Besides, even if India were to realize its true potential of ~150GW of hydro, this would imply incremental generation (at 40% PLF) of just 390BU which is not sufficient to even meet incremental demand over the next five years. Our demand-supply model for thermal coal implies demand CAGR of 6% over FY19-24 to reach 1.2bt (Exhibit COAL is trading at an FY20 FCF yield of ~9% and an EV/EBITDA of ~3x. Even if one were to make conservative assumptions of (1) capping COALs production at 710mt from FY22 and (2) a fall in share for COAL in domestic coal consumption to 50% in FY31 (68% in FY19), the PV of COALs 12-year cash flows would be equivalent to its current market cap (Exhibit implies Indias renewable capacity would reach ~310GW by FY31 (accounting for ~100% of the countrys avg.