Anmol India is a coal supply chain company that does far more than buy and sell - it runs the entire journey from a mine in Indonesia or Australia to a factory gate in Punjab, handling ships, ports, trucks and quality tests along the way. It was founded in 1998 by Vijay Goyal, a coal veteran who had been in the trade since 1985, and grew from a small trading outfit into a full-service operator by betting early on imported coal and, later, on a proprietary mobile app that turned price discovery into a competitive weapon. The recurring idea that explains everything else is a company-built operating playbook - a continuously fine-tuned “stack” of sourcing, logistics, technology and credit - that it now replicates across coal and the adjacent commodities its customers already need. # Business segments A single engine with two gears - a coal trading and supply chain core that generates the business, and an early-stage diversification push into chemicals and steel-related commodities that runs on the same customer relationships and the same operating stack. ## 1. Coal trading and supply chain: the core engine **The company imports high-grade coal, manages every step to the customer’s door, and earns a margin on the spread between its landed cost and the selling price - a volume game with risk hedged at every turn.** - **Buys global, sells local** - it sources thermal and metallurgical coal from Australia, South Africa, Indonesia and increasingly Russia, then delivers it to over 1,000 Indian industrial customers in quantities that range from 100,000-tonne bulk shipments to last-mile drops as small as 35 tonnes. - **A deliberately mixed customer book** - roughly 70% of sales go to wholesale traders who provide quick inventory turnover and advance booking, while 30% go directly to end-users such as steel plants, cement factories and power generators, who offer better margins when markets turn bearish. - **Risk is engineered out, not speculated on** - the company buys and sells back-to-back wherever possible, and when it sells imported coal in advance it pegs the contract to the dollar so the customer carries the currency risk; any residual exposure is hedged or passed to traders. - **The “stack” is the moat** - a proprietary operating framework stitches together demand forecasting, a diversified international supplier network, independent quality testing by agencies like SGS and HRT, sea freight, port handling at Kandla and other Gujarat ports, inland trucking to North Indian states, and customer credit that has produced no bad debts in over a decade. - **An app that doubles as a pricing engine** - the in-house “Anmol Coal” mobile platform, used by more than 2,000 customers, publishes live market prices with terms, runs a bidding system where buyers deposit security and compete on price, and feeds data back into the company’s demand-forecasting models. ## 2. Chemicals and steel-related commodities: the adjacent playbook **The company is taking the same supply chain stack and the same “sell to the customer you already have” logic into iron ore, iron pellets, met coke and chemicals - an early-stage extension, not a separate business.** - **Same customer, new product** - it identifies bulk commodities that its existing coal buyers already consume, then determines whether it has the sourcing strength to supply them, which keeps customer acquisition costs near zero. - **Same supplier, new cargo** - it also procures these new commodities from the international suppliers it already knows through its coal business, shortening the trust-building curve. - **A committee to make it real** - in April 2023 the management created a dedicated “Expansion and Growth Committee” to chase chemical and steel-related products, seek partnerships, and explore both organic and inorganic moves, backed by a board-approved plan to raise institutional capital for working capital and acquisitions. # Group structure and partners **A standalone, promoter-led company with no subsidiaries - listed on both main Indian exchanges and run from Ludhiana with branch operations in Kapurthala and Gandhidham.** - **Single entity, dual listing** - Anmol India is a standalone public company with no subsidiaries, joint ventures or associates, and it became the first Indian private-sector firm to migrate from the BSE SME platform to the main boards of both BSE and NSE, completing the move on 4 June 2021. - **Promoter leadership with deep trade roots** - Vijay Kumar serves as Managing Director and CFO, his son Chakshu Goyal - who built the Anmol Coal app - is Whole Time Director, and director Tilak Raj has been in the coal trade for more than 20 years and on the board since 2000. - **Banking relationships that fund the cycle** - the company’s working-capital-heavy model is supported by relationships with State Bank of India, HDFC Bank, Axis Bank, Union Bank of India, Yes Bank and Kotak Mahindra Bank.