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Coal India Limited (COALINDIA) Fair Value & Analysis

Energy · IN · Market cap ₹2.6T (≈ $27.9B) · ISIN INE522F01014

What is Coal India Limited really worth?

CI Coal India Limited COALINDIA · NSE
Price₹415.35
Fair Value₹464.01
Upside+11.7%
Quality63/100

A solid business, trading 10% below our fair value of ₹464.01.

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Strengths

Healthy Growth (revenue 5y +15.2 %/yr)
Solidly profitable · 18.5% net margin
Low debt · generates free cash flow
Ranks above peers (12/15)
Wide moat 70/100

For context

·6.36% dividend yield
Evidence: High Range ₹363.62 – ₹564.39

Fair value as of: Sep 3, 2026

From 26 valuation models · updated yesterday

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

₹481.65 ₹88.43 Fair Value ₹464.01 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range ₹88.43 – ₹481.65 · fair‑value band ₹363.62 – ₹564.39 · the ₹415.35 price screens below the ₹464.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Coal India Limited (COALINDIA) currently trades at ₹415.35, while our model-based Fair Value estimate is ₹464.01, implying the stock looks roughly 10.5% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of ₹769.44 per share, and 20 of the 26 models we run sit above the ₹415.35 price. Bear case: the Asset-Based group reads lowest at ₹129.48, and 6 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Coal India Limited generated revenue of ₹1.7T at a net margin of 18.5%. Revenue grew 16.2% year over year. It earns a return on equity of 28.1%. The balance sheet holds a net cash position of ₹385B. Fundamentals as of Sep 3, 2026

Our scenario range runs from ₹363.62 (bear case) to ₹564.39 (bull case); at ₹415.35, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −27% fair-value upside, at 12%, COALINDIA screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹10.35 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹760.03 ₹1,212 ₹1,958 79
Growth DCF ₹770.45 ₹1,165 ₹1,772 78
5Y EBITDA Exit ₹478.47 ₹675.95 ₹902.91 76
All 26 models by family
DCF Models
FCF DCF ₹760.03 ₹1,212 ₹1,958 79
Owner Earnings ₹654.27 ₹1,037 ₹1,668 75
5Y Revenue Exit ₹445.10 ₹612.00 ₹818.59 73
5Y EBITDA Exit ₹478.47 ₹675.95 ₹902.91 76
5Y P/E Exit ₹616.67 ₹940.77 ₹1,285 71
10Y Revenue Exit ₹539.38 ₹723.42 ₹963.27 68
10Y EBITDA Exit ₹568.88 ₹769.44 ₹1,031 69
10Y P/E Exit ₹659.85 ₹960.02 ₹1,336 64
Earnings-Based
Graham-Dodd ₹343.10 ₹1,193 ₹1,603 64
Lynch FV ₹276.90 ₹395.57 ₹514.24 61
PEG = 1.0 ₹276.90 ₹395.57 ₹514.24 57
EPV ₹398.96 ₹456.96 ₹508.51 74
Dividend Discount
Gordon GGM ₹252.81 ₹551.93 ₹928.64 65
DDM Multi-Stage ₹252.81 ₹449.16 ₹575.20 66
Multiples
P/E Multiple ₹529.78 ₹706.38 ₹882.97 63
P/S Multiple ₹245.93 ₹327.91 ₹409.88 58
P/B Multiple ₹260.90 ₹347.87 ₹434.84 55
EV/EBIT ₹448.88 ₹575.06 ₹701.25 66
EV/EBITDA ₹371.48 ₹471.86 ₹572.24 67
EV/Revenue ₹299.86 ₹398.24 ₹496.61 54
Asset-Based
NCAV (Graham) ₹96.63 ₹129.48 ₹193.26 54
Growth DCF
Growth DCF ₹770.45 ₹1,165 ₹1,772 78
Rev-Margin DCF ₹445.10 ₹618.87 ₹827.65 73
Economic Profit
Residual Income ₹331.02 ₹420.68 ₹1,839 64
ROIC Compounder ₹427.12 ₹528.17 ₹647.19 72
Growth Earnings
Growth-Adj P/E ₹483.47 ₹690.67 ₹897.87 67

Widest divergence: DCF Models (₹769.44) versus Asset-Based (₹129.48). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 8.2
P/S ratio 1.52 P/E × margin
EPS (TTM) ₹50.44 price ÷ EPS = P/E 8.2
Dividend yield 6.4% payout 52.3%
Net margin 18.5% FY2026
Return on equity 28.1% TTM
More key figures
Profitability
Return on assets (EBIT) 14.9% avg 5y
Operating margin 20.9% TTM
Growth
Revenue (TTM) ₹1.7T TTM
Revenue growth (YoY) +16.2% 3y avg +9.7%
EPS growth (YoY) +12.9%
Balance sheet & cash flow
Free cash flow ₹344B FY2026
Net cash ₹385B FY2026

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 67 · Market factors (momentum, volatility) 56

Profitability 64
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Coal India Limited, together with its subsidiaries, produces and sells coal and coal products in India. The company offers coking coal for steel making and metallurgical industries, as well as for hard coke manufacturing; semi coking coal for blend-able coal in steel making, merchant coke manufacturing, and other metallurgical industries; and non-coking …

Full company description

Coal India Limited, together with its subsidiaries, produces and sells coal and coal products in India. The company offers coking coal for steel making and metallurgical industries, as well as for hard coke manufacturing; semi coking coal for blend-able coal in steel making, merchant coke manufacturing, and other metallurgical industries; and non-coking coal for thermal grade coal for cement, fertilizer, glass, ceramic, paper, chemical, and brick manufacturing, as well as power generation and other heating purposes. It also provides washed and beneficiated coal for manufacturing of hard coke for steel making and power generation, as well as for cement, sponge iron, and other industrial plants; middling products for power generation, domestic fuel plants, brick manufacturing units, cement plants, and industrial plants, etc.; and rejects products for fluidized bed combustion boilers for power generation, road repairs, briquette making, and land filling, etc. In addition, the company offers CIL/LTC coke for use in furnaces and kilns of industrial units, as well as domestic fuel by halwais, and hotels, etc.; coal/coke fines for use in industrial furnaces and domestic purposes; and tar, heavy and light oil, and soft pitch for use in furnaces and boilers of industrial plants, power houses, oil, dye, and pharmaceutical industries, etc. Further, it engages in coal mining and gasification; consultancy support in coal and mineral exploration; and renewable and solar energy. The company was formerly known as Coal Mines Authority Limited and changed its name to Coal India Limited in January 1975. Coal India Limited was incorporated in 1973 and is headquartered in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Coal India Limited reported revenue of ₹1.7T in FY2026 versus ₹1.0T in FY2022, a compound +13.8%/yr. Reported net income was ₹311B in FY2026, compounding +15.7%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹1.7T
Latest YoY
+35.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.2%
Avg. revenue growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.9%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+19.6% (13.2 + 6.4)
Revenue +13.8%/yr
FY22 ₹1.0T
FY23 ₹1.3T
FY24 ₹1.3T
FY25 ₹1.2T
FY26 ₹1.7T
Net income +15.7%/yr
FY22 ₹174B
FY23 ₹318B
FY24 ₹374B
FY25 ₹354B
FY26 ₹311B
Character of growth · EPS growth decomposed (2015-2026) +12.3 % p.a.
Revenue per share +7.5 %

of which total revenue +7.2 % · buybacks/dilution +0.2 %

EBIT margin +2.9 %
Tax rate +1.7 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Coal India Limited Fair Value". https://www.fairvalue-calculator.com/stock/COALINDIA

Peer Group

Thermal Coal · 99 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Top 25%
Fair Value upside +12% · Above median
Return on equity (TTM) 28% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 16% · Top 25%
Dividend yield (TTM) 6.4% · Top 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 8.2× · Cheaper than 75% of peers
P/B 2.21× · Pricier than 75% of peers
P/S (TTM) 1.57× · Pricier than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 5.3× · Cheaper than median
PEG 0.87× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE49 · sector 8
FUTURE81 · sector 0
PAST100 · sector 21
HEALTH96 · sector 93
DIVIDEND100 · sector 54

Insider activity: 15/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
China Shenhua Energy Company 601088 ¥48.05 ¥34.97 −27%
PT Bayan Resources Tbk., BYAN 15,325 IDR 3,542 IDR −77%
Adani Enterprises Limited ADANIENT ₹2,965 ₹891.11 −70%
Shaanxi Coal Industry Company 601225 ¥25.08 ¥23.90 −5%
Yankuang Energy Group 600188 ¥21.60 ¥13.24 −39%
533278 533278 ₹406.50 ₹660.78 +63%
China Coal Energy Company 601898 ¥13.93 ¥13.91 +0%
PT Dian Swastatika Sentosa Tbk, DSSA 1,145 IDR 352.75 IDR −69%
Inner Mongolia Dian Tou Energy Corporation 002128 ¥26.48 ¥20.72 −22%
Shanxi Lu'an Environmental Energy Development Co 601699 ¥16.27 ¥7.20 −56%

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Frequently asked questions

Is Coal India Limited (COALINDIA) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of ₹464.01 versus a price of ₹415.35, about +12% upside (undervalued).
What is the fair value of COALINDIA?
Our model-based fair value for Coal India Limited is ₹464.01 (as of Sep 3, 2026), built from audited fundamentals. The current price: ₹415.35.
What is the quality score of COALINDIA?
Coal India Limited has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Coal India Limited (COALINDIA)?
Coal India Limited reported trailing-twelve-month revenue of about ₹1.7T (latest available figure, as of Sep 3, 2026).
What is the net profit margin of COALINDIA?
The net profit margin of Coal India Limited is about 18.5%, meaning it keeps roughly 18.5% of revenue as net income. Based on the latest reported figures.
Does Coal India Limited pay a dividend?
Coal India Limited currently shows a dividend yield of about 6.36% relative to its recent price (as of Sep 3, 2026).
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