Sandur Manganese & Iron Ores
- P/E
- 12.27
Key Fundamentals
MicrocapFerrous MetalsMetals & MiningPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 24.20%
- Debt to Equity
- 0.31
- EPS (TTM)
- ₹14.75
- Book Value
- ₹66.93
- Market Cap
- —
- P/E (TTM)
- 12.27
- P/B
- 2.70
- ROE
- 23.00%
- Dividend Yield
- 0.30%
- EBITDA
- ₹1,284 Cr
- 52W High
- ₹273.00
- 52W Low
- ₹153.30
- Day Range
- ₹171.20 – ₹184.90
- Volume
- 1,07,81,526
Peer Comparison
Commodities › Energy › Coal › Iron & Steel
| ₹1,343.00 | 11.55 | ₹3,24,536 Cr | 2.90 | 0.54% | 10.20% | 11.00% | ₹1,99,021 Cr | ₹31,708 Cr | |
| ₹179.93 | 20.38 | ₹2,21,171 Cr | 2.23 | 2.27% | 11.70% | 12.50% | ₹2,39,756 Cr | ₹11,263 Cr | |
| ₹1,149.00 | 43.11 | ₹1,14,107 Cr | 2.24 | 0.18% | 8.22% | 9.70% | ₹56,413 Cr | ₹2,709 Cr | |
| ₹170.49 | 16.49 | ₹69,475 Cr | 1.13 | 1.40% | 6.57% | 7.92% | ₹1,11,135 Cr | ₹4,272 Cr | |
| ₹688.80 | 17.48 | ₹56,473 Cr | 2.67 | 0.59% | 17.70% | 19.30% | ₹44,026 Cr | ₹3,239 Cr | |
| ₹441.20 | 13.77 | ₹15,290 Cr | 1.93 | 0.47% | 15.10% | 16.90% | ₹5,665 Cr | ₹1,151 Cr | |
| ₹39.49 | 136.17 | ₹11,356 Cr | 0.88 | 0.00% | 0.45% | 3.06% | ₹13,938 Cr | ₹84 Cr | |
| Sandur Manganese & Iron Ores (this company) | ₹180.94 | 12.27 | ₹8,683 Cr | 2.70 | 0.30% | 23.00% | 24.20% | ₹5,328 Cr | ₹719 Cr |
| Median 8 companies | ₹311.07 | 16.99 | ₹62,974 Cr | 2.24 | 0.51% | 10.95% | 11.75% | ₹50,220 Cr | ₹2,974 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 98/100
Category scores
- Quality
- 82
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 54
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 93
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 40
- Weak
- Solvency, leverage, coverage 9% weight
- Momentum
- 22
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 59
- Good
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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
No weaknesses listed
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 7 | 4 | 8 |
| Oscillators | Bullish | 2 | 4 | 3 |
| Moving Averages | Neutral | 5 | 0 | 5 |
Oscillators
Bullish
Overall
Bullish
Moving Averages
Neutral
Key readings
- RSI (14)
- 56.21
- Neutral
- MACD (12,26,9)
- −4.03
- Bullish
- SMA (50)
- 183.21
- Bearish
- SMA (200)
- 202.26
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +34.18% |
|---|---|
| 5Y | Irregular period |
| 3Y | +33.76% |
| 1Y | +62.30% |
| TTM | +45.23% |
Net profit
| 10Y | +57.51% |
|---|---|
| 5Y | Irregular period |
| 3Y | +34.41% |
| 1Y | +39.70% |
| TTM | +46.14% |
Operating cash flow
| 10Y | Turned positive |
|---|---|
| 5Y | Irregular period |
| 3Y | +100.41% |
| 1Y | +35.91% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +22.62 pp |
|---|---|
| 5Y | Irregular period |
| 3Y | +5.30 pp |
| 1Y | −1.20 pp |
| TTM | −0.81 pp |
Revenue by year
| Mar 2015 | ₹351 Cr |
|---|---|
| Mar 2016 | ₹269 Cr |
| Mar 2017 | ₹434 Cr |
| Mar 2018 | ₹608 Cr |
| Mar 2019 | ₹702 Cr |
| Mar 2022 | ₹2,249 Cr |
| Mar 2023 | ₹2,126 Cr |
| Mar 2024 | ₹1,252 Cr |
| Mar 2025 | ₹3,135 Cr |
| Mar 2026 | ₹5,088 Cr |
Net profit by year
| Mar 2015 | ₹25.00 Cr |
|---|---|
| Mar 2016 | ₹7.00 Cr |
| Mar 2017 | ₹61.00 Cr |
| Mar 2018 | ₹111 Cr |
| Mar 2019 | ₹147 Cr |
| Mar 2022 | ₹675 Cr |
| Mar 2023 | ₹271 Cr |
| Mar 2024 | ₹239 Cr |
| Mar 2025 | ₹471 Cr |
| Mar 2026 | ₹658 Cr |
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | 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 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 363 | 185 | 153 | 552 | 602 | 260 | 952 | 1,321 | 1,135 | 1,232 | 1,209 | 1,511 | 1,375 | 1,506 |
| Expenses | 305 | 147 | 136 | 344 | 411 | 223 | 712 | 1,005 | 836 | 960 | 959 | 1,125 | 1,031 | 1,128 |
| Operating Profit | 58 | 37 | 17 | 208 | 191 | 38 | 240 | 316 | 299 | 273 | 251 | 387 | 343 | 378 |
| OPM % | 16% | 20% | 11% | 38% | 32% | 14% | 25% | 24% | 26% | 22% | 21% | 26% | 25% | 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 | 26 |
| Depreciation | 14 | 14 | 15 | 15 | 14 | 14 | 38 | 54 | 51 | 53 | 54 | 54 | 51 | 54 |
| PBT | 57 | 36 | 13 | 219 | 196 | 43 | 180 | 204 | 209 | 175 | 147 | 297 | 281 | 321 |
| Tax % | 29% | 26% | 25% | 26% | 25% | 26% | 23% | 23% | 20% | 21% | 21% | 20% | 19% | 19% |
| Net Profit | 40 | 27 | 9 | 164 | 144 | 32 | 137 | 156 | 167 | 139 | 116 | 236 | 228 | 261 |
| EPS (₹) | 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 | — |
Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
₹ Cr| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/EBITDA | 181 | 84 | 143 | 30 | 109 | 108 | 110 | 112 | 58 | 78 | 124 | 106 |
Ratios
| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Sandur Manganese & Iron Ores insights
65 extracted metrics across FY08–FY27.
Documents
- 2 Jun 2026
- 10 Apr 2026
- 4 Mar 2025
- 7 Nov 2024
- 24 Sep 2024
Frequently Asked Questions about Sandur Manganese & Iron Ores
What does Sandur Manganese & Iron Ores Ltd do?
Where is Sandur Manganese & Iron Ores Ltd (SANDUMA) listed?
Which sector does Sandur Manganese & Iron Ores Ltd belong to?
What is the PE ratio of Sandur Manganese & Iron Ores Ltd?
What is the 52-week high and low of Sandur Manganese & Iron Ores Ltd?
Does Sandur Manganese & Iron Ores Ltd pay dividends?
What is the Return on Equity (ROE) of Sandur Manganese & Iron Ores Ltd?
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. It is the 3rd Largest Manganese ore miner in India.
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/SANDUMA.md for Sandur Manganese & Iron Ores Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.
Append .md to any Tapetide URL for
the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For
live, structured queries instead of documents, use our Indian stock market MCP server.