Buy Coal India; target of Rs 340: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Coal India

We attended analyst meet of Coal India (COAL). The key highlights of the meet were i) 9% growth in FY19e offtake at 630mn (PLe:620mn) tonnes ii) Confident to realise the benefit of increased FSA prices in FY19e iii) grade slippage bottomed-out as reflected in lower provisions iv) E-auction volumes would remain on upward trajectory in FY19 (sold 106mn t in FY18,+12.7%). Driven by strong outlook on volume growth, full flow of FSA price hike and strength in E-auction prices.

Outlook

We expect EBITDA to grow at CAGR of 18% in FY18-FY20e. We reiterate BUY with TP of Rs340, EV/EBITDA of 6.5x FY20E.

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