MOIL Q2 FY27 Results (NSE: MOIL)
Signal: Margin pressure
The read
The key inflection is a margin reversal: Q2FY27 revenue grew 10.9% YoY to 36913.28 lakh, but EBITDA margin fell 500bps to 34.0% and PAT declined 12.3% to 6177.46 lakh after the 1178bps margin expansion and 70.1% PAT growth reported in Q1FY27.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹369.13 Cr | +10.9% | -0.5% |
| EBIT | ₹77.13 Cr | -14.1% | |
| Net profit | ₹61.77 Cr | -12.3% | |
| EPS | ₹3.04 | -12.1% | |
| EBIT margin | 34.0% |
P&L walk
Revenue increased 10.9% YoY to 36913.28 lakh, but EBITDA margin fell to 34.0% from 39.0% and PAT declined 12.3% to 6177.46 lakh as depreciation rose 20.8% and other income fell 47.5%.
Segments
Mining products drove the group with 36330.47 lakh of revenue and 6513.02 lakh of segment result, while manufactured products dragged with a 760.60 lakh loss; mining generated 84% of total segment result before unallocable income.
Key positives
- Mining products revenue increased 15.5% YoY to 36330.47 lakh and segment result rose 26.4% YoY to 6513.02 lakh.
- Operating cash flow was positive at 18215.64 lakh in H1FY27, while the company had no borrowings disclosed at 30.09.2026.
- EPS declined 12.1% YoY to ₹3.04 versus a 12.3% PAT decline, so the filing shows no material PAT-to-EPS dilution divergence.
- The board declared an interim dividend of ₹2.20 per share.
Key concerns
- EBITDA margin compressed 500bps YoY to 34.0% after Q1FY27's 42.1%, while PAT fell 12.3% YoY despite 10.9% revenue growth.
- Manufactured products remained loss-making at 760.60 lakh in Q2FY27, compared with a 504.86 lakh profit in Q2FY26.
- Other income fell 47.5% YoY to 1589.21 lakh, removing support from reported profitability.
- The EMD plant was under temporary planned shutdown and the Ferro Manganese plant was temporarily shut for repairs, with sales being met from finished-goods inventory.
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