Coal India Q2 PAT Surges 57% to ₹6,547 Crore

Strategic and Operational Updates

International Expansion

Coal India incorporated a wholly-owned overseas subsidiary, CIL Global Pte. Ltd., in Singapore on 24th August 2026. The subsidiary aims to explore and develop overseas opportunities in critical minerals asset acquisition and provide structural flexibility for future acquisitions.

Mining Lease Acquisition

CIL has been identified as the preferred bidder for the Gadadharpur Iron Ore Block in Kendujhar, Odisha, with estimated resources of 288 MT.

Project Developments

Mahanadi Coalfields Limited (MCL) commissioned 10 MTPA Lakhanpur Silo on 30th August 2026
MCL filed DRHP for its IPO on 1st September 2026
India's first commercial coal gasification project foundation stone laid on 20th June 2026 by Hon'ble President and Prime Minister
₹25,000 crore investment by BCGCL (CIL-BHEL JV) with annual capacity of 6.6 lakh Te of Ammonium Nitrate
Bhojudih Coal Washery at BCCL commissioned on 26th May 2026 with 2.0 MTPA capacity, increasing BCCL's total washing capacity to 17.35 MTPA
Production commenced from ASGKCC Mine (Katras Area) under MDO revenue-sharing model (BCCL receives 9% of revenue), contributing 13,400 tonnes in H1 FY27
200 MW Solar Power Capacity commissioned at Bhadramali, Gujarat effective 31st March 2026

Physical Performance H1 2026-27

Production Performance (Million Tonnes)

| ECL | 22.54 | 22.27 | 20.33 | +10% |

| BCCL | 17.22 | 13.78 | 15.75 | -13% |

| CCL | 38.95 | 35.47 | 29.53 | +20% |

| NCL | 69.05 | 57.99 | 69.39 | -16% |

| WCL | 26.70 | 27.03 | 24.84 | +9% |

| SECL | 83.33 | 76.88 | 72.67 | +6% |

| MCL | 90.55 | 87.54 | 96.53 | -9% |

| NEC | 0.15 | 0.03 | 0.11 | -73% |

| Overall CIL | 348.49 | 321.00 | 329.14 | -2% |

Offtake Performance (Million Tonnes)

| ECL | 28.61 | 27.23 | 22.47 | +21% |

| BCCL | 18.89 | 16.51 | 17.07 | -3% |

| CCL | 46.65 | 42.54 | 33.48 | +27% |

| NCL | 70.63 | 61.81 | 68.03 | -9% |

| WCL | 32.46 | 34.88 | 28.67 | +22% |

| SECL | 96.75 | 89.89 | 84.22 | +7% |

| MCL | 113.39 | 111.29 | 103.05 | +8% |

| NEC | 0.13 | 0.05 | 0.07 | -29% |

| Overall CIL | 407.52 | 384.20 | 357.05 | +8% |

Overburden Removal (Million Cubic Meters)

Total: 857.61 Mill Cum (+0.2% YoY)

Departmental: 98.24 Mill Cum (11%)
Contractual: 759.37 Mill Cum (89%)

Inventory Position (Million Tonnes)

| Particulars | Overall CIL |

| Opening Stock (01-04-2026) | 130.28 |

| Closing Stock (30-09-2026) | 66.58 |

| Decrease from March 2026 | 63.70 MT (-49%) |

| Closing Stock (30-09-2025) | 107.16 |

| Decrease from September 2025 | 40.58 MT (-38%) |

| Closing Stock (30-06-2026) | 101.35 |

| Decrease from June 2026 | 34.77 MT (-52%) |

Physical Performance Q2 2026-27

Production (Million Tonnes)

Q2 FY27: 151.37 MT vs Q2 FY26: 145.82 MT (+4%)

Offtake (Million Tonnes)

Q2 FY27: 186.34 MT vs Q2 FY26: 166.10 MT (+12%)

Overburden Removal (Million Cubic Meters)

Q2 FY27: 352.92 M.CuM vs Q2 FY26: 349.11 M.CuM (+1%)

Financial Performance Q2 2026-27 (Standalone, ₹ Crore)

| Sale of Product | 43,724 | 36,074 | 7,650 | +21% |

| Sale of services & other revenues | 455 | 479 | -24 | -5% |

| Revenue from Operations | 44,179 | 36,553 | 7,626 | +21% |

| Other Income | 2,654 | 2,140 | 514 | +24% |

| Total Income | 46,833 | 38,694 | 8,139 | +21% |

| Expenditure | 38,398 | 32,911 | 5,487 | +17% |

| PBT (without JV) | 8,434 | 5,782 | 2,652 | +46% |

| Share of JV Profit | 294 | 209 | 85 | +40% |

| Profit Before Tax | 8,728 | 5,992 | 2,737 | +46% |

| Tax Expense | 2,181 | 1,825 | 356 | +20% |

| Profit After Tax | 6,547 | 4,167 | 2,380 | +57% |

Expenditure Breakdown Q2 FY27 (₹ Crore)

| Cost of Materials Consumed | 2,752 | +463 | +20% |

| Changes in inventories | 3,052 | +1,721 | +129% |

| Employee Benefits Expense | 11,777 | +832 | +8% |

| Finance Costs | 339 | +52 | +18% |

| Depreciation, Amortization and Impairment | 2,379 | -285 | -11% |

| Stripping activity adjustment | -1,105 | -234 | +27% |

| Contractual Expense | 7,326 | +1,121 | +18% |

| Other Expenses | 11,878 | +1,817 | +18% |

| Total Expenditure | 38,398 | +5,487 | +17% |

Financial Performance H1 2026-27 (Standalone, ₹ Crore)

| Sale of Product | 88,859 | 78,155 | 10,704 | +14% |

| Sale of services & other revenues | 1,575 | 1,318 | 257 | +20% |

| Revenue from Operations | 90,434 | 79,473 | 10,961 | +14% |

| Other Income | 4,694 | 3,756 | 938 | +25% |

| Total Income | 95,128 | 83,229 | 11,891 | +14% |

| Expenditure | 75,215 | 65,815 | 9,400 | +14% |

| PBT (without JV) | 19,913 | 17,414 | 2,499 | +14% |

| Share of JV Profit | 534 | 354 | 181 | +51% |

| Profit Before Tax | 20,448 | 17,768 | 2,680 | +15% |

| Tax Expense | 5,050 | 4,813 | 238 | +5% |

| Profit After Tax | 15,397 | 12,955 | 2,442 | +19% |

Expenditure Breakdown H1 FY27 (₹ Crore)

| Cost of Materials Consumed | 6,012 | +1,161 | +24% |

| Changes in inventories | 4,470 | +2,990 | +202% |

| Employee Benefits Expense | 22,800 | +877 | +4% |

| Finance Costs | 666 | +114 | +21% |

| Depreciation, Amortization and Impairment | 4,682 | -290 | -6% |

| Stripping activity adjustment | -2,935 | -670 | +30% |

| Contractual Expense | 15,985 | +1,965 | +14% |

| Other Expenses | 23,536 | +3,252 | +16% |

| Total Expenditure | 75,215 | +9,400 | +14% |

Consolidated Financial Performance

H1 FY27 PBT by Subsidiary (₹ Crore)

| ECL | 655 | -581 | 1,236 | Loss to Profit |

| BCCL | 83 | 199 | -117 | -59% |

| CCL | 1,814 | 1,174 | 640 | +55% |

| NCL | 5,938 | 7,290 | -1,352 | -19% |

| WCL | 1,352 | 767 | 585 | +76% |

| SECL | 2,911 | 1,889 | 1,022 | +54% |

| MCL | 6,575 | 6,126 | 449 | +7% |

| CMPDIL | 420 | 339 | 81 | +24% |

| CIL St (Excl. Dividend) | 291 | 279 | 12 | +4% |

| CIL Consolidated | 20,448 | 17,768 | 2,680 | +15% |

H1 FY27 PAT by Subsidiary (₹ Crore)

| ECL | 493 | -415 | 908 | Loss to Profit |

| BCCL | 56 | 124 | -68 | -55% |

| CCL | 1,353 | 844 | 510 | +60% |

| NCL | 4,506 | 5,382 | -876 | -16% |

| WCL | 1,011 | 573 | 438 | +77% |

| SECL | 2,174 | 1,141 | 1,033 | +91% |

| MCL | 4,881 | 4,574 | 307 | +7% |

| CMPDIL | 311 | 253 | 58 | +23% |

| CIL St (Excl. Dividend) | 205 | 195 | 11 | +5% |

| CIL Consolidated | 15,397 | 12,955 | 2,442 | +19% |

Q2 FY27 PBT by Subsidiary (₹ Crore)

| ECL | 139 | -836 | 975 | Loss to Profit |

| BCCL | 186 | -48 | 234 | Loss to Profit |

| CCL | 795 | 268 | 527 | +197% |

| NCL | 2,541 | 3,659 | -1,118 | -31% |

| WCL | 378 | -365 | 743 | Loss to Profit |

| SECL | 772 | -93 | 865 | Loss to Profit |

| MCL | 3,349 | 2,905 | 444 | +15% |

| CMPDIL | 260 | 243 | 16 | +7% |

| CIL St (Excl. Dividend) | 80 | 103 | -23 | -23% |

| CIL Consolidated | 8,728 | 5,992 | 2,737 | +46% |

Q2 FY27 PAT by Subsidiary (₹ Crore)

| ECL | 116 | -593 | 709 | Loss to Profit |

| BCCL | 124 | -53 | 177 | Loss to Profit |

| CCL | 523 | 182 | 341 | +187% |

| NCL | 1,890 | 2,645 | -755 | -29% |

| WCL | 282 | -274 | 556 | Loss to Profit |

| SECL | 655 | -277 | 932 | Loss to Profit |

| MCL | 2,482 | 2,125 | 357 | +17% |

| CMPDIL | 195 | 177 | 18 | +10% |

| CIL St (Excl. Dividend) | 52 | 79 | -27 | -34% |

| CIL Consolidated | 6,547 | 4,167 | 2,380 | +57% |

Cash and Bank Balances (₹ Crore)

| Subsidiary | 30.09.2026 | 30.06.2026 | 31.03.2026 | Change vs Mar'26 |

| ECL | 1,070 | 1,309 | 1,742 | (672) |

| BCCL | 1,634 | 2,410 | 2,682 | (1,048) |

| CCL | 1,318 | 1,426 | 1,426 | (107) |

| NCL | 1,359 | 1,099 | 1,128 | 231 |

| WCL | 3,770 | 4,160 | 3,680 | 90 |

| SECL | 947 | 1,424 | 1,778 | (831) |

| MCL | 3,353 | 3,995 | 3,538 | (185) |

| CIL | 11 | 11 | 11 | - |

*Before adjustment of unbilled incentive and Coal Quality Variance

Trade Receivables Position (₹ Crore)

| MAHAGENCO | 3,588 | 3,469 | +89 |

| APGENCO | 1,930 | 1,994 | (64) |

| NTPC | 1,107 | 1,827 | (720) |

| SAIL | 773 | 576 | +197 |

| TVNL | 701 | 642 | +59 |

| APPDCL | 644 | 825 | (181) |

| UPRVUNL | 623 | 283 | +340 |

| DPL | 480 | 503 | (23) |

| RINL | 391 | 431 | (40) |

| RRVUNL | 367 | 503 | (136) |

| DVC | 266 | 1,803 | (1,537) |

| Others | 2,622 | 3,131 | (509) |

| Total | 13,462 | 15,985 | (2,523) |

Key Financial Ratios

| Ratio | 30.09.26 | 31.03.26 | Remarks |

| Debt Equity Ratio | 0.13 | 0.12 | Increase in Borrowings |

| Current Ratio | 1.81 | 1.86 | Increase in other current liabilities |

| Quick Ratio | 1.65 | 1.62 | Increase in Deposits and decrease in inventory |

| Debtor Turnover Ratio (months of Gross Sales) | 0.76 | 0.81 | Decrease in Trade Receivables |

| Inventory Turnover Ratio (months of COGS) | 1.04 | 1.22 | Decrease in Closing Stock of coal |

| EBITDA Margin on Revenue from operation | 29% | 32% | |

| Operating Margin | 18% | 19% | Increase in Cost of production |

| Gross Profit Margin on Revenue from operation | 23% | 25% | Increase in Explosives, PoL, Contractual Expenses |

| Net Profit Margin on Revenue from operation | 17% | 18% | |

| Earning Per Share (₹) | 24.94 | 50.46 | H1 26-27 not annualized |

| Book Value Per Share (₹) | 206.84 | 193.26 | Increase in Net Worth |

Revenue Analysis H1 FY27

Sales Realization Analysis (Including Other Charges)

| FSA | 327.79 | 2,144.49 (+55.64) | +5,860 |

| E-Auction | 49.31 | 3,083.95 (+143.40) | +4,509 |

| Washed Coal & Other | 7.45 | 4,487.34 (+1,656.92) | +320 |

| Overall | 384.55 | 2,310.34 (+112.06) | +10,704 |

Sales Realization Analysis (Excluding Other Charges)

| FSA | 327.79 | 1,471.52 (+9.72) | +3,144 |

| E-Auction | 49.31 | 2,303.34 (+51.59) | +3,165 |

| Washed Coal & Other | 7.45 | 3,645.25 (+1,252.73) | +160 |

| Overall | 384.55 | 1,620.29 (+49.70) | +6,469 |

Expenditure Variance Analysis H1 FY27

Other Income Increase: +₹938 Cr (+25%)

Increase in Interest on Deposits: ₹1,160 Cr
Decrease in Interest received from Income Tax refund: ₹303 Cr
Increase in Misc Income: ₹80 Cr

Cost of Materials Consumed Increase: +₹1,161 Cr (+24%)

Increase in Explosive Expenses: ₹430 Cr
Increase in Oil & Lubricant Expenses: ₹678 Cr
Increase in HEMM, Other Spares and Timber cost: ₹53 Cr

Employee Benefits Expense Increase: +₹877 Cr (+4%)

Increase in Basic + DA: ₹207 Cr
Provision for NCWA (Non-Executive salary July'26-Sep'26): ₹499 Cr
Increase in Bonus: ₹74 Cr
Corresponding Increase in CMPS superannuation Contribution: ₹86 Cr

Finance Costs Increase: +₹114 Cr (+21%)

Increase in Borrowing Cost (mainly BCCL, ECL): ₹70 Cr
Increase in unwinding of discount (MCP revision): ₹44 Cr

Contractual Expense Increase: +₹1,965 Cr (+14%)

Increase in Outsourcing Exp for Coal and OB: ₹1,868 Cr
Increase in Transportation & Wagon loading Exp: ₹145 Cr
Reduction in Other Contractual Exp: ₹48 Cr

Compliance Officer

Bijay Prakash Dubey, Executive Director (Company Secretary) & Compliance Officer