income for the quarter came in at 6,378 crore (up 30% YoY) with iron ore sales volume of 10.7 million tonne (up 10% YoY). Reported EBITDA stood at 1,993 crore with corresponding EBITDA/tonne was at 1,857/tonne in Q2FY26 vs....

We maintain our HOLD rating.

Coal India Ltd (CIL) is one of the largest coal producer in the world, with its output totalling 781 million tonnes (MT) in FY2025. It aims to increase coal production to 1 billion tonnes by FY2028-29. The company has 14 fully owned subsidiary companies...

aided NMDC to deliver an EBITDA/t of Rs2,152. NMDC reported a strong Q1FY26 operating performance, driven by robust volume growth and better-than-expected pricing. Volumes grew 14% YoY supported by strong domestic steel demand supported by increased GoI spending and a lower base (volumes impacted by strike). Realizations rose 7.4% QoQ, led by price hikes undertaken for lump and fines from May'25. Moderate increase in employee cost and lower ramp up of KIOCL pellet plant...

We downgrade to a HOLD from a BUY rating.

Q2FY25 Revenue/EBITDA of Rs. 292 crore/Rs. 79 crore fell 16%/18% y-o-y and was lagging our estimates as the decline in sales volume (down 18% y-o-y and 34% q-o-q) affected the performance.

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates. Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q. Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q.

Consolidated PAT at Rs. 1,971 crore was up 19% y-o-y and led by a beat in EBITDA margins due to decrease in royalty payments.

NMDC’s Q1FY24 EBITDA of INR 19.9bn (up 4.9% YoY) was 17.5% and 9.8% ahead of our and consensus’ estimates. Key points: 1) Best-ever quarterly performance barring Q4FY23; 2) focus on volume growth

Coal India’s (CIL) board of directors has approved a price hike of 8% on higher- grade coal (G2-G10) w.e.f. 31st May’23, translating into a benefit of Rs27.03bn for the remaining part of FY24. Despite the high-grade coal production being limited to subsidiaries such as BCCL and CCL, we believe the price hike is likely to partially allay investor concerns about the adverse impact of the recent wage hike on profitability.

We hosted Coal India’s (CIL) management for a roadshow in Mumbai (on 17th May’23). Key points: 1) volume growth is likely to be the key growth driver; 2) e-auction volumes are likely to surpass 100mnte in FY24 (FY23: 62mnte) though realisation may come off; 3) the major provisions pertaining to staff cost have been taken in FY23 itself.

Coal India’s (CIL) Q4FY23 performance (adj. for wage provisioning) was slightly higher than consensus estimates. Key points: 1) Wage provisioning at Rs58.7bn was higher than street estimates of Rs25-30bn; 2) e-auction volume at 16.4mnte (down 41% YoY) was lower than our estimate of 20mnte.

We reinitiate coverage on Coal India (CIL) with a target price of Rs255 and an ADD rating. Key points: 1) incrementally higher production from profitable subsidiaries is likely to be margin-accretive; 2) progress underway for augmenting evacuation infrastructure to cater to incremental production.

NMDC’s Q3FY23 EBITDA was in line with consensus estimates; however, it was lower than our estimates. Key highlights: 1) Best-ever Q3 production volume and second-best sales volume; 2) Chhattisgarh segment consisted of 70% of total sales volume (Q2FY23: 62%; Q3FY22: 75%); 3) EBITDA margin rebounded QoQ to 30.7%.