Synopsis: In Q3, Coal India’s revenue declined 5.2% YoY to ₹34,924.19 Crores, and its net profit fell 15.6% YoY to ₹7,165.98 Crores. In contrast, Oil and Natural Gas Corporation Ltd (ONGC) saw a marginal 0.13% YoY increase in revenue to ₹167,423 Crores, while its net profit rose significantly by 22.5% YoY to ₹11,946 Crores.
In the third quarter, two of India’s largest energy companies, Coal India and ONGC, unveiled their financial results, offering valuable insights into the performance of the country’s coal and oil sectors. Investors and analysts closely watch these results to gauge production efficiency, revenue growth, and the ability of these energy giants to navigate regulatory changes, supply-demand dynamics, and environmental considerations.
By examining the performance of Coal India and ONGC, we can better understand the evolving dynamics of India’s energy industry and the potential implications for stakeholders, from policymakers to market participants.
Coal India Limited
With a market capitalization of Rs. 2,51,809.08 Crores on the Day’s Trade, the shares of Coal India Ltd declined by 2.6 percent, reaching a low of Rs. 408.15 compared to its previous close of Rs. 419.10.
Coal India Ltd, engaged in the exploration, mining, and production of coal, operating as the world’s largest coal producer, is in the spotlight following its Q3 results, as follows:
Its Revenue from operations declined by 5.2 percent YoY from Rs. 36,858.62 Crores in Q3FY25 to Rs. 34,924.19 Crores in Q3FY26, and it rose by 15.69 percent QoQ from Rs. 30,186.70 Crores in Q2FY26 to Rs. 34,924.19 Crores in Q3FY26.
Its Net profit YoY fell by 15.60 percent from Rs. 8,491.22 Crores in Q3FY25 to Rs. 7,165.98 Crores in Q3FY26, and on a QoQ basis, it rose by 68 percent from Rs. 4,262.64 Crores in Q2FY26 to Rs. 7,165.98 Crores in Q3FY26.
The earnings per share (EPS) for the quarterly period stood at Rs. 11.61, compared to Rs. 7.07 in the previous quarter. Along with it, the Board, at its meeting held, also declared a 3rd Interim Dividend of Rs. 5.50 per equity share (FV ₹10) for FY 2025–26 and fixed 18 February 2026 as the Record Date.
Brokerage Viewpoint: Citi on Coal India
Citi, the global brokerage firm, has maintained a Neutral rating on the stock and revised its target price to ₹415 from ₹370. Citi expects Q3 volumes and blended realizations to decline year-on-year. The next wage revision is anticipated in July 2026, and the Volume trends remain muted, with limited upside likely in e-auction prices due to elevated inventory levels in the system. While current valuations may limit downside risk, there is a lack of clear visibility on near-term upside triggers.
Company Overview & Others
Coal India Limited (CIL) is a Maharatna, state-owned coal mining corporation under the Ministry of Coal, established in 1975, and headquartered in Kolkata, West Bengal. As the world’s largest coal producer, it contributes over 80% of India’s total coal production.
With a modest production of 79 Million Tonnes (MTs) at the year of its inception, CIL, today, is the single largest coal producer in the world and one of the largest corporate employers with a manpower of 2,20,242 (as on 1st April, 2025).
Across eight Indian states, CIL operates in 85 mining areas and manages a total of 310 working mines, comprising 129 underground, 168 opencast, and 13 mixed mines. The company also oversees various other establishments, including workshops and hospitals.
The stock also offers an attractive dividend yield of 6.47%, supported by a healthy and sustainable dividend payout ratio of 45.1%. This balance between rewarding shareholders and retaining earnings for growth indicates financial stability and long-term value creation potential.
ONGC Limited
With a market capitalization of Rs. 3,37,340.19 Crores on the Day’s Trade, the shares of Oil and Natural Gas Corporation Ltd declined by 3.7 percent, reaching a low of Rs. 266.00 compared to its previous close of Rs. 276.25.
Oil and Natural Gas Corporation Ltd, engaged in the exploration, development, and production of crude oil and natural gas, is in the spotlight following its Q3 results, as follows:
Its Revenue from operations rose by 0.13 percent YoY from Rs. 167,213 Crores in Q3FY25 to Rs. 167,423 Crores in Q3FY26, and it rose by 6.02 percent QoQ from Rs. 157,911 Crores in Q2FY26 to Rs. 167,423 Crores in Q3FY26.
Its Net profit YoY rose by 22.5 percent from Rs. 9,747 Crores in Q3FY25 to Rs. 11,946 Crores in Q3FY26, and on a QoQ basis, it declined by 5.3 percent from Rs. 12,615 Crores in Q2FY26 to Rs. 11,946 Crores in Q3FY26.
The earnings per share (EPS) for the quarterly period stood at Rs. 7.96, compared to Rs. 8.57 in the previous quarter. Along with it, the Board of Directors has declared a second interim dividend of Rs. 6.25 per equity share (face value ₹5 each), representing 125% for the financial year 2025–26. Wednesday, 18 February 2026, has been fixed as the record date to determine shareholders eligible for the dividend.
Company Overview & Others
Oil and Natural Gas Corp Ltd (ONGC) is India’s largest crude oil and natural gas company. Its primary activities include the exploration and production of oil and gas, with in-house service capabilities in all related areas.
The company’s main products are crude oil and natural gas, which are used by downstream companies to produce petroleum products such as petrol, diesel, kerosene, naphtha, and cooking gas LPG. ONGC operates through several subsidiaries, including ONGC Videsh, Mangalore Refinery and Petrochemicals Limited (MRPL), and Hindustan Petroleum Corporation Limited (HPCL).
Investors benefit from a strong income stream, as the stock offers an attractive dividend yield of 4.56%. The company has consistently maintained a healthy dividend payout ratio of 37.9%, showcasing a commitment to returning value to shareholders while retaining enough earnings to support growth.
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