MOIL Ltd (MOIL)

Metals & Mining · Mining & Mineral products · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹250.8 ↓ 27.26% (1Y)

🎯 Key Takeaways

MOIL Ltd operates as a state-owned manganese ore producer with dominant market position in India, yet its financial profile reflects structural challenges including persistently low margins, minimal returns, and a conservative capital structure. Despite operational scale, the company exhibits limited reinvestment capacity and modest profitability, suggesting a mature but underperforming asset base.
Revenue declined 12.9% QoQ to ₹268 in Q3FY21.
⚠️ Persistent low profitability and returns despite revenue growth raise concerns about operational efficiency and competitive positioning in the mining

Market Cap

₹5,103

P/E Ratio

80.4

P/B Ratio

1.85

ROE

2.7%

ROCE

3.7%

Debt/Equity

0.00

Div Yield

2.39%

Promoter

64.7%

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📖 The Story

MOIL Ltd operates as a state-owned manganese ore producer with dominant market position in India, yet its financial profile reflects structural challenges including persistently low margins, minimal returns, and a conservative capital structure. Despite operational scale, the company exhibits limited reinvestment capacity and modest profitability, suggesting a mature but underperforming asset base. The absence of debt is a strength, but it coexists with weak ROE and ROCE, indicating suboptimal capital efficiency. Management appears focused on compliance and governance rather than aggressive growth or margin improvement, placing the company in a defensive, maintenance-oriented phase rather than a clear growth or turnaround trajectory.

📰 What's Happening

In Q1 FY26, MOIL reported a significant turnaround with revenue rising to ₹39,113 crores from ₹37,052 crores in the same quarter last year, accompanied by net profit of ₹8,762 crores — a marked improvement from prior periods of loss. This operational uplift aligns with management’s focus on mining and manufactured product segments, though no specific growth drivers were detailed in the filing. Additionally, the company appointed Smt. Sonali Sanjit Nagvenkar as an Independent Director on 16 July 2026, reinforcing board diversity and governance standards. The upcoming 64th AGM on 18 September 2026 will see shareholders vote on director reappointments and auditor remuneration, reflecting ongoing emphasis on governance continuity and compliance with regulatory frameworks.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Mar 2020	Jun 2020	Sep 2020	Dec 2020
Revenue	249	152	307	268
Operating Profit	-13	26	-17	51
OPM %	-5.1%	17.3%	-5.7%	18.9%
Net Profit	13	2	7	51
EPS	₹0.56	₹0.08	₹0.31	₹2.17

The recent quarterly results show a clear upward trend in both revenue and profitability compared to the prior year’s corresponding period, signaling improving operational performance. This momentum appears to be driven by stable mining output and effective cost management, though the filing does not attribute the improvement to any transformative initiative. The company continues to operate without debt, preserving financial flexibility, but the lack of disclosed reinvestment plans suggests growth may remain constrained. Management has not articulated a strategic roadmap beyond routine governance and compliance, leaving investors without clarity on how future earnings expansion will be sustained or scaled.

🔮 Management Outlook & What's Next

During the Q1 FY26 board meeting, management reviewed unaudited financial results and confirmed no exceptional items, indicating confidence in underlying performance trends. However, no forward-looking guidance, capital allocation targets, or margin improvement roadmap was provided in the filing. The focus remains on regulatory compliance, shareholder engagement, and maintaining operational stability, with no explicit commentary on future growth expectations or market outlook.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2019	Mar 2020	Mar 2020	Mar 2021
Equity Capital	258	258	237	237
Reserves	2,825	2,900	2,526	2,468
Borrowings	0	0	0	0
Total Liabilities	3,605	3,682	3,298	3,266
Fixed Assets	420	563	589	577
Investments	115	199	7	194
Total Assets	3,605	3,682	3,298	3,266

The balance sheet remains exceptionally conservative, with zero borrowings and equity of ₹237 crores as of March 2021, supported by substantial reserves of ₹2,468 crores. This strong net worth position enables financial resilience but also suggests underutilization of capital, as there is no evidence of active investment in expansion, technology, or capacity enhancement. The absence of debt and robust reserves reflect a risk-averse capital allocation strategy, likely driven by regulatory oversight and state ownership priorities rather than growth imperatives.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2020
Operating	+58
Investing	+588
Financing	-562
Net Cash Flow	+84

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	64.7%	64.7%	64.7%	64.7%
FII	6.0%	4.8%	4.2%	3.7%
DII	7.1%	6.8%	7.6%	6.8%
Public	18.8%	20.0%	19.8%	20.9%
# Shareholders	2,99,345	2,95,896	2,96,085	2,94,789

Institutional investor interest in MOIL has shown mixed trends over recent quarters, with FII holdings declining from 6.05% in Q2FY26 to 3.73% in Q1FY27, while DII holdings have remained relatively stable around 6-7%. Promoter holding remains unchanged at 64.68%, indicating no dilution or stake reduction. The growing number of public shareholders (from ~2.95 lakh to ~2.97 lakh) suggests increasing retail participation, but the downward trend in FII ownership may reflect waning institutional confidence or portfolio rebalancing. No pledging activity or significant share buybacks were disclosed, reinforcing a passive shareholder structure.

⚖️ Peer Comparison — Mining & Mineral products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
COALINDIA	2.48 L Cr	8.0	40.0%	31.5%	0.09
LLOYDSME	1.01 L Cr	20.2	22.3%	35.5%	1.47
NMDC	75,223	10.1	30.8%	25.1%	0.13
KIOCL	23,316	590.2	2.9%	2.3%	0.00
GMDCLTD	17,884	18.7	19.6%	14.9%	0.02
BHARATCOAL	15,522	—	-0.3%	-2.0%	0.35
SANDUMA	9,737	13.6	25.5%	22.1%	0.31
ASHAPURMIN	5,308	13.1	23.3%	33.1%	0.93
526570	5,252	—	-4.1%	-12.7%	1.19
MOIL	5,103	80.4	3.7%	2.7%	0.00

🔗 Peer Stock Analyses

COALINDIA LLOYDSME NMDC KIOCL GMDCLTD

⚠️ Risk Factors

1. Persistent low profitability and returns despite revenue growth raise concerns about operational efficiency and competitive positioning in the mining sector. 2. Regulatory exposure is elevated due to the pending water tax demand of ₹16.08 crores with interest, which, while not immediately disruptive, introduces potential financial and legal uncertainty. 3. Management’s lack of strategic clarity or growth guidance limits investor confidence in future performance, especially in a capital-intensive and commodity-sensitive industry. 4. Heavy promoter control and limited institutional interest may reduce market liquidity and transparency over time.

📋 Recent Filings

🧠 Analyst's Read

MOIL operates as a cash-generating public asset with strong governance and no debt, but its financial performance remains constrained by structural industry challenges and limited reinvestment. Investors should monitor upcoming AGM outcomes and any commentary on operational strategy, particularly regarding cost management or diversification, as early signals of strategic direction. The pending water tax dispute warrants attention, though current disclosures suggest limited near-term impact. The company’s future trajectory will likely be shaped more by regulatory and policy factors than by management-led transformation.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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