Whalesbook
Pura saal dekha jaaye toh Coal India ka stock 22% bhaga hai, jabki BSE Sensex toh 8.7% gir gaya hai. Is performance ne sabko chaka diya hai aur ₹3 Trillion ki market cap ke saath yeh Vedanta, HAL aur Power Grid jaisi badi sarkari companies se bhi aage nikal gaya hai.
Ab results ki baat karein toh Q4 FY26 mein company ka consolidated net profit 12% badh kar ₹10,839 crore ho gaya, revenue bhi 6% badhi thi. Lekin, agar poore FY26 ki baat karein toh net profit 12% gira tha aur revenue flat rahi. Q4 mein profit badhne ka ek reason employee costs mein 12.8% ki kami bhi thi.
Par sab kuch itna bhi smooth nahi hai. Company ki pit-head inventory mein 21% ka zabardast jump aaya hai, jo ab 130 million tonnes ho gayi hai. Isse supply aur demand mein imbalance ho sakta hai. Aur toh aur, input costs, khas kar diesel ke daam badhne se operational margins par pressure aa sakta hai.
Par achhi khabar yeh hai ki India ki electricity demand 2030 tak har saal 6.4% tak badhne ka estimate hai, aur coal abhi bhi iska 75% hissa paani wala hai. Upari se, Middle East ke tensions ne global energy markets ko hila diya hai, jisse thermal coal ki demand aur prices badh gayi hain. Yeh cheez Coal India ke liye faydemand ho sakti hai.
Company sirf coal par dependent nahi rehna chahti. Yeh coal gasification, critical minerals aur renewable energy mein bhi paisa laga rahe hain. Valuation dekho toh Coal India ka Price-to-Earnings ratio sirf 9.4x hai, jo Vedanta (15-22x) ya HAL (30-33x) jaise peers se kaafi kam hai. Investors ko lagta hai ki company ka role kam aanka ja raha hai.
Analysts bhi is stock ko lekar positive hain, target price ₹475 se ₹550 tak de rahe hain. Aur haan, 6% ka dividend yield bhi mil raha hai, jo ise ek stable investment banata hai.
Lekin long-term mein renewables ki badhti growth ek challenge ban sakti hai.