Dear Shareholders,
On behalf of Board of Directors, I take great pleasure in presenting
the 64th annual report of your Company, together with the auditors' report and
financial statements for the year ended on 31st March, 2026.
(1) Financial and physical performance
(A) Key financials
Financial results of FY 2025-26 and of the previous year are
highlighted below.
Rs. in crore
| Particulars |
2025-26 |
2024-25 |
| Revenue from operations |
1472.84 |
1584.94 |
| Other income |
93.04 |
111.38 |
| Total income |
1565.88 |
1696.32 |
| Profit before interest, depreciation and tax (EBITDA) |
507.65 |
638.91 |
| Profit before tax (PBT) and exceptional item |
337.84 |
486.78 |
| Operating profit |
244.80 |
375.41 |
| Profit before tax after exceptional item |
337.84 |
486.78 |
| Profit after tax (PAT) |
267.48 |
381.64 |
| Total comprehensive income |
212.57 |
318.52 |
| Transfer to general reserve |
115.00 |
200.00 |
Key financial ratios
Rs. in crore
| Ratios |
2025-26 |
2024-25 |
| EBITDA to sales Turnover (%) |
34.47 |
40.31 |
| EBITDA Margin as %age to Total revenue |
32.42 |
37.66 |
| Asset turnover (%) |
48.85 |
52.82 |
| PAT to Net Worth (%) |
9.87 |
14.99 |
| Earnings per share (Face value H 10 each) (H) |
13.14 |
18.76 |
| Book value per share (H) |
133.14 |
129.63 |
Your Company has achieved the highest ever production and sales of
Manganese ore in FY 2025-26. It has recorded a total income of RS.1565.88 crore during FY
2025-26 as compared to RS.1696.32 crore in the previous year. During the year, MOIL has
achieved profit before tax (PBT) of H337.84 crores and profit after tax (PAT) of H267.48
crores, respectively.
Decline in the profit is on account of decrease in net sale realisation
(NSR) by about 6%.
As per the Investment Policy approved by the Board, your Company has
deployed surplus funds in fixed deposits and mutual funds. The Company has earned interest
income of H61.16 crore (previous year
H70.94 crore) on fixed deposits and profit of H5.13 crore (previous
year H9.37 crore) on redemption of mutual funds.
(B) Dividend
MOIL has been a dividend-paying Company for many years. Continuing this
practice during FY 2025-26, we declared two interim dividends of @18%, i.e., RS.1.80 per
equity share and @35.30%, i.e., H3.53 per equity share, which were paid in December 2025
and February 2026, respectively. The total dividend for FY 2025-26 thus works out to H5.33
per equity share (previous year: H5.63).
Total dividend outlay for the year was RS.108.46 crore (previous year:
RS.114.56 crore). The dividend for FY 2025-26 is in line with the guidelines of the
Department of Investment and Public Asset Management (DIPAM).
MOIL has a dividend distribution policy, which is available on our
website:https://backend.moil.nic.in/ getFiles/public/document/69c3d05600-Dividend_
Policy_MOIL.pdf
(C) Sales:
In FY 2025-26, we achieved a turnover of RS.1,472.84 crore as compared
to the previous year's turnover of RS.1,584.94 crore due to a fall in Manganese Ore
prices.
The price of imported manganese ore witnessed a downward trend during
the first, second and third quarters of the financial year. In order to maintain parity
with imported ore prices, we continued reviewing prices on a monthly basis. Accordingly,
despite maintaining the same level of sales volume as the previous year, MOIL's
turnover in FY 2025-26 registered a decline. During the year, the average sales
realisation decreased from H9,164 per MT to H8,645 per MT
(lower by 5.66%). With prudent marketing and pricing policy, MOIL
achieved highest-ever sales of 15.89 lakh tonnes in FY 2025-26, registering a marginal
increase of 0.13% from 15.87 lakh MT in FY 2024-25.
We also produce electrolytic manganese dioxide (EMD) and ferromanganese
(FeMn). The demand for EMD from the battery sector was not encouraging in FY 2025-26,
which resulted in a reduction in EMD sales from 737 MT in FY 2024-25 to 399 MT in FY
2025-26. The sale of ferromanganese was 9,283 MT in FY 2025-26 as
compared to 12,942 MT in FY
2024-25. Sales declined by 28% as compared to the corresponding
previous year (CPLY), primarily due to lower availability of quantities.
(D) Production and productivity
MOIL achieved the highest-ever production of manganese ore since
inception at 19.07 lakh tonnes, which was 5.77% higher than FY 2024-25. Output per man
shift (OMS) increased significantly to 1.616 MT during the year (previous year: 1.533 MT).
Average annual productivity per employee on roll increased to 380 MT in FY 2025-26 from
343 MT in the previous year, reflecting an improvement of approximately 11.1%. We achieved
production of 832 MT of electrolytic manganese dioxide (EMD) and 10,003 MT of
ferromanganese during FY 2025-26. The per employee productivity based on the twelvemonths
average of regular and contractual employees was 183.7 MT for the F.Y. 2025-26.
(E) Closing stock
The closing stock of manganese ore as on 31 March 2026 stood at 8.37
lakh MT, valued at H265.82 crore, as compared to 5.43 lakh MT valued at H217.84 crore as
on 31 March 2025. The closing stock of ferromanganese was 2,267 MT, valued at RS.11.99
crore, as on 31 March 2026 as against 1,548 MT valued at H8.01 crore as on 31 March 2025.
Similarly, the closing stock of EMD as on 31 March 2026 was 1,566 MT (previous year: 1,133
MT), valued at H29.64 crore (previous year: RS.17.03 crore).
(2) Capex,capital/valueaddition/diversification projects
MOIL is the largest manganese ore producer in India. In order to meet
future requirements and maintain leadership position in the industry, we have planned to
enhance production to 3.50 million MT by 2030, for which a strategic management plan is
already in place. In this direction, we have planned investments for the development of
existing mines, acquisition of new mines within and outside the country, acquisition of
areas adjoining MOIL's mines and setting up value addition and diversification
projects. Some of these projects have already commenced and others are in progress.
We are prioritising the expansion and modernisation of mines to sustain
production and enhance capacity. Sinking of the second vertical shafts has already been
completed at the Chikla, Ukwa and Munsar Mines. Upcoming plans include sinking a 505 mtr
deep Production Shaft and two ventilation shafts (250 mtr and 260 mtr deep) at the Dongri
Buzurg Mine, as well as a 425 mtr deep second vertical shaft at the Kandri Mine and a 408
mtr deep third vertical shaft at Chikla Mine. Both shafts will be equipped with cage and
skip hoisting systems with friction winders. These shafts will support sustained and
enhanced manganese ore production from deeper levels. The tendering process is in
progress.
During FY 2025-26, environmental clearances (EC) were granted in
respect of the Chikla Mine (150.65 Ha), Munsar (193.27 Ha) and Gumgaon (212.736 Ha) areas.
Thus, during the year, we received environmental clearance for a total capacity of
6,50,008 tonnes per annum (TPA). With this, MOIL's total EC capacity as on 31 March
2026 stands at 33,28,800 TPA.
(A) Capex
MOIL's Capex plans include investments in vertical shaft sinking
and deepening projects, development of new mining leases and areas, regular additions,
modifications and replacements of fixed assets as well as research and development
initiatives. During FY 2025-26, we recorded highest-ever Capex utilisation of
H325.79 crore as compared to
H321.95 crore in the previous year. For FY 2026–
27, capex target of 800 crore has been fixed for shaft development,
mine expansion, beneficiation projects other infrastructure initiatives and overseas
assets acquisitions.
(B) Mine expansion projects
Projects under implementation
(a) Sinking of a large diameter. high speed vertical shaft of 750 Mtrs.
Depth (revised depth 660 Mtrs.) at Balaghat Mine. (b) Sinking of a large-diameter
high-speed vertical shaft of 330 Mtrs. depth at Gumgaon Mine.
High-speedshaftsinkingprojectswereconceptualised to enhance production
of Gumgaon and Balaghat mines from 1,50,000 MT to 3,50,000 MT and from 3,00,000 lakh MT to
8,00,000 MT, respectively. The projects have been affected due to various reasons such as
Covid pandemic, disruption of supply chain, heavy in-rush of water particular in Balaghat
shaft, visa issues and other factors beyond the Company's control. Due to delays in
projects completion on account of these reasons, the planned production enhancement has
also been delayed during the affected period. We have taken all possible measures to
complete these projects at the earliest.
The high-speed shaft projects at the Balaghat and Gumgaon mines are
progressing. Shaft sinking, lining and equipping activities have been completed. At the
Balaghat Mine project, the dry run trial of the ore skip winder, installation of the
decking device, other shaft fittings at various levels for cage operation, civil
foundation work and installation of the surface transport system are in progress. At the
Gumgaon Mine project, roof supporting works at various levels, widening and collar
concreting of OTC and construction of the approach road are in progress.
(C) Acquisition of mineral assets in and outside the country
In line with the Company's strategic management plan, we have
plans to establish strategic alliances coupled with off-take agreements with manganese ore
producers abroad. We have empanelled consultants/advisors to identify assets in and
outside the country. We have received some proposals and their examination is in progress
to assess feasibility and viability.
(D) Joint Venture with State Governments:
(i) Madhya Pradesh State Mining Corporation Ltd.
We signed an MoU with the Government of Madhya Pradesh and MPSMCL in
October 2016. Core drilling has been completed to the extent of 16357 metres in Chhindwara
and 55188 metres in Balaghat, resulting in the establishment of ore bodies at the Bhudkum
Block in Chhindwara and Selva Block in Balaghat. A draft JV agreement was signed in the
presence of the Honorable Chief Minister of Madhya Pradesh. The Ministry of Steel and
DIPAM have conveyed their approvals for the formation of the Joint Venture Company.
Subsequently, the Joint Venture Company was incorporated on 4th June 2026.
(ii) Gujrat Mineral Development Corporation:
We entered into an MoU in October 2019 with Gujarat Mineral Development
Corporation (GMDC) to explore the possibilities of manganese ore mining in the state of
Gujarat. We identified the Pani block in Chhota Udepur district for initial exploration.
After core drilling, a sizeable resource base of 9.51 million tonnes of manganese ore in
the Pani area, with a threshold value of 10% manganese content, has been established.
Accordingly, approval from the Ministry of Steel, NITI Aayog and DIPAM was obtained for
the formation of the JVC. GMDC has applied for a mining lease in the Pani area. The
approval is under process at the Ministry of Mines, New Delhi.
(iii) State of Chhattisgarh
We entered into an MoU with Chhattisgarh Mineral Development
Corporation (CMDC), a Chhattisgarh State PSU, to explore the possibilities of mining
manganese and associated minerals in the state of Chhattisgarh. The Government of
Chhattisgarh approved the reservation for exploration. We commenced exploratory core
drilling and the Government of Chhattisgarh, vide notification, extended the reservation
for two years. A total of 11,628 metres of core drilling has been completed. However, due
to local issues, work has been suspended.
The above projects/ new leases will move us towards MOIL's
ambitious vision of almost doubly production to 3.50 million MT by 2030.
(3) Research and Development (R&D)
We operate seven underground and three opencast mines in narrow
manganese ore bodies with varying dip directions and difficult geo-mining conditions
associated with poor rock mass quality of wall rocks. MOIL has expertise in manganese ore
mining through “Mine to Mill operations” and are engaged in exploration,
exploitation and marketing of various grades of manganese ore and value-added products
such as electrolytic manganese dioxide (EMD) and high carbon ferromanganese alloy.
We undertake Research and Development (R&D) activities to improve
the safety and productivity of mines. To support these initiatives, we have engaged with
the following institutions having expertise in this field-
1. CSIR-Central Institute of Mining and Fuel Research (CIMFR), Nagpur
and Dhanbad
2. Visvesaraya National Institute of Technology (VNIT), Nagpur
3. Texmin,IndianSchoolofMines(IIT-ISM),Dhanbad
4. Indian Institute of Technology (IIT), Banaras Hindu University.
5. National Institute of Rock Mechanics (NIRM) KGF, Bangalore.
Significance of the R&D Projects - Mine Safety and Productivity:
1. Scientific Study of Balaghat, Chikla, Munsar, Kandri and Gumgaon
Mines for enhancements of Safety parameters and Productivity by VNIT, Nagpur.
2. RMR Study and Instrumentation of Mines.
3. Evaluation of the impact of blasting variables of OC over UG at
Chikla Mine for better safety and better fragmentation of ore with less generation of
noise and vibration by CSIR-CIMFR.
4. Modification of the existing mining method and design with stopping
parameters for the Chikla and Balaghat Mine.
5. V entilation Study at Munsar Mine.
6. S ustainable study report on the
7. S cientific Study to frame suitable for the Balaghat, Chikla,
Munsar, Kandri and Gumgaon mines by VNIT, Nagpur.
8. F easibility Study for Trial Stope and Gumgaon mines.
9. S tudy report on stowing of stopes with ash sand at Gumgaon Mine.
10. P rocess Gap Analysis for Balaghat,
Sitapatore, Chikla and Dongri Buzurg, Gumgaon, Kandri, Munsar and
Beldongri Mine.
T hese R&D projects are helping us modern mining technologies along
with changes in stope designs.
T he continuous use of software, modern industry-academic
collaborations and R&D efforts has resulted in improvements in safety, productivity
and environmental parameters in mining operations. It has also enhanced the Company's
‘Mine to Mill' expertise in manganese ore deposits.
R&D e xpenditure
W eHspent 16.90 crore on R&D activities in FY 2025-26 as compared
to H24.92 crore spent in FY 2024-25.
Details of the same are provided in Annexure I.
(4) M ineral Exploration and Mining Lease
Explor ation for manganese deposits and mining is one of most promising
initiatives. During FY 2025-26, we completed 58,442 m of exploratory drilling within the
leasehold area, resulting in the addition of 6.02 million tonnes of resources. Total
reserves and resources as on 31 March 2026 stand at 127.01 million MT, comprising 53.25
million MT of reserves and 73.75 million MT of resources.
Details of exploration within leasehold area and resource added over
last five years are as under:
As more resources and reserves are added, manganese production and, in
turn, steel production are expected to increase, thereby enhancing steel utilisation.
We have a total lease area of 1,944.711 Ha as on 31 March 2026 in
Maharashtra and Madhya Pradesh. The Government of Maharashtra has granted a letter of
intent for a mining lease over an area of 70.831 Ha in village Chikla, Tahsil Tumsar,
District Bhandara, Maharashtra.
(5) Conservation of energy (including non-conventional energy),
environmental protection and safety and health
(A) Energy Conservation and Consumption
We remain committed to energy conservation through the responsible and
efficient utilisation of energy resources across all operational areas and equipment. In
line with this commitment, we have implemented several energy-saving initiatives at
various locations during the year. These initiatives focus on the adoption of advanced
technologies, deployment of energy-efficient equipment, optimisation of electricity
consumption through effective monitoring systems and minimisation of energy wastage. The
measures undertaken for reduction in energy consumption, along with future energy
efficiency plans, are outlined below
1. A 5.00 MW solar power plant has been installed at Munsar Mine
located in Nagpur district, Maharashtra.
2. Solar power plants with capacities of 4.50 MW and 0.96 MW have been
commissioned in Balaghat district of Madhya Pradesh.
3. Installation and commissioning of a 476 kW ground-mounted solar
power plant for residential connections at various mines have been completed.
4. Four solar power plants of 10 kW each have been installed at
residential locations in Nagpur.
5. A 7.00 MW solar power plant is being installed at Munsar Mine
(Parsoda location) in Nagpur district, Maharashtra.
6. A 15.00 MW solar power plant is being installed at the Rajgarh on
land allotted by the Government in Rajgarh district, Madhya Pradesh.
7. Active Harmonic Filters, Automatic Power Factor Control (APFC)
panels and fixed capacitor banks have been installed across all mines to improve the power
factor and reduce harmonics in the power distribution system.
8. Comprehensive energy audits have been conducted at all mines and
plants as per scheduled to identify opportunities for enhanced energy efficiency and
optimisation.
We have continued to strengthen renewable energy initiatives and energy
efficiency measures across mining and residential operations. The electricity consumption
per MT of production for mines and plants is provided below-
| Sr. |
|
Electricity consumption
(kWh/MT) |
| No. |
Particulars |
2025-26 |
2024-25 |
| 1. |
Manganese ore (Mn ore) |
22.41 |
22.39 |
| 2. |
Ferro manganese (Fe Mn) |
3578.60 |
3105.00 |
| 3. |
Electrolytic manganese |
3600.34 |
3194.00 |
|
di-oxide (EMD) |
|
|
From the table above, it can be observed that the specific energy
consumption was slightly higher than the previous year, mainly on account of increased
operational activities. Manganese ore production increased by 5.50% year-on-year, whereas
energy consumption increased by only 0.090% over the same period. The FMP and EMD plants
underwent major overhauls during the year. Consequently, specific energy consumption was
higher due to lower production levels. Through the implementation of various energy
conservation and efficiency measures, we achieved a reduction in specific electricity
consumption across mines and plants during FY 2025-26 as compared to the previous year.
Detailed information relating to energy conservation is provided in
Annexure I.
(B) 132 kV EHT double-circuit double-string transmission line
At Balaghat construction of the 132 kV EHT single-circuit
transmission line has been completed and stringing of the second circuit is at an advanced
stage and is expected to be completed shortly. The project is envisaged to meet the
electrical demand of existing operations as well as future expansion plans. It will also
facilitate captive utilisation of renewable energy sources such as solar and wind power
through Open Access arrangements. In addition, the transmission line is expected to
improve voltage regulation and minimise power interruptions.
(C) 132/33 KV Substation
Construction of the 132/33 kV substation at Balaghat Mine has been
completed. The substation is expected to ensure a stable, reliable and quality power
supply for mining operations and related utilities and to facilitate captive utilisation
and evacuation of renewable energy.
(D) Wind and Solar Power Generation
As a part of the Company's commitment to clean and green energy
generation, we initiated the construction of: (i) A 7.00 MW solar power plant at Munsar
Mine (Parsodalocation)inNagpurdistrict,Maharashtra. (ii) A 15.00 MW solar power plant at
Rajgarh on land allotted by the Government in Rajgarh district, Madhya Pradesh.
Earlier we also commissioned wind farms with capacities of 4.8 MW and
15.2 MW at Nagda Hills and Ratedi Hills, respectively, in Dewas district near Indore,
Madhya Pradesh, during the period 2006–2008.
MOIL has entered into long-term power purchase and wheeling agreements
with the Distribution Company and the Power Management Company of the Government of Madhya
Pradesh for adjustment of captive generation from the 4.8 MW wind power plant. The power
generated from this plant is adjusted against the electricity consumption of Balaghat Mine
and the ferromanganese plant. Power generated from the 15.2 MW wind power plant is sold to
the utility, namely Madhya Pradesh Power Management Company Limited. During FY 2025-26,
wind power generation stood at 269.82 lakh kWh as compared to 251.25 lakh kWh in FY
2024-25.
Further, the Company's 5.0 MW solar power plant in Maharashtra and
5.46 MW solar power plant in Madhya Pradesh, commissioned in 2019, continued to contribute
to renewable energy generation. Total solar power generation during FY 2025-26 was 117.06
lakh kWh as compared to 102.25 lakh kWh in FY 2024-25. The power generated from these
solar plants is adjusted against the HT electricity connections of mines located in
Maharashtra and Madhya Pradesh.
(E) Environmental Protection and Renewable Energy
Ecological conservation is crucial in today's context. It is
imperative that the development process within a community is compatible with its
environment as well as its cultural context. All the Company's mines, including sand
ghats, have obtained environmental clearance from the Ministry of Environment, Forest and
Climate Change (MoEFCC) or the designated authorities. We have taken proactive measures to
support sustainable development and reduce the impacts of global warming. We are conscious
of the Company's responsibility towards environmental protection in and around
leasehold areas. The cumulative plantation across all mines as on 31 March 2026 stands at
22.66 lakh saplings.
We are committed to the ecological restoration of barren manganese soil
dumps and the rejuvenation of waste dumps by adopting an integrated biotechnological
approach to support sustainable development and a better environment at the Company's
mines.
MOIL has also ventured into the generation of electricity through
windmills and solar power plants to promote clean and green energy.
At present, MOIL has an installed solar power capacity of 10.5 MW and
wind power capacity of 20 MW. We are in the process of increasing capacity in both
renewable energy generation sectors in the coming years.
(F) S afety and Occupational Health
W e give top priority to maintaining safety mines and plants. We
consistently work towards minimising accidents by upgrading safety equipment standards,
adopting modern mining technologies and implementing mechanised mining operations. Several
measures have been implemented to further enhance safety standards across mines.
1) MOIL has a formal safety policy that emphasises-
Safe, cost-effective and eco-friendly mining operations.
Elimination and reduction of mining hazards through proper planning
and design.
Compliance with statutory safety rules and mining regulations.
2) H azard Identification and Risk regularly conduct risk assessments.
Risk assessment studies for underground and opencast mines.
Safety audits and accident analysis.
Identification of high-risk areas such as roof falls, haulage
systems, explosive handling, transport and machinery operations.
Mock drills at all mines to enhance emergency preparedness for
situations such as inundation and accidents in underground and opencast mines.
3) T raining and Safety Awareness-in
Vocational and refresher training programme.
Specialised safety training for workers and supervisors.
Refresher training to develop safety concussions among employees.
Safetyawarenessprogrammeonsustainable mining and environmental law.
Safety week celebrations and rescue competitions.
Swachha pakhwada celebration across all mines.
4) Workers are provided with protective equipment such as helmets,
safety shoes, gloves, hearing protection, respirators and dust masks, safety We belts and
reflective clothing. The use of PPE is compulsory in all mining areas.
5) T he Company's occupational health services focus on
maintaining workers' physical health through–
Regular medical check-ups.
Monitoring of occupational diseases.
Health surveillance for dust and noise exposure.
Emergency medical facilities and first-aid.
Clean and hygienic workplace conditions.
6) In the area of occupation health and management system, MOIL has
adopted internationally recognised management systems such as
ISO 45001:2018 for occupational health and safety
ISO 14001:2015 for environmental management
ISO 9001:2015 for quality management.
7) A total of 356 man-days were lost due to injuries in FY'26, compared
with 341 man-days in the previous year.
(6) Vigilance Activities / Events
The functioning of our Vigilance Department includes preventive
vigilance, in addition to punitive and participative vigilance. The main thrust is on
system improvement in the organisation through the issuance of vigilance advisories for
streamlining and developing procedures in areas prone to vigilance. the Company's
Vigilance Department has obtained ISO 9001:2015 certification from International
Certification Services Pvt. Ltd., Mumbai, accredited by the Joint Accreditation System of
Australia and New Zealand for the Quality Management System, which is recognised worldwide
by the International Accreditation Forum (IAF).
Important activities of Vigilance Department during the calender year
2025 are as follows-
Conducted 36 periodic inspections, 14 surprise inspections and 6
Chief Technical Examiner (CTE)-type inspections.
Processed a total of 61 complaints, including 5 complaints referred
by the Ministry.
As an outcome of investigations relating to complaints, study,
inspection etc., 26 advisories and suggestions were provided to the management for system
improvement in various areas.
As per the instructions of CVC and Ministry of Steel, four
structured meetings of vigilance department with MOIL Management have been held during the
year 2025 in which issues related to status of systemic improvement advisories issued by
Vigilance and other agenda items were discussed.
Vigilance activities were reviewed by the MOIL Board.
Vigilance Awareness Week was observed from 27 October to 2 November
2025 across all mines and offices, during which various activities were conducted in
accordance with CVC guidelines under the theme “Vigilance: Our Shared
Responsibility”.
As per CVC guidelines, preventive vigilance measures were
undertaken as a precursor to VAW 2025 and a three-month campaign (from
18 August 2025 to 17 November 2025) was organised, during which various
activities were undertaken across MOIL.
Conducted 11 training programmes during the year on procurement
processes, Conduct Rules, cyber security, ethics and governance, preparation of
investigation reports, drafting of charge sheets, disciplinary proceedings and CTE
examinations at the Head Office and mines, covering total 357 employees.
As required vide OM No. F. No. 28(1)/2016-Leg.I dated 24 January
2018, details related to vigilance cases disposed of and pending during the calendar year
2025 are as follows-
|
Nature of cases |
| Cases during calendar year 2025 |
Having vigilance angle |
Administrative** |
Total |
| Cases disposed off |
23 |
16 |
39 |
| Pending |
03 |
01 |
04 |
**All administrative cases were forwarded to the management to deal at
their end.
(7) Human Resource and Personnel
(A) Training Programmes and Skill Development
We have continued to focus on training and development of human
resources, resulting in a 27% increase in training mandays in FY 2025-26 compared to the
previous year.
During FY 2025-26, a total of 145 training programmes (internal and
external) were conducted for employees at the Corporate Training Centre, Nagpur and
Centres of Excellence such as Texmin, IIT, XLRI, IIM and IMT, etc. A total of 5,931
man-days of training was imparted, including 2,906 man-days for executives.
We imparted training under the Recognised Prior Learning Programme
(RPL), one of the skill development programmes, to 348 regular employees and 258
contractual employees.
(B) Welfare Schemes and Facilities
We are implementing various welfare schemes such as housing, drinking
water, electricity, hospitals, health camps, schools, home loans and interest subsidies on
home loans for the benefit of employees as well as people residing in areas adjacent to
the Company's mines, which are situated in remote locations. The salient features of
these schemes are as follows-
To improve the standard of living and consider the aspirations of
employees, residential quarters have been constructed and allotted to majority of the
employees.
Adequate supply of drinking water is provided to employees residing
in mine colonies.
Colonies and streets within the camps are well illuminated.
Employees are provided with electricity for their residences at concessional rates.
Hospitals have been set up at all mines and are maintained by
qualified doctors, supported by trained paramedical staff. Separate OPD facilities and
indoor wards for male and female patients are provided. Ambulances are also provided at
all hospitals for attending emergencies. Patients are also referred to specialised
hospitals for medical treatment as and when required.
A post-retirement medical insurance scheme is available for retired
employees to extend medical facilities to separated employees.
the Company's pension scheme, which is a defined contribution
scheme, has been in operation since 1 January 2007.
NPS is implemented for those who have opted to switchover from
MOIL's pension scheme to NPS.
Assistance is provided for running primary schools at some of the
Company's mines, where free education is imparted. School buses are provided at all
mines.
Reimbursementoftuitionfeesandscholarshipare provided to meritorious
students of employees.
A scholarship scheme is available for meritorious students of
contractual workers.
Reimbursement of tuition fees for the children of staff and workers
pursuing professional courses.
Free OPD facility at Mine hospitals for contractual workers.
Health kits containing iron and calcium tablets are distributed
among female contractual workers and the spouses of male contractual workers.
(C) Welfare Measures taken for SC/ST
MOIL is a labour-intensive organisation with 5,020 employees on the
Company's rolls as on 31 March 2026. About 73% of total workforce belongs to
SC/ST/OBC categories (SC: 18.11%, ST: 23.13% and OBC: 31.75%).
We are also taking a keen interest in the development of the tribal
population residing in the vicinity of mines located in remote areas through the following
measures-
Adoption of villages near the Company's mines and provision of
drinking water facilities, road maintenance, periodic medical check-ups and treatment for
people residing in these villages.
Providing financial aid, stationery and books to schools adjacent
to the mining areas.
Organizing training programmes for self-employment.
(D) Empowerment of Women
We employ 811 women employees, constituting 16.15% of total workforce
of 5020 as on 31st March, 2026. In compliance with the directives of the Hon'ble
Supreme Court, guidelines relating to the prevention of sexual harassment of women at the
workplace were issued by the Government of India, Ministry of Human Resources Development.
Accordingly, a Complaints Committee comprising MOIL officials and an independent member
has been formed in the Company.
Mahila Mandals are functioning effectively at all mines. Various
cultural, social, educational and community activities such as adult education, blood
donation camps, eye camps and family planning are organised regularly, mainly for the
benefit of women residing in remote mine areas.
Every year, 8th March is celebrated as International Women Day and
various programmes are organised to mark the occasion. The Company also grants maternity
leave and special casual leave for family planning. As part of CSR activities, self-help
groups have been created at the Company's mines comprising women from remote
villages. They are trained in making candles, washing powder, washing soaps, bamboo
baskets, tailoring and various other vocational activities to make them self-reliant.
(E) Disclosure requirements under The Prevention of Sexual Harassment
of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013
As per the provisions of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal Complaints
Committees have been set up in to deal with cases received under the Act. The names of the
committee members have been uploaded on the Company's website:
https://backend.moil.nic.in/ getFiles/public/document/U6a05a2511-6a05749ci0-l2sgcmd.pdf
The directives have been widely circulated to create awareness among women workers.
Details of complaints received under the Act during FY 2025-26 are as follows:
| number of complaints of sexual harassment received in the
year |
number of complaints disposed-off during
the year |
number of cases pending for more than
ninety days |
| 1 |
1 |
0 |
(F) Maternity benefits provided by the company under Maternity Benefit
Act, 1961
We confirm that MOIL has complied with the Maternity Benefit Act, 1961.
All eligible women employees received the applicable benefits, including paid leave,
continuity of salary and service and post-maternity support such as nursing breaks and
flexible work options.
(G) Manpower
Manpower as on 31st March, 2026 of the Company is given below-
| Particulars |
Executives |
Non-Executives |
Workers |
Total |
| Male |
276 |
1625 |
2308 |
4209 |
| Female |
35 |
77 |
699 |
811 |
| Total |
311 |
1702 |
3007 |
5020 |
The category-wise details of employees' strength as on 31.03.2026
are as under-
| Group |
Scheduled caste |
Scheduled tribe |
O.B.C. |
Others |
EWS |
Total |
| A |
48 |
11 |
92 |
131 |
6 |
288 |
| B |
23 |
10 |
51 |
54 |
1 |
139 |
| C |
264 |
154 |
414 |
257 |
3 |
1092 |
| D |
529 |
986 |
1037 |
904 |
0 |
3456 |
| Safai Karamchari |
45 |
0 |
0 |
0 |
0 |
45 |
| Total |
909 |
1161 |
1594 |
1346 |
10 |
5020 |
| Total % |
18.11% |
23.13% |
31.75% |
26.81% |
0.20% |
100% |
(H) Citizen's Charter and Grievance Redressal Mechanism:
(a) Employees' grievances - MOIL has its own grievance redressal
procedure for executives as well as non-executive employees. The grievances of employees
are dealt with accordingly as per the applicable rules.
(b) Public grievances - Any citizen can submit their grievance through
online Centralised Public Grievance Redressal and Monitoring System (CPGRAMS). All
grievance officers have been apprised of the procedure for disposal of public grievances
received. The system adopted for dealing with public grievances was established based on
instructions received from various authorities.
( G c) rievance redressal mechanism – The grievance redressal
mechanism in MOIL consists of one grievance officer nominated for each unit/mine. The
grievance officer nominated at the Head Office coordinates with grievance officers at the
units/mines to ensure effective performance.
( Monthly/quarterly grievances are reviewed and addressed by designated
Public Grievance Officers at units/ d) mines and the Head Office and disposed of within
stipulated period of one month.
( D e) ata related to grievances at the units/mines are submitted by
Unit Grievance Officers through monthly/ quarterly returns to the Head Office. The same
are examined and submitted to the Ministry of Steel.
S tatus of public/staff grievances during FY 2025-26
| Sr. No. |
Particulars |
Grievances outstanding as on 1st April, 2025 |
Number of grievances received during the
year |
Number of cases disposed of |
Grievances outstanding as on 31st March,
2026 |
| 1 |
Public grievances |
Nil |
29 |
29 |
Nil |
| 2 |
Staff grievances |
Nil |
06 |
06 |
Nil |
|
Total |
Nil |
35 |
35 |
Nil |
(I) P rogressive use of Hindi
MOIL BHARTI magazine of MOIL has been awarded first position by
Nagar Rajbhasha Karyanvayan Samiti, Nagpur.
Around 97% of correspondence in MOIL, including its mines, is
conducted in Hindi. The Unicode system has been implemented across all processors. We have
installed Hindi-related software on all computer systems.
More than 55% of the amount earmarked for Rajbhasha activities was
utilised for the purchase of Hindi books.
To encourage compliance with the provisions of the Official
Language Act, 1963, various Hindi competitions are organised on occasions such as Dr. Baba
Saheb Ambedkar Jayanti, Swachhta Campaign, Quami Ekta Diwas and Vigilance Awareness Week.
Through workshops and training programmes, more employees are
trained to work in Hindi.
Workshops and Rajbhasha seminars have been organised to promote
Hindi.
Weprovideacontributoryfundforthepublication of the magazines
Wainganga and Rajbhasha Darpan, published by the Nagar Rajbhasha Karyanvayan Samiti,
Balaghat and Nagpur.
(J) R ight to Information
Wit h the enactment of the Right to Information Act, 2005 in India, we
have taken major initiatives towards its effective implementation.
W e have appointed CPIOs at the Head Office and
PIOs/APIOs at all mines. The Head of Department (Personnel) at the Head
Office has been appointed/ designated as the Appellate Authority under the Act. Names of
all PIOs/APIOs and appellate authorities have also been hosted on the Company's
website: https://www.moil.nic.in/public/rti
Information relating to the Company, its employees, etc., has been
prepared under 17 heads as prescribed in Section 4(1)(b) of the RTI Act and has been
hosted on the Company's portal. We have been submitting necessary information and
returns to the prescribed authorities and updating the same regularly. Awareness
initiatives have been undertaken to make employees aware of the intent and true spirit of
this Act. Various provisions of the Act have been highlighted through the issuance of
circulars, maintaining transparency in day-to-day work and ensuring that all records are
maintained in a proper and systematic manner. Further, we have also been hosting/updating
as much information as possible suo motu on the Company's website at regular
intervals for the public, thereby reducing the need to use various provisions under the
RTI Act to obtain information. To enhance awareness among employees, seminars have been
organised to help them understand the importance of the RTI Act in the present scenario.
Status of applications and appeals received under the RTI Act during
the year under report is as follows:
| Sr. No. |
Particulars |
Pending as on 01.04.2025 |
Received during the year |
Cases disposed of |
Pending as on 31.03.2026 |
| 1 |
RTI Applications |
32 |
209 |
234 |
07 |
| 2 |
Appeals under RTI |
0 |
29 |
29 |
0 |
(K) Industrial Relations
Industrial relations in MOIL continued to remain cordial and peaceful
during FY 2025-26. Conditions conducive to improved production and productivity have been
maintained smoothly.
Various committees have been constituted at mines and the Head Office
to discuss issues related to smooth functioning of the organisation and ensure expeditious
settlement of grievances. These committees have been functioning satisfactorily.
(L) Swachh Bharat Abhiyan
We are actively participating in and promoting the Swachh Bharat
Abhiyan (Clean India Campaign), initiated on the call of the Hon'ble Prime Minister
as the country's largest cleanliness mission and inspired by Mahatma Gandhi's
vision of 'Swachh Bharat'.
During FY 2025–26, we organised “Swachhata Pakhwada”
under the Swachh Bharat Abhiyan from 15th September to 30th September 2025 and from 16th
March to 31st March 2026.
Various activities were conducted, including Swachhata Pledge
ceremonies, awareness campaigns on hygiene and reduction of single-use plastic, training
sessions, workshops, Nukkad Natak and seminars. Cleaning drives were carried out in mines,
nearby villages, schools and public utilities such as wells, hand pumps and drains.
Plantation drives, painting competitions and a mega plogging drive were also organised,
along with market campaigns promoting eco-friendly practices such as the use of jute bags.
Additionally, we observe Swachh Diwas (Cleanliness Day) on the first Wednesday of every
month.
(M) Special Campaign for disposal of pending matters 5.0
As per directives received from Ministry of Steel, Govt. of India,
special campaign for disposal of pending matters 5.0 has been organised at Head Office and
all mines/units. The activities undertaken during the period at all mines and offices
include liquidation of pending matters, workplace cleanliness, space management, record
management, record digitisation, scrap disposal and reduction of compliance burden.
(8) Corporate social responsibility (CSR) and sustainability:
As a responsible and conscientious corporate citizen, we remain
steadfast in the Company's commitment to Corporate Social Responsibility (CSR), with
a focus on environmental sustainability, ethical governance and philanthropic outreach. We
recognise that CSR is not merely a statutory obligation but an integral component of the
Company's corporate philosophy, driving long-term, inclusive development and
alignment with national priorities.
Over the years, MOIL has consistently contributed to a wide array of
socially impactful projects across healthcare, education, livelihood, skill development,
women empowerment and community welfare. Company's CSR strategy is centred on
delivering holistic, meaningful and measurable benefits to underprivileged and
marginalised sections of society.
Key CSR initiatives in FY 2025-26:
A. Healthcare and Preventive Medical Support:
We continued to prioritise healthcare accessibility and preventive
medical care for underprivileged and remote communities. During the year, we supported
joint and hip replacement surgeries in association with Indira Gandhi Government Medical
College (IGMC), Nagpur, thereby providing relief and improving the quality of life of
economically weaker patients. The project is being implemented as a multi-year initiative
aimed at undertaking 300 surgeries over a period of three years, with financial assistance
of H66,670 per surgery. The initiative is expected to significantly benefit economically
weaker patients suffering from severe orthopaedic ailments by improving mobility, reducing
pain and enhancing overall quality of life.
A modular Intensive Care Unit (ICU) at Rashtrasant Tukdoji Maharaj
Cancer Hospital, Nagpur.
Ambulances were provided to Dongri Buzurg Gram Panchayat (Bhandara
District, Maharashtra), Tirodi Gram Panchayat (Balaghat District, Madhya Pradesh) and
Radhamohanpur (West Medinipur, West Bengal) to improve emergency healthcare services in
remote and underserved regions. A fully equipped cardiac ambulance was also provided to
Shri Vasantrao Naik Government Medical College, Yavatmal.
Distribution of nutritional kits to Sickle Cell Anaemia and
Tuberculosis (TB) patients in Balaghat district and health kits to female contractual
workers and spouses of contractual workers across mining areas focused on nutrition,
hygiene and awareness regarding preventive healthcare.
Saksham Balika Yojna – Nursing Education Support: To empower
women through education, MOIL has been sponsoring 15 girls from economically weaker
sections every year since 2019 for pursuing Bachelor's Degree in Nursing and General
Nursing and Midwifery at Apollo College of Nursing, Hyderabad.
Certified training as Operation Theatre Technicians and Blood Bank
Technicians was provided to 27 candidates belonging to BPL families in collaboration with
Centurion University, Odisha, thereby enhancing livelihood opportunities for marginalised
sections.
B. Promoting Quality Education in Rural Areas:
In partnership with DAV Group of Schools, we run two
CBSE-affiliated schools at Sitasaongi (Bhandara District) and Ukwa (Balaghat District).
These schools feature modern infrastructure, including state-of-the-art laboratories,
libraries and digital classrooms.
Furthermore, we are in the advanced stages of establishing a new
DAV Public School at Munsar Mine, scheduled to commence operations from the upcoming
academic session. Construction of the school building is currently underway. We also
support two other schools—one in Bhandara District and another in Balaghat District,
Madhya Pradesh—under education and skill development initiatives.
A scholarship scheme has been introduced for children of contract
workers under the 'Shiksha Protsahan Scheme'.
C. Community Development Initiatives:
Since2014,MOILhaspartneredwiththeBAIF Institute for Sustainability
and Livelihood Development (BISLD) to implement community development programmes across 21
villages in Madhya Pradesh and Maharashtra. Following the programme's success, we
adopted 22 more villages in 2020, extending the Company's reach to a total of 43
villages for three years. From FY 2024-25, this community development programme is being
carried out in another 24 villages. These initiatives focus on:
Livelihood development
Women empowerment
Agricultural training
Infrastructure development
Water resource management
Sanitation and health awareness
Community Health
D. Rural Infrastructural Development:
Construction of a community hall at Old Tirodi Gram Panchayat,
District Balaghat.
Construction of a 1,00,000-litre elevated service water reservoir
for Dongri Buzurg Gram Panchayat, Bhandara District, Maharashtra.
E. PAN India CSR Projects:
We extend the Company's social commitment beyond its core areas of
operation through nationwide CSR initiatives focused on healthcare, rural infrastructure
and access to clean water. Key undertakings include:
Healthcare: Donation of Ambulance to Radhamohanpur (West Medinipur,
West Bengal)
Rural Infrastructure Development: Construction of two community
halls in Puri, Odisha, to foster social interaction and community development.
A report on CSR activities, as required under Companies Act, 2013, is
attached as Annexure-II.
(9) Directors and KMP
(A) Change in Directors and Key Managerial Personnel (KMP)
Details of changes in Directors /KMP are as follows:
Shri Ajit Kumar Saxena, Chairman-cum-Managing Director ceased to be
Director, w.e.f. 1st January, 2026 on his superannuation.
The Government of India has appointed Shri Vishwanath Suresh, as
Chairman-cum-Managing Director, w.e.f. 7th January, 2026.
Dr. Iqbal Singh Chahal, Additional Chief Secretary (Mines), Govt.
of Maharashtra -
Nominee Director ceased to be director w.e.f. 1st February, 2026.
Shri Dinesh Kumar Gupta, Independent Director ceased to be director
w.e.f. 15th April, 2026.
Smt. Usha Singh, Director (Human Resources) ceased to be director
w.e.f. 1st July, 2026 on her superannuation.
Smt. Sonali Nagvenkar appointed as an Independent Director w.e.f.
16th July, 2026 Pursuant to section 134(3)(q) read with rule (8) (5)(iii) of Companies
(Accounts) Rules, 2014 and section 203(1), the Board has designated Chairman-cum-Managing
Director [Chief Executive Officer (CEO)], Director (Finance) [Chief Finance Officer (CFO)]
and Company Secretary as Key Managerial Personnel. Changes in KMPs during FY 2025-26 have
been given above.
(B) Declaration by Independent Directors
The Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion
of the Board, the Independent Directors possess the requisite expertise and experience and
are persons of high integrity and repute. Independent Director Shri Dinesh Kumar Gupta has
passed the test within the time limit provided under the Companies Act, 2013 and the Rules
made thereunder. However, Shri Kapil Kotecha will pass the test within the stipulated time
limit. They fulfil the conditions specified in the Companies Act, 2013 and the Rules made
thereunder and are independent of the management. Independent Directors are generally
appointed for a period of three years by the Government of India.
(C) Appointment, performance evaluation and remuneration policy
Being a Central Public Sector Enterprise, appointments, tenure,
performance evaluation, remuneration, diversity, etc., of the Directors are made/fixed by
the Government of India. The Ministry of Corporate Affairs has exempted Government
companies from the applicability of certain provisions/sections of the Companies Act,
2013, vide notification dated 5 June 2015. As per the notification, the Nomination and
Remuneration Committee is not required to formulate the criteria for appointment of
Directors, their remuneration policy or carry out their performance evaluation. In MOIL,
being a Government Company, the appointment of Directors and their performance evaluation
are undertaken by the Administrative Ministry, i.e., the Ministry of Steel, Government of
India. As such, performance evaluation by the Board of its own performance, its committees
and individual Directors is not applicable/required.
The remuneration of officers (executives) is fixed as per Government
guidelines on pay revision and remuneration of non-executives is as per Wage Settlement
Agreement entered into with recognised Union. Appointments/promotions, etc., of the
employees are made as per Recruitment and Promotion Policy approved by the Board. On
recommendation of the NRC, the Board has also formulated the policy on similar lines.
(D) Directors' Responsibility Statement
Your directors state that -
(i) In the preparation of financial statements, the applicable
accounting standards have been followed and there are no material departures therefrom
(ii) They have selected appropriate accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at 31st March 2026 and of the profit
and loss of the Company for the year ended on that date
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting frauds or
other irregularities (iv) They have prepared the financial statements on a going concern
basis (v) They have laid down internal financial controls to be followed by the Company
and ensured that such internal financial controls are adequate and operating effectively
(vi) They have devised proper systems to ensure compliance with the provisions of all
applicable laws, including applicable Secretarial Standards, and that such systems are
adequate and operating effectively.
(10) Development of information technology and usage
The Company has set-up a full-fledged Systems Department to ensure
effective computerisation of all the functional areas of the Company. To ensure adequate
IT infrastructure, the steps taken by the Systems Department are as follows
Installation of computers and other IT equipment at all its offices
and mines/plants.
Ethernet based Local Area Networks (LAN) on Windows and Linux
platforms are in place at Head Office, Nagpur and at all mines of the Company.
For effective sharing of applications, databases/ information and
other resources at all the Mines and HO are connected through MPLS VPN and VPN over Leased
line.
For continuous knowledge acquisition, e-mailing and inter unit data
transfer facilities, all the concerned officials at the Head Office have been provided
with internet connections through internet leased lines on OFC. All mines are provided
with leased line internet connections on OFC.
Procurement of goods and services through the e-procurement portal
of MSTC to bring transparency in the procurement process.
Implementation of ERP in the Company. In addition to the core
modules viz. FICO, MM, SD, PP, PM, HRM of SAP, the Company has also implemented File
Lifecycle Management (FLM), Document Management System and Employee Self Service Portal.
Use of FLM for effective file tracking and reduction in paperwork.
Implementation of Customer Portal, wherein customers can access
various information regarding prices and availability of material at one place.
Implementation of Vendor Invoice tracking system, where vendors can
upload their invoices online and track their status.
Use of Video Conferencing for communication with mines, Ministry
and other agencies.
Introduction of digitalisation in Board meetings and Sub-Committee
meetings by forwarding agenda notes and related documents online.
Implemented Structural Digital Database (SDD).
Implementation of Complaint Handling System for Vigilance
Department
Implementation of Production Reporting System, where senior
officials can monitor daily production versus targets.
Introduction of a portal for MOIL vendors to facilitate the
submission of invoice/bill claims from anywhere. In this regard, a mobile app has been
developed, which is available free of cost on Google Play Store and Apple App Store. The
same can also be accessed through MOIL's website https://moil.nic.in/public/home. It
enables vendors to track the movement and status of the invoice. It is integrated with the
SAP server and automatically shares all required work order data and vendor master
information.
Implementation of Human Resource Information System (HRIS) and
Hospital Management System(HMS) in SAP ERP.
Implementation of Data Bank and digitisation of Mining Equipment
Logbooks in SAP ERP.
Implementation of the digitalisation of the No Objection
Certificate (NOC) process in SAP ERP, enabling automated clearance of dues for separating
employees.
Cyber Security and Information Security Initiatives: We have
strengthened cyber security framework through the deployment of firewalls and antivirus
solutions to safeguard systems against both external and internal cyber threats. Further,
the process for installation of honeypots has been initiated in consultation with CERT-In
for proactive detection, monitoring and analysis of malicious access attempts. In
addition, the process for conducting security audits of internally developed applications
has also been initiated. These audits shall be carried out through CERT-In-empanelled
auditors to identify vulnerabilities and recommend appropriate remediation measures,
thereby enhancing the overall security posture of the organisation.
(11)A wards and Accolades
MO IL is one of the public sector enterprises the country known for its
consistent excellent performance. The Company has received national/ regional recognition
for its outstanding work in various spheres of activity. The following are some of the
recognitions received by the Company and its management:
1. MOIL's Balaghat Mine has been honoured with the
prestigious Sustainable Mining Award for its excellence in hard rock mining
technology, mineral conservation and safety practices at Bhubaneswar.
2. MOIL was honoured with three Prestigious Awards at the 19th Media
Excellence Awards 2025 at New Delhi.
3. MOIL has been awarded in the "Enterprise Applications
Category" of the PSE Excellence Award 2025 by Indian Express Group, at
Hyderabad.
4. MOIL was recognised for its excellence in technology and innovation,
winning three prestigious awards — IT Service Management, IT Collaboration and
Partnerships and Digital Transformation Leader of the Year (CIO/CTO) — at the 10th
India PSU IT Summit Awards organised by Governance Now New Delhi.
5. MOIL was awarded with the Performance Excellence Award 2025
Organisational and Individual at the 25th CEO Conference by the Indian Institution of
Industrial Engineering in (IIIE) at Shillong.
6. MOIL's Tirodi Mine has been awarded with the “Madhya
Pradesh Environment Award 2022-
23” in the Environment Protection in Mining Operation category
by the Hon'ble Chief Minister of Madhya Pradesh at Bhopal
7. MOIL was recognised with the Maharashtra State Best Employer
Brand Award 2025 at the 20th Employer Branding Awards at Mumbai.
8. MOIL conferred with the prestigious 5-Star Rating Awards for
its Gumgaon, Kandri and Chikla Mines for the year 2023–24 by the Indian Bureau of
Mines (IBM).
9. MOIL conferred with "Coal India Productivity Award 2024- 25"
at the 67th National Convention and9th International Conference of Indian Institution of
Industrial Engineering (IIIE) at Thiruvananthapuram.
10. MOIL won five prestigious awards across diverse categories,
including Business Communication Leadership, Corporate Communication Excellence, Art,
Culture and Sports, House Journal (Regional), at the 15th PRCI Excellence Awards 2025
organised by Public Relations Council of India at Goa.
11. MOIL's Avighna Quality Circle Team won the Gold Award at the International
Quality Circle Convention 2025 at Taipei, Taiwan.
12. MOIL conferred with third prize with “Narakas Puraskar“
for its official language implementation in Hindi at Nagpur.
13. At the 54th All India Mines Rescue Competition (Coal and
Metal) – 2025, organised under the aegis of the Directorate General of Mines
Safety (DGMS), MOIL own Overall first & Multiple National Award, with hosting the
national event for the first time, supported by the Mine Rescue Station (MRS), WCL.
14. MOIL conferred with four awards, including Best Communication
Campaign (External), Best Communication Campaign (Internal), Best R&D Effort for
Promoting Science and Technology and Best Annual Report, at the 47th PRSI Conference
2025 held at Dehradun.
15. MOIL was awarded with India's Most Influential CFO Award 2026 at
the National Leadership Summit and Awards 2026 held at the Bombay Stock Exchange
International Convention Hall, Mumbai.
16. MOIL conferred with four awards at the 12th Governance Now PSU
Awards for HR Leadership, CSR Leadership, Public Relations Campaign of the Year and
Digital Transformation through Start-up Partnership.
(12) Policy and disclosures
(A) Risk Management Policy
MOIL recognizes that risk is inherent in any business activity and that
effective risk management is critical to the Company's immediate and long-term success.
The Risk Management Policy of the Company establishes a framework that facilitates risk
oversight, the management of material business risks and the strengthening of the
Company's internal control system. The identified risks are reviewed periodically, along
with any emerging risk elements, which, in the opinion of the Board, may threaten the
Company's continued operations. The Policy is also available on the Company's website h t
t p s : // b a c k e n d . m o i l . n i c . i n / g e t F i l e s / p u b l i c / d o c u
m e n t / T 6 9 c 3 c e a 0 1 - R i s k _ Management_Policy.pdf
(B) Vigil Mechanism
TheCompanyhasaWhistleBlowerPolicyandthesame is uploaded on its website
https://backend.moil.nic. in/getFiles/public/document/W69c3cefe1-Whistle_
Blower_Policy.pdf. The Company has a competent and independent Vigilance Department headed
by the Chief Vigilance Officer (CVO) to monitor unethical behaviour, actual or suspected
fraud, or violations of the Company's Code of Conduct and Ethics Policy. All personnel
have access to the Vigilance Department to report complaints, grievances and other
concerns. A Vigil Mechanism has been established for Directors and employees to report
genuine concerns. The Vigil Mechanism provides adequate safeguards against the
victimisation of persons who use the mechanism to report genuine concerns.
(C) Corporate Governance
The Company strives to attain the highest standards of corporate
governance. The Certificate on Corporate Governance is also attached to the Report and is
self-explanatory. There is no qualification in the Certificate except with respect to the
composition of the Board of Directors during the year and the composition and quorum of
the Board Committees, owing to the non-appointment of the requisite number of Independent
Directors during certain parts of the year. Being a Government Company, all Directors are
appointed by the Government of India. The Board believes that the Government of India will
appoint the requisite number of Directors to the Board of MOIL.
A separate section on Corporate Governance forms part of this Annual
Report (Annexure-III).
(D) Management Discussion and Analysis and Business Responsibility and
Sustainability Report
Management Discussion and Analysis Report and Business Responsibility
and Sustainability Report form part of this Annual Report (Annexure-IV and Annexure-V).
(E) Related Party Transactions
The Company has not entered into any materially significant related
party transactions that may have potential conflict with the interests of the Company at
large. Nonetheless, transactions with related parties have been disclosed in Point No.
3.10 and 3.11 of Note No. 3 of notes to the accounts. Accordingly, no disclosure is
required in Form AOC-2 under Section 134(3), read with Rule 8 of the Companies (Accounts)
Rules, 2014. The Company has Related Party Transaction Policy and the same is available on
its website: https://backend.
moil.nic.in/getFiles/public/document/69e5d5abp0-RPT_Policy.pdf
(F) Procurement as per Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006 and GeM
As per the requirements of the Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006 and the notifications issued by the Central Government in
this regard, PSUs are required to procure a minimum of 25% of their total annual
procurement of products produced and services rendered by MSEs. It further requires that
4% of the aforesaid 25% shall be earmarked for procurement from MSEs owned by Scheduled
Castes or Scheduled Tribes entrepreneurs and 3% thereof shall be earmarked for procurement
from MSEs owned by women. The Act also requires PSUs to report the goals set with respect
to the aforesaid procurement and disclose the achievements made in their Annual Report.
The total procurement of goods and services during FY 2025-26 amounted
to `342.21 crore, out of which the value of goods and services procured from MSEs
(including MSEs owned by Scheduled Castes, Scheduled Tribes or women entrepreneurs) was
`233.65 crore, representing 68.28% of the total annual procurement, as tabulated below.
| Category of MSE Firm |
Norms |
Achievement |
Amount in Lakh |
| Procurement from MSE firms |
25% |
68.28% |
23365 |
| Procurement from MSE firms SC / ST |
4% |
4.02% |
1376 |
| Procurement from Women Entrepreneurs MSE firms |
3% |
3.88% |
1329 |
| Shortfall in MSE Procurement Targets and reason thereof |
N.A. |
N.A. |
N.A. |
Thus, the Company is complying with the requirements of the Micro,
Small and Medium Enterprises Development (MSMED) Act, 2006 with respect to the minimum
procurement from MSEs.
MOIL's total procurement through open tender during FY 2025-26 was
H342.21 crore. Out of this, procurement through the Government e-Marketplace (GeM) portal
amounted to H334.94 crore. The details of procurement through the GeM portal during FY
2025-26 are summarised below:
| Particulars |
Goods |
Service |
Total |
| Total annual procurement of goods and services |
16907 |
17314 |
34221 |
| Actual annual procurement undertaken through GeM |
16180 |
17314 |
33494 |
Details of payments made and payments pending beyond 45 days for FY 2025-26
| Sr. No. |
Particulars |
Details |
| (i) |
Total amount involved |
NIL |
| (ii) |
Number of Invoices |
NIL |
| (iii) |
Number of Suppliers involved in delays |
NIL |
| (iv) |
Total annual procurement value from MSE's (Rs. in crore) |
233.65 |
| (v) |
Total number of invoices during the year processed of MSE's |
4248 |
| (vi) |
Total number of suppliers during the year engaged in annual
procurement based on orders issued to MSE's |
304 |
(G) Memorandum of Understanding (MoU) with Ministry of Steel
MOIL has been signing MoUs with the Ministry of Steel for more than 25
years. The MoU sets various annual performance targets and parameters, which are assessed
against actual achievements. Since 1995-96, when MOIL started signing the MoU, it has been
receiving an 'Excellent' rating, except for a few years due to adverse market conditions.
The rating for the year 2024-25 was 'Excellent'. The rating for 2025-26 has not yet been
finalised. Continuing the practice, MOIL is in the process of signing an MoU with the
Ministry of Steel for the year 2026-27 as well.
(13)Audits and Auditors
(A) Statutory Auditors and CAG
In terms of Section 143(5) of the Companies Act, 2013, M/s TACS &
Co., Chartered Accountants, Nagpur, have been appointed by the Comptroller and Auditor
General of India (CAG) as Statutory Auditors of the Company for the year 2025-26. No fraud
has been reported by the auditors of the Company under subsection (12) of Section 143 of
the Act. Please refer to Point No. (xi) of Annexure C to the Statutory Auditors' Report.
The Statutory Auditors' Report is attached, which is self-explanatory. There is no
qualification in the Auditors' Report. CAG has issued a letter dated 02.07.2026 containing
comments to supplement the Statutory Auditors' Report for the year 2025-26, which is
attached along with the Management reply.
(B) Secretarial auditors
The Board had appointed M/s J.K. Das & Associates, Practicing
Company Secretaries, Kolkata, as
Secretarial Auditors for the financial years 2025-26 to 2029-30 (i.e.,
for 5 years). Their report is enclosed herewith, which is self-explanatory. There is one
observation in the Secretarial Audit Report relating to the composition of the Board of
the Company and its committees. Being a Government Company, all Directors are appointed by
the Government of India. Accordingly, the Government of India will appoint the requisite
number of Directors to the Board of MOIL.
(C) Cost audit
The Company is required to maintain cost records as specified by the
Central Government under subsection (1) of Section 148 of the Companies Act, 2013.
Accordingly, such accounts and records are prepared and maintained. M/s Ujwal P. Loya
& Co., Cost Accountant, Nagpur, have been appointed as the Cost Auditor of the Company
to conduct the audit of the cost accounting records maintained by the Company for the year
ended 31st March, 2026. The due date for filing the Cost Audit Report for the said year is
27th September, 2026, unless extended by the Government. The report will be submitted
within the prescribed time limit. The Cost Audit Report and Compliance Report for the year
2025-26 were filed within the prescribed time limit, as specified by the Ministry of
Corporate Affairs.
(14) Details of shares in suspense account and shares/dividend
transferred to IEPF
(A) There were no shares in the suspense account as on 31st March, 2025
and 31st March, 2026. Hence, the information in this regard is NIL.
(B) The details of unpaid/unclaimed dividend amounts and shares
transferred to the Investor Education and Protection Fund (IEPF) Account during 2025-26
are as under.
| Particulars |
Amount transferred (J) |
Number of shares transferred |
| Final Dividend 2017-18 |
16,26,625.50 |
48,062 |
| Interim Dividend 2018-19 |
17,33,490.00 |
4,893 |
Details of the resultant benefits (i.e. Dividend after TDS) arising out
of shares already transferred to the IEPF account are as under.
| Particulars |
Amount (J) |
| Final Dividend 2024-25 |
1,34,837.39 |
| Interim Dividend 2025-26 |
1,50,687.20 |
| 2nd Interim Dividend 2025-26 |
4,62,603.18 |
The details of unpaid/unclaimed dividend and corresponding shares are
available at web link https://moil.nic.in/public/investor-relations/ unpaid-ipo-dividend.
(15)Other Disclosures:
(i) Particulars with respect to R&D and technology absorption,
etc.: Particulars with respect to R&D and technology absorption, etc., as required
under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, forming part of this Report, are enclosed as Annexure-I
to this Report.
(ii) Change in the nature of business: There is no change in the
nature of the business of the Company during the year.
(iii) The names of companies which have become or ceased to be its
Subsidiaries, joint ventures or associate companies: There were no such companies
which have become or ceased to be Subsidiaries, joint ventures or associate companies
during the year 2025-26.
(iv) Foreign Exchange earnings and outgo:
Rs. in crore
| Particulars |
2025-26 |
2024-25 |
| Foreign Exchange Earnings |
30.75 |
NIL |
| Foreign Exchange Outgo |
0.50 |
0.19 |
(v) Particulars of employees: The provisions of Section 197 of the
Companies Act and the relevant Rules regarding particulars of employees drawing
remuneration in excess of the specified limits are not applicable to Government Companies,
in view of the Gazette Notification No. G.S.R. 463(E) dated June 5, 2015, issued by the
Ministry of Corporate Affairs, Government of India.
(vi) Deposits: During the year under review, MOIL has not
accepted any deposits as provided under the Act.
(vii) Loans, guarantees and investments: There are no loans,
guarantees or investments, as provided under section 186 of the Act during the FY 2025-26.
The Board approved the investment in the Joint Venture (MOIL MPSMCL Mining Limited) up to
an aggregate amount not exceeding H5.95 crore (i.e. 51% of the total equity investment of
RS.11.67 crore) in a phased manner. However, no investment was made during the year.
(viii) Composition of Audit Committee: The details regarding the
composition of Audit Committee are mentioned in Clause No. 3.1(A) of the Corporate
Governance Report which is a part of this Report.
(ix) Number of meetings of the Board: A total of seven (7) Board
meetings were held during the year. Further details in this respect are provided in Clause
No. 2.2 of the Corporate Governance Report, which forms part of this Report.
(x) Copy of Annual Return: Pursuant to Section 92(3) of the
Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules,
2014, a copy of the Annual Return for FY ended 31st March, 2026 is placed on the website
of the Company at the following link: ht t p s : // b a c ke n d . m o i l . n i c . i n
/get F i l e s / public/document/69c3c544f0-annual-return-2025-26.pdf
(xi) Material Changes and Commitments if any, affecting the financial
position of the Company:
There were no material changes and commitments affecting the financial
position of the Company that have occurred between the end of the financial year and the
date of this Report, except those enumerated elsewhere in this Report.
(xii) Significant and material orders passed by the Regulators or
Courts or Tribunal: There are no significant and material orders passed by Regulators,
Courts or Tribunals impacting the going concern status and the Company's operations in
future.
(xiii) There is no application made or any proceeding pending under the
Insolvency and Bankruptcy Code, during the year 2025-26.
(xiv) Disclosure regarding one-time settlement of loans by the Company,
during the year 2025-26 is not applicable.
(xv) On boarding on TReDS Platforms: MOIL has on boarded on the
TReDS platforms. The details are as follows-
| Sr. No. |
Name of TReDS Platform |
Onboarding Date |
| 1 |
Invoicemart |
08-02-2019 |
| 2 |
C2tres (C2FO Factoring |
07-10-2024 |
|
Solutions Private Limited) |
|
| 3 |
M1xchange |
08-10-2024 |
| 4 |
RXIL TReDS Exchange |
09-10-2024 |
| 5 |
Kredx- DTX |
19-06-2025 |
Acknowledgement
Your Directors acknowledge the support, cooperation and guidance
received from the Government of India, Ministry of Steel, Ministry of Environment and
Forests, the State Governments of Maharashtra and Madhya Pradesh, all Government
departments, the Company's shareholders, bankers, valued customers, suppliers and all
other stakeholders.
The employees of the Company have continued to demonstrate their
commitment towards the pursuit of excellence. Your Directors take this opportunity to
place on record their appreciation for the valuable contribution made by the employees and
look forward to their continued commitment, dedication and enthusiasm in enabling the
Company to scale even greater heights.
|
On behalf of the Board of Directors |
|
Vishwanath Suresh |
| Place : New Delhi |
Chairman-cum-Managing Director |
| Date : 29.07.2026 |
(DIN 10059734) |
|