Coal India H1 sales rise 14% as FSA and e-auction volumes grow

Coal India’s sale of product increased 14% year on year to Rs 88,859 crore in the first half, or H1, of 2026-27, from Rs 78,155 crore. The presentation attributes the increase chiefly to 19.32 million tonnes of additional FSA volume and 12.93 million tonnes of additional e-auction volume, while overall average realisation rose 5%.

How did Coal India's product sales change in H1 26-27?

Coal India reported Rs 88,859 crore of sale of product in H1 26-27, an increase of Rs 10,704 crore, or 14%, from Rs 78,155 crore in H1 25-26. Overall sales quantity rose by 29.02 million tonnes to 384.55 million tonnes, compared with 355.53 million tonnes a year earlier. The reported sales increase therefore combined an 8% increase in quantity with a 5% rise in overall average realisation.

Overall average realisation was Rs 2,310.34 per tonne in H1 26-27, up Rs 112.06 per tonne from Rs 2,198.28 per tonne in H1 25-26. Coal India also reported Rs 15.29 crore in sale of energy during H1 26-27. The presentation discloses this energy-sales figure in addition to the Rs 88,859 crore sale-of-product total.

Which channels generated Coal India's higher sales volumes?

Coal India’s largest listed volume increase came through the FSA channel, where quantity rose 19.32 million tonnes to 327.79 million tonnes in H1 26-27 from 308.47 million tonnes in H1 25-26. The presentation assigns a Rs 4,036 crore sales impact to the higher FSA quantity. That was greater than the Rs 3,802 crore impact assigned to the increase in e-auction quantity.

E-auction sales quantity reached 49.31 million tonnes in H1 26-27, compared with 36.38 million tonnes a year earlier, an increase of 12.93 million tonnes. In contrast, washed coal and other sales quantity fell by 3.23 million tonnes to 7.45 million tonnes from 10.68 million tonnes, producing a negative Rs 914 crore quantity impact. Higher FSA and e-auction volumes therefore offset the lower washed coal and other volume.

How much did pricing contribute to Coal India's sales increase?

Coal India’s largest per-tonne increase in billing realisation was in washed coal and other sales, even as that segment’s quantity declined. Its realisation rose by Rs 1,656.92 per tonne to Rs 4,487.34 per tonne in H1 26-27 from Rs 2,830.42 per tonne in H1 25-26. The presentation assigns a Rs 1,234 crore sales impact to that price movement.

FSA billing realisation increased by Rs 55.64 per tonne to Rs 2,144.49 per tonne, from Rs 2,088.85 per tonne, while e-auction realisation rose by Rs 143.40 per tonne to Rs 3,083.95 per tonne from Rs 2,940.55 per tonne. The respective listed price impacts were Rs 1,824 crore for FSA and Rs 707 crore for e-auction. FSA had the largest price impact in rupee terms among the three channels, reflecting its 327.79 million-tonne sales quantity.

What changed when Coal India excluded other charges?

Coal India reported Rs 62,308 crore in sale of product excluding other charges in H1 26-27, up Rs 6,469 crore, or 12%, from Rs 55,839 crore in H1 25-26. This growth rate was lower than the 14% increase in sale of product including other charges. On the excluding-other-charges basis, overall average realisation increased by Rs 49.70 per tonne, or 3%, to Rs 1,620.29 per tonne.

In this sales bridge, higher FSA quantity added Rs 2,825 crore and higher e-auction quantity added Rs 2,911 crore, while lower washed coal and other quantity reduced sales by Rs 773 crore. Price effects were Rs 319 crore for FSA, Rs 254 crore for e-auction and Rs 933 crore for washed coal and other. The bridge shows the same overall sales quantity of 384.55 million tonnes, compared with 355.53 million tonnes in H1 25-26.

Washed coal and other also had the largest per-tonne realisation increase on the excluding-other-charges basis. Its realisation rose by Rs 1,252.73 per tonne to Rs 3,645.25 per tonne from Rs 2,392.52 per tonne. FSA realisation increased by Rs 9.72 per tonne to Rs 1,471.52 per tonne, while e-auction realisation increased by Rs 51.59 per tonne to Rs 2,303.34 per tonne.

What other revenue and cost movements accompanied Coal India's sales growth?

Coal India’s sale of services and other revenues rose 20% to Rs 1,575 crore in H1 26-27 from Rs 1,318 crore in H1 25-26. The presentation identifies Rs 63 crore of higher inflated mileage income and Rs 204 crore from a stripping-activity provision reversal as reasons for the Rs 257 crore increase. These items are reported separately from sale of product.

Other income increased 25% to Rs 4,694 crore from Rs 3,756 crore, according to the presentation. It identifies a Rs 1,160 crore increase in interest on deposits, a Rs 303 crore decrease in interest received from income-tax refunds and an Rs 80 crore increase in miscellaneous income. These movements accompanied the product-sales increase but are not included in the sales bridge.

Cost of material consumed rose 24% to Rs 6,012 crore in H1 26-27 from Rs 4,851 crore in H1 25-26. Coal India attributed the Rs 1,161 crore increase to Rs 678 crore more in oil and lubricant expense, Rs 430 crore more in explosive expense, and Rs 53 crore more in heavy earth moving machinery, other spares and timber costs. Its earnings before interest, tax, depreciation and amortisation margin was 29% at 30 September 2026, versus 32% at 31 March 2026.

Conclusion

Coal India’s H1 26-27 sales increase was led principally by additional tonnes in FSA and e-auction rather than by a uniform pricing movement across all channels. FSA supplied the largest listed quantity impact of Rs 4,036 crore and the largest listed price impact of Rs 1,824 crore, while washed coal and other delivered the largest rise in per-tonne realisation despite a 3.23 million-tonne volume decline.

The presentation does not disclose a forward sales target, channel-volume plan or scheduled commercial event for these product categories. The unresolved item to watch in later disclosures is a breakdown of the other charges that separates the Rs 88,859 crore reported sale-of-product figure from the Rs 62,308 crore figure excluding other charges.