Coal India released the results of its Single Window Mode Agnostic (SWMA) e-auction for September, offering 130.19 lakh tonne and allocating 93.64 lakh tonne at an average allocation rate of 72%.

E-auction results at a glance

The following table summarises the key metrics from Coal India's September e-auction:

The e-auction mechanism allows buyers outside the regulated linkage system to procure coal competitively, and the allocation rate reflects the proportion of offered quantity that was successfully allotted to bidders during the auction period.

Subsidiary-wise performance

The data reveals significant variance in demand across Coal India's subsidiaries. Mahanadi Coalfields Limited (MCL) recorded the highest allocation rate at 94%, followed by South Eastern Coalfields Limited (SECL) at 83% and Central Coalfields Limited (CCL) at 80%. In contrast, Eastern Coalfields Limited (ECL) saw an allocation rate of only 42%.

In terms of pricing, Northern Coalfields Limited (NCL) achieved a 231% increase over notified prices, while SECL recorded a 211% premium. The overall average premium for the group stood at 94%.

Cumulative FY26 performance

For the period April to September 2026, Coal India offered 1,421.85 lakh tonne and allocated 571.04 lakh tonne, resulting in a cumulative allocation rate of 40%. The average premium over notified prices for this period was 54%.

What the numbers show

A divergence exists between allocation rates and price premiums across subsidiaries. While NCL achieved a 100% allocation rate, it commanded the highest premium at 231%, indicating strong demand relative to supply. Conversely, ECL had the lowest allocation rate at 42% but still secured a 118% premium, suggesting that while fewer tonnes were sold, those sold were at significantly higher market rates compared to the notified price.

Coal India Limited recorded a 9.2% year-on-year growth in coal production for September 2026, reaching 53.5 million tonnes. Off-take volumes rose 12.5% to 61.2 million tonnes during the same period, indicating strong demand recovery in the final month of the first half of FY26.

The monthly performance contrasts with the progressive April-September 2026 figures, where total production declined 2.5% to 321.0 million tonnes compared to 329.1 million tonnes in the corresponding period last year. However, cumulative off-take grew 7.6% to 384.2 million tonnes, suggesting that inventory drawdowns or improved logistics supported sales volumes even as output contracted slightly over the six-month span.

Subsidiary performance divergence

Production trends varied significantly across Coal India's subsidiaries in September. Western Coalfields Limited (WCL) led the growth with an 85.5% surge to 4.1 million tonnes, followed by Central Coalfields Limited (CCL) at 27.5% and Mahanadi Coalfields Limited (MCL) at 22.3%. Conversely, Northern Coalfields Limited (NCL) saw a sharp contraction of 26.1% in production, falling to 8.5 million tonnes from 11.5 million tonnes a year earlier.

In terms of off-take, WCL also posted the highest growth rate at 92.7%, reaching 5.8 million tonnes. MCL contributed significantly with 19.2 million tonnes, up 15.1%. NCL off-take fell 21.3% to 8.9 million tonnes, mirroring its production decline.

What the numbers show

A key observation is the divergence between production and off-take volumes in the progressive period. While production fell 2.5% to 321.0 million tonnes, off-take rose 7.6% to 384.2 million tonnes. This gap indicates that Coal India sold more coal than it produced during April-September 2026, likely utilizing existing stockpiles to meet demand. In September alone, off-take (61.2 million tonnes) exceeded production (53.5 million tonnes) by 7.7 million tonnes, reinforcing this trend of inventory liquidation to support supply commitments.