MOIL posts highest-ever May production; stock reacts

In May 2025, MOIL on Tuesday said it achieved highest-ever production for the month, recording 1.71 lakh tonnes of manganese ore. This figure reflects an 18 per cent increase over the corresponding period last year and marks the fourth-highest monthly production in the company's history.

Exploratory core drilling also reached 13,352 meters, representing a 17.5 per cent increase compared to the same period last year. This expansion underscores MOIL's strategic focus on enhancing its resource potential and maintaining its competitive edge in the industry.

Ajit Kumar Saxena, Chairman and Managing Director of MOIL, praised the company's workforce for this achievement, stating, "Our mines are the backbone of MOIL's success. With this performance, we have shown that disciplined operations and efficient practices can consistently break barriers." Such declarations highlight the company's dedication to operational excellence.

Domestic brokerage Anand Rathi has reaffirmed its 'Buy' rating on MOIL, setting a target price of Rs 400 per share. This decision follows the company's robust performance in the fourth quarter of FY25.

Sales volume for the quarter increased by 2.8 per cent year-on-year (YoY) and 15.5 per cent quarter-on-quarter (QoQ), reaching 0.45 million tonnes. Revenue grew by 4.2 per cent YoY and 18.1 per cent sequentially to Rs 430 crore. Additionally, the Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) rose by 8.8 per cent YoY and 46.6 per cent QoQ, hitting Rs 140 crore. These figures are in line with Anand Rathi's expectations.

The adjusted Profit After Tax (APAT) surged by 26.9 per cent YoY and 81.6 per cent QoQ, reaching Rs 120 crore, surpassing analyst expectations by 27.3 per cent.

The brokerage mentioned that MOIL is currently engaged in two high-speed shaft-sinking projects located in Gumgaon and Balaghat, which are anticipated to commence by July-August and December 2025, respectively. Further, its Board has approved five additional shaft-sinking projects, including two ventilation shafts, with a total investment of approximately Rs 880 crore.

On the stock-specific front, MOIL shares were trading lower today and the counter was last seen down 1.89 per cent at Rs 361.55.

MOIL, a Miniratna company established in 1962 as Manganese Ore (India) Ltd, is the largest manganese ore producer in India. As of March 2025, the government held a 64.68 per cent stake in the PSU.