Coal India Limited

BSE: COALINDIA533278ISIN INE522F01014

Energy
Coal
BSE 100

Share price

₹399.40-9.35 (-2.29%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹490.90
52W low: ₹369.55
Off 52W high: -18.64%
1M return: -6.02%
3M return: -3.53%
6M return: -14.98%
1Y return: +5.75%
20D avg volume: 4,92,119
50 DMA: ₹412.56
200 DMA: ₹433.06

Key ratios Consolidated

Market cap: ₹2,46,139 Cr
Current price: ₹399.40
52W high / low: ₹490.90 / ₹369.55
Face value: ₹10.00
P/E: 7.89
P/B: 1.93
EPS (TTM): ₹50.60
Book value / share: ₹206.84
ROE: —
ROCE: 19.40%
Operating margin: —
Net margin: —
Debt / equity: 0.11
Net debt: ₹5,202 Cr
Interest cover: 34.85
Dividend yield: 6.63%
Dividend / share (TTM): ₹26.50
Payout: 52.37%
Cash conversion cycle: 37.3 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	—	46,255	46,490	34,924	30,187	35,842	37,825	35,780	30,673	36,465	37,410	36,154
	—	2,040	5,128	2,392	2,140	1,616	3,937	2,143	1,505	1,885	2,244	2,203
	—	48,295	51,618	37,316	32,327	37,458	41,762	37,923	32,178	38,349	39,654	38,357
	—	36,816	37,107	28,132	26,422	25,893	29,057	26,202	24,162	24,287	28,298	26,268
	—	3,260	3,516	2,805	2,289	2,562	3,481	2,875	2,295	2,596	3,362	2,701
	—	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	—	11,023	11,526	13,220	10,730	11,323	12,089	11,222	11,484	11,454	13,536	11,574
	—	327.28	343.55	320.73	286.87	265.11	241.14	225.54	208.14	208.83	232.18	226.77
	—	2,303	2,947	2,218	2,664	2,307	2,782	2,513	1,898	1,952	1,993	1,260
	—	18,486	22,372	10,280	9,120	9,287	13,568	3,368	2,776	2,632	5,464	3,304
	—	11,479	14,511	9,184	5,905	11,565	12,704	11,721	8,016	14,062	11,356	12,089
	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	—	11,479	14,511	9,184	5,905	11,565	12,704	11,721	8,016	14,062	11,356	12,089
	—	2,870	3,719	2,307	1,852	2,975	3,281	3,301	1,879	3,204	2,790	3,281
	—	8,850	10,908	7,166	4,263	8,734	9,593	8,491	6,275	10,944	8,640	9,094
	—	14.36	17.59	11.61	7.07	14.19	15.58	13.80	10.21	17.78	14.09	14.72
Key metrics
	—	14,109	17,801	11,723	8,857	14,137	15,727	14,460	10,122	16,223	13,582	13,576
	—	30.50%	38.30%	33.60%	29.30%	39.40%	41.60%	40.40%	33.00%	44.50%	36.30%	37.60%
	—	19.10%	23.50%	20.50%	14.10%	24.40%	25.40%	23.70%	20.50%	30.00%	23.10%	25.20%
	—	—	6.80%	—	3.10%	—	6.60%	—	—	—	—	—
	—	29.10%	22.90%	-2.40%	-1.60%	-1.70%	1.10%	-1.00%	—	—	—	—
	—	1.30%	13.70%	-15.60%	-32.10%	-20.20%	11.00%	-6.60%	—	—	—	—

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	1,68,400	1,43,369	1,42,324	1,38,252	1,09,714	90,026	96,080	99,547	87,269
	11,276	9,470	7,969	6,551	3,905	3,792	6,105	5,874	4,658
	1,79,676	1,52,839	1,50,293	1,44,803	1,13,618	93,818	1,02,186	1,05,421	91,927
	1,38,511	1,06,335	1,01,907	1,06,794	89,993	75,806	78,113	78,295	81,200
	11,171	11,247	11,580	13,557	9,442	7,585	7,065	7,331	6,830
	0.00	0.00	—	469.74	103.56	282.34	60.80	—	—
	46,425	46,249	48,783	49,409	40,701	38,698	39,384	38,770	42,634
	1,216	883.65	819.37	684.31	541.49	644.69	502.92	275.04	431.79
	10,137	9,145	6,735	4,675	4,429	3,709	3,451	3,450	—
	72,391	41,113	14,052	5,892	4,966	4,317	4,605	4,741	4,215
	41,165	46,504	48,386	38,009	23,625	18,012	24,072	27,125	10,726
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	41,165	46,504	48,386	38,009	23,625	18,012	24,072	27,125	10,726
	10,853	11,664	11,443	9,876	6,238	5,307	7,371	9,662	3,707
	31,071	35,302	37,369	28,125	17,378	12,702	16,700	17,462	7,020
	50.46	57.37	60.69	45.70	28.17	20.61	27.12	28.14	—
Key metrics
	52,518	56,533	55,941	43,369	28,595	22,366	28,026	30,851	11,158
	31.20%	39.40%	39.30%	31.40%	26.10%	24.80%	29.20%	31.00%	12.80%
	18.50%	24.60%	26.30%	20.30%	15.80%	14.10%	17.40%	17.50%	8.00%
	19.40%	24.20%	—	—	—	—	—	—	—
	17.50%	0.70%	2.90%	26.00%	21.90%	-6.30%	-3.50%	14.10%	—
	-12.00%	-5.50%	32.90%	61.80%	36.80%	-23.90%	-4.40%	148.70%	—
	31,122	16,396	—	—	—	—	—	—	—
	1.39	0.83	—	—	—	—	—	—	—
	0.11	0.09	—	—	—	—	—	—	—
	5,202	-2,252	—	—	—	—	—	—	—
	37.3	38.5	—	—	—	—	—	—	—
Balance sheet
	2,85,660	2,60,198	—	—	—	—	—	—	—
	1,25,528	96,193	—	—	—	—	—	—	—
	8,620	11,161	—	—	—	—	—	—	—
	14,121	12,728	—	—	—	—	—	—	—
	15,654	12,614	—	—	—	—	—	—	—
	30,248	21,144	—	—	—	—	—	—	—
	81,503	76,640	—	—	—	—	—	—	—
	12,554	10,206	—	—	—	—	—	—	—
	67,651	64,742	—	—	—	—	—	—	—
	13,821	8,908	—	—	—	—	—	—	—
	4,589	1,523	—	—	—	—	—	—	—
	9,232	7,386	—	—	—	—	—	—	—
	1,21,005	99,951	—	—	—	—	—	—	—
Cash flow
	43,215	29,200	—	—	—	—	—	—	—
	-33,955	-10,076	—	—	—	—	—	—	—
	-11,801	-13,308	—	—	—	—	—	—	—
	12,092	12,804	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	—	345.18	490.19	417.13	296.09	355.31	473.43	416.01	315.02	389.71	488.05	398.59
	—	98.88	5,752	4,877	8,311	30.33	3,087	9,548	3,961	31.87	3,212	9,167
	—	444.06	6,242	5,294	8,607	385.64	3,560	9,964	4,276	421.58	3,700	9,565
	—	232.86	371.53	388.45	240.74	210.16	362.32	264.13	197.11	300.40	274.57	173.43
	—	0.53	0.63	0.61	0.81	0.75	1.38	1.10	1.17	1.00	1.21	1.18
	—	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	—	99.74	27.15	219.08	91.43	95.66	86.02	103.82	99.44	103.90	90.15	110.79
	—	6.79	6.59	17.83	14.61	2.40	0.65	0.66	0.66	1.73	0.51	0.51
	—	15.23	21.35	10.85	11.33	11.15	13.01	11.31	11.51	10.97	10.79	10.78
	—	110.60	309.42	139.78	119.08	112.62	244.74	129.63	60.39	154.99	147.32	50.36
	—	211.20	5,871	4,905	8,367	175.48	3,198	9,699	4,079	121.18	3,426	9,392
	—	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	—	211.20	5,871	4,905	8,367	175.48	3,198	9,699	4,079	121.18	3,426	9,392
	—	58.02	337.26	33.15	24.60	59.51	49.05	53.20	55.03	33.72	89.60	75.49
	—	153.18	5,534	4,872	8,342	115.97	3,149	9,646	4,134	87.46	3,336	9,316
	—	0.25	8.98	7.91	13.54	0.19	5.11	15.65	6.71	0.14	5.41	15.12
Key metrics
	—	233.22	5,899	4,934	8,393	189.03	3,212	9,711	4,091	133.88	3,437	9,403
	—	67.60%	1,203.40%	1,182.80%	2,834.50%	53.20%	678.40%	2,334.40%	1,298.70%	34.40%	704.30%	2,359.10%
	—	44.40%	1,128.90%	1,168.00%	2,817.40%	32.60%	665.10%	2,318.80%	1,312.30%	22.40%	683.60%	2,337.30%
	—	—	20.30%	—	30.80%	—	12.70%	—	—	—	—	—
	—	-2.90%	3.50%	0.30%	-6.00%	-8.80%	-3.00%	4.40%	—	—	—	—
	—	32.10%	75.70%	-49.50%	101.80%	32.60%	-5.60%	3.50%	—	—	—	—

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	1,577	1,594	1,516	1,951	1,132	640.25	845.16	934.30	370.37
	18,971	16,627	15,332	14,553	10,936	7,679	11,566	10,549	9,571
	20,548	18,221	16,849	16,503	12,068	8,319	12,411	11,483	9,941
	1,229	1,124	806.64	1,410	710.70	645.45	1,112	920.54	626.57
	2.80	4.65	4.23	4.87	1.19	2.24	5.09	7.58	6.93
	0.00	0.00	—	469.74	—	—	—	—	—
	431.82	393.18	400.01	421.48	438.84	443.90	545.25	474.66	525.04
	41.43	3.70	2.03	1.92	1.50	1.59	5.26	18.04	257.86
	54.68	46.80	43.33	42.94	20.83	19.67	54.39	26.25	18.14
	700.96	646.67	313.23	273.01	148.46	110.38	211.94	212.81	118.65
	19,318	17,098	16,042	15,094	11,357	7,674	11,299	10,562	9,315
	0.00	0.00	—	—	—	—	—	—	—
	19,318	17,098	16,042	15,094	11,357	7,674	11,299	10,562	9,315
	454.52	80.94	275.29	291.20	155.27	33.88	18.38	92.75	21.41
	18,864	17,017	15,767	14,802	11,202	7,640	11,281	10,470	9,293
	30.61	27.61	25.58	24.02	18.18	12.40	18.31	16.87	—
Key metrics
	19,415	17,148	16,087	15,138	11,379	7,695	11,359	10,607	9,591
	1,230.90%	1,075.70%	1,060.90%	776.10%	1,005.30%	1,201.90%	1,344.00%	1,135.30%	2,589.50%
	1,196.00%	1,067.40%	1,039.80%	758.90%	989.60%	1,193.30%	1,334.80%	1,120.60%	2,509.20%
	67.00%	67.90%	—	—	—	—	—	—	—
	-1.10%	5.10%	-22.30%	72.30%	76.80%	-24.20%	-9.50%	152.30%	—
	10.90%	7.90%	6.50%	32.10%	46.60%	-32.30%	7.70%	12.70%	—
	1,825	1,022	—	—	—	—	—	—	—
	0.17	0.07	—	—	—	—	—	—	—
	0.04	0.00	—	—	—	—	—	—	—
	157.83	-711.40	—	—	—	—	—	—	—
	-42.0	-24.7	—	—	—	—	—	—	—
Balance sheet
	29,903	25,580	—	—	—	—	—	—	—
	6,005	4,401	—	—	—	—	—	—	—
	639.06	711.40	—	—	—	—	—	—	—
	0.00	0.00	—	—	—	—	—	—	—
	10.81	8.72	—	—	—	—	—	—	—
	490.60	359.00	—	—	—	—	—	—	—
	987.31	540.00	—	—	—	—	—	—	—
	192.31	116.62	—	—	—	—	—	—	—
	1,000	388.74	—	—	—	—	—	—	—
	796.89	0.00	—	—	—	—	—	—	—
	114.61	0.00	—	—	—	—	—	—	—
	682.28	0.00	—	—	—	—	—	—	—
	20,655	18,071	—	—	—	—	—	—	—
Cash flow
	3,243	1,171	—	—	—	—	—	—	—
	12,122	15,735	—	—	—	—	—	—	—
	-15,438	-16,239	—	—	—	—	—	—	—
	1,419	148.99	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -6.83%
Sales CAGR 5Y: +19.76%
Profit CAGR 3Y: +8.42%
Profit CAGR 5Y: +19.81%
Sales YoY (TTM): —
Profit YoY (TTM): —

Consolidated

Sales CAGR 3Y: +6.80%
Sales CAGR 5Y: +13.34%
Profit CAGR 3Y: +3.38%
Profit CAGR 5Y: +19.59%
Sales YoY (TTM): —
Profit YoY (TTM): —

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

Coal India Wins 600 MW Solar Plant Order

Shareholding as of 30 Sep 2026

Promoter holding: 61.13%

Quarter	September 2026	June 2026
Promoter %	61.13%	61.13%

Holder	Type	Holding	Previous	Change
PRESIDENT OF INDIA	Promoter	61.13%	61.13%	0.00%
LIFE INSURANCE CORPORATION OF INDIA	Public	9.63%	10.24%	-0.61%
PARAG PARIKH FLEXI CAP FUND	Public	3.18%	3.03%	+0.15%
CPSE EXCHANGE TRADED SCHEME (CPSE ETF)	Public	2.02%	1.57%	+0.45%
SBI NIFTY 50 ETF	Public	1.44%	1.38%	+0.06%
ICICI PRUDENTIAL EQUITY ARBITRAGE FUND	Public	1.15%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Coal India Limited	2,46,139	399.40	7.89	19.40%	—	—	+5.75%
BHARAT COKING COAL LIMITED S	14,507	31.15	239.62	3.10%	—	—	—
Sindhu Trade Links Limited	3,919	21.27	50.64	2.30%	-63.67% TTM	+12.35% TTM	-15.43%
CALIBER MINING AND LOGISTICS LIMITED	3,430	524.70	—	—	—	—	—
Foundry Fuel Products Ltd. S	5	5.95	-17.50	11.30%	—	0.00% TTM	-6.30%

Filings & corporate actions

Recent announcements

Filling of DRHP of South Eastern Coalfields Limited (SECL), a Wholly owned Subsidiary of CIL.2 Nov 2026 · Company Update / General
Newpaper Publication on "Tax on 2nd Interim Dividend for TY 2026-27."2 Nov 2026 · Company Update / Newspaper Publication
CIL records all time high coal Supplies in Oct''261 Nov 2026 · Company Update / Press Release / Media Release
Please find the data for oct 26 and for apr26 to oct261 Nov 2026 · Company Update / General
Provisional Production and offtake for the month of october 26 and progressive from Apr26 to oct261 Nov 2026 · Company Update / Monthly Business Updates
Revised Investor Presentation on the Unaudited Financial Results of CIL (Standalone & Consolidated) for the 2nd Quarter and half year ended 30.09.202630 Oct 2026 · Company Update / Investor Presentation
Newpaper Publication on "Extracts of Consolidated Financial Results for the quarter and Half Year Ended 30.09.2026."30 Oct 2026 · Company Update / Newspaper Publication
Shareholder Communication on Tax on 2nd Interim Dividend for TY 2026-27.29 Oct 2026 · Company Update / General
Investor Presentation on Unaudited financial results standalone and consolidated for the 2nd quarter and half year ended 30.09.2629 Oct 2026 · Company Update / Investor Presentation
Record date for 2nd Interim Dividend 2026-27 is 04.11.202629 Oct 2026 · Corp Action / Date of payment of Dividend
Please find the attached29 Oct 2026 · Board Meeting / Outcome of Board Meeting
Newspaper publication on "Notice of Board Meeting."27 Oct 2026 · Company Update / Newspaper Publication
Press Release on "CIL Logs 27% Growth in CAPEX During H1 FY''27; Achieves 109% of Planned Outlay."27 Oct 2026 · Company Update / Press Release / Media Release
Coal India Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve Notice of Board Meeting for consideration ....22 Oct 2026 · Board Meeting / Board Meeting
Newspaper publication on "Special Window for Re-lodgement of Transfer Requests of Physical Equity Shares of Coal India limited - 5th Intimation"9 Oct 2026 · Company Update / Newspaper Publication
Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the 2nd quarter ended 30th September 2026.8 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Press Release on "CIL Ramps Up Coal Supllies by 12.5% in September Amid Rising Pwer Demand"1 Oct 2026 · Company Update / Press Release / Media Release
SWMA E-Auction Data of CIL and Subsidiary Companies for the month of Sep26 & Cumulative for the month of Apr26-sep26.1 Oct 2026 · Company Update / General
Production and Offtake Performance of CIL and Subsidiary Companies for Sep''26 and Progressive Sep''261 Oct 2026 · Company Update / General
Non-Binding Memorandum of Understanding between Coal India Limited and Hindustan Urvarak & Rasayan Limited29 Sep 2026 · Company Update / Memorandum of Understanding /Agreements
Disclosure under Regulation 30 of SEBI ( LODR ), Reg, 2015 - Change in Senior Management29 Sep 2026 · Company Update / Change in Management
Trading Window Closure24 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Appointment of Smt Sona Kumari as Non-Official Independent Director on Northern Coalfields Limited (NCL)17 Sep 2026 · Company Update / General
NCL picks up Production and Dispatch as Monsoon recedes9 Sep 2026 · Company Update / Press Release / Media Release
Appointment of M/s. Chaturvedi & Co LLP, Kolkata as Statutory Auditor of the Company for the FY 2026-279 Sep 2026 · Company Update / Appointment of Statutory Auditor/s
Filing of DRHP of MCL, a wholly owned subsidiary of CIL.2 Sep 2026 · Company Update / General
CIL Supplies rise 5.5% in Aug''261 Sep 2026 · Company Update / Press Release / Media Release
SWMA E-auction data of CIL and Subsidiary companies for thew month of Aug26 and Cummlative for the month of Apr26-Aug26.1 Sep 2026 · Company Update / General
Newspaper Publication of Chairman''s Speech at 52nd AGM of CIL held on 31.08.2026.1 Sep 2026 · Company Update / Newspaper Publication
Please find attached Results of 52nd AGM of CIL along with Scrutinizer''s Report1 Sep 2026 · AGM/EGM / AGM
Provisional Production and Off-take Performance of CIL and Subsidiary Companies for the month of August''26 and Progressive August''26.1 Sep 2026 · Company Update / General
Cessation of Shri Raja Sekhar Kinnera as ED (CPPM) on attaining the age of superannuation1 Sep 2026 · Company Update / Change in Management
Please find the attached AGM proceedings along with Chairman''s Speech of CIL31 Aug 2026 · AGM/EGM / AGM
Imposition of fine by BSE and NSE for Quarter ended 30th June , 202626 Aug 2026 · Company Update / General
Incorporation of Wholly owned subsidiary of CIL viz. CIL Global Pte. Ltd.24 Aug 2026 · Company Update / General
Incorporation of CIL Global PTE. Ltd.24 Aug 2026 · Company Update / General
Special Window for Re-lodgement of Transfer Requests of Physical Equity Shares of CIL - 4th Intimation14 Aug 2026 · Company Update / Newspaper Publication
Non binding MoU between CIL and AMNS12 Aug 2026 · Company Update / General
Newspaper Publication of Notice of 52nd AGM of CIL12 Aug 2026 · Company Update / Newspaper Publication
Please find the attached letter7 Aug 2026 · Company Update / General

Corporate actions

Purpose	Ex date	Record date	Payment date
Interim Dividend - Rs. - 10.2500	4 Nov 2026	4 Nov 2026	—
Final Dividend - Rs. - 5.2500	4 Sep 2026	4 Sep 2026	—
Interim Dividend - Rs. - 5.5000	31 Jul 2026	31 Jul 2026	—
Interim Dividend - Rs. - 5.5000	18 Feb 2026	18 Feb 2026	—
Interim Dividend - Rs. - 10.2500	4 Nov 2025	4 Nov 2025	—
Final Dividend - Rs. - 5.1500	21 Aug 2025	21 Aug 2025	—
Interim Dividend - Rs. - 5.5000	6 Aug 2025	6 Aug 2025	—
Interim Dividend - Rs. - 5.6000	31 Jan 2025	31 Jan 2025	—
Interim Dividend - Rs. - 15.7500	5 Nov 2024	5 Nov 2024	—
Final Dividend - Rs. - 5.0000	16 Aug 2024	16 Aug 2024	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
27 Jul 2026 Board Meeting - Financial Results

Coal India Wins 600 MW Solar Plant Order

Prasanna Munot · 2026-07-02

Coal India Limited (CIL) has received a Letter of Award from Bundelkhand Saur Urja Limited (BSUL) to set up a 600 MW solar power plant at the Jalaun Solar Park in Uttar Pradesh. The project, to be built in two blocks of 300 MW each, will sell power at a tariff of ₹2.73 per kilowatt-hour and carries an estimated project cost of ₹2,831.11 crore .

A Quick Look at Coal India

Coal India is the world’s largest coal mining company, majority-owned by the Indian government. It extracts coal from vast mines across several states and sells it primarily to power plants that generate electricity for Indian homes and to heavy industries like steel and cement. The company also sells coal through online e-auctions. In recent years, it has begun diversifying into renewable energy, commissioning a 100 MW solar plant in Gujarat and forming a subsidiary for green energy projects.

The Order in Detail

The award was announced in a stock exchange filing dated July 1, 2026. The key terms are:

Awarding Entity: Bundelkhand Saur Urja Limited (BSUL), a domestic entity .
Project: Setting up a 600 MW solar plant (300 MW × 2) at Jalaun Solar Park, Uttar Pradesh .
Tariff: ₹2.73 per kilowatt-hour .
Estimated Project Cost: ₹2,831.11 crore .
Timeline: 18 months from the signing of the Power Purchase Agreement (PPA) .

Who is Bundelkhand Saur Urja Limited?

BSUL is a joint venture between NHPC Limited, a central government-owned hydropower company, and the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA). It was incorporated in 2015 specifically to develop solar power projects in Uttar Pradesh. Its portfolio includes the 65 MW Kalpi Solar Power Project, the 45 MW Madhogarh Solar Project, the 100 MW Mirzapur Solar Park, and the 1,200 MW Jalaun Solar Park—of which CIL’s 600 MW is now a part .

The Jalaun Solar Park itself has a total planned capacity of 1,200 MW and is currently in pre-construction status. It is being developed in phases, with CIL’s 600 MW award representing a significant chunk of the overall park .

How This Fits into Coal India’s Diversification

This is not CIL’s first step into solar energy. The company’s investor presentation for FY 2025-26, published in April 2026, shows that a 100 MW solar power plant at Patan, Gujarat, was connected to the grid as of March 31, 2026 . Additionally, CIL incorporated a dedicated renewable energy subsidiary, CIL Rajasthan Akshay Urja Limited, on June 9, 2025, with CIL holding a 74% stake and Rajasthan’s state utility RVUNL holding 26% .

CIL has also previously announced other renewable energy contracts, including a 300 MW solar project in Khavda, Gujarat; an 80 MW/320 MWh battery storage plant in Odisha costing about ₹400 crore; a 187.5 MW/750 MWh battery storage plant in Telangana costing about ₹1,057 crore; and a joint venture for an 875 MW solar plant in Rajasthan backed by a corporate guarantee of ₹3,160 crore .

The 600 MW Jalaun order, therefore, extends a pattern that was already visible .

What to Watch

The 18-month execution clock will start only once the PPA is signed. The ₹2,831.11 crore estimated cost is a material commitment, though it represents a small fraction of CIL’s annual revenue base of over ₹1.68 lakh crore. The tariff of ₹2.73/kWh will determine the project’s long-term revenue stream, but without disclosed margin expectations, the profitability contribution remains unclear. The project’s progress will be a tangible measure of how quickly CIL can scale its renewable energy ambitions beyond the initial 100 MW plant in Gujarat.

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