“Parthiv Jhonsa is bullish on Coal India, maintaining a buy call with a target price of ₹480. He expects an extended, hotter-than-normal summer to drive increased thermal power demand, boosting Coal India's volumes to 747mt in FY24, 800mt in FY27, and 847mt in FY28. Surging e-auction prices, projected to exceed ₹2,500/tonne into Q1 next FY, will enhance margins, while upcoming subsidiary listings of MCL and SECL by year-end are expected to unlock significant value, with the stock currently trading at a meaningful discount to fair value (below 6x EV/EBITDA on FY28 basis).”