MOIL

MOIL share price & financials

Price
₹293.85
Market cap
₹5.0k Cr
Sector
Metals & Mining
Calls analysed
1
Latest concall · Q3 FY26 · call held 17 Mar 2026

MOIL Q3 FY26

Total Revenue ₹1,126 cr −9%PAT ₹175 cr −34%PBT ₹223 cr −38%

What went well

  • MOIL achieved its highest ever production of 1.8 million tons (18.03 lakh tons) and sales of 1.6 million tons (15.88 lakh tons) in FY25.
  • Total income for FY25 reached an all-time high of INR 1,696 crores.
  • Production for 9M FY26 grew by 6.76% YoY to 1.421 million tons (14.21 lakh tons) compared to 1.331 million tons (13.31 lakh tons) in 9M FY25.

What to watch

  • Total revenue for 9M FY26 declined by 9.05% YoY to INR 1,126 crores from INR 1,238 crores in 9M FY25.
  • Profit After Tax for 9M FY26 decreased by 34.21% YoY to INR 175 crores from INR 266 crores in 9M FY25.
Read the full call →

What MOIL Limited does

MOIL Limited is a Government of India public sector enterprise engaged in the mining, processing and marketing of manganese ore, a key raw material used in making steel and manganese alloys. It operates ten manganese mines (both underground and opencast) across Madhya Pradesh and Maharashtra, and value-adds part of its ore output into Electrolytic Manganese Dioxide (EMD) and Ferro Manganese at its own dedicated plants. Ore is sold mainly to metallurgical users (iron & steel producers and ferro-alloy makers), with a smaller share going into dry-cell batteries and chemical applications, and the company also runs captive wind and solar plants to power part of its operations.

Manganese mines operated
10 mines (4 in Madhya Pradesh, 6 in Maharashtra)
Installed ore production capacity
3.0 million tonnes per annum (MTPA)
Manganese ore reserves & resources
121.97 million tonnes (as of 1 April 2025)
Mining method
Both underground and opencast mining operations
Renewable power capacity
30.5 MW (20 MW wind mills + 10.5 MW solar)
EMD manufacturing plant
India's only Electrolytic Manganese Dioxide (EMD) plant
Founded 1962Headquarters MOIL Bhavan, 1-A, Katol Road, Nagpur - 440 013, MaharashtraEmployees 5,250 (31 March 2025) Company website

Guidance record · Q3 FY26

what the last two calls moved 8 tracked 0 delivered 0 missed 8 open
  • FY26 Production Target revised down said Q3 FY26 Promised: 23.5 lakh tons Q3 FY26: Target revised down to 19-20 lakh tons due to project delays.
  • Total Manganese Ore Production open said Q3 FY26 Promised: 3.5 million tons by 2030 Q3 FY26: MOIL is committed to produce around 3.5 million tons of those manganese ore by 2030.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.6%, net profit up 69.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue292 367 433 348 348 +19%348 −5%444 +3%371 +7%
EBITDA79 95 140 79 100 +27%97 +2%139 −1%136 +72%
Net profit50 64 116 52 70 +40%53 −17%93 −20%88 +69%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −30.0% 1Y

₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 17 Mar 2026

1Y: ₹350.05 on 10 Sept 2025 → ₹244.93. High ₹393.9 (6 Oct 2025), low ₹244.93 (11 Sept 2026).

How the price took the results

close before → close after

Q3 FY26
+20.0%
17 Mar

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 1.1% a year over 5 years, FY19 to FY26. Operating margin narrowed to 27.9%.

Year endingFY19FY20FY23FY24FY25FY26
Revenue₹1.4k Cr₹1.0k Cr₹1.3k Cr₹1.4k Cr₹1.6k Cr₹1.5k Cr
Operating profit₹575 Cr₹255 Cr₹369 Cr₹437 Cr₹528 Cr₹415 Cr
Operating margin40.8%24.6%27.5%30.1%33.3%27.9%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹72 Cr₹96 Cr₹114 Cr₹144 Cr₹152 Cr₹169 Cr
Net profit₹456 Cr₹248 Cr₹251 Cr₹294 Cr₹382 Cr₹268 Cr
Net margin32.4%23.9%18.7%20.3%24.1%18.0%
Cash from operations₹424 Cr₹58 Cr₹212 Cr₹253 Cr₹434 Cr₹157 Cr
Free cash flow₹215 Cr₹-142 Cr₹-37 Cr₹-63 Cr₹112 Cr₹-140 Cr
ROCE24.0%11.0%————
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹237 Cr₹203 Cr₹203 Cr₹203 Cr₹203 Cr₹203 Cr
Reserves₹2.6k Cr₹1.9k Cr₹2.0k Cr₹2.3k Cr₹2.5k Cr₹2.5k Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹570 Cr₹438 Cr₹448 Cr₹436 Cr₹602 Cr₹496 Cr
Total liabilities₹3.4k Cr₹2.6k Cr₹2.7k Cr₹2.9k Cr₹3.3k Cr₹3.2k Cr
Fixed assets₹663 Cr₹676 Cr₹852 Cr₹926 Cr₹956 Cr₹1.1k Cr
Capital work in progress₹203 Cr₹314 Cr₹271 Cr₹357 Cr₹495 Cr₹483 Cr
Investments₹331 Cr₹232 Cr₹151 Cr₹128 Cr₹180 Cr₹24 Cr
Other assets₹2.2k Cr₹1.4k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.6k Cr
Total assets₹3.4k Cr₹2.6k Cr₹2.7k Cr₹2.9k Cr₹3.3k Cr₹3.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.43 pp while the public added +2.24 pp. The shareholder count shrank 4% to 2,94,789.

Promoters
64.7%
FIIs
3.7%
DIIs
6.8%
Public
24.8%

Since Jun 2025

  • FIIs −2.43 pp
  • Public +2.24 pp
  • DIIs +0.18 pp

How it drifted, 12 quarters

Over this window the public went from 16.9% to 24.8% — +7.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.7%, FIIs 5.7%, DIIs 12.7%, Public 16.9%.Dec '23: Promoters 64.7%, FIIs 4.7%, DIIs 11.3%, Public 19.3%.Mar '24: Promoters 64.7%, FIIs 2.4%, DIIs 12.3%, Public 20.6%.Jun '24: Promoters 64.7%, FIIs 3.5%, DIIs 10.0%, Public 21.8%.Sep '24: Promoters 64.7%, FIIs 4.9%, DIIs 7.9%, Public 22.5%.Dec '24: Promoters 64.7%, FIIs 3.1%, DIIs 8.2%, Public 23.9%.Mar '25: Promoters 64.7%, FIIs 3.3%, DIIs 7.7%, Public 24.4%.Jun '25: Promoters 64.7%, FIIs 6.2%, DIIs 6.6%, Public 22.5%.Sep '25: Promoters 64.7%, FIIs 6.0%, DIIs 7.1%, Public 22.1%.Dec '25: Promoters 64.7%, FIIs 4.8%, DIIs 6.8%, Public 23.7%.Mar '26: Promoters 64.7%, FIIs 4.2%, DIIs 7.6%, Public 23.5%.Jun '26: Promoters 64.7%, FIIs 3.7%, DIIs 6.8%, Public 24.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of MOIL Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 53.35%unchanged
Governor Of Maharashtra 5.96%unchanged
Governor Of Madhya Pradesh 5.38%unchanged
Life Insurance Corporation Of India Insurer2.66%−0.79 pp
Bandhan Small Cap Fund Mutual fund1.15%+0.11 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹245, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹158 — downside of 35%.

Growth the price implies
10.3% a year
for 7 years, fading to 4%
It has actually compounded at
2.2% a year
net profit, FY23–FY26 · EPS 2.2%
The gap
0.1 pp
-35% downside if it only repeats history
Price today ₹244.93 Value at the reference growth ₹158.3 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

Learn to analyse MOIL Limited

Guides on how to read this kind of business and the numbers that matter.