Nagpur: MOIL Limited, a Government of India enterprise and leading manganese ore producer, has announced its audited standalone financial results for the quarter and year ended March 31, 2026. The company reported a 20% year-on-year decline in Q4 net profit, while full-year profitability also showed a downward trend.
The Board meeting was held from 3:00 PM to 6:30 PM, where the financial results were approved along with key corporate decisions.
Q4 FY26 Performance: Profit Declines Despite Revenue Growth
In the fourth quarter of FY26, MOIL reported mixed performance:
- Net Profit: ₹9,261 crore (down 20% YoY)
- Revenue from Operations: ₹44,449 crore (up 2.6% YoY)
- Profit Before Tax: ₹11,435 crore (down 8.7% YoY)
- Earnings Per Share: ₹4.55 vs ₹5.68 in Q4 FY25
While revenue showed modest growth, profitability declined due to higher costs and market fluctuations.
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Full-Year FY26 Results Show Decline in Earnings
For the full financial year FY26, MOIL reported weaker performance compared to the previous year:
- Net Profit: ₹26,748 crore (down 30% YoY)
- Revenue from Operations: ₹1,47,284 crore (down 7% YoY)
- Profit Before Tax: ₹33,784 crore (down 31% YoY)
- EPS: ₹13.14 vs ₹18.76 in FY25
The results indicate pressure on margins despite stable operational output.
No Dividend Declared for FY26
The Board of Directors has decided not to recommend any dividend for FY26, reflecting a conservative financial approach amid declining profitability.
Segment Performance: Mining Remains Core Revenue Driver
MOIL continues to rely heavily on its mining operations:
- Mining Products Revenue: ₹139,629 crore
- Manufactured Products: ₹9,131 crore
- Power Segment: ₹2,051 crore
Mining products remain the dominant contributor to overall earnings.
Strong Balance Sheet with Zero Debt Position
The company maintains a solid financial position:
- Total Assets: ₹3,20,567 crore
- Total Equity: ₹2,70,925 crore
- Cash & Bank Balances: ₹71,061 crore
- Debt: Nil (no borrowings as of March 31, 2026)
Auditor Observations and Governance Updates
The auditors issued an unmodified opinion with key observations, including:
- Revenue recognition practices under Ind AS 115
- Classification of exploration expenditures
- Environmental penalty disclosures for Tirodi mine
- Contingent liability treatment of land assets
- Inventory valuation based on management estimates
- Pending assessment of new Labour Codes impact
- Shortfall in required number of independent directors
These observations highlight governance and compliance areas requiring attention.
Operational Stability Despite Market Challenges
Despite financial pressure, MOIL maintained operational stability and continues to operate without subsidiaries, associates, or joint ventures. The company remains focused on efficiency, cost control, and long-term sustainability in its mining operations.
About MOIL Limited
MOIL Limited is a leading public sector enterprise under the Government of India engaged in the exploration and production of manganese ore. It plays a key role in supplying raw materials to the steel industry and maintains a strong presence in India’s mining sector with a debt-free balance sheet and large-scale mining operations.
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