Feb'25 View on MOIL Ltd

MOIL Ltd is primarily engaged in mining of manganese ore and is the largest manganese ore producer in the country. It is a min iratna state-owned company owned by Govt. of India. The Stock after taking a beating from the level of 560, is languishing at 290 levels but poised to cross 370 on back of following inputs • The company has achieved production of 13.3 lakh tonne during first nine months of the current financial year, registering a growth of 4.5% yoy. • During the Q3FY24, Volume during the quarter grew 13% YoY to 388kt (up ~30% QoQ). • MOIL’s Q3FY25 performance was in-line with our estimates on the top-line and bottom-line front. • On the EBITDA front, MOIL grew by ~6% YoY (up ~20% QoQ) to Rs95cr. • On the margin front, EBITDA margins contracted by 326bps YoY at 25.9%. • PAT grew 18% YoY to ~Rs64cr (up ~27% QoQ). • Stock is trading at an EV/EBIDTA of 5.6x FY27 estimates.