Miniratna Stock Locks 20% Upper Circuit; Q4 Target Equals 81% of FY21 Full-Year Output

On Tuesday, March 17, MOIL share price has hit Upper Circuit of 20 per cent after the company provided guidance on manganese ore (Mn) production is expected to reach 9.29 lakh tonnes in Q4, which is 81.2 per cent of its FY21 full-year production of 11.44 lakh tonnes. As of March 17, 2026, the share price closed at Rs 293.

MOIL Needs 9.29 Lakh Tonnes of Mn Ore in Q4 to Meet FY26 Target of 23.50 Lakh Tonnes

MOIL has set a full-year production target of 23.50 lakh tonnes for FY26, of which the company has already achieved 14.21 lakh tonnes in the first nine months. To meet its annual guidance, the company now needs to produce 9.29 lakh tonnes in Q4FY26. Notably, this Q4 target is significant as it is equal to 81.2 per cent of the total production of 11.44 lakh tonnes recorded in FY21.

The company has outlined an ambitious market share expansion plan, targeting an increase from 20 per cent to 32 per cent by 2030, resulting in a growth of 12 percentage points.

MOIL Expands Mining Capacity Through Shaft Development Projects

To support its long-term growth in production, MOIL is investing heavily in underground mining infrastructure development, particularly through shaft sinking projects. Generally, shaft sinking entails digging vertical tunnels to access deeper mineral deposits, which improves ventilation as well as efficient ore extraction. 

MOIL has awarded contracts worth Rs 664.12 crore (excluding GST) for five such projects across its key mines. At the Dongri Buzurg mine, three shafts (one for production and two for ventilation) are being developed with completion timelines extending up to 2029–2030. Additionally, new shafts are planned at the Kandri and Chikla mines, which are also expected to be completed by 2030, strengthening MOIL’s future production capabilities.

MOIL Expands Footprint Through New Exploration and Joint Ventures

MOIL is also focusing on expanding its presence into new regions through exploration and joint ventures. The company is moving beyond its traditional mining areas in Maharashtra and Madhya Pradesh to build future resource pipelines. In Gujarat, MOIL has identified 9.51 million tonnes of manganese ore reserves in the Pani area, with the process for obtaining a mining lease currently underway.

In Madhya Pradesh, the company has signed a joint venture (JV) agreement with MPSMCL for developing the Bhudkum and Selva blocks after extensive drilling activity. While In Chhattisgarh, MOIL has completed exploratory drilling at the Nilkanthpur block, where initial results have indicated the presence of manganese ore, although further work is temporarily paused due to local issues.

About MOIL Limited

MOIL Limited is a Government of India enterprise and the country’s largest producer of manganese (Mn) ore, primarily catering to the steel industry. The company operates multiple mines across Maharashtra and Madhya Pradesh, supplying key raw materials used in steel manufacturing. With a strong focus on expanding production capacity, improving mining infrastructure, and exploring new reserves, MOIL plays a crucial role in supporting India’s growing demand for manganese in both domestic and industrial applications.

MOIL Share Price Performance

MOIL Limited has a market capitalisation of Rs 5,959 crore. The company reported a Return on Capital Employed (ROCE) of 18.8 per cent and a Return on Equity (ROE) of 14.7 per cent. The stock has a 52-week high of Rs 405.60 (June 10, 2025) and a 52-week low of Rs 242.35 (March 17, 2026). The company has also maintained a dividend payout ratio of around 34.0 per cent. The stock has declined 3.41 per cent over the past month, 15.91 per cent declined over the last six months, and 7.56 per cent declined over the past year, reflecting a mixed performance trend.

Disclaimer: The article is for informational purposes only and not investment advice.