Coal India Limited · Research view

Coal India Limited

NSE: COALINDIABSE: 533278ISIN INE522F01014Face value ₹10consolidated

₹422

−0.74% · 2026-10-01 · 52-wk ₹370–₹482

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 55.2% while net profit fell 12.0% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

WatchTalking point

Sharp margin drop

EBITDA margin dropped 8.2 percentage points in a single year, from 39.4% to 31.2% — worth investigating.

Importance 73 / 95 · anomaly

WatchTalking point

Profit lagging revenue

Revenue grew 17.5% but profit declined 12.0%, so the company kept less of each rupee of revenue as profit.

Importance 73 / 95 · growth

ConcernTalking point

Returns at a multi-year low

ROE of 28.1% is the lowest in 4 years (prior range 38.5% to 55.2%).

Importance 67 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Consumable Fuels › Coal.

Market cap: ₹2.60 L cr
FY2026 revenue: ₹1,68,400 cr
FY2026 net profit: ₹31,071 cr
Net worth: ₹1,21,005 cr
Total debt: ₹13,821 cr
EPS (basic): ₹50.46
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 9 oil, gas & consumable fuels.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 17.5% but profit declined 12.0%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +11.3%over 4 years
Revenue growth: +17.5%vs last year
Net profit growth: −12.0%vs last year
Change in net profit since FY22: +79%

Revenue grew 17.5% but EBITDA margin fell 8.2 percentage points to 31.2%, so the company kept less of each rupee of revenue as operating profit.

Over 4 years profit compounded at 15.6% a year while revenue compounded at 11.3% a year — though FY2023 saw a one-off step-change of 62% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit fell 12.0% year on year (FY2025 → FY2026).

Revenue grew 17.5% year on year (FY2025 → FY2026).

Revenue has compounded at 11.3% a year over 4 years (₹1,09,714 → ₹1,68,400) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 revenue was ₹46,255 cr, up 29.1% from ₹35,842 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Concern

Q1 FY27 EBITDA margin was 30.5%, down 8.94 percentage points from 39.4% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

Watch

Q1 FY27 interest (finance cost) was ₹327 cr, up 23.5% from ₹265 cr a year earlier.

Rule QTR_INTEREST_EXPENSE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	30,673	—	6,275	—	20.5%
Q3 FY25	35,780	−1.0%	8,491	−6.6%	23.7%
Q4 FY25	37,825	+1.1%	9,593	+11.0%	25.4%
Q1 FY26	35,842	−1.7%	8,734	−20.2%	24.4%
Q2 FY26	30,187	−1.6%	4,263	−32.1%	14.1%
Q3 FY26	34,924	−2.4%	7,166	−15.6%	20.5%
Q4 FY26	46,490	+22.9%	10,908	+13.7%	23.5%
Q1 FY27	46,255	+29.1%	8,850	+1.3%	19.1%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹1,57,856 crTTM
EBITDA: ₹52,489 crTTM
EBIT: ₹42,357 crTTM
PBT: ₹41,079 crTTM
Net profit: ₹31,186 crTTM

C. Corporate actions

4 Sept 2026DividendFinal Dividend - Rs. - 5.2500 — ₹5.25/share

31 Jul 2026DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share

18 Feb 2026DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share

4 Nov 2025DividendInterim Dividend - Rs. - 10.2500 — ₹10.25/share

21 Aug 2025DividendFinal Dividend - Rs. - 5.1500 — ₹5.15/share

6 Aug 2025DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share

31 Jan 2025DividendInterim Dividend - Rs. - 5.6000 — ₹5.60/share

5 Nov 2024DividendInterim Dividend - Rs. - 15.7500 — ₹15.75/share

16 Aug 2024DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

20 Feb 2024DividendInterim Dividend - Rs. - 5.2500 — ₹5.25/share

21 Nov 2023DividendInterim Dividend - Rs. - 15.2500 — ₹15.25/share

18 Aug 2023DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

8 Feb 2023DividendInterim Dividend - Rs. - 5.2500 — ₹5.25/share

15 Nov 2022DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share

11 Aug 2022DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

21 Feb 2022DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

6 Dec 2021DividendInterim Dividend - Rs. - 9.0000 — ₹9.00/share

2 Sept 2021DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share

15 Mar 2021DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

19 Nov 2020DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share

19 Mar 2020DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share

22 Mar 2019DividendInterim Dividend - Rs. - 5.8500 — ₹5.85/share

14 Feb 2019BuybackBuy Back of Shares

28 Dec 2018DividendInterim Dividend - Rs. - 7.2500 — ₹7.25/share

16 Mar 2018DividendInterim Dividend - Rs. - 16.5000 — ₹16.50/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 28.1% is the lowest in 4 years (prior range 38.5% to 55.2%).

Rule ROE_AT_MULTI_YEAR_LOW

EBITDA margin now: 31.2%
5-year range: 26.1–39.4%
ROE FY2026: 28.1%
ROCE FY2026: 34.8%

ROCE has fallen for 3 consecutive years, from 70.8% to 34.8%.

ROE of 28.1% is well above the oil gas and consumable fuels median of 14.5%.

ROE declined from 38.5% to 28.1% year on year.

EBITDA margin has ranged from 26.1% to 39.4% over 4 years and sits at 31.2% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 55.2% while net profit fell 12.0% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹13,821 cr
Operating cash flow ÷ net profit: 1.39×FY2026
Free cash flow: ₹31,191 cr
Current ratio: 1.86×

Net worth compounded at 28.9% a year over 4 years (₹43,817 → ₹1,21,005).

Cash conversion (CFO ÷ profit) has averaged 0.90× over the last 3 profit-making years versus 1.82× before that.

Free cash flow has been positive in 5 of the last 5 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 9 oil, gas & consumable fuels (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

COALINDIA · 2nd of 9 · set median 4.5%

EBITDA margin

COALINDIA · 2nd of 9 · set median 17.4%

Return on equity

COALINDIA · 3rd of 9 · set median 14.5%

P/E ratio

COALINDIA · 5th of 9 · set median 8.3×

P / E: 8.3×TTM to Jun 26
P / B: 2.1×latest book
P / S: 1.6×TTM sales
Earnings yield: 12.0%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 8.4× · P/S 1.4× · ROE 28.1%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: +8.5%
3-year return: +42.8%
5-year return: +123.4%
From 52-wk high: −12.5%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Above₹416
vs 200-day avg: Below₹432
RSI (14): 52.2neutral
MACD histogram: 0.3
From 52-wk high: −12.5%
From 52-wk low: +13.9%
30-day volatility: 21.0%ann.
6-month return: −4.7%

RSI (14) · 0–10052.2 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 55.2% while net profit fell 12.0% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Watch
Sharp margin drop
EBITDA margin dropped 8.2 percentage points in a single year, from 39.4% to 31.2% — worth investigating.
MARGIN_SHARP_DROP · conviction 73
Watch
Profit lagging revenue
Revenue grew 17.5% but profit declined 12.0%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 73
Watch
Growing, but less profitably
Revenue grew 17.5% but EBITDA margin fell 8.2 percentage points to 31.2%, so the company kept less of each rupee of revenue as operating profit.
REVENUE_UP_MARGIN_DOWN · conviction 71
Concern
Returns at a multi-year low
ROE of 28.1% is the lowest in 4 years (prior range 38.5% to 55.2%).
ROE_AT_MULTI_YEAR_LOW · conviction 67
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 0.90× over the last 3 profit-making years versus 1.82× before that.
CASH_CONVERSION_DETERIORATING · conviction 61
Concern
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 70.8% to 34.8%.
ROCE_DECLINING_STREAK · conviction 59
Concern
Returns declining
ROE declined from 38.5% to 28.1% year on year.
ROE_DETERIORATED_YOY · conviction 54
Concern
Profit fell
Net profit fell 12.0% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 42

Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	1,09,714	1,38,252	1,42,324	1,43,369	1,68,400
Total income	1,13,618	1,44,803	1,50,293	1,52,839	1,79,676
EBITDA	28,595	43,369	55,941	56,533	52,518
Profit before tax	23,625	38,009	48,386	46,504	41,165
Net profit	17,378	28,125	37,369	35,302	31,071
EPS (₹)	28.2	45.7	60.7	57.4	50.5
Net worth	43,817	58,016	83,582	99,951	1,21,005
Total debt	3,310	4,115	6,289	8,908	13,821
Operating cash flow	41,088	35,686	18,103	29,200	43,215
Free cash flow	29,092	21,584	1,795	16,396	31,191

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	26.0	2.9	0.7	17.5
Profit growth YoY	—	61.8	32.9	-5.5	-12.0
Profitability
EBITDA margin %	26.1	31.4	39.3	39.4	31.2
Net margin %	15.3	19.4	24.9	23.1	17.3
Return on equity %	39.7	55.2	52.8	38.5	28.1
Return on capital %	51.3	70.8	64.7	47.7	34.8
Leverage & cash
Debt to equity	0.08	0.07	0.08	0.09	0.11
Cash flow ÷ profit	2.36	1.27	0.48	0.83	1.39
Current ratio	1.62	1.57	1.70	1.49	1.86