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ICICI Securities Report
In our view, Coal India Ltd. is likely to benefit from both volume uptick and firm e-auction prices. Taking cognisance of eight months-FY24 performance, we believe there is no risk to our volume estimate of 751 million tonne for FY24E.
Besides, e-auction prices have started increasing again due to uptick in Indonesian coal price.
We believe there is headroom of at least 20% upward revision in consensus estimates.
We maintain 'Buy' on Coal India with an unchanged target price of Rs 395 based on eight times FY25E earnings per share.
Our recommendation is also based on dividend yield of 8-10% through to FY25.
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Also Read: Bharat Dynamics - Pick-Up In Execution May Lead To An Upside In Revenue: ICICI Securities
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