FINANCIAL

MODELING REPORT
(BSE: 533278 | NSE: COALINDIA)

Om Pawar
TABLE OF CONTENTS

1. One Page Profile

2. Historical Financial Statements
3. Ratio Analysis
4. Common Size Statements
5. Forecasting
6. Intrinsic Growth
7. Beta Regression
8. WACC
9. DCF Valuation
10. Comparable Company Analysis
11. Value At Risk
12. Dupont Analysis
13. Altman’s Score
 COAL INDIA LTD - One Page Profile
Coal India Limited (CIL) is an Indian public sector undertaking and the largest government-owned coal producer in the
world. Headquartered in Kolkata, it is under the administrative control of the Ministry of Coal, Government of India.
The major consumers of the company are power and steel sectors. Consumers from other sectors include cement,
fertilizers, brick kilns etc.

INR (Cr.)
Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 1Y
Total Sales 96,080 90,026 1,09,715 1,38,252 1,42,324 600
Sales Growth (y-o-y) -3.52% -6.30% 21.87% 26.01% 2.95%
500
Gross Profit Margin (%) 34.07% 28.55% 31.13% 34.39% 35.79%
EBITDA Margins (%) 15.75% 16.53% 19.01% 27.25% 27.81% 400
EBIT Margins (%) 12.16% 12.41% 14.97% 22.31% 23.07%
300
Net Profit Margins (%) 3.97% 5.80% 8.79% 13.46% 14.46%
Earning Per Share (In Rs) 27.14 20.62 28.19 51.58 60.74 200
EPS Growth (y-o-y) -4.29% -24.02% 36.68% 82.99% 17.75% 100
Dividend Per Share 12.00 16.00 17.00 24.25 25.50

2023

2023

2023

2024

2024

2024

2024

2024

2024
DPS Growth (y-o-y) -8.40% 33.33% 6.25% 42.65% 5.15%

Key Financial Ratio Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volumes - 1Y

Price to Earning 5.16x 6.32x 6.49x 4.14x 7.15x 800m
EV/EBITDA 4.25x 4.63x 4.14x 2.55x 6.16x 600m
EV/Sales 0.67x 0.77x 0.79x 0.69x 1.71x 400m
Price to Book Value 2.68x 2.20x 2.61x 2.16x 3.23x 200m
Return on Equity (%) 11.85% 14.29% 22.36% 30.58% 24.87% 0m
Return On Capital Employed (%) 30.28% 26.34% 35.21% 47.32% 36.79% 2023 2023 2024 2024 2024 2024

Top 10 Shareholders No. Shares (In Cr.) (%) Holding Market Value (in Cr.) Shareholding Pattern
PRESIDENT OF INDIA MINISTRY OF COAL 389 63.13% 1,59,131
LIFE INSURANCE CORPORATION OF INDIA 60 9.74% 24,548 Public & Government 5.13%
CPSE ETF 18 2.95% 7,429
DII 22.56%
PARAG PARIKH FLEXI CAP FUND 10 1.69% 4,272
HDFC BALANCED ADVANTAGE FUND 10 1.61% 4,070 FII 9.16%
BHARAT 22 ETF 7 1.09% 2,752
LLP 0 0.02% 60 Promoter 63.13%

Investor Education and Protection Fund 0 0.00% 8

Managerial Remuneration Designation Remuneration Benefits Capital Structure
Shri Pramod Agrawal CMD 60,76,552 11,55,506
Shri Vinay Ranjan Director (Fin) 52,41,756 8,48,535 Share Price as on 22Nov-24 409.75
Dr B. Veera Reddy Director (Tech) 58,95,169 8,67,359 No. of Shares Outstanding 616
Shri Debasish Nanda Director (B.D) 35,37,890 71,044 Market Capitalization 2,52,332
Shri Mukesh Choudhary Director 9,08,825 0 Less: Cash & Equivalents (30,235)
Add: Total Debt 6,523
Add: Minority Interest 852
Enterprise Value 2,29,472

Recent Updates

Coal India seeks bids from private e-auction service providers.

External providers like MSTC and mjunction coonfused over CIL's tender.
Coal India allows coal supply beyond annual contracted quantity.
Policy change benifites non-regulated sector in long-term linkage auction.
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Historical Financial Statement - COAL INDIA LTD

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 LTM

# Income Statement
Sales ₹ 74,120.1 ₹ 77,861.3 ₹ 78,163.6 ₹ 85,244.2 ₹ 99,585.6 ₹ 96,080.3 ₹ 90,026.0 ₹ 1,09,715.4 ₹ 1,38,251.9 ₹ 1,42,324.0 ₹ 1,40,701.9
Sales Growth - 5.05% 0.39% 9.06% 16.82% -3.52% -6.30% 21.87% 26.01% 2.95% -1.14%

COGS ₹ 48,718.3 ₹ 50,583.0 ₹ 55,455.0 ₹ 67,894.9 ₹ 64,347.1 ₹ 63,346.7 ₹ 64,326.5 ₹ 75,563.2 ₹ 90,709.8 ₹ 91,390.5 ₹ 93,387.9
COGS % of Sales 65.73% 64.97% 70.95% 79.65% 64.61% 65.93% 71.45% 68.87% 65.61% 64.21% 66.37%

Gross Profit ₹ 25,401.8 ₹ 27,278.4 ₹ 22,708.6 ₹ 17,349.3 ₹ 35,238.5 ₹ 32,733.7 ₹ 25,699.5 ₹ 34,152.2 ₹ 47,542.1 ₹ 50,933.5 ₹ 47,313.9
Gross Profit Margins 34.27% 35.03% 29.05% 20.35% 35.39% 34.07% 28.55% 31.13% 34.39% 35.79% 33.63%

Selling & General Expense ₹ 14,628.6 ₹ 14,502.8 ₹ 15,576.3 ₹ 13,036.0 ₹ 16,065.9 ₹ 17,597.4 ₹ 10,813.8 ₹ 13,297.7 ₹ 9,869.8 ₹ 11,357.9
S%G Exp % Sales 19.74% 18.63% 19.93% 15.29% 16.13% 18.32% 12.01% 12.12% 7.14% 7.98% 0.00%

EBITDA ₹ 10,773.2 ₹ 12,775.6 ₹ 7,132.3 ₹ 4,313.4 ₹ 19,172.7 ₹ 15,136.3 ₹ 14,885.7 ₹ 20,854.6 ₹ 37,672.2 ₹ 39,575.6 ₹ 47,313.9
EBITDA Margin 14.53% 16.41% 9.12% 5.06% 19.25% 15.75% 16.53% 19.01% 27.25% 27.81% 33.63%

Interest ₹ 9.1 ₹ 387.7 ₹ 410.4 ₹ 430.1 ₹ 263.7 ₹ 502.9 ₹ 642.2 ₹ 541.5 ₹ 684.3 ₹ 819.4 ₹ 875.9
Interest % Sales 0.01% 0.50% 0.53% 0.50% 0.26% 0.52% 0.71% 0.49% 0.49% 0.58% 0.62%

Depreciation ₹ 2,319.8 ₹ 2,825.9 ₹ 2,906.8 ₹ 3,062.7 ₹ 3,450.4 ₹ 3,450.8 ₹ 3,717.9 ₹ 4,428.7 ₹ 6,832.9 ₹ 6,735.4 ₹ 7,492.4
Depreciation % Sales 3.13% 3.63% 3.72% 3.59% 3.46% 3.59% 4.13% 4.04% 4.94% 4.73% 5.33%

EBT ₹ 8,444.3 ₹ 9,562.0 ₹ 3,815.1 ₹ 820.5 ₹ 15,458.6 ₹ 11,182.5 ₹ 10,525.6 ₹ 15,884.4 ₹ 30,155.0 ₹ 32,020.8 ₹ 38,945.6
EBT % Sales 11.39% 12.28% 4.88% 0.96% 15.52% 11.64% 11.69% 14.48% 21.81% 22.50% 27.68%

Tax ₹ 7,857.3 ₹ 7,171.9 ₹ 5,164.8 ₹ 3,732.3 ₹ 9,662.5 ₹ 7,371.0 ₹ 5,307.1 ₹ 6,237.9 ₹ 11,551.6 ₹ 11,443.5 ₹ 11,351.8
Effective Tax Rate 93.05% 75.00% 135.38% 454.85% 62.51% 65.92% 50.42% 39.27% 38.31% 35.74% 29.15%

Net Profit ₹ 587.0 ₹ 2,390.1 (₹ 1,349.7) (₹ 2,911.8) ₹ 5,796.2 ₹ 3,811.5 ₹ 5,218.6 ₹ 9,646.6 ₹ 18,603.4 ₹ 20,577.3 ₹ 27,593.8
Net Margins 0.79% 3.07% -1.73% -3.42% 5.82% 3.97% 5.80% 8.79% 13.46% 14.46% 19.61%

No. of Equity Shares ₹ 631.6 ₹ 631.6 ₹ 620.7 ₹ 620.7 ₹ 616.3 ₹ 616.3 ₹ 616.3 ₹ 616.3 ₹ 616.3 ₹ 616.3

Earning Per Share ₹ 0.9 ₹ 3.8 (₹ 2.2) (₹ 4.7) ₹ 9.4 ₹ 6.2 ₹ 8.5 ₹ 15.7 ₹ 30.2 ₹ 33.4
EPS Growth Rate 307.17% -157.46% 115.74% -300.50% -34.24% 36.92% 84.85% 92.85% 10.61%

Dividend per Share ₹ 20.7 ₹ 27.4 ₹ 19.9 ₹ 16.5 ₹ 13.1 ₹ 12.0 ₹ 16.0 ₹ 17.0 ₹ 24.3 ₹ 25.5
Dividend payout ratio 2227.37% 724.10% -915.23% -351.75% 139.28% 194.02% 188.95% 108.60% 80.33% 76.37%

Retained earning -2127.37% -624.10% 1015.23% 451.75% -39.28% -94.02% -88.95% -8.60% 19.67% 23.63%

# Balance Sheet
Equity Share Capital ₹ 6,316.4 ₹ 6,316.4 ₹ 6,207.4 ₹ 6,207.4 ₹ 6,162.7 ₹ 6,162.7 ₹ 6,162.7 ₹ 6,162.7 ₹ 6,162.7 ₹ 6,162.7
Reserves ₹ 34,036.7 ₹ 28,516.8 ₹ 18,310.7 ₹ 13,971.3 ₹ 20,292.4 ₹ 25,994.2 ₹ 30,354.6 ₹ 36,980.3 ₹ 54,680.2 ₹ 76,567.1
Borrowings ₹ 408.3 ₹ 1,198.8 ₹ 3,014.5 ₹ 1,537.7 ₹ 2,209.9 ₹ 6,433.8 ₹ 5,884.2 ₹ 3,513.6 ₹ 4,331.4 ₹ 6,523.0
Other Liabilities ₹ 70,505.3 ₹ 77,528.3 ₹ 91,054.4 ₹ 1,03,754.2 ₹ 1,04,356.4 ₹ 1,11,429.8 ₹ 1,18,649.3 ₹ 1,32,779.7 ₹ 1,56,221.5 ₹ 1,47,216.8
Total Liabilities ₹ 1,11,266.7 ₹ 1,13,560.3 ₹ 1,18,587.0 ₹ 1,25,470.7 ₹ 1,33,021.5 ₹ 1,50,020.4 ₹ 1,61,050.8 ₹ 1,79,436.3 ₹ 2,21,395.9 ₹ 2,36,469.6

Fixed Assets Net Block ₹ 16,115.0 ₹ 22,082.5 ₹ 23,811.4 ₹ 27,574.1 ₹ 32,618.3 ₹ 36,783.6 ₹ 42,405.2 ₹ 46,677.0 ₹ 64,547.4 ₹ 75,668.2
Capital Work in Progress ₹ 5,159.4 ₹ 4,553.2 ₹ 8,585.2 ₹ 10,272.7 ₹ 9,657.7 ₹ 8,328.3 ₹ 10,489.8 ₹ 12,897.1 ₹ 17,622.0 ₹ 18,960.3
Investments ₹ 2,813.4 ₹ 2,906.1 ₹ 1,482.9 ₹ 1,703.6 ₹ 3,169.8 ₹ 1,972.9 ₹ 5,950.2 ₹ 8,920.6 ₹ 7,139.4 ₹ 7,110.4
Other Assets ₹ 24,479.0 ₹ 26,254.7 ₹ 31,365.0 ₹ 41,938.6 ₹ 45,368.9 ₹ 53,460.6 ₹ 56,324.7 ₹ 62,533.0 ₹ 70,341.0 ₹ 80,443.0
Total Non Current Assets ₹ 48,566.9 ₹ 55,796.5 ₹ 65,244.5 ₹ 81,489.0 ₹ 90,814.7 ₹ 1,00,545.3 ₹ 1,15,170.0 ₹ 1,31,027.7 ₹ 1,59,649.8 ₹ 1,82,182.0

Receivables ₹ 8,521.9 ₹ 11,447.6 ₹ 12,476.3 ₹ 6,257.8 ₹ 5,498.6 ₹ 14,408.2 ₹ 19,623.1 ₹ 11,367.7 ₹ 13,060.5 ₹ 13,255.8
Inventory ₹ 6,909.1 ₹ 8,301.2 ₹ 9,717.0 ₹ 6,443.9 ₹ 5,583.9 ₹ 6,618.0 ₹ 8,947.5 ₹ 7,075.7 ₹ 8,763.8 ₹ 10,796.7
Cash & Bank ₹ 47,268.9 ₹ 38,014.9 ₹ 31,149.2 ₹ 31,280.0 ₹ 31,124.2 ₹ 28,449.0 ₹ 17,310.3 ₹ 29,965.2 ₹ 39,921.7 ₹ 30,235.2
Total Current Assets ₹ 62,699.8 ₹ 57,763.8 ₹ 53,342.5 ₹ 43,981.6 ₹ 42,206.7 ₹ 49,475.2 ₹ 45,880.9 ₹ 48,408.6 ₹ 61,746.0 ₹ 54,287.6

Total Assets ₹ 1,11,266.7 ₹ 1,13,560.3 ₹ 1,18,587.0 ₹ 1,25,470.7 ₹ 1,33,021.5 ₹ 1,50,020.4 ₹ 1,61,050.8 ₹ 1,79,436.3 ₹ 2,21,395.9 ₹ 2,36,469.6

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
# Cash Flow Statements
Operating Activities
Profit from operations ₹ 23,305.0 ₹ 23,699.0 ₹ 19,034.0 ₹ 13,541.0 ₹ 31,109.0 ₹ 28,680.0 ₹ 21,891.0 ₹ 29,945.0 ₹ 42,832.0 ₹ 46,013.0
Receivables (₹ 281.0) (₹ 2,966.0) (₹ 1,057.0) ₹ 3,879.0 ₹ 759.0 (₹ 8,910.0) (₹ 6,177.0) ₹ 8,149.0 (₹ 2,027.0) (₹ 1,147.0)
Inventory (₹ 616.0) (₹ 1,412.0) (₹ 1,376.0) ₹ 2,481.0 ₹ 860.0 (₹ 1,034.0) (₹ 2,329.0) ₹ 1,872.0 (₹ 1,079.0) (₹ 2,067.0)
Payables - - - ₹ 633.0 ₹ 2,444.0 (₹ 2,167.0) ₹ 1,222.0 ₹ 130.0 (₹ 54.0) (₹ 164.0)
Loans Advances (₹ 1,610.0) - - - - - (₹ 2,581.0) (₹ 4,188.0) (₹ 648.0) ₹ 447.0
Other WC items ₹ 3,155.0 ₹ 1,709.0 ₹ 8,802.0 ₹ 8,014.0 (₹ 9,038.0) (₹ 6,177.0) ₹ 3,992.0 ₹ 10,757.0 ₹ 6,461.0 (₹ 13,253.0)
Working capital changes ₹ 649.0 (₹ 2,670.0) ₹ 6,369.0 ₹ 15,007.0 (₹ 4,975.0) (₹ 18,288.0) (₹ 5,872.0) ₹ 16,720.0 ₹ 2,652.0 (₹ 16,184.0)
Direct taxes (₹ 9,572.0) (₹ 7,875.0) (₹ 8,942.0) (₹ 7,433.0) (₹ 9,778.0) (₹ 5,415.0) (₹ 5,426.0) (₹ 5,558.0) (₹ 9,750.0) (₹ 11,727.0)
Cash From Operating Activities ₹ 15,030.0 ₹ 10,485.0 ₹ 22,830.0 ₹ 36,122.0 ₹ 11,381.0 (₹ 13,311.0) ₹ 4,720.0 ₹ 57,827.0 ₹ 38,387.0 ₹ 1,918.0

Investing Activities
Fixed assets purchased (₹ 4,901.0) (₹ 5,786.0) (₹ 8,676.0) (₹ 8,529.0) (₹ 7,057.0) (₹ 5,620.0) (₹ 10,880.0) (₹ 12,024.0) (₹ 15,318.0) (₹ 16,821.0)
Fixed assets sold - - - - ₹ 57.0 ₹ 31.0 ₹ 28.0 ₹ 28.0 ₹ 107.0 ₹ 71.0
Investments purchased (₹ 453.0) (₹ 90.0) - - (₹ 1,349.0) - (₹ 3,159.0) (₹ 1,964.0) - -
Investments sold ₹ 961.0 - ₹ 1,426.0 ₹ 308.0 - ₹ 1,650.0 - - ₹ 2,745.0 ₹ 1,228.0
Interest received ₹ 5,287.0 ₹ 4,680.0 ₹ 3,464.0 ₹ 2,334.0 ₹ 3,144.0 ₹ 3,121.0 ₹ 2,216.0 ₹ 1,088.0 ₹ 2,684.0 ₹ 2,947.0
Dividends received - ₹ 355.0 - - - - - ₹ 11.0 - -
Investment in group cos - - (₹ 5.0) (₹ 333.0) (₹ 118.0) (₹ 454.0) (₹ 757.0) (₹ 768.0) (₹ 667.0) (₹ 347.0)
Other investing items - ₹ 8,994.0 ₹ 4,245.0 (₹ 1,526.0) (₹ 2,573.0) ₹ 2,305.0 ₹ 12,734.0 (₹ 12,086.0) (₹ 13,016.0) ₹ 8,436.0
Cash Flow From Investing Activities ₹ 894.0 ₹ 8,153.0 ₹ 454.0 (₹ 7,746.0) (₹ 7,896.0) ₹ 1,033.0 ₹ 182.0 (₹ 25,715.0) (₹ 23,465.0) (₹ 4,486.0)

Financing Activities
Proceeds from borrowings ₹ 200.0 - ₹ 1,817.0 - - ₹ 4,954.0 - - ₹ 805.0 ₹ 1,501.0
Repayment of borrowings - - - - (₹ 59.0) - (₹ 551.0) (₹ 2,573.0) - (₹ 5.0)
Interest paid fin (₹ 7.0) (₹ 21.0) (₹ 31.0) (₹ 37.0) (₹ 12.0) (₹ 69.0) (₹ 196.0) (₹ 85.0) (₹ 138.0) (₹ 224.0)
Dividends paid (₹ 15,596.0) (₹ 17,307.0) (₹ 12,353.0) (₹ 10,220.0) (₹ 8,113.0) (₹ 7,394.0) (₹ 7,706.0) (₹ 10,783.0) (₹ 14,328.0) (₹ 15,098.0)
Financial liabilities - - - - - - - - (₹ 43.0) (₹ 73.0)
Other financing items ₹ 378.0 (₹ 2,260.0) (₹ 7,031.0) (₹ 3,308.0) (₹ 2,701.0) (₹ 2,282.0) - - - -
Cash Flow From Financing Activities (₹ 15,025.0) (₹ 19,588.0) (₹ 17,598.0) (₹ 13,565.0) (₹ 10,885.0) (₹ 4,791.0) (₹ 8,453.0) (₹ 13,441.0) (₹ 13,704.0) (₹ 13,899.0)

Net Cash Flow ₹ 899.0 (₹ 950.0) ₹ 5,686.0 ₹ 14,811.0 (₹ 7,400.0) (₹ 17,069.0) (₹ 3,551.0) ₹ 18,671.0 ₹ 1,218.0 (₹ 16,467.0)
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Ratio Analysis - COAL INDIA LTD

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median

Sales Growth 5.05% 0.39% 9.06% 16.82% -3.52% -6.30% 21.87% 26.01% 2.95% 8.04% 5.05%
EBITDA Growth 18.59% -44.17% -39.52% 344.50% -21.05% -1.66% 40.10% 80.64% 5.05% 42.50% 5.05%
EBIT Growth 13.24% -60.10% -78.49% 1783.93% -27.66% -5.87% 50.91% 89.84% 6.19% 196.89% 6.19%
Net Profit Growth 307.17% -156.47% 115.74% -299.06% -34.24% 36.92% 84.85% 92.85% 10.61% 17.60% 36.92%
Dividend Growth 32.37% -27.37% -17.09% -20.61% -8.40% 33.33% 6.25% 42.65% 5.15% 5.14% 5.15%

Gross Margin 34.27% 35.03% 29.05% 20.35% 35.39% 34.07% 28.55% 31.13% 34.39% 35.79% 31.80% 34.17%
EBITDA Margin 14.53% 16.41% 9.12% 5.06% 19.25% 15.75% 16.53% 19.01% 27.25% 27.81% 17.07% 16.47%
EBIT Margin 11.41% 12.78% 5.41% 1.47% 15.79% 12.16% 12.41% 14.97% 22.31% 23.07% 13.18% 12.59%
EBT Margin 11.39% 12.28% 4.88% 0.96% 15.52% 11.64% 11.69% 14.48% 21.81% 22.50% 12.72% 11.99%
Net Profit Margin 0.79% 3.07% -1.73% -3.42% 5.82% 3.97% 5.80% 8.79% 13.46% 14.46% 5.10% 4.88%

SalesExpenses%Sales 19.74% 18.63% 19.93% 15.29% 16.13% 18.32% 12.01% 12.12% 7.14% 7.98% 14.73% 15.71%
Depreciation%Sales 3.13% 3.63% 3.72% 3.59% 3.46% 3.59% 4.13% 4.04% 4.94% 4.73% 3.90% 3.67%
OperatingIncome%Sales 11.41% 12.78% 5.41% 1.47% 15.79% 12.16% 12.41% 14.97% 22.31% 23.07% 13.18% 12.59%

Return on capital Employed 20.74% 28% 15% 6% 55% 30% 26% 35% 47% 37% 30.02% 28.95%
Retained Earning% -2127.37% -624% 1015% 452% -39% -94% -89% -9% 20% 24% -147.21% -23.94%
Return on Equity % 1.45% 7% -6% -14% 22% 12% 14% 22% 31% 25% 11.42% 13.07%
Self Sustained Growth Rate -30.95% -43% -56% -65% -9% -11% -13% -2% 6% 6% -21.73% -11.93%
Interest Coverage Ratio 929.97x 25.67x 10.30x 2.91x 59.63x 23.24x 17.39x 30.33x 45.07x 40.08x 118.46x 28.00x

Debtors Turnover Ratio 8.70x 6.80x 6.26x 13.62x 18.11x 6.67x 4.59x 9.65x 10.59x 10.74x 9.57x 9.17x
Creditor Turnover Ratio 181.52x 64.95x 25.93x 55.44x 45.06x 14.93x 15.30x 31.23x 31.92x 21.82x 48.81x 31.57x
Inventory Turnover 10.73x 9.38x 8.04x 13.23x 17.83x 14.52x 10.06x 15.51x 15.78x 13.18x 12.83x 13.21x
Fixed Asset Turnover 4.60x 3.53x 3.28x 3.09x 3.05x 2.61x 2.12x 2.35x 2.14x 1.88x 2.87x 2.83x
Capital Turnover Ratio 1.84x 2.24x 3.19x 4.22x 3.76x 2.99x 2.47x 2.54x 2.27x 1.72x 2.72x 2.50x

Debtors Days 42 54 58 27 20 55 80 38 34 34 44.14x 39.89x

Payable Days 2 6 14 7 8 24 24 12 11 17 12.45x 11.56x
Inventory Days 34 39 45 28 20 25 36 24 23 28 30.22x 27.64x
Cash Conversion Cycle (in days) 74 87 90 48 33 55 92 50 46 45 61.90x 52.55x

CFO/Sales 20.28% 13.47% 29.21% 42.37% 11.43% -13.85% 5.24% 52.71% 27.77% 1.35% 19.00% 16.87%
CFO/Total Assets 0.80% 7.18% 0.38% -6.17% -5.94% 0.69% 0.11% -14.33% -10.60% -1.90% -2.98% -0.89%
CFO/Total Debt 3680.94% 874.63% 757.35% 2349.06% 514.99% -206.89% 80.21% 1645.79% 886.25% 29.40% 1061.17% 815.99%
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Common Size Income Statement -COAL INDIA LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 9.79% 9.04% 0.00% 0.00% 0.00% 0.06% 0.31% 0.09% 0.34% 0.00%
Change in Inventory 0.72% 1.85% 1.58% -1.97% -0.86% 1.09% 2.61% -2.10% 0.48% 1.07%
Power and Fuel 3.17% 3.20% 3.26% 2.95% 2.45% 2.57% 2.80% 2.40% 2.00% 2.02%
Other Mfr. Exp 13.18% 15.89% 26.39% 24.73% 22.37% 23.37% 28.08% 27.38% 28.02% 28.99%
Employee Cost 40.31% 38.69% 42.89% 50.00% 38.93% 41.01% 42.87% 36.89% 35.74% 34.28%
Selling and admin 3.80% 4.23% 5.07% 3.97% 3.70% 3.69% 3.75% 3.52% 3.46% 3.88%
Other Expenses 7.07% 6.77% 8.06% 5.49% 6.58% 7.92% 4.11% 5.08% -1.06% -1.80%
Other Income 8.86% 7.63% 6.80% 5.84% 5.86% 6.71% 4.16% 3.52% 4.74% 5.90%
Depreciation 3.13% 3.63% 3.72% 3.59% 3.46% 3.59% 4.13% 4.04% 4.94% 4.73%
Interest 0.01% 0.50% 0.53% 0.50% 0.26% 0.52% 0.71% 0.49% 0.49% 0.58%
Profit before tax 29.12% 27.54% 18.48% 12.63% 27.24% 25.05% 20.00% 21.53% 31.30% 34.30%
Tax 10.60% 9.21% 6.61% 4.38% 9.70% 7.67% 5.90% 5.69% 8.36% 8.04%
Net profit 18.52% 18.32% 11.87% 8.26% 17.54% 17.40% 14.11% 15.82% 22.97% 26.28%
Dividend Amount 17.64% 22.23% 15.80% 12.02% 8.11% 7.70% 10.95% 9.55% 10.81% 11.04%
EBITDA 32.26% 31.66% 22.72% 16.73% 30.97% 29.18% 24.85% 26.04% 36.77% 39.63%

Common Size Balance Sheet -COAL INDIA LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 5.68% 5.56% 5.23% 4.95% 4.63% 4.11% 3.83% 3.43% 2.78% 2.61%
Reserves 30.59% 25.11% 15.44% 11.14% 15.25% 17.33% 18.85% 20.61% 24.70% 32.38%
Borrowings 0.37% 1.06% 2.54% 1.23% 1.66% 4.29% 3.65% 1.96% 1.96% 2.76%
Other Liabilities 63.37% 68.27% 76.78% 82.69% 78.45% 74.28% 73.67% 74.00% 70.56% 62.26%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 14.48% 19.45% 20.08% 21.98% 24.52% 24.52% 26.33% 26.01% 29.15% 32.00%
Capital Work in Progress 4.64% 4.01% 7.24% 8.19% 7.26% 5.55% 6.51% 7.19% 7.96% 8.02%
Investments 2.53% 2.56% 1.25% 1.36% 2.38% 1.32% 3.69% 4.97% 3.22% 3.01%
Other Assets 22.00% 23.12% 26.45% 33.43% 34.11% 35.64% 34.97% 34.85% 31.77% 34.02%
Receivables 7.66% 10.08% 10.52% 4.99% 4.13% 9.60% 12.18% 6.34% 5.90% 5.61%
Inventory 6.21% 7.31% 8.19% 5.14% 4.20% 4.41% 5.56% 3.94% 3.96% 4.57%
Cash & Bank 42.48% 33.48% 26.27% 24.93% 23.40% 18.96% 10.75% 16.70% 18.03% 12.79%
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

COAL INDIA LTD - Sales Forecasting COAL INDIA LTD - EBITDA Forecasting COAL INDIA LTD - Earning Per Share Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2015A 74,120.07 1 2015A 23,912.89 1 2015A 0.9
2 2016A 77,861.32 5.05% 2 2016A 24,652.23 3.09% 2 2016A 3.8 307.17%
3 2017A 78,163.60 0.39% 3 2017A 17,762.00 -27.95% 3 2017A -2.2 -157.46%
4 2018A 85,244.24 9.06% 4 2018A 14,263.67 -19.70% 4 2018A -4.7 115.74%
5 2019A 99,585.61 16.82% 5 2019A 30,839.56 116.21% 5 2019A 9.4 -300.50%
6 2020A 96,080.34 -3.52% 6 2020A 28,038.92 -9.08% 6 2020A 6.2 -34.24%
7 2021A 90,026.01 -6.30% 7 2021A 22,367.05 -20.23% 7 2021A 8.5 36.92%
8 2022A 1,09,715.42 21.87% 8 2022A 28,566.12 27.72% 8 2022A 15.7 84.85%
9 2023A 1,38,251.91 26.01% 9 2023A 50,832.10 77.95% 9 2023A 30.2 92.85%
10 2024A 1,42,323.98 2.95% 10 2024A 56,400.56 10.95% 10 2024A 33.4 10.61%
11 2025E 1,39,309.53 -2.12% 11 2025E 48,136.12 -14.65% 11 2025E 30.2 -9.58%
12 2026E 1,46,613.58 5.24% 12 2026E 51,476.59 6.94% 12 2026E 33.8 12.09%
13 2027E 1,53,917.63 4.98% 13 2027E 54,817.07 6.49% 13 2027E 37.5 10.79%
14 2028E 1,61,221.69 4.75% 14 2028E 58,157.54 6.09% 14 2028E 41.1 9.74%
15 2029E 1,68,525.74 4.53% 15 2029E 61,498.01 5.74% 15 2029E 44.8 8.87%

Sales Growth EBITDA Growth EPS Growth

2,00,000.00 70,000.00 50.0
60,000.00
1,50,000.00 40.0
50,000.00
40,000.00 30.0
1,00,000.00
30,000.00 20.0
50,000.00 20,000.00
10.0
10,000.00
- - -

2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E

-10,000.00 -10.0
-50,000.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

COAL INDIA LTD - Sales Forecasting Sales Growth COAL INDIA LTD - EBITDA Forecasting EBITDA Growth COAL INDIA LTD - Earning Per Share Forecasting EPS

COAL INDIA LTD - Sales Forecasting Sales COAL INDIA LTD - EBITDA Forecasting EBITDA COAL INDIA LTD - Earning Per Share Forecasting EPS Growth
 Intrinsic Growth - COAL INDIA

Calcualtion of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Cash Equivalents 28,449.0 17,310.0 29,965.0 39,922.0 30,235.0
Loans n Advances 503.0 501.0 - 22.0 22.0
Total Assets 1,50,020.0 1,61,051.0 1,79,436.0 2,21,396.0 2,36,470.0
Other asset items 2,994.0 3,276.0 4,575.0 7,181.0 9,612.0
Total Current Assets 1,81,966.0 1,82,138.0 2,13,976.0 2,68,521.0 2,76,339.0

Current Liablities
Non controlling int 394.0 441.0 674.0 771.0 852.0
Trade Payables 7,251.0 8,473.0 8,604.0 8,549.0 8,386.0
Advance from Customers 12,002.0 13,277.0 20,303.0 20,900.0 16,504.0
Other liability items 91,783.0 96,458.0 1,03,200.0 1,26,002.0 1,21,475.0
Total Current Liablities 1,11,430.0 1,18,649.0 1,32,781.0 1,56,222.0 1,47,217.0

# Net Working Capital 70,536.0 63,489.0 81,195.0 1,12,299.0 1,29,122.0

Non-Current Assets
Building 4,036.0 4,509.0 5,123.0 6,146.0 7,314.0
Plant Machinery 17,941.0 21,794.0 24,661.0 26,645.0 32,890.0
Equipments 315.0 343.0 422.0 452.0 540.0
Furniture n fittings 318.0 372.0 289.0 314.0 343.0
Railway sidings 3,652.0 5,800.0 7,318.0 5,928.0 6,381.0
Vehicles 190.0 208.0 263.0 339.0 431.0
Intangible Assets - - - - -
Other fixed assets 8,808.0 8,296.0 8,503.0 27,874.0 33,182.0
Gross Block 35,260.0 41,322.0 46,579.0 67,698.0 81,081.0
Accumulated Depriciation (14,400) (17,688) (21,384) (27,517) (33,381)
# Net Non-Current Assets 20,860.0 23,634.0 25,195.0 40,181.0 47,700.0

# Invested Capital 91,396.0 87,123.0 1,06,390.0 1,52,480.0 1,76,822.0

EBIT 11,685.4 11,167.9 16,425.9 30,839.3 32,840.2

# ROCI 12.79% 12.82% 15.44% 20.23% 18.57%

# Calcualtion of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex 5,589.0 10,852.0 11,996.0 15,211.0 16,750.0

Change in Working Capital (7,047) 17,706.0 31,104.0 16,823.0

EBIT 11,685.4 11,167.9 16,425.9 30,839.3 32,840.2

Marginal Tax Rate 25% 25% 25% 25% 25%
EBIT(1-Tax) 8,764.1 8,375.9 12,319.4 23,129.5 24,630.1

Reinvestment 3,805.0 29,702.0 46,315.0 33,573.0

Reinvestment Rate 45.43% 241.10% 200.24% 136.31%

4 Year Average 155.77%

4 Year Median 168.28%

# Calcualtion of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate 45.43% 241.10% 200.24% 136.31%

ROIC 12.82% 15.44% 20.23% 18.57%
Intrisic Growth 5.82% 37.22% 40.50% 25.32%

4 Year Average 27.22%

4 Year Median 31.27%
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Regression Beta 2 Years Weekly

Coal India Weekly Returns NIFTY Returns Beta Drifting

Date Closing Price Returns Closing Price Returns Levered Raw Beta 1.13
20-Nov-22 200.4 18,512.8 Raw Beta Weight 75.00%
27-Nov-22 196.2 -2.08% 18,696.1 0.99%
04-Dec-22 198.2 0.99% 18,496.6 -1.07% Market Beta 1
11-Dec-22 194.5 -1.84% 18,269.0 -1.23% Market Beta Weight 25.00%
18-Dec-22 186.2 -4.27% 17,806.8 -2.53%
25-Dec-22 194.9 4.65% 18,105.3 1.68% Adjusted Beta 1.10
01-Jan-23 185.5 -4.80% 17,859.5 -1.36%
08-Jan-23 186.3 0.40% 17,956.6 0.54%
15-Jan-23 196.6 5.53% 18,027.7 0.40%
22-Jan-23 192.6 -2.02% 17,604.4 -2.35%
29-Jan-23 189.6 -1.57% 17,854.1 1.42%
05-Feb-23 183.1 -3.38% 17,856.5 0.01%
12-Feb-23 192.9 5.35% 17,944.2 0.49%
19-Feb-23 192.5 -0.21% 17,465.8 -2.67%
26-Feb-23 197.8 2.72% 17,594.4 0.74%
05-Mar-23 199.0 0.63% 17,412.9 -1.03%
12-Mar-23 196.6 -1.20% 17,100.1 -1.80%
19-Mar-23 184.9 -5.96% 16,945.1 -0.91%
26-Mar-23 189.5 2.49% 17,359.8 2.45%
02-Apr-23 196.7 3.77% 17,599.2 1.38%
09-Apr-23 200.0 1.71% 17,828.0 1.30%
16-Apr-23 204.1 2.02% 17,624.1 -1.14%
23-Apr-23 206.8 1.32% 18,065.0 2.50%
30-Apr-23 210.6 1.85% 18,069.0 0.02%
07-May-23 208.5 -0.99% 18,314.8 1.36%
14-May-23 212.8 2.07% 18,203.4 -0.61%
21-May-23 214.2 0.66% 18,499.4 1.63%
28-May-23 204.8 -4.39% 18,534.1 0.19%
04-Jun-23 202.0 -1.41% 18,563.4 0.16%
11-Jun-23 202.8 0.40% 18,826.0 1.41%
18-Jun-23 200.4 -1.16% 18,665.5 -0.85%
25-Jun-23 204.9 2.26% 19,189.1 2.80%
02-Jul-23 207.6 1.30% 19,331.8 0.74%
09-Jul-23 205.0 -1.26% 19,564.5 1.20%
16-Jul-23 203.2 -0.88% 19,745.0 0.92%
23-Jul-23 201.5 -0.83% 19,646.1 -0.50%
30-Jul-23 207.4 2.93% 19,517.0 -0.66%
06-Aug-23 208.4 0.49% 19,428.3 -0.45%
13-Aug-23 201.8 -3.17% 19,310.2 -0.61%
20-Aug-23 205.5 1.86% 19,265.8 -0.23%
27-Aug-23 213.8 4.04% 19,435.3 0.88%
03-Sep-23 254.6 19.08% 19,820.0 1.98%
10-Sep-23 252.1 -0.99% 20,192.4 1.88%
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Weighted Average Cost of Capital

All figures is INR unless stated otherwise

Peer Comps
Debt / Debt / Levered Unlevered
1
Name of the Company Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3

Coal India India 7816.16 250083.47 30.00% 3.13% 3.03% 1.13 1.11
Vedanta India 79808 173582.18 30.00% 45.98% 31.50% 1.40 1.06
NMDC India 4157.73 64575.84 30.00% 6.44% 6.05% 0.85 0.81
GMDC India 2.86 10277.76 30.00% 0.03% 0.03% 0.76 0.76
KIOCL India 218.15 21538.67 30.00% 1.01% 1.00% 1.44 1.43

Average 30.00% 11.32% 8.32% 1.12 1.03

Median 30.00% 3.13% 3.03% 1.13 1.06

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 0.73% Risk free Rate 6.94%

Tax Rate 30.00% Equity Risk Premium 8.67%
Post Tax Cost of Debt 0.51% Levered Beta 4 1.13
Cost of Equity 16.71%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 1.06

Total Debt 7,816.2 3.03% 8.32% Target Debt / Equity 9.08%
Market Capitalization 2,50,083.5 96.97% 91.68% Tax Rate 30%
Total Capital 2,57,899.6 100.00% 100.00% Levered Beta 1.13

Debt / Equity 3.13% 9.08%

Weighted Average Cost of Capital
Notes:
1. Tax Rate considered as Marginal Tax Rate for the Country Total Cost Total Weight
2. Levered beta is based on 5 year monthly data Debt 0.51% 8.32%
3. Unlevered Beta = Levered Beta /(1+(1-Tax Rate)*Debt/Equity Equity 16.71% 91.68%
4. Levered Beta = Unlevered Beta *(1+(1-Tax Rate)*Debt/Equity Weighted Average Cost of Capital 0.15
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330

Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F Mar-29F

EBIT 49,665.14 65,195.41 85,581.98 1,12,343.42 1,47,473.15 1,93,587.94

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-Tax) 37,248.86 48,896.55 64,186.48 84,257.57 1,10,604.87 1,45,190.95
Less: Reinvistment Rate 24.76% 24.76% 24.76% 24.76% 24.76% 24.76%
Free Cash Flow to firm (FCFF) 28,026.04 36,789.77 48,293.91 63,395.39 83,219.10 1,09,241.67

Mid Year Convention 0.5 1.5 2.5 3.5 4.5

Discounting Factor 0.931 0.807 0.700 0.607 0.526
PV of FCFF 34,253.43 38,978.34 44,355.01 50,473.33 57,435.62

Expected Growth 31.27%

Terminal Growth 5.38%
WACC 15.36%

Calculation of Terminal Value

FCFF(n+1) 1,43,401.49
WACC 15.36%
Terminal Growth Rate 5.38%

Terminal Value 14,37,242.13

Calculation of Equity Value

PV of FCFF 2,25,495.73
PV ofTerminal Value 14,37,242.13
Value of Operating Assets 16,62,737.86

Add: Cash 30,235.17

Less: Debt 6289
Value of Equity 16,86,684.03
No. of Shares 615.82
Equity Value per Share 2,738.93

Share Price 406

Discount/Premium 0.15x
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Amount in crores
Comparable Company Valuation
Market Data Financials Valuation
Share Shares Equity Enterprise
Company Ticker Price Outstanding Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

Coal India 406 616 2,50,298 -22,419 2,27,879 1,40,702 55,734 36,013 1.6x 4.1x 7.0x
Vedanta 443 391 1,73,055 75,481 2,48,536 1,44,448 42,338 15,841 1.7x 5.9x 10.9x
NMDC 218 293 63,785 -8,206 55,579 22,232 9,054 6,066 2.5x 6.1x 10.5x
Lloyds Metals 911 52 47,622 -251 47,371 7,246 2,097 1,468 6.5x 22.6x 32.4x
KIOCL 349 61 21,221 -239 20,983 1,085 -55 -124 19.3x -380.5x -171.4x
GMDC 322 32 10,238 -508 9,730 2,726 934 636 3.6x 10.4x 16.1x
Sandur Manganese 424 16 6,866 216 7,082 1,567 547 350 4.5x 13.0x 19.6x
MOIL 288 20 5,864 -790 5,074 1,507 612 348 3.4x 8.3x 16.9x
Orissa Minerals 7,505 1 4,503 -16 4,487 100 41 15 45.1x 110.5x 310.1x
Ashapura Minech. 250 10 2,390 1,022 3,412 2,471 391 225 1.4x 8.7x 10.6x
High 45.1x 110.5x 310.1x
75th Percentile 6.0x 12.3x 18.9x
Average 9.0x -19.1x 26.3x
Median 3.5x 8.5x 13.5x
25th
Low Percentile 1.9x
1.4x 5.9x
-380.5x 10.5x
-171.4x

Coal India Comparable Company Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprice Value 4,87,972 4,74,105 4,64,218

Net Debt -22,419 -22,419 -22,419
Implied Market Value 5,10,391 4,96,524 4,86,637
Share Oustanding 616.27 616.27 616.27
Implied Value Per Share 828.2 805.7 789.6

Source The Valuation School, Screener.in

Undervalued Undervalued Undervalued
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330

# Date Adj Close Return Sorted Return Replication Simulated Returns Calculation of Value at Risk - Coal India (Simulation)
Aug 18, 2023 205.31 -0.01 1.00 1 -0.13
Jul 07, 2023 207.58 -0.52 1.00 2 -0.01 Historical Approach
Nov 13, 2023 315.34 0.22 0.074300755 3 0.05 Mean 0.67%
Sep 07, 2023 247.32 -1.05 0.066391719 4 0.02 Std Deviation 8.01%
Aug 07, 2024 507.54 0.23 0.060014974 5 0.02 Min -15.94%
Jan 29, 2024 389.7 0.11 0.056684629 6 -0.02 Max 100.00%
Dec 19, 2023 346.42 0.21 0.052595116 7 0.09 CMP 406.0
Oct 10, 2023 273.73 -0.52 0.050962627 8 0.19
Feb 05, 2024 415.61 0.50 0.046437766 9 -0.03 Monte Carlo Simulation
Aug 02, 2023 208.07 -0.07 0.046151681 10 -0.19 Mean 0.92%
Sep 04, 2023 223.67 -1.03 0.043948674 11 0.02 Std Deviation 7.82%
May 03, 2024 453.2 0.06 0.043601059 12 0.15 Min -21.51%
Feb 13, 2024 427.04 -0.10 0.043227801 13 -0.20 Max 21.85%
May 21, 2024 468.53 -0.04 0.041576847 14 0.00 CMP 406.0
Jun 03, 2024 489.25 0.09 0.041287685 15 -0.06
May 15, 2024 446.76 0.02 0.040939207 16 -0.04
Jun 05, 2024 439.79 0.18 0.040496601 17 -0.04 Percentile Confidence VAR % Stock Price VAR (INR)
Dec 28, 2023 359.63 -0.21 0.040291411 18 0.13 5% 95.0% -11.33% 452.0 -46.0
Apr 10, 2024 435.78 -0.18 0.036165037 19 -0.06 1% 99.0% -19.02% 483.2 -77.2
Aug 01, 2024 516.04 0.51 0.03367956 20 -0.03 0.50% 99.5% -19.51% 485.2 -79.2
Sep 13, 2023 252.42 -0.57 0.031812059 21 -0.07
Feb 02, 2024 396.31 -0.23 0.031212939 22 -0.06
Jul 26, 2024 486.86 0.10 0.031076696 23 -0.05 Daily Returns Distribuation
Feb 14, 2024 440.25 0.48 0.030005679 24 0.03
800
Sep 05, 2023 230.49 -0.79 0.029589136 25 0.01 700
Mar 21, 2024 412.57 0.48 0.029037497 26 0.06 600
Sep 01, 2023 213.84 -0.19 0.028946876 27 -0.01 500
400
Sep 08, 2023 254.64 -0.92 0.028746466 28 -0.06 300
Jul 16, 2024 489.35 0.42 0.028691121 29 -0.19 200
Oct 27, 2023 283.38 -0.31 0.02770132 30 0.22 100
0
Jan 02, 2024 370.68 -0.15 0.027651883 31 -0.01

(0.00, 0.02]
(0.03, 0.04]
(0.06, 0.07]
(0.08, 0.10]
(0.11, 0.12]
(0.13, 0.15]
(0.16, 0.17]
(0.19, 0.20]
(0.21, 0.23]
(0.24, 0.25]
(0.26, 0.28]
(0.29, 0.30]
[-0.33, -0.32]
(-0.31, -0.29]
(-0.28, -0.27]
(-0.26, -0.24]
(-0.23, -0.22]
(-0.20, -0.19]
(-0.18, -0.16]
(-0.15, -0.14]
(-0.13, -0.11]
(-0.10, -0.09]
(-0.07, -0.06]
(-0.05, -0.03]
(-0.02, -0.01]
Feb 22, 2024 425.08 0.24 0.027406606 32 0.14
Nov 28, 2023 322.81 -0.47 0.026733992 33 -0.09
Sep 20, 2024 473.51 0.05 0.026483073 34 -0.06
Jun 06, 2024 451.63 -0.03 0.02621615 35 0.00
Jun 12, 2024 466.67 0.12 0.025285534 36 -0.02
Mar 14, 2024 408.42 -0.21 0.024900837 37 -0.05
Aug 16, 2024 494.1 0.03 0.024590164 38 0.01
Sep 12, 2024 478.04 0.01 0.023596352 39 -0.02
Oct 08, 2024 474.38 0.29 0.023188161 40 -0.06
Dec 04, 2023 334.85 -0.34 0.02269673 41 -0.07
Feb 15, 2024 450.17 -0.06 0.02203612 42 0.15
May 22, 2024 479.08 0.11 0.022021374 43 -0.06
Mar 01, 2024 426.23 0.20 0.021631514 44 -0.02
Dec 22, 2023 342.92 -0.27 0.021316925 45 0.12
Mar 04, 2024 434.87 0.17 0.019868007 46 -0.03
Jan 19, 2024 361.8 -0.33 0.019817579 47 -0.02
Sep 23, 2024 482.81 0.57 0.019262236 48 0.02
Aug 10, 2023 208.38 -0.73 0.019207683 49 0.09
Jan 24, 2024 361.19 0.19 0.019075833 50 -0.11
Nov 09, 2023 292.05 -0.48 0.019003595 51 0.03
Apr 25, 2024 432.05 0.02 0.01900243 52 -0.02
Feb 06, 2024 423.54 -0.13 0.018723143 53 -0.07
Jul 11, 2024 477.51 -0.05 0.018596469 54 -0.13
Aug 19, 2024 503.45 -0.03 0.018571854 55 -0.03
Aug 23, 2024 519.71 0.04 0.018568048 56 0.00
Sep 27, 2024 497.76 0.06 0.018502893 57 0.04
May 31, 2024 469.05 0.05 0.018420211 58 0.05
May 08, 2024 443.51 0.05 0.018195757 59 -0.08
Apr 01, 2024 422.12 0.13 0.017980669 60 0.00
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330

About the company

Coal India Ltd is mainly engaged in mining and production of Coal and also operates Coal washeries. The major consumers of the com0pany
are power and steel sectors. Consumers from other sectors include cement, fertilizers, brick kilns etc. It accounts for around 82% of the total
coal production in India. As of 14 October 2015, CIL's market capitalisation stood at ₹2.11 lakh crore (US$25 billion) making it India's 8th most
valuable company.

Financial Summary
Revenues (INR Crs.) Net Profit (INR Crs.) Total Assets (INR Crs.)
1,38,252 1,42,324 37,402
2,28,933
31,763 2,00,416
1,09,715
1,70,244
90,026 1,55,536

17,358
12,700

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Return on Equity (%) Return on Assets (%) Financial Leverage (%)

61.09% 4.53x
16.34% 4.27x
15.85% 3.85x
52.10%
43.58% 3.19x
36.99% 10.20%
8.17%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates
• Revenue: Rs. 30,673 crore (down 6.4% YoY)
• Volume Offtake: Decreased by 3.5% YoY
• Blended Realizations: Fell by 5.8% YoY
• Segment Performance: Both FSA and e-auction segments saw declines in volume and pricing
• Adjusted Operating Profit: Rs. 7,154 crore (down 19.6% YoY)
• Margins: 23.3%, down 381 bps YoY, impacted by higher other expenses
• Consolidated PAT: Rs. 6,289 crore (down 22% YoY), 23% below estimates
• Growth Levers for CIL: Strong volume growth outlook and potential hike in FSA coal realizations
• Coal Volume Outlook: Expected to grow at ~8% CAGR in the next few years, driven by strong power sector outlook
Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 7,038.6 17,463.1 16,714.2 12,699.9 17,358.1 31,763.2 37,402.3
Average Shareholder Equity 22,348.4 23,316.9 29,306.0 34,337.1 39,830.2 51,993.0 71,786.4
Return on Equity 31.49% 74.89% 57.03% 36.99% 43.58% 61.09% 52.10%

ROE - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 7,038.6 17,463.1 16,714.2 12,699.9 17,358.1 31,763.2 37,402.3
Revenue 85,244.2 99,585.6 96,080.3 90,026.0 1,09,715.4 1,38,251.9 1,42,324.0
Net Profit Margin (A) 8.26% 17.54% 17.40% 14.11% 15.82% 22.97% 26.28%

Revenue 85,244.2 99,585.6 96,080.3 90,026.0 1,09,715.4 1,38,251.9 1,42,324.0

Average Total Assets 1,22,028.8 1,29,246.1 1,41,520.9 1,55,535.6 1,70,243.6 2,00,416.1 2,28,932.7
Asset Turnover Ratio (B) 0.70x 0.77x 0.68x 0.58x 0.64x 0.69x 0.62x

Average Total Assets 1,22,028.8 1,29,246.1 1,41,520.9 1,55,535.6 1,70,243.6 2,00,416.1 2,28,932.7
Average Shareholder Equity 22,348.4 23,316.9 29,306.0 34,337.1 39,830.2 51,993.0 71,786.4
Equity Multiplier (C) 5.46x 5.54x 4.83x 4.53x 4.27x 3.85x 3.19x

Return on Equity (A*B*C) 31.49% 74.89% 57.03% 36.99% 43.58% 61.09% 52.10%

Return on Assets
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 7,038.6 17,463.1 16,714.2 12,699.9 17,358.1 31,763.2 37,402.3
Average Total Assets 1,22,028.8 1,29,246.1 1,41,520.9 1,55,535.6 1,70,243.6 2,00,416.1 2,28,932.7
Return on Assets 5.77% 13.51% 11.81% 8.17% 10.20% 15.85% 16.34%

ROA - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 7,038.6 17,463.1 16,714.2 12,699.9 17,358.1 31,763.2 37,402.3
Revenue 85,244.2 99,585.6 96,080.3 90,026.0 1,09,715.4 1,38,251.9 1,42,324.0
Net Profit Margin (A) 8.26% 17.54% 17.40% 14.11% 15.82% 22.97% 26.28%

Revenue 85,244.2 99,585.6 96,080.3 90,026.0 1,09,715.4 1,38,251.9 1,42,324.0

Average Total Assets 1,22,028.8 1,29,246.1 1,41,520.9 1,55,535.6 1,70,243.6 2,00,416.1 2,28,932.7
Asset Turnover Ratio (B) 0.70x 0.77x 0.68x 0.58x 0.64x 0.69x 0.62x

Return on Assets (A*B) 5.77% 13.51% 11.81% 8.17% 10.20% 15.85% 16.34%

Dupont Summary
• ROE fluctuated significantly, peaking at 74.89% in Mar 2019 and dropping to 52.10% in Mar 2024, reflecting variations
in profitability, asset efficiency, and leverage.
• ROA increased from 5.77% in Mar 2018 to 16.34% in Mar 2024, reflecting improved asset utilization and profitability.
• ROE showed high variability due to changes in profitability and leverage.
• ROA demonstrated consistent improvement, reflecting better asset efficiency and profitability.
 COAL INDIA LTD
( COALINDIA | BSE Code : 533278)
INR 409.75
52 Week (High - INR 543 & Low - 330)

Altman's Z Score Analysis

Coal India Ltd is mainly engaged in mining and production of Coal and also operates Coal washeries. The major consumers of the company are power
and steel sectors. Consumers from other sectors include cement, fertilizers, brick kilns etc. It accounts for around 82% of the total coal production in
India. As of 14 October 2015, CIL's market capitalisation stood at ₹2.11 lakh crore (US$25 billion) making it India's 8th most valuable company.

Recent Updates
• Revenue: Rs. 30,673 crore (down 6.4% YoY)
• Volume Offtake: Decreased by 3.5% YoY
• Blended Realizations: Fell by 5.8% YoY
• Segment Performance: Both FSA and e-auction segments saw declines in volume and pricing
• Adjusted Operating Profit: Rs. 7,154 crore (down 19.6% YoY)
• Margins: 23.3%, down 381 bps YoY, impacted by higher other expenses
• Consolidated PAT: Rs. 6,289 crore (down 22% YoY), 23% below estimates
• Growth Levers for CIL: Strong volume growth outlook and potential hike in FSA coal realizations
• Coal Volume Outlook: Expected to grow at ~8% CAGR in the next few years, driven by strong power sector outlook

Altman's Z Score Analysis Calculation

Working Capital / Total Assets
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Working Capital -17,834.0 -16,780.7 -8,494.0 -16,443.7 -21,838.0 -24,134.5 -12,486.1
Total Assets 1,25,470.7 1,33,021.5 1,50,020.4 1,61,050.8 1,79,436.3 2,21,395.9 2,36,469.6
Working Capital / Total Assets (A) -14.21% -12.62% -5.66% -10.21% -12.17% -10.90% -5.28%

Retained Earning / Total Assets

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Retained Earning -13,154.0 -2,277.0 -3,583.8 -4,641.8 -830.1 3,658.7 4,862.4
Total Assets 1,25,470.7 1,33,021.5 1,50,020.4 1,61,050.8 1,79,436.3 2,21,395.9 2,36,469.6
Retained Earning / Total Assets (B) -10.48% -1.71% -2.39% -2.88% -0.46% 1.65% 2.06%

EBIT / Total Assets

EBIT 1,250.7 15,722.3 11,685.4 11,167.9 16,425.9 30,839.3 32,840.2
Total Assets 1,25,470.7 1,33,021.5 1,50,020.4 1,61,050.8 1,79,436.3 2,21,395.9 2,36,469.6
EBIT / Total Assets (C) 1.00% 11.82% 7.79% 6.93% 9.15% 13.93% 13.89%

Market Cap / Long Term Liabilities

Market Cap 1,75,855.9 1,46,179.9 86,309.0 80,331.2 1,12,808.7 1,31,666.7 2,67,524.0
Long Term Liabilities 1,537.7 2,209.9 6,433.8 5,884.2 3,513.6 4,331.4 6,523.0
EBIT / Long Term Liabilities (D) 11436.15% 6614.66% 1341.50% 1365.19% 3210.59% 3039.80% 4101.22%

Sales / Total Assets

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Total Sales 85,244.2 99,585.6 96,080.3 90,026.0 1,09,715.4 1,38,251.9 1,42,324.0
Total Assets 1,25,470.7 1,33,021.5 1,50,020.4 1,61,050.8 1,79,436.3 2,21,395.9 2,36,469.6
Sales / Totel Assets (E) 67.94% 74.86% 64.04% 55.90% 61.14% 62.45% 60.19%

Altman Z Score
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Final Score 69.01 40.65 8.85 8.82 20.02 19.22 25.63
Financial Stability Strong Strong Strong Strong Strong Strong Strong