Sandur Manganese & Iron Ores Ltd

₹ 234 -2.78%

11 May - close price

sandurgroup.com BSE: 504918 NSE: SANDUMA

About

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]

Key Points

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]

Website BSE NSE

Market Cap ₹ 11,383 Cr.
Current Price ₹ 234
High / Low ₹ 273 / 141
Stock P/E 16.7
Book Value ₹ 66.9
Dividend Yield 0.18 %
ROCE 24.4 %
ROE 23.2 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is expected to give good quarter
Company's median sales growth is 40.2% of last 10 years
Company's working capital requirements have reduced from 68.9 days to 10.8 days

Cons

* 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

Energy Oil, Gas & Consumable Fuels Consumable Fuels Coal

Part of BSE Energy Nifty Microcap 250 Nifty Total Market BSE 1000

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	608	363	185	153	552	602	260	952	1,321	1,135	1,232	1,209	1,511
	372	305	147	136	344	411	223	712	1,005	836	960	959	1,125
Operating Profit	235	58	37	17	208	191	38	240	316	299	273	251	387
OPM %	39%	16%	20%	11%	38%	32%	14%	25%	24%	26%	22%	21%	26%
	17	19	18	15	31	23	25	20	9	15	12	-4	20
Interest	7	6	5	5	4	4	5	41	67	54	57	46	55
Depreciation	16	14	14	15	15	14	14	38	54	51	53	54	54
Profit before tax	229	57	36	13	219	196	43	180	204	209	175	147	297
Tax %	24%	29%	26%	25%	26%	25%	26%	23%	23%	20%	21%	21%	20%
	174	40	27	9	164	144	32	137	156	167	139	116	236
EPS in Rs	3.58	0.82	0.56	0.19	3.37	2.97	0.66	2.83	3.21	3.43	2.85	2.38	4.85
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	219	347	351	269	434	608	702	2,249	2,126	1,252	3,135	5,088
	193	291	308	266	335	434	477	1,275	1,733	932	2,353	3,879
Operating Profit	26	57	42	3	99	174	225	974	392	320	782	1,209
OPM %	12%	16%	12%	1%	23%	29%	32%	43%	18%	26%	25%	24%
	23	17	4	23	10	13	18	35	59	83	80	42
Interest	2	0	2	0	7	5	6	38	28	20	117	212
Depreciation	19	18	10	9	12	12	13	56	64	58	121	212
Profit before tax	27	56	35	16	90	169	224	915	360	325	624	827
Tax %	14%	35%	20%	57%	33%	34%	34%	26%	25%	27%	24%	20%
	23	36	25	7	61	111	147	675	271	239	471	658
EPS in Rs	0.53	0.78	0.54	0.16	1.27	2.33	3.09	13.89	5.57	4.93	9.67	13.51
Dividend Payout %	0%	7%	10%	36%	4%	6%	4%	1%	5%	7%	4%	4%

Compounded Sales Growth
10 Years:	34%
5 Years:	%
3 Years:	34%
TTM:	62%

Compounded Profit Growth
10 Years:	80%
5 Years:	%
3 Years:	37%
TTM:	53%

Stock Price CAGR
10 Years:	36%
5 Years:	50%
3 Years:	53%
1 Year:	39%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	18%
Last Year:	23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	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
	0	0	0	0	0	0	0	206	133	1,890	999
	164	177	174	145	167	156	191	392	302	1,146	1,274
Total Liabilities	467	514	533	508	596	687	862	2,532	2,593	5,648	5,527
	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
	170	242	245	234	248	238	335	1,118	1,106	1,937	1,804
Total Assets	467	514	533	508	596	687	862	2,532	2,593	5,648	5,527

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32	16	36	-7	85	128	169	873	142	153	841	1,143
	-28	-9	-24	4	-71	-106	-147	-793	-11	-66	-1,554	20
	-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/OP	181%	84%	143%	30%	109%	108%	110%	112%	58%	78%	124%	105%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	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	11
ROCE %	9%	16%	10%	-1%	23%	34%	36%		15%	21%	24%

Insights

In beta

Mar 2015

Mar 2016

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Mar 2022

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Mar 2025

Iron Ore Production
Million Tonnes ・Standalone data

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Manganese Ore Production
Million Tonnes ・Standalone data

Ferroalloys Production
Tonnes ・Standalone data

Iron Ore Mining Capacity
MTPA ・Standalone data

Manganese Ore Mining Capacity
MTPA ・Standalone data

Established Iron Ore Reserves
Million Tonnes ・Standalone data

Established Manganese Ore Reserves
Million Tonnes ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	74.31%	74.26%	74.22%	74.22%	74.22%	74.22%	74.22%	74.22%	74.22%	74.22%	74.22%	74.22%
	0.31%	0.33%	0.43%	0.70%	0.77%	0.99%	1.06%	1.12%	1.00%	1.01%	1.20%	1.63%
	0.74%	0.64%	1.26%	1.42%	1.45%	1.46%	1.49%	1.43%	0.59%	0.70%	0.67%	0.66%
	24.65%	24.78%	24.07%	23.67%	23.56%	23.34%	23.23%	23.24%	24.18%	24.08%	23.93%	23.47%
No. of Shareholders	25,803	24,757	34,621	57,023	52,803	54,523	55,636	55,408	55,747	62,156	81,705	85,207

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	72.43%	72.43%	72.45%	73.24%	73.22%	73.18%	74.37%	74.22%	74.22%	74.22%
	0.00%	1.25%	1.53%	0.36%	0.00%	0.36%	0.32%	0.70%	1.12%	1.63%
	0.85%	1.53%	1.52%	1.58%	0.81%	0.81%	0.79%	1.42%	1.43%	0.66%
	26.73%	24.79%	24.50%	24.82%	25.97%	25.65%	24.52%	23.67%	23.24%	23.47%
No. of Shareholders	7,915	9,150	9,513	9,958	9,620	12,716	27,458	57,023	55,408	85,207

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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