Sharekhan's research report on Coal India
Company reported a revenue of Rs. 37,825 crore and it was up 1.1% y-o-y. Volume offtake and blended realizations both witnessed a slight decline. Adj. operating profit (ex-OBR) of Rs. 11,229 crore was up 14.1% y-o-y. Consolidated PAT of Rs. 9,604 crore was up 10.6% y-o-y because of higher other income. Coal India’s volume growth is expected to improve with the addition of thermal capacities. Pricing should also improve with the Rs. 300/tonne additional levy in NCL (subsidiary).
Outlook
Valuation of 6.2x/5.9x its FY26/FY27 EPS estimates is attractive, and the stock offers a high dividend yield of ~7%. We maintain a Buy with an unchanged PT of Rs. 450.
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