💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) moderated by 15% to INR 1,274.27 Cr in FY25 compared to FY24. Coal trading remains the primary segment, while the newly introduced Iron and Steel trading segment contributed INR 222 Cr (approximately 17.4% of total revenue) in FY25. Q1FY26 revenue grew 10.8% YoY to INR 577.36 Cr from INR 520.93 Cr.

Geographic Revenue Split

Not specifically disclosed by percentage, but the company sources coal globally from the USA, Indonesia, and Saudi Arabia to serve the Indian domestic market.

Profitability Margins

Profitability remains moderate with FY25 PBILDT margin at 1.25% and PAT margin at 0.55%. The Net Profit Margin fell from previous levels, signaling tighter margins and lower earnings efficiency. Return on Net Worth saw a significant decline from 20.79% to 6.47% in FY25 due to lower net profits.

EBITDA Margin

EBITDA margin was 2.59% in Q4 FY23 (up 25 bps YoY). However, by FY25, the PBILDT margin moderated to 1.25% due to decreased realizations and higher operating costs. Operating profit margin dropped to 0.02% in FY25, indicating nearly no operating profit buffer from revenues.

Capital Expenditure

Not disclosed in absolute INR Cr for future plans, but the company recently invested in a strategic transformation of its end-to-end supply chain model and advanced research capabilities.

Credit Rating & Borrowing

CARE reaffirmed 'CARE BBB+; Stable' for Long Term and 'CARE A2' for Short Term facilities as of September 2025. Non-fund-based limit utilization was high at 88.11% for the 12 months ending November 2023.

⚙️ Operational Drivers

Raw Materials

The company is a trader; its primary 'raw materials' or traded goods include USA Coal, Indonesian Coal, Saudi Arabian Coal, Coking Coal, Met Coke, Iron, Steel, and Chemicals.

Import Sources

Major sourcing countries include the USA, Indonesia, and Saudi Arabia. Domestic logistics are managed across India to provide last-mile delivery to small-scale manufacturing units.

Key Suppliers

Specific supplier names are not disclosed, but the top five suppliers accounted for 45.46% of total purchase costs in FY23, down slightly from 49.76% in FY22.

Capacity Expansion

As a trading entity, capacity is measured by volume and logistics. The company expanded its portfolio into Iron and Steel (contributing INR 222 Cr in FY25) and is increasing its presence in Coking Coal and Met Coke to diversify from thermal coal.

Raw Material Costs

Purchases of stock-in-trade for the half-year ended September 30, 2025, totaled INR 840.84 Cr. Procurement strategies involve back-to-back sales to mitigate price volatility and pegging imported goods to USD to pass on currency risk to customers.

Manufacturing Efficiency

Not applicable as a trading company; efficiency is measured by capital rotation and logistics optimization through advanced analytics.

Logistics & Distribution

Operating and other expenses, which include logistics, were INR 1.50 Cr for the half-year ended September 30, 2025.

📈 Strategic Growth

Expected Growth Rate

10.80%

Growth Strategy

Growth is targeted through strategic diversification into high-value commodities like Coking Coal, Met Coke, and Iron & Steel. The company is also expanding its geographic presence and adopting an integrated end-to-end supply chain model to enhance market position and adaptability.

Products & Services

Wholesale trading of USA Coal, Indonesian Coal, Saudi Arabian Coal, Coking Coal, Met Coke, Iron, Steel, and Chemicals.

Brand Portfolio

Anmol India Limited.

New Products/Services

Iron and Steel trading (17.4% of FY25 revenue), Coking Coal, Met Coke, and Chemicals are the primary new product additions expected to drive future growth.

Market Expansion

Targeting increased market share in the small-scale manufacturing sector as more industries shift to cheaper, washed imported coal.

Market Share & Ranking

Not disclosed in absolute percentage, but the company is a listed player on BSE and NSE in the wholesale coal trading industry.

🌍 External Factors

Industry Trends

The industry is shifting toward imported coal due to its lower cost and higher quality (washed). Government initiatives in coal gasification and rising power demand are positive long-term drivers.

Competitive Landscape

Operates in a highly competitive wholesale trading market with low barriers to entry, leading to inherently thin margins (PAT margin < 1%).

Competitive Moat

Moat is based on the promoters' 35+ years of experience and established long-term relationships with global suppliers and domestic customers, which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to global trade routes and industrial power demand. A slowdown in the manufacturing sector would directly reduce demand for traded coal and steel.

Consumer Behavior

Industrial consumers are increasingly shifting toward imported coal for efficiency, and small-scale units are growing in number, expanding the addressable market.

Geopolitical Risks

High exposure to international shipping disruptions (Red Sea) and port-specific incidents which can delay inventory turnover and increase finance costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to international trade regulations, import duties on coal, and domestic environmental norms regarding coal handling and storage.

Environmental Compliance

The company is committed to sustainable business practices through its CSR policy, though specific ESG compliance costs are not disclosed.

Taxation Policy Impact

The company follows standard Indian corporate tax rates; profit before tax for the half-year ended September 2025 was INR 7.82 Cr.

Legal Contingencies

Not disclosed in available documents. Auditors identified revenue recognition as a 'Key Audit Matter' due to the risk of fraud/overstatement to meet performance targets, though no specific pending litigation values were provided.

⚠️ Risk Analysis

Key Uncertainties

Volatility in international coal prices and freight rates could impact margins by more than 1-2% if not managed via back-to-back contracts.

Geographic Concentration Risk

Revenue is concentrated in India, while sourcing is concentrated in the USA, Indonesia, and Saudi Arabia.

Third Party Dependencies

High dependency on top 5 suppliers (45.46%) and top 5 customers (42.23%).

Technology Obsolescence Risk

Low risk of product obsolescence, but high risk if the company fails to digitize its supply chain and logistics tracking compared to competitors.

Credit & Counterparty Risk

Trade receivables stood at INR 2.98 Cr (adjustment in cash flow) for the half-year ended September 2025, with a focus on selling to 'big customers' to mitigate credit risk.