Why Coal India shares fell 2% despite strong Q2 revenue growth

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Brokerage reactions were mixed; JM Financial maintained an ADD rating on the stock

By BL Mumbai Bureau

Updated - October 30, 2026 at 10:54 AM.

FIle pic: The CIL stock is trading well below its 52-week high of ₹491.25 hit in April and has shed nearly 9.5 per cent over the past month. | Photo Credit: AMIT DAVE

Shares of Coal India were under pressure on Friday morning, falling 2.10 per cent to ₹384.85 by 10.28 am, a day after the state-run miner reported its September quarter results. The stock opened higher at ₹398, touched an intraday high of ₹398.05, but quickly reversed to a low of ₹380.40 as investors digested a miss on operating profit. Over 1.06 crore shares had changed hands by mid-morning, with 58 per cent of buy orders against 42 per cent sell orders.

The stock is trading well below its 52-week high of ₹491.25 hit in April and has shed nearly 9.5 per cent over the past month.

Brokerage reactions were mixed. JM Financial maintained an ADD rating with a revised target of ₹438 (down from ₹458), flagging that EBITDA per tonne came in at ₹399, missing its estimate by 28 per cent, largely because the company aggressively liquidated inventory. Motilal Oswal reiterated a BUY with a revised target of ₹450, cutting its FY27 EBITDA estimate by 5 per cent to account for higher production costs — explosives, fuel, and contractual expenses — but left FY28 estimates unchanged. Elara Securities was the most bullish, maintaining BUY with a ₹522 target, calling the quarter broadly in line with estimates and noting coal offtake jumped 12 per cent year-on-year to 186.34 million tonnes.

On results, Coal India reported Q2FY27 revenue of ₹44,170 crore, up 21 per cent year-on-year. Adjusted EBITDA rose 28 per cent year-on-year to ₹7,400 crore, though it fell sharply quarter-on-quarter. PAT came in at ₹6,500 crore, up 52 per cent year-on-year.

Separately, the board approved a second interim dividend of ₹10.25 per share for TY 2026-27, taking total dividends in the first half to ₹15.75 per share. The record date is November 4, 2026.

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