Target: ₹425
Current Market Price (CMP): ₹326.45
Recently, analysts visited MOIL’s Balaghat and HCP’s Malanjkhand (MCP) underground mines to evaluate their operations. This two-day program provided insight into various aspects of mining, including the forthcoming high-speed shaft project and a ferro manganese facility at Balaghat, as well as the crushing and concentrator plant at MCP.
The visit included access to the 13.5 level, approximately 390 meters below the surface, via the Holmes shaft. The current shaft has reached a working depth of 436 meters, while the planned 7.5-meter high-speed shaft is designed to extend to 750 meters, providing access from levels 15 to 27.5. This high-speed shaft is projected to operate three times faster than the Holmes Shaft and is expected to be commissioned and stabilized within six months, with anticipated volume increases starting from FY27.
Currently, the mine has a resource and reserve (R&R) estimate of 25.435 million tonnes and encompasses a total lease area of 259.489 hectares, underpinned by an Environmental Clearance (EC) for 650,500 tonnes. Additionally, a prospecting license covering 202.501 hectares is under consideration by the Directorate General of Mines, Bhopal, which could yield an extra R&R of approximately 10 million tonnes. The mine is producing ore with grades ranging from 25% to 48%, and the company anticipates ore volumes exceeding 0.4 million tonnes in FY26, eventually reaching over 0.55 million tonnes by FY28.
With MOIL recognized as India’s largest manganese merchant miner and clear visibility for volume growth driven by the high-speed shaft, analysts maintain a “Buy” rating on the stock with a target price of ₹425.
Published on December 5, 2025
