Coal India LimitedQ1 FY27 Results & Financial Update
Coal India Limited: Q1 FY27 consolidated results and company financials – revenue ₹46,254.80 Cr, PAT ₹8,852.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Coal India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the first quarter of fiscal year 2027, Coal India registered a consolidated revenue from operations of ₹46,254.80 crore, marking an increase compared to ₹42,910.20 crore in the corresponding period of the previous year, though down slightly from ₹46,490.03 crore in the preceding quarter.
Profit after tax for the quarter stood at ₹8,852.11 crore, representing a modest year-on-year rise from ₹8,797.05 crore, while dropping sequentially from ₹10,839.15 crore recorded in the quarter ended March 31, 2026.
Total expenditures for the quarter expanded as the company incurred higher costs across material consumption, outsourcing for mining activities, and statutory rates and taxes, affecting overall profitability margins.
Physical performance indicators showed coal production at 169.63 million tonnes, which was lower by 7% year-on-year, while coal offtake rose by 4% to 197.86 million tonnes, supported by healthy evacuation and loading networks.
Inventory levels saw a notable reduction during the quarter, with closing stock of raw coal declining by 28.93 million tonnes to 101.35 million tonnes as of June 30, 2026, compared to the opening position of the fiscal year.
Capital expenditure remained a key focus area, with the company posting a 16.64% increase in capex during the quarter, successfully surpassing its quarterly deployment targets and channeling investments into land acquisition, evacuation infrastructure, and solar projects.
01 · Business model
What does Coal India do?
Coal India Limited is a Maharatna public sector undertaking and the world's largest coal-producing company, supplying the vital fuel source for India's power generation and industrial sectors.
The company operates through several subsidiary companies spread across various coalfields in India, undertaking underground and open-cast mining operations alongside allied activities like coal washing and evacuation.
Coal India's primary revenue streams include the sale of raw coal through Fuel Supply Agreements (FSAs) and e-auctions, alongside sales of washed coal and recent nascent diversification into renewable solar energy generation.
02 · Historical context
What shaped the business before this quarter
During the previous financial year FY 25-26, Coal India achieved a capital expenditure of ₹19,607 crore, surpassing its annual target of ₹16,000 crore.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹46,254.80 Cr | ₹42,910.20 Cr | ₹46,490.03 Cr |
| Total income | ₹46,254.80 Cr | ₹42,910.20 Cr | ₹46,490.03 Cr |
| Profit before tax | ₹11,719.36 Cr | ₹11,776.09 Cr | ₹14,625.75 Cr |
| Profit after tax | ₹8,852.11 Cr | ₹8,797.05 Cr | ₹10,839.15 Cr |
| EPS | ₹14.36 | ₹14.27 | ₹17.59 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
FSA sales volume stood at 168.07 million tonnes compared to 165.77 million tonnes in Q1 FY26, with an average realization price of ₹2,099.41 per tonne.
E-auction coal volume expanded to 26.52 million tonnes from 21.25 million tonnes previously, commanding an average realization price of ₹3,085.44 per tonne.
Washed coal and other product volumes registered 3.64 million tonnes at an average realization of ₹4,567.80 per tonne.
For the first time, Coal India recorded revenue from the direct sale of solar energy, amounting to ₹5.68 crore during Q1 FY27.
What drove margins
Cost of materials consumed rose to ₹3,260 crore, driven by increases in explosive expenses and oil and lubricant costs.
Employee benefit expenses stood at ₹11,023 crore, reflecting a minor change impacted by actuarial valuation adjustments for gratuity and leave encashment.
Contractual expenses increased to ₹8,658 crore, primarily due to higher outsourcing expenditure for coal and overburden (OB) removal alongside transportation costs.
Other expenses grew to ₹11,658 crore, driven significantly by higher rates and taxes linked to increased offtake volumes and hikes in mineral-bearing land cess.
05 · Demand, customers & order book
Where demand is coming from
Total coal offtake during the quarter reached 197.86 million tonnes, representing a 4% growth over the corresponding previous period.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Key subsidiaries like Mahanadi Coalfields (MCL) and Northern Coalfields (NCL) remained major profit contributors, while Bharat Coking Coal (BCCL) recorded a net loss during the quarter.
BCCL's newly constructed Bhojudih Coal Washery with an annual capacity of 2.0 million tonnes commenced commercial operations on May 26, 2026.
Geography and market mix
Coal India commissioned renewable projects in Gujarat, including the Bhadramali solar plant and progress on the Khavda solar power project.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Coal production for Q1 FY27 registered at 169.63 million tonnes, compared to 183.32 million tonnes in Q1 FY26.
Overburden (OB) removal stood at 504.68 million cubic meters for the quarter.
Projects, capex and execution
Total capital expenditure reached ₹3,399 crore in Q1 FY27, marking a 16.64% increase year-on-year and achieving 101.5% of the quarterly target.
Land acquisition, coal evacuation infrastructure (railways and sidings), and plant & machinery (HEMM and washeries) accounted for over 75% of total capital expenditure.
The company invested ₹278 crore in solar projects and ₹207 crore in joint ventures during the quarter.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Foundation stone was laid for India's first commercial coal gasification project by BCGCL, a CIL-BHEL joint venture involving an investment of ₹25,000 crore.
09 · Reported developments
What changed operationally
Capital expenditure surpassed its quarterly target, reaching 101.5% of planned outlays and supporting long-term production foundation.
Coal offtake grew by 4% year-on-year, helping clear accumulated inventory balances.
10 · Pressure points & risks
What is not going smoothly
Total coal production decreased by 7% year-on-year during the quarter, largely affected by lower output across specific subsidiary fields.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Gross trade receivables stood at ₹15,834 crore as of June 30, 2026, showing a decrease compared to ₹15,985 crore at the end of the previous quarter.
Capital allocation & funding
The debt-equity ratio remained stable at 0.12 as of June 30, 2026, indicating no significant change in overall capital leverage.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Gasification Project Milestone
The foundation stone for India's first commercial coal gasification project was laid, aiming to produce 6.6 lakh tonnes per annum of ammonium nitrate.
13 · Key Q&A
The quarter, answered directly
What does Coal India do?
Coal India Limited is a Maharatna public sector undertaking and the world's largest coal-producing company, supplying the vital fuel source for India's power generation and industrial sectors.
What is the clearest takeaway from Q1 FY27?
During the first quarter of fiscal year 2027, Coal India registered a consolidated revenue from operations of ₹46,254.80 crore, marking an increase compared to ₹42,910.20 crore in the corresponding period of the previous year, though down slightly from ₹46,490.03 crore in the preceding quarter.
What drove revenue or demand?
FSA sales volume stood at 168.07 million tonnes compared to 165.77 million tonnes in Q1 FY26, with an average realization price of ₹2,099.41 per tonne.
What mattered most for margins or profitability?
Cost of materials consumed rose to ₹3,260 crore, driven by increases in explosive expenses and oil and lubricant costs.
What changed operationally beyond the headline numbers?
Coal production for Q1 FY27 registered at 169.63 million tonnes, compared to 183.32 million tonnes in Q1 FY26.
What are the main pressure points disclosed for the quarter?
Total coal production decreased by 7% year-on-year during the quarter, largely affected by lower output across specific subsidiary fields.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capex Execution Progress: Monitor the continued deployment against the annual capex target of ₹16,500 crore for FY27.
- 02
Production Recovery: Track coal production volumes across subsidiaries to see if output rebounds from the Q1 year-on-year decline.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.