InCred Equities - Coal India

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	1,382,519	1,380,615	1,389,716	1,422,923
Operating EBITDA (Rsm)	368,179	284,078	228,748	203,022
Net Profit (Rsm)	281,249	209,578	168,629	153,410
Core EPS (Rs)	45.6	34.0	27.4	24.9
Core EPS Growth	61.8%	(25.5%)	(19.5%)	(9.0%)
FD Core P/E (x)	9.03	12.12	15.07	16.56
DPS (Rs)	12.5	12.5	12.5	12.5
Dividend Yield	3.03%	3.03%	3.03%	3.03%
EV/EBITDA (x)	5.75	7.03	8.22	8.74
P/FCFE (x)	9.98	9.02	12.48	12.97
Net Gearing	(68.7%)	(74.9%)	(80.6%)	(85.8%)
P/BV (x)	4.44	3.60	3.19	2.91
ROE	56.0%	32.8%	22.5%	18.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	1,382,519	1,380,615	1,389,716	1,422,923
Gross Profit	1,249,033	1,224,709	1,210,425	1,229,079
Operating EBITDA	368,179	284,078	228,748	203,022
Depreciation And Amortisation	(46,753)	(56,057)	(59,522)	(65,806)
Operating EBIT	321,426	228,020	169,226	137,215
Financial Income/(Expense)	(6,843)	(6,739)	(11,860)	(11,860)
Pretax Income/(Loss) from Assoc.	(81)
Non-Operating Income/(Expense)	65,507	61,868	70,458	81,908
Profit Before Tax (pre-EI)	380,008	283,149	227,824	207,263
Exceptional Items
Pre-tax Profit	380,008	283,149	227,824	207,263
Taxation	(98,759)	(73,571)	(59,196)	(53,853)
Exceptional Income - post-tax
Profit After Tax	281,249	209,578	168,629	153,410
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	281,249	209,578	168,629	153,410
Recurring Net Profit	281,249	209,578	168,629	153,410
Fully Diluted Recurring Net Profit	281,249	209,578	168,629	153,410

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	368,179	284,078	228,748	203,022
Cash Flow from Invt. & Assoc.
Change In Working Capital	27,977	(145,686)	40,457	8,556
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(79,713)	5,745	(90,189)	(81,057)
Other Operating Cashflow	116,116	121,891	138,624	152,919
Net Interest (Paid)/Received	(6,843)	(6,739)	(11,860)	(11,860)
Tax Paid	(98,759)	(73,571)	(59,196)	(53,853)
Cashflow From Operations	326,957	185,717	246,585	217,726
Capex	(146,841)	(27,161)	(100,000)	(90,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	25,670	51,665
Other Investing Cashflow	40,743	48,392	56,919	68,101
Cash Flow From Investing	(80,428)	72,896	(43,081)	(21,899)
Debt Raised/(repaid)	8,050	23,190
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(77,034)	(77,034)	(77,034)	(77,034)
Preferred Dividends
Other Financing Cashflow	(6,843)	(6,739)	(11,860)	(11,860)
Cash Flow From Financing	(75,828)	(60,583)	(88,894)	(88,894)
Total Cash Generated	170,702	198,031	114,609	106,933
Free Cashflow To Equity	254,579	281,804	203,503	195,827
Free Cashflow To Firm	253,373	265,353	215,363	207,687

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	439,759	598,246	712,855	819,789
Total Debtors	130,605	170,213	171,335	175,429
Inventories	81,547	83,215	83,764	85,765
Total Other Current Assets	428,917	343,434	343,647	344,016
Total Current Assets	1,080,827	1,195,108	1,311,601	1,424,998
Fixed Assets	695,829	666,933	707,411	731,605
Total Investments	30,854	18,732	18,732	18,732
Intangible Assets
Total Other Non-Current Assets	304,557	231,414	257,842	263,725
Total Non-current Assets	1,031,240	917,079	983,985	1,014,062
Short-term Debt	85	44,326	44,326	44,326
Current Portion of Long-Term Debt
Total Creditors	85,492	117,885	118,662	121,497
Other Current Liabilities	601,770	379,484	421,049	433,233
Total Current Liabilities	687,346	541,695	584,036	599,056
Total Long-term Debt	41,063	20,012	20,012	20,012
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	101,916	67,869	67,869	67,869
Total Non-current Liabilities	142,978	87,880	87,880	87,880
Total Provisions	701,586	769,911	819,375	871,453
Total Liabilities	1,531,911	1,399,487	1,491,292	1,558,389
Shareholders Equity	572,449	704,993	796,588	872,964
Minority Interests	7,707	7,707	7,707	7,707
Total Equity	580,156	712,700	804,295	880,671

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	26.0%	(0.1%)	0.7%	2.4%
Operating EBITDA Growth	49.1%	(22.8%)	(19.5%)	(11.2%)
Operating EBITDA Margin	26.6%	20.6%	16.5%	14.3%
Net Cash Per Share (Rs)	64.68	86.64	105.23	122.58
BVPS (Rs)	92.89	114.40	129.26	141.65
Gross Interest Cover	46.97	33.83	14.27	11.57
Effective Tax Rate	26.0%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	27.4%	36.8%	45.7%	50.2%
Accounts Receivables Days	32.25	39.76	44.85	44.47
Inventory Days	208.23	192.87	169.97	159.61
Accounts Payables Days	234.35	238.07	240.78	226.11
ROIC (%)	28.6%	17.7%	12.6%	9.9%
ROCE (%)	58.1%	32.3%	20.6%	15.1%
Return On Average Assets	14.6%	10.2%	8.0%	6.9%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

More Reports

Market Data

Source: Bloomberg