Coal India Q4 FY26 Results: Profit up 12%, ₹5.25

What Coal India reported for the March 2026 quarter

Coal India Ltd (CIL) reported a 12% year-on-year rise in consolidated profit after tax for the quarter ended March 2026, supported by higher other income and improved realisations. Consolidated PAT rose to ₹10,908 crore from ₹9,740 crore a year earlier. Revenue from operations increased 6% to ₹46,490 crore. EBITDA climbed 12% to ₹17,917 crore, pointing to stronger operating profitability in the quarter.

Other income was a key driver this quarter

A major contributor to the earnings growth was other income, which rose 30% year-on-year to ₹5,128 crore from ₹3,939 crore. The company also cited lower stripping activity alongside improved realisations as factors that supported quarterly performance. Total income for the quarter was reported at ₹51,618 crore, up 8%. Profit before tax rose 12% to ₹14,627 crore from ₹13,070 crore.

EBITDA margin expanded, but costs also moved up

Coal India reported EBITDA margin expansion to 39% from 36% in the year-ago period. At the same time, expenses increased 6% to ₹37,107 crore during the quarter. The company flagged a rise in other expenses and finance costs within the quarterly cost base. Other expenses rose 18% year-on-year, linked to higher levies including an increase in the Jharkhand mineral-bearing land cess, while finance costs jumped 42%.

Realisations improved even as volumes stayed soft

Revenue growth was supported by improved realisations, even though sales volumes were largely flat to slightly lower. Average realisation per tonne increased 6% year-on-year to ₹2,290. Total sales volume declined by about 1% to 198.83 million tonnes, according to the data provided. The combination of higher realisations and stronger other income helped offset the impact of weaker dispatches.

Production edged up, but offtake declined

Operationally, coal production in the March quarter rose marginally to 239 million tonnes compared with 237.69 million tonnes a year ago. However, offtake fell 2% to 199.1 million tonnes from 202 million tonnes, indicating softer dispatches from key consumer segments. Overburden removal was largely flat at 577 million cubic metres. The production-offtake gap is an important datapoint for investors tracking demand and inventory movement across the coal value chain.

Dividend: Board recommends ₹5.25 per share for FY26

Coal India’s board recommended a final dividend of ₹5.25 per equity share for FY26. The company said the payment would be subject to shareholder approval at the ensuing AGM. Dividend announcements are closely watched for Coal India given its track record as a high payout public sector company.

FY26 full-year picture: profit fell despite flat revenue

While the March quarter was stronger, the company’s performance for the full financial year FY26 was weaker. Consolidated net profit fell 12% to ₹31,071 crore in FY26 from ₹35,450 crore in FY25. Revenue from operations was described as largely flat at ₹168,000 crore (₹1.68 lakh crore). EBITDA declined 11% to ₹53,276 crore for FY26.

What the company attributed the annual decline to

The FY26 annual decline in profitability was attributed to higher expenses, including a one-time provision related to executive pay revision and increased statutory levies. This context matters because it frames the gap between quarter-level strength and the full-year outcome. It also highlights how levies and provisions can swing reported earnings even in a high-volume commodity business. Investors typically track how much of the cost increase is structural versus one-off.

Looking back: Q4 FY25 numbers and market reaction (for context)

For Q4 FY25, multiple disclosures in the provided data set reported consolidated net profit around ₹9,593 crore to ₹9,604.02 crore, up 12% year-on-year, with revenue from operations around ₹37,825 crore (about 1% lower year-on-year). EBITDA for Q4 FY25 was cited at ₹11,790.45 crore, with margin at 31.2%. Coal India also recommended a final dividend of ₹5.15 per share for FY25, payable within 30 days of declaration at the AGM, with the record date to be announced.

Key numbers snapshot

Market impact: what investors are likely tracking from these numbers

The Q4 FY26 results show that earnings growth leaned heavily on other income and better realisations, even as offtake fell year-on-year. The decline in dispatches, alongside commentary about subdued offtake, is relevant because Coal India’s revenue and cash generation are tied to volumes as well as pricing. The FY26 full-year decline in profit and EBITDA, despite largely flat revenue from operations, underscores the effect of higher levies and provisions on margins. Dividend recommendations remain a key feature of the investment case, with ₹5.25 per share recommended for FY26.

Analysis: why the Q4-FY26 vs FY26 split matters

Quarterly profitability improved on the back of income mix and operating levers, but the full-year decline suggests cost pressures were meaningful across FY26. The reported jump in other expenses due to levies and the rise in finance costs are important because they can persist depending on policy and funding needs. At the same time, the company’s operational data shows only a modest increase in production and a decline in offtake, which keeps demand trends in focus. The combination of stronger quarter-level margins and weaker full-year earnings provides a more balanced read on Coal India’s current cycle.

Conclusion

Coal India delivered a stronger March 2026 quarter with 12% growth in PAT to ₹10,908 crore, helped by higher other income and improved realisations, but offtake fell 2% and FY26 profit declined to ₹31,071 crore. The board’s final dividend recommendation of ₹5.25 per share will be subject to shareholder approval at the upcoming AGM, which is the next scheduled milestone.