JPMorgan maintains a 'neutral' rating on Coal India Ltd. citing no improvements in underlying fundamentals.
Despite recent stock underperformance, monthly volume growth is expected to start in August with a 7.5% year-on-year growth projection.
Coal India's market share has decreased to 75% in 2025 from 83% in 2021; JPMorgan forecasts 5% sales volume growth for the rest of the financial year.
Pricing pressures, declining power consumption, and the trend towards renewables pose challenges for Coal India's future volume growth according to JPMorgan.