Coal India Ltd. · NSE:COALINDIA
Coal India — Q3 FY2025-26 Earnings Presentation
46 slides from Coal India's earnings presentation, Feb 12, 2026
Slide 1: Exchange filing letter: presentation on Q3 results
कोल इण्डिया लललिटे ि Coal India Limited कंपनी सचिवालय Company Secretariat Regd. Office:3rd floor, Core-2 3 तल्ला, कोर-2, प्रेमिसेस-04-एिआर,प्लॉट-ए एफ- Premises no-04-MAR, Plot no-AF-III, Action III,एक्शन एररया-1A, न्यट ू ाउन, रजरहट, कोलकाता- Area-1A, Newtown, Rajarhat,Kolkata-700156 700156, फोन-0332
Slide 2: Physical and Financial Performance for the period ended 31 December, 2025
COAL INDIA LTD Physical and Financial Performance for the period ended 31 December, 2025 1
Slide 3: Highlights: BCCL listing, inverted tax structure, thermal power project
Listing of BCCL: Subsidiary company BCCL shares listed on the BSE and NSE on 19th January, 2026. Elimination of Inverted Tax Structure: Inverted tax structure eliminated with increase in GST on coal from 5% to 18% effective 22.09.2025, leading to utilization of accumulated ITC of ₹ 2,634 Cr in Q3. T
Slide 4: Rare earth block, HURL dividend, copper and critical minerals
Rare Earth Element (REE): CIL secured Kawalapur REE Block, Maharashtra in January 2026 making foray into the critical mineral. Maiden Dividend from JV Company - HURL: For the 1st time, CIL received ₹404.37 Cr Dividend from HURL, (a JV company of CIL) as 1st Interim Dividend for the FY 2025-26. Coppe
Slide 5: Solar power MoU and new renewable energy subsidiary
Solar Power: MoU on 05.05.2025 with UPRVUNL for setting 500 MW Solar Power project in Uttar Pradesh as a part of Green and Renewable Energy Initiatives. New Renewable Energy Subsidiary: Incorporation of CIL RAJASTHAN AKSHAY URJA LIMITED, Certificate of Incorporation dtd 09.06.2025 CIL - 74% RVUNL -
Slide 6: Coal Production, Offtake and OB Removal 9M
Coal Coal Production (MT) Offtake (MT) 3% 3% 9M 25-26: 529.19 9M 25-26: 545.74 9M 24-25: 543.36 9M 24-25: 561.68 OB Removal 9M 25-26: 1402.65 (M.CuM) 9M 24-25: 1443.05 3% 5
Slide 7: Coal production by subsidiary 9M
Departmental Coal Contractual Coal 9M 25-26 Variance 100% Subsidiary 9M 24-25 with Last (Actual) Target Actual Year (%) 80% 126.31 ECL 38.75 33.48 33.82 -1% 27.09 41.70 28.43 20.81 60% BCCL 33.16 24.66 29.07 -15% 105.30 107.99 CCL 74.25 50.94 57.73 -12% 40% NCL 105.65 105.30 104.90 - 20% 11.64 WCL 4
Slide 8: Coal offtake by subsidiary and mode 9M
9M 25-26 Variance Subsidiary 9M 24-25 with Last Mode wise OFFTAKE (546 Mill Te) (Actual) Target Actual Year (%) ECL 43.80 33.67 35.13 -4% 375 BCCL 33.92 25.85 28.38 -9% 400 CCL 80.81 53.25 63.19 -16% 350 300 162 NCL 105.00 102.75 102.39 - 250 200 WCL 49.47 43.66 48.74 -10% 150 9 100 SECL 159.14 129.
Slide 9: Overburden removal by subsidiary 9M
Departmental OB Contractual OB 9M 25-26 9M 24-25 Variance 100% Subsidiary (Actual) with Last Target Actual Year (%) 80% 115.33 ECL 111.43 132.42 131.06 1% 259.14 224.02 BCCL 128.74 124.40 136.20 -9% 60% 65.45 120.34 219.54 223.98 CCL 113.43 83.17 88.76 -6% 40% NCL 365.08 338.45 341.75 -1% WCL 269.06
Slide 10: Raw coal stock position
Raw Coal (Mil Tonne) Overall Particulars ECL BCCL CCL NCL WCL SECL MCL NEC CIL Opening Stock as on Closing Stock as on 31-12-2025 8.24 6.71 13.58 4.64 9.98 27.19 36.80 0.02 107.16 01-04-2025 ECL 9% BCCL Closing Stock as on 6% 8.06 5.53 10.51 7.20 6.41 16.85 35.33 0.05 89.94 31-12-2025 CCL MCL 12% 39
Slide 11: Coal Production, Offtake and OB Removal Q3
Coal Coal Production (MT) Offtake (MT) 1% 3% Q3 25-26: 200.05 Q3 25-26: 188.66 Q3 24-25: 202.02 Q3 24-25: 194.53 OB Removal Q3 25-26: 546.87 (M.CuM) Q3 24-25: 559.73 2% 10
Slide 12: Coal production by subsidiary Q3
Q3 25-26 Departmental Coal Contractual Coal Variance Subsidiary Q3 24-25 100% with Last (Actual) Target Actual Year (%) 80% ECL 14.70 13.15 13.03 1% 7.55 11.29 49.59 BCCL 11.28 8.91 9.97 -11% 60% 11.00 17.66 41.29 CCL 29.91 21.41 22.06 -3% 40% NCL 38.67 35.91 38.39 -6% 35.91 20% WCL 18.43 15.23 18.4
Slide 13: Coal offtake by subsidiary Q3
Q3 25-26 Subsidiary Q3 24-25 Variance with (Actual) Target Actual Last Year (%) ECL 15.63 11.19 11.77 -5% BCCL 12.26 8.79 9.78 -10% CCL 29.44 19.77 20.59 -4% NCL 36.49 34.74 36.48 -5% WCL 18.26 14.99 17.85 -16% SECL 58.21 45.13 42.66 6% MCL 64.52 53.99 55.32 -2% NEC 0.07 0.06 0.07 -14% Overall CIL 2
Slide 14: Overburden removal by subsidiary Q3
Q3 25-26 Departmental OB Contractual OB Subsidiary Q3 24-25 Variance 100% (Actual) with Last Target Actual Year (%) 80% 24.98 84.54 ECL 41.83 53.36 44.89 19% 48.15 BCCL 44.53 42.97 48.86 -12% 60% 39.76 97.84 85.28 CCL 41.21 31.08 31.72 -2% 40% 102.70 NCL 130.15 123.46 122.93 - WCL 113.09 108.32 111.
Slide 15: Financial Performance 9M 2025-26
FINANCIAL PERFORMANCE 9M 2025 - 26
Slide 16: 9M financial highlights
Revenue from Operations Net Sales Profit Before Tax Profit After Tax (₹ Crore) (₹ Crore) (₹ Crore) (₹ Crore) 4% 1,05,544 3% 20% 22% 92,800 34,093 25,710 27,296 20,163 1,00,953 89,608 9M 25-26 9M 24-25 9M 25-26 9M 24-25 9M 25-26 9M 24-25 9M 25-26 9M 24-25 EBITDA (₹ Crore) EBITDA on Net Sales Net Wort
Slide 17: Profit and loss summary 9M
₹ Crore Particulars 9M 25-26 9M 24-25 Inc/Dec Inc/Dec% Net Sales 89,608 92,800 -3,192 -3% Other Operating Revenue 11,345 12,744 -1,399 -11% Other Income 6,148 5,533 615 11% Total Income 1,07,101 1,11,077 -3,976 -4% Expenditure 80,447 77,278 3,169 4% PBT (without JV) 26,654 33,799 -7,145 -21% Share o
Slide 18: Expenditure breakdown 9M
₹ Crore Particulars 9M 25-26 9M 24-25 Inc/Dec Inc/Dec% Cost of Materials Consumed 7,656 7,766 -110 -1% Changes in inventories 768 801 -33 -4% Employee Benefits Expense* 34,898 33,045 1,853 6% Finance Costs 873 643 230 36% Depreciation, Amortization and Impairment Expenses 7,190 6,364 826 13% Strippi
Slide 19: Profit before tax by subsidiary 9M
₹ Crore Subsidiary 9M 25-26 9M 24-25 Inc/Dec Inc/Dec% ECL -762 67 -829 - BCCL 130 1,639 -1,509 -92% CCL 2,357 4,575 -2,218 -48% NCL 10,745 9,436 1,309 14% WCL 1,448 2,713 -1,265 -47% SECL 3,663 3,604 59 2% MCL 10,302 10,647 -345 -3% CMPDIL 569 519 50 9% CIL St (Excl. Dividend) 397 711 -314 -44% CIL
Slide 20: Profit after tax by subsidiary 9M
₹ Crore Subsidiary 9M 25-26 9M 24-25 Inc/Dec Inc/Dec% ECL -571 36 -607 - BCCL 101 1,174 -1,073 -91% CCL 1,686 3,384 -1,698 -50% NCL 8,003 7,026 977 14% WCL 1,041 2,026 -985 -49% SECL 2,459 2,590 -131 -5% MCL 7,717 8,224 -507 -6% CMPDIL 425 390 35 9% CIL St (Excl. Dividend) 279 679 -400 -59% CIL Cons
Slide 21: Financial ratios
Ratios 31.12.25 31.03.25 31.12.24 Remarks wrt 31.03.25 Debt Equity Ratio 0.14 0.09 0.09 Increase Working Capital Loan Current Ratio 1.67 1.49 1.72 Increase in Deposits Quick Ratio 1.49 1.29 1.56 Increase in Deposits Reduction in PAT and Increase in Net Return on Average Equity 20%* 39% 29%* Worth Re
Slide 22: Net sales variance analysis 9M
9M 25-26 9M 24-25 Inc / Dec Inc / Dec % Net Sales (₹ Crore) 89,608 92,800 -3,193 3% 9M 25-26 9M 24-25 Inc/Dec Impact (₹ Cr) Remarks FSA Qty.(In Mill. Te) 478.33 491.36 -13.03 -1915 Reduction in FSA Qty Price (In Rs./Te.) 1,504.18 1,470.13 34.05 1629 Increase in Per Tonne realisation Qty.(In Mill. Te
Slide 23: Other operating revenue variance 9M
₹ Crores 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 11,345 12,744 -1,399 -11% Reason of Variance ➢ Reduction in Stripping Activity Provision Reversal : ₹ 1,333 Cr 22
Slide 24: Other income variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 6,148 5,533 615 11% Reason of Variance ➢ Higher Interest received including Interest on IT Refund : ₹ 1313 Cr (Higher Interest on IT Refund by ₹ 930 Cr) ➢ Reduction in Provision Write back (AMRCD decision impact in 9M 24- 25): ₹ 954 Cr ➢ Interest incom
Slide 25: Cost of materials consumed variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 7,656 7,766 -110 -1% Reason of Variance ➢ Reduction in Explosive Expenses (9M 25-26 ₹2,861 Cr & 9M 24-25 ₹2,944 Cr): ₹ 83 Crore (Reduction in Total Composite Production by 3%) ➢ Reduction in Oil & Lubricant Expenses (9M 25-26 ₹ 2,757 Cr & 9M 24- 25 ₹ 3
Slide 26: Employee benefits expense variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 34,898 33,045 1,853 6% Reason of Variance ➢ Decrease in Salary & Wages (1%) : ₹ 348 Cr Reduction in Manpower : 4% (31.12.25 : 2,14,333 & 31.12.24 : 2,23,886) ➢ One time provision of pay scale upgradation of Executives: ₹ 2,201 Cr ➢ Increase Additional
Slide 27: Finance costs variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 873 643 230 36% Reason of Variance ➢ Increase in Borrowing Cost (Loan of BCCL, ECL, CIL): ₹ 121 Cr ➢ Increase in unwinding of discount (MCP revision): ₹ 105 Cr 26
Slide 28: Depreciation and amortization variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 7,190 6,364 826 13% Reason of Variance ➢ Increase in Amortisation of Stripping Activity Assets: ₹ 207 Cr ➢ Increase in Amortisation on Site Restoration : ₹ 303 Cr ➢ Increase in Dep on Plant & Equipment : ₹ 132 Cr 27
Slide 29: Stripping activity adjustment variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % -3,728 -3,544 183 5% Reason of Variance Increase in improved access to Coal as per Current Ratio 28
Slide 30: Contractual expense variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 22,393 22,312 81 - Reason of Variance ➢ Increase in Outsourcing Exp for Coal and OB: ₹ 176 Cr (Increase in MDO quantity in BCCL, CCL and ECL by 3 MT in total) ➢ Increase in Other Contractual Exp (Increase in Washery Contractual Exp MCL: ₹ 43 Cr, BCCL :
Slide 31: Other expenses variance 9M
₹ Crore 9M 25-26 9M 24-25 Inc / Dec Inc / Dec % 10,397 9,892 505 5% Reason of Variance ➢ Increase in CSR Expense : ₹ 155 Cr ➢ Increase in Security Exp : ₹ 140 Cr ➢ Increase in Environmental Exp : ₹ 92 Cr 30
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Slide 33: Q3 financial highlights
Revenue from Operations Net Sales Profit Before Tax (₹ Crore) (₹ Crore) (₹ Crore) 5% 5% 20% 11,792 36,859 32,359 9,473 34,924 30,818 Q3 25-26 Q3 24-25 Q3 25-26 Q3 24-25 Q3 25-26 Q3 24-25 Profit After Tax EBITDA EBITDA on Net Sales (₹ Crore) (₹ Crore) 16% 25% 10% 43% 8,491 13,753 33% 7,166 10,285 Q3
Slide 34: Profit and loss summary Q3
₹ Crore Particulars Q3 25-26 Q3 24-25 Inc/Dec Inc/Dec% Net Sales 30,818 32,359 -1541 -5% Other Operating Revenue 4,106 4,500 -394 -9% Other Income 2,392 2,143 249 12% Total Income 37,316 39,002 -1686 -4% Expenditure 28,132 27,280 852 3% PBT (without JV) 9,184 11,721 -2,538 -22% Share of JV Profit 28
Slide 35: Expenditure breakdown Q3
₹ Crore Particulars Q3 25-26 Q3 24-25 Inc/Dec Inc/Dec% Cost of Materials Consumed 2,805 2,875 -69 -2% Changes in inventories -712 -593 -119 -20% Employee Benefits Expense* 13,220 10,854 2,366 22% Finance Costs 321 226 95 42% Depreciation, Amortization and Impairment Expenses 2,218 2,513 -295 -12% St
Slide 36: Profit before tax by subsidiary Q3
₹ Crore Subsidiary Q3 25-26 Q3 24-25 Inc/Dec Inc/Dec% ECL -326 24 -351 - BCCL -69 515 -584 -113% CCL 1183 1416 -233 -16% NCL 3524 3220 304 9% WCL 681 1255 -574 -46% SECL 1795 1488 307 21% MCL 4176 3510 666 19% CMPDIL 230 186 43 23% CIL Standalone 118 201 -83 -41% CIL Consolidated* 9,473 11,792 -2320
Slide 37: Profit after tax by subsidiary Q3
₹ Crore Subsidiary Q3 25-26 Q3 24-25 Inc/Dec Inc/Dec% ECL -265 7 -271 - BCCL -23 425 -448 - CCL 843 1045 -203 -19% NCL 2672 2179 493 23% WCL 469 936 -467 -50% SECL 1334 1081 253 23% MCL 3143 2551 592 23% CMPDIL 173 141 31 22% CIL Standalone 85 147 -63 -42% CIL Consolidated 7166 8491 -1,325 -16% *CIL
Slide 38: Net sales variance analysis Q3
Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % Net Sales (₹ Crore) 30,818 32,359 -1,541 5% Q3 25-26 Q3 24-25 Inc/Dec Impact (₹ Cr) Remarks FSA Qty.(In Mill. Te) 165.14 170.73 -5.59 -802 Reduction in FSA Qty Price (In Rs./Te.) 1,504.60 1,434.54 70.06 1,157 Increase in Per Tonne realisation Qty.(In Mill. Te)
Slide 39: Cost of materials consumed variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 2,805 2,875 -69 -2% Reason of Variance ➢ Reduction in Explosive Expenses : ₹ 47 Crore (Reduction in Total Composite Production by 2%) ➢ Reduction in Oil & Lubricant Expenses : ₹ 144 Crore ➢ Increase in HEMM, Other Spares and Timber cost : ₹ 122 Crore 3
Slide 40: Employee benefits expense variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 13,220 10,854 2,366 22% Reason of Variance ➢ Decrease in Salary & Wages (2%) : ₹ 182 Cr Reduction in Manpower : 4% (31.12.25 : 2,14,333 & 31.12.24 : 2,23,886) ➢ One time provision of pay scale upgradation of Executives: ₹ 2,201 Cr ➢ Increase in Actuari
Slide 41: Finance costs variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 321 226 95 42% Reason of Variance ➢ Borrowing Cost incr. (Working Capital Loan BCCL, ECL, CIL): ₹ 58 Cr ➢ Increase in unwinding of discount (MCP revision): ₹ 33 Cr 40
Slide 42: Depreciation and amortization variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 2,218 2,513 -295 -12% Reason of Variance ➢ Impairment of Stripping Activity Asset in Q3 24-25 (NCL): ₹ 759 Cr ➢ Increase in Amortisation of Stripping Activity : ₹ 147 Cr ➢ Increase in Amortisation of Land Reclaim/Site Restor : ₹ 121 Cr 41 ➢ Increase on
Slide 43: Contractual expense variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 8,373 8,503 -130 -2% Reason of Variance ➢ Reduction in Outsourcing Exp & Other contractual work : ₹ 63 Cr (Reduction in Contractual Composite Production : 2% (Q3 25-26 : 687 MCuM, Q3 24-25 : 701 MCuM) ➢ Reduction in Transportation & Wagon loading Exp :
Slide 44: Other expenses variance Q3
₹ Crore Q3 25-26 Q3 24-25 Inc / Dec Inc / Dec % 3,368 3,736 -368 -10% Reason of Variance 1. Reduction in Environmental & Tree Plantation : ₹ 110 Cr 2. Reduction in Demurrage & Underloading Exp : ₹ 52 Cr 3. Reduction in Rates & Taxes : ₹ 33 Cr 4. Reduction in Miscellaneous Exp : ₹ 158 Cr 43
Slide 45: Trade receivables by subsidiary
₹ Crore As on As on As on Inc / (Dec) Subsidiary 31.12.2025 30.09.2025 31.03.2025 Wrt 31.03.25 ECL 1,598 1,866 1,351 248 BCCL 2,657 2,009 1,874 782 CCL 1,561 1,768 1,778 (217) NCL 2,097 2,630 1,911 185 WCL 3,494 3,526 3,375 119 SECL 1,537 1,451 973 564 MCL 3,162 3,294 2,464 698 CIL 11 11 11 - CIL Co
Slide 46: Thank You
Thank You