MOIL Ltd Directors Report

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 years 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, MOILs 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 MOILs 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, MOILs total EC capacity as on 31 March 2026 stands at 33,28,800 TPA.

(A) Capex

MOILs 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 Companys 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 Companys 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 MOILs 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 Companys ‘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 Companys 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 Companys 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 todays context. It is imperative that the development process within a community is compatible with its environment as well as its cultural context. All the Companys 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 Companys 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 Companys 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 Companys 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 FY26, 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 Companys 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 Companys 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 Companys 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 MOILs pension scheme to NPS.

Assistance is provided for running primary schools at some of the Companys 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 Companys 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 Companys 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 Honble 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 Companys 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 Companys 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) Citizens 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 Companys 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 Companys 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 Companys 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 Honble Prime Minister as the countrys largest cleanliness mission and inspired by Mahatma Gandhis 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 Companys 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 Companys 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. Companys 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 Bachelors 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 programmes success, we adopted 22 more villages in 2020, extending the Companys 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 Companys 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 MOILs 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. MOILs 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. MOILs Tirodi Mine has been awarded with the “Madhya Pradesh Environment Award 2022-

23” in the Environment Protection in Mining Operation category by the Honble 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. MOILs 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 Indias 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 Companys 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 Companys 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 Companys continued operations. The Policy is also available on the Companys 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 Companys 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.

MOILs 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 MSEs (Rs. in crore)	233.65
(v)	Total number of invoices during the year processed of MSEs	4248
(vi)	Total number of suppliers during the year engaged in annual procurement based on orders issued to MSEs	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 Companys 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 Companys 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)