MOIL Ltd, previously known as Manganese Ore (India) Limited, is a leading and highly esteemed manganese ore mining company in India. Established in 1962, the company is headquartered in Nagpur, Maharashtra, and holds a pivotal role in the mining and mineral products industry. With a commanding market share of around 50%, MOIL is the largest producer of manganese ore in the country and has been recognized as a Schedule ‘A’ Miniratna Category-I company, reflecting its importance and performance within the sector. The company primarily focuses on mining high-quality manganese ore, a critical raw material widely used in industries such as steel production, ferro-alloys, and batteries. MOIL operates multiple mining facilities across Maharashtra and Madhya Pradesh, achieving a significant combined production capacity exceeding 1.3 million tonnes of manganese ore annually. Beyond its domestic dominance, MOIL has successfully extended its reach to the global market, exporting manganese ore to countries in the Asia-Pacific, Africa, and Latin America regions. With its robust operations, strong market position, and commitment to contributing to India’s industrial growth, MOIL continues to be a cornerstone in the mining industry and a key driver of economic development.
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | |
| Promoters + | 64.68% | 64.68% | 64.68% | 64.68% | 64.68% |
| FIIs + | 5.72% | 4.71% | 2.35% | 3.48% | 4.87% |
| DIIs + | 12.73% | 11.29% | 12.35% | 10.00% | 7.92% |
| Public + | 16.88% | 19.29% | 20.60% | 21.83% | 22.52% |
| No. of Shareholders | 2,27,319 | 2,39,111 | 2,52,665 | 2,66,381 | 2,88,421 |
The shareholding pattern of MOIL reflects a stable and well-distributed ownership structure, with promoters consistently holding a dominant share of 64.68% from September 2023 to September 2024, showcasing their long-term commitment to the company. The shareholding of Foreign Institutional Investors (FIIs) has shown some fluctuations during this period, decreasing from 5.72% in September 2023 to 2.35% in March 2024, before rebounding to 4.87% in September 2024. Domestic Institutional Investors (DIIs) have also experienced a downward trend, declining from 12.73% in September 2023 to 7.92% in September 2024, indicating possible portfolio adjustments.
Meanwhile, public shareholding has steadily increased, rising from 16.88% in September 2023 to 22.52% in September 2024, reflecting growing interest from retail investors. Additionally, the number of shareholders has seen consistent growth, increasing from 2,27,319 in September 2023 to 2,88,421 by September 2024.
Below are the trading platforms that you can use to purchase MOIL shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| December 2024 | 378.55 | 329.18 |
The maximum price for MOIL’s shares is expected to range around ₹378.55 by December, with the minimum price likely settling at ₹329.18 during the same month.
| When | Maximum Price | Minimum Price |
| January 2025 | 382.34 | 294.11 |
| February 2025 | 386.20 | 297.08 |
| March 2025 | 394.31 | 303.32 |
| April 2025 | 390.41 | 300.31 |
| May 2025 | 379.04 | 291.57 |
| June 2025 | 396.09 | 304.69 |
| July 2025 | 388.33 | 298.71 |
| August 2025 | 400.34 | 307.95 |
| September 2025 | 405.14 | 311.65 |
| October 2025 | 415.67 | 319.75 |
| November 2025 | 426.07 | 327.74 |
| December 2025 | 445.24 | 342.49 |
As we move through 2025, MOIL’s share prices are expected to show steady growth. In January, prices may range between ₹294.11 and ₹382.34, gradually increasing to ₹303.32 and ₹394.31 by March. A slight dip is anticipated in May, with prices between ₹291.57 and ₹379.04, but June could see recovery, reaching ₹304.69 to ₹396.09. By September, shares might range from ₹311.65 to ₹405.14, continuing upward to ₹319.75 and ₹415.67 in October. As we move toward December, MOIL’s shares are projected to peak at ₹445.24, with a minimum of ₹342.49.
| When | Maximum Price | Minimum Price |
| January 2026 | 458.60 | 352.77 |
| February 2026 | 447.13 | 343.95 |
| March 2026 | 456.07 | 350.83 |
| April 2026 | 465.38 | 357.99 |
| May 2026 | 460.77 | 354.44 |
| June 2026 | 472.29 | 363.30 |
| July 2026 | 463.03 | 356.18 |
| August 2026 | 477.35 | 367.19 |
| September 2026 | 486.90 | 374.54 |
| October 2026 | 499.56 | 384.28 |
| November 2026 | 512.05 | 393.88 |
| December 2026 | 524.85 | 403.73 |
| When | Maximum Price | Minimum Price |
| January 2027 | 530.10 | 407.77 |
| February 2027 | 543.69 | 418.22 |
| March 2027 | 564.89 | 434.53 |
| April 2027 | 553.82 | 426.01 |
| May 2027 | 537.69 | 413.61 |
| June 2027 | 561.88 | 432.22 |
| July 2027 | 550.87 | 423.74 |
| August 2027 | 567.90 | 436.85 |
| September 2027 | 587.78 | 452.14 |
| October 2027 | 603.06 | 463.89 |
| November 2027 | 618.14 | 475.49 |
| December 2027 | 633.59 | 487.38 |
| When | Maximum Price | Minimum Price |
| January 2028 | 646.26 | 497.13 |
| February 2028 | 662.84 | 509.87 |
| March 2028 | 688.69 | 529.76 |
| April 2028 | 675.18 | 519.37 |
| May 2028 | 655.52 | 504.24 |
| June 2028 | 685.02 | 526.93 |
| July 2028 | 671.58 | 516.60 |
| August 2028 | 692.35 | 532.58 |
| September 2028 | 716.59 | 551.22 |
| October 2028 | 735.22 | 565.55 |
| November 2028 | 753.60 | 579.69 |
| December 2028 | 772.44 | 594.18 |
| When | Maximum Price | Minimum Price |
| January 2029 | 787.89 | 606.07 |
| February 2029 | 808.09 | 621.61 |
| March 2029 | 839.60 | 645.85 |
| April 2029 | 823.14 | 633.19 |
| May 2029 | 799.17 | 614.74 |
| June 2029 | 835.13 | 642.41 |
| July 2029 | 818.75 | 629.81 |
| August 2029 | 844.08 | 649.29 |
| September 2029 | 873.62 | 672.01 |
| October 2029 | 896.33 | 689.49 |
| November 2029 | 918.74 | 706.72 |
| December 2029 | 941.71 | 724.39 |
| When | Maximum Price | Minimum Price |
| January 2030 | 960.54 | 738.88 |
| February 2030 | 985.17 | 757.83 |
| March 2030 | 1,023.60 | 787.38 |
| April 2030 | 1,003.52 | 771.94 |
| May 2030 | 974.30 | 749.46 |
| June 2030 | 1,018.14 | 783.18 |
| July 2030 | 998.18 | 767.83 |
| August 2030 | 1,029.05 | 791.57 |
| September 2030 | 1,065.06 | 819.28 |
| October 2030 | 1,092.76 | 840.58 |
| November 2030 | 1,120.07 | 861.60 |
| December 2030 | 1,148.08 | 883.14 |
As we step into 2030, MOIL’s share prices are expected to show significant growth. In January, the prices may range between ₹738.88 and ₹960.54, increasing further in February to ₹757.83 and ₹985.17. By March, the range might expand to ₹787.38 and ₹1,023.60, followed by a slight dip in April to ₹771.94 and ₹1,003.52. As we step into May, the prices are projected between ₹749.46 and ₹974.30, recovering by June to ₹783.18 and ₹1,018.14. The upward trend continues in August with prices ranging from ₹791.57 to ₹1,029.05, climbing to ₹819.28 and ₹1,065.06 by September. By October, the prices may reach ₹840.58 to ₹1,092.76, moving higher in November to ₹861.60 and ₹1,120.07. Finally, as we step into December 2030, MOIL’s share prices are anticipated to peak between ₹883.14 and ₹1,148.08, reflecting strong market optimism.
Financial Condition of MOIL
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 1,034 | 1,172 | 1,433 | 1,339 | 1,447 | 1,507 |
| Expenses + | 779 | 882 | 891 | 970 | 1,010 | 996 |
| Operating Profit | 256 | 290 | 541 | 369 | 438 | 511 |
| OPM % | 25% | 25% | 38% | 28% | 30% | 34% |
| Other Income + | 181 | 49 | 86 | 80 | 94 | 101 |
| Interest | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 96 | 99 | 103 | 114 | 144 | 150 |
| Profit before tax | 340 | 240 | 523 | 334 | 387 | 462 |
| Tax % | 27% | 26% | 28% | 25% | 24% | |
| Net Profit + | 248 | 177 | 377 | 251 | 293 | 348 |
| EPS in Rs | 10.46 | 7.44 | 18.53 | 12.31 | 14.42 | 17.09 |
| Dividend Payout % | 57% | 99% | 32% | 30% | 42% |
MOIL has demonstrated consistent financial performance over the years, supported by its strong operational efficiency and strong market position. Sales revenue increased steadily, rising from ₹1,034 crore in 2020 to ₹1,447 crore in 2024, with a Trailing Twelve Months (TTM) figure of ₹1,507 crore reflecting ongoing growth. The company effectively managed its expenses, which grew moderately from ₹779 crore in 2020 to ₹1,010 crore in 2024, resulting in a notable improvement in operating profit from ₹256 crore in 2020 to ₹438 crore in 2024. MOIL’s Operating Profit Margin (OPM) showcased resilience, improving from 25% in 2020 to 30% in 2024, with a peak of 38% in 2022.
Other income contributed positively to MOIL’s financials, increasing from ₹49 crore in 2021 to ₹94 crore in 2024, highlighting prudent resource management. Despite minor variations, depreciation increased from ₹96 crore in 2020 to ₹144 crore in 2024, reflecting continued investments in asset maintenance and expansion. Profit before tax displayed a strong upward trajectory, rising from ₹340 crore in 2020 to ₹387 crore in 2024, with a TTM figure of ₹462 crore. Net profit also surged from ₹248 crore in 2020 to ₹293 crore in 2024, supported by a declining effective tax rate from 27% in 2020 to 24% in 2024.
Earnings per Share (EPS) mirrored this growth, climbing from ₹10.46 in 2020 to ₹14.42 in 2024, further underscored by a TTM EPS of ₹17.09. Dividend payouts remained substantial, ranging between 30% and 57%, with a higher outlier of 99% in 2021, showcasing MOIL’s commitment to shareholder returns. This consistent financial performance underscores MOIL’s operational efficiency and market leadership in the manganese ore sector.
FAQS
As of December 18th, 2024, MOIL share price is at ₹358.
Based on our various analyst reports and market trends, MOIL share price target for 2030 is expected to trade in a range from ₹1,148.08 to ₹738.88 in 2030.
MOIL share price target for 2025 suggests it could be trading between ₹291.57 to ₹445.24.
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Conclusion
What did we learn?
