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MOIL

MOIL Limited is a Schedule “A” Miniratna Category-I undertaking under the , , specializing in the , , and of and related products. Headquartered in , , the company operates 10 mines (7 underground and 3 opencast) across the states of and , holding a dominant market position with approximately 50% share of India's total (as of 2025). As the largest producer of in the country, MOIL supplies high-grade ores essential for the , ferro alloys, and industries, while also producing electrolytic dioxide (EMD) and ferro . Incorporated on 22 June 1962 as Manganese Ore () Limited, the was established to harness 's manganese resources through systematic mining and development. It underwent a name change to MOIL Limited during the financial year 2010–11 to reflect its expanded operations and modernization efforts. On 15 December 2010, MOIL was listed on the National Stock Exchange (NSE) and (BSE), marking a significant step toward with shareholding as of September 2025 comprising 64.68% by the , 6.05% by the , 7.12% by the , and 22.13% by the public. With an annual production capacity of around 1.8 million tonnes, MOIL fulfills nearly 48% of India's ore requirements. In 2025, the company began exporting ore internationally, with its first shipment to . The company emphasizes sustainable practices, including the operation of wind energy farms with a combined capacity of 20 MW at Nagda Hills and Ratedi Hills in , contributing to its environmental commitments. MOIL's product portfolio includes high-grade, medium-grade, blast furnace-grade ores, and specialized items like used in alkaline batteries, positioning it as a key player in both domestic and global supply chains for critical minerals.

Company Overview

Formation and Ownership

MOIL Limited was incorporated on 22 June 1962 as Manganese Ore (India) Limited under the , as a between the and the state governments of and , with the central government holding 51% of the equity and each state government contributing 17%. This formation marked the and consolidation of operations previously managed by private entities. The company's roots trace back to prospecting efforts initiated in 1899 by the Central Prospecting . In the financial year 2010-11, the company's name was changed from Manganese Ore (India) Limited to MOIL Limited to align with its expanded scope of activities beyond initial ore production. MOIL operates as a Schedule 'A' Undertaking under the administrative control of the , . It was granted Miniratna Category-I status by the , which provides greater operational autonomy in decision-making and underscores its track record of financial self-sufficiency and profitability. The current ownership structure, as of September 2025, features 53.35% equity held by the through the , 5.96% by the , and 5.38% by the , with the remaining 35.31% owned by public shareholders following its in 2010. This distribution reflects the company's status as a majority government-owned entity while incorporating public participation for enhanced market orientation.

Headquarters and Key Personnel

MOIL Limited's headquarters is located in , , at "MOIL Bhawan," 1A Katol Road, serving as the central administrative hub that coordinates all operational, strategic, and regulatory activities across the company's mining sites in . The company maintains regional offices and operational units primarily in the states of and to facilitate on-site oversight of activities, with key facilities including underground and opencast mines situated in the and districts of and the of . As of November 2025, Shri Ajit Kumar Saxena serves as the Chairman-cum-Managing Director of MOIL Limited, overseeing the company's overall strategy, production targets, and relations with stakeholders. The comprises a mix of functional directors, nominees, and directors to ensure comprehensive oversight and governance; this includes nominees from the such as Shri Ashwini Kumar, state representatives like Dr. from the , and directors including CA Dinesh Kumar Gupta and Shri Kapil Kotecha. Key executive roles within the board feature functional directors handling specialized portfolios: Shri Rakesh Tumane as (Finance), responsible for budgeting and ; Shri Mirza Mohammad Abdulla as (Production & Planning), focusing on operations and safety protocols; Ms. Rashmi Singh as (Commercial), managing and strategies; and Smt. Usha Singh as (Human Resource), overseeing personnel and administrative functions.

History

Origins and Early Development

MOIL's origins date back to 1896, when private British interests established the Central Province Prospecting Syndicate to explore deposits in the of , now parts of and . This syndicate marked the initial organized effort to prospect and develop resources in the region, driven by growing demand from European steel industries. In 1924, the syndicate was renamed the Central Provinces Manganese Ore Company Limited (CPMO), a entity incorporated in the , which shifted focus from prospecting to structured commercial mining under colonial administration. During the early , major manganese deposits were discovered in the and Ukwa regions through surveys by the , with Ukwa identified in 1888-1889 by P.N. and studied in 1903-1904 by L.L. Fermor, enabling initial exports to for use in production. These discoveries positioned as a key supplier, with CPMO facilitating shipments that supported wartime and industrial needs abroad. Pre-independence production under CPMO emphasized low-grade ores suitable for and , with annual output limited to under 50,000 tonnes, reflecting modest operations in the and Ukwa areas. This constrained scale was typical of colonial-era mining, prioritizing export-oriented extraction over domestic development, and contributed to India's overall exports averaging around 690,000 tonnes annually from 1913 to 1937. Following India's independence in 1947, severe supply shortages of manganese ore emerged for emerging domestic steel plants, such as those at and , exacerbating raw material constraints for industrialization. These challenges prompted government intervention in the , including policy measures to secure supplies and regulate exports, culminating in the 1962 incorporation of Manganese Ore (India) Limited to take over CPMO's assets.

Nationalization and Growth

MOIL was established on June 22, 1962, as Manganese Ore (India) Limited through a between the and the Central Provinces Manganese Ore Company Limited (CPMO), a entity, to ensure a steady supply of for India's burgeoning . Under the agreement dated June 8, 1962, the government acquired 51% equity, with CPMO retaining 49%, and took over key assets including mining leases in , Dongri Buzurg, and other regions in present-day and . This formation marked a strategic shift toward involvement in mineral resources, aligning with national priorities for industrial self-reliance during the early Five-Year Plans. Between 1962 and 1967, MOIL expanded its operational control by integrating major private mines previously held by CPMO, notably the and Ukwa mines in Madhya Pradesh's . The mine, operational since 1903 with systematic exploration from 1950 involving 64 boreholes by 1980, and the Ukwa mine, identified in 1888-1889 and initially opencast until its conversion to underground mining in 1962, became cornerstone assets. These acquisitions enhanced MOIL's resource base and production potential, transitioning from fragmented private operations to consolidated government oversight. The process of culminated in 1977 when the acquired CPMO's remaining 49% stake and all associated assets for ₹15,067,758 under an agreement dated September 21, 1977, rendering MOIL a fully government-owned entity under the . This full public ownership prioritized domestic needs for production over potential exports, supporting India's mineral self-sufficiency goals outlined in successive Five-Year Plans. Concurrently, infrastructure advancements included the transfer of a Heavy Media Separation Plant at the Belapur-Hamesha and the introduction of semi-mechanized techniques such as hydraulic sand stowing and supports at underground operations like and Ukwa. By 1980, these developments had deepened the shaft to the 12th level and incorporated innovations like rock-bolts for strata control, significantly enhancing operational efficiency and capacity. Research efforts during this period focused on basic exploration and beneficiation, with facilities for crushing, screening, and established at to improve ore quality.

Modern Era and IPO

Following the full nationalization in 1977, which transformed MOIL into a wholly government-owned entity under the , the company pursued strategic expansion and operational enhancements in the subsequent decades. In line with diversification efforts, MOIL established a high-carbon ferro plant with a capacity of 10,000 tonnes per annum at its mine in , commissioned on October 1, 1998, to produce value-added products for the steel industry. This initiative marked an important step toward reducing reliance on raw ore sales and integrating forward into alloy manufacturing, supported by submerged arc furnace technology. During the , MOIL invested in technological upgrades, including the adoption of advanced beneficiation methods and eco-friendly practices such as and energy-efficient techniques, as outlined in its initiatives. By the early 2010s, these efforts contributed to sustained production growth, with annual ore output reaching 1.15 million tonnes in fiscal year 2010-11. MOIL's transition to public markets occurred through its (IPO) launched on November 26, 2010, involving an offer for sale of 33.6 million equity shares at a price band of ₹340-₹375 per share, divesting approximately 20% of the government's stake and raising about ₹1,200 for expansion projects. The shares were listed on the (BSE) and National Stock Exchange (NSE) on December 15, 2010, enhancing access to capital markets and improving . Post-IPO, MOIL achieved notable milestones, including a ranking of 486th in the India 500 list for 2011 and 9th in the mines and metals sector. The company's expanded to around ₹2,370 as of December 31, 2020, reflecting steady operational scaling. More recently, MOIL entered the export market in 2025 as the designated state trading enterprise for ore, dispatching its maiden shipment of 54,600 tonnes of low-grade ore to on August 22, 2025, from . Additionally, through joint ventures like the 50:50 partnership with (SAIL) to form SAIL-MOIL Ferro Alloys Private Limited, MOIL has advanced high-grade ore processing and ferro alloy production capacities. These developments, including inclusion in the India Next 500 ranking in 2025, underscore MOIL's evolving role in global supply chains.

Mining Operations

Mine Locations and Types

MOIL Limited operates a total of 10 manganese ore mines, comprising seven underground and three opencast operations, all situated in the central Indian states of and . These mines are distributed across the and districts of (six mines) and the of (four mines), leveraging the region's rich deposits formed in the geological formations. The company's mining activities were originally acquired through efforts in the and , as detailed in its historical development. Among the underground mines, the Balaghat Mine in stands out as the largest producer and deepest operation, reaching a depth of 660 , which supports efficient extraction from high-grade lodes. Other significant underground sites include the Munsar Mine, Kandri , and Gumgaon , all located in Maharashtra's , where vertical shafts and systems facilitate access to deep-seated bodies typically at depths exceeding 200 . These underground facilities employ mechanized techniques to target stratified deposits, with ongoing to enhance reserves accessibility. The three opencast mines—Dongri Buzurg in Maharashtra's , and Sitapatore and Tirodi in Madhya Pradesh's —focus on exploiting high-grade, near-surface and ore deposits suitable for selective . These operations utilize excavators and haul trucks for removal and ore handling, minimizing dilution and maximizing recovery from shallow benches, particularly at Dongri Buzurg, which specializes in battery-grade . Exploration efforts continue in adjacent areas, such as Chhota Udepur in and in , to delineate additional resources. MOIL's proven manganese ore reserves stand at approximately 53.47 million tonnes, complemented by 68.50 million tonnes of resources, totaling over 121 million tonnes as of March 2025, with systematic through core drilling to expand viable deposits. Each mine adheres to the Mines Act, 1952, and related regulations enforced by the of Mines Safety, incorporating ventilation, roof support, and monitoring systems to ensure operational safety.

Production Statistics

MOIL Limited has demonstrated consistent growth in production over the years. In FY 2015-16, the company's output stood at approximately 1.03 million tonnes, reflecting early efforts to stabilize operations post-nationalization. By FY 2023-24, production had increased to 1.756 million tonnes, marking a significant expansion driven by improved techniques and reserve development. This upward trend continued into FY 2024-25, with output reaching a record 1.803 million tonnes, a 2.7% year-over-year increase that underscored MOIL's operational efficiency. In the ongoing FY 2025-26, MOIL has maintained strong momentum, achieving cumulative production of 1.104 million tonnes from April to October 2025, representing an 8.5% growth compared to the same period in the previous year. October 2025 alone saw output of 0.16 million tonnes, the highest ever for that month since the company's inception. The second quarter (Q2 FY26) recorded 0.442 million tonnes, up 10.3% year-over-year, bolstered by a record September production of 0.152 million tonnes. MOIL sustains high across its mines, with recent monthly outputs frequently setting benchmarks that indicate robust . For instance, September 2025 marked the highest production for that month in company history. To support future growth, conducted extensive exploratory core drilling totaling 57,275 meters during April-October 2025, aimed at identifying additional reserves and ensuring long-term . As India's leading manganese ore producer, MOIL consistently holds about 50% of the country's total output, based on national production of approximately 3.75 million tonnes in FY 2024-25. This dominance is evident in contributions from key mines such as and Kandri, though detailed site-specific outputs are covered elsewhere.

Products and Markets

Manganese Ore Production

MOIL produces manganese ore in three primary grades tailored to specific industrial applications: high-grade ore containing 44-48% manganese (Mn) used primarily for ferro manganese production, medium-grade ore with 34-40% Mn for silico manganese manufacturing, and low-grade ore ranging from 25-30% Mn suitable for steelmaking and as feedstock for value-added products such as EMD used in batteries. These grades are derived from MOIL's underground and opencast mines, where the ore's natural composition supports its classification based on Mn content and associated impurities. To enhance quality before dispatch, beneficiation occurs at sites through processes such as screening to separate fractions, to remove surface impurities, and for gravity-based concentration of valuable minerals. These methods improve the recovery and reduce materials, ensuring the meets end-user specifications without extensive . MOIL's annual manganese production reached a 1.803 million tonnes in FY 2024-25, directed domestically to the steel sector, including key consumers like (SAIL) and , which rely on it for alloying in hot metal and steel production. Exports were initiated in August 2025 as part of MOIL's role as a State Trading Enterprise, with the first shipment of 54,600 tonnes of low-grade to , targeting Asian markets and potential expansion to and for ferro feedstocks. As of November 2025, exports continue with initial focus on low-grade to Asian markets. The meets industry quality specifications for , typically with below 0.1% and silica under 10% to minimize impurities in processes. This compliance supports its suitability for high-performance applications in ferro alloys and as feedstock for batteries. MOIL manages its through efficient rail and road transportation from mines in and to consumers, leveraging dedicated rakes and highways for timely delivery. Long-term contracts with producers provide demand stability, covering the bulk of output and mitigating volatility.

Value-Added Products

MOIL Limited has diversified its operations beyond raw extraction by producing processed ferroalloys and chemical compounds, utilizing its own as input to enhance value and reduce dependency on primary sales. The company's value-added portfolio primarily includes high-carbon ferro (HC FeMn) and electrolytic (EMD), with ongoing efforts to incorporate silico (SiMn) production. These products are manufactured at dedicated facilities integrated with MOIL's sites, supporting downstream industries such as and . The ferro manganese plant, operational since 1998 at the mine in , produces HC FeMn with an installed capacity of 12,000 tonnes per annum (TPA). In FY 2024-25, production reached a record 12,000 metric tonnes, with sales of 12,942 metric tonnes, reflecting full utilization and market demand. This facility processes low- and medium-grade into HC FeMn, a key additive in production for deoxidation and improving and . MOIL has explored diversification into silico manganese production, but a proposed project at was deemed not viable in 2025 due to increased power costs. An earlier proposal for a unit at Kalmeshwar (18 MVA furnace, ~18,000 TPA capacity) remains under consideration, though no recent progress is reported. MOIL's EMD production occurs at a dedicated plant near the Dongri Buzurg mine in , , established in 1991 with indigenous technology and a capacity of 1,500 TPA for battery-grade material. In FY 2024-25, the facility achieved 1,350 metric tonnes of production and 737 metric tonnes of sales, marking improved efficiency despite fluctuating demand. EMD serves as a critical material in alkaline and batteries, as well as in pharmaceuticals and chemicals, positioning MOIL as India's sole producer of this high-purity product. The company is exploring technology partnerships to upgrade EMD quality and potentially expand capacity for emerging applications in batteries. These value-added products collectively contributed approximately 7.8% to MOIL's total turnover of ₹1,585 crores in FY 2024-25, with ferro accounting for the majority (around ₹90 crores in sales) and adding ₹15 crores. This segment's growth, up 49% year-over-year, underscores MOIL's strategy to target export markets in and , where demand for ferroalloys and is rising due to global and battery sector expansions. Future plans aim to increase the value-added products' share to 15% through expansions, though current projects face challenges.

Financial Performance

MOIL's revenue has exhibited steady growth, rising from ₹629 in FY 2015-16 to ₹1,585 in FY 2024-25, fueled by expanded production volumes and rising manganese ore prices amid strong domestic demand. This upward trajectory underscores the company's operational efficiency and market positioning in India's sector. Profitability has followed a similar positive trend, with net profit reaching ₹382 in FY 2024-25, reflecting improved margins from cost optimization and higher sales realizations. In the second quarter of FY 2025-26, net profit increased by 41% year-over-year to ₹70 , bolstered by operating profit margins of approximately 29%, which highlight robust operational performance despite seasonal variations. Several factors have shaped these financial outcomes, including manganese price volatility between ₹4,000 and ₹6,000 per tonne in 2025, which directly impacted from sales, alongside effective cost controls in manpower and energy expenses, and growing contributions that diversified streams. The company has sustained through consistent distributions, including an interim payout of ₹1.8 per share in 2025, aligning with its of rewarding investors amid profitable . MOIL's remains solid, with total assets of ₹3,211 as of March 2025 and a of 0, enabling low-risk expansion and resilience to commodity cycles. MOIL maintains a debt-free , contributing to its low-risk profile. This revenue expansion ties directly to gains, as higher output volumes have amplified sales in core segments.

Stock Market Information

MOIL Limited was listed on the (BSE) under the code 533286 and the National Stock Exchange (NSE) under the symbol MOIL following its (IPO) in 2010. The IPO, conducted as an offer for sale by the , opened on November 26, 2010, and closed on December 1, 2010, with a price band of ₹340 to ₹375 per share; shares were allotted at the upper end of ₹375 and listed on , 2010. As of November 19, 2025, MOIL's stands at approximately ₹6,990 , with shares trading around ₹339 on the NSE. The has delivered a year-over-year return of about 18% as of this date, outperforming the Nifty Metal Index's 11.5% gain over the same period, driven by record production levels including 1.52 tonnes in 2025. The company's investor base features a of approximately 35%, with the holding 64.68% as promoters. Institutional holdings account for around 13%, comprising 6.05% by foreign institutional investors (FIIs) and 7.12% by domestic institutional investors (DIIs), as per the latest shareholding pattern for September 2025. MOIL maintains regulatory compliance through quarterly in accordance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) regulations. Analyst consensus for 2025 remains positive, with an average price target of ₹397, implying an upside potential of over 8% from current levels and supporting a "Buy" rating outlook.

Sustainability and Corporate Social Responsibility

Environmental Practices

MOIL implements progressive mine closure and reclamation strategies, emphasizing to rehabilitate disturbed lands from its activities. By March 2025, the company has afforested 755 hectares across its operational areas, utilizing biotechnological methods to restore dumps and barren lands, with a cumulative planting of 22.66 saplings. These efforts have established green belts that serve as carbon sinks, absorbing approximately 56,400 tons of CO2 equivalent annually. Water management practices at MOIL focus on and to minimize ecological . The company enforces policies across all 10 mines, supported by plants with a 1,625 cubic meters per day capacity and effluent treatment plants with 65 cubic meters per day capacity. Treated water is recycled for applications including , gardening, dust suppression, and vehicle washing, while structures are installed at all sites to recharge and reduce dependency on external sources. measures, such as stone pitching and native plantations, further protect surrounding water bodies. Emission controls are integral to MOIL's operations, with dust suppression systems and low-emission machinery deployed to mitigate from processes. The company complies fully with standards from the Ministry of Environment, Forest and Climate Change (MoEFCC), holding valid environmental clearances for all mines, and derives 61% of its energy from renewables, including 10.5 MW of and 20 MW from . These measures help offset the company's Scope 1 and 2 emissions, though detailed quantification of pollutants like and remains under development. Biodiversity initiatives at MOIL include the creation of wildlife corridors adjacent to the Balaghat mine and adherence to a zero poaching policy, approved by state forest departments in and , ensuring no operations encroach on ecologically sensitive zones. The green belts around mines also enhance connectivity and support local and conservation. MOIL maintains ISO 14001:2015 certification for its since 2005, with annual audits conducted to verify compliance and drive continual improvement in practices. This certification integrates with broader policies like the company's Environment Policy, which promotes the 4R principles (Reduce, , , Restore) for sustainable resource use.

Community Initiatives

MOIL Limited allocates 2% of its average net profits to (CSR) initiatives, as mandated by the , with expenditures reaching approximately ₹15.26 in 2024-25, primarily directed toward education, health, skill development, and infrastructure in communities near its operations. These efforts target local stakeholders, including mine workers, tribal populations, and rural youth, to foster socio-economic development in regions such as and . In education, MOIL supports schools and scholarships to enhance access for children in mining areas, including upgrades to DAV Public Schools in Sitasaongi and Ukwa, provision of school buses in Koradi, and adoption of RNT Schools in Balaghat, Ukwa, and Dongri Buzurg, benefiting around 8,000 students through infrastructure improvements and supplies like benches and desks. The Saksham Balika Yojana sponsors 15 to 45 girl students annually for courses, while scholarships extend to children of contractual workers, promoting among mine-dependent families. These programs address educational gaps in rural settings, with over 30,000 beneficiaries reported across 28 CSR projects in 2024-25. Health initiatives include the deployment of mobile health units under the "Yaha Mogi" , which provides ante-natal and services to approximately 800 pregnant women in remote tribal areas, supplemented by free and gynecology camps, distribution of 6,000 health kits, and donations of medical equipment to hospitals in . Skill development efforts feature vocational training for groups and , such as certified OT programs and skills training for mine mates and blasters, enabling employment opportunities in operational areas. Infrastructure projects focus on essential amenities in villages near key mines, including construction of cement concrete roads in Chakhdehi village (), installation of water ATMs in and Budhi, and provision of sanitary napkin vending machines in 75 schools across and to improve . Additional community halls in areas like and solar streetlights with CCTV in enhance safety and access, contributing to broader welfare in and regions.

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