Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
MOIL Limited (MOIL)
Micro CapMetals stocks · Micro cap · NSE
MOIL Limited is India's largest Manganese Ore producer, operating 10 mines in Madhya Pradesh and Maharashtra with a current production capacity of 3 MTPA. The company generates 30.5 MW of renewable energy, covering over 43% of its energy consumption. Manganese ore is a key ingredient in steel making.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result29 Jul, 10:15 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -5.3% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MOILD candles · FIT view-30.7%Latest close ₹224.61 on 2026-10-21
Bar
-2.9%
RSI
33
MACD hist
-0.08
52W pos
1%
2026-10-21O ₹231.20H ₹232.00L ₹223.41C ₹224.61Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MOILNifty MetalNifty 500
- MOIL
- -17.2%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- -10.7 pp
Chart stats
21 Oct 2026- From 52W high
- -42.7%
- 52W range position
- 1%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.19x
- Avg traded value
- ₹9.1 Cr
- 20D price channel
- ₹223.4 - ₹251.8
₹391.8
₹223.4 - ₹391.8
₹6.4
Latest completed session
20-session average
26.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +6.6% · PAT +69.2% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1883.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +7% YoY · PAT +69% YoY · margin expansion · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹371 Cr | +6.6% | -16.4% |
| EBITDA | ₹136 Cr | +72.2% | -2.2% |
| Operating margin | 37.0% | +1400 bps | +600 bps |
| PAT | ₹88 Cr | +69.2% | -5.4% |
| PAT margin | 23.7% | +878 bps | +277 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.80
- P/B
- 2.05
- EV/EBITDA
- 20.97
- Market Cap
- 4761.00Cr
Profitability
- ROE
- 8.31%
- ROCE
- 11.40%
- ROA
- 2.27%
- Dividend Y
- 2.28%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 6.89
- Book Value
- 114.00
Cash Flow
- FCF Yield
- 13.57%
- FCF Positive Y
- 5/5
- OCF
- 58.00 Cr
- EPS TTM
- 3.12
Shareholding
- Promoter Hold
- 64.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 371-16.4% vs prev
Net Profit
₹ CrLatest: 88.0-5.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
14
RS percentile
Stage 4 Downtrend
1M return
-6.9%
3M return
-17.2%
6M return
-30.2%
1Y return
-40.0%
RS 1D
-1
RS 20D
+1
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 19.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 64.94-1.93%
RS vs Nifty 50065
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth4/25
Quality0/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 13.6%.
- Piotroski is strong at 7/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1883.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
45.8
PB
2.0
EV/EBITDA
21.0
ROE
8.3%
ROCE
11.4%
FCF Yield
13.6%
Debt/Equity
0.0
MoS
-1883.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1883.2%
Previous: -1941.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹89.46
-151.1% MoS
Growth-justified P/E
3.6
Growth-justified Value
₹11.33
-1883.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OILCOUNTUB
Small
Oil Country Tubular Limited
Oil & Gas
match 72
16
—
-28.7%
—
OVERVALUED
DEEPINDS
Small
Deep Industries Limited
Oil & Gas
match 51
63
11.5
19.2%
+11%
UNDERVALUED
ANTELOPUS
Small
Antelopus Selan Energy Limited
Oil & Gas
match 50
56
27.8
15.0%
-6%
FAIR VALUE
GULFOILLUB
Small
Gulf Oil Lubricants India Limited
Oil & Gas
match 50
68
13.6
24.1%
+54%
UNDERVALUED
CONFIPET
Small
Confidence Petroleum India Limited
Oil & Gas
match 50
34
21.3
6.8%
+36%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T11:38:07.889Z
Management commentary snapshot
MOIL reports mixed 9M FY25-26 results: Manganese ore production increased 6.7% YoY, but revenue from operations declined 8.3% YoY, and PAT fell 34.3% YoY, impacted by a 5.9% drop in Net Sales Realization (NSR). Q3 FY25-26 also saw a 16.8% QoQ PAT decline.
Despite an increase in manganese ore production, MOIL's financial performance for 9M FY25-26 and Q3 FY25-26 is under stress due to declining revenue, PAT, and Net Sales Realization. While long-term demand for manganese ore is supported by India's steel production targets, current operational challenges and pricing pressures are concerning.
Growth engines
Increased Production Target
MOIL aims to produce 3.5 million MT of Manganese Ore by 2030.
Market Share Expansion
Target to increase MOIL’s market share from 20% to 32% by 2030.
Beneficiation & Agglomeration
Establish new beneficiation plants and promote briquetting to upgrade low-grade ore and convert fines into salable products.
Overseas Market Development
Explore and expand overseas markets to facilitate the evacuation of accumulated low-grade inventory and unlock additional revenue streams.
Capacity and execution
EC Limit Expansion
Current EC limit is 36.33 lakh tonnes, with a target to expand to 50.0 lakh tonnes by FY29-30.
Upcoming Shaft Sinking Projects
Projects at Dongri Buzurg (Production, East & West Ventilation), Kandri Mine, and Chikla Mine are planned for completion between 2029 and 2030.
Greenfield Projects
New projects are underway in GMDC, Gujarat; Bhudkum Block (Chhindwara) and Selva Block (Balaghat) in Madhya Pradesh; and Nilkanthpur block (Balrampur) in Chhattisgarh.
Tailwinds
National Steel Policy 2017
India’s steel production target of 300 million MT by 2030 is expected to require 11 million MT of Manganese ore.
Headwinds
Local Issues Affecting Exploration
Drilling was suspended in the Nilkanthpur block, Chhattisgarh, due to local issues.
Risk radar
Mining Lease Lapses
GMDC claims a deemed lease based on past dump production, but the MMDR Amendment 2021 states reservation lapses if no lease is granted in 5 years.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual trends and overall growth, especially for a mining company. QoQ comparison is important to gauge sequential momentum and recent operational efficiency, particularly given the observed decline in financial metrics.
Sector KPIs management disclosed
Manganese Ore Production (9M FY25-26)
14.21 lakh MT, up from 13.31 lakh MT in 9M FY24-25.
Manganese Ore Sales (9M FY25-26)
10.84 lakh MT, down from 11.40 lakh MT in 9M FY24-25.
Revenue from Operations (9M FY25-26)
Rs 1056.02 crores, down from Rs 1151.55 crores in 9M FY24-25.
Profit After Tax (9M FY25-26)
Rs 174.87 crores, down from Rs 265.99 crores in 9M FY24-25.
Management forward view
Capital Expenditure Focus
Most retained profit is used for mechanization, modernization, and capacity enhancement through Capex, with last year's Capex exceeding PAT.
Emphasis on Higher Exploration
Higher exploration efforts are underway to add to reserves/resources, with 107,530 meters explored in FY24-25, adding 16.07 million tonnes of Mn resource.
Business Expansion in Other States
Management is focused on expanding business operations into other states.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manganese Ore Production | 14.21 lakh MT (9M FY25-26) | Progress towards the 3.5 million MT production target by 2030. |
| Revenue from Operations | Rs 1056.02 crores (9M FY25-26) | Improvement in realizations and overall revenue growth to reverse the current decline. |
| Profit After Tax (PAT) | Rs 174.87 crores (9M FY25-26) | Recovery in profitability, especially given the significant YoY decline. |
| EC Limit Expansion | 36.33 lakh tonnes | Approvals and tangible progress towards the targeted 50.0 lakh tonnes EC limit by FY29-30. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 87th percentile within Metals. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
29 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Metals: 87th pctile, median 70 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
29 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 64.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 12.6%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -7.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching MOIL Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 7 Aug - GOI appointed Shri Lokesh Chandra as MOIL nominee director until 06.03.2027.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.