MOIL LimitedQ1 FY27 Results & Financial Update
MOIL Limited: Q1 FY27 standalone results and company financials – revenue ₹370.88 Cr, PAT ₹87.62 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore MOIL Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
MOIL Limited posted a robust performance for the first quarter of fiscal year 2027 (Q1 FY27), marked by notable year-on-year improvements in profitability despite a sequential contraction in top-line revenue from the preceding quarter.
Revenue from operations for the quarter stood at INR 370.88 crore, reflecting an increase of approximately 6.56% compared to INR 348.06 crore reported in the corresponding period of the previous year.
Total income for the quarter reached INR 391.13 crore, compared to INR 370.52 crore recorded in Q1 FY26, supported by other income of INR 20.25 crore.
Profitability expansion outpaced top-line growth significantly. Profit Before Tax (PBT) surged year-on-year to INR 111.62 crore from INR 63.82 crore, while Profit After Tax (PAT) climbed to INR 87.62 crore from INR 51.51 crore.
Basic and diluted earnings per share (EPS) for the quarter rose correspondingly to INR 4.31, compared with INR 2.53 in the corresponding quarter of the previous fiscal year.
Total expenses for the quarter were contained at INR 279.51 crore, down from INR 306.70 crore in Q1 FY26, aided by inventory adjustments and disciplined operational cost management.
On the operational front, manganese ore production reached 507,605 metric tonnes, representing a modest increase over 502,260 metric tonnes produced in Q1 FY26, while ore sales volumes rose to 369,049 metric tonnes from 356,196 metric tonnes.
01 · Business model
What does MOIL do?
MOIL Limited is a Schedule A Miniratna Category-I Central Public Sector Enterprise operating under the administrative control of the Ministry of Steel, Government of India.
The company is India's largest producer of manganese ore, supplying vital raw materials primarily to the domestic steel industry.
MOIL operates underground and open-cast mines situated across the states of Maharashtra and Madhya Pradesh.
Its primary revenue engines are driven by mining products, supplemented by manufactured manganese products and power generation.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹370.88 Cr | ₹348.06 Cr | ₹444.49 Cr |
| Total income | ₹391.13 Cr | ₹370.52 Cr | ₹467.88 Cr |
| Profit before tax | ₹111.62 Cr | ₹63.82 Cr | ₹114.35 Cr |
| Profit after tax | ₹87.62 Cr | ₹51.51 Cr | ₹92.61 Cr |
| EPS | ₹4.31 | ₹2.53 | ₹4.55 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Manganese ore sales reached 369,049 metric tonnes during the quarter, registering a 4% increase over 356,196 metric tonnes sold in the same period of the previous year.
Mining products generated gross segment revenue of INR 360.08 crore before inter-segment eliminations, compared to INR 321.53 crore in Q1 FY26.
What drove margins
Changes in inventories of finished goods, stock-in-trade, and work-in-process provided a positive impact of INR 51.24 crore during the quarter, compared to a negative impact of INR 15.70 crore in Q1 FY26.
Employee benefits expense stood at INR 139.58 crore, remaining relatively stable compared to INR 140.62 crore in the corresponding period of the previous year.
04 · Demand, customers & order book
Where demand is coming from
Management noted that operations remain aligned with fulfilling the growing raw material requirements of the domestic steel industry.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Mining segment revenue reached INR 360.08 crore with segment results before unallocable items, tax, and interest at INR 87.18 crore, compared to INR 320.17 crore in Q1 FY26.
Manufactured products generated segment revenue of INR 8.46 crore with a segment result of INR 0.12 crore, down from INR 29.27 crore and INR 5.67 crore respectively in Q1 FY26.
Power generation segment reported revenue of INR 6.63 crore and segment results of INR 4.07 crore, compared to INR 6.17 crore and INR 3.67 crore in the year-ago quarter.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Manganese ore production stood at 507,605 metric tonnes for the quarter, marking a 1% increase over 502,260 metric tonnes recorded in Q1 FY26.
The Electrolytic Manganese Dioxide (EMD) plant and Ferro Manganese Plant (FMP) remained under major repairs during the quarter for technology enhancement, process improvement, and inventory optimization.
Projects, capex and execution
Capital expenditure of INR 115.76 lakh incurred towards exploration activities for a proposed joint venture with Chhattisgarh Mineral Development Corporation (CMDC) was recognized under Work-in-Progress - Exploration.
Capital expenditure of INR 765.28 lakh representing MOIL's share of exploration expenses for a proposed joint venture with Gujarat Mineral Development Corporation (GMDC) was recognized as investment pending incorporation.
07 · Strategy & new businesses
How the company is trying to change its growth mix
MOIL Limited, along with Madhya Pradesh State Mining Corporation Limited (MPSMCL), incorporated a joint venture company named MOIL MPSMCL Mining Limited on June 4, 2026.
08 · Reported developments
What changed operationally
Net profit after tax increased by 70% year-on-year to INR 87.62 crore, driven by higher operational efficiency and favorable cost structures.
09 · Pressure points & risks
What is not going smoothly
Temporary shutdown of EMD and Ferro Manganese plants for major repairs and technology enhancement constrained production in those specific product lines during the quarter.
10 · Items worth noticing
The line items that can distort a quick read
Auditors noted a pending environmental clearance capacity expansion penalty demand of INR 1,677.09 lakhs plus economic benefits of INR 54.54 lakhs related to the Tirodi Mine, against which the company carries a contingent liability disclosure and provisions.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Workforce and Management Focus
Management highlighted that operational discipline and workforce commitment enabled growth across key metrics during the quarter.
12 · Key Q&A
The quarter, answered directly
What does MOIL do?
MOIL Limited is a Schedule A Miniratna Category-I Central Public Sector Enterprise operating under the administrative control of the Ministry of Steel, Government of India.
What is the clearest takeaway from Q1 FY27?
MOIL Limited posted a robust performance for the first quarter of fiscal year 2027 (Q1 FY27), marked by notable year-on-year improvements in profitability despite a sequential contraction in top-line revenue from the preceding quarter.
What drove revenue or demand?
Manganese ore sales reached 369,049 metric tonnes during the quarter, registering a 4% increase over 356,196 metric tonnes sold in the same period of the previous year.
What mattered most for margins or profitability?
Changes in inventories of finished goods, stock-in-trade, and work-in-process provided a positive impact of INR 51.24 crore during the quarter, compared to a negative impact of INR 15.70 crore in Q1 FY26.
What changed operationally beyond the headline numbers?
Manganese ore production stood at 507,605 metric tonnes for the quarter, marking a 1% increase over 502,260 metric tonnes recorded in Q1 FY26.
What are the main pressure points disclosed for the quarter?
Temporary shutdown of EMD and Ferro Manganese plants for major repairs and technology enhancement constrained production in those specific product lines during the quarter.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Plant Operations Resume: Monitor the resumption of production at the EMD and Ferro Manganese plants following the completion of ongoing repair and technology enhancement work.
- 02
Joint Venture Progress: Track operational developments and capital deployment concerning newly incorporated joint ventures with state mining corporations in Madhya Pradesh, Chhattisgarh, and Gujarat.
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