MOIL Limited is primarily engaged in the mining of manganese ore and stands as the largest producer in India, commanding a significant market share of 53%. It is a Miniratna category public sector undertaking, owned by the Government of India, established with the mission to fulfill the nation's manganese ore requirements. Previously known as Manganese Ore (India) Limited, the company rebranded to MOIL Limited in 2010. Founded in 1896, MOIL is headquartered in Nagpur, India.
MOIL holds the distinction of being the sole producer of Electrolytic Manganese Dioxide (EMD) in India, underscoring its specialized capabilities within the manganese processing sector. The company's operations are strategically located in Central India, benefiting from excellent infrastructure connectivity and close proximity to major steel-producing regions.
MOIL's operations are diversified across three key segments: Mining, Manufacturing, and Power Generation. The company produces and supplies various grades of manganese ores, including:
- High-grade ores: Used for ferro-manganese production.
- Medium-grade ores: Utilized for silico-manganese production.
- Blast furnace grade ores: Essential for producing hot metals.
- Dioxide ores: For dry battery cells and chemical industries.
Additionally, MOIL offers electrolytic manganese dioxide and high carbon ferro-manganese.
The company operates 10 mines spread across Madhya Pradesh, Maharashtra, and Karnataka, with an approximate annual production capacity of 1.3 million tons. MOIL Ltd's key products include:
- Manganese ore lumps
- Manganese ore fines
- Sinter
- Briquettes
- Ferro-manganese
The company is also involved in the production of manganese alloys like ferro-manganese and silico-manganese. Its prominent brands include MOIL Manganese Ore, MOIL Manganese Ore Fines, MOIL Manganese Ore Briquettes, MOIL Manganese Ore Sinter, and MOIL Ferro-Manganese.
MOIL has diversified into renewable energy by operating wind energy farms with an installed capacity of 4.8 MW at Nagda Hills and 15.2 MW at Ratedi Hills in the Dewas district of Madhya Pradesh. Furthermore, it operates solar farms with a combined installed capacity of 10.5 MW (5MW in Maharashtra and 5.5MW in Madhya Pradesh). This strategic move into renewable energy highlights MOIL's commitment to sustainable business practices and provides additional revenue streams.
Full Year Basis (FY25 vs FY24):
- Standalone Net Profit: Increased by 30.1% to ₹381.63 crore in FY25 from ₹293.34 crore in FY24.
- Revenue from Operations: Rose by 9.35% to ₹1,584.94 crore in FY25 from ₹1,449.42 crore in FY24.
Quarterly Performance (Q4 FY25 vs Q4 FY24):
- Revenue from Operations: Increased by 4.21% to ₹433.39 crore in Q4 FY25 from ₹416.02 crore in Q4 FY24.
- Net Profit: Grew by 15.11% to ₹116.72 crore in Q4 FY25 from ₹101.39 crore in Q4 FY24.
MOIL has a consistent track record of rewarding its shareholders.
- Dividend per Share (FY25): ₹2.50 per share, payable from June 28, 2025.
- The company has maintained a strong dividend-paying history, reflecting its stable cash flows and commitment to shareholder value.
MOIL's leading position in the Indian manganese ore market is fortified by several key competitive advantages:
- Extensive Mine Reserves: Significant and established mining infrastructure.
- Strategic Location: Operations in Central India offer cost efficiencies in transportation to major steel-producing hubs.
- Specialized Expertise: Deep knowledge in manganese processing and unique position as the sole producer of Electrolytic Manganese Dioxide in India.
- MOIL reported record Q1 production of 5.02 lakh tonnes of manganese ore, an increase of 6.8% compared to the previous year.
- The company revised manganese ore prices by 2% for July 2025, with some grades remaining unchanged.
- MOIL achieved its highest-ever monthly manganese ore production in May 2025, producing 1.71 lakh tonnes, an 18% increase year-on-year.
- Annual Revenue (FY25): ₹1,584.94 crore
- Net Profit (FY25): ₹381.63 crore
- Quarterly Revenue (Q4 FY25): ₹433.39 crore
- Quarterly Net Profit (Q4 FY25): ₹116.72 crore
- Dividend per Share (FY25): ₹2.50
- Market Share in Indian Manganese Ore: 53%
- Company Debt Status: Almost debt-free.
- Dividend Payout Ratio: Healthy, maintaining around 34.0%.
MOIL Limited, listed on both NSE and BSE under the symbol MOIL, presents an attractive investment proposition. Its monopolistic standing in the Indian manganese ore market, the essential nature of its products, and its robust financial performance are significant draws. The company's strategic diversification into renewable energy and its consistent dividend payments further enhance its investment appeal. However, investors should remain mindful of the inherent cyclical nature of the mining industry and the potential volatility of commodity prices when evaluating the stock.
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