Despite the impressive run-up (~37% in the past 3months), we believe that there is still room for a 25% upside for CIL’s stock price performance. Key points: 1) Production volume likely to be aided by SECL. 2) Demand from power sector likely to stay firm. 3) Record imports by China, amidst looming winter-heating season, likely to aid e-auction prices. 4) E-auction volumes and linkage materialisation to stay elevated, aiding profitability.