COALINDIA · Oil Gas & Consumable Fuels
Coal India Ltd. reported revenue of ₹31,182 cr for July to September 2024, −4.9% on the year and −14.5% on the quarter.
Operating profit (EBITDA) was ₹8,617 cr, a margin of 27.6%, −299 bps on the year and −1,169 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 27.6% to 39.3%). Operating costs grew −0.8%, faster than revenue at −4.9%, so operating profit grew less than sales.
Net profit was ₹6,275 cr, −22.0% on the year and −42.7% on the quarter, with earnings per share of ₹10.21. Profit before other income, one-offs and tax fell 21.2%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹58.54 over the last four quarters, the stock at ₹416.75 trades at 7.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 27.6%, −299 bps on the year (−1,169 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹32,776 cr | ₹36,154 cr | ₹38,213 cr | ₹36,465 cr | ₹31,182 cr | ₹36,859 cr | ₹37,825 cr | ₹42,919 cr | ₹30,187 cr | ₹34,924 cr | ₹46,490 cr | ₹46,255 cr |
| YoY | — | — | — | +1% | −5% | +2% | −1% | +18% | −3% | −5% | +23% | +8% |
| EBITDA margin | 30.6% | 35.9% | 29.8% | 39.3% | 27.6% | 33.4% | 31.2% | 29.3% | 22.2% | 26.7% | 27.3% | 26.1% |
| Other income, % of PBT | 20% | 18% | 20% | 14% | 20% | 19% | 32% | 15% | 38% | 28% | 36% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 24% | 26% | 23% | 23% | 28% | 25% | 25% | 30% | 24% | 25% | 24% |
| Net profit | ₹8,049 cr | ₹10,292 cr | ₹8,530 cr | ₹10,944 cr | ₹6,275 cr | ₹8,491 cr | ₹9,593 cr | ₹8,788 cr | ₹4,263 cr | ₹7,166 cr | ₹10,908 cr | ₹8,850 cr |
| YoY | — | — | — | +4% | −22% | −17% | +12% | −20% | −32% | −16% | +14% | +1% |
| Core profit YoY | — | — | — | +3% | −21% | −13% | −5% | −18% | −42% | −29% | +7% | −6% |
| EPS | ₹13.06 | ₹16.64 | ₹13.91 | ₹17.78 | ₹10.21 | ₹13.80 | ₹15.58 | ₹14.27 | ₹7.07 | ₹11.61 | ₹17.59 | ₹14.36 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 2 | 1 | 2 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Coal India Ltd. reported revenue of ₹31,182 cr (−4.9% on the year) and net profit of ₹6,275 cr (−22.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −21.2% on the year, against −22.0% for reported profit.
None of the 7 checks that could run raised a question.
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