ICICI Direct's research report on Coal India
Coal India (CIL) is world’s largest pure play coal producer. In FY21, CIL produced 596 million tonnes (MT) while offtake for FY21 was at 574 MT. CIL has 345 mines (as on April 1, 2021) of which 151 are underground, 172 open cast and 22 mixed mines CIL has extensive mining capabilities. It has advanced technology in open cast mining
Outlook
We maintain our HOLD rating on the stock We value CIL at Rs 160, 4.5x FY23E EV/EBITDA
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