ICICI Direct has given Buy recommendation for Coal India with a target price of Rs. 275 in its research report issued on Aug 11, 2022

ICICI Direct’s research report on Coal India

Coal India (CIL) is one of the largest coal producers in the world. In FY22, CIL produced 623 million tonnes (MT) while offtake for FY22 was at 662 MT. CIL has 345 mines (as on April 1, 2021) of which 151 are underground, 172 open cast and 22 mixed mines • CIL has extensive mining capabilities. It has advanced technology in open cast mining.

Outlook

We maintain our BUY rating on the stock. We value CIL at Rs 275, 4.5x FY24E EV/EBITDA.

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