Morgan Stanley maintains ‘Equal-weight’ on Coal India; warns of weak near-term offtake

Morgan Stanley has maintained an Equal-weight rating on Coal India with a target price of ₹450, citing concerns over near-term offtake.

While May thermal power demand data is not yet available, rising inventory levels at power plants (21 days vs 19 in April-end) suggest potential weakness.

Morgan Stanley expects some inventory digestion before seeing a meaningful pickup in Coal India’s offtake.

Additionally, weak global coal prices continue to weigh on demand, and the brokerage expects this to pressure Q1FY26 and FY26 earnings, unless power demand improves significantly.

Disclaimer: The views and target prices mentioned in this article are as stated by Morgan Stanley. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.

Markets Desk at BusinessUpturn.com

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