Buy Coal India; target of Rs 330: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Coal India

Coal India (COAL) reported Q2FY19 earnings below our estimates due to lower than expected FSA realisations. However, we keep our estimates unchanged for FY19e and FY20e as lower FSA realisations would be offset by stronger than expected E-auction realisations. Costs have been broadly in control on the back of higher scale and limited increase in wage costs. Driven by strong E-auction realisations and stable costs, we expect EBITDA to grow at CAGR of 21% in FY18-FY20e.

Outlook

We reiterate BUY with TP of Rs330, EV/EBITDA of 6xFY20E.

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