Moil Ltd

Overview

• Standalone BRSR filed for FY 2025-26 by MOIL Limited.
• Core activities: manganese ore mining; ferro manganese; electrolytic manganese dioxide; wind power.
• 90% of turnover from manganese ore; operates 10 mines and 2 plants.
• Not exporting; MOIL acts as STE canalizing agency with ₹128.40 lakh canalizing fee.
• CSR applicable; turnover ₹1,472.84 crore; net worth ₹2,709.25 crore.
• Mines and plants are ISO 9001/14001/45001 certified.

Key ESG Risks & Opportunities

• Risks: incident management, health and safety, labour practices, regulatory compliance, and environmental impact.
• Opportunities: waste management, water stewardship, human rights & community relations, climate/energy management, process innovation.
• Mitigation: robust incident management, safety protocols, ZLD, water reuse, and afforestation.
• Renewable energy adoption and plantation initiatives expected to improve efficiency and emissions profile.

Governance & Policy Highlights

• ESG oversight via Board committees: CSR, Risk Management, and Audit Committee.
• Policies include anti-bribery/anti-corruption, whistleblower, related party transactions, IT, risk, CSR, and record retention.
• BRS policy overseen by Director (Human Resources); board/committees review policy performance.
• External assessment: Dhir & Dhir Associates evaluated policy implementation.
• No material penalties or enforcement actions disclosed for FY 2025-26.

Social Responsibility & Workforce

• Employees: 2013 permanent; 0 other; total workers 7,929; female share 5.56% of employees and 14.36% of workers.
• Board female representation: 2 of 8 (25%); KMP female: 0.
• On-site medical facility provides free treatment; 100% PF and gratuity coverage for employees.
• Well-being spend: 3.54% of revenue in FY25-26; 2.95% in FY24-25.
• Grievance mechanisms: Vigil, POSH, Grievance Policy; formal committees at unit/head office.
• CSR project: hall for Surendra Paul Gramodaya Vidyalaya, UP; 500 beneficiaries.

Environmental Performance

• Energy: total non-renewable energy high; total energy intensity 0.034 MJ per rupee turnover.
• Water: withdrawal 0.931 million kl; consumption 0.921 million kl; discharge to CETP 9,872.32 kl; ZLD across mines.
• Emissions: Scope 1 7,789 tCO2e; Scope 2 42,981 tCO2e; Scope 3 2.56 tCO2e.
• Waste: total 3,119.13 t; recycling 1.05 t battery waste/ETP sludge; incineration 3.70 t; MSW 3,076.80 t.
• ZLD, afforestation with NEERI (6 ha; ~10,000 saplings); Gumgaon spoil dump restoration (18 ha completed).

Stakeholder Engagement & Complaints

• Stakeholders identified: Customers, Government, Employees, NGOs, Investors, Communities.
• Engagement channels: portals, website, email, meetings; frequency varies by group.
• Complaints FY25-26: Communities 29 filed (0 pending); Shareholders 10 filed (1 pending); Employees 6 filed (0 pending).
• Public Grievance Portal used for community concerns; stakeholders rarely engage environmental topics directly.

Other Notable Metrics

• MSME procurement 68.28% of total; 100% procurement from within India; local supplier emphasis.
• Affiliations: MOIL with three trade associations; FI Mineral Industries, Standing Conference of Public Enterprises, International Manganese Institute.
• Cybersecurity: IT policy and disaster recovery site for SAP data; Risk Management Committee monitors cyber risks.
• No product recalls; afforestation and ecological restoration programs ongoing; no PAT targets achieved.

AGM Details

• 64th AGM on 18 September 2026 at 12:30 PM via VC/OAVM.
• Cut-off date for voting: 11 September 2026.
• Remote e-voting window: 14 Sept 2026, 9:00 AM to 17 Sept 2026, 5:00 PM.
• Access details on MOIL website and NSDL evoting portal.

Resolutions

• Ordinary: Adoption of Audited Financial Statements for year ended 31 March 2026.
• Ordinary: Continuation of Rashmi Singh as Director (Commercial) liable to retire by rotation.
• Ordinary: Board to fix remuneration of Statutory Auditors for 2026-27.
• Ordinary: Ratify Cost Auditor’s remuneration of Rs. 1,60,000 plus tax for 2026-27.
• Ordinary: Continuation of Vishwanath Suresh as Chairman-cum-Managing Director.
• Special: Continuation of Sonali Nagvenkar as Independent Director for three years.
• Ordinary: Continuation of Lokesh Chandra as Nominee Director (Govt. of Maharashtra).

Dividend

• No final dividend recommended for FY2025-26; interim dividends already paid.

Auditors & Remuneration

• Ordinary: Statutory auditors' remuneration for FY2026-27 to be fixed by the Board.
• Cost Auditor remuneration ratified for 2026-27 at Rs 1,60,000 plus tax.
• CAG order appointing Statutory Auditors for 2026-27 is awaited.
• Earlier fixed statutory audit fees for 2025-26 were Rs 11,70,000 plus tax and Rs 30,000 per certificate.

Financial performance

• Revenue from operations ₹1,472.84 Cr; total income ₹1,565.88 Cr.
• EBITDA ₹507.65 Cr; PAT ₹267.48 Cr; PAT margin 17.08%.
• EPS ₹13.14; net worth ₹2,709.25 Cr; debt-free balance sheet.
• Dividend paid ₹108.46 Cr; interim/dividends totaling ₹5.33 per share.
• Manganese ore production hit a record 19.07 lakh MT; ore sales 15.89 lakh MT.
• EC capacity up to 33,28,800 TPA; capex utilisation ₹325.79 Cr in FY25-26.
• Capex target ₹800 Cr for FY2026-27; shaft development underway.
• Return on Capital Employed (ROCE) 9.44%; company remains debt-free.
• Highest ever turnover and production despite price pressures; no borrowings.

Operations and production

• Manganese ore production at 19.07 lakh MT; OMS 1.616 MT/shift; productivity 380 MT/employee.
• EMD production 832 MT; Ferro manganese 10,003 MT; EMD sales 399 MT.
• Mn ore sales 15.89 lakh MT; closing Mn ore stock 8.37 lakh MT.
• EMD closing stock 1,566 MT; Ferro Mn stock 2,267 MT.
• Wind energy generation 269.82 lakh kWh; solar 117.06 lakh kWh in FY26.
• Renewables contributed ~49% of energy consumption; total renewables capacity rising.
• Total EC capacity stands at 33,28,800 TPA as of March 2026.

Capex, expansion and strategic projects

• Target production expansion to 3.50 MT by 2030; SMP-2030 in motion.
• Shaft sinking: Balaghat, Gumgaon; Kandri third shaft; Chikla and Dongri Buzurg deepening ongoing.
• MOIL MPSMCL Mining Ltd incorporated; JV with MP/Maha govt for MP blocks.
• GMDC Pani block exploration; CMDC exploration in Chhattisgarh under MoUs.
• Exploratory drilling completed: 58,442 m; resources added 6.02 MT.
• EC clearances granted across Chikla, Munsar, Gumgaon areas; total EC capacity 33,28,800 TPA.

Governance, risk and audit

• Board strength 8; CMD appointment in Jan 2026; Ajit Saxena and Iqbal Chahal ceased in 2025/26.
• Non-compliance: independent directors not at required levels; several committees not properly constituted at times.
• Board met 7 times in FY2025-26; Audit Committee chaired by Dinesh Gupta; governance reporting ongoing.
• Secretarial audit flagged one observation on board composition; management responses provided.

CSR and environmental, social governance

• CSR spend ₹16.5266 Cr; major heads Education ₹8.1946 Cr; Rural ₹3.4865 Cr; Healthcare ₹4.7912 Cr.
• 500 beneficiaries at Surendra Gramodaya Vidyalaya project; 6 hectares afforested with ~10,000 saplings.
• Afforestation and NEERI collaboration; 18- and 6-hectare spoil dump restoration ongoing.
• CSR policy disclosed; Annexure-II; annual CSR report published; 2% avg net profit threshold exceeded.

Environment and energy efficiency

• Zero Liquid Discharge (ZLD) implemented across mines; STPs and ETPs recycle wastewater.
• Renewables: 30.5 MW total capacity; wind 20 MW; solar 10.5 MW; 49% energy from renewables.
• Manganese energy intensity: Mn ore 22.41 kWh/MT; FeMn 3578.60; EMD 3600.34 kWh/MT.
• Water withdrawal 9.31 million kilolitres; consumption 9.21 million kilolitres; water intensity 0.000063 KL/₹.
• Waste management includes reuse of non-hazardous waste; ETP/STP treated water aids vegetation and dust control.

Outlook and risks

• Manganese ore industry exposure to steel demand; price volatility remains key risk.
• SMP-2030 aims for 3.50 MT by 2030; execution depends on regulatory approvals and mining leases.
• MOIL designated STE for manganese ore export; exploring global tenders and international off-take.
• Resource base stands at 127.01 MT; focus on expansion, mechanisation and new leases.

Appointment of Government Nominee Director

• Appointment of Shri Lokesh Chandra, IAS, as Government Nominee Director on MOIL Board, effective 06.08.2026.
• Term up to 06.03.2027 or until further orders.
• Profile: IAS (1993), Civil Eng and MTech (Structures) IIT Delhi; Additional Chief Secretary (Mines) Maharashtra; ex-MD of MSEDCL.
• Not related to any Director or KMP; not debarred or disqualified.

Meeting Details

• Date: 29 July 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited financial results for quarter ended 30 June 2026.

Other Notes

• None.

Independent Director appointment

• Appointment of Smt. Sonali Sanjit Nagvenkar as Independent Director effective 16/07/2026, subject to approvals.
• Appointed by Government of India as NoD per order 1/1/2026-BLA dated 14.07.2026.
• DIN 11827764 registered; appointment to be formalized after DIN and Independent Director database registration.
• Not related to any Director or KMP and is not debarred or disqualified by SEBI or other authorities.
• Profile: B.Com., MBA, LL.B.; entrepreneur in retail jewellery business.
• No term/tenure specified.

GM (Electrical) Appointment

• Shri Shashank Lohakare appointed General Manager (Electrical) at MOIL.
• Effective date: 15 July 2026; term per MOIL service rules.
• Qualification: B.E. Electrical.
• Reason for change: Appointment.

Senior management appointment

• Shri Shashank Lohakare appointed General Manager (Electrical) of MOIL, effective 15 July 2026.
• Term of appointment: as per MOIL service rules.
• Reason: appointment under senior management changes.
• Profile: B.E. Electrical.

Appointment of Independent Director

• Government of India appointed Smt. Sonali Sanjit Nagvenkar as Non-Official Director (NoD) at MOIL Limited.
• Effective from DIN allotment and IICA data-bank registration; term three years or until further orders.
• Government of India order No. 1/1/2026-BLA dated 14.07.2026.
• Reason: Appointment by Government of India; no other reasons stated.

Production & Sales (April–June 2026)

• Production: 5.08 Lakh MT in Q1, up from 5.02 Lakh MT.
• YoY production growth: +1.2% (5.08 vs 5.02 Lakh MT).
• Sales: 3.68 Lakh MT in Q1, up from 3.56 Lakh MT.
• YoY sales growth: +3.4% (3.68 vs 3.56 Lakh MT).