COALINDIA · Oil Gas & Consumable Fuels
Coal India Ltd. reported revenue of ₹30,187 cr for July to September 2025, −3.2% on the year and −29.7% on the quarter. Over the last four quarters revenue comes to ₹1.48 lakh cr, +4.1% on the four before.
Operating profit (EBITDA) was ₹6,716 cr, a margin of 22.2%, −539 bps on the year and −708 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 22.2% to 39.3%). Operating costs grew +4.0%, faster than revenue at −3.2%, so operating profit grew less than sales.
Net profit was ₹4,263 cr, −32.1% on the year and −51.5% on the quarter, with earnings per share of ₹7.07. Profit before other income, one-offs and tax fell 42.2%, so 10 points of the headline growth came from outside the core business. The tax rate was 30% against an average of 25% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹31,135 cr, −13.6% on the four before.
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 ₹50.72 over the last four quarters, the stock at ₹416.75 trades at 8.2 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.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 38% of profit before tax, against 20% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 22.2%, −539 bps on the year (−708 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 ₹30,187 cr (−3.2% on the year) and net profit of ₹4,263 cr (−32.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −42.2% on the year, against −32.1% for reported profit.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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