COALINDIA · Oil Gas & Consumable Fuels
Coal India Ltd. reported revenue of ₹34,924 cr for October to December 2025, −5.2% on the year and +15.7% on the quarter. Over the last four quarters revenue comes to ₹1.46 lakh cr, +2.2% on the four before.
Operating profit (EBITDA) was ₹9,331 cr, a margin of 26.7%, −670 bps on the year and +447 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.2% to 39.3%, averaging 30.0%. Operating costs grew +4.3%, faster than revenue at −5.2%, so operating profit grew less than sales.
Net profit was ₹7,166 cr, −15.6% on the year and +68.1% on the quarter, with earnings per share of ₹11.61. Profit before other income, one-offs and tax fell 29.1%, so 13 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹29,810 cr, −12.9% 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 ₹48.53 over the last four quarters, the stock at ₹416.75 trades at 8.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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 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 26.7%, −670 bps on the year (+447 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.
| 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 ₹34,924 cr (−5.2% on the year) and net profit of ₹7,166 cr (−15.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −29.1% on the year, against −15.6% for reported profit.
None of the 6 checks that could run raised a question.
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