External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Volume Growth Continues to Disappoint: CIL’s coal production in Q2FY26 stood at 145 MT (down 4% YoY) vs. the target of 169 MT, with production down YoY across subsidiaries except at NCL and SECL.</li><li>Coal offtake in Q2FY26 stood at 166 MT vs. the target of 197 MT, down 1% YoY.</li><li>The weak offtake is partly explained by lower peak demand in Q2FY26 and the extended monsoon. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume Growth Continues to Disappoint: CIL’s coal production in Q2FY26 stood at 145 MT (down 4% YoY) vs. the target of 169 MT, with production down YoY across subsidiaries except at NCL and SECL.Coal offtake in Q2FY26 stood at 166 MT vs. the target of 197 MT, down 1% YoY.The weak offtake is partly explained by lower peak demand in Q2FY26 and the extended monsoon. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India Ltd - Weak Q2 Inline with Expectations; Volume Growth Continues to Disappoint

<ul><li>Adj EBITDA (exl. stripping activities) stood largely inline with our estimate at Rs 11,229 Cr (up 14%/8% YoY/QoQ).</li><li>E-auction premium stood marginally better than our estimate at 69% (vs. our est. of 61%), down from 76% in Q3FY25 but almost flat YoY (66% in Q4FY24).</li><li>ASP stood at Rs 1,702/t (flat YoY and up 2% QoQ). It stood largely in line with our estimate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Adj EBITDA (exl. stripping activities) stood largely inline with our estimate at Rs 11,229 Cr (up 14%/8% YoY/QoQ).E-auction premium stood marginally better than our estimate at 69% (vs. our est. of 61%), down from 76% in Q3FY25 but almost flat YoY (66% in Q4FY24).ASP stood at Rs 1,702/t (flat YoY and up 2% QoQ). It stood largely in line with our estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India Ltd - Q4 Results Largely Inline; Coal Offtake Growth Remains Crucial

<ul><li>Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual expenses, partially offset by lower employee expenses. </li><li>E-auction premium stood better than our estimate at 76% (vs. our est. of 53%) and as compared to 69% in Q2FY25.</li><li>ASP stood at Rs 1,667/t (down 4% YoY/ up 3% QoQ). It missed our and consensus estimates by 2%/7%, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual expenses, partially offset by lower employee expenses. E-auction premium stood better than our estimate at 76% (vs. our est. of 53%) and as compared to 69% in Q2FY25.ASP stood at Rs 1,667/t (down 4% YoY/ up 3% QoQ). It missed our and consensus estimates by 2%/7%, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India  - Adj. EBITDA Miss; Growth Outlook Moderates

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth.</li><li>As a result, total production for 9MFY25 reached 543mt (+2% YoY), while dispatches stood at 556mt (flat YoY).</li><li>Of the total dispatches, ~85% were supplied to the thermal power industry.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>In Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.</li><li>While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY26 Earnings Preview - Metals & Mining

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

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Coal India Ltd (COAL IN)

Coal India Ltd - Weak Q2 Inline with Expectations; Volume Growth Continues to Disappoint

Volume Growth Continues to Disappoint: CIL’s coal production in Q2FY26 stood at 145 MT (down 4% YoY) vs. the target of 169 MT, with production down...

Axis Direct

Coal India Ltd - Q4 Results Largely Inline; Coal Offtake Growth Remains Crucial

E-auction premium stood marginally better than our estimate at 69% (vs. our est. of 61%), down from 76% in Q3FY25 but almost flat YoY (66% in Q4FY24).

Axis Direct

Coal India - Adj. EBITDA Miss; Growth Outlook Moderates

Adj EBITDA (exl. stripping activities) missed our estimate by 9% and stood at Rs 10,405 Cr (down 13% YoY/ up 45% QoQ), led by higher contractual...

Axis Direct

Coal India - Robust Growth Outlook

Coal India (COAL) reported production of 202mt in 3QFY25, reflecting 2% YoY growth. As a result, total production for 9MFY25 reached 543mt (+2%...

Motilal Oswal

Q1FY26 Earnings Preview - Metals & Mining

While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong...

Axis Direct

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