Buy

A schedule ‘A’ Miniratna Category-I company, MOIL is the largest manganese ore producer in India, with market shares at ~20% domestically and ~2.2% globally.

We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation. Structural iron ore cost advantage compared to peers. capex of INR 327bn for 4.2mpta steel plant likely to be value accretive.

We retain the BUY rating after the recent price correction.

With dispatches of ~862m tonnes expected in FY26 and ~900m tonnes in FY27, Coal India offers healthy volume assurance, driven by mounting demand by the power sector.

Coal India (COAL)’s 3QFY25 revenue came in at INR358b (YoY/QoQ: -1%/ +17%), in line with our estimate of INR367b, primarily led by strong volumes (YoY/QoQ: +2%/+15%).

Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth. As a result, total production for 9MFY25 reached 543mt (+2% YoY), while dispatches stood at 556mt (flat YoY). Of the total dispatches, ~85% were supplied to the thermal power industry.

Over the past 12-18 months, investors were enthused by a large-cap stock delivering volumes growth CAGR of 7-8%, alongside an improving demand outlook resulting in solid earnings momentum.

Coal India Limited (CIL) has had low volume growth this year (YTDFY2025) as the second quarter was impacted by stronger than expected monsoon season. The resulting weak power demand affected the coal offtake.