Coal India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Coal Mining: 100.0%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 96.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 95.4%
- Latest quarter profit grew 32.1% YoY, showing strong momentum
- Company has delivered good sales growth of 16.1% CAGR over last 5 years
CONS
- A large part of profit comes from other income (98.2% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.09x)
- Promoter holding has decreased over last 2 years: -2.0pp
- Operating margins have contracted to 28.1% from 664.9%
- Effective tax rate is unusually low at 2.4% - earnings may be flattered
- Stock is trading at 13.4x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COALINDIA | 431.50 | 8.52 | 265921.73 | 6.14 | 8849.81 | 1.32 | 46254.80 | 45.09 | 35.43 | 26.61 |
| NMDC | 85.60 | 10.09 | 75257.96 | 4.09 | 1976.23 | 0.43 | 6795.25 | 0.84 | 27.98 | 35.89 |
| KIOCL | 373.65 | 584.07 | 22708.62 | 0.00 | -15.48 | 59.04 | 158.01 | 73.79 | -10.27 | -16.83 |
| GMDCLTD | 574.65 | 19.11 | 18273.87 | 1.65 | 163.43 | -0.21 | 906.64 | 23.76 | 18.28 | 21.12 |
| SANDUMA | 201.00 | 13.63 | 9770.71 | 0.25 | 2278.50 | 1263.64 | 13747.80 | 1110.85 | 23.78 | 24.91 |
| ASHAPURMIN | 550.90 | 12.93 | 5262.53 | 0.36 | 108.31 | -4.91 | 1616.12 | 19.22 | 20.64 | 11.63 |
| MOIL | 251.95 | 69.22 | 5126.81 | 2.12 | 513.84 | — | 2677.04 | — | 12.64 | 28.40 |
| DECNGOLD | 219.55 | 1272.29 | 4412.31 | 0.00 | -87.26 | -210.25 | 6.03 | 1462.18 | -20.83 | -826.53 |
| ORISSAMINE | 4145.25 | 0.00 | 2487.15 | 0.00 | -7.61 | 75.80 | 28.99 | 330.83 | -44.94 | -32.24 |
| 20MICRONS | 217.95 | 11.35 | 769.07 | 0.57 | 17.74 | 5.22 | 244.72 | -0.99 | 17.83 | 13.13 |
| ASOCSTONE | 24.66 | 8.85 | 222.12 | 1.62 | 7.97 | 2887.41 | 44.18 | -25.13 | 13.63 | 27.86 |
| OSWALMIN | 28.90 | 1.07 | 22.40 | 0.00 | — | — | — | — | 5.85 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 4 | 35 | 57 | 48 | 34 | 51 | 481 | 25 | 25 | 52 | 490 | 345 | |
| 151 | 185 | 162 | 263 | 288 | 185 | 252 | 357 | 197 | 215 | 360 | 344 | 233 | |
| Operating Profit | -133 | -181 | -127 | -206 | -240 | -151 | -201 | 125 | -172 | -189 | -308 | 147 | 112 |
| OPM % | -740.35% | -4376.03% | -363.39% | -362.61% | -498.63% | -439.18% | -390.11% | 25.92% | -689.92% | -744.34% | -597.90% | 29.91% | 32.54% |
| 805 | 2,149 | 9,167 | 3,212 | 32 | 3,961 | 9,548 | 3,087 | 30 | 8,311 | 4,877 | 5,752 | 99 | |
| Interest | 1 | 0 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 15 | 18 | 7 | 7 |
| Depreciation | 11 | 11 | 11 | 11 | 11 | 12 | 11 | 13 | 11 | 11 | 11 | 21 | 15 |
| Profit before Tax | 978 | 2,246 | 9,392 | 3,426 | 121 | 4,079 | 9,699 | 3,198 | 175 | 8,367 | 4,905 | 5,871 | 211 |
| Tax % | 6.15% | 2.23% | 0.80% | 2.62% | 27.83% | -1.35% | 0.55% | 1.53% | 33.91% | 0.29% | 0.68% | 5.74% | 27.47% |
| Net Profit | 918 | 2,196 | 9,316 | 3,336 | 87 | 4,134 | 9,646 | 3,149 | 116 | 8,342 | 4,872 | 5,534 | 153 |
| 1.49 | 3.56 | 15.12 | 5.41 | 0.14 | 6.71 | 15.65 | 5.11 | 0.19 | 13.54 | 7.91 | 8.98 | 0.25 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 398 | 1,026 | 1,044 | 955 | 749 | 1,335 | 2,183 | 1,768 | 1,626 | 1,577 | 912 | |
| 1,030 | 969 | 989 | 1,162 | 733 | 896 | 1,597 | 1,013 | 1,107 | 1,133 | 1,151 | |
| Operating Profit | -632 | 57 | 55 | -207 | 16 | 440 | 585 | 755 | 519 | 444 | -239 |
| OPM % | -158.66% | 5.53% | 5.29% | -21.73% | 2.14% | 32.92% | 26.81% | 42.70% | 31.91% | 28.15% | -26.16% |
| 15,278 | 9,293 | 10,551 | 11,566 | 7,679 | 10,940 | 14,553 | 15,332 | 16,629 | 18,971 | 19,039 | |
| Interest | 119 | 17 | 18 | 5 | 2 | 2 | 2 | 2 | 4 | 41 | 46 |
| Depreciation | 18 | 18 | 26 | 54 | 20 | 21 | 43 | 43 | 47 | 55 | 59 |
| Profit before Tax | 14,510 | 9,315 | 10,562 | 11,299 | 7,674 | 11,357 | 15,094 | 16,042 | 17,098 | 19,318 | 19,354 |
| Tax % | 0.08% | 0.23% | 0.88% | 0.16% | 0.44% | 1.37% | 1.93% | 1.72% | 0.47% | 2.35% | 2.34% |
| Net Profit | 14,499 | 9,293 | 10,470 | 11,281 | 7,640 | 11,202 | 14,802 | 15,767 | 17,017 | 18,864 | 18,901 |
| EPS | 23.12 | 14.97 | 16.87 | 18.31 | 12.40 | 18.18 | 24.02 | 25.58 | 27.61 | 30.61 | — |
| Dividend Payout % | 85.20% | 110.21% | 77.11% | 65.56% | 129.06% | 93.53% | 100.96% | 99.67% | 95.97% | 86.57% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 23%
- 5 Years:
- 16%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 20%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- 24%
- 3 Years:
- 16%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- 81%
- 5 Years:
- 89%
- 3 Years:
- 95%
- Last Year:
- 97%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6,207 | 6,207 | 6,163 | 6,163 | 6,163 | 6,163 | 6,163 | 6,163 | 6,163 | 6,163 |
| 7,710 | 6,487 | 7,835 | 10,651 | 10,589 | 10,195 | 10,544 | 11,163 | 11,908 | 14,493 | |
| 3,450 | 3,702 | 4,099 | 4,618 | 4,938 | 5,458 | 5,814 | 5,929 | 6,820 | 7,965 | |
| Trade Payables | 110 | 130 | 152 | 133 | 102 | 71 | 65 | 78 | 117 | 192 |
| 1,408 | 1,938 | 809 | 835 | 705 | 553 | 1,312 | 1,226 | 963 | 1,919 | |
| Total Liabilities | 18,885 | 18,465 | 19,058 | 22,398 | 22,496 | 22,440 | 23,898 | 24,559 | 25,970 | 30,732 |
| 306 | 317 | 301 | 311 | 353 | 425 | 554 | 629 | 611 | 1,035 | |
| Capital Work in Progress | 14 | 119 | 143 | 128 | 85 | 53 | 109 | 142 | 265 | 1,190 |
| 11,589 | 12,358 | 12,538 | 12,327 | 13,225 | 13,405 | 13,863 | 14,206 | 14,506 | 15,132 | |
| 68 | 21 | 31 | 15 | 1 | 13 | 21 | 38 | 9 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 922 | 293 | 254 | 1,071 | 230 | 789 | 1,175 | 1,477 | 1,482 | 3,021 |
| 5,986 | 5,356 | 5,793 | 8,546 | 8,602 | 7,754 | 8,177 | 8,067 | 9,098 | 10,343 | |
| Total Assets | 18,885 | 18,465 | 19,058 | 22,398 | 22,496 | 22,440 | 23,898 | 24,559 | 25,970 | 30,732 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -568 | 380 | -782 | -1,996 | 454 | 2,609 | 1,234 | 401 | 1,171 | 3,243 | |
| Cash from Investing | 18,867 | 8,207 | 9,623 | 10,439 | 6,346 | 8,953 | 12,653 | 14,573 | 15,735 | 12,122 |
| Cash from Financing | -17,674 | -9,085 | -8,781 | -7,396 | -7,707 | -10,783 | -14,328 | -15,098 | -16,239 | -15,438 |
| 449 | -575 | -91 | 992 | -838 | 399 | -464 | -124 | 668 | -72 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Coal India Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "NCL picks up Production and Dispatch pace as Monsoon recedes".
2026-09-09 - Coal India Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-02 - Disclosure under Regulation 30 of SEBI LODR, 2015 Filing of DRHP of Mahanadi Coalfields Limited (MCL), a wholly owned Subsidiary of CIL.
2026-09-01 - Coal India Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Press Release on Coal India Supplies Rise 5.5 % in August FY'27. ".
2026-09-01 - Coal India Limited has informed the Exchange about Single Window Mode Agnostic (SWMA) E-auction Data of CIL and Subsidiary Companies for the month of Aug 26 & cumulative for the month of Apr 26-Aug 26.
2026-09-01 - Coal India Limited has informed the Exchange about Newspaper publication of Chairman s Speech at 52nd AGM of Coal India Limited held on 31st August 2026.
2026-09-01 - Coal India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-01 - Provisional Production and Off-take Performance of CIL and Subsidiary Companies for the month of August 26 and Progressive August 26.
2026-09-01 - Coal India Limited has informed the Exchange about change in Management
News
Recent coverage and analyst commentary for COALINDIA
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