MOIL Limited (MOIL)
₹233.63 +0.43% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MOIL's revenue was ₹371 Cr (+6.6% year on year, -16.4% on the previous quarter), and net profit ₹88.0 Cr (+70.8% year on year); the operating margin was 36.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹371 | +6.6% | -16.4% |
| Operating profit | ₹136 | +72.6% | -2.2% |
| Net profit | ₹88.0 | +70.8% | -5.4% |
| EPS (₹) | 4.31 | +70.4% | -5.3% |
| Operating margin | 36.7% | — | — |
MOIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 37.39% of the MOIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.22%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 55.0% · 44.4% · 35.2% · 48.4% · 37.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MOIL reported its provisional production and sales figures for September 2026. Manganese ore production in September grew 19.1% YoY to 1.81 lakh MT compared to 1.52 lakh MT in September 2025. Cumulative production for H1 FY27 reached 9.61 lakh MT against 9.44 lakh MT in H1 FY26, tracking towards the company's full-year FY27 target of 25.85 lakh MT. September sales rose 15.5% YoY to 1.64 lakh MT, bringing cumulative H1 sales to 7.78 lakh MT compared to 7.10 lakh MT in H1 FY26.
- September 2026 production rose 19.1% YoY to 1.81 lakh MT vs 1.52 lakh MT in Sept 2025
- September 2026 sales increased 15.5% YoY to 1.64 lakh MT vs 1.42 lakh MT in Sept 2025
- H1 FY27 cumulative production reached 9.61 lakh MT vs 9.44 lakh MT in H1 FY26
- H1 FY27 cumulative sales reached 7.78 lakh MT vs 7.10 lakh MT in H1 FY26
- Annual production target set at 25.85 lakh tonnes for FY 2026-27
MOIL has announced a monthly price revision effective from October 1, 2026. The company increased prices of ferro grades with Mn content 44% and above by 5% over September 2026 levels. Prices for ferro grades below Mn-44%, chemical grades, SMGR grades, and fines were also raised by 5%. Meanwhile, basic prices of Electrolytic Manganese Dioxide (EMD) and EMD flakes were maintained unchanged at Rs 1,80,000 PMT and Rs 1,71,000 PMT, respectively.
- Prices of ferro grades with Mn-44% and above increased by 5% effective Oct 1, 2026
- Prices for ferro grades below Mn-44%, chemical, SMGR, and fines increased by 5%
- EMD price maintained unchanged at Rs 1,80,000 PMT for October 2026
- EMD flakes price maintained unchanged at Rs 1,71,000 PMT for October 2026
MOIL Limited has released the voting results and scrutinizer report for its 64th Annual General Meeting held on September 18, 2026. All 7 resolutions—including adoption of FY26 financial statements, auditor appointments, and director reappointments—were approved with overall majorities exceeding 96%. However, 71.58% of voting public institutional shareholders voted against the appointment of Independent Director Smt. Sonali Sanjit Nagvenkar, though the special resolution passed overall with 96.04% total votes due to promoter support. Total turnout stood at 56.5% to 56.8% of outstanding voting capital.
- Adoption of FY26 financial statements passed with 97.80% votes in favour (11,24,28,751 votes)
- Continuation of CMD Shri Vishwanath Suresh approved with 99.81% votes in favour (11,54,46,099 votes)
- Special resolution for Independent Director Sonali Nagvenkar passed with 96.04% overall favour despite 71.58% institutional dissent (45,34,345 votes against)
- Overall voter turnout across resolutions was approximately 56.5% to 56.84% across 3,07,900 eligible shareholders
MOIL Limited successfully concluded its 64th Annual General Meeting on September 18, 2026, conducted via video conferencing. The meeting considered 7 agenda resolutions spanning ordinary business, such as adopting FY26 audited accounts, and special business, including the continuation of CMD Vishwanath Suresh. The company noted that two comments from the C&AG had no impact on performance, alongside observations on Board and Committee composition. Formal e-voting results are pending disclosure under Regulation 44.
- Conducted 64th AGM on September 18, 2026, starting at 12:30 p.m. and concluding at 13:37 Hours
- 7 total resolutions placed before shareholders across ordinary and special business
- Addressed 2 comments from the C&AG which company noted had no impact on financial performance
- 6 speaker shareholders raised questions during the meeting regarding company workings
MOIL Limited announced that it will participate in the Anand Rathi G-200 Summit 2026 in Mumbai on Monday, September 21, 2026. The engagement will consist of group and one-on-one meetings with analysts and institutional investors. This is a standard corporate IR intimation under Regulation 30 of SEBI LODR without any price-sensitive or financial disclosures.
- Conference Name: Anand Rathi G-200 Summit 2026: Bharat – The Next Engine of Global Growth
- Scheduled Date: Monday, 21st September, 2026
- Location: Mumbai
- Format: Group meet and one-on-one meet
MOIL Limited announced that the Comptroller & Auditor General of India (C&AG) has appointed M/s V. K. Surana & Co., Chartered Accountants, as the Statutory Auditor of the company for FY 2026-27. The appointment was conveyed via C&AG letter dated September 8, 2026, and received by the company on September 9, 2026. V. K. Surana & Co. is a 60-year-old firm with 10 partners and over 150 personnel. This is a routine statutory appointment mandated for Central Public Sector Enterprises.
- C&AG appointed V. K. Surana & Co. as Statutory Auditor for the financial year 2026-27
- C&AG appointment letter dated 08th September, 2026, received on 09.09.2026
- Appointed audit firm holds over 60 years of experience with 10 partners and 150+ personnel
- Annual statutory compliance event typical for a CPSE with no operational or financial disruption
MOIL Limited announced that it has rolled over prices across all grades of Manganese Ore and Electrolytic Manganese Dioxide (EMD) for September 2026, keeping them unchanged from August 2026 levels. Prices for ferro grades (both above and below Mn-44%), chemical grades, SMGR grades, and fines remain flat. EMD prices continue at Rs 1,80,000 per MT, while EMD flakes remain at Rs 1,71,000 per MT effective September 1, 2026.
- Prices for all Ferro grades (Mn >= 44% and Mn < 44%) maintained at August 2026 levels for September 2026.
- Chemical grades, SMGR grades, and Fines prices continued unchanged from prevailing August 2026 rates.
- Basic price of EMD held steady at Rs 1,80,000/- PMT for September 2026.
- Basic price of EMD flakes maintained at Rs 1,71,000/- for September 2026.
MOIL Limited announced that Shri Mirza Mohammed Abdulla has superannuated as Director (Production & Planning) on August 31, 2026, ceasing to be a Director effective September 1, 2026. The Ministry of Steel has assigned additional charge of the post to Smt. Rashmi Singh, Director (Commercial), for an initial period of 3 months from September 1, 2026, to November 30, 2026. This represents a routine retirement and administrative transition in the public sector undertaking.
- Superannuation of Shri Mirza Mohammed Abdulla effective August 31, 2026; ceased as Director on September 01, 2026
- Additional charge of Director (Production & Planning) given to Smt. Rashmi Singh, Director (Commercial)
- Interim charge valid for 3 months (01.09.2026 to 30.11.2026) or until regular appointment
- Ministry of Steel directive issued vide order dated August 24, 2026
MOIL Limited has received a demand letter from the Executive Engineer, Wainganga Division, Balaghat, claiming Rs 16.08 Cr for alleged short recovery of water taxes spanning from April 2008 to September 2025. The claim arises from a CAG audit observation and includes 24% interest alongside 1% service charges. The Rs 16.08 Cr demand constitutes ~1.2% of MOIL's TTM revenue (Rs 1,294 Cr) and ~8.2% of TTM net profit (Rs 197 Cr). The company confirmed no immediate operational disruption and stated it is preparing to file an appeal within the prescribed timeframe.
- Additional water tax demand received amounting to Rs 16,08,16,712 (approx. Rs 16.08 Cr)
- Demand covers a historical period of over 17 years from April 2008 to September 2025
- Calculation incorporates 24% interest and 1% service charges pursuant to a CAG audit para
- Company confirmed zero operational impact and plans legal steps including an appeal
MOIL Limited received orders from NSE and BSE levying fines of ₹9,00,340 (incl. GST) each, amounting to a total penalty of ₹18,00,680. The fines pertain to non-compliance regarding the composition of the Board and various Board Committees for the quarter ended June 30, 2026. Given MOIL's TTM revenue of ₹1,294 crore and TTM PAT of ₹197 crore, the total fine is financially negligible (<0.01% of annual profit). The company noted that there is no impact on operations or financial activities.
- NSE levied a fine of Rs. 9,00,340/- (incl. GST) on MOIL.
- BSE levied a fine of Rs. 9,00,340/- (incl. GST) on MOIL.
- Total combined fine imposed by stock exchanges stands at Rs. 18,00,680/-.
- Non-compliance relates to Board and committee composition for the quarter ended 30th June, 2026.
- Orders were received by the company on 25.08.2026.
MOIL Limited has issued notice for its 64th Annual General Meeting scheduled for September 18, 2026, via Video Conferencing. Key agenda items include the adoption of FY2025-26 audited financial statements, ratification of the Cost Auditor remuneration of ₹1.60 lakh, and regularizing director appointments. The cut-off date for e-voting entitlement is September 11, 2026, with remote e-voting active between September 14 and September 17, 2026. This is a routine annual statutory compliance filing.
- 64th Annual General Meeting scheduled for Friday, September 18, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility set as September 11, 2026
- Remote e-voting window runs from September 14, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)
- Cost Auditor M/s Ujwal P. Loya & Co. proposed remuneration ratified at ₹1,60,000 for FY2026-27
MOIL Limited has appointed Mr. Lokesh Chandra, IAS, as a Government Nominee Director effective August 06, 2026. Mr. Chandra is currently the Additional Chief Secretary (Mines) for the Government of Maharashtra and has a tenure at MOIL until March 06, 2027. As a Public Sector Undertaking (PSU) with 64.7% promoter holding, such appointments are routine administrative procedures to maintain government representation on the board. Mr. Chandra's previous experience includes serving as Joint Secretary in the Ministry of Steel, which aligns with MOIL's core business.
- Appointment of Mr. Lokesh Chandra, IAS (1993 batch), effective from August 06, 2026
- Tenure specified until March 06, 2027, or until further government orders
- Appointee holds an M. Tech (Structures) from IIT Delhi and is the current ACS (Mines), Maharashtra
- Previous experience includes a 7-year stint (2008-2015) as Joint Secretary in the Ministry of Steel
MOIL Limited has announced a change in its senior management hierarchy by designating Shri Ajay Kolte as the Head of Department (HoD) for Materials. Shri Kolte, who holds an MBA and B.E. (Production), previously served as Deputy General Manager (Materials). This appointment is effective from August 3, 2026, and follows the company's internal service rules. As a Miniratna PSU with a market cap of ₹6,236 Cr, such functional leadership changes are part of routine organizational management.
- Shri Ajay Kolte designated as HoD Materials effective August 3, 2026
- The appointee holds a B.E. (Prod.), PGDBM, and MBA (Mktg. & HR)
- MOIL is currently managing a TTM revenue of ₹1,075 Cr
- The company maintains a debt-free balance sheet with a net worth of ₹2,709 Cr
MOIL Limited has revised its manganese ore prices for August 2026, implementing a 4% price cut for high-grade ferro ores (Mn 44% and above) and a 5% cut for lower grades, chemical grades, and fines. Prices for value-added products like Electrolytic Manganese Dioxide (EMD) remain unchanged at Rs 1,80,000 per metric ton. These monthly adjustments are standard practice but directly impact the company's mining segment, which accounts for 91.8% of total revenue. The price reduction suggests a softening in domestic or global manganese benchmarks for the current period.
- 4% price decrease for all Ferro grades with Manganese content of 44% and above.
- 5% price decrease for Ferro grades below 44%, Chemical grades, SMGR grades, and Fines.
- Rs 1,80,000 PMT basic price maintained for Electrolytic Manganese Dioxide (EMD).
- Rs 1,71,000 PMT basic price maintained for EMD flakes.
- Price revisions are effective from the midnight of July 31, 2026 / August 1, 2026.
MOIL Limited has announced administrative changes in its senior management effective August 1, 2026. Shri Sanjay Chaudhari, GM (Materials), has retired due to superannuation, while Ms. Akanksha Singh, GM (Finance), has been designated as the Internal Auditor and Head of the Internal Audit department. Additionally, Smt. Gurupreet Patel, DGM (Finance), has been transferred to another department. These changes involve mid-to-senior level personnel in a company with a market capitalization of ₹6,169 crore and TTM revenue of ₹1,075 crore.
- 3 senior management personnel affected by the organizational changes.
- Effective date for all management transitions is 01.08.2026.
- 1 retirement (GM Materials) due to reaching the age of superannuation.
- 1 internal appointment of a Chartered Accountant (GM Finance) as HoD Internal Audit.
- Company maintains a strong balance sheet with ₹0 Cr debt as of the latest filing.
Financial Performance
Revenue Growth by Segment
Total revenue grew 9.35% to INR 1,584.94 Cr in FY 2024-25. Segment contributions are Mining of Manganese Ore at 91.80%, Manufacturing (Ferro Manganese and Electrolytic Manganese Dioxide) at 7.82%, and Power Generation (Wind Power) at 0.38%. Q1 FY 2024-25 revenue was INR 492.84 Cr, representing a 30% YoY increase.
Geographic Revenue Split
Not disclosed in available documents; however, operations are centered in India with registered offices in Maharashtra and mines in regions like Balaghat (MP) and Gumgaon.
Profitability Margins
Net profit margin improved from 20.24% to 24.08% YoY. Operating profit margin increased from 20.25% to 23.69% in FY 2024-25. These improvements were driven by record production levels and higher sales volumes despite global price pressures.
EBITDA Margin
EBITDA margin stood at 40.31% in FY 2024-25, up from 36.65% in FY 2023-24. Core profitability improved as EBITDA reached INR 638.91 Cr, a 20.27% increase YoY, reflecting better cost absorption over higher production volumes.
Capital Expenditure
Planned capital expenditure of INR 328 Cr for the current year and INR 340 Cr for the next year. In the last 2-3 years, capex has exceeded Profit After Tax (PAT) to fund modernization and high-speed shaft sinking projects at Balaghat and Gumgaon mines.
Operational Drivers
Raw Materials
Manganese ore resources (internal), power, and consumables. Mining accounts for 91.80% of turnover, making the extraction of manganese ore the primary cost and revenue driver.
Import Sources
Primarily sourced from internal mines in Maharashtra and Madhya Pradesh, India. The company added 7.98 million tons of resources in the last year to its domestic base.
Capacity Expansion
Current production is 18.03 lakh MT (FY 2024-25). The company is targeting a production capacity of 3.5 million tons (35 lakh MT) by 2030, supported by environmental clearances for up to 5 million tons.
Raw Material Costs
Total expenditure rose 4.63% to INR 1,209.54 Cr in FY 2024-25. The company focuses on converting its 7.98 million tons of added resources into reserves to manage long-term procurement costs.
Manufacturing Efficiency
Production increased 2.67% to 18.03 lakh MT. Exploratory core drilling reached 30,028 meters in Q1 FY25, a 1.5x increase YoY, which improves the efficiency of future mining operations.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but sales quantity grew 3.32% to 15.87 lakh MT in FY 2024-25.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
MOIL plans to double production to 3.5 million tons by 2030 through the modernization and mechanization of existing mines, sinking new high-speed shafts at Balaghat and Gumgaon, and aggressive exploration (30,000+ meters drilled recently) to convert resources into mineable reserves.
Products & Services
Manganese Ore (various grades), Ferro Manganese, Electrolytic Manganese Dioxide, and Wind Power.
Brand Portfolio
MOIL (Manganese Ore India Limited).
New Products/Services
Focus is on expanding existing manganese ore grades and value-added products like Electrolytic Manganese Dioxide; specific new launch revenue % not disclosed.
Market Expansion
Targeting increased domestic supply to meet the National Steel Policy goal of 300 million tons of steel production by 2030.
Market Share & Ranking
MOIL is a prominent public sector undertaking and a Schedule 'A' Miniratna Category-I company, indicating a leading position in the Indian manganese ore market.
External Factors
Industry Trends
The industry is shifting toward higher mechanization and deeper underground mining as surface reserves deplete. MOIL is positioning itself by investing in high-speed shaft sinking and targeting 3.5 MTPA by 2030 to match India's growing steel capacity.
Competitive Landscape
MOIL competes with global manganese miners and domestic private players, maintaining its edge through large-scale integrated operations and government backing.
Competitive Moat
MOIL holds a cost leadership moat due to its extensive domestic reserves and Miniratna status, providing it with preferential access to resources and a strong balance sheet to fund heavy capex (INR 300+ Cr annually).
Macro Economic Sensitivity
Highly sensitive to the steel industry's performance; manganese is a critical input for steel. National Steel Policy targets suggest a long-term demand tailwind.
Consumer Behavior
Demand is driven by industrial steel producers rather than individual consumers; shifts toward higher-grade steel increase the demand for high-quality manganese ore.
Geopolitical Risks
Global pressure on manganese ore prices affects domestic realizations. Trade barriers or global supply shifts in manganese from other regions could impact MOIL's competitive pricing.
Regulatory & Governance
Industry Regulations
Operations are governed by mining regulations, environmental laws, and labor standards. Compliance is managed through regular audits and adherence to the Risk Management Policy.
Environmental Compliance
The company is targeting environmental clearances for 50 lakh tons by 2030 to support its 35 lakh ton production goal. It received the 1st prize for Mines Environment and Mineral Conservation at the Chikla Mine.
Taxation Policy Impact
The company faces a 25-30% effective tax rate (PBT of INR 486.78 Cr vs PAT of INR 381.64 Cr). It is subject to royalties, DMF, and NMET on ore consumption.
Legal Contingencies
The company received an order from the Commissioner (Appeals), CGST & Central Excise regarding Service Tax on Royalty, DMF, and NMET. While a query mentioned a potential INR 2,500 Cr contingent liability for various taxes, management stated there is no direct liability from the recent Supreme Court decision on state-imposed royalty taxes.
Risk Analysis
Key Uncertainties
Fluctuations in global manganese ore prices (impacts revenue by ~10% for every major price shift) and the risk of structural collapses or equipment accidents in underground mining.
Geographic Concentration Risk
High concentration in the Maharashtra and Madhya Pradesh mining belts, where all major production assets are located.
Third Party Dependencies
Dependency on government authorities for environmental clearances and mining lease renewals.
Technology Obsolescence Risk
Risk of falling behind in mining efficiency; mitigated by current investments in SAP, mechanization, and high-speed shaft sinking.
Credit & Counterparty Risk
Receivables quality is high, evidenced by the reduction in Debtors Turnover from 53 days to 34 days.
