External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Largest producer of manganese ore in India with access to significant reserves: With a thrust on expansion and modernization of its mines along with progress on resources and reserves (R&amp;R) addition MOIL was able to come out of its rangebound production level of 11-13 Lc T during FY20-23 to 17.56 Lc Tonnes in FY24 and it managed to clock in the record production volumes at 18.02 Lc tonnes up 3% YoY in FY25.</li><li>It also clocked record manganese ore sales at 15.87 Lc tonnes, registering a growth of 3.3% YoY.</li><li>Ferro Manganese production also stood at record level at 12,000 MT up 18% YoY. The company has around 121.97 MT of R&amp;R as of Mar’25.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Largest producer of manganese ore in India with access to significant reserves: With a thrust on expansion and modernization of its mines along with progress on resources and reserves (R&amp;R) addition MOIL was able to come out of its rangebound production level of 11-13 Lc T during FY20-23 to 17.56 Lc Tonnes in FY24 and it managed to clock in the record production volumes at 18.02 Lc tonnes up 3% YoY in FY25.It also clocked record manganese ore sales at 15.87 Lc tonnes, registering a growth of 3.3% YoY.Ferro Manganese production also stood at record level at 12,000 MT up 18% YoY. The company has around 121.97 MT of R&amp;R as of Mar’25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: MOIL Ltd - 27th November, 2025

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Q2FY25 Revenue/EBITDA of Rs. 292 crore/Rs. 79 crore fell 16%/18% y-o-y and was lagging our estimates as the decline in sales volume (down 18% y-o-y and 34% q-o-q) affected the performance.</li><li>Realization of Rs. 9,121/tonne was flat y-o-y and down 34% q-o-q. Blended margin of Rs. 2,657/tonne was flat y-o-y and down 44% q-o-q. MOIL has taken 3-4 price cuts recently because of the weak pricing outlook of the sector currently.</li><li>Outlook We downgrade the stock to Hold with a revised PT of Rs. 330 given the uncertainty regarding the pricing environment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY25 Revenue/EBITDA of Rs. 292 crore/Rs. 79 crore fell 16%/18% y-o-y and was lagging our estimates as the decline in sales volume (down 18% y-o-y and 34% q-o-q) affected the performance.Realization of Rs. 9,121/tonne was flat y-o-y and down 34% q-o-q. Blended margin of Rs. 2,657/tonne was flat y-o-y and down 44% q-o-q. MOIL has taken 3-4 price cuts recently because of the weak pricing outlook of the sector currently.Outlook We downgrade the stock to Hold with a revised PT of Rs. 330 given the uncertainty regarding the pricing environment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

MOIL Ltd., offers mining operations and services. The Company operates mines located in the Nagpur and Bhandara districts of Maharashtra and in the Balaghat district of Madhya Pradesh.

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Moil Ltd (MOIL IN)

Axis Punch: MOIL Ltd - 27th November, 2025

Ferro Manganese production also stood at record level at 12,000 MT up 18% YoY. The company has around 121.97 MT of R&R as of Mar’25.

Axis Direct

MOIL Ltd - Weak Q2; Downgrade to Hold

Q2FY25 Revenue/EBITDA of Rs. 292 crore/Rs. 79 crore fell 16%/18% y-o-y and was lagging our estimates as the decline in sales volume (down 18% y-o-y...

Sharekhan

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