ADANIENT · Coal · INE423A01024
Analyst mean 1.67 · 3 analysts · 83% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just 31% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹2,357 cr against trailing net profit ₹7,512 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Both revenue and profit grew over the last year (18.1% and 4.2%) — growth is translating to the bottom line.
Trailing revenue ₹111,432 cr, trailing profit ₹7,512 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin has narrowed from 4.4% to -4.4% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin -4.4% vs 4.4% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Latest free cash flow ₹-30,993 cr, negative in 9 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Other income is 86% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Trailing other income ₹9,193 cr against pre-tax profit ₹10,710 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings rose 63% over two years while the company also carries ₹9,428 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹106,622 cr from ₹65,310 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (45% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹51,753 cr vs ₹35,180 cr two years earlier, against fixed assets ₹115,174 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,608 | 22,848 | 26,966 | 21,961 | 21,249 | 24,820 | 32,439 | 32,924 |
| Expenses | 18,842 | 19,778 | 23,256 | 18,651 | 17,942 | 21,178 | 28,709 | 27,905 |
| Other Income | 583 | 648 | 4,582 | 475 | 4,179 | 6,288 | 748 | -2,022 |
| Depreciation | 1,035 | 1,006 | 1,236 | 1,284 | 1,377 | 1,372 | 2,103 | 1,926 |
| Profit before tax | 2,403 | 572 | 5,259 | 1,466 | 4,398 | 6,932 | 729 | -1,349 |
| Net Profit | 1,989 | 229 | 4,015 | 976 | 3,414 | 5,727 | -167 | -1,462 |
| EPS | 13.64 | 0.45 | 29.74 | 6.85 | 24.74 | 43.53 | -0.81 | -8.92 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 110 | 110 | 114 | 114 | 115 | 129 |
| Reserves | 17,049 | 22,147 | 32,937 | 38,962 | 50,199 | 80,797 |
| Borrowings | 16,227 | 41,604 | 53,200 | 65,310 | 91,473 | 106,622 |
| Fixed Assets | 10,838 | 30,123 | 56,881 | 65,978 | 77,260 | 115,174 |
| CWIP | 8,825 | 23,544 | 24,025 | 35,180 | 51,516 | 51,753 |
| Investments | 5,503 | 4,292 | 6,310 | 8,701 | 9,887 | 9,428 |
| Total Assets | 51,617 | 101,586 | 141,278 | 160,586 | 197,843 | 260,868 |