Coal India Commissions 100 MW Solar Power Plant in Gujarat's Banaskantha District

Coal India has commissioned a 100 MW solar power plant in Gujarat, with the Gujarat Energy Development Agency (GEDA) issuing the official commissioning certificate dated 04.05.2026. The plant, located at Village Bhadramali, Ta-Deesa, Dist Banaskantha, Gujarat, has been operational with effect from 31.03.2026, marking a significant addition to the company's renewable energy portfolio.

Project Commissioning Details

The following table outlines the key parameters of the newly commissioned solar facility:

Parameter:	Details
Plant Capacity:	100 MW
Village:	Bhadramali
Taluka:	Deesa
District:	Banaskantha
State:	Gujarat
Certifying Authority:	Gujarat Energy Development Agency (GEDA)
Certificate Date:	04.05.2026
Effective Date:	31.03.2026

Regulatory Certification

The receipt of the GEDA certificate dated 04.05.2026 serves as the official regulatory confirmation of the plant's commissioning. The Gujarat Energy Development Agency is the designated authority responsible for certifying renewable energy projects in the state of Gujarat, and its certification marks the formal recognition of the facility becoming operational. The disclosure was made by Coal India's Executive Director (Company Secretary) and Compliance Officer, B. P. Dubey, as per Regulation 30 of SEBI LODR Regulations 2015.

Significance of the Development

The commissioning of the 100 MW solar power plant represents a concrete step by Coal India in expanding its presence in the renewable energy sector. The plant, situated in Banaskantha district of Gujarat—a region known for its strong solar energy potential—underscores the company's efforts to diversify its energy generation capabilities beyond its core coal mining operations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.65%	+1.85%	+5.85%	+25.98%	+23.35%	+257.23%

Morgan Stanley has maintained its Equal-weight rating on Coal India while raising its target price to ₹420. The revised target reflects a nuanced outlook, where improved revenue realizations are being counterbalanced by mounting cost pressures, prompting the brokerage to revise its earnings estimates downward.

Key Rating and Target Price Details

The following table summarizes the key parameters of Morgan Stanley's updated assessment on Coal India:

Parameter:	Details
Rating:	Equal-weight
Target Price:	₹420 (raised)
EPS Cut (Near-term):	−9%
EPS Cut (Medium-term):	−6%

Realizations vs. Rising Costs

Morgan Stanley's revised stance acknowledges that Coal India is benefiting from stronger coal prices and elevated e-auction premiums, both of which are contributing to higher realizations. However, these gains are being offset by rising operational costs, which have weighed on the company's earnings trajectory. As a result, the brokerage has trimmed its EPS estimates by −9% and −6% across the near and medium terms, respectively.

Long-Term Growth Outlook

Despite the near-term earnings cuts, Morgan Stanley notes a slightly better long-term growth outlook for Coal India. This tempered optimism is reflected in the marginally higher target price of ₹420, even as the Equal-weight rating signals that the brokerage sees the risk-reward as broadly balanced at current levels. The interplay between realization strength and cost escalation remains the central factor shaping the investment thesis on the stock.