Sandur Manganese & Iron Ores Ltd logo

Sandur Manganese & Iron Ores Ltd

SANDUMA NSE

Key Fundamentals

MicrocapCoalEnergy
Market Cap
₹9,795 Cr
Volatility
Moderate
P/E Ratio
13.56
EBITDA
₹1,284 Cr
Return on Equity
20.15%
Debt to Equity
0.31
Book Value
₹66.93
EPS
₹21.24
52W High
₹273
52W Low
₹141.37

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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36 extracted metrics + investor summaries across FY13–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company's median sales growth is 40.2% of last 10 years

Growth Rate

Revenue Growth
60.65% ↗
Net Income Growth
38.81% ↗
Cash Flow Change
35.95% ↗
ROE
11.57% ↗
ROCE
44.84% ↗
EBITDA Margin (Avg.)
-7.28% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk high

Sandur Manganese & Iron Ores Ltd is a ₹10,524 crore market-cap integrated mining-to-metals company that delivered FY2025 revenue of ₹3,135 crore (up ~150% YoY) and net profit of ₹471 crore (up ~97% YoY), driven by iron ore volume expansion and the ₹3,000 crore Arjas Steel acquisition completed in November 2024. The stock trades at a PE of 15.8x with a 3-year profit CAGR of 37% and a 3-year ROE averaging 18%, though the transformational acquisition has added debt and integration risk.

Bull Case 8
  • FY2025 revenue surged ~150% YoY to ₹3,135 crore, reflecting both organic volume growth and Arjas Steel consolidation
  • Net profit grew ~97% YoY to ₹471 crore in FY2025, with 3-year compounded profit growth of 37%
  • Iron ore production limit raised to 4.36 MTPA (from 3.81 MTPA), enabling sustained volume growth from proven reserves of ~71.7 Mt iron ore and ~15.7 Mt manganese
  • PE of 15.8x is modest for a company delivering 62% TTM sales growth and 58% TTM profit growth, suggesting earnings have caught up with price
  • Median sales growth of 40.2% over the last 10 years with a 10-year compounded profit CAGR of 80% demonstrates a long track record of scaling
  • Vertical integration into specialty steel via Arjas (EV ~₹3,000 crore) positions the company to capture higher-margin downstream value from its own ore
  • Captive power capacity of 32 MW thermal, 33 MW solar, and 9.9 MW wind reduces energy cost volatility for smelting and coke operations
  • Promoter holding at 74.2% signals strong insider alignment with minority shareholders
Bear Case 8
  • Debt-to-equity ratio has risen to 0.31x (per latest filings), up from near-zero levels, primarily due to ~₹2,000-2,400 crore deployed for the Arjas Steel acquisition
  • Commodity cyclicality risk is high — iron ore and manganese ore prices can swing 30-50% in a single year, directly impacting margins
  • Integration risk from the Arjas Steel acquisition (₹3,000 crore EV, ~99% stake) is material; synergy realization in specialty steel is unproven
  • Dividend yield of only 0.23% provides negligible income cushion for investors during potential commodity downturns
  • Stock has compounded at 42-43% CAGR over 1 and 3 years respectively, implying elevated expectations already priced in
  • Regulatory and environmental risk — mining production caps are government-controlled (manganese limit revised from 0.032 to 0.039 MTPA for FY26), constraining growth flexibility
  • Price-to-book of 3.2x is premium for a cyclical mining business where asset replacement costs may not justify such valuation in a downturn
  • Concentration in Karnataka geography and dependence on Indian infrastructure/steel demand exposes the company to regional policy and demand risks

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Positives 2
  • Diversification into new sectors Jul 9

    Board approved entry into Hospitality, Academy, and Medical Devices through dedicated subsidiaries, signaling strategic expansion beyond core mining operations.

  • Final dividend declared for FY26 Jul 9

    Record date fixed as August 12, 2026 for a final dividend of ₹0.50 per share for FY26, indicating continued shareholder returns.

Neutral 3
  • 72nd AGM scheduled Aug 19 Jul 21

    Sandur Manganese will hold its 72nd AGM on August 19, 2026 via video conferencing, with physical notices dispensed.

  • New CFO Manoj Kumar Jha appointed Jul 9

    Manoj Kumar Jha appointed as CFO effective July 9, 2026, while retaining his role as Chief Risk Officer.

  • Company rebranding approved by board Jul 9

    Board approved rebranding of Sandur Manganese & Iron Ores Ltd alongside the diversification strategy into three new verticals.

TL;DR: Sandur Manganese is pivoting from a pure-play mining company toward a diversified conglomerate with planned subsidiaries in hospitality, education, and medical devices. The ₹0.50 dividend signals stable cash flows from core operations. No visible headwinds in recent news, though execution risk on diversification remains unpriced. The trend is neutral-to-positive with management signaling ambition, but investors should watch for clarity on capital allocation across new verticals.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
363
185
153
552
602
260
952
1,321
1,135
1,232
1,209
1,511
1,375
Expenses
305
147
136
344
411
223
712
1,005
836
960
959
1,125
1,031
Operating Profit
58
37
17
208
191
38
240
316
299
273
251
387
343
OPM %
16%
20%
11%
38%
32%
14%
25%
24%
26%
22%
21%
26%
25%
Other Income
19
18
15
31
23
25
20
9
15
12
-4
20
15
Interest
6
5
5
4
4
5
41
67
54
57
46
55
26
Depreciation
14
14
15
15
14
14
38
54
51
53
54
54
51
PBT
57
36
13
219
196
43
180
204
209
175
147
297
281
Tax %
29%
26%
25%
26%
25%
26%
23%
23%
20%
21%
21%
20%
19%
Net Profit
40
27
9
164
144
32
137
156
167
139
116
236
228
EPS in Rs
0.82
0.56
0.19
3.37
2.97
0.66
2.83
3.21
3.43
2.85
2.38
4.85
4.67
Figures in ₹ Crores

Profit & Loss

  Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
219
347
351
269
434
608
702
2,249
2,126
1,252
3,135
5,088
5,328
Expenses
193
291
308
266
335
434
477
1,275
1,733
932
2,353
3,880
4,074
Operating Profit
26
57
42
3
99
174
225
974
392
320
782
1,208
1,253
OPM %
12%
16%
12%
1%
23%
29%
32%
43%
18%
26%
25%
24%
24%
Other Income
23
17
4
23
10
13
18
35
59
83
80
44
42
Interest
2
0
2
0
7
5
6
38
28
20
117
212
185
Depreciation
19
18
10
9
12
12
13
56
64
58
121
212
212
PBT
27
56
35
16
90
169
224
915
360
325
624
827
899
Tax %
14%
35%
20%
57%
33%
34%
34%
26%
25%
27%
24%
20%
—
Net Profit
23
36
25
7
61
111
147
675
271
239
471
658
719
EPS in Rs
0.53
0.78
0.54
0.16
1.27
2.33
3.09
13.89
5.57
4.93
9.67
13.51
14.75
Div. Payout %
0%
7%
10%
36%
4%
6%
4%
1%
5%
7%
4%
4%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
—
27
162
162
486
Reserves
295
329
351
355
420
522
662
—
1,907
1,996
2,451
2,768
Borrowings
0
0
0
0
0
0
0
—
206
133
1,890
999
Other Liabilities
164
177
174
145
167
156
191
—
392
302
1,146
1,270
Total Liabilities
467
514
533
508
596
687
862
—
2,532
2,593
5,648
5,523
Fixed Assets
229
222
225
224
225
262
260
—
878
886
3,111
3,300
CWIP
28
5
4
3
4
12
202
—
67
116
373
142
Investments
40
45
58
48
119
175
65
—
469
484
227
281
Other Assets
170
242
245
234
248
238
335
—
1,118
1,106
1,937
1,800
Total Assets
467
514
533
508
596
687
862
—
2,532
2,593
5,648
5,523
Figures in ₹ Crores

Cash Flow

  Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
32
16
36
-7
85
128
169
873
142
153
841
1,143
Investing
-28
-9
-24
4
-71
-106
-147
-793
-11
-66
-1,554
20
Financing
0
0
-3
-3
-13
-13
-12
-106
-129
-107
704
-1,123
Net Cash Flow
4
8
9
-7
1
9
10
-26
2
-20
-9
39
Free Cash Flow
26
10
20
-14
70
101
-71
795
-44
50
753
988
CFO/OP
181
84
143
30
109
108
110
112
58
78
124
106
Figures in ₹ Crores

Ratios

  Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
31
43
6
10
5
3
11
—
25
10
44
31
Inventory Days
574
—
—
256
440
238
180
—
92
794
312
149
Days Payable
346
—
—
107
146
128
207
—
79
275
245
146
Cash Conversion Cycle
259
43
6
159
299
113
-16
—
37
529
111
35
Working Capital Days
-70
-8
-22
-1
-10
-3
-16
—
14
189
7
-2
ROCE %
9%
16%
10%
-1%
23%
34%
36%
—
—
15%
21%
24%

Shareholding Pattern

As of Jun 2026
Promoters 74.22%
Public 19.66%
Others 3.80%
FIIs 1.74%
DIIs 0.58%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Aug 2023Sep 2023Dec 2023Feb 2024Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
73.22%
73.22%
73.22%
73.18%
73.18%
73.23%
74.37%
74.37%
74.37%
74.30%
74.30%
74.25%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
74.22%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.70%
0.78%
1.00%
1.07%
1.13%
1.01%
1.03%
1.20%
1.64%
1.74%
DIIs
0.81%
0.81%
0.81%
0.80%
0.80%
0.80%
0.82%
0.82%
0.81%
0.76%
0.67%
0.66%
1.27%
1.41%
1.44%
1.47%
1.48%
1.49%
1.43%
0.60%
0.61%
0.67%
0.67%
0.58%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
21.38%
20.19%
20.84%
21.06%
21.23%
21.22%
20.84%
21.31%
21.10%
20.74%
20.90%
20.99%
20.77%
20.83%
20.73%
20.30%
20.50%
20.51%
20.54%
20.13%
20.00%
20.05%
19.67%
19.66%
Others
4.59%
5.78%
5.13%
4.96%
4.79%
4.74%
3.97%
3.50%
3.72%
4.19%
4.13%
4.10%
3.74%
3.54%
2.92%
3.24%
2.81%
2.71%
2.69%
4.05%
4.14%
3.87%
3.81%
3.80%
No. of Shareholders
9,620
9,908
12,955
12,253
12,716
24,214
28,056
30,243
27,458
25,803
25,803
24,757
34,621
50,156
57,023
52,803
54,523
55,636
55,408
55,747
62,416
81,705
85,207
87,803

Documents

Frequently Asked Questions about Sandur Manganese & Iron Ores Ltd

What does Sandur Manganese & Iron Ores Ltd do?
The Sandur Manganese & Iron Ores Limited (SMIORE), the flagship company of the Karnataka based Sandur Group, incorporated in 1954. Company is involved in mining of low phosphorous manganese and iron ore in the Hosapete Ballari region of Karnataka. In addition, Company manufactures ferro-alloys (s...
Where is Sandur Manganese & Iron Ores Ltd (SANDUMA) listed?
Sandur Manganese & Iron Ores Ltd is listed on the Indian stock exchanges. It is listed on NSE: SANDUMA and BSE: 504918. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Sandur Manganese & Iron Ores Ltd belong to?
Sandur Manganese & Iron Ores Ltd operates in the Commodities sector within the Ferrous Metals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Sandur Manganese & Iron Ores Ltd?
Sandur Manganese & Iron Ores Ltd has a market capitalisation of approximately ₹9795.01 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Sandur Manganese & Iron Ores Ltd?
The Price-to-Earnings (PE) ratio of Sandur Manganese & Iron Ores Ltd is 13.56. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Sandur Manganese & Iron Ores Ltd?
Over the past 52 weeks, Sandur Manganese & Iron Ores Ltd has traded between a low of ₹141.37 and a high of ₹273. This range helps investors understand the stock's price volatility and recent trading levels.
Does Sandur Manganese & Iron Ores Ltd pay dividends?
Yes, Sandur Manganese & Iron Ores Ltd has a dividend yield of 0.25%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Sandur Manganese & Iron Ores Ltd?
Sandur Manganese & Iron Ores Ltd has a Return on Equity (ROE) of 20.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Sandur Manganese & Iron Ores Ltd on Tapetide?
On Tapetide, you can view Sandur Manganese & Iron Ores Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

The Sandur Manganese & Iron Ores Limited (SMIORE), the flagship company of the Karnataka based Sandur Group, incorporated in 1954. Company is involved in mining of low phosphorous manganese and iron ore in the Hosapete Ballari region of Karnataka. In addition, Company manufactures ferro-alloys (silico-Manganese and ferro manganese) and coke at its plant in Vyasankare, near Hospet.[1] It is the 3rd Largest Manganese ore miner in India.[2]

Website sandurgroup.com
CEO Mr. Bahirji Ajai Ghorpade
Employees 2,724
Listed 2023-09-07
Face Value ₹ 10
Issued Size 48,61,04,814

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