MOIL
Micro CapMOIL Limited
Power
MOIL Limited is India's largest Manganese Ore producer, operating 10 mines in Madhya Pradesh and Maharashtra with a current production capacity of 3 MTPA. The company generates 30.5 MW of renewable energy, covering over 43% of its energy consumption. Manganese ore is a key ingredient in steel making.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +3% YoY · +28% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹444 Cr | +2.5% | +27.6% |
| EBITDA | ₹139 Cr | -0.7% | +43.3% |
| Operating margin | 31.0% | -100 bps | +300 bps |
| PAT | ₹93 Cr | -19.8% | +75.5% |
| PAT margin | 20.9% | -584 bps | +572 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
MOIL reports mixed 9M FY25-26 results: Manganese ore production increased 6.7% YoY, but revenue from operations declined 8.3% YoY, and PAT fell 34.3% YoY, impacted by a 5.9% drop in Net Sales Realization (NSR). Q3 FY25-26 also saw a 16.8% QoQ PAT decline.
Despite an increase in manganese ore production, MOIL's financial performance for 9M FY25-26 and Q3 FY25-26 is under stress due to declining revenue, PAT, and Net Sales Realization. While long-term demand for manganese ore is supported by India's steel production targets, current operational challenges and pricing pressures are concerning.
Increased Production Target
MOIL aims to produce 3.5 million MT of Manganese Ore by 2030.
Market Share Expansion
Target to increase MOIL’s market share from 20% to 32% by 2030.
Beneficiation & Agglomeration
Establish new beneficiation plants and promote briquetting to upgrade low-grade ore and convert fines into salable products.
Overseas Market Development
Explore and expand overseas markets to facilitate the evacuation of accumulated low-grade inventory and unlock additional revenue streams.
EC Limit Expansion
Current EC limit is 36.33 lakh tonnes, with a target to expand to 50.0 lakh tonnes by FY29-30.
Upcoming Shaft Sinking Projects
Projects at Dongri Buzurg (Production, East & West Ventilation), Kandri Mine, and Chikla Mine are planned for completion between 2029 and 2030.
Greenfield Projects
New projects are underway in GMDC, Gujarat; Bhudkum Block (Chhindwara) and Selva Block (Balaghat) in Madhya Pradesh; and Nilkanthpur block (Balrampur) in Chhattisgarh.
National Steel Policy 2017
India’s steel production target of 300 million MT by 2030 is expected to require 11 million MT of Manganese ore.
Local Issues Affecting Exploration
Drilling was suspended in the Nilkanthpur block, Chhattisgarh, due to local issues.
Mining Lease Lapses
GMDC claims a deemed lease based on past dump production, but the MMDR Amendment 2021 states reservation lapses if no lease is granted in 5 years.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual trends and overall growth, especially for a mining company. QoQ comparison is important to gauge sequential momentum and recent operational efficiency, particularly given the observed decline in financial metrics.
Manganese Ore Production (9M FY25-26)
14.21 lakh MT, up from 13.31 lakh MT in 9M FY24-25.
Manganese Ore Sales (9M FY25-26)
10.84 lakh MT, down from 11.40 lakh MT in 9M FY24-25.
Revenue from Operations (9M FY25-26)
Rs 1056.02 crores, down from Rs 1151.55 crores in 9M FY24-25.
Profit After Tax (9M FY25-26)
Rs 174.87 crores, down from Rs 265.99 crores in 9M FY24-25.
Capital Expenditure Focus
Most retained profit is used for mechanization, modernization, and capacity enhancement through Capex, with last year's Capex exceeding PAT.
Emphasis on Higher Exploration
Higher exploration efforts are underway to add to reserves/resources, with 107,530 meters explored in FY24-25, adding 16.07 million tonnes of Mn resource.
Business Expansion in Other States
Management is focused on expanding business operations into other states.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manganese Ore Production | 14.21 lakh MT (9M FY25-26) | Progress towards the 3.5 million MT production target by 2030. |
| Revenue from Operations | Rs 1056.02 crores (9M FY25-26) | Improvement in realizations and overall revenue growth to reverse the current decline. |
| Profit After Tax (PAT) | Rs 174.87 crores (9M FY25-26) | Recovery in profitability, especially given the significant YoY decline. |
| EC Limit Expansion | 36.33 lakh tonnes | Approvals and tangible progress towards the targeted 50.0 lakh tonnes EC limit by FY29-30. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -5.5% / mo
Technical chart
MOILdaily · 1Y-21.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 39.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 25% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.9%.
- Piotroski is strong at 7/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2380.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 41st percentile within Power. Main check: results consistency is weak at 5/100.
Healthy Trust Lite: Promoter holding is 64.7%. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 41st pctile, median 67 · Micro: 30th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸10 years of positive FCF.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.4%.
- ▸2/7 recent quarters had positive YoY revenue growth.
- ▸0/7 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 57.10
- P/B
- 2.56
- EV/EBITDA
- 26.14
- Market Cap
- 5933.00Cr
Profitability
- ROE
- 8.31%
- ROCE
- 11.40%
- ROA
- 2.27%
- Dividend Y
- 1.93%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 7.79
- Book Value
- 114.00
Cash Flow
- FCF Yield
- 10.89%
- FCF Positive Y
- 5/5
- OCF
- 58.00 Cr
- EPS TTM
- 3.12
Shareholding
- Promoter Hold
- 64.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.