Nagpur, India — MOIL Limited, India’s largest producer of manganese ore and a Government of India–owned enterprise, reported a sharp decline in profitability for the third quarter of fiscal year 2026, reflecting challenging market conditions. Despite the earnings pressure, the company announced a second interim dividend for shareholders.
For the quarter ended December 31, 2025, MOIL posted a net profit of ₹52.92 crore, down nearly 21% year over year from ₹63.68 crore in the same period last year. Revenue from operations slipped 1.9% to ₹359.91 crore, compared with ₹366.82 crore in Q3 FY25.
Operating performance weakened during the quarter, with EBITDA falling 21.5% to ₹69.91 crore, while earnings per share (EPS) declined to ₹2.60 from ₹3.13 a year earlier.
Nine-Month Performance
For the first nine months of FY26 (April–December 2025), MOIL reported total income of ₹1,125.67 crore and a net profit of ₹174.87 crore, significantly lower than ₹265.99 crore recorded during the same period last year, underscoring the impact of softer demand and pricing pressures in the manganese ore market.
Interim Dividend Declared
Despite the drop in profits, MOIL’s Board of Directors approved a second interim dividend of ₹3.53 per equity share (face value ₹10) for FY 2025–26.
- Record Date: February 5, 2026
- Payment Date: February 26, 2026
The dividend reflects the company’s continued commitment to shareholder returns in line with its dividend policy.
Segment Performance
MOIL’s business remained heavily dependent on mining operations:
- Mining Products: Revenue of ₹341.34 crore with a segment profit of ₹47.24 crore
- Manufactured Products: Revenue of ₹23.57 crore
- Power Segment: Revenue of ₹4.72 crore
Auditor Remarks
Statutory auditors TACS & Co., Chartered Accountants, reviewed the results and flagged certain accounting and regulatory matters without modifying their opinion. Key observations included the company’s continued gross reporting of royalty and statutory levies, revenue recognition for export transactions conducted as a canalizing agent, and the pending assessment of the financial impact of India’s newly implemented labor codes effective November 2025.
Management Commentary
The results were approved by the Board led by Shri Suresh Chandra Vishwanath, Chairman-cum-Managing Director, who noted that the company’s performance reflects prevailing market challenges in the manganese ore sector.
About MOIL
MOIL Limited is a Schedule ‘A’ Miniratna public sector enterprise and accounts for approximately 45% of India’s total manganese ore production. The company operates 11 mines across Maharashtra and Madhya Pradesh, supplying a critical raw material for the steel industry.