Coal India Limited reported its Un-Audited Financial Results for the third quarter and nine months ended December 31, 2025. Key physical highlights showed a 3% year-over-year decline in both Coal Production and Offtake for the 9M period. Financially, the 9M period saw Revenue from Operations fall by 4% to ₹1,00,953 Crore, leading to a 20% drop in Profit Before Tax (PBT) to ₹27,296 Crore.
Major Events in FY 2025-26
Several significant corporate milestones were achieved during FY 2025-26 up to December 2025. These include the listing of BCCL shares on BSE and NSE on January 19, 2026. The inverted tax structure was eliminated following a GST increase on coal from 5% to 18% effective 22.09.2025, resulting in the utilization of accumulated ITC worth ₹2,634 Crore in Q3. Furthermore, CIL secured the Kawalapur REE Block in Maharashtra in January 2026, marking its entry into critical minerals. The company also received its maiden dividend of ₹404.37 Crore from JV company HURL.
Physical Performance Summary (9M 2025-26)
Physical operations showed consistency across the 9-month period, with decreases noted across major metrics:
- Coal Production (MT): 529.19 MT (down 3% from 543.36 MT in 9M 24-25).
- Coal Offtake (MT): 545.74 MT (down 3% from 561.68 MT in 9M 24-25).
- OB Removal (M.CuM): 1402.65 M.CuM (down 3% from 1443.05 M.CuM in 9M 24-25).
Coal Production Details (9M)
Overall CIL production was 529.19 Mill. Te (down 3%). Contractual Coal formed 67% (352.48 Mill Te) of the total production, while Departmental Coal was 33% (176.71 Mill Te). Subsidiary SECL showed a positive variance, growing production by 7%.
Coal Offtake Details (9M)
Total Coal Offtake stood at 545.74 Mill. Te (down 3%). The primary offtake mode remained RAIL + MGR at 375 Mill Te, followed by ROAD at 162 Mill Te.
OB Removal Details (9M)
Total Overburden Removal reached 1402.65 Mill Cum (down 3%). Contractual OB accounted for 88% (1228.56 Mill Cum) of the total.
Quarter 3 (Q3 25-26) Physical Performance
Q3 performance mirrored the trend of the 9M period:
- Coal Production: 200.05 MT (down 1%).
- Coal Offtake: 188.66 MT (down 3%).
- OB Removal: 546.87 M.CuM (down 2%).
Q3 Production & Offtake Breakdown
In Q3, Departmental Coal accounted for 31% of the 200.05 Mill Te production. Subsidiary SECL showed significant growth in production at 16% year-on-year. For Q3 Offtake (188.66 Mill Te), SECL also posted growth of 6% year-on-year.
Consolidated Financial Performance (9M 25-26 vs 9M 24-25)
The consolidated results show a challenging 9-month period:
- Net Sales: Declined by 3% to ₹89,608 Crore.
- Total Income: Fell by 4% to ₹1,07,101 Crore.
- Expenditure: Increased by 4% to ₹80,447 Crore.
- Profit Before Tax (PBT): Dropped by 20% to ₹27,296 Crore, largely due to a 21% drop in PBT without JV.
- Profit After Tax (PAT): Decreased by 22% to ₹20,163 Crore.
The Share of JV Profit saw a strong increase of 118% to ₹642 Crore.
Break up of Expenditure (9M) Variance Analysis
The overall 4% rise in expenditure was driven by several factors, including a 6% increase in Employee Benefits Expense to ₹34,898 Crore (which included a one-time provision of ₹2,201 Crore for pay upgradation) and a 36% rise in Finance Costs to ₹873 Crore. Depreciation, Amortization, and Impairment Expenses rose by 13%.
Consolidated Financial Performance (Q3 25-26 vs Q3 24-25)
Q3 results showed similar pressure:
- Net Sales: Down 5% to ₹30,818 Crore.
- Total Income: Down 4% to ₹37,316 Crore.
- PBT (without JV): Fell by 22% to ₹9,184 Crore.
- Profit Before Tax: Dropped 20% to ₹9,473 Crore.
- Profit After Tax: Fell by 16% to ₹7,166 Crore.
Expenditure increased by 3% to ₹28,132 Crore. The Share of JV Profit spiked by 307%.
Q3 Expenditure Variance Analysis
The 22% increase in Employee Benefits Expense (₹13,220 Crore) was primarily due to the one-time executive pay upgradation provision of ₹2,201 Crore. Finance Costs rose sharply by 42%.
Key Financial Ratios Snapshot (as of 31.12.25 vs 31.03.25)
Key liquidity and profitability ratios evolved as follows:
- Return on Average Equity (ROAE): Decreased to 20%* from 39%.
- EBITDA Margin on Net Sales: Decreased to 35% from 41%.
- Net Profit Margin on Net Sales: Decreased to 23% from 28%.
- Debt Equity Ratio: Increased to 0.14 from 0.09, noted as an Increase in Working Capital Loan.
- Net Worth: Increased by 7% to ₹1,06,376 Crore as of 31.12.2025.
Sales Realization Analysis (9M)
Overall Average Realization decreased marginally by 1% to ₹1,645 per tonne. Total Sales Quantity declined by 3% to 544.75 MT. FSA realization saw an Increase in Per Tonne realisation by ₹34.05, while E-Auction and Washed Coal realizations declined on a per-tonne basis.
Source: BSE
