Coal India (COALINDIA) Q3 25/26 earnings summary

Executive summary

• Net sales for 9M FY25-26 declined 3% year-over-year to ₹89,608 Cr, with profit after tax down 22% to ₹20,163 Cr and EBITDA down 6% to ₹38,349 Cr.

• Q3 FY25-26 net sales fell 5% year-over-year to ₹30,818 Cr, with profit after tax down 16% to ₹7,166 Cr and EBITDA up 33% to ₹13,753 Cr.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended 31 December 2025 were reviewed and approved by the Board and Audit Committee on 12 February 2026.

• Third interim dividend of ₹5.50 per equity share declared, with record date set for 18 February 2026 and payment by 13 March 2026.

• BCCL, a subsidiary, was partially divested (10% stake) via stock exchange listing but remains a subsidiary.

Financial highlights

• Revenue from operations for 9M FY25-26 was ₹92,800 Cr, down 3% year-over-year.

• Consolidated revenue from operations for Q3 FY26 was ₹34,924.19 crore, up from ₹32,327.16 crore in Q2 FY26 and ₹26,909.23 crore in Q3 FY25.

• Profit before tax for 9M FY25-26 dropped 20% to ₹27,296 Cr; profit after tax fell 22% to ₹20,163 Cr.

• Q3 FY25-26 profit before tax was ₹9,473 Cr, down 20% year-over-year; profit after tax was ₹7,166 Cr, down 16%.

• EBITDA margin on net sales for 9M FY25-26 was 35%, down from 41% a year ago.

Outlook and guidance

• Expansion into critical minerals and renewables, including rare earths and solar power, signals diversification.

• Joint ventures in thermal power and copper expected to support future growth.

• No material liability is expected from the new Labour Codes notified in November 2025; impact will be reassessed once rules are notified.

• The GST rate on coal increased from 5% to 18% from September 2025, eliminating the inverted duty structure.