MOIL Limited

Basic Materials — Other Industrial Metals & Mining · NSE

₹233.80+₹1.17 (+0.50%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of MOIL Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

MOIL Limited engages in the exploration, exploitation, and marketing of various grades of manganese ores in India and Internationally. It operates through three segments: Mining, Manufacturing, and Power Generation.

IndustryOther Industrial Metals & Mining

SectorBasic Materials

Employees5,020

Annual revenue₹1,466 Cr

How does it make money?

Turns over ₹1,466 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 5,020 employees supports ₹29.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹29.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE12.0%

What is the outlook?

3 analysts covering the stock expect revenue to grow about 14.4% and earnings to grow about 19.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+14.4%

Est. earnings growth+19.8%

Analysts3

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +10% while net margin moved -3% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+10%

Margin effect-3%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.2% — barely ahead of inflation
✗ Profit CAGR of only 2.2%

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

54/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

15.7x

3Y Median

21.2x

40 monthly readings · mean 22.5x · range 14.8x–40.9x

Sector Median

12.3x

median of 3 sector peers

🟢Current valuation is approximately 26% below its 3y median of 21.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 27% above the peer median of 12.3x.

vs. its own history

Cheap

21.2x median over 40 months · -26%

vs. sector peers

Expensive

12.3x median of 3 peers · +27%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.5x

PEG

7.13

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 11.4% to 9.1% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Inventory building faster than salesFinancial
Inventory up 113% against revenue up 10% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹169 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 26% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 27% above the peer median. That premium needs a reason that persists, or it closes.
Growth barely outpaces inflation
Revenue compounding at 3.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 26%✓ 28.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹169 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✗ 3.2% CAGR
Latest reported year was 6.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4ROCE stays above 8%✓ 9.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 21.2x✓ 15.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 7 neutral · 1 weak

Market Cap

₹4,757 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.7x

Fair

Fairly valued against the generic band

P/B Ratio

1.76x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹14.92

Profitable

Profitable on a per-share basis

ROE

9.9%

Moderate

Moderate capital efficiency

ROCE

9.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

6.6%

Modest

Modest growth

Profit Growth (YoY)

70.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

6.04%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹169 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

8.7x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

24.6%

Good

Healthy core-business profitability

Net Margin

20.3%

Good

Strong bottom-line conversion

Current Ratio

3.03

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.34

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

238.1 / 250.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,335 Cr	₹1,443 Cr	₹1,579 Cr	₹1,466 Cr	+3.2%
EBITDA	₹369 Cr	₹432 Cr	₹533 Cr	₹414 Cr	+3.9%
EBITDA Margin	27.7%	29.9%	33.7%	28.2%	—
PAT (Net Profit)	₹251 Cr	₹293 Cr	₹382 Cr	₹267 Cr	+2.2%
EPS	₹12.31	₹14.42	₹18.76	₹13.14	+2.2%
ROE	11.2%	12.0%	14.5%	9.9%	—
ROCE	11.4%	11.7%	13.9%	9.1%	—
Free Cash Flow	-₹33 Cr	-₹52 Cr	₹112 Cr	-₹169 Cr	—

🟢 Revenue has grown at 3.2% a year over 3 years.

🟢 EBITDA has grown at 3.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 28.2% over 3 years.

🟢 PAT (Net Profit) has grown at 2.2% a year over 3 years.

🟢 EPS has grown at 2.2% a year over 3 years.

🔴 ROE has fallen from 11.2% to 9.9% over 3 years (-1.3 pts).

🔴 ROCE has fallen from 11.4% to 9.1% over 3 years (-2.3 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,206 Cr

Total Liabilities

₹496 Cr

Total Debt

—

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹157 Cr

Capex

-₹326 Cr

Shareholding (proxy)

Institutional Holding

6.3%

Insider Holding

64.7%

Corporate Actions

Dividend Rate

₹14.12

Ex-Dividend Date

05 Feb 2026

Analyst Consensus

Recommendations

2 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹343

+46.7% vs CMP

Target Range

₹325 – ₹363

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%

Recent News

2 positive2 mixed2 general

MOIL Ltd. (MOIL) 52 Week Low Streak: Second Straight Session Near Year Low

Univest, 17 Oct

MOIL (BSE:533286) Stock Forecast & Analyst Predictions

Simply Wall Street, 07 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

MOIL Share Price Surges 20% On Growth Outlook Boost

HDFC Sky, 17 MarPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Buzzing Stocks: MTAR Tech gains on higher order value; MOIL jumps 8% after 70% profit surge

Moneycontrol.com, 30 JulResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

MOIL shares surge 18% from 52-week low as manganese ore production, sales rise to highest level in 5 years

Upstox, 17 MarResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

MOIL Shares Slide 5.5% on February 2026 Price Hike

Equitypandit, 02 Feb

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Valuation

MiddlingFinancial Health · Profitability

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; Revenue growth stays above 4% a year · see Key things to watch ↑