Highlights

• Batlivala & Karani Securities and Motilal Oswal Securities have issued buy ratings on COALINDIA with target prices of ₹ 450 and ₹ 440, respectively.
• H1 FY2025-26 profit after tax declined 25% YoY to ₹ 12,997 crore, impacted by higher expenditure and lower net sales.
• Coal India received its maiden dividend of ₹ 404.37 crore from JV company HURL.

Coal India Ltd (NSE:COALINDIA) has drawn positive attention from leading brokerage analysts following its half-year financial performance ending 30 September 2025. Rajesh Majumdar of Batlivala & Karani Securities India Pvt Ltd and Alok Deora of Motilal Oswal Securities Ltd have both issued buy ratings on the stock, with target prices of ₹ 450.00 and ₹ 440.00, respectively. The ratings come despite a moderate year-on-year decline in coal production and revenue.

Analyst Ratings and Outlook

Batlivala & Karani Securities’ analyst Rajesh Majumdar has assigned a buy rating on Coal India with a target price of ₹ 450. Alok Deora of Motilal Oswal Securities has maintained a buy recommendation with a target price of ₹ 440.

Operational and Strategic Developments

During H1 FY2025-26, Coal India produced 329.14 million tonnes (MT) of coal, down 4% from 341.34 MT in the corresponding period last year. Coal offtake declined 3% YoY to 357.08 MT.

The company also achieved strategic milestones:

• Received its first interim dividend of ₹ 404.37 crore from JV company HURL.
• Signed an MoU with UPRVUNL for a 500 MW solar power project in Uttar Pradesh under renewable energy initiatives.
• Incorporated CIL Rajasthan Akshay Urja Ltd, with 74% CIL and 26% RVUNL ownership, to expand renewable energy operations.
• Signed an MoU with Hindustan Copper Ltd to collaborate in the copper and critical minerals sectors.

Financial Performance

Consolidated net sales for H1 FY2025-26 were ₹ 58,790 crore, down 3% YoY, with other operating revenue decreasing 12% to ₹ 7,239 crore. Total income stood at ₹ 69,785 crore, down 3%. Expenditure increased 5% to ₹ 52,315 crore, impacting profit before tax (PBT) without JV, which fell 21% YoY to ₹ 17,470 crore. Including JV contributions, PBT was ₹ 17,824 crore, a 20% decline YoY. The company reported PAT of ₹ 12,997 crore, down 25% YoY.

Key ratios include:

• Debt-to-Equity: 0.13 (up from 0.09 in March 2025)
• Current Ratio: 1.77
• Quick Ratio: 1.59
• Return on Average Equity: 13%

COALINDIA shares were trdaing 1.22% higher at ₹386.65 per share at the time of writing on 30 October 2025.

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