MOIL

What MOIL does

MOIL Limited (formerly Manganese Ore India Limited) is a Miniratna public sector undertaking and the largest manganese ore producer in India, established in 1962 and headquartered in Nagpur, Maharashtra. The Government of India is its parent entity, and the company is publicly listed on both the NSE and BSE under the ticker MOIL. MOIL operates 11 mines primarily located in Central India (Maharashtra and Madhya Pradesh) and engages in exploration, extraction and processing of manganese ore. The company commands roughly 20% of the Indian manganese ore market and has publicly targeted expanding this share to 32% by 2030.

MOIL produces a portfolio of manganese-based products covering different ore grades — ferro grades, silico manganese grades (SMGR), Metal Mandi Fines, and Electrolytic Manganese Dioxide (EMD) — serving both steel/alloy producers and emerging battery/EV applications. The company's core technology centres on mechanised mining and ore processing, with ongoing infrastructure investments such as the third vertical shaft project at the Chikla Mine (awarded to SEPC Ltd in late 2025) to deepen extraction capacity and improve operational efficiency. FY26 cumulative manganese ore production reached 19.07 lakh metric tonnes, with a record Q3 FY26 output of 4.77 lakh tonnes marking the highest-ever third-quarter performance.

MOIL's business model is a B2B commodity model: the company sells manganese ore products directly to steel plants, alloy producers and industrial manufacturers through established enterprise sales relationships, with periodic price revisions aligned to prevailing market conditions (most recently effective January 1, 2026). The primary customer segment is the steel industry, where manganese is a critical input for steel production; secondary demand comes from industrial manufacturing (electronics, solar panels) and EV battery applications via EMD. Revenue is generated on a unit-pricing basis under a single-country (India) distribution footprint delivered through direct industrial sales channels. According to the most recent disclosed figures, FY26 revenue was Rs 1,472.84 crore (down 7.07% YoY) and net profit was Rs 267.48 crore (down 29.91% YoY).

Name

MOIL

Legal name

MOIL Limited

Website

https://moil.nic.in

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

MOIL Limited is India's largest manganese ore producer, a Government of India Miniratna PSU operating 11 mines. The company sells ferro and silico-manganese grades, fines, and electrolytic manganese dioxide directly to domestic steel plants, alloy producers, and battery manufacturers.

Ownership category

akta.pro rank

Product category

Manganese Ore Mining

NAICS

Other Basic Inorganic Chemical Manufacturing (325180), Basic Chemical Manufacturing (3251)

SIC

Miscellaneous Metal Ores (1090), Metal Mining (1000)

akta.pro industry

PRIMARYIMAKAFAF

Manganese Ore Mining & Concentrates

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

SECONDARYIMAKAFAI

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

Keywords

• Manganese ore mining
• Electrolytic manganese dioxide
• Industrial mineral production
• Ferro alloy minerals supply
• Battery grade manganese

Headquarters

HQ city

Nagpur

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Manganese Ore Sales: MOIL generates revenue primarily through mining and selling manganese ore products including ferro manganese, silicon manganese, and electrolytic manganese dioxide to steel, alloy, and battery industries

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

MOIL mines and sells various grades of manganese ore (Ferro Grades, SMGR Grades, Metal Mandi Fines, and Fines) from its 11 mines in Madhya Pradesh and Maharashtra. The company also produces Electrolytic Manganese Dioxide (EMD) for battery manufacturers, operating as a Miniratna public sector enterprise under the Government of India.

Product overview

MOIL (Manganese Ore India Limited) is a Miniratna public sector mining enterprise and India's leading producer of manganese ore. The company operates mining operations across Maharashtra and Madhya Pradesh, engaging in exploration, extraction, and processing of manganese ore. MOIL produces and markets various manganese-based products including different ore grades (ferro grades, SMGR grades), metal mandi fines, and electrolytic manganese dioxide, serving primarily the steel and alloy industries.

Differentiator

Problem solved

Functional benefit

Products and services

• Manganese Ore - Ferro Grades Manganese ore in Ferro Grades produced from MOIL's mines, supplied primarily to ferro alloy producers and integrated steel plants as a key input for steelmaking and ferro alloy production.
• Manganese Ore - SMGR Grades Manganese ore sold in SMGR (Silico Manganese Grade) specifications, supplied to silico manganese producers and steel manufacturers requiring this specific grade for steel and alloy production.
• Manganese Ore - Metal Mandi Fines Manganese ore fines classified as Metal Mandi Fines, supplied to industrial buyers for use in steelmaking and alloy production processes.
• Manganese Ore - Fines Manganese ore fines grade supplied to industrial customers as feed material for sintering and steel making operations.
• Electrolytic Manganese Dioxide (EMD) Electrolytic Manganese Dioxide produced for battery manufacturers as a high-purity cathode material used in dry-cell and other battery production.
• Mining and Exploration Services Mineral exploration, mine development, and operational mining services across MOIL's 11 mines in Madhya Pradesh and Maharashtra, supporting the company's manganese ore reserves and production capacity.

Quantifiable outcome

• Record Q3 FY26 production of 4.77 lakh tonnes
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor.

• SEPC LtdminorImplementation/ SI/ Consulting Partner · 31 December 2025SEPC Ltd awarded work order for design, construction and commissioning of a third vertical shaft at Chikla Mine in Maharashtra. SEPC emerged as lowest bidder in global tender process, with contract valued at Rs 1.68 billion for domestic scope and USD 3.65 million for imported plant and machinery. Project involves complete turnkey execution including engineering, civil construction, and equipment installation.
• IGGMCH (Indira Gandhi Government Medical College and Hospital)minorOthersCSR partnership providing free knee replacement surgeries to economically weaker patients in Nagpur and Bhandara districts within 10km radius of mining areas. MOIL provides CSR funding for approximately 100 surgeries annually, valued at Rs 2.5-3 lakh per knee replacement in private hospitals.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Glencore: Swiss commodities major producing and trading a wide range of metals including manganese alloys and ore. Comparable as a large broad-incumbent player that influences global manganese pricing via both production and trading activities.
• Anglo American: Global diversified miner that historically held a stake in Vale's manganese business and remains a major player in bulk commodities. Comparable as a broad incumbent in metal ore mining rather than as a pure-play manganese competitor.

Direct peers

• Eramet: French mining and metallurgy group; the world's largest pure-play manganese ore and alloy producer (via Eramet Manganese) and operator of the Gabonese Moanda mine. Most directly comparable globally on manganese ore product mix, downstream alloys, and exposure to steel-customer demand.
• Hindustan Zinc: Indian listed mining PSU (Vedanta-controlled) and one of the world's largest integrated zinc-lead-silver producers. Comparable on the listed PSU / government-linked Indian mining company model, similar scale, and capital-markets/governance profile.
• South32: Australian diversified miner spun out of BHP; owns the Groote Eylandt Mining Company (GEMCO), one of the world's largest and lowest-cost manganese ore operations. Directly comparable as a globally significant manganese ore producer with similar end-customer profile.
• OM Holdings: Singapore-listed (with Australian roots) vertically integrated manganese ore and ferroalloy producer operating mines in South Africa and Malaysia plus a smelter in China. Closely comparable as a manganese-ore-focused miner with downstream alloy exposure.
• Vale: Brazilian mining major with a dedicated Vale Manganese segment (operated jointly with Anglo American until the 2024 buy-out) producing ore in Brazil. Comparable on commodity mix and global scale, though Vale is far more diversified across iron ore, nickel, and copper.
• NMDC (National Mineral Development Corporation): Indian government-owned Miniratna mining PSU and the country's largest iron ore producer. Comparable on Indian-PSU-mining structure, government parentage, similar regulatory moats, BSE/NSE listing, and overlapping steel-industry customer base.

Emerging players

• Premier African Minerals: London-listed emerging producer focused on battery and critical minerals, including the Zulu lithium/tantalum project and earlier-stage manganese prospects. Comparable as a smaller emerging manganese-adjacent miner targeting the battery-supply chain upside.
• Tronox Holdings (EMD / battery materials): Global producer of mineral sands and inorganic specialty chemicals including battery-grade manganese products. Comparable on the EMD / manganese-chemicals product line, which represents MOIL's bridge into battery materials.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/moil_limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MOIL