MOIL - MOIL
📢 Recent Corporate Announcements
MOIL Limited has officially announced the cessation of Shri Dinesh Kumar Gupta as an Independent Director of the company. The change became effective on April 15, 2026, following the successful completion of his designated tenure. This transition follows the Ministry of Steel's order dated April 15, 2025, regarding board compositions for this Government of India enterprise. As this is a scheduled departure due to tenure expiration, it represents a routine administrative update for the PSU.
- Shri Dinesh Kumar Gupta (DIN-01303034) ceased to be a Director effective April 15, 2026.
- The cessation is a result of the completion of his tenure as per Ministry of Steel order no. 1/1/2025-BLA.
- The announcement was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
MOIL Limited has announced a significant upward revision in the prices of various manganese ore grades effective April 1, 2026. High-grade ferro manganese (Mn 44% and above) prices have been increased by 15%, while lower ferro grades, SMGR, and chemical grades have seen a steeper hike of 17.5%. The price for Electrolytic Manganese Dioxide (EMD) remains unchanged at Rs. 1,80,000 per metric tonne. These aggressive price hikes are expected to positively impact the company's revenue and profit margins for the April-June 2026 quarter.
- Ferro grades with Manganese content of 44% and above increased by 15% over March 2026 prices.
- Ferro grades below 44% Manganese content and SMGR (30% and 25%) grades increased by 17.5%.
- Prices for Fines and Chemical grades hiked by 17.5% effective from April 1, 2026.
- Basic price of Electrolytic Manganese Dioxide (EMD) maintained at Rs. 1,80,000 per metric tonne.
MOIL Limited has officially informed the stock exchanges regarding a change in its senior management personnel effective from April 1, 2026. Shri Nitin Pagnis, holding the position of General Manager (Personnel), has retired from the company upon reaching the age of superannuation. This transition is a routine administrative event for the Public Sector Undertaking and follows SEBI (LODR) Regulations, 2015. The company has not yet named a specific successor in this regulatory filing.
- Shri Nitin Pagnis retired as General Manager (Personnel) effective April 1, 2026.
- The retirement is classified under superannuation, indicating a planned and routine departure.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The event occurred and was reported on the same day, April 1, 2026.
MOIL Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the board officially declares the financial results. The specific date for the board meeting to consider these results will be communicated at a later date.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Window to reopen 48 hours after the announcement of financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
MOIL achieved its highest-ever production of 1.8 million tons and record revenue of INR 1,696 crores in FY24-25. For the first nine months of FY25-26, production grew to 14.21 lakh tons, although PAT declined to INR 175 crores due to lower Net Sales Realization (NSR) driven by global market factors. The company is executing a massive expansion plan, including INR 664 crores for five new shaft projects and a target to reach 3.5 million tons of production by 2030. Strategic JVs with GMDC and new exploration in Chhattisgarh and Madhya Pradesh are expected to significantly boost reserves.
- Achieved record production of 1.8 million tons and peak revenue of INR 1,696 crores in FY24-25.
- 9M FY25-26 production increased to 14.21 lakh tons from 13.31 lakh tons YoY.
- Investing INR 664 crores in five major shaft sinking projects to enhance underground mine infrastructure.
- Targeting a production capacity of 3.5 million tons by 2030, aiming for a 32% market share.
- Planned Capex of INR 325 crores for FY25-26 focusing on modernization and mechanization.
MOIL Limited has uploaded the audio recording of its Investors and Analysts Meet held on March 17, 2026, to its official website. The company confirmed that the discussions were limited to information already in the public domain and no unpublished price sensitive information (UPSI) was shared. This disclosure is part of the mandatory compliance under SEBI LODR Regulations 46 and 47. Investors can access the recording via the provided web link to understand management's perspective on recent performance and future outlook.
- Audio recording of the Investors and Analysts Meet held on March 17, 2026, is now available for public access.
- Company confirms that no unpublished price sensitive information (UPSI) was discussed during the session.
- The filing is in compliance with Regulation 46 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The recording can be accessed at the official URL: https://moillimited.co.in/cs/Audio_IAMeet_17032026.wav.
MOIL Limited has announced a revision in the prices of various grades of Manganese Ore effective from March 1, 2026. Most Ferro and Chemical grades have seen a price hike of 2%, while specific grades like BGL509 and UKF532 witnessed a significant 10% increase. Conversely, the company has reduced the price of Electrolytic Manganese Dioxide (EMD) by Rs. 10,000 per metric ton. These monthly price adjustments are standard practice for the company to align with market demand and international price benchmarks.
- Prices of all Ferro grades (Mn 44% and above) and Chemical grades increased by 2% effective March 1, 2026.
- SMGR (Mn 30%) prices hiked by 2%, while SMGR (Mn 25%) and Fines prices remain unchanged.
- Specific grades BGL509 and UKF532 saw a sharp price increase of 10% compared to February levels.
- Basic price of Electrolytic Manganese Dioxide (EMD) decreased by Rs. 10,000 per MT to Rs. 1,80,000 per MT.
- Price revisions are based on the prevailing rates since February 1, 2026, and apply to the Jan-Mar 2026 quarter.
MOIL Limited has announced that Shri Iqbal Singh Chahal has ceased to be a Government Nominee Director on the company's Board. This change follows his superannuation from the position of Additional Chief Secretary (Mines) with the Government of Maharashtra on January 31, 2026. The company received the formal notification regarding this retirement on March 5, 2026. As this is a routine administrative transition for a state-nominated position, it is not expected to impact the company's strategic operations.
- Shri Iqbal Singh Chahal ceased to be a Non-Executive Director effective January 31, 2026.
- The cessation is due to his superannuation from the Government of Maharashtra service.
- He served as the Nominee Director representing the Government of Maharashtra on the MOIL Board.
- Formal intimation of the retirement was received by the company on March 5, 2026.
MOIL Limited has announced a price revision for various grades of Manganese Ore effective from February 1, 2026. Most Ferro grades, SMGR (30%), Fines, and Chemical grades have seen a price increase of 5% over January 2026 levels. Notably, the UKF532 grade saw a higher increase of 10%, while the price for Electrolytic Manganese Dioxide (EMD) remained steady at Rs. 1,90,000 per metric tonne. These price hikes are expected to positively impact the company's realizations and profit margins for the final quarter of the fiscal year.
- Prices of all Ferro grades with Manganese content of 44% and above increased by 5%.
- SMGR (Mn-30%), Fines, and all Chemical grades saw a price hike of 5%.
- Metal Mandi Fines grade UKF532 received a significant price increase of 10%.
- Basic price of Electrolytic Manganese Dioxide (EMD) maintained at Rs. 1,90,000 per metric tonne.
- Prices for SMGR (Mn 25% and 20%) and specific Ferro grade BG4584 remained unchanged from January levels.
MOIL Limited has been penalized by both the National Stock Exchange (NSE) and BSE Limited for failing to comply with SEBI regulations regarding Board of Directors composition for the quarter ended December 31, 2025. Each exchange has levied a fine of Rs 5,42,800 (including GST), totaling Rs 10,85,600. The company has clarified that these fines will not impact its financial, operational, or other business activities. Such regulatory issues are relatively common among PSUs where board appointments are subject to government approval processes.
- NSE imposed a fine of Rs 5,42,800 (including GST) for regulatory non-compliance.
- BSE imposed a matching fine of Rs 5,42,800 (including GST) for the same violation.
- The fines relate to the composition of the Board of Directors for the quarter ended Dec 31, 2025.
- Total financial penalty across both exchanges amounts to Rs 10,85,600.
- Company confirms no material impact on operations or financial health due to this penalty.
MOIL Limited has received a favorable ruling from the Commissioner (Appeals), CGST & Central Excise, Bhopal, regarding a significant tax dispute. The appellate authority set aside a previous order that demanded GST under the reverse charge mechanism on payments made to the Madhya Pradesh Mining Department. This ruling effectively quashes a total risk exposure of approximately Rs. 55 to 58 Crore, which included tax, penalties, and interest. As of now, no liability remains for the company in this matter, providing significant financial relief.
- Appellate authority quashed a GST demand of Rs. 20.29 Crore.
- An equivalent penalty of Rs. 20.29 Crore has also been set aside by the authority.
- Estimated interest of Rs. 15-18 Crore is no longer payable, totaling a relief of Rs. 55-58 Crore.
- The dispute related to GST on MPGATSVA under the reverse charge mechanism (RCM) for the Mining Department of MP.
- No liability survives as on date, though the decision is subject to further appeal by the Department.
MOIL Limited attended the MANTHAN- Systematix India Annual Conference 2026 in Mumbai on February 9, 2026. The company confirmed that no new corporate presentations or unpublished price sensitive information (UPSI) were shared during the session. This disclosure is a follow-up to their prior notification dated February 3, 2026. Such meetings are part of the company's routine engagement with institutional investors and analysts.
- Attended the MANTHAN- Systematix India Annual Conference in Mumbai on February 9, 2026
- Confirmed that no unpublished price sensitive information (UPSI) was shared during the meet
- Stated that no new presentations were used during the investor interaction
- The meeting follows the prior regulatory intimation sent on February 3, 2026
MOIL Limited has scheduled its participation in the MANTHAN- Systematix India Annual Conference on February 9, 2026, in Mumbai. The company will engage in both group and one-on-one meetings with institutional investors and analysts. This routine interaction is part of the company's investor relations strategy to discuss its business environment and operational updates. No specific financial data or material non-public information is expected to be disclosed beyond what is already in the public domain.
- Conference Name: MANTHAN- Systematix India Annual Conference, 2026
- Scheduled Date: Monday, February 9, 2026
- Location: Mumbai
- Meeting Type: Group and one-on-one interactions with analysts and investors
- Regulatory Compliance: Filed under Regulation 30 of SEBI (LODR) Regulations, 2015
MOIL Limited has announced a price hike for various grades of Manganese Ore effective February 1, 2026. Most major categories, including high-grade Ferro, Chemical, and SMGR (30%) grades, have seen a price increase of 5% compared to January 2026 levels. Additionally, a significant 10% hike was implemented for the UKF532 grade of Metal Mandi Fines. Prices for Electrolytic Manganese Dioxide (EMD) remain stable at Rs. 1,90,000 per metric tonne, while some lower-grade ores saw no price change.
- 5% price increase for Ferro grades (Mn-44% and above) and all Chemical grades.
- SMGR (Mn-30%) and Fines grades prices hiked by 5% effective February 1, 2026.
- UKF532 Metal Mandi Fines witnessed a sharp price increase of 10%.
- EMD basic price maintained at Rs. 1,90,000 per metric tonne for the month.
- Prices for SMGR (Mn-25% and Mn-20%) remain unchanged from January levels.
MOIL Limited has received formal approval from the Ministry of Steel to establish a Joint Venture (JV) with the Madhya Pradesh State Mining Corporation Limited (MPSMCL). This approval follows clearance from the Department of Investment and Public Asset Management (DIPAM), marking a significant step in formalizing the partnership. The JV is dedicated to manganese ore mining within the state of Madhya Pradesh, a core operational area for MOIL. This move is expected to strengthen MOIL's resource pipeline and long-term production capacity through strategic state-level collaboration.
- Ministry of Steel approved the JV formation via letter dated January 29, 2026.
- The JV is a partnership between MOIL Ltd. and Madhya Pradesh State Mining Corporation Limited (MPSMCL).
- Clearance for the JV agreement was obtained from the Department of Investment and Public Asset Management (DIPAM).
- The primary focus of the new entity will be manganese ore mining in Madhya Pradesh.
- This follows preliminary board approvals previously recorded in December 2023 and October 2024.
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.