Bharat Coking Coal IPO Review & Recommendations

All the financial information for the listed industry peers mentioned above is on a consolidated basis. It has been sourced/computed from the Annual Report of the latest completed Fiscal year of the respective Peers, i.e., Fiscal 2024, ended December 31, 2024, which is the Financial Year closure of the respective Peers. The information on Listed Industry Peers stated above has been computed after converting relevant figures from US$ to ₹. For information on exchange rate, please see "Certain conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation - Exchange Rates; on page 19 #To be included in respect of the Company in the Prospectus based on the Offer Price.

Note:

1. The P/E ratio for the Listed Industry Peers has been calculated as the closing share price of the respective peers on December 30, 2025, at the NYSE, divided by the diluted EPS for Fiscal 2024 ended December 31, 2024, of those peers. Closing share price has been converted into Indian Rupee at the foreign exchange rate of ₹89.94 per US$ as on December 30, 2025 (Source RBI reference rate).
2. EPS (Basic) is computed by dividing net profit after tax attributable to the equity shareholders for the financial year by the weighted average number of equity shares outstanding during the financial year. EPS (Diluted) per equity share is computed and disclosed by dividing the net profit after tax attributable to the equity shareholders for the year, after giving the impact of dilutive potential equity shares for the year, by the weighted average number of equity shares and dilutive potential equity shares outstanding during the financial year. For the Listed Industry Peers, the same has been sourced from the respective Annual Reports of the peers and disclosed after conversion from US$ to ₹.
3. Return on Net Worth is calculated as restated profit / (or loss) for the period/year divided by average net worth. Net Worth is the total equity attributable to equity holders of the company, less OCI - Re-measurement of Defined Benefit Plans (net of Tax). Average net worth is the sum of the opening and closing net worth divided by two.