The numbers out of Bhubaneswar tell a story of operational recovery. MOIL produced 1.81 lakh tonnes of manganese ore in September 2026, a sharp jump from the 1.52 lakh tonnes hauled out in September 2025. Sales followed suit, hitting 1.64 lakh tonnes against 1.42 lakh tonnes a year ago. On a cumulative basis for FY2026-27, the company has mined 9.61 lakh tonnes, slightly outpacing the 9.44 lakh tonnes from the same period last year.
Management is targeting 25.85 lakh tonnes for the full fiscal year. To support this, the company executed a 5% price hike across all manganese ore grades effective September 30. This applies to ferro grades with 44% manganese content and above. The margin expansion is already visible in the books: EBITDA margin jumped to 36.6% in Q1 FY27, up from 22.6% a year earlier.
Profitability metrics are strengthening. Net profit surged 70.1% year-on-year to ₹87.6 crore in Q1 FY27, up from ₹51.5 crore. Revenue from operations rose 6.6% to ₹370.9 crore. EBITDA climbed 72.3% to ₹135.8 crore. These figures suggest the price revisions and volume growth are translating directly to the bottom line.
The market, however, remains cautious. MOIL shares closed 2.09% lower at ₹232.79 on the NSE on October 1. The stock is down over 36% since the start of the calendar year. Investors are likely weighing the operational gains against broader commodity sector sentiment and the challenge of hitting the ambitious 25.85 lakh tonne annual target.