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Motilal Oswal Report
Robust domestic demand, enhanced vision of one billion tonne production, and improved e-auction premium are all set to drive a strong near-term performance.
Coal India Ltd.'s growth roadmap is in synergy with the government's commitment to bring about a transformative change in the power sector by providing 24x7 power supply to all homes sets the stage for the company to achieve strong coal production over the next few years.
Coal India's long-term demand commitment from numerous power plant companies for fuel supply agreement provides the company with a better business visibility.
Though the e-auction premiums have cooled off from their highs, it was compensated by higher volumes in e-auction. We expect Coal India to register a better QoQ performance in Q4 with higher volumes on e-auction and almost similar levels of premium.
Coal India trades at enterprise value/Ebitda of 3.6 times FY24E. We believe the company is well placed to capitalise on the growth opportunity ahead.
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