New Delhi, Oct. 2 -- Coal India continued to see strong growth in both volumes and e-auction premiums, supported by higher thermal power generation, lower coal inventories at power plants and elevated imported coal prices, Nuvama Institutional Equities said. The brokerage noted that Coal India's offtake rose 12.5% year-on-year to 61.2 million tonnes in September 2026, marking the fifth consecutive month of volume growth. Q2 FY27 and H1 FY27 volumes increased 12% and 7.6%, respectively.

Factoring in higher volumes and e-auction prices, Nuvama raised its FY27/FY28 EBITDA estimates by 6%/4%. The brokerage upgraded Coal India to 'Buy' from 'Hold' and raised its target price to Rs.501 from Rs.454, including DPS of Rs.26.5. Nuvama noted that t...