MOIL Q4 FY26 Results: Profit Falls 20%, No Dividend

Key takeaway from MOIL’s FY26 close

MOIL Limited, a Government of India enterprise and a major manganese ore producer, reported its audited standalone results for the quarter and year ended March 31, 2026. The update showed a familiar pattern for commodity-linked miners: revenue held up better than profit. In Q4 FY26, the company posted a slight rise in revenue from operations, but profitability weakened on a year-on-year basis.

The Board of Directors also decided not to recommend any dividend for FY26. This was a notable shift in tone because the stock continues to be tracked for its dividend profile, and prior disclosures in the provided data include an interim dividend announcement during FY26. The earnings update was dated April 29, 2026, with market news flow also referencing a board meeting outcome on the same day.

Q4 FY26: Revenue up, profit and EPS down

For the March quarter, MOIL reported revenue from operations of ₹444.49 crore, up 2.56% year-on-year, as per the board meeting outcome note in the provided data. Net profit came in at ₹92.61 crore, down 19.92% year-on-year. Profit before tax (PBT) was reported at ₹114.35 crore, down 8.7% year-on-year.

Earnings per share (EPS) for Q4 FY26 was stated as ₹4.55 compared with ₹5.68 in Q4 FY25. The market note accompanying the results highlighted that operating margins came under pressure, indicating that costs and/or realisations did not translate the modest revenue growth into stronger bottom-line performance.

Full-year FY26: Lower profitability and revenue (as reported)

The provided release text also lists full-year FY26 metrics showing a year-on-year decline. It reported net profit of ₹26,748 crore (down 30% YoY), revenue from operations of ₹1,47,284 crore (down 7% YoY), and profit before tax of ₹33,784 crore (down 31% YoY). Full-year EPS was stated at ₹13.14 versus ₹18.76 in FY25.

Alongside these full-year numbers, the narrative in the same source said margins were under pressure despite “stable operational output.” MOIL also stated it continues to operate without subsidiaries, associates, or joint ventures, and remains focused on efficiency, cost control, and long-term sustainability in mining operations.

Dividend decision: No recommendation for FY26

MOIL’s board did not recommend any dividend for FY26, citing a more conservative financial stance amid declining profitability. This is relevant because the broader dataset also references MOIL declaring a “2nd interim dividend of ₹3.53 per equity share” at a board meeting held on January 30, 2026, for the financial year ending March 31, 2026.

Taken together, the FY26 communication points to a more cautious posture at the year-end. For investors who follow MOIL for payout consistency, the shift from an interim dividend during the year to no final recommendation for FY26 is a key detail from the board outcome.

Segment note: Mining still dominant; power contribution shown

The provided data notes a “Power Segment” figure of ₹2,051 crore and adds that mining products remain the dominant contributor to overall earnings. While the disclosure does not provide a detailed segment split in the text, it reinforces that MOIL’s results remain closely tied to mining operations and manganese ore market conditions.

Recent quarterly backdrop: December 2025 quarter declines

Separate from the Q4 FY26 release, the supplied dataset includes an earnings summary for the quarter ended December 2025. MOIL reported sales of ₹359.91 crore, down 2.4% year-on-year versus ₹366.82 crore. Net profit was ₹52.92 crore, down 16.9% year-on-year from ₹63.68 crore.

The same dataset states that for the nine months ended December 31, 2025, total sales were ₹1,056.02 crore versus ₹1,155.51 crore, a decline of 8.7%, while net profit was ₹174.87 crore, lower by 34.3% from ₹265.99 crore. This context helps frame why Q4 FY26 margin commentary attracted attention despite a small uptick in quarterly revenue.

Stock snapshot and trading context

As per the stock metrics included in the provided data, MOIL’s market capitalisation was ₹5,764 crore, with a current price of ₹283. The stock’s 52-week high/low was listed as ₹406 / ₹242. The stock P/E was shown at 19.8, book value at ₹133, dividend yield at 1.99%, ROCE at 18.8%, and ROE at 14.7%.

Short-term performance data in the same dataset showed MOIL down 15.11% over one month, down 12.16% over three months, up 3.13% over six months, and down 18.78% over one year (with a -0.18% one-day move and +0.67% over one week at the time of that snapshot).

Key numbers table (all ₹ crore unless stated)

Stock and balance sheet flags mentioned in the dataset

Why the result matters for investors tracking MOIL

The Q4 FY26 outcome underlined that small revenue growth does not automatically translate into profit growth, particularly for mining companies exposed to cost movements and commodity price realisations. The sharp year-on-year decline in quarterly profit, coupled with lower EPS, signals that margin management remains a key variable for performance.

The decision to not recommend a dividend for FY26 adds another layer for investors focused on payouts. With the stock also showing a negative one-year return in the supplied performance table, the market is likely to weigh operational stability against profit volatility and capital allocation choices.

What to watch next

MOIL’s FY26 communication emphasised efficiency, cost control, and sustainability in mining operations. Investors will watch subsequent quarters for evidence that margin pressure is easing, and for any updated stance on dividends. The April 29, 2026 board meeting outcome and the audited standalone disclosures set the baseline for how the company enters FY27.