Coal India Ltd. share price target

Coal India Ltd (CIL) is a state owned coal mining Maharatna company. It is engaged in the production and sale of coal. It operates through approximately 82 mining areas spread over eight provincial states of India. It has approximately 430 mines, in which 227 are underground, 175 are opencast and 28 are mixed mines. It also operates approximately 15 coal washeries (including 12 coking coal and three non-coking coal) and manages other establishments like workshops, hospitals, among others. It serves sectors like power and steel, cement, fertilizer, brick and kilns...

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...