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Stock Analysis

Description

MOIL Ltd is primarily engaged in mining of manganese ore and is the largest manganese ore producer in the country.[1]It is a miniratna state-owned company owned by Govt. of India.[2]

Key Growth Triggers

MOIL is the largest producer of manganese ore in India with significant reserves. Recent operational highlights include record production, commencement of manganese ore exports to Indonesia, and strategic price revisions for various ore grades. The company also secured a ₹230 crore order from SEPC for mine development, providing revenue visibility and potentially boosting capacity. Its debt-free status and focus on exploration also contribute to its growth potential.

Order Book

Currently no data available for Order Book.

Key Red Flags

MOIL has faced penalties for non-compliance with SEBI (LODR) Regulations regarding board composition. It has also received GST demand orders and a service tax demand with penalty for previous fiscal years, though it intends to appeal these. Historically, the company has shown poor sales growth over five years and a low return on equity over three years.

Key Dates To Watch

63rd Annual General Meeting (AGM) on September 30, 2025.
Record date for final dividend determination: September 19, 2025.
Board meeting to consider Q2 FY'26 results and interim dividend: November 11, 2025.

Corporate Announcements

15th Apr 26

Impact Rating: 7

MOIL Limited has officially intimated the cessation of Independent Director Shri Dinesh Kumar Gupta from his role, effective April 15, 2026, following the conclusion of his designated tenure.

13th Apr 26

Impact Rating: 6

MOIL Limited filed its quarterly compliance certificate under SEBI Regulation 74(5) for the quarter ended March 31, 2026, enclosing confirmation from its Registrar. The certificate confirms dematerialization and cancellation of physical securities.

4th Apr 26

Impact Rating: 7

MOIL Limited released provisional production and sales data for manganese ore up to March 2026, indicating growth in key metrics for FY'26.

3rd Apr 26

Impact Rating: 8

MOIL Limited has revised upwards prices for several Manganese Ore grades effective April 1, 2026. Ferro grades with 44% Mn and above will see a 15% increase, while other Ferro, SMGR, Fines, and Chemical grades will rise by 17.5%.

1st Apr 26

Impact Rating: 6

MOIL Limited informed the stock exchanges about receiving a GST order demanding ₹1.28 crore (₹1,27,68,306) due to alleged mismatches in GSTR-1 and GSTR-3B filings for FY23.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	NMDC	86.16	10.78	75786.44	3.83	1698.04	40.22	6378.11	29.67	29.59	26689.39	33.33	7027.10	1699.14	2.33	17.01	0.11
2.	Lloyds Metals	1337.60	40.34	72821.75	0.07	567.39	89.95	3651.35	154.33	38.28	8903.34	29.59	1805.12	572.36	9.14	21.70	1.06
3.	G M D C	607.10	29.50	19299.48	1.66	465.75	-8.84	527.58	-11.03	14.06	2699.88	19.40	654.21	116.56	2.87	9.00	0.04
4.	Gravita India	1784.50	36.36	13172.93	0.36	95.97	33.32	1035.50	11.65	21.50	4108.93	9.14	362.31	95.99	5.83	14.97	0.20
5.	Ashapura Minech.	902.45	21.61	8610.61	0.11	105.98	117.93	952.50	57.67	18.64	3728.75	14.25	398.38	96.61	6.04	7.95	0.86
6.	MOIL	376.00	25.39	7649.03	1.50	70.44	40.99	348.05	19.24	18.76	1496.32	27.60	301.28	70.44	2.83	12.28	0.00
7.	Orissa Minerals	5042.00	–	3027.42	0.00	3.14	297.47	25.13	7.44	-38.52	71.85	-42.00	-38.58	3.14	–	-9.03	–
–	Median: 12 Co.	516.73	23.5	5338.23	0.34	43.9	39.41	311.02	10.25	18.7	1219.06	13.56	182.28	43.92	2.83	9.41	0.2

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	302	306	367	380	493	348	428	416	433	236	348	292	348
Expenses	247	217	272	256	279	269	296	288	294	203	251	213	249
Operating Profit	55	89	95	124	214	79	133	128	140	33	96	79	100
Other Income	21	23	33	26	27	22	20	24	25	24	20	27	30
Profit before tax	46	76	89	116	204	64	121	113	125	30	82	68	90
Tax %	14%	29%	28%	25%	25%	19%	33%	19%	8%	8%	25%	27%	22%
Net Profit	40	54	64	87	152	52	81	91	116	27	62	50	70
EPS in Rs	1.94	2.66	3.13	4.25	7.49	2.53	3.98	4.48	5.68	1.34	3.02	2.46	3.46

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,020	822	632	978	1,314	1,438	1,034	1,172	1,433	1,339	1,447	1,582	1,496
Expenses	519	443	562	679	781	842	779	882	891	970	1,010	1,055	1,083
Operating Profit	501	379	71	298	533	596	256	290	541	369	438	528	413
Other Income	303	317	252	221	178	191	181	49	86	80	94	111	110
Interest	0	0	0	3	0	0	0	0	1	0	0	0	0
Depreciation	35	45	52	55	62	67	96	99	103	114	144	152	155
Profit before tax	769	651	270	462	648	720	340	240	523	334	387	487	368
Net Profit	510	428	173	306	422	474	248	177	377	251	293	382	301
EPS in Rs	15.17	12.74	5.15	11.48	16.38	18.40	10.46	7.44	18.53	12.31	14.42	18.76	14.80
Dividend Payout %	25%	33%	49%	48%	34%	33%	57%	99%	32%	30%	42%	30%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	168	168	168	133	258	258	237	237	203	203	203	203	203
Reserves	2,959	3,214	3,285	2,672	2,542	2,825	2,526	2,583	1,938	2,041	2,250	2,434	2,499
Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Liabilities	345	266	275	287	441	526	538	570	438	448	436	574	602
Total Liabilities	3,472	3,648	3,728	3,092	3,241	3,609	3,301	3,390	2,580	2,692	2,889	3,211	3,304
Fixed Assets	232	294	311	326	348	430	587	663	676	852	926	920	956
Gross Block	510	611	672	735	810	952	1,191	1,349	1,445	1,708	1,913	2,044	–
Accumulated Depreciation	278	317	361	408	463	522	604	686	769	856	987	1,124	–
CWIP	69	53	80	116	238	297	242	203	314	271	357	507	495
Investments	4	0	0	0	24	115	7	331	232	151	128	78	180
Other Assets	3,166	3,301	3,337	2,650	2,631	2,767	2,465	2,194	1,358	1,418	1,478	1,707	1,673
Total Assets	3,472	3,648	3,728	3,092	3,241	3,609	3,301	3,390	2,580	2,692	2,889	3,211	3,304

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	500	28	-24	118	529	424	58	291	360	212	253	434
Cash from Investing Activity	164	181	145	-588	-397	-254	687	-360	693	-102	-141	-338
Cash from Financing Activity	-148	-171	-101	-81	-213	-173	-562	-131	-1,033	-122	-85	-134
Net Cash Flow	516	37	20	-550	-82	-3	184	-200	20	-12	27	-37

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	40	48	82	90	53	33	47	71	44	39	53	34
Inventory Days	–	–	–	596	–	–	–	405	–	–	–	–
Days Payable	–	–	–	203	–	–	–	107	–	–	–	–
Cash Conversion Cycle	40	48	82	482	53	33	47	369	44	39	53	34
Working Capital Days	24	63	95	84	6	-23	11	-21	-1	15	50	37
ROCE %	26%	20%	8%	15%	23%	24%	11%	10%	20%	15%	16%	19%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%	64.68%
FIIs	5.93%	5.97%	6.16%	5.72%	4.71%	2.35%	3.48%	4.87%	3.12%	3.25%	6.16%	6.05%
DIIs	12.07%	12.06%	12.33%	12.73%	11.29%	12.35%	10.00%	7.92%	8.24%	7.65%	6.64%	7.12%
Public	17.32%	17.28%	16.84%	16.88%	19.29%	20.60%	21.83%	22.52%	23.94%	24.41%	22.52%	22.13%