Analysis: MOIL Limited

Growth thesis

MOIL is India's largest manganese ore miner, producing ~50% of domestic output for steel and battery applications. Key segments include manganese ore (core business), ferro-manganese (12,000-ton plant), and EMD (1,500-ton plant). Growth will accelerate via 3.5 million-ton production by 2030 (12% CAGR) through INR664 crore capex for five new shafts, Gujarat JV (9.5 million-ton resource), and Chhattisgarh exploration. FY27 production targets 25 lakh tons, with Balaghat shaft operational by FY27-28 and 100% renewable energy by 2030. Margins benefit from 6-7% annual cost reductions via mechanization. Execution risks include delays in Balaghat/Gumgaon shafts (FY25-26 completion) and regulatory approvals for 50 lakh-ton environmental clearance by FY26.

Why is MOIL Limited stock rising?

• Target to increase manganese ore production to 3.5 million tons by 2030
• Aim to raise market share from 20% to 32% by 2030
• Targeting environmental clearance limit of 5 million tons (50 lakh tons) to enable 3.5 million tons production
• Five shaft sinking projects (three at Dongri Buzurg, one each at Kandri and Chikla) with total capex of approximately INR664 crores to improve infrastructure and achieve production targets
• Balaghat high-speed shaft expected operational within six months (by around September 2026), enabling ramp-up to 8 lakh tons per year over five to six years

Research report

companyname: MOIL Limited ticker: MOIL sector: Mining & Metals / Manganese Ore MOIL Limited is India's largest producer of manganese ore, contributing around 50% of domestic production. That is not an estimate - management stated it directly in the March 2026 concall. The company operates 10 mines across Maharashtra and Madhya Pradesh, seven underground and three opencast. It is a Miniratna Schedule A Central Public Sector Enterprise under the Ministry of Steel, with government ownership (Centr...

Catalysts

capex, margin expansion, acquisition inorganic, market share gain

Growth guidance

Production target: 3.5 million tons by FY30 (12% CAGR from current levels)

Management consistency

mixed