Presentation made by Company on the Un-Audited Financial Results of Coal India Limited (Standalone & Consolidated) for the 3rd Quarter and Nine Months ended 31st December 2025
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Coal India reported a sharp decline in profitability for 9M FY26 despite stable topline performance. Net Sales fell 3% to ₹89,608 Cr, but EBITDA dropped 20% to ₹27,296 Cr and PAT fell 22% to ₹20,163 Cr. EBITDA margin on net sales compressed from 41% to 35%, and ROE halved from 39% to 20%. Q3 FY26 was even weaker with EBITDA down 20% and PAT down 16%. Key pressure points included a one-time ₹2,201 Cr provision for executive pay upgradation, higher employee costs (+6%), lower coal production (-3% at 545.74 MT) and offtake (-3% at 529.19 MT), and lower average realisations (-1%). The presentation also highlighted strategic moves: listing of subsidiary BCCL on BSE/NSE in Jan 2026, a 1,600 MW thermal JV with DVC, a 500 MW solar MoU with UPRVUNL, entry into rare earth elements via the Kawalapur block, and a maiden ₹404 Cr dividend from HURL JV.
Despite diversified growth initiatives and GST-related ITC utilization boosting Q3 cash flows, shareholders face significant near-term earnings pressure. The steep margin contraction and one-time pay provision will likely weigh on stock sentiment, though the long-term diversification into renewables and critical minerals could support a re-rating thesis.