Buy MOIL; target of Rs 400: Anand Rathi

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26 Aug, 2025 12:21

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We recently organized an underground mine visit in Gumgaon for our clients and thereafter interacted with Mr Ajit Kumar Saxena (Chairman and Managing Director), Mr Rakesh Tumane (Director- Finance), Mr M.M. Abdulla (Director- Production & Planning) and other Board of Directors. The mine currently has R&R of 11.79m tonnes and total lease area of 85.986Ha, with EC for 2,03,200 tonnes. Further, EC for 126.84Ha with additional capacity of 1,02,000 tonnes has been obtained, thereby taking total production capacity to 3,05,200 tonnes. The company is also setting up a high-speed shaft of 80-tonne/hour to hoist capacity, which would help achieve enhanced volumes. Production is expected ~1.8m1.9m tonnes in FY25, with volumes likely reaching 3.5m tonnes by FY30. Employee cost is to reduce ~4-5% over two years (till the next wage revision).

The 270Ha Pani project’s (Gujarat) JV document has been finalized and is likely to be approved by GMDC by Dec’25. With manganese’s essential role in steel manufacturing, the company is set to capitalise on India’s steel growth story, owing to its dominant market share. We, thus, retain our Buy rating with a TP of Rs400/share.

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