Coal India LimitedQ2 FY27 Results & Financial Update
Coal India Limited: Q2 FY27 consolidated results and company financials – revenue ₹90,433.54 Cr, PAT ₹15,397.24 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 Q2 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
Coal India reported consolidated revenue from operations of ₹90,433.54 crore for the current period, reflecting a sequential expansion compared to the previous quarter's revenue of ₹46,254.80 crore.
Profit after tax for the period reached ₹15,397.24 crore, expanding significantly over the previous quarter's net profit of ₹8,852.11 crore, backed by robust operational execution and realization gains.
Profit before tax stood at ₹20,447.66 crore compared to ₹11,719.36 crore in the preceding quarter, demonstrating strong earnings momentum across core mining subsidiaries.
Operating performance during the period was supported by higher coal production and healthy offtake volumes, with subsidiary-level turnarounds contributing positively to consolidated earnings.
Total income for the period was recorded at ₹95,128.00 crore, incorporating interest income from deposits and other miscellaneous inflows alongside core operational realization.
Cost pressures during the period stemmed from increases in employee benefits, contractual outsourcing expenses for coal and overburden removal, and higher material consumption such as explosives and lubricants.
Coal India posted consolidated revenue from operations of INR 90,433.54 crore for the quarter ended September 30, 2026, marking a substantial sequential expansion compared to the preceding quarter's revenue of INR 44,178.74 crore.
Total income for Q2 FY27 stood at INR 95,128.00 crore, reflecting robust top-line momentum across its mining and operational networks.
01 · Business model
What does Coal India do?
Coal India Limited is a state-owned Maharatna coal mining enterprise operating across multiple states in India through its various subsidiary companies, supplying fuel primarily to the power and industrial sectors.
The company's primary revenue streams include the sale of raw coal through Fuel Supply Agreements (FSAs) and e-auctions, alongside specialized offerings such as washed coal, sale of energy from renewable power installations, and various mining services.
Key operating subsidiaries such as Mahanadi Coalfields Limited (MCL), South Eastern Coalfields Limited (SECL), Northern Coalfields Limited (NCL), and Central Coalfields Limited (CCL) form the core production engines driving the group's aggregate output and financial performance.
Coal India serves major domestic power generation utilities and industrial consumers, maintaining nationwide distribution via rail, mechanized coal handling plants, and road networks.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹90,433.54 Cr | ₹46,254.80 Cr |
| Total income | ₹95,128.00 Cr | ₹46,254.80 Cr |
| Profit before tax | ₹20,447.66 Cr | ₹11,719.36 Cr |
| Profit after tax | ₹15,397.24 Cr | ₹8,852.11 Cr |
| EPS | ₹24.94 | ₹14.36 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
FSA sales volumes and per-tonne billing realizations formed the primary contributor to overall product revenue.
E-auction volumes and premium realizations provided secondary revenue acceleration during the period.
Interest earned on bank deposits and maiden contributions from renewable energy sales augmented total consolidated income.
Revenue from operations surged to INR 90,433.54 crore in Q2 FY27, representing a sequential increase of 95.51% over Q1 FY27.
Total income reached INR 95,128.00 crore, supported by other income of INR 4,694.46 crore and interest income of INR 3,120.79 crore.
What drove margins
Employee costs increased due to basic pay revisions, dearness allowance adjustments, and provisions for non-executive salary agreements (NCWA).
Higher outsourcing expenses for coal extraction and overburden (OB) removal, alongside transportation and wagon loading costs, impacted operating overheads.
Increased expenditure on explosives, oil, lubricants, and heavy earth-moving machinery (HEMM) spares pushed up operational expenses.
The company incurred depreciation and amortisation expenses of INR 4,681.95 crore and finance costs of INR 666.27 crore during the quarter.
Total tax provisioning for Q2 FY27 was recorded at INR 5,050.42 crore against a PBT of INR 20,447.66 crore.
04 · Demand, customers & order book
Where demand is coming from
Key state and central power generation companies such as MAHAGENCO, NTPC, and APGENCO accounted for significant portions of trade receivables and regular coal offtake.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Subsidiaries such as Eastern Coalfields Limited (ECL) and Bharat Coking Coal Limited (BCCL) reported profitable performance during the period, recovering from earlier loss-making quarters.
Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields Limited (SECL) maintained substantial profit contributions to the consolidated group results.
Geography and market mix
Mining operations remained anchored across core coalfields in Odisha, Chhattisgarh, Madhya Pradesh, Jharkhand, and West Bengal.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The newly constructed Bhojudih Coal Washery at BCCL with an annual capacity of 2.0 MTPA commenced commercial operations during the half-year.
MCL commissioned the 10 MTPA Lakhanpur Silo to enhance fast and efficient coal evacuation.
Projects, capex and execution
CIL commissioned 200 MW of solar power capacity out of the 300 MW project at Khavda, Gujarat, following earlier operationalization of a 100 MW plant in Bhadramali.
07 · Strategy & new businesses
How the company is trying to change its growth mix
CIL incorporated a Singapore-based wholly owned subsidiary, CIL Global Pte. Ltd., to explore critical mineral asset acquisitions and manage overseas investments.
The joint venture BCGCL (CIL-BHEL JV) progressed on India's first commercial coal gasification project involving a ₹25,000 crore investment.
CIL was identified as the preferred bidder for the Gadadharpur Iron Ore Block in Kendujhar, Odisha, featuring estimated resources of 288 MT.
08 · Reported developments
What changed operationally
Consolidated net profit expanded sequentially supported by higher sales volumes and better realization prices under e-auctions.
Several subsidiaries that previously reported losses returned to profitability during the current financial year.
Net profit expanded by 73.94% sequentially to reach INR 15,397.24 crore, driven by strong top-line growth.
09 · Pressure points & risks
What is not going smoothly
Escalating contractual outsourcing charges, employee benefit provisions, and higher statutory rates and taxes exerted upward pressure on expenditures.
10 · Items worth noticing
The line items that can distort a quick read
Consolidated expenditures included stripping activity adjustments and provision reversals associated with mining operations.
The company reported a negative provision item of -INR 168.46 crore for the quarter.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Gross trade receivables stood at ₹13,462 crore as of 30 September 2026, reflecting recoveries from various state power generation utilities.
Raw coal inventory levels saw reductions compared to earlier periods as offtake matched or exceeded production run-rates.
Capital allocation & funding
The debt-equity ratio remained conservative at 0.13 as of 30 September 2026, supported by internal accruals and moderate borrowing increases across select subsidiaries.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
MCL IPO DRHP Filing
The Draft Red Herring Prospectus (DRHP) for Mahanadi Coalfields Limited's proposed initial public offering was filed on 01 September 2026.
Reported update
Regulatory Filing Compliance
The financial results for Q2 FY27 were submitted through official exchange XBRL channels under Ind AS reporting standards.
13 · Previous-quarter changes
What changed since the previous quarter
Reported revenue and net profit expanded compared to the quarter ended 30 June 2026.
Revenue increased from INR 44,178.74 crore in Q1 FY27 to INR 90,433.54 crore in Q2 FY27, while PAT rose from INR 6,545.13 crore to INR 15,397.24 crore.
14 · Key Q&A
The quarter, answered directly
What does Coal India do?
Coal India Limited is a state-owned Maharatna coal mining enterprise operating across multiple states in India through its various subsidiary companies, supplying fuel primarily to the power and industrial sectors.
What is the clearest takeaway from Q2 FY27?
Coal India reported consolidated revenue from operations of ₹90,433.54 crore for the current period, reflecting a sequential expansion compared to the previous quarter's revenue of ₹46,254.80 crore.
What drove revenue or demand?
FSA sales volumes and per-tonne billing realizations formed the primary contributor to overall product revenue.
What mattered most for margins or profitability?
Employee costs increased due to basic pay revisions, dearness allowance adjustments, and provisions for non-executive salary agreements (NCWA).
What changed operationally beyond the headline numbers?
The newly constructed Bhojudih Coal Washery at BCCL with an annual capacity of 2.0 MTPA commenced commercial operations during the half-year.
What are the main pressure points disclosed for the quarter?
Escalating contractual outsourcing charges, employee benefit provisions, and higher statutory rates and taxes exerted upward pressure on expenditures.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
E-Auction Premium Realizations: Track e-auction price realizations and volume off-takes across key subsidiary coalfields.
- 02
MCL IPO Progress: Monitor regulatory updates regarding the proposed public offering of Mahanadi Coalfields Limited.
- 03
Subsequent Quarter Filings: Track upcoming quarterly financial disclosures for sustained volume off-take and realization trends.
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