Coal India Q2 Review: Morgan Stanley, Jefferies Remain Bullish Despite Earnings Miss

Coal India's September-quarter earnings missed analyst estimates, but Morgan Stanley, Jefferies and HSBC remain constructive on the stock, citing strong thermal power demand, falling coal inventories at power plants and improving international prices. Morgan Stanley retained its Overweight rating with a target price of Rs 480, while Jefferies maintained Buy but cut its target to Rs 460 from Rs 500. HSBC retained Hold with a target of Rs 440, flagging rising costs as a medium-term concern. Analysts also highlighted potential support from higher e-auction realisations, volume growth and dividend payouts, although profitability remains under pressure from operating expenses and lower realisations.