Sandur Manganese & Iron Ores Limited (SANDUMA)
₹174.85 -0.21% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Sandur Manganese's revenue was ₹1,511 Cr (+14.4% year on year, +25.0% on the previous quarter), and net profit ₹236 Cr (+51.0% year on year); the operating margin was 25.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,511 | +14.4% | +25.0% |
| Operating profit | ₹387 | +22.3% | +54.2% |
| Net profit | ₹236 | +51.0% | +104.0% |
| EPS (₹) | 4.85 | +50.9% | +103.8% |
| Operating margin | 25.6% | — | — |
EPS restated for the 2:1 bonus of Sep 2025: Q4 FY25 ₹9.64 to ₹3.21.
SANDUMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.94% of the SANDUMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.48%. That is close to its usual level.
Delivery in the last 5 sessions: 39.2% · 37.2% · 48.8% · 46.1% · 46.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sandur Manganese & Iron Ores has incorporated a wholly owned subsidiary, Royal Sandur MedTech Private Limited, effective 25 September 2026. The company has subscribed to 10,00,000 equity shares at ₹10 each, committing ₹1.00 crore in cash consideration. The new unit will focus on manufacturing, processing, and distributing medical devices, diagnostics, and healthcare consumables. This represents a nascent diversification away from the core mining, ferroalloys, and specialty steel business, though the initial investment represents less than 0.02% of FY26 revenue of ₹5,088 crore.
- Incorporated wholly owned subsidiary Royal Sandur MedTech Private Limited on 25 September 2026
- Subscribed to 10,00,000 equity shares of ₹10 each aggregating ₹1,00,00,000 in cash
- 100% equity shareholding held by The Sandur Manganese & Iron Ores Limited
- Marks entry into medical devices, surgical products, and healthcare consumables manufacturing
Sandur Manganese & Iron Ores Limited's Board approved the incorporation of a wholly owned subsidiary named Royal Sandur MedTech Private Limited. The new entity marks a diversification into medical devices, diagnostic products, surgical equipment, and healthcare consumables manufacturing. Initial equity subscription is ₹1.00 crore (10,00,000 shares of ₹10 each), representing a negligible fraction (<0.02%) of Sandur's TTM revenue of ₹5,088 crore. The formal incorporation remains subject to standard statutory approvals.
- Board approved incorporation of 100% subsidiary 'Royal Sandur MedTech Private Limited'
- Initial equity capital committed is ₹1,00,00,000 via cash subscription of 10,00,000 shares at ₹10 each
- Marks entry into medical devices, diagnostic products, and healthcare consumables manufacturing
- Board meeting approving the move held on 17 September 2026 between 4:30 PM and 5:00 PM
Sandur Manganese & Iron Ores Limited's material subsidiary, Royal Sandur Metals Private Limited (formerly Arjas Steel Private Limited), received a penalty order of ₹12 lakh under Section 114 of the Customs Act, 1962. The penalty relates to alleged non-payment of export duty by a third party, Sundaram Fasteners Limited (SEZ unit), on goods procured from the subsidiary between 22 May 2022 and 18 November 2022, prior to its acquisition by Sandur. The company stated that the penalty has no material operational or financial impact, given Sandur's TTM net profit of ₹658 crore. The subsidiary is reviewing the order and assessing legal recourse.
- Penalty of ₹12 lakh imposed under Section 114 of the Customs Act, 1962.
- Order received on 8 September 2026 from the Office of the Principal Commissioner of Customs, Chennai-III.
- Issue pertains to supplies made during the pre-acquisition period between 22 May 2022 and 18 November 2022.
- Management confirms no material financial or operational impact on the company.
Sandur Manganese & Iron Ores Limited announced that its material subsidiaries have officially changed names effective 27 August 2026 following MCA approval. Arjas Steel Private Limited has been renamed Royal Sandur Metals Private Limited, while Arjas Modern Steel Private Limited is now Royal Sandur Green Steel Private Limited. The name change follows the group's re-branding strategy post-acquisition. This update is procedural with no direct impact on financials or operations.
- Ministry of Corporate Affairs issued Certificates of Incorporation for name change on 27 August 2026
- Arjas Steel Private Limited renamed to Royal Sandur Metals Private Limited effective 27 August 2026
- Arjas Modern Steel Private Limited renamed to Royal Sandur Green Steel Private Limited effective 27 August 2026
- Filing follows prior corporate re-branding intimation dated 9 July 2026
Sandur Manganese & Iron Ores Limited has submitted the Scrutinizer's Report for its 72nd Annual General Meeting held on August 19, 2026. All eight ordinary and special resolutions were approved by shareholders with overwhelming majorities exceeding 99% assent. Approved items include the adoption of FY26 annual accounts, payment of a final dividend of Rs 0.50 per share (face value Rs 10), and the appointment of T. R. Raghunandan and Pankajam Sridevi as Independent Directors.
- Approved final dividend of Rs 0.50 per equity share of face value Rs 10 for FY26 with 99.9998% voting assent.
- Adopted FY26 standalone and consolidated financial statements with over 37.16 crore votes cast in favor.
- Approved appointment of T. R. Raghunandan and Pankajam Sridevi as Independent Directors with 99.03% and 99.91% assent, respectively.
- All 8 resolutions passed by requisite majority via remote e-voting and e-voting during the AGM.
Sandur Manganese & Iron Ores Limited has incorporated a wholly owned subsidiary named Royal Sandur Hospitality Private Limited on August 21, 2026. The new entity will operate in the hospitality sector, covering the development, operation, and management of hotels, resorts, and restaurants. The company has subscribed to 10,00,000 equity shares of ₹10 each for an aggregate initial cash consideration of ₹1.00 crore.
- Incorporated Royal Sandur Hospitality Private Limited as a 100% wholly owned subsidiary on August 21, 2026
- Initial equity subscription of 10,00,000 equity shares at ₹10 each, totaling ₹1.00 crore in cash
- Business scope encompasses hotels, resorts, serviced apartments, restaurants, and allied establishments
- Initial investment represents <0.02% of SANDUMA's TTM revenue of ₹5,088 crore
Sandur Manganese & Iron Ores concluded its 72nd Annual General Meeting on August 19, 2026. In the AGM address, the Chairman highlighted that FY26 consolidated income rose 61% YoY to ₹5,163 crore, with PAT reaching ₹658 crore following the full-year integration of Arjas Steel. The company achieved standalone net debt-free status as of March 31, 2026, after the early redemption of ₹423 crore of Non-Convertible Debentures (NCDs) funded via internal accruals. The company operated at enhanced annual production limits of 0.599 MTPA for manganese ore and 4.45 MTPA for iron ore.
- Consolidated FY26 total income reached ₹5,163 crore (up 61% YoY) and PAT reached ₹658 crore (up 40% YoY)
- Early redemption of ₹423 crore NCDs resulted in Standalone Net Debt Free status as of 31 March 2026
- Operated at enhanced MPAP limits of 0.599 MTPA manganese ore and 4.45 MTPA iron ore in FY26
- Proposed highest-ever total dividend payout of ₹24 crore for FY26
Sandur Manganese & Iron Ores Limited has incorporated a wholly owned subsidiary, Royal Sandur Academy Private Limited, on 14 August 2026. The listed entity holds a 100% stake via cash subscription of 10,00,000 equity shares of ₹10 each, aggregating to ₹1.00 crore. The new subsidiary will operate in education, sports coaching, skill development, and related infrastructure. Given the company's TTM revenue of ₹5,088 crore, the initial capital commitment of ₹1 crore is negligible.
- Incorporated Royal Sandur Academy Private Limited as a 100% Wholly Owned Subsidiary on 14 August 2026
- Subscribed to 10,00,000 equity shares of ₹10 each for a total cash consideration of ₹1,00,00,000 (₹1.00 Cr)
- Entity focuses on education, sports academies, skill development, and vocational training facilities
- Certificate of Incorporation received from the Ministry of Corporate Affairs, Government of India
Sandur Manganese & Iron Ores (SMIORE) has successfully transitioned into an integrated specialty steel player following the ~₹3,000 Cr acquisition of Arjas Steel. Iron ore mining capacity has been significantly scaled to 4.45 MTPA, a 178% increase from its previous 1.6 MTPA base. The company reported a consolidated FY26 revenue of ₹5,088 Cr, reflecting the massive scale-up from ₹1,252 Cr in FY24. With iron ore reserves of 137 MT secured until 2033, the company is leveraging captive raw materials for its downstream steel and ferroalloy operations.
- Iron ore capacity enhanced to 4.45 MTPA from a base of 1.6 MTPA, with permissible production limits at 4.36 MTPA.
- Acquisition of Arjas Steel Private Limited completed for an Enterprise Value of ~₹3,000 Cr, adding 0.585 MTPA specialty steel capacity.
- Manganese ore capacity stands at 0.599 MTPA, positioning the company as the 2nd largest private manganese miner in India.
- Secured long-term raw material security with 137 MT of Iron Ore and 15 MT of Manganese Ore reserves valid until 2033.
- Consolidated Net Worth grew to ₹3,254 Cr in FY26, up from ₹2,158 Cr in FY24.
Sandur Manganese & Iron Ores (SANDUMA) is diversifying into non-mining sectors by incorporating two wholly-owned subsidiaries: Royal Sandur Hospitality and Royal Sandur Academy. The company will invest ₹1 Cr in each entity (total ₹2 Cr) for a 100% stake. This move follows a prior board intimation in July 2026 regarding venturing into new business lines. Given the company's TTM revenue of ₹5088 Cr, this initial investment is financially immaterial (~0.04% of revenue) but represents a strategic shift into hospitality and education.
- Incorporation of two 100% wholly-owned subsidiaries: Royal Sandur Hospitality and Royal Sandur Academy.
- Initial cash investment of ₹1,00,00,000 (₹1 Cr) for 10,00,000 equity shares in each subsidiary.
- Total investment of ₹2 Cr represents approximately 0.03% of the company's ₹6912 Cr market capitalization.
- New business lines include hotels, resorts, sports academies, and vocational training institutes.
Sandur Manganese & Iron Ores Limited (SMIORE) has authorized three Key Managerial Personnel (KMP) to determine the materiality of events for stock exchange disclosures under SEBI Regulation 30(5). The authorization was finalized during the company's 386th Board Meeting held on August 6, 2026. The authorized officials include the Managing Director, CFO, and Company Secretary. This is a procedural compliance update and has no direct impact on the company's financial performance or operations.
- Board Meeting number 386 held on 6 August 2026 to approve authorizations
- 3 Key Managerial Personnel (KMP) authorized to determine materiality of information
- Meeting duration spanned 4 hours and 25 minutes, concluding at 3:55 P.M.
- Authorization is effective immediately from 6 August 2026
Sandur Manganese (SANDUMA) reported a standalone PAT of Rs 161.19 Cr for Q1 FY27, representing a 25% growth YoY but a 17.8% decline sequentially from Q4 FY26. Standalone revenue stood at Rs 540.31 Cr, with the mining segment contributing 77.7% of the total. A critical regulatory update involves a revised demand of Rs 139.05 Cr and 714.9 hectares of land from the Karnataka Forest Department for lease extensions beyond December 2026. The company is currently pursuing a review petition in the High Court after the Supreme Court dismissed its earlier appeal.
- Standalone PAT increased 25% YoY to Rs 161.19 Cr from Rs 128.75 Cr in the previous year's quarter.
- Mining segment revenue reached Rs 419.85 Cr, accounting for the majority of standalone operations.
- Revised regulatory demand of Rs 139.05 Cr for compensatory afforestation charges to extend forest leases.
- Consolidated Profit Before Tax (PBT) reported at Rs 280.02 Cr for the quarter ended June 30, 2026.
- Requirement to provide 714.9 hectares of land for forest lease extension beyond December 2026.
Sandur Manganese reported a standalone revenue of ₹540.31 Cr for Q1 FY27, marking a 27.8% growth YoY but a 19.1% decline from the preceding quarter. Net profit followed a similar trend, rising 25.2% YoY to ₹161.19 Cr while falling 17.8% QoQ. The company faces a significant regulatory hurdle with a revised demand of ₹139.05 Cr for compensatory afforestation charges related to forest lease extensions beyond 2026. Additionally, the board approved diversifying into non-core sectors by incorporating two wholly-owned subsidiaries in hospitality and education with an initial capital of ₹1 Cr each.
- Standalone Revenue from operations stood at ₹540.31 Cr for Q1 FY27 vs ₹422.72 Cr in Q1 FY26.
- Net Profit for the quarter reached ₹161.19 Cr, a 25.2% increase over the ₹128.75 Cr reported in the year-ago period.
- Mining segment remains the primary driver, contributing ₹419.85 Cr to revenue, though segment results dipped 32% QoQ.
- Received a revised demand notice of ₹139.05 Cr for compensatory afforestation charges for 714.9 hectares of land.
- Board approved incorporation of 'Royal Sandur Hospitality' and 'Royal Sandur Academy' with ₹10 lakh equity shares each at ₹10 par value.
Sandur Manganese & Iron Ores Limited has announced its 72nd Annual General Meeting (AGM) for August 19, 2026. The company has established August 12, 2026, as the record date for dividend eligibility and the cut-off date for e-voting. Dividend payments are scheduled to begin on or after August 21, 2026. This communication specifically targets shareholders with unregistered email addresses to ensure they can access the FY26 Annual Report and participate in the voting process.
- 72nd Annual General Meeting to be held on 19 August 2026 via video conferencing
- Record date for dividend and e-voting cut-off fixed for 12 August 2026
- Dividend payment period starts on or after 21 August 2026
- Remote e-voting window open from 16 August to 18 August 2026
Sandur Manganese & Iron Ores (SMIORE) has scheduled its 72nd Annual General Meeting for August 19, 2026. The Board has recommended a final dividend of ₹0.50 per equity share for FY26, with a record date of August 12, 2026. Key agenda items include the appointment of T. R. Raghunandan as Independent Director and Chairman for a five-year term. This follows a period of significant growth, with TTM revenue reaching ₹5,088 Cr and a major acquisition of Arjas Steel for ~₹3,000 Cr.
- Proposed final dividend of ₹0.50 per equity share (5% of face value) for the financial year ended March 31, 2026.
- Record date for dividend eligibility and e-voting set for August 12, 2026.
- Appointment of T. R. Raghunandan as Independent Director and Chairman for a 5-year term ending July 8, 2031.
- Professional fee cap of ₹1 crore per annum approved for Director Mohammed Abdul Saleem for specialized services.
- E-voting period to commence on August 16, 2026, and conclude on August 18, 2026.
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.
Risk Analysis
Key Uncertainties
Regulatory risks regarding mining policy changes and the volatility of iron ore and manganese ore prices are the primary uncertainties.
Geographic Concentration Risk
100% of mining operations are concentrated in Sandur, Karnataka, exposing the company to significant regional regulatory and political risk.
Third Party Dependencies
High dependency on the steel industry, as the majority of products (ore, ferroalloys, coke) are inputs for steel manufacturing.
Credit & Counterparty Risk
The company maintains a strong liquidity profile with a current ratio of 2.30x as of March 31, 2024.
