Coal India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹389.38Fairly Valued by 8.60%vs CMP ₹426.00

P/E (8.4) × ROE (28.2%) × BV (₹193.00) × DY (6.21%)

₹480.72Undervalued by 12.85%vs CMP ₹426.00

MoS: +11.4% (Thin)Confidence: 38/100 (Low)Models: 3 Under, 3 Fair, 3 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹433.99	22%	Fair (+1.9%)
Graham Number	Earnings	₹458.69	16%	Fair (+7.7%)
Earnings Power	Earnings	₹450.69	11%	Fair (+5.8%)
DCF	Cash Flow	₹826.86	13%	Under (+94.1%)
Net Asset Value	Assets	₹193.08	7%	Over (-54.7%)
EV/EBITDA	Enterprise	₹706.17	9%	Under (+65.8%)
Earnings Yield	Earnings	₹484.50	7%	Under (+13.7%)
ROCE Capital	Returns	₹304.59	9%	Over (-28.5%)
Revenue Multiple	Revenue	₹232.42	5%	Over (-45.4%)
Consensus (9 models)		₹480.72	100%	Undervalued

Key Drivers: Wide model spread (₹193–₹827) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 11.5%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 14 September 2026, 12:51 pm +05:30. Annual results through Mar 2025; quarterly results through Sep 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹143,369.00 Cr, versus ₹144,762.00 Cr in Mar 2024 (-1.0% year on year). Net profit for Mar 2025 was ₹35,302.00 Cr, versus ₹37,369.00 Cr in Mar 2024 (-5.5% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹30,237.00 Cr against net profit of ₹35,302.00 Cr. Cash flow covered 0.86 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹14,072.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Coal India Ltd scores 78/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health96/100 · Strong

ROCE 35.0% ExcellentROE 28.2% ExcellentD/E 0.08 Low debtInterest Coverage 64.0x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding up 2.41% (6mo) AccumulatingDII holding down 0.60% MF sellingPromoter decreased by 2.00% Caution

Earnings Quality100/100 · Strong

CFO/NP ratio: 0.81x Cash-backed earningsOPM expanding (28% → 33%) ImprovingWorking capital: -14 days (improving) Efficient

Quarterly Momentum30/100 · Weak

Revenue (4Q): -1% YoY FlatProfit (4Q): -14% YoY DecliningOPM: 22.0% (down 6.0% YoY) Margin pressure

Industry Rank90/100 · Strong

P/E 8.4 vs industry 15.7 Lower P/EROCE 35.0% vs industry 15.2% Above peersROE 28.2% vs industry 16.2% Above peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 12:51 pm

Market Cap	2,62,779 Cr.
Current Price	426
Intrinsic Value	₹480.72
High / Low	491/370
Stock P/E	8.42
Book Value	193
Dividend Yield	6.21 %
ROCE	35.0 %
ROE	28.2 %
Face Value	10.0
PEG Ratio	0.74

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Coal India Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Coal India Ltd	2,62,779 Cr.	426	491/370	8.42	193	6.21 %	35.0 %	28.2 %	10.0
Vedanta Ltd	1,03,117 Cr.	264	361/161	9.37	127	12.9 %	16.1 %	38.2 %	1.00
NMDC Ltd	75,522 Cr.	85.9	97.5/68.2	10.1	38.7	2.91 %	27.6 %	23.4 %	1.00
Redington Ltd	30,778 Cr.	394	404/191	17.1	130	1.52 %	18.4 %	16.9 %	2.00
Gujarat Mineral Development Corporation Ltd	18,153 Cr.	571	772/400	31.8	222	1.77 %	10.8 %	8.34 %	2.00
Industry Average	40,205.23 Cr	532.93		15.65	107.12	1.78%	15.20%	16.16%	5.18

All Competitor Stocks of Coal India Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	29,838	35,169	38,152	35,983	32,776	36,154	38,213	36,465	31,182	36,859	37,825	35,842	30,187
Expenses	22,700	24,781	28,819	22,431	22,738	23,183	26,826	22,126	22,565	24,541	26,034	23,321	23,471
Operating Profit	7,139	10,389	9,333	13,552	10,038	12,971	11,388	14,339	8,617	12,317	11,790	12,521	6,716
OPM %	24%	30%	24%	38%	31%	36%	30%	39%	28%	33%	31%	35%	22%
Other Income	1,761	1,671	2,291	1,538	2,074	2,489	2,318	1,970	1,642	2,214	4,106	1,760	2,350
Interest	135	204	195	178	182	227	232	209	208	226	241	265	287
Depreciation	1,077	1,262	1,860	1,527	1,594	1,723	1,892	1,952	1,898	2,513	2,782	2,307	2,664
Profit before tax	7,687	10,594	9,569	13,385	10,336	13,510	11,582	14,147	8,153	11,792	12,873	11,709	6,115
Tax %	21%	27%	28%	22%	22%	24%	26%	23%	23%	28%	25%	25%	30%
Net Profit	6,044	7,719	6,869	10,498	8,049	10,292	8,530	10,944	6,275	8,491	9,593	8,734	4,263
EPS in Rs	9.81	12.58	11.16	17.08	13.06	16.64	13.91	17.78	10.21	13.80	15.58	14.19	7.07

Last Updated: January 2, 2026, 2:03 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 26, 2026, 5:30 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	70,608	74,120	77,861	78,164	85,244	99,586	96,080	90,026	109,715	138,252	144,762	143,369	138,778
Expenses	52,842	56,777	59,147	65,716	75,956	74,579	74,500	71,455	84,995	94,020	96,791	96,305	98,419
Operating Profit	17,766	17,343	18,714	12,448	9,288	25,007	21,581	18,571	24,721	44,232	47,971	47,064	40,359
OPM %	25%	23%	24%	16%	11%	25%	22%	21%	23%	32%	33%	33%	29%
Other Income	7,169	6,570	5,939	5,316	4,975	5,834	6,444	3,791	3,866	6,560	8,396	9,932	10,896
Interest	59	9	388	410	430	264	503	645	541	684	819	884	1,114
Depreciation	1,996	2,320	2,826	2,907	3,063	3,450	3,451	3,709	4,429	6,833	6,735	9,145	9,972
Profit before tax	22,880	21,584	21,440	14,446	10,770	27,127	24,071	18,009	23,616	43,275	48,813	46,966	40,170
Tax %	34%	36%	33%	36%	35%	36%	31%	29%	26%	27%	23%	25%
Net Profit	15,112	13,727	14,267	9,280	7,038	17,464	16,700	12,702	17,378	31,723	37,369	35,302	29,755
EPS in Rs	23.92	21.73	22.59	14.95	11.34	28.34	27.12	20.61	28.17	51.54	60.69	57.37	48.45
Dividend Payout %	121%	95%	121%	133%	146%	46%	44%	78%	60%	47%	42%	46%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-9.16%	3.93%	-34.95%	-24.16%	148.14%	-4.37%	-23.94%	36.81%	82.55%	17.80%	-5.53%
Change in YoY Net Profit Growth (%)	0.00%	13.10%	-38.89%	10.80%	172.30%	-152.51%	-19.57%	60.75%	45.73%	-64.75%	-23.33%

Coal India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	8%
3 Years:	9%
TTM:	-2%

Compounded Profit Growth
10 Years:	10%
5 Years:	16%
3 Years:	27%
TTM:	-12%

Stock Price CAGR
10 Years:	2%
5 Years:	24%
3 Years:	19%
1 Year:	-22%

Return on Equity
10 Years:	46%
5 Years:	47%
3 Years:	49%
Last Year:	39%

Last Updated: September 5, 2025, 2:05 am

Balance Sheet

Last Updated: September 1, 2026, 3:34 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6,316	6,316	6,207	6,207	6,163	6,163	6,163	6,163	6,163	6,163	6,163	6,163
Reserves	34,037	28,517	18,311	13,971	20,292	25,994	30,355	36,980	54,680	76,567	95,558	112,939
Borrowings	408	1,199	3,014	1,538	2,210	6,434	5,884	3,514	4,331	6,523	9,146	14,072
Other Liabilities	70,505	77,528	91,054	103,754	104,356	111,430	118,649	132,780	156,222	147,217	147,311	150,782
Total Liabilities	111,267	113,560	118,587	125,471	133,021	150,020	161,051	179,436	221,396	236,470	258,177	283,956
Fixed Assets	16,115	22,082	23,811	27,574	32,618	36,784	42,405	46,677	64,547	75,668	82,148	87,252
CWIP	5,159	4,553	8,585	10,273	9,658	8,328	10,490	12,897	17,622	18,960	22,385	23,413
Investments	2,813	2,906	1,483	1,704	3,170	1,973	5,950	8,921	7,139	7,110	7,591	10,226
Other Assets	87,179	84,018	84,708	85,920	87,576	102,936	102,206	110,942	132,087	134,731	146,054	163,066
Total Assets	111,267	113,560	118,587	125,471	133,021	150,020	161,051	179,436	221,396	236,470	258,177	283,956

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	14,382	13,154	16,461	21,115	16,356	4,977	10,592	41,107	35,734	18,103	30,237	43,215
Cash from Investing Activity +	894	8,154	455	-7,747	-7,896	1,033	182	-25,715	-23,465	-4,486	-11,114	-33,955
Cash from Financing Activity +	-15,026	-19,587	-17,598	-13,564	-10,885	-4,791	-8,453	-13,441	-13,704	-13,899	-13,308	-11,801
Net Cash Flow	250	1,721	-682	-196	-2,426	1,219	2,321	1,951	-1,436	-282	5,815	-2,541
Free Cash Flow	9,480	7,368	7,785	12,586	9,356	-612	-260	29,111	20,523	1,353	15,958	30,783
CFO/OP	138%	112%	204%	307%	105%	48%	86%	189%	103%	62%	97%	129%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	9,480.00	7,368.00	7,785.00	12,586.00	9,356.00	-612.00	-260.00	29,111.00	20,523.00	1,353.00	15,958.00	30,783.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	43	42	54	58	27	20	55	80	38	34	33	32
Inventory Days	321	375	541
Days Payable	41	50	215
Cash Conversion Cycle	323	367	380	58	27	20	55	80	38	34	33	32
Working Capital Days	8	0	9	-23	-59	-34	25	54	-3	-11	25	-14
ROCE %	50%	52%	57%	46%	45%	107%	72%	46%	54%	78%	64%	48%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	63.13%	61.13%
FIIs	7.80%	8.59%	8.41%	8.39%	9.16%	8.58%	7.74%	8.16%	7.96%	8.22%	8.38%	10.37%
DIIs	24.07%	23.06%	23.18%	23.15%	22.56%	22.59%	23.35%	22.66%	22.80%	22.53%	22.76%	22.20%
Government	0.10%	0.10%	0.11%	0.11%	0.11%	0.11%	0.11%	0.12%	0.12%	0.13%	0.10%	0.10%
Public	4.91%	5.10%	5.16%	5.21%	5.02%	5.59%	5.68%	5.93%	5.98%	5.98%	5.62%	6.18%
No. of Shareholders	13,17,699	13,80,104	15,75,608	17,49,437	19,95,555	22,23,442	22,79,035	23,07,450	23,22,686	27,95,663	26,32,588	25,51,169

Shareholding Pattern Chart

No. of Shareholders

Coal India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Parag Parikh Flexi Cap Fund	159,832,308	5.26	7044.61	162,039,558	2026-02-23 01:11:50	-1.36%
HDFC Balanced Advantage Fund	46,700,000	1.93	2058.3	51,500,000	2026-02-23 01:11:50	-9.32%
SBI Equity Hybrid Fund	26,750,000	1.45	1179.01	N/A	N/A	N/A
SBI Flexicap Fund	8,428,341	1.6	371.48	N/A	N/A	N/A
Tata Value Fund	8,370,000	4.18	368.91	7,320,619	2026-02-23 01:11:50	14.33%
Parag Parikh ELSS Tax Saver Fund	8,209,670	6.27	361.84	N/A	N/A	N/A
Nippon India Small Cap Fund	7,000,000	0.47	308.53	8,056,743	2026-02-23 01:11:50	-13.12%
Nippon India ELSS Tax Saver Fund	6,800,000	2.01	299.71	N/A	N/A	N/A
Aditya Birla Sun Life PSU Equity Fund	4,082,418	3.15	179.93	4,582,418	2025-12-15 01:00:11	-10.91%
UTI Value Fund	3,500,000	1.57	154.26	3,764,592	2026-02-23 01:11:50	-7.03%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	57.37	60.69	45.70	28.17	20.61
Diluted EPS (Rs.)	57.37	60.69	45.70	28.17	20.61
Cash EPS (Rs.)	71.37	70.87	53.24	35.40	26.64
Book Value[Excl.RevalReserv]/Share (Rs.)	160.81	135.62	94.14	71.10	59.97
Book Value[Incl.RevalReserv]/Share (Rs.)	160.81	135.62	94.14	71.10	59.97
Revenue From Operations / Share (Rs.)	232.64	230.94	224.34	178.03	146.08
PBDIT / Share (Rs.)	91.73	90.77	70.37	46.40	36.29
PBIT / Share (Rs.)	76.89	79.84	62.78	39.21	30.27
PBT / Share (Rs.)	75.46	78.51	61.67	38.34	29.23
Net Profit / Share (Rs.)	56.53	59.94	45.65	28.21	20.62
NP After MI And SOA / Share (Rs.)	57.37	60.69	45.70	28.17	20.61
PBDIT Margin (%)	39.43	39.30	31.36	26.06	24.84
PBIT Margin (%)	33.05	34.57	27.98	22.02	20.72
PBT Margin (%)	32.43	33.99	27.49	21.53	20.00
Net Profit Margin (%)	24.30	25.95	20.34	15.84	14.11
NP After MI And SOA Margin (%)	24.66	26.27	20.37	15.82	14.10
Return on Networth / Equity (%)	35.67	45.21	49.20	40.23	34.77
Return on Capital Employeed (%)	24.24	27.89	27.15	19.67	16.93
Return On Assets (%)	13.58	15.73	13.33	9.63	7.85
Long Term Debt / Equity (X)	0.07	0.06	0.07	0.07	0.07
Total Debt / Equity (X)	0.08	0.07	0.07	0.07	0.16
Asset Turnover Ratio (%)	0.57	0.63	0.01	0.01	0.01
Current Ratio (X)	1.49	1.70	1.57	1.62	1.64
Quick Ratio (X)	1.29	1.53	1.45	1.49	1.47
Inventory Turnover Ratio (X)	12.58	1.26	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	45.92	40.36	50.87	62.13	60.65
Dividend Payout Ratio (CP) (%)	36.48	34.20	43.63	49.50	46.93
Earning Retention Ratio (%)	54.08	59.64	49.13	37.87	39.35
Cash Earning Retention Ratio (%)	63.52	65.80	56.37	50.50	53.07
Interest Coverage Ratio (X)	63.98	68.27	63.38	52.81	34.69
Interest Coverage Ratio (Post Tax) (X)	40.43	46.09	42.11	33.11	20.71
Enterprise Value (Cr.)	221092.84	244214.38	96630.29	87582.06	69368.08
EV / Net Operating Revenue (X)	1.54	1.72	0.69	0.79	0.77
EV / EBITDA (X)	3.91	4.37	2.23	3.06	3.10
MarketCap / Net Operating Revenue (X)	1.71	1.88	0.95	1.03	0.89
Retention Ratios (%)	54.07	59.63	49.12	37.86	39.34
Price / BV (X)	2.48	3.23	2.30	2.61	2.20
Price / Net Operating Revenue (X)	1.71	1.88	0.95	1.03	0.89
EarningsYield	0.14	0.13	0.21	0.15	0.15

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Coal India Ltd and is it undervalued?

Coal India Ltd: the stored intrinsic value estimate is ₹480.72, compared with a stored share price of ₹426.00. The model value is 12.8% above that quote. The model classifies this as undervalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Coal India Ltd?

The stored share price is ₹426.00. Price-data record updated: 14 September 2026, 12:51 pm +05:30. This is not a live quote. The stored 52-week high / low is 491/370; this is a rolling range, not a financial-year range.

How have Coal India Ltd's revenue and profit changed?

Does Coal India Ltd's profit convert into cash?

What should I check in Coal India Ltd's balance sheet?

Reported borrowings were ₹14,072.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Coal India Ltd's P/E with other stocks?

The stored P/E is 8.42. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Coal India Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.