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Model Note · COAL INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
COAL INDIA LTD Discounted cash flow · base FY26
COAL INDIA LTD
Value per share, this model₹871
CMP 2026-09-10₹426.40
Difference104.2%
Growth the CMP implies(3.0)%/yr
This note states the assumptions and the arithmetic of one model of COAL INDIA LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
17.5% a year
FY26 17.5% · 5-yr CAGR 13.3%
EBITDA margin
24.5%
FY26 24.5% · 5-yr average 28.0%
Depreciation · capex, % of revenue
6% · 7.2%, fading to 1.2× depreciation
FY26 6.0% · 7.2%
Working capital, % of added revenue · tax
10.2% · 26.4%
37 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 0.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5,202 · ₹0 · ₹0 cr
FY26 net debt ₹5,202 cr
Shares
616.27 crore
616.27 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,68,400
1,97,870
2,32,498
2,73,185
3,20,992
3,77,166
growth %
17.5
17.5
17.5
17.5
17.5
17.5
EBITDA
41,242
48,478
56,962
66,930
78,643
92,406
Depreciation
(10,137)
(11,872)
(13,950)
(16,391)
(19,260)
(22,630)
NOPAT
22,894
26,942
31,657
37,197
43,706
51,355
less capex
(12,092)
(14,247)
(16,740)
(19,669)
(23,111)
(27,156)
less working-capital build
—
(3,006)
(3,532)
(4,150)
(4,876)
(5,730)
Free cash flow to firm
—
21,562
25,335
29,769
34,978
41,099
Present value
20,465
21,664
22,932
24,275
25,697
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · COAL INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,15,034
PV of the terminal value (79% of EV)
4,26,831
Enterprise value
5,41,865
less net debt
(5,202)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,36,663
÷ 616.27 crore shares
₹871
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
900
969
1,052
1,154
1,280
10.5%
828
885
953
1,035
1,134
11.0%
766
814
871
937
1,017
11.5%
713
754
801
856
922
12.0%
666
701
742
788
842
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
