Coal India Ltd. share price target

ICICI Securities Ltd | Retail Equity Research For Q4FY16, Coal India reported a muted set of numbers wherein topline, EBITDA and PAT came in below our estimates. However,...

Coal dispatches in May grew by a modest 4.1% YoY to 45.5mt, amidst weak domestic demand and high inventory levels at plants. However, the growth was better than the decline of 2.5% YoY in April. YTD growth stood at just 0.8%...

Coal India (CIL) hiked FSA prices for grades G6-G17 (~90% of non-coking coal) by 0.6-19%, while revising it down for G1-G5 (~10%) by 2-29%. With an effective hike of 6.3% across grades/categories, CIL has (yet again) put to rest any doubts about its pricing power, derived from its low coal prices vs. imports (even after hikes CIL?s representative grade sells at 30-40% discount vs. imports).

COAL will offer ~120mt through the e-auction window in FY17, almost double the FY16 volume of ~66mt. Out of this, ~80% will be offered to the power sector under the special e-auction window and the remaining 20% to the nonpower sector. COAL has already published the month-wise as well as sourcewise schedule for ~90mt to be offered to the power sector and ~16mt to be...

ff Flat revenue growth amid Decreased Realization: CIL's revenue growth remained flat in 4QFY16 despite 7.8% yoy rise in coal off-take to 165.2 million tonne. However, average realization of coal decreased by 7.0% yoy to Rs1,474 per tonne due to 30% yoy decline in e-auction price to Rs1,648 on account of low...

Efficiencies eroded 4% demand: All India coal consumption grew just 1.4% in FY16, the slowest in five years due to low demand from the Power sector and decline in non-Power sector demand. Efficiency gains crowded out 4% demand...

There have been media reports implying that Coal India (COAL) has cut prices of high grade coal by up to 40%. Yet, our channel checks and COAL's website do not indicate any price revisions. However, COAL has done away with incentives on...

Coal dispatches in March grew by 3.5% YoY to 49.1mt, the slowest pace of growth in the last 12-months. Dispatches for full year FY16 have increased by 8.8% YoY to 532mt, broadly in-line with our estimate....

ICICI Securities Ltd | Retail Equity Research Coal India reported a steady set of Q3FY16 numbers primarily on the back of healthy volume growth (offtake increased 10.7% YoY). The...

Coal India (CIL) reported a strong quarter (EBITDA Rs 49.3bn, 9.7% YoY, 96% QoQ), driven by offtake growth (137.9 mT, 10.7% YoY) and moderation in employee costs (Rs 73.5 bn, -1.8% YoY, 2.3% QoQ).