Sandur Manganese & Iron Ores Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Mining: 76.2% • Ferroalloy & Power: 18.8% • Coke & energy: 4.9%
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 28.7% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 20.7%
- Operating margins have improved to 42.7% from 21.2%
- Company has delivered good sales growth of 21.9% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.26x)
- Latest quarter profit grew 25.2% YoY, showing strong momentum
CONS
- Receivables are growing faster than sales - a possible quality concern
- Though reporting repeated profits, the company pays out little dividend (4.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COALINDIA | 431.50 | 8.52 | 265921.73 | 6.14 | 8849.81 | 1.32 | 46254.80 | 45.09 | 35.43 | 26.61 |
| NMDC | 85.60 | 10.09 | 75257.96 | 4.09 | 1976.23 | 0.43 | 6795.25 | 0.84 | 27.98 | 35.89 |
| KIOCL | 373.65 | 584.07 | 22708.62 | 0.00 | -15.48 | 59.04 | 158.01 | 73.79 | -10.27 | -16.83 |
| GMDCLTD | 574.65 | 19.11 | 18273.87 | 1.65 | 163.43 | -0.21 | 906.64 | 23.76 | 18.28 | 21.12 |
| SANDUMA | 201.00 | 13.63 | 9770.71 | 0.25 | 2278.50 | 1263.64 | 13747.80 | 1110.85 | 23.78 | 24.91 |
| ASHAPURMIN | 550.90 | 12.93 | 5262.53 | 0.36 | 108.31 | -4.91 | 1616.12 | 19.22 | 20.64 | 11.63 |
| MOIL | 251.95 | 69.22 | 5126.81 | 2.12 | 513.84 | — | 2677.04 | — | 12.64 | 28.40 |
| DECNGOLD | 219.55 | 1272.29 | 4412.31 | 0.00 | -87.26 | -210.25 | 6.03 | 1462.18 | -20.83 | -826.53 |
| ORISSAMINE | 4145.25 | 0.00 | 2487.15 | 0.00 | -7.61 | 75.80 | 28.99 | 330.83 | -44.94 | -32.24 |
| 20MICRONS | 217.95 | 11.35 | 769.07 | 0.57 | 17.74 | 5.22 | 244.72 | -0.99 | 17.83 | 13.13 |
| ASOCSTONE | 24.66 | 8.85 | 222.12 | 1.62 | 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 482 | 595 | 423 | 436 | 483 | 668 | 5,403 | |
| 305 | 147 | 136 | 344 | 411 | 223 | 289 | 359 | 216 | 253 | 305 | 379 | 3,390 | |
| Operating Profit | 58 | 38 | 17 | 208 | 191 | 38 | 193 | 236 | 207 | 184 | 178 | 290 | 2,013 |
| OPM % | 15.97% | 20.31% | 11.18% | 37.68% | 31.74% | 14.44% | 40.01% | 39.60% | 48.94% | 42.06% | 36.91% | 43.34% | 37.26% |
| 18 | 18 | 15 | 31 | 23 | 25 | 17 | 8 | 12 | 10 | 5 | 18 | 133 | |
| Interest | 6 | 5 | 5 | 4 | 4 | 5 | 25 | 39 | 31 | 30 | 27 | 35 | 79 |
| Depreciation | 14 | 14 | 15 | 15 | 14 | 14 | 15 | 16 | 16 | 16 | 17 | 15 | 145 |
| Profit before Tax | 56 | 36 | 13 | 219 | 196 | 43 | 169 | 189 | 173 | 148 | 139 | 258 | 2,146 |
| Tax % | 29.43% | 25.88% | 25.45% | 26.03% | 25.17% | 25.56% | 25.16% | 26.18% | 25.43% | 25.31% | 22.46% | 23.90% | 24.89% |
| Net Profit | 40 | 26 | 10 | 162 | 146 | 32 | 127 | 139 | 129 | 110 | 108 | 196 | 1,612 |
| 2.46 | 1.63 | 0.59 | 10.01 | 9.03 | 0.66 | 2.61 | 2.87 | 7.95 | 2.27 | 2.22 | 4.04 | 3.32 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 422 | 608 | 702 | 592 | 747 | 2,249 | 2,126 | 1,252 | 1,939 | 2,011 | 2,128 | |
| 331 | 442 | 478 | 396 | 475 | 1,275 | 1,733 | 932 | 1,284 | 1,152 | 1,275 | |
| Operating Profit | 91 | 166 | 224 | 195 | 272 | 974 | 393 | 320 | 655 | 858 | 853 |
| OPM % | 21.54% | 27.27% | 31.86% | 33.02% | 36.38% | 43.31% | 18.47% | 25.59% | 33.77% | 42.68% | 40.07% |
| 9 | 11 | 19 | 29 | 46 | 36 | 59 | 82 | 75 | 46 | 47 | |
| Interest | 7 | 5 | 6 | 31 | 41 | 38 | 28 | 20 | 73 | 124 | 101 |
| Depreciation | 7 | 7 | 13 | 19 | 27 | 56 | 64 | 58 | 60 | 64 | 62 |
| Profit before Tax | 85 | 165 | 224 | 175 | 250 | 915 | 359 | 324 | 597 | 717 | 759 |
| Tax % | 34.62% | 35.25% | 34.23% | 15.68% | 38.31% | 26.24% | 24.61% | 26.58% | 25.51% | 24.28% | 24.19% |
| Net Profit | 56 | 107 | 147 | 147 | 154 | 675 | 271 | 238 | 445 | 543 | 576 |
| EPS | 63.67 | 121.74 | 168.41 | 163.73 | 170.99 | 255.46 | 16.88 | 14.69 | 27.43 | 11.17 | — |
| Dividend Payout % | 7.85% | 5.75% | 4.16% | 4.16% | 5.85% | 0.67% | 4.99% | 6.81% | 4.56% | 4.48% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 25%
- 5 Years:
- 22%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 29%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 31%
- 1 Year:
- 29%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 23%
- 3 Years:
- 16%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 27 | 162 | 162 | 486 |
| 423 | 521 | 695 | 831 | 984 | 1,650 | 1,907 | 1,995 | 2,423 | 2,622 | |
| 0 | 0 | 0 | 406 | 404 | 313 | 208 | 106 | 950 | 247 | |
| Trade Payables | 32 | 52 | 75 | 80 | 222 | 570 | 252 | 134 | 119 | 105 |
| 79 | 55 | 59 | 101 | 1,186 | 889 | 956 | 1,009 | 1,151 | 675 | |
| Total Liabilities | 543 | 636 | 837 | 1,426 | 2,805 | 3,431 | 3,349 | 3,406 | 4,805 | 4,136 |
| 68 | 73 | 211 | 257 | 759 | 796 | 835 | 844 | 841 | 883 | |
| Capital Work in Progress | 3 | 12 | 202 | 557 | 82 | 42 | 67 | 116 | 121 | 90 |
| 247 | 303 | 65 | 57 | 291 | 376 | 489 | 502 | 2,158 | 2,186 | |
| 89 | 87 | 65 | 162 | 157 | 311 | 292 | 388 | 323 | 273 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 1 | 8 | |
| Cash & Bank | 21 | 23 | 69 | 128 | 131 | 739 | 493 | 59 | 33 | 69 |
| 117 | 139 | 226 | 265 | 1,385 | 1,166 | 1,173 | 1,462 | 1,327 | 627 | |
| Total Assets | 543 | 636 | 837 | 1,426 | 2,805 | 3,431 | 3,349 | 3,406 | 4,805 | 4,136 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 182 | 247 | 38 | 403 | 1,055 | 229 | 154 | 659 | 733 | |
| Cash from Investing | -68 | -106 | -147 | -370 | -249 | -757 | -30 | -49 | -1,480 | 138 |
| Cash from Financing | -12 | -13 | -12 | 378 | -58 | -106 | -129 | -107 | 800 | -840 |
| -0 | 3 | 10 | -6 | 32 | -26 | -16 | -2 | -20 | 31 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | 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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