Coal India’s consolidated profit after tax increased 57.12% year over year in July-September, but its shares dropped as much as 3.3% after the results and brokerages adjusted targets for the Indian miner.
The company’s Oct. 29 exchange filing put consolidated profit after tax at ₹6,547.43 crore. That was up from ₹4,167.14 crore a year earlier, but below the April-June total of ₹8,849.81 crore. Revenue from operations was ₹44,178.74 crore, up 20.86% year over year and 4.49% lower than in the June quarter.
Profit attributable to Coal India’s owners rose 53% year over year to ₹6,516.09 crore. Reuters reported that the figure missed an LSEG-compiled analyst estimate of ₹7,061 crore. Reuters also said total expenses rose 17%, citing payroll growth, work on deeper and newer mine areas, and spending on rail and mine infrastructure.
Business Standard reported that the stock touched ₹380.40 on the National Stock Exchange during trading on Oct. 30, down as much as 3.3%.
Jefferies kept its Buy rating while lowering its target to ₹460 from ₹500. The Economic Times reported that the firm’s analysis cited power-plant coal inventories of six days, below a 15-day 10-year average, and said restocking could lift dispatches. The same outlet reported that JM Financial cut its target to ₹438 from ₹458, citing lower thermal-plant load factors, more captive mining and e-auction prices that had softened or leveled off.
Motilal Oswal retained its Buy rating and set a revised ₹450 target. Its research note put adjusted EBITDA, excluding overburden removal expenses, at ₹74 billion against its ₹97 billion estimate, and lowered its FY27 EBITDA estimate by 5%. The brokerage expects volumes to recover in the second half of FY27 and costs to stabilize.
Coal India’s board approved a second interim dividend of ₹10.25 per share. The company’s exchange filing sets Nov. 4 as the record date, with payment due on or before Nov. 27.
