Arthneeti

Sandur Manganese & Iron Ores Q1 FY27 Share Price & Earnings Call Analysis

₹168.86+4.42% today
Market cap
₹8,208 Cr
P/E
11.07
ROE
23.03%
PEG
0.30
Price to sales
1.55
Debt to equity
0.31
52W high / low
₹265 / ₹157
EBITDA margin
23.53%
Net profit margin
13.30%
Promoter holding
74.22%
Sales (last year)
₹5,328 Cr

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.[1] It is the 3rd Largest Manganese ore miner in India.[2]

Guidance scorecard · Q1 FY27 call

What Sandur Manganese's management guided
and where it ranks in Ferrous Metals

Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY22 call

20–40%
  • Revenue outlook for FY22 is expected between ₹1,700 to ₹2,000 crores.
  • Iron ore production capacity increase from 1.6 to 3.5 million tonnes is in the final approval stages, expected by end of the calendar year.
  • Company expects better revenue, potentially above ₹1,200-1,300 crores in coming periods.
  • Ferroalloys revenue at current capacity can reach around ₹300 crores with 20% EBITDA margin; utilization expected to improve given high prices.
  • Coke production ramp-up: operating close to full capacity, further growth dependent on coal prices.

2 more points from Sandur Manganese's call on revenue

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Full Q1 FY22 analysis

MarginsQ1 FY22 call

Flat

See what Sandur Manganese said on margins — free account, 30 seconds.

Full Q1 FY22 analysis

CapexQ1 FY22 call

Planned
  • The company has recently commissioned Phase 1 of its CAPEX plan, including a 0.4 MTPA Coke Oven plant and 30 MW power generation via Waste Heat Recovery Boilers (completed January 2021).
  • Phase 2 CAPEX involves forward integration into steel making with an envisaged capacity of 0.5 to 1 million tonnes per annum, expected to cost Rs. 2000-3000 crore, to be done in phases.
  • Expansion of iron ore mining capacity from 1.6 million tonnes to approximately 3.8 million tonnes is in final approval stages, expected by end of the calendar year.
  • Plans include setting up an iron ore beneficiation plant and pellet plant to improve ore quality and market value.
  • Ferroalloys capacity may increase from 48,000 TPA to around 70,000-72,000 TPA subject to power availability.

2 more points from Sandur Manganese's call on capex

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Full Q1 FY22 analysis

FundraisingQ1 FY22 call

Planned

See what Sandur Manganese said on fundraising — free account, 30 seconds.

Full Q1 FY22 analysis

Order bookQ1 FY22 call

Ask what Sandur Manganese said on the order book →

Full Q1 FY22 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jindal SteelGood growth
    2
  2. Strong growth
    1
  3. Indian MetalsGood growth
    3
See all potential multibaggersWhere does Sandur Manganese rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹52 Cr8.3
2Jindal Steel20–40%Flat₹1.08L Cr33.6
3Indian Metals20–40%Flat₹5,888 Cr11.2
420–40%Flat₹5,614 Cr38.4
510–20%Up 0–2%₹7,209 Cr18.2
610–20%Flat₹3.05L Cr19.4

Sign up free to see every company in the sector ranking and track Sandur Manganese.

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Financials of Sandur Manganese

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Sandur Manganese

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +6083631851535526022609521,3211,1351,2321,2091,511
Expenses +3723051471363444112237121,0058369609591,125
Operating Profit23558371720819138240316299273251387
OPM %39%16%20%11%38%32%14%25%24%26%22%21%26%
Other Income +171918153123252091512-420
Interest7655445416754574655
Depreciation16141415151414385451535454
Profit before tax22957361321919643180204209175147297
Tax %24%29%26%25%26%25%26%23%23%20%21%21%20%
Net Profit +1744027916414432137156167139116236
EPS in Rs3.580.820.560.193.372.970.662.833.213.432.852.384.85

Financials of Sandur Manganese

Profit & Loss

Annual income statement trend

Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +2193473512694346087022,2492,1261,2523,1355,088
Expenses +1932913082663354344771,2751,7339322,3533,879
Operating Profit2657423991742259743923207821,209
OPM %12%16%12%1%23%29%32%43%18%26%25%24%
Other Income +23174231013183559838042
Interest2020756382820117212
Depreciation1918109121213566458121212
Profit before tax2756351690169224915360325624827
Tax %14%35%20%57%33%34%34%26%25%27%24%20%
Net Profit +233625761111147675271239471658
EPS in Rs0.530.780.540.161.272.333.0913.895.574.939.6713.51
Dividend Payout %0%7%10%36%4%6%4%1%5%7%4%4%

Financials of Sandur Manganese

Balance Sheet

Capital structure and asset base

Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital999999927162162486
Reserves2953293513554205226621,9071,9962,4512,768
Borrowings +00000002061331,890999
Other Liabilities +1641771741451671561913923021,1461,274
Total Liabilities4675145335085966878622,5322,5935,6485,527
Fixed Assets +2292222252242252622608788863,1113,300
CWIP2854341220267116373142
Investments4045584811917565469484227281
Other Assets +1702422452342482383351,1181,1061,9371,804
Total Assets4675145335085966878622,5322,5935,6485,527

Financials of Sandur Manganese

Cash Flows

Operating, investing and financing cash movement

Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +321636-7851281698731421538411,143
Cash from Investing Activity +-28-9-244-71-106-147-793-11-66-1,55420
Cash from Financing Activity +-0-0-3-3-13-13-12-106-129-107704-1,123
Net Cash Flow489-71910-262-20-939
Free Cash Flow261020-1470101-71795-4450753988
CFO/OP181%84%143%30%109%108%110%112%58%78%124%105%

Financials of Sandur Manganese

Ratios

Working capital efficiency and return ratios

Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3143610531125104431
Inventory Days57425644023818092794312149
Days Payable34610714612820779275245146
Cash Conversion Cycle259436159299113-163752911135
Working Capital Days-70-8-22-1-10-3-1614189711
ROCE %9%16%10%-1%23%34%36%15%21%24%
12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−22.1%32%
Last 6 months−19.8%20%
Last 3 months−20.4%19%

The price is 36.2% below its all-time high of ₹264.71 (2 Jan 2026). Stocks more than 20% below their peak have their score halved, so 25 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sandur Manganese: 0.4 × 32 + 0.4 × 20 + 0.2 × 19 = 25, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Sandur Manganese's management said in earlier quarters

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