MOIL Ltd shares surged 8.23 percent during Tuesday trading, reaching an intraday high of Rs 268.65 and snapping a three-session losing streak. The sudden market rally was sparked by the state-owned mining company’s newly announced growth outlook, which established a formal target to produce 3.5 million tonnes of manganese ore by 2030.
Reaching this production milestone is designed to expand MOIL’s domestic market share from its current 20 percent up to 32 percent over the same period. To achieve the benchmark, the company indicated plans to heavily focus on ramping up production capacity and expanding its mining operations into additional states.
Financial Performance And Brokerage Outlook
Following the strategic announcement, Systematix Institutional Equities maintained a “Hold” rating on the stock, setting a 12-month target price of Rs 392. The brokerage analysis highlighted MOIL’s recent financial performance, noting that the company’s third-quarter fiscal year 2026 revenue stood at Rs 360 crore, representing a 2 percent year-over-year decline but a 3 percent sequential increase.
For the quarter, MOIL recorded an earnings before interest, taxes, depreciation, and amortization margin of 27 percent. Total sales volume reached 0.37 million tonnes, with a blended realization logged at Rs 8,607 per tonne.
Strategic Expansion And National Steel Policy
Established in 1962 as a Miniratna enterprise, MOIL currently operates as the largest producer of manganese ore in India. The company has historically concentrated its mining operations across multiple sites within Maharashtra and Madhya Pradesh.
The push to reach 3.5 million tonnes by 2030 aligns directly with India’s broader National Steel Policy. The national framework targets a domestic steelmaking capacity of 300 million tonnes by 2030, a volume that will necessitate approximately 11 million tonnes of manganese ore to sustain.
India currently remains a net importer of higher-grade manganese ore, fulfilling roughly half of its domestic requirement through foreign shipments. MOIL’s aggressive scale-up, which includes ongoing exploratory drilling operations in states such as Gujarat, is engineered to close this demand-supply gap and reduce national import dependency.