Moil Limited (MOIL) AI Stock Analysis

• Market Cap: ₹60.72B
• Dividend Yield: 2.18%
• Average Volume (3M): 71.72K
• Price to Earnings (P/E): 20.9
• Beta (1Y): 1.74
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 5,480
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 2.60
• Shares Outstanding: 203,485,210
• 10 Day Avg. Volume: 78,976
• 30 Day Avg. Volume: 71,719
• PEG Ratio: 0.58
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 4.21
• P/FCF Ratio: 59.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹334.00 ▼(-10.97% Downside)
• Action: Reiterated Date: 01/09/26
• Date: Action: Reiterated 01/09/26

The score is driven primarily by strong financial performance—high profitability and an exceptionally conservative, debt-free balance sheet. Offsetting this are uneven free-cash-flow generation and a largely neutral technical/valuation profile (price near long-term averages and a mid-range P/E with a modest dividend yield).

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces financial risk and gives management durable flexibility to fund maintenance capex, weather commodity downturns, and prioritize shareholder returns. Over 2–6 months this lowers refinancing risk and supports stable operations through cycles.

High reported margins

Exceptionally high gross and healthy operating/net margins indicate strong cost position or pricing power in manganese ore. These margins create a durable buffer against weaker commodity prices, supporting sustained profitability and reinvestment capacity over the medium term.

Improving operating cash flow

Operating cash flow that aligns with reported profits signals high earnings quality and real cash generation capacity. Strengthened OCF improves the company's ability to fund working capital and capex internally and supports durable operational continuity and shareholder distributions.

Negative Factors

Volatile free cash flow

Material swings in free cash flow driven by capex and working-capital moves reduce predictability of available cash for dividends, buybacks, or growth. This volatility is structural in mining and can constrain capital allocation decisions across multi-quarter horizons.

Earnings/margin cyclicality

Significant year-to-year margin and earnings swings show sensitivity to commodity prices and production cycles. That cyclicality undermines earnings visibility and makes multi-quarter forecasting and stable return-on-equity improvement difficult to sustain without hedges or diversification.

Concentration in steel/ferroalloy demand

Heavy reliance on steel and ferroalloy customers concentrates revenue risk; structural downturns, demand shifts, or substitution in these industries would materially affect sales. Limited product/customer diversification increases vulnerability over medium-term horizons.

Moil Limited Business Overview & Revenue Model

Company Description

MOIL Limited engages in the exploration, development, mining, beneficiation, and marketing of various grades of manganese ores in India. It operates through three segments: Mining, Manufacturing, and Power Generation. The company manufactures and sells various grades of manganese ores, such as high grade ores for the production of ferro manganese; medium grade ores for the production of silico manganese; blast furnace grade ores for producing hot metals; and dioxide for dry battery cells and chemical industries. It also offers electrolytic manganese dioxide for the manufacture of dry battery cells; high carbon ferro manganese; and ferro manganese slag. The company operates 11 mines located in the Nagpur and Bhandara districts of Maharashtra; and four mines in the Balaghat district of Madhya Pradesh. In addition, it operates wind energy farms with an installed capacity of 4.8 MW at Nagda Hills and 15.2 MW at Ratedi Hills in Dewas district of Madhya Pradesh. The company was formerly known as Manganese Ore (India) Limited. MOIL Limited was founded in 1896 and is headquartered in Nagpur, India.

How the Company Makes Money

Moil Limited Financial Statement Overview

Summary

Strong fundamentals led by very high profitability (FY2025 gross margin ~85%, EBIT and net margin ~24%) and re-accelerating revenue growth (~11.7%). The debt-free balance sheet is a major risk reducer, but cash generation is less consistent given recent free-cash-flow volatility.

Income Statement

Profitability is a clear strength: the latest annual period (FY2025) shows very strong gross margin (~85%) and healthy operating profitability (EBIT margin ~24%) with solid net margin (~24%). Growth improved meaningfully, with revenue up ~11.7% in FY2025 versus ~8.1% in FY2024, indicating a re-acceleration. The main weakness is volatility across years—margins and earnings levels have swung (e.g., FY2021 unusually high margins vs. FY2024 lower), which suggests earnings sensitivity to the cycle/price environment.

Balance Sheet

The balance sheet is exceptionally conservative with zero debt reported across periods, which materially reduces financial risk. Equity remains sizable (FY2025 ~26.4B) and returns on equity are solid and improving in the latest year (~14.5% in FY2025 vs. ~12.0% in FY2024). A watch-out is that returns have fluctuated over time (e.g., lower ROE in earlier years), implying performance is driven more by operating cycle than by balance-sheet leverage.

Cash Flow

Cash generation is positive but uneven. Operating cash flow strengthened in FY2025 (~4.34B) and is roughly in line with reported profits (about ~99% coverage), which is a good quality signal. However, free cash flow has been volatile and was negative in FY2023–FY2024 before turning positive in FY2025 (~1.12B), suggesting capex/working-capital swings can meaningfully impact shareholder cash generation.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.40B	15.85B	14.43B	13.35B	14.36B	11.77B
Gross Profit	9.78B	13.55B	11.42B	10.74B	10.64B	7.97B
EBITDA	3.37B	5.28B	5.31B	3.78B	6.27B	3.40B
Net Income	2.81B	3.82B	2.93B	2.51B	3.77B	1.77B
Balance Sheet
Total Assets	0.00	32.11B	28.89B	26.92B	25.80B	33.90B
Cash, Cash Equivalents and Short-Term Investments	9.70B	9.70B	8.41B	8.91B	10.69B	19.28B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	-26.38B	5.73B	4.36B	4.47B	4.38B	5.70B
Stockholders Equity	26.38B	26.38B	24.53B	22.44B	21.42B	28.20B
Cash Flow
Free Cash Flow	0.00	1.12B	-627.34M	-367.07M	1.30B	1.54B
Operating Cash Flow	0.00	4.34B	2.53B	2.12B	3.60B	2.91B
Investing Cash Flow	0.00	-3.38B	-1.41B	-1.02B	6.93B	-3.60B
Financing Cash Flow	0.00	-1.34B	-851.69M	-1.22B	-10.33B	-1.31B

Moil Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MOIL	74 Outperform	₹60.72B	20.90	―	2.18%	―	―
SANDUMA	73 Outperform	₹94.81B	16.43	―	0.18%	196.22%	71.39%
GNFC	70 Outperform	₹67.31B	10.80	―	3.68%	-7.53%	42.74%
GSFC	68 Neutral	₹68.18B	9.85	―	2.80%	15.25%	26.49%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ACI	58 Neutral	₹70.96B	48.44	―	0.78%	-3.15%	-22.30%
MIDHANI	55 Neutral	₹63.39B	57.75	―	0.24%	-5.01%	21.97%

Moil Limited Corporate Events

MOIL Raises Manganese Ore Prices by Up to 10% for February 2026

MOIL Limited has revised prices for most of its manganese ore grades and related products with effect from 1 February 2026 for the February period of the January–March 2026 quarter. The company has implemented a 5% price increase across all ferro grades above and below 44% manganese (with the exception of grade BG4584), as well as for SMGR (Mn 30%), fines grades and all chemical grades, while keeping prices unchanged for SMGR (Mn 25%), SMGR (Mn 20%), most Metal Mandi Fines (DBF575 and MSF592) and electrolytic manganese dioxide (EMD), and raising the UKF532 Metal Mandi Fine price by 10%. The move signals MOIL’s effort to capture improved realizations in key manganese ore segments while maintaining price stability in select lower-grade and specialty categories, which could support margins but may also translate into higher input costs for downstream steel and alloy makers.

MOIL Chairman-cum-MD Ajit Kumar Saxena Retires on Superannuation

MOIL Limited has announced that its Chairman-cum-Managing Director, Ajit Kumar Saxena, has retired on attaining the age of superannuation on 31 December 2025 and ceased to hold the position with effect from 1 January 2026. The leadership change at the state-run manganese producer marks a transition at the top of the organisation, and investors and other stakeholders will now look for clarity on succession and continuity in strategic direction, given the company’s importance in the manganese and steel supply chain.