MOIL Limited – FY2025‑26 Financial Results Overview

Key Highlights (FY2025‑26)

• Total Income: ₹156,588.26 lakhs (‑13% YoY)
• Net Profit: ₹26,747.97 lakhs (‑30% YoY)
• EPS (Continuing): ₹13.14 (down from ₹18.76)
• Dividend Paid: ₹14,121.87 lakhs (≈52% of profit)
• Equity: ₹270,924.81 lakhs; Debt: negligible (no borrowings)
• Cash & Cash Equivalents: ₹512.43 lakhs at year‑end

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1. Financial Performance

• Revenue: Declined to ₹147,283.82 lakhs from ₹158,494.09 lakhs, mainly due to lower mining product sales.
• Operating Profit: Fell to ₹33,784.01 lakhs from ₹48,678.21 lakhs.
• Tax Expense: ₹7,036.04 lakhs, with a current tax benefit of ₹‑2,218.93 lakhs.
• Net Profit: ₹26,747.97 lakhs, translating to an EPS of ₹13.14.
• Quarterly (Q4‑FY25) Net Profit: ₹9,261.30 lakhs; EPS ₹4.55.

2. Segment‑wise Insights

Segment	FY2025‑26 Revenue (₹ lakhs)	FY2025‑26 Profit (₹ lakhs)
Mining Products	43,117.38	8,678.04
Manufactured Products	1,741.17	259.08
Power	416.95	158.95
Inter‑segment adjustment	(‑826.42)	—

• Mining remains the core driver (>95% of revenue). Profitability in mining slipped YoY, reflecting price pressure and higher input costs.

3. Balance Sheet Strength

• Total Assets: ₹320,567.39 lakhs (slightly down YoY).
• Equity Ratio: 84.5% (very strong).
• Liabilities: ₹49,642.58 lakhs, primarily current trade payables; no long‑term borrowings.
• Liquidity: Current assets ₹139,956.57 lakhs vs current liabilities ₹46,215.39 lakhs – ample working‑capital cushion.

4. Cash Flow Snapshot

• Operating Activities: Near‑zero cash generation (‑₹18.04 lakhs) after large tax payments and changes in working capital.
• Investing Activities: Net outflow of ₹1,396.87 lakhs, mainly for capital expenditures.
• Financing Activities: Net outflow of ₹14,097.54 lakhs, driven by dividend distribution.
• Ending Cash: ₹512.43 lakhs, up from opening ₹281.04 lakhs.

5. Dividend Policy

• Dividend of ₹14,121.87 lakhs paid, reflecting a payout ratio of ~52% of net profit. This underscores the company’s commitment to shareholder returns but also limits cash available for reinvestment.

6. Regulatory & Contingent Liabilities

• Environmental Penalty: Total demand ₹1,731.63 lakhs; provision recognized ₹519.60 lakhs, remaining ₹1,212.03 lakhs disclosed as contingent.
• Additional Environmental Complaint: Unquantified potential penalty – no provision disclosed.
• Exploration JV Expenditures: ₹765.28 lakhs (GMDC), ₹1,694.75 lakhs (MPSMCL), and ₹115.76 lakhs (CMDC) classified as intangible assets; auditors suggest re‑classification to other non‑current assets.
• Bobbili Land: Valued at ₹898.92 lakhs; currently shown as contingent liability but should be treated as a fully paid asset.

7. Risks & Opportunities

Risks

• Continued pressure on manganese prices could further erode mining margins.
• Environmental penalties and pending litigations may materialize into cash outflows.
• Inventory valuation of low‑grade stock involves significant judgment; potential write‑downs.
• Accounting re‑classifications may affect future reported earnings.

Opportunities

• Strong balance sheet provides flexibility for strategic acquisitions or expansion without raising debt.
• Ongoing JV explorations could unlock new resource bases if projects become viable.
• Low leverage positions MOIL to weather commodity cycles and potentially increase dividend or share buy‑backs.

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8. Outlook

Given the earnings contraction but solid financial footing, the outlook is moderately positive. Management will need to focus on stabilising mining margins, resolving regulatory issues, and efficiently deploying cash while maintaining the attractive dividend policy.

Prepared for investors on 29 April 2026.