Coal India inventories swell as miner gears up for summer demand

Coal India has grappled with swelling reserves through most of the past year after a mild summer in 2025 dampened demand

Coal India Ltd.’s inventories surged to a record as the miner prepared for a spike in demand over the coming summer.

The state-owned company had 115 million tons in unsold stockpiles as of Feb. 26, which are expected to rise through the next month, it said in a filing on Friday. With another 55 million tons at power stations, the country was well-placed to meet summer demand, the firm said.

Coal India has grappled with swelling reserves through most of the past year after a mild summer in 2025 dampened demand. That’s compounded the challenges facing the miner, including from competing with renewables and smaller rivals.

The miner’s profit fell 16% in the three months through December, the third straight quarterly decline. The figure has contracted in five of the past six quarters. The intensifying competition has prompted the company to explore export markets and seek new growth opportunities in critical minerals and power generation.

Still, a revival in demand means Coal India has been adding output since November, tracking a rise in coal’s share in the country’s power output. Demand in the nation peaked at 245.4 gigawatts in January and 244 gigawatts so far in February, both beating last summer’s high, a rarity last witnessed during the pandemic.

Growing domestic supplies are set to put imports at a disadvantage, continuing a declining trend. Incoming shipments of coal by India’s power stations declined 25% from a year earlier in the 10 months through January, according to power ministry data.