New Research Reports

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%).

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.

NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.

HPCL’s reported 3QFY25 financial performance was significantly above our estimates, as weaker-than-expected marketing margin performance was overpowered by robust refining margins and marketing sale volumes.

HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.

BPCL’s reported 3QFY25 financial performance was largely in line with our expectations, as weaker-than-expected refining performance was offset by robust marketing margins.

We recommend a BUY rating on the stock with a TP of Rs 315/share, implying an upside of 10% from the CMP.

We continue to remain positive on Bharat Electronics (BEL) given 1) its market leadership in defense electronics and ability to benefit from defense indigenization as well as from the upcoming large defense platform orders (QRSAM, MRSAM, Tejas Mk1A, naval platforms, etc.), 2) a strong order book of INR746b as of 2QFY25-end, providing healthy visibility on revenue,

We recommend a BUY on the stock with a target price of Rs 530/share, implying an upside of 11% from the CMP.

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.