MOIL Ltd Q3 FY26 – ₹360 Cr Revenue, ₹52.9 Cr PAT, Zero Debt, 53% Market Share… But Why Does the Stock Still Behave Like a Government Office Lunch Break?

1. At a Glance – Sarkari Miner With Private-Sector Margins (Sometimes)

MOIL Ltd is India’s undisputed manganese king, sitting on 53% market share, zero debt, and enough reserves to make steelmakers nervous. As of 30 Jan 2026, the stock trades at ₹366, with a market cap of ₹7,445 Cr, ROCE ~18.8%, ROE ~14.7%, and a dividend yield of 1.54%.

Latest quarter (Q3 FY26) delivered ₹360 Cr revenue and ₹52.9 Cr PAT, both slightly weaker YoY, reminding investors that commodities don’t do straight lines—only zigzags with drama. The company is sitting on ₹0 debt, a current ratio of 3.56, and a balance sheet so clean that auditors probably smile while signing it.

Over the last 3 years, the stock is up ~30% CAGR, which is impressive for a PSU miner whose HR files probably move slower than manganese ore on a bullock cart. So the obvious question: is MOIL a boring dividend uncle stock or a quietly compounding mineral monopoly? Let’s dig. Literally.

2. Introduction – The Only Manganese Monopoly You’re Allowed to Love

MOIL is what happens when a PSU actually controls its niche. No fancy apps, no AI buzzwords, no “platform play.” Just rocks. Very important rocks.

Manganese is not optional for steel. And steel is not optional for an industrial economy. That alone gives MOIL a permanent seat at the table—right next to iron ore and coal. Unlike many CPSEs that are glorified employment schemes, MOIL actually runs profitable mines, generates cash, and returns it to shareholders via dividends.

But here’s the twist: despite record production in recent years, revenue growth has been underwhelming, mainly because manganese prices have behaved like a moody teenager. Volumes up, realizations down—classic commodity headache.

So while MOIL looks powerful on paper, the stock market