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Despite spiraling operational costs, on account of increased prices of explosives and industrial diesel, the State owned Coal India (CIL) is absorbing the price shock insulating India's coal users from escalating cost burden. Any pass through of the mounting prices would lead to a cascading effect. The company is also compensating the increased price of the industrial diesel to the contractors, operating in CIL's mines, who purchase it in bulk quantities.
The cost of Ammonium Nitrate (AN) which makes up for around 60% of the material composition in manufacturing of explosives, which CIL uses in its opencast mines, increased by 44 percent from pre-war level of Rs.50,500 per metric ton to Rs.72,750 metric per ton as of 1 April 2026.
Prior to the West Asian crisis AN prices applicable to CIL held steady from August 2025 till January 2026 before touching Rs.50,500 per metric ton as of 1 March 2026 and since then had taken an upward route.
This sharp increase in the price of AN had a direct bearing on the cost of explosives that CIL uses in large quantities in blasting operations to uncover overburden and expose coal seams. As a result, the average cost of explosives shot up by around 26% from Rs.39,588 per metric ton in February 2026 to Rs.49,783 per metric ton by March end.
Annually, CIL's producing subsidiaries consume around 9 Lakh metric tons of total explosives.
Diesel was another important component where the price was shot up. In most of the CIL's subsidiaries the price of the industrial diesel increased by around 54 percent from Rs. 92 per litre in mid-March 2026 to Rs. 142 per litre as of 1st April 2026.
During the recently ended fiscal 2025-26 the consumption of diesel was around 4.19 Lakh Kilo Litres (KL). One KL is equivalent to 1000 Litres.
At a time when the energy prices are surging ahead, apart from absorbing the price shocks, some of CIL's subsidiaries have reduced the reserve price of coal in Single Window Mode Agnostic e-auction. The company has also increased the frequency of auctions and the quantum of coal to be put under the auction. CIL intends to supply the dry fuel at an affordable price to the country's citizens to cap the consequent costs.
Coal India Ltd, Sun Pharmaceutical Industries Ltd, Cigniti Technologies Ltd and Coforge Ltd are among the other losers in the BSE's 'A' group today, 10 April 2026.
Kesoram Industries Ltd crashed 4.95% to Rs 10.38 at 14:44 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 3.63 lakh shares were traded on the counter so far as against the average daily volumes of 2.33 lakh shares in the past one month.
Coal India Ltd lost 4.66% to Rs 433.05. The stock was the second biggest loser in 'A' group.On the BSE, 11.98 lakh shares were traded on the counter so far as against the average daily volumes of 5.97 lakh shares in the past one month.
Sun Pharmaceutical Industries Ltd tumbled 3.88% to Rs 1650.7. The stock was the third biggest loser in 'A' group.On the BSE, 3.19 lakh shares were traded on the counter so far as against the average daily volumes of 1.15 lakh shares in the past one month.
Cigniti Technologies Ltd slipped 3.35% to Rs 1208.95. The stock was the fourth biggest loser in 'A' group.On the BSE, 1942 shares were traded on the counter so far as against the average daily volumes of 20703 shares in the past one month.
Coforge Ltd pared 3.19% to Rs 1223.95. The stock was the fifth biggest loser in 'A' group.On the BSE, 1.76 lakh shares were traded on the counter so far as against the average daily volumes of 2.79 lakh shares in the past one month.
MSTC has become L1 bidder for tender hosted by Coal India at GEM portal for Appointment of External Service Provider for conducting Linkage Auction for Non - Regulated sector (NRS) for three years.
MSTC will be responsible to provide whole gamut of associated services of NRS Linkage auction starting from conducting of auction to execution of agreement through MSTC platform for three years
Coal India (CIL) allays domestic coal deficiency situation even as the power demand began picking up since January, signalling that coal demand could go up in the ensuing months.
The three layer buffer across the supply chain – coal inventory at CIL's pitheads, coal stocks at thermal power plants, and ready to extract in-situ coal exposure in CIL's mines- assures comfortable coal availability as the summer is beginning.
Coal India's producing subsidiaries are holding sizeable pithead coal stock to the tune of 115 Million Tonnes (MTs) as of 26 February 2026, which will further go up by the fiscal's closure.
Coal stocks at domestic coal based power plants stand at nearly 55 MTs (as of 25 February), the highest ever for the referred period. Further, there is a transit stock of 5.5 MTs of coal at goods sheds, washeries and ports put together.
The on tap coal accessibility of coal is approximately 175.5 MTs through these sources. This level of domestic coal sufficiency in the system can meet any spurt in power demand and from other sectors as well and dispels coal scarcity concerns.
The in-situ coal exposure, at mines that contribute to 90% of CIL's total annual output, was 60.2 MTs at the end of the first fortnight of February 2026. It means, large quantities of coal is already uncovered through over burden removal and is ready for extraction and supply at short notice.
“The cumulative quantity of CIL's pithead stock, plant stock at domestic coal based thermal power stations and exposed coal in-situ provides strong operational assurance”, said a senior official of CIL.
Higher quantities of domestic coal availability could catalyse coal import reduction as well. Also international coal prices have shown an upward trend as of February 2026.
Reflecting Coal India's (CIL) focus on scaling up solar power capacity addition, as an alternative green energy source, the company's capital expenditure on solar initiatives shot up to Rs.961 crore ending January FY 2026.
This is 132% target satisfaction against the progressive target of Rs. 729 crore till January 2026. In the process, it had also surpassed FY 2026, capex target, under solar projects, which was pegged at Rs.957 crore.
On a year-on-year comparison, the capex on solar till January 2026 surged ahead by more than double to 2.33 times against Rs.412 crore.
Currently, the cost of setting up 1 MW of solar capacity hovers around Rs. 4 crore to Rs. 4.5 crore, which is a slide down from earlier Rs. 5.5 crore to Rs. 6 crore per MW.
“Solar power lists high on CIL's diversification portfolio. Among the cleaner energy sources solar will play a pivotal role in future and we are laying the groundwork to remain relevant in the country's energy sector. We are actively participating in solar auctions, as well.” said a senior executive of the company.
CIL is aiming to be a Net-Zero entity through installation of 3,000 MW of renewable solar capacity by FY 2028.
Till December 2025, CIL and its subsidiaries have set up renewable energy capacity installation of around 247 MW which is expected to go up to 675 MW by the current fiscal's closure. The upcoming capacity addition includes two major solar power projects in Gujarat, 100 MW in Patan and 300 MW in Khavda.
Beyond these projects, CIL is also actively scouting for 2,000 MW of RE capacity in near term through its subsidiaries and joint ventures. One is, 875 MW plant with Rajasthan Rajya Vidyut Utpadan Nigam and the other is a 500 MW capacity plant through Uttar Pradesh Rajya Vidyut Utpadan Nigam in phased manner. Further bids have been invited for 20 MW floating solar plant in Gorakhpur.
Additionally, CIL is taking part in Tariff-Based Competitive Bidding (TBCB) tenders for solar power development across multiple states. Battery Energy Storage System (BESS) is also on the company's radar.
Profit before tax tanked 19.67% to Rs 9,472.61 crore in Q3 FY26, as against Rs 11,792.42 crore in Q3 FY25.
During the quarter, total expenses stood at Rs 28,132 crore in Q3 FY26, up 3.12% from Rs 27,280.39 crore posted in Q3 FY25. The cost of material consumed was at Rs 2,805.34 crore in Q3 FY26, down 2.42% from Rs 2,874.79 crore posted in Q3 FY25. While employee benefits expenses stood at Rs 13,719.77 crore (up 26.4% YoY), finance costs stood at Rs 320.73 crore (up 42.21% YoY) during the quarter.
The company reported production of 200.05 million tonnes (MT) in Q3 FY26, down 1% YoY from 202.02 MT in Q3 FY25. Coal offtake also declined 3% YoY to 188.66 MT, compared with 194.53 MT in the corresponding quarter last year. The miner's average realisation from e-auction sales stood at Rs 2,434.56 per tonne, lower than the Rs 2,684.79 per tonne in the year-ago period, while the overall average price realization of coal supplied during the quarter fell by Rs 29 from a year ago to Rs 1,638 per tonne, its earnings' filing showed.
Meanwhile, the state-owned producer announced their third interim dividend in the ongoing financial year of Rs 5.50 per equity share. The company has also set Wednesday, February 18, as the record date to determine the eligibility of shareholders for the dividend payout. The dividend will be paid on or before Friday, March 13.
Coal India is mainly engaged in mining and production of coal and also operates coal washeries. The major consumers of the company are the power and steel sectors. Consumers from other sectors include cement, fertilizers, and brick kilns.
Shares of Coal India shed 0.97% to Rs 415.05 on the BSE.
Coal India Ltd dropped for a fifth straight session today. The stock is quoting at Rs 409.15, down 2.39% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.86% on the day, quoting at 25585.15. The Sensex is at 82937.29, down 0.88%.Coal India Ltd has eased around 5.33% in last one month.Meanwhile, Nifty Energy index of which Coal India Ltd is a constituent, has increased around 3.68% in last one month and is currently quoting at 36452.65, down 1.52% on the day. The volume in the stock stood at 49.09 lakh shares today, compared to the daily average of 89.83 lakh shares in last one month.
The benchmark February futures contract for the stock is quoting at Rs 404.85, down 2.08% on the day. Coal India Ltd jumped 15.51% in last one year as compared to a 11.58% rally in NIFTY and a 17.42% spurt in the Nifty Energy index.
The PE of the stock is 12.15 based on TTM earnings ending September 25.