New Delhi, May 15 -- Coal India Ltd's (CIL) recently audited financials for 2004-25 (FY25) showed revenue from operations at Rs.1,43,369 crore and a net profit of Rs.35,358 crore, enabling a final dividend of Rs.5.15 per share following an interim payout of Rs.15.75.

These steady figures project an image of stability, but obscure significant challenges to CIL's long-term business model as India's energy sector undergoes a transformative shift.

Beneath the surface, the rise of renewables, increasing competition from captive coal producers, and collapsing global coal prices threaten CIL's almost total decades-long dominance, while its diversification efforts remain sluggish.

The prevailing narrative is that coal will remain the cornersto...