Nagpur: MOIL Limited, the country’s largest manganese ore producer and a Government of India enterprise, reported a strong financial performance for the first quarter of FY27 ended June 30, 2026. The company posted a 70.1% year-on-year (YoY) increase in net profit to ₹876.16 crore, driven by higher revenue from operations, robust performance in its mining business and improved operational efficiency.
Revenue from operations rose 6.6% YoY to ₹3,708.83 crore, while disciplined cost management helped improve overall profitability. The company’s mining segment remained the key growth driver, contributing nearly 97% of total segment revenue during the quarter.
MOIL Q1 FY27 Financial Highlights
MOIL delivered strong growth across key financial parameters in the June quarter.
Key Highlights
- Revenue from Operations: ₹3,708.83 crore, up 6.6% YoY from ₹3,480.60 crore.
- Total Income: ₹3,911.34 crore, an increase of 5.6% YoY from ₹3,705.25 crore.
- Total Expenses: ₹2,795.10 crore, down 8.9% YoY from ₹3,067.00 crore.
- Profit Before Tax (PBT): ₹1,116.24 crore, up 74.9% YoY from ₹638.24 crore.
- Net Profit: ₹876.16 crore, registering 70.1% YoY growth from ₹515.06 crore.
- Total Comprehensive Income: ₹738.38 crore, rising 88.1% YoY from ₹392.50 crore.
- Basic Earnings Per Share (EPS): ₹4.31, compared with ₹2.53 in Q1 FY26, reflecting 70.4% growth.
The significant improvement in earnings was primarily supported by higher mining revenues and lower operating expenses.
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Mining Segment Remains the Growth Engine
The mining products business continued to be MOIL’s largest revenue and profit contributor during Q1 FY27.
Revenue by Segment
- Mining Products: ₹3,600.80 crore, up 12.0% YoY from ₹3,215.34 crore.
- Manufactured Products: ₹84.60 crore, down 71.1% YoY from ₹292.71 crore.
- Power: ₹66.32 crore, up 7.6% YoY from ₹61.65 crore.
Mining products contributed nearly 97% of the company’s total segment revenue, underlining the segment’s importance to MOIL’s overall performance.
Segment Profit (Before Interest and Tax)
- Mining Products: ₹871.84 crore, compared with ₹320.17 crore in Q1 FY26.
- Manufactured Products: ₹12.25 crore, compared with ₹56.70 crore a year earlier.
- Power: ₹40.67 crore, compared with ₹36.72 crore in Q1 FY26.
The mining business recorded a substantial jump in profitability, while the manufactured products segment witnessed lower earnings.
Cost Control Supports Higher Profitability
MOIL’s cost optimisation initiatives played a major role in improving margins during the quarter.
Key operational highlights include:
- Total expenses declined 8.9% YoY to ₹2,795.10 crore.
- Lower costs were mainly driven by favourable inventory valuation changes and disciplined expenditure.
- Employee benefit expenses stood at ₹1,395.77 crore, marginally lower than ₹1,406.22 crore in the corresponding quarter last year.
- Tax expense increased to ₹240.08 crore, reflecting significantly higher profitability.
- Basic EPS improved to ₹4.31, compared with ₹2.53 in Q1 FY26.
Joint Venture with MPSMCL Incorporated
As part of its expansion strategy, MOIL incorporated a joint venture company with Madhya Pradesh State Mining Corporation Limited (MPSMCL).
Key details include:
- Joint Venture Name: MOIL MPSMCL Mining Limited.
- Date of Incorporation: June 4, 2026.
- The joint venture had not commenced business as of June 30, 2026.
- Share capital subscription was completed in July 2026, after the reporting period.
- Since operations had not begun, consolidated financial statements were not prepared for the quarter.
Investor Complaints
During the June quarter:
- One investor complaint was pending at the beginning of the quarter.
- MOIL received two new investor complaints.
- Both complaints were resolved during the quarter.
- One complaint remained pending as of June 30, 2026.
Auditor’s Observations
MOIL’s statutory auditors, M/s TACS & Co., issued an unmodified limited review opinion, while drawing attention to certain matters.
The observations include:
- Revenue recognition of royalty, DMF and NMET collections follows industry practice.
- Share capital for the joint venture with MPSMCL was subscribed after the quarter ended.
- Certain exploration expenditure relating to proposed joint ventures with CMDC and GMDC requires reclassification.
- An environmental penalty of ₹1,677.09 lakh relating to Tirodi Mine remains under dispute, with a contingent liability of ₹1,731.63 lakh disclosed by the company.
- The EMD and Ferro Manganese plants remain temporarily shut for technology upgrades and process improvements.
- The company is yet to complete the assessment of the impact of the Labour Codes implemented from November 2025, though management expects no material financial impact.
Outlook for FY27
MOIL expects business momentum to remain strong during the remainder of FY27, supported by:
- Continued demand for manganese ore.
- Strong performance of the mining business.
- Improved operational efficiency.
- Effective cost management.
- Expansion through strategic joint ventures.
The company believes these factors will support sustained growth and stronger financial performance in the coming quarters.
The Q1 FY27 financial results were reviewed by the Audit Committee and approved by the Board of Directors.
About MOIL Limited
MOIL Limited is a Miniratna Category-I Public Sector Enterprise under the Ministry of Steel, Government of India, and India’s largest producer of manganese ore. Headquartered in Nagpur, Maharashtra, the company operates several manganese mines across Maharashtra and Madhya Pradesh, supplying a critical raw material to the steel industry. Along with mining operations, MOIL focuses on mineral exploration, sustainable mining practices, capacity expansion and strategic joint ventures to strengthen its long-term growth and support India’s industrial development.
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