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Swing Capital

MOIL Ltd

NSE: MOIL BSE: 533286

MOIL Ltd is primarily engaged in mining of manganese ore and is the largest manganese ore producer in the country.[1] It is a miniratna state-owned company owned by Govt. of India.[2]

₹301
52W: ₹242 — ₹406
PE 22.9 · Book ₹133 · +126% vs book
Market Cap₹6,122 Cr
Stock P/E22.9Price to Earnings
ROCE12.6%Return on Capital
ROE10%Return on Equity
Div. Yield1.86%Face Value ₹10

Strengths

  • +Company is almost debt free.

Weaknesses

  • −The company has delivered a poor sales growth of 4.67% over past five years.
  • −Company has a low return on equity of 12.3% over last 3 years.

Shareholding Pattern

Promoters64.68%
FIIs4.16%
DIIs7.63%
Public23.52%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters64.68%64.68%64.68%64.68%64.68%64.68%64.68%64.68%
FIIs3.48%4.87%▲1.43.12%▼1.83.25%▲0.16.16%▲2.96.05%▼0.14.83%▼1.24.16%▼0.7
DIIs10%7.92%▼2.18.24%▲0.37.65%▼0.66.64%▼1.07.12%▲0.56.81%▼0.37.63%▲0.8
Public21.83%22.52%▲0.723.94%▲1.424.41%▲0.522.52%▼1.922.13%▼0.423.68%▲1.623.52%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales306416493292367433348348348444
Expenses217288279213272294269249250305
Operating Profit8912821479951407910097139
OPM %29%31%43%27%26%32%23%29%28%31%
Net Profit5491152506411652705393
EPS ₹2.664.487.492.463.135.682.533.462.64.55

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,473Cr, down 6.9% YoY. OPM at 28%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹483Cr (45% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 7.63% (-4.70pp change). FIIs: 4.16% (-2.00pp change). Promoters hold 64.68%.

Margin & Efficiency

ROCE declining from 20% (Mar 2015) to 13% (Mar 2026). Working capital days: 56.

Valuation

PE 22.9x with 12.6% ROCE. Price is 126% above book value of ₹133. Dividend yield: 1.86%.

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