Financials Coal India Limited

Equities

COALINDIA

INE522F01014

Coal

Market Closed - NSE India S.E. Other stock markets 05:13:47 26/04/2024 pm IST			5-day change	1st Jan Change
455.8 ^INR	+0.74%		+4.71%	+21.22%

25/04	India seeks overseas help for lithium processing to avoid relying on China	RE
16/04	Indian Equities Drags on Tuesday, Weighed Down by Rising Tension in West Asia, Further Delay in US Rate Cut	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,61,799	8,63,090	8,03,312	11,28,087	13,16,667	28,08,972	-	-
Enterprise Value (EV) ¹	11,37,440	6,05,825	6,65,514	8,43,150	9,60,763	24,14,103	24,11,848	23,42,720
P/E ratio	8.43 x	5.16 x	6.32 x	6.5 x	4.68 x	9.08 x	9.22 x	8.4 x
Yield	5.52%	8.57%	8.44%	9.29%	11.4%	5.51%	5.59%	5.94%
Capitalization / Revenue	1.47 x	0.9 x	0.89 x	1.03 x	0.95 x	1.98 x	1.88 x	1.73 x
EV / Revenue	1.14 x	0.63 x	0.74 x	0.77 x	0.69 x	1.7 x	1.62 x	1.44 x
EV / EBITDA	4.55 x	2.76 x	3.58 x	3.41 x	2.61 x	5.91 x	5.73 x	5 x
EV / FCF	11.5 x	-55.5 x	-146 x	2.9 x	4.47 x	17.6 x	12.2 x	9.83 x
FCF Yield	8.71%	-1.8%	-0.68%	34.5%	22.4%	5.67%	8.2%	10.2%
Price to Book	5.56 x	2.68 x	2.2 x	2.61 x	2.3 x	3.95 x	3.33 x	2.81 x
Nbr of stocks (in thousands)	61,62,728	61,62,728	61,62,728	61,62,728	61,62,728	61,62,728	-	-
Reference price ²	237.2	140.0	130.4	183.0	213.6	455.8	455.8	455.8
Announcement Date	30/05/19	26/06/20	14/06/21	25/05/22	07/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,95,469	9,60,803	9,00,260	10,97,135	13,82,519	14,21,978	14,91,258	16,22,979
EBITDA ¹	2,49,771	2,19,197	1,85,734	2,46,905	3,68,179	4,08,299	4,20,770	4,68,253
EBIT ¹	2,15,268	1,84,688	1,48,645	2,02,618	3,21,426	3,54,779	3,55,902	3,97,168
Operating Margin	21.62%	19.22%	16.51%	18.47%	23.25%	24.95%	23.87%	24.47%
Earnings before Tax (EBT) ¹	2,71,255	2,40,713	1,80,122	2,36,249	3,80,008	4,06,452	4,05,815	4,43,859
Net income ¹	1,74,618	1,67,142	1,26,999	1,73,581	2,81,652	3,09,583	3,04,861	3,34,751
Net margin	17.54%	17.4%	14.11%	15.82%	20.37%	21.77%	20.44%	20.63%
EPS ²	28.14	27.12	20.61	28.17	45.70	50.19	49.46	54.28
Free Cash Flow ¹	99,083	-10,916	-4,554	2,90,643	2,14,767	1,36,955	1,97,800	2,38,203
FCF margin	9.95%	-1.14%	-0.51%	26.49%	15.53%	9.63%	13.26%	14.68%
FCF Conversion (EBITDA)	39.67%	-	-	117.71%	58.33%	33.54%	47.01%	50.87%
FCF Conversion (Net income)	56.74%	-	-	167.44%	76.25%	44.24%	64.88%	71.16%
Dividend per Share ²	13.10	12.00	11.00	17.00	24.25	25.13	25.50	27.08
Announcement Date	30/05/19	26/06/20	14/06/21	25/05/22	07/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	2,36,860	2,67,001	2,52,822	2,32,911	2,84,335	3,27,068	3,50,922	2,98,381	3,51,693	3,81,523	3,59,832	3,26,889	3,55,338	3,66,677
EBITDA ¹	51,649	63,821	48,439	39,423	68,255	90,788	1,22,508	72,802	1,03,887	68,981	1,05,138	83,372	98,959	1,02,616
EBIT ¹	42,490	52,940	38,033	30,079	57,842	76,665	1,12,571	62,031	63,869	-	93,755	35,486	61,578	70,983
Operating Margin	17.94%	19.83%	15.04%	12.91%	20.34%	23.44%	32.08%	20.79%	18.16%	-	26.06%	10.86%	17.33%	19.36%
Earnings before Tax (EBT) ¹	47,422	64,090	43,366	36,483	63,054	93,345	1,21,014	76,875	1,05,937	76,423	1,07,123	77,230	86,183	91,494
Net income ¹	30,854	45,868	31,698	29,369	45,584	66,929	88,329	60,436	77,556	55,332	79,710	58,863	69,748	77,241
Net margin	13.03%	17.18%	12.54%	12.61%	16.03%	20.46%	25.17%	20.25%	22.05%	14.5%	22.15%	18.01%	19.63%	21.07%
EPS ²	5.010	7.440	5.140	4.770	7.400	10.86	14.33	9.810	12.58	8.980	12.93	10.98	12.00	12.89
Dividend per Share	5.000	3.500	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/02/21	14/06/21	10/08/21	12/11/21	14/02/22	25/05/22	10/08/22	07/11/22	31/01/23	07/05/23	08/08/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,24,359	2,57,265	1,37,798	2,84,938	3,55,904	3,94,869	3,97,124	4,66,252
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	99,083	-10,916	-4,554	2,90,643	2,14,767	1,36,955	1,97,800	2,38,203
ROE (net income / shareholders' equity)	74.9%	57%	37%	43.6%	56.1%	47.8%	38.6%	36.1%
ROA (Net income/ Total Assets)	13.5%	11.8%	8.14%	10.2%	14.4%	13.4%	12%	12.1%
Assets ¹	12,90,984	14,15,209	15,60,528	17,10,141	19,57,222	23,09,974	25,31,439	27,73,871
Book Value Per Share ²	42.60	52.20	59.30	70.00	92.90	115.0	137.0	162.0
Cash Flow per Share ²	26.90	53.50	26.30	38.40	57.90	48.50	55.70	59.90
Capex ¹	67,872	52,381	1,10,152	1,20,232	1,52,068	1,67,503	1,72,126	1,74,514
Capex / Sales	6.82%	5.45%	12.24%	10.96%	11%	11.78%	11.54%	10.75%
Announcement Date	30/05/19	26/06/20	14/06/21	25/05/22	07/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Coal India Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

455.8 INR

Average target price

460.4 INR

Spread / Average Target

+1.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
COAL INDIA LIMITED	+21.22%	33.68B
CHINA SHENHUA ENERGY COMPANY LIMITED	+19.44%	104B
PT BAYAN RESOURCES TBK.	-5.15%	38.78B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.96%	33.53B
YANKUANG ENERGY GROUP COMPANY LIMITED	+11.73%	20.45B
CHINA COAL ENERGY COMPANY LIMITED	+7.75%	18.4B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-4.70%	8.62B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.48%	8.24B
HUAIBEI MINING HOLDINGS CO.,LTD.	+7.46%	6.64B
INNER MONGOLIA YITAI COAL CO.,LTD	+19.73%	5.4B

Other Coal