Coal India Limited (COALINDIA)
Large CapEnergy stocks · Large cap · NSE
Coal India Limited (CIL) is a Maharatna company engaged in coal mining. It is diversifying into solar power, thermal power generation through a JV with DVC, and critical minerals like Rare Earth Elements and Copper, alongside a new renewable energy subsidiary.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +8% YoY · PAT +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹46,255 Cr | +7.8% | -0.5% |
| EBITDA | ₹12,069 Cr | -4.1% | -4.8% |
| Operating margin | 26.0% | -300 bps | -100 bps |
| PAT | ₹8,850 Cr | +0.7% | -18.9% |
| PAT margin | 19.1% | -135 bps | -433 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 PAT declined 12% YoY to ₹31,071 Cr, and Q4 FY26 PAT increased 12% YoY to ₹10,908 Cr, despite a 2% YoY drop in FY26 coal production and offtake. Inventory surged 21% YoY.
Full-year performance shows a decline in coal production, offtake, and profitability, impacted by lower e-auction realizations and higher operating expenses including a one-time pay provision and increased cess. While Q4 saw a recovery in PAT and EBITDA, the significant increase in inventory and overall operational metrics for the year are concerning.
FY25-26 Coal Production by Mode
Latest issuer-disclosed distribution across 2 reported categories.
Renewable Energy Expansion
positive100 MW Solar Power plant at Patan connected to grid as on 31.03.2026. New Renewable Energy Subsidiary CIL RAJASTHAN AKSHAY URJA LIMITED incorporated.
Thermal Power Generation
positive50:50 JV with DVC to develop a brownfield thermal power project at Chandrapura, Jharkhand, with 1,600 MW (2x800 MW) supercritical units.
Critical Mineral Foray
positiveSecured Kawalapur REE Block, Maharashtra, in January 2026. MoU signed with Hindustan Copper Ltd to collaborate in copper and critical minerals sectors.
Solar Power Capacity
positive100 MW Solar Power plant at Patan was connected to grid as on 31.03.2026.
Thermal Power Project (JV)
positive50:50 JV agreement with DVC to develop a brownfield thermal power project at Chandrapura, Jharkhand, with 1,600 MW (2x800 MW) supercritical units.
Inverted Tax Structure Elimination
positiveIncrease in GST on coal from 5% to 18% effective 22.09.2025, leading to utilization of accumulated ITC of ₹5985 Cr in FY25-26.
Higher Other Income
positiveOther Income increased by 19% YoY to ₹11,276 Cr in FY26, driven by higher interest received including tax refunds (₹883 Cr) and provision/liability written back (₹436 Cr).
Maiden JV Dividend
positiveCIL received ₹404.37 Cr interim dividend from HURL (a JV company) and a final dividend of ₹95.87 Cr is declared with FY25-26 results.
Declining Sales Volume
negativeOverall Sales Quantity decreased by 2.3% YoY to 743.60 MT in FY26, with FSA quantity down 20.47 MT.
Lower E-Auction Realization
negativeE-Auction price decreased by ₹160.76 per tonne YoY in FY26, impacting higher-margin sales.
Increased Rates & Taxes
negativeOther Expenses increased by 9% YoY to ₹44,264 Cr in FY26, primarily due to a ₹3,635 Cr increase in Jharkhand Mineral-Bearing Land Cess.
One-time Employee Provision
negativeEmployee Benefits Expense increased by 4% YoY to ₹46,425 Cr in FY26, including a one-time provision of ₹1,458 Cr for Executive pay upgradation.
Volume Growth Challenges
negativeCoal production and offtake volumes declined 2% YoY in FY26, indicating potential challenges in meeting demand or operational hurdles.
Inventory Buildup
negativeClosing raw coal stock increased by 21% YoY and 44% QoQ, suggesting potential oversupply or slower offtake, impacting working capital.
Realization Volatility
negativeE-Auction realizations declined YoY in FY26, indicating potential pricing pressure in the open market segment.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year (FY26 vs FY25) provides an overall trend of the business, while Q4 (Q4 FY26 vs Q4 FY25) highlights recent momentum and the impact of specific quarterly events and cost items.
Coal Production (FY)
negativeFY25-26: 744.88 MT (down 2% YoY from 762.98 MT in FY24-25)
Coal Offtake (FY)
negativeFY25-26: 768.19 MT (down 2% YoY from 781.06 MT in FY24-25)
Overall Average Realization (FY)
positiveFY25-26: ₹2221.43 per tonne (up 2.5% YoY from ₹2166.95 per tonne in FY24-25)
EBITDA Margin on Revenue from Operation (FY)
negativeFY25-26: 32% (down from 34% in FY24-25)
Diversification Strategy
Management is pursuing diversification into solar power, thermal power generation, and critical minerals through JVs and new subsidiaries.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Coal Offtake Volume | FY26: 768.19 MT (down 2% YoY) | Sustained recovery and growth in offtake volumes, especially in Q1 FY27. |
| Average Realization | FY26: ₹2221.43/tonne (up 2.5% YoY) | Stability or improvement in overall realizations, particularly e-auction prices, to support profitability. |
| Inventory Levels | 129.96 MT (up 21% YoY) | Effective inventory management and reduction in closing stock to optimize working capital. |
| Operating Margins | FY26 EBITDA Margin: 32% | Margin recovery post one-time provisions and effective cost management, especially for statutory levies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -3.6% / mo · MACD +
Technical chart
COALINDIAdaily · 1Y · AUTO-7.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 54. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 5.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.7%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 81 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 81 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 58.0%.
Main drags
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Quality is weaker at 15/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 47th percentile within Energy. Main check: results consistency is weak at 48/100.
Healthy Trust Lite: Promoter holding is 61.1%. Key concern: Promoter holding fell 2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Energy: 47th pctile, median 74 · Large: 51st pctile, median 73
101 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.6%.
- ▸12 years of positive FCF.
Trust risks
- ▸Promoter holding fell 2%.
- ▸ROCE trend is -14%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.20
- P/B
- 2.15
- EV/EBITDA
- 5.30
- Market Cap
- 255969.00Cr
Profitability
- ROE
- 28.20%
- ROCE
- 35.00%
- ROA
- 10.98%
- Dividend Y
- 6.38%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 31.92×
- Altman Z
- 2.67
- Book Value
- 193.00
Cash Flow
- FCF Yield
- 3.62%
- FCF Positive Y
- 12/5
- OCF
- 43215.00 Cr
- EPS TTM
- 50.63
Shareholding
- Promoter Hold
- 61.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Energy, ranked by similarity
Peers
Business-comparable names in Energy, ranked by similarity
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.