Whalesbook
Coal India Q4: Profit toh badha, par margins aur production mein kya hua?
Asal mein hua yeh hai ki Coal India ne March 2026 ko end hone wale Q4 mein ₹10,839 Crore ka consolidated net profit report kiya hai, jo pichhle saal se 11.2% zyada hai. Yeh number analysts ke estimate (₹9,125 Crore) se kaafi upar hai. Revenue bhi ₹46,490 Crore tak pahunch gaya, jo 5.8% ka growth hai aur yeh bhi market ki expectations se behtar hai.
Margin Pressure aur Production mein kami ne kiya pareshaan
Lekin, yeh toh picture ka sirf ek hissa hai. Jab hum thoda gehrai mein dekhte hain, toh company ka EBITDA margin 27.3% raha. Yeh last year se thoda upar hai (27.1%), par analysts ko ummeed thi ki yeh 29.8% tak pahunchega. Iska matlab hai ki revenue badhne ke baad bhi, company ko profit kamane mein thodi mushkil ho rahi hai.
Aur ek badi chinta hai coal production aur offtake mein kami. Poore FY26 mein production 2% gir kar 768.19 million tonnes raha, aur Q4 mein bhi production 1% aur offtake 2% kam hua. Iska matlab hai ki physical quantity mein bhi utni tezi nahi dikhi.
Stock ka reaction aur Analysts ki rai
Iss mixed result ke chakkar mein, stock ne bhi thoda sa neechay dekha. Monday ko yeh 0.77% gir kar ₹452.50 par close hua, haalanki saal mein ab tak yeh 13.41% badh chuka hai.
Company ne ek final dividend bhi announce kiya hai, Rs 5.25 per share ka. Iske saath hi, company ki market cap lagbhag ₹1.5 trillion hai. Analysts ne bhi reports mein mixed views diye hain; kuch ne rating maintain rakhi hai par price targets kam kar diye hain, margin miss aur production drop ko dekhte hue.
Ab sabki nazar management par hai ki woh margins ko kaise control karte hain aur production ko kaise wapas track par laate hain.