India's Coal Stocks Deplete By 66% In 2026, Steepest Drop In 4 Years

India's coal stock has fallen sharply this year. Data from the National Power Portal shows coal stocks declined from 54.9 million tonnes (MT) at the beginning of April 2026 to 18.6 MT at the end of September, a drop of 66.1 per cent. This is the steepest depletion recorded in the last four years.

The fall is higher than in previous years. Coal stocks declined by 22.8 per cent between April and September in 2025, 31.8 per cent in 2024 and 36.8 per cent in 2023.

The sharp decline becomes more important when viewed alongside India's electricity generation pattern. Despite the growth of renewable energy over the years, coal remains by far the country's biggest source of power generation.

In FY15, coal-based power plants generated about 835 billion units (BU) of electricity. By FY26, this had risen to 1,281 BU, an increase of more than 53 per cent. During the same period, solar power generation grew rapidly from just 4.6 BU to 174.8 BU, while wind generation increased from 33.8 BU to 106.7 BU.

Hydropower generation has remained relatively stable over the years. It stood at 129.2 BU in FY15 and reached 167.2 BU in FY26. However, coal generation continues to be several times higher than power produced from hydro, solar or wind sources.

The two datasets together highlight an important aspect of India's power sector. While the country's energy mix is gradually diversifying, coal remains the backbone of electricity generation. As a result, changes in coal inventory levels continue to have a major bearing on the country's power supply system.