Kolkata, February 24, 2026: The 19th edition of the Indian Coal Markets Conference (ICMC) 2026, organised by mjunction services limited, commenced in Kolkata on Tuesday under the theme “COALosseum: The Coal Battleground.” The two-day conference has brought together policymakers, industry leaders, miners, power producers, logistics players and global market experts to deliberate on the evolving dynamics of India’s coal ecosystem.
A key highlight of the inaugural session was the discussion around the proposed coal exchange and its potential to reshape coal trading in India.
V S Maharaj, Executive Director (ICT), Coal India Ltd, said the company supports a phased rollout of coal sales through an exchange mechanism.
“We are reform-aligned, not reform-resistant. We support modernization, but reform must be calibrated, phased and aligned with national energy security,” he remarked, underlining the need for stability during structural transitions.
Niladri Bhattacharjee, Partner at Grant Thornton Bharat, observed that a coal exchange would function more effectively in a supply-comfortable or surplus environment. “A surplus coal situation would be favourable for the exchange. It will help keep prices in check despite transaction charges and encourage a shift from the current direct-to-consumer character of the market,” he said.
Both Maharaj and Bhattacharjee indicated that price discovery through exchange-based trades is likely to settle at competitive, lower levels.
Providing an overview of the industry’s crossroads, Vinaya Varma, Managing Director & CEO of mjunction services limited, said the sector stands at a complex intersection. “On one hand, we are witnessing rapid economic growth and rising energy demand. On the other, we are committed to energy transition, sustainability and decarbonisation. In between lies coal — indispensable today, yet constantly competing with solar, wind, hydro and even nuclear energy,” he noted.
Speakers also stressed the importance of affordability in India’s power landscape. Pankaj Sapate, Executive Director (Fuel), Maharashtra State Power Generation Company Ltd (Mahagenco), said, “Our power tariffs should be competitive. To power data centres, electricity must not only be green but also affordable.”
Echoing the reliability argument, Raj Bandhu Santosh, Vice President – Fuel Management at Adani Power Ltd, said that despite the rapid growth of renewable energy, coal remains a reliable, cost-effective and round-the-clock source of power and continues to be the backbone of India’s energy security.
Throughout the day, sessions examined demand trends across key consuming sectors such as power, cement and sponge iron. The conference will further deliberate on logistics challenges, mining technologies, sustainable equipment deployment and operational innovations, before concluding with networking engagements and the ICMC Awards.
The deliberations at ICMC 2026 reflect an industry navigating reform, market transformation and sustainability commitments — while ensuring that India’s energy needs remain secure and affordable.
