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The report analyzes the financial exposure of Coal India Limited (CIL), Indian Railways (IR), and NTPC to the energy transition using a Green Economy Model (GEM). It compares a Business-As-Usual (BAU) scenario with an Aspirational scenario aligned with net-zero goals to calculate 'cash flow at risk' (CFaR). The findings indicate significant long-term financial risks for all three entities, particularly in the 2030–2040 period. To mitigate these, the report proposes diversification into solar photovoltaics, battery storage, and operational reforms, while emphasizing the need for a just transition for coal-dependent communities.