Sandur Manganese & Iron Ores Ltd
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]
- Market Cap ₹ 7,622 Cr.
- Current Price ₹ 471
- High / Low ₹ 636 / 337
- Stock P/E 16.2
- Book Value ₹ 161
- Dividend Yield 0.21 %
- ROCE 21.8 %
- ROE 19.7 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 26.8%
- Company's median sales growth is 15.5% of last 10 years
Cons
- Debtor days have increased from 26.1 to 43.6 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 206 | 219 | 347 | 351 | 269 | 434 | 608 | 702 | 2,249 | 2,126 | 1,252 | 3,135 | |
| 191 | 193 | 291 | 308 | 266 | 335 | 434 | 477 | 1,275 | 1,733 | 932 | 2,350 | |
| Operating Profit | 15 | 26 | 57 | 42 | 3 | 99 | 174 | 225 | 974 | 392 | 320 | 785 |
| OPM % | 7% | 12% | 16% | 12% | 1% | 23% | 29% | 32% | 43% | 18% | 26% | 25% |
| 12 | 23 | 17 | 4 | 23 | 10 | 13 | 18 | 35 | 59 | 83 | 77 | |
| Interest | 1 | 2 | 0 | 2 | 0 | 7 | 5 | 6 | 38 | 28 | 20 | 117 |
| Depreciation | 19 | 19 | 18 | 10 | 9 | 12 | 12 | 13 | 56 | 64 | 58 | 121 |
| Profit before tax | 7 | 27 | 56 | 35 | 16 | 90 | 169 | 224 | 915 | 360 | 325 | 624 |
| Tax % | 244% | 14% | 35% | 20% | 57% | 33% | 34% | 34% | 26% | 25% | 27% | 24% |
| -11 | 23 | 36 | 25 | 7 | 61 | 111 | 147 | 675 | 271 | 239 | 471 | |
| EPS in Rs | -0.49 | 1.58 | 2.34 | 1.62 | 0.47 | 3.80 | 7.01 | 9.30 | 41.67 | 16.72 | 14.78 | 29.04 |
| Dividend Payout % | 0% | 0% | 7% | 10% | 36% | 4% | 6% | 4% | 1% | 5% | 68% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | % |
| 3 Years: | 12% |
| TTM: | 150% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 33% |
| 5 Years: | % |
| 3 Years: | -11% |
| TTM: | 102% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 31% |
| 5 Years: | 73% |
| 3 Years: | 47% |
| 1 Year: | -13% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 20% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 27 | 162 | 162 | |
| Reserves | 270 | 295 | 329 | 351 | 355 | 420 | 522 | 662 | 1,907 | 1,996 | 2,451 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 206 | 133 | 1,890 | ||
| 191 | 164 | 177 | 174 | 145 | 167 | 156 | 191 | 392 | 302 | 1,146 | ||
| Total Liabilities | 470 | 467 | 514 | 533 | 508 | 596 | 687 | 862 | 2,532 | 2,593 | 5,648 | |
| 241 | 229 | 222 | 225 | 224 | 225 | 262 | 260 | 878 | 886 | 3,111 | ||
| CWIP | 13 | 28 | 5 | 4 | 3 | 4 | 12 | 202 | 67 | 116 | 373 | |
| Investments | 18 | 40 | 45 | 58 | 48 | 119 | 175 | 65 | 469 | 484 | 227 | |
| 197 | 170 | 242 | 245 | 234 | 248 | 238 | 335 | 1,118 | 1,106 | 1,937 | ||
| Total Assets | 470 | 467 | 514 | 533 | 508 | 596 | 687 | 862 | 2,532 | 2,593 | 5,648 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -66 | 32 | 16 | 36 | -7 | 85 | 128 | 169 | 873 | 142 | 153 | 841 | |
| 60 | -28 | -9 | -24 | 4 | -71 | -106 | -147 | -793 | -11 | -66 | -1,561 | |
| -5 | -0 | -0 | -3 | -3 | -13 | -13 | -12 | -106 | -129 | -107 | 704 | |
| Net Cash Flow | -12 | 4 | 8 | 9 | -7 | 1 | 9 | 10 | -26 | 2 | -20 | -16 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 81 | 31 | 43 | 6 | 10 | 5 | 3 | 11 | 25 | 10 | 44 | |
| Inventory Days | 1,836 | 574 | 256 | 440 | 238 | 180 | 92 | 794 | 312 | |||
| Days Payable | 665 | 346 | 107 | 146 | 128 | 207 | 79 | 275 | 245 | |||
| Cash Conversion Cycle | 1,252 | 259 | 43 | 6 | 159 | 299 | 113 | -16 | 37 | 529 | 111 | |
| Working Capital Days | -31 | -70 | -8 | -22 | -1 | -10 | -3 | -16 | 21 | 198 | 87 | |
| ROCE % | 2% | 9% | 16% | 10% | -1% | 23% | 34% | 36% | 15% | 22% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May
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Announcement under Regulation 30 (LODR)-Investor Presentation
29 May - Investor Presentation for the quarter and year ended 31 March 2025
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Appointment Of Secretarial Auditor
28 May - Appointment of N.D. Satish as Secretarial Auditor for five years from April 2025.
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Corporate Action-Board approves Dividend
28 May - Board recommends ₹1.25 final dividend per share for FY ended 31 March 2025, subject to AGM approval.
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Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31 March 2025
28 May - Audited FY25 results: Profit ₹59,678L, acquisition of Arjas Steel, NCD issue ₹45,000L, dividend ₹1.25/share.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2025TranscriptNotesPPT
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Feb 2025TranscriptNotesPPT
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Nov 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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May 2024TranscriptNotesPPT
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Feb 2024TranscriptNotesPPT
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Nov 2023TranscriptNotesPPT
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Aug 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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Jul 2021Transcript PPT
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Jun 2021TranscriptNotesPPT
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Jul 2019TranscriptPPT
Mining Segment (~64% of 9MFY24 revenues) [1]
This is the legacy business of the company wherein it is involved in the mining of iron and manganese ores. Company produces iron ore with Fe content of 56-58%, with lump to fine production ratio of 1:2.[2]Company has large mines with two leases up to 2033, ML-2678 and ML-2679, with an area of 1860.10 hectares (ha) and 139.20 ha, respectively [3]with reserves of Manganese Ore: 17MT & Iron Ore: 110 MT. Company currently has a capacity of Manganese Ore: 0.46 MTPA & Iron Ore: 3.81 MTPA[4]