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ICICI Securities Report
We believe Coal India Ltd.’s performance is likely to be driven by volume growth. That said, street will watch out for e-auction premium, which is down to 36-48% thus far in Q4 FY24. In our view, the higher e-auction volume is likely to completely offset the adverse impact of lower premium.
However, any upside might be constrained if e-auction premium continues to stay low.
Taking cognisance of management’s commentary, we lower our earnings per share by 3%/1% for FY25/26E, respectively.
Our revised target price works out to Rs 500 (earlier: Rs 505). We downgrade the stock to 'Add' (from Buy).
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