(₹ Crores/10 Millions) COAL INDIA LTD Mar-25 << Latest available quarterly results

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Last 4 Quarters Total 10 Yrs TRENDS: 10Yr 7Yr 5Yr 3Yr TTM
Sales 77,861 78,164 85,244 99,586 96,080 90,026 ###### ###### ###### ###### 141,821 Sales Growth 7% 8% 8% 9% -1%
Operating Profit 18,714 12,448 9,288 25,007 21,581 18,628 24,721 44,232 47,971 47,063 47,063 OPM 25% 28% 29% 33% 33%
Operating Profit Margin (OPM%) 24% 16% 11% 25% 22% 21% 23% 32% 34% 33% 33% PAT Growth 11% 26% 16% 27% 0%
Other Income 5,939 5,316 4,975 5,834 6,444 3,742 3,866 6,560 8,396 9,932 9,932 61,004 Avg. PE 10.2 6.4 6.2 6.1 6.8
EBITDA 24,653 17,764 14,263 30,841 28,025 22,369 28,586 50,792 56,367 56,995 56,995 330,656
Interest 388 410 430 264 503 642 541 684 819 884 884 5,566
Income Statement
Depreciation 2,826 2,907 3,063 3,450 3,451 3,718 4,429 6,833 6,735 9,145 9,145 46,557 CMP 391
Profit before tax (PBT) 21,440 14,446 10,770 27,127 24,071 18,009 23,616 43,275 48,813 46,966 46,966 P/E 6.8 EY>8 15% PEG**<1 0.42
Tax 7,172 5,165 3,732 9,662 7,371 5,307 6,238 11,552 11,443 11,664 11,664 Price to book value**<1 2.43
Tax% 33% 36% 35% 36% 31% 29% 26% 27% 23% 25% 25% P/B 2.4 Price to Sales**<1.5 1.68
Net profit after tax (PAT) 14,267 9,280 7,039 17,463 16,714 12,700 17,358 31,763 37,402 35,358 35,358 199,344 P/E*P/B 16.6 EV / EBITDA** 3.79
Net Profit Margin (NPM%) 18% 12% 8% 18% 17% 14% 16% 23% 26% 25% 25% Div Yield 6.8% Current ratio 1.49
ROE >15% 0.0% 31.3% 31.5% 74.9% 57.0% 37.0% 43.6% 61.1% 52.1% 38.9%
OCF/EBITDA >65% 53.4% 92.7% 148.0% 53.0% 17.8% 47.4% 143.8% 70.4% 32.1% 51.2% 0.0%
Earnings Quality
ROIC >15% See in the screener
D/E <1 0.0 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1
Cash from Operating Activity (CFO) 13,154 16,461 21,115 16,356 4,977 10,592 41,107 35,734 18,103 29,200 CFO 206,798 Market Cap 241,240 SSGR & FCF main 2 pillers of
Capex {(NFA+WIP) change+Dep} 8,668 8,513 7,880 6,287 11,501 11,108 29,428 19,195 19,767 Capex 122,345 MOS
Cash Flow Analysis
FCF 7,793 12,602 8,476 (1,309) (909) 29,999 6,306 (1,091) 9,433 FCF 84,453 76,646 Total Retained Earnings (RE) in 10 Yrs (A)
Total Debt (D) 1,199 3,014 1,538 2,210 6,434 5,884 3,514 4,331 6,523 9,146 FCFE (Post Int. exp.) 78,887 56,833 Total increase in Mcap in 10 yrs (B)
Balance sheet Analysis Share Capital 6,316 6,207 6,207 6,163 6,163 6,163 6,163 6,163 6,163 6,163 Total Div 10 Yrs 122,698 0.74 Value created per INR of RE (B/A)
Dividend Paid (Div) Without DDT 17,307 12,353 10,242 8,073 7,395 9,860 10,477 14,945 15,715 16,331 Inc. in Debt in 10Yrs 7,947
Cash Flow Analysis Cash + Investments (CI +NCI) 40,921 32,632 32,984 34,294 30,422 23,261 38,886 47,061 37,346 41,807 Cash+Investments 41,807 0 Closing share price on March 31, 10 years back
FCF/CFO 41%
Return Ratio Analysis Self-Sustainable Growth Rate (SSGR) -15% -1% 10% 6% 7% 16% 18% Interest Outgo 4634
Change in 10 Yrs
Trade Receivables 11,448 12,476 6,258 5,499 14,408 19,623 11,368 13,060 13,256 12,728 (1,280)
Inventory 8,301 9,717 6,444 5,584 6,618 8,947 7,076 8,764 10,797 12,614 (4,312)

PBT/Avg. NFA (<10%,>25%) 63% 42% 90% 69% 45% 53% 78% 70% 57%
ROE on Avg Equity (<7%,>25%) 31% 31% 75% 57% 37% 44% 61% 52% 39%
Return Ratio Analysis
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 13% 9% 21% 17% 12% 14% 22% 22% 19%
Incremental ROE 3Yr Rolling -34% 239% 37% 0% 79% 93% 40%

Net Fixed Asset Turnover (High is better) 3.41 3.32 3.31 2.77 2.27 2.46 2.49 2.03 1.74
Receivables days (Low is better) 56 40 22 38 69 52 32 34 33
Operating η Analysis
Inventory Turnover (High is better) 8.7 10.5 16.6 15.7 11.6 13.7 17.5 14.6 12.2
Working capital cycle days (Rec + Inv Days) 98 75 44 61 101 78 53 59 63

Net Fixed Assets (NFA) 22,082 23,811 27,574 32,618 36,784 42,405 46,677 64,547 75,668 89,361
Balance sheet Analysis
Capital Work in Progress (CWIP) 4,553 8,585 10,273 9,658 8,328 10,490 12,897 17,622 18,960 15,889

Dividend Paid (Div) Without DDT 17,307 12,353 10,242 8,073 7,395 9,860 10,477 14,945 15,715 16,331 122698 Div Growth -1% 7% 17% 16%
Dividend Payout (Div/PAT) 121% 133% 146% 46% 44% 78% 60% 47% 42% 46%
Div payout models 1.Traditional Retained Earnings (RE=PAT-Div) (3,040) (3,073) (3,204) 9,390 9,319 2,840 6,881 16,819 21,687 19,027
model 2.Walter model Price to earning 12.9 19.6 25.0 8.4 5.2 6.3 6.5 4.1 7.2 6.9
3.Gordon's Model Mcap ###### ###### ###### ###### 86,309 80,331 ###### ###### ###### ###### 241,240
Cash + Investments (CI +NCI) 40,921 32,632 32,984 34,294 30,422 23,261 38,886 47,061 37,346 41,807 41,807

Total Debt (D) 1,199 3,014 1,538 2,210 6,434 5,884 3,514 4,331 6,523 9,146 Debt 25% 29% 7% 38% 40%
Total Equity (E) 34,833 24,518 20,179 26,455 32,157 36,517 43,143 60,843 82,730 99,105 Book Value 12% 26% 25% 32% 20%
Balance sheet Analysis Debt to Equity ratio (D/E) 0.0 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1
Cost of funds 12.0%
Interest outgo (Rs. Cr.) 253 273 225 519 739 564 471 651 940 4634
Interest Coverage (OP/Int. Out) 49.2 34.0 111.2 41.6 25.2 43.8 94.0 73.7 50.1

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Total 10 Yrs
Cash from Operating Activity (CFO) 13,154 16,461 21,115 16,356 4,977 10,592 41,107 35,734 18,103 29,200 206,798
Cash from Investing Activity (CFI) 8,154 455 (7,747) (7,896) 1,033 182 (25,715) (23,465) (4,486) (10,076) (69,562)
Cash from Financing Activity (CFF) (19,587) (17,598) (13,564) (10,885) (4,791) (8,453) (13,441) (13,704) (13,899) (13,309) (129,232)
Net Cash Flow (CFO+CFI+CFF) 1,721 (682) (196) (2,426) 1,219 2,321 1,951 (1,436) (282) 5,815 8,004
Cash & Eq. at the end of year 38,015 31,149 31,280 31,124 28,449 17,310 29,965 39,922 30,235 34,215

Total Retained Earnings (RE) in 10 Yrs (A) 76,646

Costs as % of Sales
Raw Material 7% -2% 2% 1% -1% -2% 2% 0% -1% 6%
Power & Fuel 3% 3% 3% 2% 3% 3% 2% 2% 2% 0%
Employee Costs 39% 43% 50% 39% 41% 43% 37% 36% 34% 32%
Selling & Admin Costs 4% 5% 4% 4% 4% 4% 4% 3% 4% 0%
Other Manufacturing Expenses 16% 26% 25% 22% 23% 28% 27% 28% 29% 0%
Other Expenses 7% 8% 5% 7% 8% 4% 5% -1% -2% 29%
Source: Screener.in

Increse in price Pass on the to customer

Operating Profit Margin (OPM%) Raw Material