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Coal India reported stable performance in Q1FY27

ICICIdirect Research 28 Jul 2026 DISCLAIMER

News: Coal India reported stable performance in Q1FY27. Total operating income for the quarter came in at ₹46,255 crore (up 8% YoY) with coal sales volume of 198 million tonne (up 4% YoY). Reported EBITDA for the quarter came in at ₹12,069 crore with corresponding EBITDA margins at ~26% (down ~320 bps YoY). EBITDA/tonne for Q1FY27 came in at ₹610/tonne vs. ₹636/tonne in Q4FY26. PAT stood at ₹8,850 crore up by 1% YoY. The company declared a 1st interim dividend of ₹5.5 per share for FY27.

View: Topline performance during the quarter was largely supported by marginal higher sales volumes. Additionally, the E-auction premium improved to 62% of FSA price in Q1FY27 from 51% in Q4FY26, further supporting revenue growth. However, higher raw material costs, mainly due to increase expenditure on explosives and oil & lubricant weighted on operating performance, with EBITDA/tonne declining by ₹26/tonne QoQ to ₹610/tonne in Q1FY27. This is still ahead of our built-in estimates of ₹ 575/tonne for full year FY27E. Nevertheless, we continue to maintain a long-term positive stance on the company, supported by its strategic diversification into coal gasification, critical minerals, etc., along with a robust net cash-positive b/s & a strong dividend yield of ~7%

Impact: Neutral

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