Sandur Manganese & Iron Ores Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Steel: 61.7% • Mining: 29.1% • Ferroralloy & Power: 7.4%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 42.7% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 20.4%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 52.9% CAGR over last 5 years
- Latest quarter profit grew 36.4% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.56x)
CONS
- Though reporting repeated profits, the company pays out little dividend (3.7%)
- Growth is decelerating - 3Y profit CAGR (34.4%) trails the 5Y trend (42.7%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COALINDIA | 425.60 | 8.41 | 262285.72 | 6.23 | 8849.81 | 1.32 | 46254.80 | 45.09 | 35.43 | 26.61 |
| NMDC | 82.45 | 9.72 | 72488.54 | 4.25 | 1976.23 | 0.43 | 6795.25 | 0.84 | 27.98 | 35.89 |
| KIOCL | 355.85 | 556.25 | 21626.82 | 0.00 | -15.48 | 59.04 | 158.01 | 73.79 | -10.27 | -16.83 |
| GMDCLTD | 575.20 | 19.13 | 18291.36 | 1.65 | 163.43 | -0.21 | 906.64 | 23.76 | 18.28 | 21.12 |
| SANDUMA | 190.35 | 12.90 | 9253.01 | 0.26 | 2278.50 | 1263.64 | 13747.80 | 1110.85 | 23.78 | 24.91 |
| ASHAPURMIN | 542.60 | 12.74 | 5183.25 | 0.37 | 108.31 | -4.91 | 1616.12 | 19.22 | 20.64 | 11.63 |
| MOIL | 245.15 | 67.35 | 4988.44 | 2.17 | 513.84 | — | 2677.04 | — | 12.64 | 28.40 |
| DECNGOLD | 229.80 | 1331.69 | 4618.31 | 0.00 | -87.26 | -210.25 | 6.03 | 1462.18 | -20.83 | -826.53 |
| ORISSAMINE | 3954.55 | 0.00 | 2372.73 | 0.00 | -7.61 | 75.80 | 28.99 | 330.83 | -44.94 | -32.24 |
| 20MICRONS | 208.50 | 10.86 | 735.72 | 0.60 | 17.74 | 5.22 | 244.72 | -0.99 | 17.83 | 13.13 |
| ASOCSTONE | 25.01 | 8.98 | 225.28 | 1.60 | 7.97 | 2887.41 | 44.18 | -25.13 | 13.63 | 27.86 |
| OSWALMIN | 28.90 | 1.07 | 22.40 | 0.00 | — | — | — | — | 5.85 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 363 | 185 | 153 | 552 | 602 | 260 | 952 | 1,321 | 1,135 | 1,232 | 1,209 | 1,511 | 13,748 | |
| 305 | 147 | 136 | 344 | 411 | 223 | 712 | 1,005 | 836 | 960 | 959 | 1,125 | 11,084 | |
| Operating Profit | 58 | 37 | 17 | 208 | 191 | 38 | 240 | 316 | 299 | 273 | 251 | 387 | 2,663 |
| OPM % | 15.97% | 20.28% | 11.16% | 37.64% | 31.74% | 14.43% | 25.24% | 23.91% | 26.36% | 22.13% | 20.73% | 25.57% | 19.37% |
| 19 | 18 | 15 | 31 | 23 | 25 | 20 | 9 | 15 | 12 | -4 | 20 | 147 | |
| Interest | 6 | 5 | 5 | 4 | 4 | 5 | 41 | 67 | 54 | 57 | 46 | 55 | 261 |
| Depreciation | 14 | 14 | 15 | 15 | 14 | 14 | 38 | 54 | 51 | 53 | 54 | 54 | 510 |
| Profit before Tax | 57 | 36 | 13 | 219 | 196 | 43 | 180 | 204 | 209 | 175 | 147 | 297 | 2,800 |
| Tax % | 29.42% | 25.87% | 25.46% | 26.03% | 25.16% | 25.57% | 23.17% | 23.16% | 20.19% | 20.54% | 20.58% | 20.34% | 18.63% |
| Net Profit | 0 | 0 | 0 | 0 | 144 | 32 | 137 | 156 | 167 | 139 | 116 | 236 | 2,278 |
| 2.46 | 1.67 | 0.56 | 10.10 | 8.92 | 0.66 | 2.83 | 3.21 | 10.28 | 2.85 | 2.38 | 4.85 | 4.67 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 347 | 351 | 269 | 422 | 608 | 702 | 2,126 | 1,252 | 3,135 | 5,088 | 5,328 | |
| 291 | 309 | 266 | 323 | 434 | 478 | 1,733 | 932 | 2,354 | 3,882 | 4,152 | |
| Operating Profit | 56 | 41 | 3 | 99 | 174 | 224 | 392 | 320 | 781 | 1,206 | 1,176 |
| OPM % | 16.19% | 11.77% | 0.99% | 23.41% | 28.56% | 31.86% | 18.46% | 25.57% | 24.91% | 23.71% | 22.08% |
| 18 | 5 | 23 | 10 | 13 | 19 | 59 | 83 | 81 | 45 | 42 | |
| Interest | 0 | 2 | 0 | 7 | 5 | 6 | 28 | 20 | 117 | 212 | 185 |
| Depreciation | 18 | 10 | 9 | 12 | 12 | 13 | 64 | 58 | 121 | 212 | 212 |
| Profit before Tax | 56 | 35 | 16 | 90 | 169 | 224 | 360 | 325 | 624 | 827 | 898 |
| Tax % | 35.02% | 19.61% | 57.15% | 32.67% | 34.25% | 34.23% | 24.60% | 26.58% | 23.96% | 20.39% | 19.89% |
| Net Profit | 36 | 28 | 7 | 61 | 111 | 147 | 271 | 239 | 475 | 659 | 720 |
| EPS | 42.07 | 29.12 | 8.44 | 68.45 | 126.27 | 167.44 | 16.87 | 14.78 | 29.02 | 13.51 | — |
| Dividend Payout % | 7.13% | 10.30% | 35.53% | 7.30% | 5.54% | 4.18% | 4.99% | 6.77% | 4.31% | 3.70% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 37%
- 5 Years:
- 53%
- 3 Years:
- 34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 39%
- 5 Years:
- 43%
- 3 Years:
- 34%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 32%
- 1 Year:
- 24%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 20%
- 3 Years:
- 18%
- Last Year:
- 22%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 27 | 162 | 162 | 486 |
| Minority Interest | 27 | 29 | 29 | 31 | 32 | 33 | 0 | 0 | 15 | 16 |
| 329 | 351 | 355 | 420 | 522 | 662 | 1,907 | 1,996 | 2,451 | 2,768 | |
| 2 | 2 | 0 | 0 | 0 | 0 | 208 | 106 | 1,377 | 602 | |
| Trade Payables | 53 | 42 | 25 | 29 | 47 | 75 | 252 | 135 | 747 | 852 |
| 298 | 311 | 310 | 82 | 56 | 59 | 956 | 1,009 | 1,769 | 1,158 | |
| Total Liabilities | 717 | 743 | 728 | 571 | 666 | 837 | 3,349 | 3,408 | 6,521 | 5,883 |
| 222 | 225 | 224 | 211 | 213 | 211 | 835 | 844 | 3,068 | 3,260 | |
| Capital Work in Progress | 5 | 4 | 3 | 4 | 12 | 202 | 67 | 116 | 373 | 142 |
| 45 | 58 | 48 | 119 | 175 | 65 | 469 | 484 | 227 | 281 | |
| 59 | 83 | 60 | 89 | 87 | 65 | 292 | 388 | 952 | 872 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 374 | 438 | |
| Cash & Bank | 21 | 29 | 27 | 29 | 38 | 69 | 513 | 60 | 45 | 88 |
| 365 | 342 | 366 | 120 | 142 | 226 | 1,173 | 1,482 | 1,482 | 801 | |
| Total Assets | 717 | 743 | 728 | 571 | 666 | 837 | 3,349 | 3,408 | 6,521 | 5,883 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 60 | 1 | 108 | 188 | 247 | 229 | 153 | 841 | 1,143 | |
| Cash from Investing | -9 | -24 | 4 | -71 | -106 | -147 | -11 | -66 | -1,561 | 20 |
| Cash from Financing | -0 | -3 | -3 | -13 | -13 | -12 | -129 | -107 | 704 | -1,123 |
| 8 | 9 | -7 | 1 | 9 | 10 | 2 | -20 | -16 | 39 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Sandur Manganese & Iron Ores Limited has informed the Exchange about receipt of penalty order by Royal Sandur Metals Private Limited (formerly Arjas Steel Private Limited), Material Subsidiary of the Company
2026-08-28 - Sandur Manganese & Iron Ores Limited has informed the Exchange about change in name of Material Subsidiaries of the Company
2026-08-21 - Sandur Manganese & Iron Ores Limited has submitted the Exchange a copy Scrutinizer's Report and voting results of Annual General Meeting held on August 19, 2026.
2026-08-21 - Sandur Manganese & Iron Ores Limited has informed the Exchange about icorporation of Royal Sandur Hospitality Private Limited, Wholly Owned Subsidiary of the Company
2026-08-19 - Sandur Manganese & Iron Ores Limited has informed the Exchange regarding Proceedings of 72nd Annual General Meeting held on August 19, 2026
2026-08-14 - Sandur Manganese & Iron Ores Limited has informed the Exchange about incorporation of Royal Sandur Academy Private Limited, Wholly Owned Subsidiary of the Company
2026-08-11 - Sandur Manganese & Iron Ores Limited has informed the Exchange about Copy of Newspaper Publication regarding notice of special window for transfer and dematerializationof physical securities
2026-08-07 - Sandur Manganese & Iron Ores Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-06 - Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation
News
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