On behalf of Board of Directors, I take great pleasure in presenting the 64^th annual report of your Company, together with
the auditors’ report and financial statements for the year ended on 31^st March, 2026.

(1) Financial and physical performance

(A) Key financials

Financial results of FY 2025-26 and of the previous year are highlighted below.

Key financial ratios

Your Company has achieved the highest ever
production and sales of Manganese ore in FY 2025¬
26. It has recorded a total income of H1565.88 crore
during FY 2025-26 as compared to H1696.32 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.,
H1.80 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 H108.46
crore (previous year: H114.56 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 H1,472.84
crore as compared to the previous year’s turnover of
H1,584.94 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 twelve¬
months 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 H11.99
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: H17.03 crore).

(2) Capex, capital / value addition / 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-speed shaft sinking projects were conceptualised
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 4^th 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, Indian School of Mines (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. Ventilation Study at Munsar Mine.

6. Sustainable study report on the Gumgaon Mine.

7. Scientific Study to frame suitable support design
for the Balaghat, Chikla, Munsar, Kandri and
Gumgaon mines by VNIT, Nagpur.

8. Feasibility Study for Trial Stope Munsar
and Gumgaon mines.

9. Study report on stowing of stopes with bottom
ash sand at Gumgaon Mine.

10. Process Gap Analysis for Balaghat, Ukwa, Tirodi,
Sitapatore, Chikla and Dongri Buzurg, Gumgaon,
Kandri, Munsar and Beldongri Mine.

These R&D projects are helping us introduce
modern mining technologies along with changes
in stope designs.

The continuous use of software, modern technologies,
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 expenditure

We spent H16.90 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) Mineral Exploration and Mining Lease

Exploration for manganese deposits and subsequent
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.

(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-

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
(Pa rsoda location) in Nagpurdistrict, 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) Safety and Occupational Health

We give top priority to maintaining safety in
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) Hazard Identification and Risk Assessment: We

regularly conduct risk assessments. ¹

3) Training and Safety Awareness-

• Vocational and refresher training programme.

• Specialised safety training for workers
and supervisors.

• Refresher training to develop safety

concussions among employees.

• Safety awareness programme on sustainable
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
belts and reflective clothing. The use of PPE is
compulsory in all mining areas.

5) The 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.

• 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-

**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.

• Reimbursement of tuition fees and scholarship are
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 31^st 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, 8^th 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:

(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 31^st March, 2026 of the Company is given below-

The category-wise details of employees’ strength as on 31.03.2026 are as under-

(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.

(c) Grievance 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.

(d) Monthly/quarterly grievances are reviewed and addressed by designated Public Grievance Officers at units/
mines and the Head Office and disposed of within stipulated period of one month.

(e) Data 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.

Status of public/staff grievances during FY 2025-26

(I) Progressive 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.

• We provide a contributoryfund forthe publication
of the magazines Wainganga and Rajbhasha
Darpan, published by the Nagar Rajbhasha
Karyanvayan Samiti, Balaghat and Nagpur.

(J) Right to Information

With the enactment of the Right to Information Act,
2005 in India, we have taken major initiatives towards
its effective implementation.

We 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:

(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
15^th September to 30^th September 2025 and from
16^th March to 31^st 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:

• Since 2014, MOILhas partneredwith the BAIF
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.
1^st January, 2026 on his superannuation.

• The Government of India has appointed Shri
Vishwanath Suresh, as Chairman-cum-Managing
Director, w.e.f. 7^th January, 2026.

• Dr. Iqbal Singh Chahal, Additional Chief
Secretary (Mines), Govt. of Maharashtra -

Nominee Director ceased to be director w.e.f. 1^st
February, 2026.

• Shri Dinesh Kumar Gupta, Independent Director
ceased to be director w.e.f. 15^th April, 2026.

• Smt. Usha Singh, Director (Human Resources)
ceased to be director w.e.f. 1^st July, 2026 on her
superannuation.

• Smt. Sonali Nagvenkar appointed as an
Independent Director w.e.f. 16^th 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 31^st
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 websitehttps://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) Awards and Accolades

MOIL is one of the public sector enterprises in
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 19^th 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 10^th 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 25^th CEO Conference by the
Indian Institution of Industrial Engineering
(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

20^th 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 67^th National
Convention and9^th 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 15^th 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 54^th 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 47^th 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
12^th 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

https://backend.moil.nic.in/getFiles/
public/document/T69c3cea01-Risk
Management Policy.pdf

(B) Vigil Mechanism

The Company has a Whistle Blower Policyand the same
is uploaded on its websitehttps://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.

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:

Details of payments made and payments pending beyond 45 days for FY 2025-26

(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 sub¬
section (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 sub¬
section (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 31^st March, 2026. The due date for filing the
Cost Audit Report for the said year is 27^th 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
31^st March, 2025 and 31^st 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.

Details of the resultant benefits (i.e. Dividend after
TDS) arising out of shares already transferred to the
IEPF account are as under.

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:

(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
H11.67 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 31^st March, 2026
is placed on the website of the Company at the
following link:

https://backend.moil.nic.in/getFiles/

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-

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)

1

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.

2

Processed a total of 61 complaints, including 5

3

complaints referred by the Ministry.