To be sure, there's no shortage of analyst concern over the decision by India's Supreme Court to cancel most of the around 218 coal fields awarded to private companies from 1993-2010, ruling that the allocations were arbitrary and lacked transparency, with most of the blocks assigned without competitive bidding. The court also imposed a penalty of 295 rupees (around $4.80) per ton of any coal extracted since the blocks were allocated.
Read More India's top court cancels coal allocations
"This is the worst possible outcome for the metal and power companies," said Anubhav Gupta, an analyst at Maybank-KimEng, in a note Thursday. "Production cost will surge," he said, estimating coal producers may face penalties of up to $3 billion. "The [metal and power] companies will have to buy coal from Coal India or import it and spend additional money on re-applying for their blocks."
Coal is a key industry for India, with Gupta noting the mines in question feed about 10 percent of the country's total power capacity and around 10 percent of its steel production.
"This de-allocation could further worsen the demand-supply gap in coal, given that coal block auctions would delay the ramp-up of these mines by 6-12 months at least," Credit Suisse said in a note Thursday.
Read More No quick fix for India's coal supply crisis - minister
Even as IHS's Biswas is looking on the bright side of the decision, he's also concerned about the immediate economic impact.
"The Indian power industry is already operating on very thin stocks of thermal coal, with half of India's power stations having coal stocks for less than one week," Biswas said. "Given India's chronic power shortages, further disruption to coal output could create more severe problems for the power industry as well as the steel and cement industries, which are other major consumers of coal."
The coal shortage may ricochet.
"This temporary setback is also likely to increase overall short-to-medium-term reliance on coal imports, and there are concerns that the ports will not be able to cope with the surge in imports," Romita Das, an associate analyst for India and South Asia risk analysis at Control Risks, said via email.