MOIL Limited conducted an Investors’ and Analysts’ Meet on March 17, 2026, discussing the transcript of which was subsequently released. Management confirmed that FY 2024-25 saw the highest ever production (1.8 million tons) and revenue (INR 1,696 crores). For the nine months of FY 2025-26, revenue stood at INR 1,056 crores, reflecting a temporary dip due to lower Net Sales Realization (NSR). The company reaffirmed its commitment to achieving 3.5 million tons production by 2030, increasing market share from 20% to 32%, supported by INR 664 crores capital investment in new shaft sinking projects.
Performance Update and Financial Highlights
The management detailed the performance trajectory, noting that FY ’24-’25 marked a historical peak with 1.8 million tons of production and the highest ever revenue of INR 1,696 crores. Similarly, sales reached 1.6 million tons. The nine-month performance for FY ’25-’26 showed production at 1.4 million tons (14.21 lakh tons), slightly up from the previous year’s 13.31 lakh tons, though manganese ore sales were 10.84 lakh tons against 11.40 lakh tons.
Financial performance for the nine-month period showed total revenue from operations at INR 1,056 crores against INR 1,152 crores previously. Profit Before Tax (PBT) was INR 223 crores against INR 362 crores, which management attributed to the fall in NSR, a factor outside the company’s control.
MOIL highlighted its focus on shareholder value, noting an average Return on Equity (ROE) of 161% over the last 10 years. The company declared two interim dividends of INR 1.80 and INR 3.53 during the financial year.
Strategic Growth and Production Targets by 2030
MOIL is committed to meeting the requirements of the National Steel Policy 2017, targeting production of 3.5 million tons of manganese ore by 2030, aiming to capture 32% of the domestic market share (up from 20%).
Key strategies involve:
- Beneficiation of low-grade products and agglomeration/briquetting to enhance realization.
- Exploring overseas markets and potential acquisitions (with INR 275 crores earmarked for overseas acquisition Capex).
- Enhancing Environmental Clearance (EC) limits from 36.33 lakh tons towards a target of 50 lakh tons.
Upcoming growth hinges on major capital expenditure, including five shaft sinking projects totaling an investment of around INR 664 crores, expected to be completed over the forecast years.
Operational Details and Mining Mix
MOIL currently operates 10 mines (three opencast, seven underground), with approximately 70% of production coming from underground mines. Management clarified that the company aims to transition from labor-intensive cut-and-fill methods to more productive, mechanized long-hole open stoping.
The cost of production (factory gate) for manganese ore in FY ’24-’25 was approximately INR 5,500 per ton, which is expected to decrease due to ongoing mechanization and outsourcing, as manpower costs constitute about 48% of the current cost base.
Q&A Insights on Specific Mines and Costs
Regarding the Balaghat mine’s high-speed shaft, the working level is at 450 meters, with the shaft planned up to 650 meters and the ore body proved up to 1,000 meters. Commissioning is expected in the next financial year. Production capacity for this mine is projected to reach a peak of 8 lakh tons over five to six years post-commissioning.
Regarding inventory, MOIL confirmed it holds no high-grade inventory as production is covered by existing orders. Low-grade inventory stands at about 5 lakh tons annually. Management also noted that realizations for domestic sales and exports of the same grade are identical, countering any suggestion of cheap international selling.
Concluding Remarks
Management assured investors that despite the volatile market scenario reflected in stock prices, MOIL’s production and future plans are robust, supported by a large domestic market where imports account for nearly 70% of the 10 million tons annual requirement. The company is committed to delivering on its promises, having already provided an aggregate INR 3,500 crores return to investors over the last nine years.
Source: BSE
