NSE: MOIL · BSE: 533286
MOIL LIMITED
India's largest manganese ore producer, mining and selling manganese ore used primarily in steel-making. Three reporting segments: Mining products (92.6% of segment revenue in FY26), manufactured products (6.1%) and power (1.4%). The mining business drove EBIT of ₹217.575 cr, manufactured products ₹16.948 cr and power ₹10.2727 cr in FY26. The manufactured products stream includes Electrolytic Manganese Dioxide (EMD) and EMD flakes used in dry-cell batteries, while the power segment generates electricity largely for captive use at the mines. FY25 production was 1.8 MT and sales were 1.6 MT; the FY27 production target is retained at 25 lakh tons. Five shaft sinking projects worth ~₹664 cr are under execution at Dongri Buzurg, Kandri and Chikla, and the company is shifting from manual cut-and-fill mining to mechanised long-hole open stoping to lift productivity. Costs are dominated by employees (37.7% of revenue) and other opex (37.1%); depreciation is 11.5% and materials only 1.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mining products (93%), Manufactured products (6%), Power (1%). Cyclical, asset-heavy manganese mining with exposure to global steel demand and LME-linked ore prices
Exhibit 1: Financial summary, FY20–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 |
|---|---|
| Revenue | 1,038 |
| EBITDA (ex other income) | 256 |
| margin % | 24.6 |
| Owners' profit | 248 |
| EPS, as reported (₹) | 9.80 |
| ROE % · ROCE % | 9.0 · 12.2 |
| Debt / equity (x) | 0.00 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 |
|---|---|---|---|---|---|---|
| Revenue | 253 | 256 | 249 | 152 | 307 | 268 |
| Profit before tax | 104 | 74 | 22 | 2 | 9 | 70 |
| Net profit | 89 | 55 | 13 | 2 | 7 | 51 |
| EPS (₹) | 3.44 | 2.15 | 0.56 | 0.08 | 0.31 | 2.17 |
Exhibit 3: Segment revenue, FY20
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mining Products | 232 | 29.6 |
| Manufactured products | 22 | 2.8 |
| Power | 15 | 1.9 |
| Manufactured Products | 27 | 3.4 |
| Mining products | 488 | 62.3 |
| Total, before eliminations | 784 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED ◆ | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 70.5 | 14.5 | 9 of 9 | 0% |
| P/B | 1.6 | 1.7 | 6 of 13 | 58% |
| ROCE | 0.4 | 8.4 | 10 of 14 | 31% |
| ROE | 0.3 | 13.5 | 9 of 13 | 33% |
| Debt / Equity | 0.0 | 0.3 | 1 of 13 | 100% |
| EBITDA margin | 35.6 | 13.8 | 4 of 13 | 75% |
| Revenue growth | 4.5 | 19.2 | 8 of 13 | 42% |
| Profit growth | (7.3) | 9.8 | 12 of 14 | 15% |
| Market cap | 4475 | 1243 | 5 of 14 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · MOIL board to meet on Nov 2 to consider Q2 results and interim dividend | results | medium | — | — |
| 17 Oct 2026 · MOIL updates on manganese ore JV with MP State Mining Corp | strategic transactions | medium | — | — |
| 12 Oct 2026 · MOIL gets Crisil ESG rating of 56, classified Adequate | business updates | medium | — | — |
| 9 Oct 2026 · MOIL re-designates Mechanical department head in internal change | management changes | medium | — | — |
| 6 Oct 2026 · MOIL reshuffles HoD Mechanical in senior management | management changes | low | — | — |
| 3 Oct 2026 · MOIL posts higher manganese output and sales in September 2026 | business updates | medium | — | — |
| 1 Oct 2026 · MOIL raises manganese ore prices by 5% across all grades for Oct 2026 | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · MOIL gets unsolicited ESG rating of 59.1, classified Below average | business updates | medium | — | — |
| 22 Sept 2026 · Extension of additional charge of Director (HR) to CMD for one year | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.