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SANDUMA - Sandur Manganese

📊 NSE: SANDUMA 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 12:47

📢 Recent Corporate Announcements

Sandur Manganese Completes Early Redemption of ₹423 Crore NCDs

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 09 Mar 2026, 04:47 PM

Sandur Manganese & Iron Ores Limited (SANDUMA) has successfully completed the full early redemption of its Non-Convertible Debentures (NCDs) on March 9, 2026. The company redeemed 45,000 secured NCDs with a face value of ₹94,000 each, totaling ₹423 crore. These debentures carried a high interest rate of 11%, and the early settlement indicates a strong liquidity position. This move is expected to reduce the company's interest expense and strengthen its balance sheet.

Redeemed 45,000 secured, listed, and interest-bearing NCDs in full
Total aggregate redemption amount stands at ₹423,00,00,000 (₹423 crore)
The NCDs carried a high coupon rate of 11% per annum
Redemption completed ahead of maturity schedule on March 9, 2026
ISIN INE149K07013 has been fully settled and cleared

💡 Investors should view this deleveraging as a positive development that will improve net profit margins by eliminating high-cost debt. Monitor the next quarterly results for the impact of reduced interest outgo on the bottom line.

Sandur Manganese to Early Redeem ₹423 Crore NCDs with 11% Interest Rate

🟢 POSITIVE ⭐ 7/10

OTHER 📅 05 Feb 2026, 06:35 PM

Sandur Manganese & Iron Ores Limited has announced the early voluntary redemption of 45,000 listed Non-Convertible Debentures (NCDs). The total value of the redemption amounts to ₹423 crore, targeting debt that carries a high interest rate of 11% per annum. The company has scheduled the payment for March 9, 2026, with a record date of February 22, 2026. This move indicates a strong liquidity position and a strategic focus on reducing interest expenses to improve profitability.

Early redemption of 45,000 secured, listed NCDs with a face value of ₹94,000 each.
Total aggregate redemption value amounts to ₹423 crore.
Elimination of high-cost debt carrying an 11% annual interest rate.
Redemption payment date set for March 9, 2026, with a record date of February 22, 2026.
The NCDs were originally allotted on October 25, 2024.

💡 Investors should view this as a positive sign of the company's robust cash flow and commitment to deleveraging. The reduction in interest outgo is expected to be accretive to the company's bottom line in the coming quarters.

Sandur Manganese Q3FY26: Iron Ore Capacity Hits 4.45 MTPA with Integrated Steel Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 07:47 PM

Sandur Manganese (SMIORE) has reported significant capacity scaling in its Q3FY26 presentation, with iron ore capacity reaching 4.45 MTPA and manganese ore at 0.599 MTPA. The company successfully integrated Arjas Steel, adding 0.585 MTPA of steel capacity and commissioning a new ingot casting facility in December 2025. Mining reserves remain a core strength, with a revised mining plan estimating iron ore reserves at 137 MT. The company is also aggressively transitioning to green energy with over 95 MW of total captive power capacity now operational or under JV.

Iron ore production capacity enhanced to 4.45 MTPA from 1.60 MTPA in FY23
Manganese ore capacity increased to 0.599 MTPA with 15 MT of estimated reserves
Completed strategic acquisition of Arjas Steel in November 2024, adding 0.585 MTPA steel capacity
Commissioned new Ingot Casting Facility at Tadipatri in December 2025 to enhance high-value product mix
Total captive energy arrangements include 42.9 MW hybrid renewable and 32 MW WHRB-based power

💡 Investors should focus on the margin expansion potential from the integrated steel business and the ramp-up of higher iron ore production limits. The company's transition from a merchant miner to an integrated steel player warrants a valuation re-rating if execution remains consistent.

Sandur Manganese Fined ₹11,800 by NSE for Delayed Board Meeting Intimation

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 04 Feb 2026, 06:14 PM

Sandur Manganese & Iron Ores Limited (SANDUMA) has been fined ₹11,800 (inclusive of GST) by the National Stock Exchange for a procedural delay. The fine pertains to a one-day delay in providing prior intimation for a Board meeting held on November 7, 2025, under Regulation 29(2) of SEBI LODR. The company explained that the delay was due to an oversight regarding an intervening stock exchange holiday. The Board has formally acknowledged the fine and the reason for the lapse in their meeting on February 4, 2026.

NSE imposed a total fine of ₹11,800 (₹10,000 base fine plus 18% GST) for delayed intimation.
The non-compliance relates to Regulation 29(2) regarding the Board meeting held on November 7, 2025.
The company attributed the one-day delay to an inadvertent failure to account for a stock exchange holiday.
The Board of Directors took note of the fine and the compliance lapse during their meeting on February 4, 2026.

💡 No action is required as this is a minor procedural lapse with an immaterial financial impact. It does not affect the company's fundamental business operations.

Sandur Manganese Q3 PAT at ₹108 Cr; Board Approves Early Redemption of ₹423 Cr NCDs

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:59 PM

Sandur Manganese reported a stable revenue of ₹483.37 crore for Q3 FY26, nearly flat compared to the previous year. Net profit for the quarter declined 15% YoY to ₹107.86 crore, primarily due to an exceptional item of ₹18.89 crore. However, the company's 9-month performance remains strong with a 13.6% growth in PAT to ₹346.82 crore. A significant positive development is the board's approval for early redemption of ₹423 crore in Non-Convertible Debentures (NCDs) using internal accruals, demonstrating a robust cash position.

Revenue from operations for Q3 FY26 stood at ₹483.37 crore versus ₹481.67 crore YoY.
Net Profit for the quarter was ₹107.86 crore, impacted by an exceptional charge of ₹18.89 crore.
Board approved early redemption of secured NCDs worth ₹423 crore through internal cash reserves.
Ferroalloys segment revenue surged to ₹117.5 crore from just ₹2.02 crore in the corresponding quarter last year.
Received production allocation for Ramghad mines for 0.089 MTPA Iron Ore and enhanced Manganese Ore to 0.049 MTPA.

💡 Investors should focus on the company's deleveraging move through early NCD redemption, which will lower interest costs and improve future margins. The significant turnaround in the Ferroalloys segment and new mining allocations provide a positive outlook for long-term growth.

Sandur Manganese Q3 Net Profit at ₹108 Cr; Board Approves Early Debt Redemption of ₹423 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:42 PM

Sandur Manganese reported a standalone net profit of ₹107.86 crore for Q3 FY26, a slight sequential decline from ₹110.21 crore. Revenue grew 10.8% quarter-on-quarter to ₹483.37 crore, driven by a significant recovery in the Ferroalloys and Coke segments which turned profitable compared to the previous year. A major positive is the board's approval for early redemption of ₹423 crore in Non-Convertible Debentures (NCDs) using internal accruals, signaling a very strong cash position. The company also received new production allocations for its Ramghad mines, providing visibility for future volume growth.

Revenue from operations rose 10.8% QoQ to ₹483.37 crore, though flat on a 9-month basis.
Standalone Net Profit stood at ₹107.86 crore, impacted by a one-time exceptional item of ₹18.89 crore.
Ferroalloys segment revenue surged to ₹117.5 crore from ₹2 crore in the year-ago quarter, turning EBIT positive.
Board approved early redemption of ₹423 crore NCDs through internal accruals to reduce interest costs.
Received production allocation for Ramghad mines: 0.089 MTPA Iron Ore and enhanced 0.049 MTPA Manganese Ore.

💡 The company's move to become debt-free through early NCD redemption and the turnaround in non-mining segments are strong indicators of operational efficiency. Investors should maintain a positive outlook given the production capacity expansion and robust balance sheet.

Sandur Manganese Q3 PAT at ₹108 Cr; Board Approves Early Redemption of ₹423 Cr NCDs

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:23 PM

Sandur Manganese reported a standalone revenue of ₹483.37 crore for Q3 FY26, representing a 10.8% sequential growth. Net profit for the quarter stood at ₹107.86 crore, impacted by an exceptional item of ₹18.89 crore. A major positive development is the Board's approval for the early redemption of ₹423 crore worth of 11% Non-Convertible Debentures (NCDs) using internal accruals, which were originally slated for maturity in 2031. This move highlights the company's robust cash flow position and will significantly reduce future interest expenses.

Revenue from operations grew 10.8% quarter-on-quarter to ₹483.37 crore in Q3 FY26.
Net Profit for the nine-month period ended Dec 2025 rose to ₹346.82 crore from ₹305.22 crore YoY.
Board approved early redemption of 45,000 NCDs aggregating to ₹423 crore to deleverage the balance sheet.
The Mining segment remains the dominant performer with a quarterly revenue of ₹375.41 crore.
Debt-Equity ratio improved to 0.33 as of December 31, 2025, compared to 0.44 in the previous year.

💡 The early redemption of high-cost debt (11%) is a strong signal of financial health and will lead to immediate interest cost savings. Investors should view this as a positive sign of management's commitment to a leaner balance sheet.

Sandur Manganese Appoints Manoj Kumar Jha as Chief Risk Officer; Uttam Bhageria Continues as CFO

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 13 Jan 2026, 07:28 PM

Sandur Manganese & Iron Ores Limited has appointed Manoj Kumar Jha as the new Chief Risk Officer (CRO) and Senior Vice President - Business Governance, effective January 14, 2026. He succeeds Uttam Kumar Bhageria, who will step down from the CRO role to focus on his existing responsibilities as Chief Financial Officer (CFO) and his roles within company subsidiaries. Mr. Jha is a Chartered Accountant with over 30 years of experience, having previously held senior finance roles at Tata Africa Holdings and Tata International. This strategic move is intended to strengthen the company's governance framework by separating the risk management and finance functions.

Manoj Kumar Jha appointed as Chief Risk Officer and Senior VP - Business Governance effective January 14, 2026
Uttam Kumar Bhageria ceases to be CRO but remains the Chief Financial Officer of the company
New appointee Manoj Kumar Jha brings over 3 decades of experience in finance, risk management, and strategic planning
The change aims to distribute leadership responsibilities and enhance the internal governance framework
Jha's background includes significant experience in global steel trading and multi-currency risk mitigation

💡 Investors should view this as a positive corporate governance development that separates key oversight roles. No immediate action is required as this is a routine strengthening of the senior management team.

Sandur Manganese: Q3 FY26 SEBI Regulation 74(5) Compliance for 251 Shares

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 06:27 PM

Sandur Manganese & Iron Ores Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The filing confirms that the company and its Registrar and Share Transfer Agent (RTA) processed all dematerialization requests within the mandated 15-day window. During the quarter, a total of 251 shares were dematerialized, mutilated, and cancelled. This is a standard administrative disclosure required by Indian stock exchanges to ensure proper share record maintenance.

Compliance confirmed for the quarter ended December 31, 2025, under SEBI Regulation 74(5)
Total of 251 shares were dematerialized and destroyed between October 1, 2025, and December 31, 2025
Records of NSDL and CDSL were updated as registered owners within 15 days of valid receipt
Certificate issued by Venture Capital and Corporate Investments Private Limited, the company's RTA

💡 No action is required from investors as this is a routine regulatory filing. It indicates the company is adhering to standard procedural requirements for share transfer and dematerialization.

Sandur Manganese: Trading Window to Close from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 11:53 AM

Sandur Manganese & Iron Ores Limited has notified the exchanges regarding the closure of its trading window effective January 1, 2026. This closure is in compliance with SEBI insider trading regulations ahead of the Q3 FY26 financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be announced later.

Trading window closure begins on January 1, 2026
Closure pertains to financial results for the quarter ending December 31, 2025
Restriction applies to designated persons and their immediate relatives
Window reopens 48 hours after the results are declared to the exchanges

💡 No action is required as this is a standard regulatory procedure. Investors should monitor for the upcoming Q3 earnings release date.

Sandur Manganese Clarifies Recent Trading Volume Spurt as Market Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Dec 2025, 11:25 AM

Sandur Manganese & Iron Ores Limited (SANDUMA) has responded to a clarification request from the National Stock Exchange regarding a recent significant increase in trading volume. The company officially stated that it has complied with all disclosure requirements under SEBI Regulation 30 and has not withheld any price-sensitive information. Management confirmed that there are no impending announcements that could have a bearing on the share price or volume behavior. Consequently, the company attributes the recent volume movement entirely to market-driven factors rather than internal developments.

Responded to NSE's volume movement query (Ref: NSE/CM/Surveillance/16164) dated 12 December 2025.
Confirmed full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Stated no undisclosed information or announcements are pending that would impact trading activity.
Attributed the recent increase in share volume to general market forces.

💡 Investors should view this as a routine regulatory clarification and avoid speculative trading based on volume alone. Focus on the company's fundamental performance and upcoming quarterly results for long-term investment decisions.

SANDUMA: Clarification on Volume Increase in Company's Shares

🟡 NEUTRAL ⭐ 5/10

REGULATORY 📅 15 Dec 2025, 03:20 PM

Sandur Manganese & Iron Ores Limited (SANDUMA) has clarified to the stock exchanges regarding the recent increase in the volume of the company's shares. The company stated that it has made all necessary disclosures pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. SANDUMA affirms that it has not withheld any information that could impact the price/volume behavior of its shares. The company believes the increase in volume is market-driven and they do not have any specific information correlating to the movement.

Company made disclosures under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Clarification issued in response to BSE email dated 15 December 2025
Company Secretary ICSI Membership No. A60853

💡 Investors should review the company's disclosures and monitor market trends. No immediate action is required, but stay informed about SANDUMA's announcements.

View All SANDUMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 336% YoY in Q2FY26 to INR 1,245 Cr. Standalone revenue for H1FY26 was INR 882 Cr, up 57% YoY. Sales volume growth by segment in Q2FY26: Manganese Ore (+335% YoY), Iron Ore (+30% YoY), Ferroalloys (+137% YoY), and Coke (-32% YoY).

Profitability Margins

Consolidated EBITDA margin was 23% in Q2FY26. Standalone EBITDA margin for H1FY26 was 47%, representing a significant expansion of 1,648 bps YoY due to higher mining realizations and volumes. Consolidated PAT margin for Q2FY26 was 11%.

EBITDA Margin

Standalone EBITDA margin reached 47% in H1FY26, up from 30.5% in H1FY25. Consolidated EBITDA margin for H1FY26 was 25%, reflecting the integration of Arjas Steel.

Capital Expenditure

The company completed the strategic acquisition of Arjas Steel Private Limited (ASPL) for an Enterprise Value of approximately INR 3,000 Cr. The equity value payable by SMIORE is estimated between INR 1,600 Cr and INR 1,800 Cr.

Credit Rating & Borrowing

The company holds an ICRA A+ (Stable) and ICRA A1 rating. CRISIL also assigned an A+ (Stable) rating. Borrowing costs are not explicitly stated, but the company is raising INR 450 Cr through proposed NCDs.

⚙️ Operational Drivers

Raw Materials

Iron Ore and Manganese Ore are primary raw materials, largely sourced from captive mines. Coking coal is used for coke and ferroalloy production, representing a significant portion of external procurement costs.

Capacity Expansion

Iron Ore capacity was recently enhanced from 1.6 MTPA to 3.81 MTPA (138% increase). Manganese Ore capacity was enhanced from 0.286 MTPA to 0.46 MTPA (61% increase). Arjas Steel adds specialty steel capacity.

Raw Material Costs

Captive mining of Iron and Manganese ore provides a significant cost advantage. However, realizations for Manganese Ore fell 5% QoQ to INR 5,957/tonne and Iron Ore fell 9% QoQ to INR 3,380/tonne in Q2FY26.

Manufacturing Efficiency

Iron Ore production reached 10.71 Lakh Tonnes in Q2FY26, a 7% increase QoQ. Manganese Ore production was 1.28 Lakh Tonnes, up 6% QoQ.

📈 Strategic Growth

Growth Strategy

Growth is driven by the downstream integration into specialty steel through the Arjas Steel acquisition and the expansion of mining capacities. The company aims to maximize captive manganese ore consumption in its ferroalloy furnaces to absorb additional mining output.

Products & Services

Iron Ore, Manganese Ore, Ferroalloys (Silico Manganese, Ferro Manganese), Coke, and Specialty Steel products for the automotive and industrial sectors.

Brand Portfolio

SANDUMA

New Products/Services

Specialty steel products from the Arjas Steel division targeting new application areas in the automotive sector.

Market Expansion

Expansion into the specialty steel market following the acquisition of Arjas Steel Private Limited.

Market Share & Ranking

The company is one of the few entities classified in Category A mining leases in Karnataka with production capacity exceeding 1 MTPA of iron ore.

Strategic Alliances

Joint Venture with Renew Sandur Green Energy Private Limited (49% ownership) for green energy procurement.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward integrated operations and specialty steel to mitigate the cyclicality of merchant mining. SMIORE is positioning itself as an integrated player through the Arjas acquisition.

Competitive Landscape

Operates in a highly regulated environment with competition from other large-scale merchant miners and integrated steel producers in Karnataka.

Competitive Moat

Moat is based on 70 years of mining experience, Category A leases, and massive reserves (117 MT Iron Ore, 17 MT Manganese Ore) valid until 2033, providing long-term raw material security.

Macro Economic Sensitivity

Operations are highly sensitive to domestic and global economic conditions, including inflation and currency volatility affecting coking coal imports.

Consumer Behavior

Increasing demand for high-quality specialty steel in the Indian automotive sector is driving the company's downstream shift.

Geopolitical Risks

Global economic developments and trade dynamics impact the demand-supply balance in the steel and mining sectors.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Central Empowered Committee (CEC) and KSPCB, which set permissible annual production limits for iron and manganese ore.

Environmental Compliance

The company recently received Consent for Operation - Expansion (CFO-Expand) from the Karnataka State Pollution Control Board (KSPCB).

Legal Contingencies

The company faces risks from legislative amendments, legal disputes, and public interest litigations inherent to the mining industry, though specific case values are not disclosed.