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Coal India Ltd

| Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤27th Apr 26

Summary : Coal India Limited reported strong FY26 consolidated financial results with increased revenue and profit, declared a final dividend, and addressed accounting treatments, despite ongoing governance and regulatory challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated: Cost of Materials, Employee Benefits, Finance Costs, Depreciation, Stripping Activity Adjustment, Contractual Expense, Other Expenses.
  2. Standalone: Cost of Materials, Employee Benefits, Finance Costs, Depreciation, Contractual Expense, Other Expenses.
  3. Trade receivables from State-owned Gencos without proper agreements.
  4. Consolidated Revenue from Operations: Q4 FY26: 46,490.03 Cr, FY26: 1,68,400.29 Cr.
  5. Standalone Revenue from Operations: Q4 FY26: 490.19 Cr, FY26: 1,577.28 Cr.
  6. Consolidated Net Cash Flow from Operating Activities: 43,214.60 Cr (FY26) vs 30,236.90 Cr (FY25).
  7. Consolidated Net Cash Used in Investing Activities: (33,954.58) Cr (FY26) vs (11,113.60) Cr (FY25).
  8. Consolidated Net Cash Used in Financing Activities: (11,800.67) Cr (FY26) vs (13,308.50) Cr (FY25).
  9. Standalone Net Cash Flow from Operating Activities: 3,243.35 Cr (FY26) vs 1,171.48 Cr (FY25).
  10. Standalone Net Cash Generated from Investing Activities: 12,122.19 Cr (FY26) vs 15,735.19 Cr (FY25).
  11. Standalone Net Cash Used in Financing Activities: (15,437.88) Cr (FY26) vs (16,238.52) Cr (FY25).
  12. Consolidated Total Assets: 2,85,660.27 Cr (FY26) vs 2,59,395.85 Cr (FY25).
  13. Consolidated Total Equity: 1,21,004.57 Cr (FY26) vs 1,02,481.51 Cr (FY25).
  14. Standalone Total Assets: 29,903.47 Cr (FY26) vs 25,580.20 Cr (FY25).
  15. Standalone Total Equity: 20,655.48 Cr (FY26) vs 18,070.85 Cr (FY25).
  16. Both standalone and consolidated financial results are presented.

Corporate Overview

  1. Operations in Madhya Pradesh, West Bengal, Jharkhand.
  2. Subsidiaries include Coal India Africana Limitada (Mozambique).
  3. Non-compliance with independent director requirements.
  4. Pending Supreme Court decision on levies for land mining operations.
  5. Impairment of coal blocks in Eco Sensitive Zone.
  6. Coal mining and related services.
  7. Formal and factual, presenting financial results and audit findings.
  8. State-owned Power Generating Companies (Gencos).
  9. No separate reportable segments for the group.

Risk Factors

  1. Non-compliance with independent director norms.
  2. Impairment of coal blocks in Eco-Sensitive Zones.
  3. Unsecured trade receivables from Gencos.
  4. Pending Supreme Court decision on levies.

Key Drivers

  1. Strong revenue and profit growth.
  2. Final dividend declared for shareholders.
  3. Improved cash flow from operations.
  4. Accounting treatment for levies clarified.

Auditor’s Report

  1. Unmodified Opinion (Emphasis of matter) for consolidated and standalone results.
  2. Retrospective restatement of levies on coal production and sales.
  3. Correction of misclassification of capital advance and deferred tax asset in subsidiaries.
  4. Accounting policy for stripping activity based on Ind AS 16.
  5. Impairment of coal blocks in Eco Sensitive Zone.
  6. Trade receivables from Gencos without proper agreements.
  7. Non-compliance with women director requirement in two subsidiaries.
  8. Pending Supreme Court decision on levies for land mining operations.
  9. Provision recognized for upgradation of executive pay scales.
  10. Absence of requisite independent directors on Board and committees.

Board Commentary

  1. Final Dividend of Rs 5.25 per equity share for FY 2025-26 recommended.
  2. Interim dividends of Rs 5.50, Rs 10.25, Rs 5.50 per equity share declared.
  3. Non-compliance with independent director requirements.
  4. Pending Supreme Court decision on levies.
  5. Non-compliance with SEBI regulations regarding independent directors.
  6. Pending Supreme Court decision on levies for land mining operations.

Corporate Governance

  1. Non-compliance due to absence of requisite independent directors.
  2. Audit Committee and Nomination and Remuneration Committee not compliant.
  3. Non-compliance with independent director requirements, leading to potential penalties.

Management Discussion & Analysis

Risk Control Measures

  1. Reassessment and retrospective restatement of accounting treatment for levies.
  2. Implementation of revised salary structure for executives.

Critical Risks

  1. Non-compliance with independent director requirements on Board and committees.
  2. Impairment of coal blocks in Eco Sensitive Zone.
  3. Trade receivables from State-owned Gencos without proper agreements.
  4. Financial effect of pending Supreme Court decision on levies.