Demand recovery for coal coupled with rising prices should continue to benefit Coal India in the coming quarters. Though reliance on coal usage is expected to decline to 34% by 2040, company expects demand will continue to grow by 31% in absolute terms. Being the market leader in the domestic market and with well-budgeted capacity in place, Coal India is well positioned to tap into this future opportunity. We retain our BUY with a revised TP of Rs. 176 based on 4.5x FY23E EV/EBITDA....