Moil Limited (MOIL) AI Stock Analysis

• Market Cap: ₹59.52B
• Dividend Yield: 2.18%
• Average Volume (3M): 71.72K
• Price to Earnings (P/E): 35.4
• Beta (1Y): 1.69
• 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): 16.06
• Revenue Forecast (FY): ₹16.16B

• Rating: 67 Neutral
• Price Target: ₹323.00 ▼(-13.90% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

Overall score reflects strong financial performance (high margins and a debt-free balance sheet) tempered by weak technicals (below key moving averages with negative MACD) and a relatively high P/E despite a moderate dividend yield.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces financial risk and interest burden, giving management durable flexibility to fund capex, mine development, or sustain dividends from operating cash. A strong equity base and improving ROE support resilience through commodity cycles and strategic investments.

Very high profitability margins

Exceptionally high gross and operating margins indicate structural cost advantage or pricing power in manganese ore sales, creating a wide buffer against price swings. Sustained margins support internal reinvestment, improve cash conversion potential, and help maintain attractive returns over cycles.

Operating cash flow recovery

Recent recovery to positive operating and free cash flow shows the business can convert reported profits to cash, enabling self-funding of ordinary capex and reducing reliance on external financing. That improved cash quality supports durable shareholder returns and operational stability.

Negative Factors

Top-line and EPS weakness

Declines in revenue and EPS over recent reported periods point to weakening demand or pricing pressure for manganese products. Persisting top-line contraction constrains scale economics, may force margin compression, and limits sustainable reinvestment or dividend growth over the medium term.

Volatile free cash flow

Swinging free cash flow reduces predictability of funding for expansion, maintenance, or distributions. Sensitivity to capex and working capital means strategic plans may require precautionary cash buffers or delay, limiting the company’s ability to execute consistently through commodity-driven cycles.

Earnings and margin cyclicality

Profitability is materially exposed to commodity price and industrial demand cycles. That structural cyclicality makes multi-year planning harder, can produce volatile ROE and cash flow, and increases the risk that downturns will erode capital returns and investment momentum.

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 makes money mainly by selling manganese ore produced from its mines. Its core revenue stream comes from the extraction and sale of manganese ore (in different grades and product forms) to industrial customers, particularly steel producers and ferroalloy manufacturers that use manganese as an input. Revenue is driven by (i) sales volumes based on production from its operating mines, (ii) realized selling prices for manganese ore, which are influenced by market demand and pricing conditions, and (iii) product mix/grade, since higher-grade material generally realizes higher prices. The company may also generate revenue from value-added processing/beneficiation of ore (where applicable) and other mining-related/ancillary activities connected to its operations; however, any further breakdown of these additional streams and the role of specific partnerships is null due to insufficient publicly provided detail in this response.

Moil Limited Financial Statement Overview

Summary

Strong fundamentals led by very high profitability (FY2025 gross margin ~85%, EBIT/net margins ~24%) and a very conservative, debt-free balance sheet with improving ROE (~14.5%). The key offset is uneven cash generation: free cash flow was negative in FY2023–FY2024 before turning positive in FY2025, indicating sensitivity to capex/working-capital swings.

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
SANDUMA	73 Outperform	₹87.64B	25.50	―	0.18%	196.22%	71.39%
GNFC	70 Outperform	₹60.25B	12.10	―	3.68%	-7.53%	42.74%
GSFC	68 Neutral	₹61.88B	11.49	―	2.80%	15.25%	26.49%
MOIL	67 Neutral	₹59.52B	35.43	―	2.18%	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ACI	58 Neutral	₹70.93B	72.75	―	0.78%	-3.15%	-22.30%
MIDHANI	55 Neutral	₹57.72B	58.02	―	0.24%	-5.01%	21.97%

Moil Limited Corporate Events

MOIL Raises Manganese Ore Prices Across Key Grades for February 2026

MOIL Limited has revised prices for various manganese ore grades for February 2026 within the January–March 2026 quarter, largely implementing a 5% increase on ferro grades with manganese content above and below 44%, SMGR (Mn-30%) and fines grades, and all chemical grades, effective from midnight of January 31 to February 1. Prices for certain lower-grade SMGR products, most Metal Mandi fines, and Electrolytic Manganese Dioxide have been kept unchanged, while one Metal Mandi fines grade, UKF532, has seen a sharper 10% hike, signaling a calibrated pricing strategy that may support margins while balancing demand across product segments for its industrial customer base.

MOIL Fined by NSE and BSE for Board Composition Non-Compliance

MOIL Limited has disclosed that the National Stock Exchange of India and BSE Limited have imposed monetary penalties for non-compliance with board composition requirements for the quarter ended 31 December 2025. The company reported that each exchange levied a fine of Rs. 5,42,800, inclusive of GST, but clarified that these penalties will not have any impact on its financial position, operations or other activities, indicating the issue is limited to a regulatory governance lapse rather than underlying business performance.

The disclosure under SEBI’s Listing Obligations and Disclosure Requirements highlights continued regulatory scrutiny of board governance standards among listed public sector enterprises. While the fines are modest in size relative to MOIL’s scale, the action underscores the importance for the company and its stakeholders of ensuring ongoing compliance with listing regulations, particularly around board composition and corporate governance norms.

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.