Coal India financials and balance sheet

NSE: COALINDIABSE: 533278Consumable FuelsLarge Cap

₹397.45₹5.10 (1.27%)BSE ₹397.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹402.55.

52-week range of traded prices to 23 Oct 2026

₹369.60Low, 25 Nov 2025₹491.25High, 30 Apr 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results and dividend.

Market cap: ₹2,44,938 Cr30th largest listed
P/E: 7.8
P/B: 2.1
Dividend yield: 6.67%
ROE: 28.6%
ROCE: 22.7%
Debt to equity: 0.11
Volume, NSE: 46,27,91652.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Coal India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹1,43,369 Cr, differs from its quarters added, ₹1,40,742 Cr. From the year to Mar 2026, the company's revenue for that year, ₹1,68,400 Cr, differs from its quarters added, ₹1,47,443 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,68,400
Materials and goods−8,343
Employee costs−46,425
Other expenses−72,391
Operating profit41,242
Depreciation−10,137
Other income+11,276
One-off items0.0
Finance costs−1,216
Profit before tax41,165
Tax−10,853
Joint ventures+758
Net profit31,071

What the company owns

Plant, investments and other assets₹1,99,124 Cr
Cash and bank₹52,574 Cr
Inventory₹15,654 Cr
Receivables₹14,121 Cr
Current investments₹4,187 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,38,280 Cr
Net worth₹1,21,005 Cr
Borrowings₹13,821 Cr
Owed to suppliers₹12,554 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Coal India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 25 May	Mar 2023Filed 8 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 Oct
Revenue from operations	83,808	87,269	99,547	96,080	90,026	1,09,714	1,38,252	1,42,324	1,43,369	1,68,400
	–	–	74,570	74,159	71,453	85,023	1,01,434	94,352	96,306	1,27,158
Materials and goods bought	5,725	8,509	8,188	6,084	5,516	11,854	13,349	10,059	8,944	8,343
Employee costs	–	–	38,770	39,384	38,698	40,701	49,409	48,783	46,249	46,425
Other expenses	–	–	27,612	28,692	27,238	32,468	38,676	35,511	41,113	72,391
Operating profit before depreciation	–	–	24,977	21,921	18,573	24,691	36,818	47,971	47,063	41,242
Operating margin	–	–	25.1%	22.8%	20.6%	22.5%	26.6%	33.7%	32.8%	24.5%
Materials, % of revenue	–	–	8.2%	6.3%	6.1%	10.8%	9.7%	7.1%	6.2%	5.0%
Employee costs, % of revenue	–	–	38.9%	41.0%	43.0%	37.1%	35.7%	34.3%	32.3%	27.6%
Other expenses, % of revenue	–	–	27.7%	29.9%	30.3%	29.6%	28.0%	25.0%	28.7%	43.0%
Depreciation and amortisation	–	–	3,450	3,451	3,709	4,429	4,675	6,735	9,145	10,137
Operating profit after depreciation	–	–	21,527	18,470	14,865	20,262	32,143	41,236	37,918	31,105
Other income	5,516	4,658	5,874	6,105	3,792	3,905	6,551	7,969	9,470	11,276
Finance costs	412	432	275	503	645	541	684	819	884	1,216
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	14,434	10,726	27,125	24,072	18,012	23,625	38,009	48,386	46,504	41,165
	5,166	3,707	9,662	7,371	5,307	6,238	9,876	11,443	11,664	10,853
Current tax	–	–	8,567	6,272	5,380	6,257	9,390	11,576	11,148	10,971
Deferred tax	–	–	1,095	1,099	−72	−19	486	−133	516	−119
Share of profit of joint ventures and associates	−2	0	−1	−1	−3	−9	−8	427	462	758
	9,266	7,020	17,462	16,700	12,702	17,378	28,125	37,369	35,302	31,071
Belonging to the company's shareholders	9,266	7,020	17,462	16,714	12,700	17,358	28,165	37,402	35,358	31,094
Belonging to outside owners of subsidiaries	–	–	0	−14	2	20	−40	−33	−56	−24
Other comprehensive income	–	–	17	−1,335	−636	51	265	−415	−627	434
Total comprehensive income	–	–	17,480	15,366	12,067	17,430	28,390	36,954	34,675	31,504
Net margin	11.1%	8.0%	17.5%	17.4%	14.1%	15.8%	20.3%	26.3%	24.6%	18.5%
Net margin without joint ventures and associates	11.1%	8.0%	17.5%	17.4%	14.1%	15.8%	20.3%	26.0%	24.3%	18.0%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the years to Mar 2017 and Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 25 May	Mar 2023Filed 8 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 Oct
	26,861	32,551	36,958	43,817	58,016	83,582	99,951	1,21,005
	26,454	32,157	36,517	43,143	57,245	82,730	99,105	1,19,102
Share capital	6,163	6,163	6,163	6,163	6,163	6,163	6,163	6,163
Reserves	20,291	25,994	30,355	36,980	51,082	76,567	92,942	1,12,939
Belonging to outside owners of subsidiaries	407	394	441	674	771	852	846	1,903
	2,203	6,426	5,875	3,310	4,115	6,289	8,908	13,821
Repayable after a year	1,472	1,993	2,688	3,302	4,106	5,617	7,386	9,232
Repayable within a year	730	4,433	3,187	8	8	672	1,523	4,589
	45,812	48,464	51,643	57,403	68,735	61,273	64,742	67,651
Trade payables	6,816	10,108	7,638	8,592	8,549	8,386	10,206	12,554
Other financial liabilities	4,143	4,755	9,925	11,324	12,875	16,226	17,294	18,497
Other liabilities	26,986	22,378	24,427	31,385	32,314	29,110	29,494	27,202
Provisions	7,136	6,790	6,466	6,095	14,963	6,681	6,222	4,808
Tax owed	–	0	–	0	25	198	3	0
	60,046	69,007	73,178	79,024	84,456	92,818	95,506	97,005
Other financial liabilities	1,300	1,390	942	2,984	3,365	3,626	3,574	3,650
Other liabilities	4,854	5,397	5,647	5,983	6,827	7,442	8,183	8,733
Provisions	52,420	60,227	63,179	65,944	68,828	74,311	74,532	72,955
Deferred tax	0	0	722	811	1,331	1,822	1,832	2,434
Total assets	1,32,719	1,50,022	1,61,780	1,80,243	2,11,207	2,37,672	2,60,198	2,85,660
	63,399	66,509	77,055	87,400	1,03,124	1,33,789	1,64,005	1,60,133
Plant in use, after depreciation	32,576	32,302	37,754	42,698	44,448	67,900	76,640	81,503
Plant being built	9,623	12,714	15,009	12,714	20,187	19,788	19,534	18,819
Intangible assets	35	38	46	3,979	2,588	2,718	2,580	2,764
Intangible assets being developed	39	57	86	183	2,359	4,222	6,496	7,579
Investments	1,421	1,873	2,318	2,427	3,085	3,859	4,416	6,038
Loans given	1,142	639	136	353	372	359	390	889
Other financial assets	12,330	13,782	13,020	14,533	16,300	18,011	19,668	22,704
Deferred tax	4,269	3,311	4,059	4,138	4,177	3,141	2,695	2,240
Other assets	1,965	1,792	4,626	6,375	9,606	13,790	31,586	17,597
	69,320	83,512	84,725	92,843	1,08,083	1,03,883	96,193	1,25,528
Inventories	5,584	6,619	8,947	7,076	8,155	10,177	12,614	15,654
Trade receivables	5,499	14,408	19,623	11,368	13,060	13,256	12,728	14,121
Cash and cash equivalents	2,276	1,777	5,235	6,278	5,665	6,009	11,161	8,620
Other bank balances	28,849	26,670	12,076	22,902	34,256	24,226	23,055	43,955
Current investments	1,750	100	3,633	7,279	4,054	3,251	3,175	4,187
Loans given	502	503	501	0	21	22	19	13
Other financial assets	3,514	3,706	2,345	2,624	2,717	2,699	2,476	3,387
Tax paid in advance	8,957	15,482	9,398	9,149	8,719	9,064	9,823	5,343
Other assets	12,389	14,249	22,967	26,167	31,435	35,180	21,144	30,248
Net debt	−30,671	−22,121	−15,068	−33,149	−39,861	−27,197	−28,482	−42,940

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 Jun	Mar 2022Filed 25 May	Mar 2023Filed 8 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 Oct
	10,560	41,088	35,686	18,103	29,200	43,215
	16,223	47,371	45,436	29,830	41,080	47,791
	−6,033	16,462	1,449	−16,168	−7,960	8,356
Receivables	−5,215	8,255	−1,693	−1,147	1,576	−1,351
Inventories	−2,329	1,872	−1,079	−2,067	−2,683	−2,796
Payables	387	119	−54	−164	1,820	2,352
Other working capital	1,124	6,216	4,275	−12,790	−8,672	10,151
Tax paid	−5,663	−6,284	−9,750	−11,727	−11,880	−4,576
Capital spending	10,853	12,023	14,209	16,380	12,804	12,092
Free cash flow	−293	29,064	21,477	1,723	16,396	31,122
	339	−26,481	−23,423	−4,486	−10,076	−33,955
Plant and property sold	28	28	107	71	0	68
Interest received	2,382	1,106	2,684	2,947	3,262	3,731
Dividends received	62	11	0	0	0	0
	−8,455	−13,441	−13,661	−13,899	−13,309	−11,801
Borrowings raised	0	0	805	1,501	3,244	4,913
Borrowings repaid	−551	−2,573	0	−5	0	0
Interest paid	−198	−85	−138	−224	−225	−437
Lease payments	0	0	0	−73	−89	−80
Dividends paid	7,706	10,783	14,328	15,098	16,239	16,197
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	2,443	1,165	−1,398	−282	5,815	−2,541

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Coal India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 25 May	Mar 2023Filed 8 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 Oct
Earnings per share	₹14.78	₹11.31	₹28.14	₹27.12	₹20.61	₹28.17	₹45.70	₹60.69	₹57.37	₹50.46
Diluted earnings per share	₹14.78	₹11.31	₹28.14	₹27.12	₹20.61	₹28.17	₹45.70	₹60.69	₹57.37	₹50.46
Dividend per share	₹19.90	₹16.50	₹13.10	₹12.00	₹16.00	₹17.00	₹24.25	₹25.50	₹26.50	₹26.50
Book value per share	–	–	₹42.93	₹52.18	₹59.26	₹70.01	₹92.89	₹134.24	₹160.81	₹193.26
Dividend payout	133.3%	145.9%	46.2%	44.2%	77.6%	60.4%	53.1%	42.0%	46.2%	52.5%
Shareholder yield	–	–	–	–	9.6%	9.6%	10.9%	5.6%	6.6%	5.8%
Market cap at the year end (₹ crore)	1,81,660	1,75,856	1,47,240	86,309	80,331	1,12,809	1,31,667	2,67,524	2,45,400	2,77,600

Ratios

Consolidated, years to March.Coal India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 25 May	Mar 2023Filed 8 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 12 Oct
Revenue growth	–	4.1%	14.1%	−3.5%	−6.3%	21.9%	26.0%	2.9%	–	–
Operating profit growth	–	–	–	−12.2%	−15.3%	32.9%	49.1%	30.3%	–	–
Net profit growth	−35.1%	−24.2%	148.7%	−4.4%	−23.9%	36.8%	61.8%	32.9%	−5.5%	−12.0%
Earnings per share growth	–	−23.5%	148.8%	−3.6%	−24.0%	36.7%	62.2%	32.8%	−5.5%	−12.0%
	–	–	66.0%	57.0%	37.0%	43.6%	56.1%	53.4%	38.9%	28.5%
	–	–	–	−9.0 pts	−20.0 pts	6.6 pts	12.5 pts	−2.7 pts	−14.6 pts	−10.4 pts
From the net margin	–	–	–	−0.5 pts	−10.8 pts	4.5 pts	12.5 pts	16.3 pts	−3.3 pts	−9.8 pts
From asset turnover	–	–	–	−6.1 pts	−7.0 pts	4.6 pts	5.7 pts	−7.4 pts	−4.6 pts	2.1 pts
From borrowing	–	–	–	−2.3 pts	−2.3 pts	−2.5 pts	−5.7 pts	−11.5 pts	−6.7 pts	−2.7 pts
Return on capital employed	–	–	74.1%	47.4%	34.7%	43.0%	51.7%	45.9%	34.8%	23.1%
Cash conversion	–	–	–	–	83.1%	236.4%	126.9%	48.4%	82.7%	139.1%
Interest cover	–	–	78.3	36.7	23.1	37.4	47.0	50.3	42.9	25.6
Debt to equity	–	–	0.08	0.20	0.16	0.08	0.07	0.08	0.09	0.11
Receivable days	–	–	20	55	80	38	34	34	32	31
Inventory days	–	–	249	397	592	218	223	369	515	685
Payable days	–	–	304	606	505	265	234	304	417	549
Cash conversion cycle, days	–	–	−35	−155	166	−9	24	99	131	166
Working capital days	–	–	−32	42	62	−3	−12	25	−11	12
Asset turnover	–	–	0.75	0.68	0.58	0.64	0.71	0.63	0.58	0.62
Assets per rupee of net worth	–	–	5.02	4.82	4.54	4.29	3.90	3.21	2.74	2.50
Sales per rupee of plant	–	–	3.06	2.97	2.38	2.57	3.11	2.10	1.87	2.07
Capital spending to depreciation	–	–	–	–	2.93	2.71	3.04	2.43	1.40	1.19
Plant being built, % of plant in use	–	–	29.5%	39.4%	39.8%	29.8%	45.4%	29.1%	25.5%	23.1%

Revenue growth is left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the years to Mar 2025 and Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.4%
Cash from operations against operating profit: 104.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.0%	13.3%	6.8%
Profit growth, yearly rate	8.1%	19.6%	3.4%
Return on equity, average	–	44.1%	40.3%
Return on capital employed, average	–	39.7%	34.6%
Operating margin, average	–	28.0%	30.3%
Net margin, average	17.4%	21.1%	23.1%
Asset turnover, average	–	0.64	0.61
Cash conversion cycle, days, average	–	82	132
Interest cover, average	–	40.6	39.6
Debt to equity, average	–	0.09	0.09

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,67,291	90,517	43,215
Cash from investing	−98,421	−48,517	−33,955
Cash from financing	−66,111	−39,008	−11,801
Capital spending	67,508	41,276	12,092
Dividends paid	72,645	47,534	16,197
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	10,464	9,659	4,913
Borrowings repaid	2,578	5	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	6	7	6	4	7
Altman Z-scorePublished threshold 1.81	–	–	2.69	2.14	1.83	2.07	2.34	2.99	2.72	2.89
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.02	−3.32	−2.46	−2.04	−2.35	−2.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.16	1.62	8.10	10.58	6.50	7.99
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.50	1.14	0.82	0.87
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	165.52	42.50	−63.94	−11.12	−1.45	−4.72	−6.52
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	44.23	44.50	−135.81	2.64	49.45	35.02	30.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	8.92	1.42	2.94	3.57	2.86	−9.42	3.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	4.00	1.64	1.36	3.14	0.66	1.09	1.25
Effective tax ratePublished threshold 17.16 per cent	35.79	34.56	35.62	30.62	29.46	26.40	25.98	23.65	25.08	26.36
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.20	0.33	−0.59	−0.46	15.25

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAAReview, Re-affirm	Stable	6,925
27 Apr 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Forward Contract	CARE A1+Review, Re-affirm		60
27 Apr 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAAReview, Re-affirm	Stable	1,680.38
9 Oct 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		5,215

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.