Coal India Limited, the country's largest coal producer, reports Q2 FY 2026-2027 results into a quarter of sharply recovering demand — Q2 supplies rose 12.04% YoY to 186.04 MT while power-plant coal stocks fell to just 36% of normative requirement. The print will speak to whether the 815 MT production and 850 MT supplies FY27 targets stay intact after a monsoon-hit August, and how far the September e-auction premium spike to 94% flowed into realizations.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 46,255 Cr |
| Previous quarter PAT | Rs. 8,850 Cr |
| Previous quarter EBITDA margin | 31% |
| Market cap | Rs. 244,937.64 Cr |
| CMP | Rs. 397.45 |
The board of Coal India Limited will meet on 29 Oct 2026 to consider the Q2/H1 FY27 audited financial results and a 2nd interim dividend ('if any'). The trading window was closed from 1 Oct 2026 and reopens on 3 Nov 2026.
The quarter's story is a demand-led volume recovery meeting a strained production run-rate: Q2 FY27 supplies rose 12.04% YoY to 186.04 MT against a weak Q2 FY26 base (revenue Rs. 30,186 Cr, PAT Rs. 4,263 Cr), while Q1 production missed its target by about 21 Mill. Te and roughly 63 MT of pithead stock was liquidated in H1 FY27. Realization is the second lever — the September e-auction premium spiked to 94% over notified price with a 72% allocation rate, versus a 54% H1 average premium and 40% H1 allocation, a direct tailwind on the non-regulated book after FY26's e-auction price erosion of Rs. 160.76/te. On costs, diesel was broadly flat through the window, but Rates & Taxes remain a live headwind from the Jharkhand Mineral-Bearing Land Cess at Rs. 450/tonne, which drove Q1's Rates & Taxes up Rs. 1,246 Cr, though the MMDR Amendment Act passed 12 Aug 2026 bars state mineral-land levies prospectively. Reported EBITDA (31% in Q1 vs 39% in Q4 FY26 on the company's label) will hinge on internal items — the stripping activity adjustment of -Rs. 1,830 Cr in Q1 and any further stripping provision reversals like the Rs. 775.44 Cr item flagged by auditors. The call should also cover the 2nd interim dividend decision, MCL IPO launch timing after SEBI's observation letter issued 15 October 2026, and whether the 815 MT production and 850 MT supplies targets are reiterated or re-phased.
Performance vs FY27 guidance tracking: Status of the FY27 targets as of the latest reported data:
EBITDA margin and e-auction realizations
MCL IPO and subsidiary value unlocking
Risks: land cess, governance fines and contingent liability
Supplies look intact — Q2 FY27 supplies of 186.04 MT (+12.04% YoY) are 21.89% of the 850 MT FY27 target. Production is the strained one: Q1 output of 169.63 Mill. Te was 20.81% of the 815 MT target after a ~21 Mill. Te miss, with August down 5.7% YoY before September's +9.18% recovery.
The September 2026 e-auction premium over notified price spiked to 94%, with 93.64 of 130.19 lakh tonnes offered allocated (72%), versus a 54% H1 FY27 average premium and 40% H1 allocation rate. In Q1 FY27 the premium was 47% on e-auction volume of 26.5 MT, up 24.8% YoY.
Mahanadi Coalfields' DRHP was filed on 1 Sep 2026 for an Offer for Sale of up to 661,836,300 equity shares held by Coal India, and SEBI's observation letter was issued on 15 October 2026. The Chairman has guided both MCL and SECL IPOs within FY27, with timing subject to market conditions.
Q1 FY27 consolidated revenue from operations rose 8% YoY to Rs. 46,255 Cr, supported by overall sales quantity of 198.23 MT (+4%) and e-auction quantity growth of 24.80% YoY. Sequentially, revenue was 0.51% lower than Q4 FY26's Rs. 46,490 Cr.