# Coal India (COALINDIA.NSE)

Canonical: https://gigainvestors.com/s/COALINDIA.NSE

Analysis as of: 2026-10-16T07:33:23.527Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 418.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.07×

- FY2019: 0.22×

- FY2020: 0.19×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.27×

- FY2024: 0.28×

- FY2025: 0.20×

- FY2026: 0.16×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 32.3%

- Conservative return floor, second lowest: 22.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.5%

- ROIC including acquisitions, ten-year median: 48.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 1.43T

- Net income, five-year total: INR 1.53T

- Return on incremental invested capital: 15.8%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 10.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.81×

- FY2025: 1.00×

- FY2026: 0.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 14.95 to 57.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: INR 959B

- Cumulative retained earnings: INR 1.01T

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 18.3%

- Per-share value change: INR 42.42

- Per-share value, starting three-year median: INR 14.95

- Per-share value, ending three-year median: INR 57.37

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.4%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 2.16T

- ROIC, last three-year median: 33.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 14.95

- FY2018: INR 11.31

- FY2019: INR 28.14

- FY2020: INR 27.12

- FY2021: INR 20.61

- FY2022: INR 28.17

- FY2023: INR 45.70

- FY2024: INR 60.69

- FY2025: INR 57.37

- FY2026: INR 50.46

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.1%

- FY2018: -11.2%

- FY2019: 0.8%

- FY2020: 7.8%

- FY2021: 1.3%

- FY2022: -13.2%

- FY2023: -1.8%

- FY2024: 8.2%

- FY2025: 2.0%

- FY2026: -4.3%

## Holders

## Price story

Down 20% since Aug 2024 · sales -0.5%

Story as of 2026-10-16T09:59:55.925Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 782B 

- FY2018: INR 852B 

- FY2019: INR 996B 

- FY2020: INR 961B 

- FY2021: INR 900B 

- FY2022: INR 1.10T 

- FY2023: INR 1.38T 

- FY2024: INR 1.45T 

- FY2025: INR 1.69T 

- FY2026: INR 1.68T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in coal; annual sales are INR 1.7 trillion.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2026: revenue 1684000000000; operatingIncome 270350000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 16.1% to 28.5% during 2024–26; it earns 43.5% on its capital.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2024: operatingIncome / revenue = 28.5%.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2025: operatingIncome / revenue = 20.1%.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2026: operatingIncome / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.527Z); 10-year return on capital observations [[2023,1.0811527799778236],[2024,0.5380006099833949],[2025,0.3327701821217972],[2026,0.248212158808933]]; median 0.4353853960525961. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2017: growth capex 813710942.3933868; upkeep 85946289057.60661; owner earnings 35923710942.39339. Growth capex / owner earnings = 0.02265108255932242.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2018: growth capex 19985527457.916565; upkeep 65304472542.083435; owner earnings 35715527457.916565. Growth capex / owner earnings = 0.559575313047397.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2019: growth capex 36070000000; upkeep 34500000000; owner earnings 174630000000. Growth capex / owner earnings = 0.20655099352917597.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2020: growth capex 0; upkeep 56200000000; owner earnings 145450000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2021: growth capex 0; upkeep 108800000000; owner earnings 55380000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2022: growth capex 75950000000; upkeep 44290000000; cash acquisitions 0; owner earnings 173580000000. Growth capex plus acquisitions / owner earnings = 0.4375504090332988.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2023: growth capex 84850000000; upkeep 68330000000; cash acquisitions 0; owner earnings 317630000000. Growth capex plus acquisitions / owner earnings = 0.2671347164940339.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2024: growth capex 29541109397.56201; upkeep 138668890602.438; cash acquisitions 0; owner earnings 301970009397.562. Growth capex plus acquisitions / owner earnings = 0.09782795800317154.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2025: growth capex 52400000000; upkeep 90920000000; cash acquisitions 0; owner earnings 354167400000. Growth capex plus acquisitions / owner earnings = 0.14795263482748552.

- Source: https://www.screener.in/company/COALINDIA/consolidated/ (filed 2026-10-16T07:33:23.527Z); FY2026: growth capex 0; upkeep 125000000000; cash acquisitions 0; owner earnings 286512600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.527Z); Dividend observations: [[2017,123530000000],[2018,102200000000],[2019,81130000000],[2020,73940000000],[2021,77060000000],[2022,107830000000],[2023,143280000000],[2024,150980000000],[2025,162390000000],[2026,161970000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.527Z); Closing price 418 INR; reporting-to-trading FX 1; FY2026 annual sales per share 273.28307712098797; price multiple 1.5295495220691726. FY2026 cash earnings/share 46.49586992989001. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 308.60 per share

- 2016-12: INR 300.00 per share

- 2017-01: INR 309.20 per share

- 2017-02: INR 321.90 per share

- 2017-03: INR 292.65 per share

- 2017-04: INR 276.65 per share

- 2017-05: INR 262.55 per share

- 2017-06: INR 244.25 per share

- 2017-07: INR 249.10 per share

- 2017-08: INR 237.40 per share

- 2017-09: INR 270.85 per share

- 2017-10: INR 286.45 per share

- 2017-11: INR 275.80 per share

- 2017-12: INR 262.95 per share

- 2018-01: INR 299.55 per share

- 2018-02: INR 309.15 per share

- 2018-03: INR 283.30 per share

- 2018-04: INR 285.00 per share

- 2018-05: INR 296.25 per share

- 2018-06: INR 264.35 per share

- 2018-07: INR 261.10 per share

- 2018-08: INR 285.95 per share

- 2018-09: INR 266.25 per share

- 2018-10: INR 266.15 per share

- 2018-11: INR 244.90 per share

- 2018-12: INR 240.75 per share

- 2019-01: INR 224.65 per share

- 2019-02: INR 228.30 per share

- 2019-03: INR 237.20 per share

- 2019-04: INR 252.15 per share

- 2019-05: INR 253.50 per share

- 2019-06: INR 253.80 per share

- 2019-07: INR 204.45 per share

- 2019-08: INR 184.75 per share

- 2019-09: INR 199.85 per share

- 2019-10: INR 207.55 per share

- 2019-11: INR 205.25 per share

- 2019-12: INR 211.35 per share

- 2020-01: INR 181.70 per share

- 2020-02: INR 168.40 per share

- 2020-03: INR 140.05 per share

- 2020-04: INR 148.50 per share

- 2020-05: INR 141.30 per share

- 2020-06: INR 132.85 per share

- 2020-07: INR 129.25 per share

- 2020-08: INR 134.35 per share

- 2020-09: INR 116.00 per share

- 2020-10: INR 114.20 per share

- 2020-11: INR 125.55 per share

- 2020-12: INR 135.45 per share

- 2021-01: INR 125.90 per share

- 2021-02: INR 152.20 per share

- 2021-03: INR 130.35 per share

- 2021-04: INR 133.05 per share

- 2021-05: INR 147.70 per share

- 2021-06: INR 146.65 per share

- 2021-07: INR 143.30 per share

- 2021-08: INR 145.85 per share

- 2021-09: INR 185.10 per share

- 2021-10: INR 164.45 per share

- 2021-11: INR 152.00 per share

- 2021-12: INR 146.05 per share

- 2022-01: INR 159.80 per share

- 2022-02: INR 169.55 per share

- 2022-03: INR 183.05 per share

- 2022-04: INR 182.85 per share

- 2022-05: INR 192.90 per share

- 2022-06: INR 185.60 per share

- 2022-07: INR 211.25 per share

- 2022-08: INR 234.80 per share

- 2022-09: INR 212.25 per share

- 2022-10: INR 245.95 per share

- 2022-11: INR 227.25 per share

- 2022-12: INR 225.05 per share

- 2023-01: INR 224.85 per share

- 2023-02: INR 215.40 per share

- 2023-03: INR 213.65 per share

- 2023-04: INR 233.10 per share

- 2023-05: INR 241.25 per share

- 2023-06: INR 231.00 per share

- 2023-07: INR 229.25 per share

- 2023-08: INR 230.05 per share

- 2023-09: INR 295.20 per share

- 2023-10: INR 314.25 per share

- 2023-11: INR 342.15 per share

- 2023-12: INR 376.00 per share

- 2024-01: INR 406.15 per share

- 2024-02: INR 436.70 per share

- 2024-03: INR 434.10 per share

- 2024-04: INR 454.30 per share

- 2024-05: INR 491.20 per share

- 2024-06: INR 473.15 per share

- 2024-07: INR 522.20 per share

- 2024-08: INR 524.95 per share

- 2024-09: INR 510.15 per share

- 2024-10: INR 452.05 per share

- 2024-11: INR 416.40 per share

- 2024-12: INR 384.15 per share

- 2025-01: INR 395.90 per share

- 2025-02: INR 369.35 per share

- 2025-03: INR 398.20 per share

- 2025-04: INR 385.30 per share

- 2025-05: INR 397.30 per share

- 2025-06: INR 391.95 per share

- 2025-07: INR 376.35 per share

- 2025-08: INR 374.80 per share

- 2025-09: INR 389.95 per share

- 2025-10: INR 388.65 per share

- 2025-11: INR 376.15 per share

- 2025-12: INR 399.00 per share

- 2026-01: INR 440.75 per share

- 2026-02: INR 430.65 per share

- 2026-03: INR 450.45 per share

- 2026-04: INR 481.45 per share

- 2026-05: INR 457.90 per share

- 2026-06: INR 439.05 per share

- 2026-07: INR 414.15 per share

- 2026-08: INR 401.75 per share

- 2026-09: INR 425.00 per share

- 2026-10: INR 418.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.114Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.