listing amid plans to expand capacity, aiming to reduce reliance on imported...

Nimish Maheshwari

India's Steel Supercycle Proxy: Bharat Coking Coal, The Monopoly

India's declaration of coking coal as a critical mineral and increased imports pose challenges for the steel sector, impacting margins and...

Nimish Maheshwari

21 Things Worth Knowing (#11)

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo,...

Mark Artherton

21 Things Worth Knowing Today (Issue 2)

1. Catalonia's parliament voted for full independence - with the Spanish government about to apply Constitutional rule 155 and take over...

Mark Artherton

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharat Coking Coal Limited: India's Only Prime Coking Coal Producer

​India's BCCL, dominant coking coal producer, gears up for public listing amid plans to expand capacity, aiming to reduce reliance on imported...

Nimish Maheshwari

India's Steel Supercycle Proxy: Bharat Coking Coal, The Monopoly

​India's declaration of coking coal as a critical mineral and increased imports pose challenges for the steel sector, impacting margins and...

Nimish Maheshwari

21 Things Worth Knowing (#11)

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo,...

Mark Artherton

21 Things Worth Knowing Today (Issue 2)

1. Catalonia's parliament voted for full independence - with the Spanish government about to apply Constitutional rule 155 and take over...

Mark Artherton

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

India's BCCL, dominant coking coal producer, gears up for public listing amid plans to expand capacity, aiming to reduce reliance on imported...

India's declaration of coking coal as a critical mineral and increased imports pose challenges for the steel sector, impacting margins and...