Mining & Minerals · Founded 1954 · www.sandurgroup.com · BSE 504918 · NSE SANDUMA · ISIN INE149K01016
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1. Business Overview
Sandur Manganese & Iron Ores Ltd. (SMIORE) is an Indian mining company primarily engaged in the extraction and processing of iron ore and manganese ore. Its core business model revolves around supplying these crucial raw materials to various industries, including steel and ferroalloys. The company has integrated operations, including manufacturing ferroalloys (such as ferromanganese and silicomanganese) by utilizing its captive manganese ore. Additionally, SMIORE operates captive power plants (both thermal and hydro) to meet its internal energy needs and may sell surplus power. The company generates revenue through the sale of processed iron ore, manganese ore, ferroalloys, and electricity.
2. Key Segments / Revenue Mix
SMIORE's operations typically span three main segments:
Mining: This segment involves the exploration, excavation, and processing of iron ore and manganese ore from its captive mines. Historically, this has been a foundational revenue driver.
Ferroalloys: This segment manufactures various grades of ferromanganese and silicomanganese, adding significant value to its captive manganese ore output.
Power: The company operates power generation facilities primarily for captive consumption to support its mining and ferroalloys operations. Any surplus power may be sold to the grid.
The specific revenue contribution from each segment can fluctuate annually based on commodity prices, production volumes, and market demand for finished products.
3. Industry & Positioning
SMIORE operates within the highly regulated, capital-intensive, and cyclical Indian mining and metals industry. This sector is crucial for supporting India's infrastructure, construction, and manufacturing growth. SMIORE is positioned as an established private sector player, particularly known for its captive iron ore and manganese ore mines in Karnataka. While it competes with large state-owned entities (e.g., NMDC for iron ore, MOIL for manganese ore) and other diversified private miners/steel producers, SMIORE benefits from its integrated operations from raw material extraction to value-added products like ferroalloys, which offers a degree of cost control and supply security.
4. Competitive Advantage (Moat)
SMIORE's primary competitive advantages include:
Captive Mining Leases: The company's ownership and operation of iron ore and manganese ore mines provide a crucial cost advantage and ensure a secure, long-term supply of raw materials for its own ferroalloy production and external sales. This mitigates exposure to open market raw material price volatility.
Operational Integration: The integration from mining to ferroalloy manufacturing allows for better control over the value chain, potentially leading to higher margins and operational efficiencies compared to pure-play miners or ferroalloy producers dependent on external ore sources.
Established Presence: Decades of operational history in specific geographical regions have led to accumulated expertise, established infrastructure, and relationships with local stakeholders.
5. Growth Drivers
1. Infrastructure Development: India's continued focus on infrastructure projects will drive sustained demand for steel, directly increasing the need for iron ore and ferroalloys.
2. Increased Mining Capacity: Potential expansions in existing mining leases or acquisition of new leases could lead to higher production volumes of both iron ore and manganese ore.
3. Value-Added Product Expansion: Growth could come from increasing production capacity for ferroalloys or diversifying into higher-margin specialized ferroalloys.
4. Operational Efficiency: Continuous improvements in mining technology, processing efficiency, and cost management can boost profitability.
5. Renewable Energy Integration: Investments in renewable energy sources for captive power or grid supply could reduce operating costs and contribute to sustainability initiatives.
6. Risks
1. Commodity Price Volatility: Fluctuations in global and domestic prices of iron ore, manganese ore, and ferroalloys are the most significant risk, directly impacting revenue and profitability.
2. Regulatory & Environmental Challenges: Strict and evolving mining policies, environmental regulations, obtaining and renewing clearances, and potential legal challenges pose significant operational and financial risks.
3. Economic Slowdown: A downturn in the Indian or global economy could reduce demand from key end-user industries (e.g., steel, automotive, construction).
4. Operational & Geological Risks: Unexpected geological conditions, labor disputes, equipment failures, and logistical bottlenecks can disrupt production and increase costs.
5. Input Cost Inflation: Rising costs of power, fuel, and other consumables can erode profit margins.
7. Management & Ownership
Sandur Manganese & Iron Ores Ltd. is promoted by the Ghorpade family, which has a long-standing legacy and deep-rooted experience in the mining and industrial sectors, tracing back to the historical princely state of Sandur. The company largely operates under a promoter-driven management structure, with the family playing a direct and influential role in its strategic direction and day-to-day operations. The ownership structure is characterized by significant holdings by the promoter group.
8. Outlook
SMIORE benefits from its foundational strengths, including captive access to essential mineral resources and an integrated business model encompassing mining, ferroalloys, and power generation. This positions the company to potentially capitalize on India's long-term economic growth, particularly the robust demand for steel and associated raw materials driven by infrastructure development. However, the company faces inherent challenges due to its exposure to the cyclicality and volatility of global commodity markets for iron ore, manganese ore, and ferroalloys. Navigating India's intricate and often changing regulatory and environmental landscape for mining operations remains a persistent factor. While its integrated operations offer a degree of resilience and cost advantage, sustained performance will hinge on effective capacity management, ongoing operational efficiency enhancements, and strategic responses to market dynamics and regulatory pressures.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 153 | 552 | 602 | 260 | 952 | 1321 | 1135 | 1232 | 1209 | 1511 |
| Other Income | 15 | 31 | 23 | 25 | 20 | 9 | 15 | 12 | 28 | 20 |
| Total Income | 168 | 583 | 625 | 285 | 972 | 1330 | 1150 | 1245 | 1237 | 1531 |
| Total Expenditure | 136 | 344 | 411 | 223 | 712 | 1005 | 836 | 960 | 959 | 1125 |
| Operating Profit | 33 | 239 | 214 | 63 | 260 | 325 | 314 | 285 | 279 | 406 |
| Interest | 5 | 4 | 4 | 5 | 41 | 67 | 54 | 57 | 46 | 55 |
| Depreciation | 15 | 15 | 14 | 14 | 38 | 54 | 51 | 53 | 54 | 54 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32 | 0 |
| Profit Before Tax | 13 | 219 | 196 | 43 | 180 | 204 | 209 | 175 | 147 | 297 |
| Provision for Tax | 3 | 57 | 49 | 11 | 42 | 47 | 42 | 36 | 30 | 60 |
| Profit After Tax | 10 | 162 | 147 | 32 | 139 | 157 | 167 | 139 | 116 | 236 |
| Adjustments | -1 | 1 | -2 | -0 | -1 | -1 | -0 | -0 | -1 | -1 |
| Profit After Adjustments | 9 | 164 | 144 | 32 | 137 | 156 | 167 | 139 | 116 | 236 |
| Adjusted Earnings Per Share | 0.2 | 3.4 | 3 | 0.7 | 2.8 | 3.2 | 3.4 | 2.8 | 2.4 | 4.9 |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 206 | 219 | 347 | 351 | 269 | 422 | 608 | 702 | 2126 | 1252 | 3135 | 5087 |
| Other Income | 9 | 23 | 18 | 5 | 6 | 10 | 13 | 19 | 59 | 83 | 81 | 75 |
| Total Income | 215 | 242 | 365 | 356 | 275 | 433 | 621 | 722 | 2185 | 1335 | 3216 | 5163 |
| Total Expenditure | 188 | 193 | 291 | 309 | 266 | 323 | 434 | 478 | 1733 | 932 | 2354 | 3880 |
| Operating Profit | 27 | 49 | 74 | 47 | 8 | 109 | 186 | 243 | 452 | 403 | 862 | 1284 |
| Interest | 1 | 2 | 0 | 2 | 0 | 7 | 5 | 6 | 28 | 20 | 117 | 212 |
| Depreciation | 19 | 19 | 18 | 10 | 9 | 12 | 12 | 13 | 64 | 58 | 121 | 212 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 17 | 0 | 0 | 0 | 0 | 0 | 0 | -32 |
| Profit Before Tax | 7 | 27 | 56 | 35 | 16 | 90 | 169 | 224 | 360 | 325 | 624 | 828 |
| Provision for Tax | 18 | 4 | 20 | 7 | 9 | 30 | 58 | 77 | 88 | 86 | 150 | 168 |
| Profit After Tax | -11 | 23 | 36 | 28 | 7 | 61 | 111 | 147 | 271 | 239 | 475 | 658 |
| Adjustments | 3 | 2 | 0 | -2 | 0 | -1 | -1 | -1 | -0 | 1 | -4 | -2 |
| Profit After Adjustments | -8 | 25 | 37 | 25 | 7 | 60 | 110 | 146 | 271 | 239 | 470 | 658 |
| Adjusted Earnings Per Share | -0.2 | 0.5 | 0.8 | 0.5 | 0.2 | 1.3 | 2.4 | 3.1 | 5.6 | 4.9 | 9.7 | 13.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 150% | 65% | 49% | 31% |
| Operating Profit CAGR | 114% | 53% | 51% | 41% |
| PAT CAGR | 99% | 48% | 51% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 34% | 44% | 48% | 35% |
| ROE Average | 20% | 17% | 20% | 13% |
| ROCE Average | 22% | 22% | 28% | 19% |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 279 | 304 | 337 | 359 | 364 | 429 | 531 | 671 | 1934 | 2158 | 2613 |
| Minority's Interest | 29 | 27 | 27 | 29 | 29 | 31 | 32 | 33 | 0 | 0 | 15 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 161 | 98 | 1335 |
| Other Non-Current Liabilities | -4 | -16 | 215 | 228 | 236 | -8 | -16 | -19 | 763 | 858 | 1002 |
| Total Current Liabilities | 141 | 125 | 138 | 126 | 99 | 119 | 119 | 152 | 491 | 293 | 1557 |
| Total Liabilities | 445 | 440 | 717 | 743 | 728 | 571 | 666 | 837 | 3349 | 3408 | 6521 |
| Fixed Assets | 241 | 229 | 222 | 225 | 224 | 211 | 213 | 211 | 835 | 844 | 3068 |
| Other Non-Current Assets | 55 | 76 | 298 | 325 | 331 | 106 | 127 | 371 | 992 | 1120 | 1646 |
| Total Current Assets | 149 | 135 | 197 | 192 | 172 | 255 | 327 | 255 | 1522 | 1444 | 1796 |
| Total Assets | 445 | 440 | 717 | 743 | 728 | 571 | 666 | 837 | 3349 | 3408 | 6521 |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 19 | 7 | 11 | 18 | 27 | 21 | 22 | 30 | 41 | 43 | 23 |
| Cash Flow from Operating Activities | -66 | 32 | 16 | 36 | -7 | 85 | 128 | 169 | 142 | 153 | 841 |
| Cash Flow from Investing Activities | 60 | -28 | -9 | -24 | 4 | -71 | -106 | -147 | -11 | -66 | -1561 |
| Cash Flow from Financing Activities | -5 | -0 | -0 | -3 | -3 | -13 | -13 | -12 | -129 | -107 | 704 |
| Net Cash Inflow / Outflow | -12 | 4 | 8 | 9 | -7 | 1 | 9 | 10 | 2 | -20 | -17 |
| Closing Cash & Cash Equivalent | 7 | 11 | 18 | 27 | 21 | 22 | 30 | 40 | 43 | 23 | 14 |
| # | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.16 | 0.53 | 0.78 | 0.54 | 0.16 | 1.28 | 2.35 | 3.12 | 5.57 | 4.93 | 9.67 |
| CEPS(Rs) | 0.18 | 0.9 | 1.15 | 0.8 | 0.34 | 1.54 | 2.63 | 3.41 | 6.9 | 6.1 | 12.25 |
| DPS(Rs) | 0 | 0 | 0.06 | 0.06 | 0.06 | 0.09 | 0.13 | 0.13 | 0.28 | 0.33 | 0.42 |
| Book NAV/Share(Rs) | 5.93 | 6.47 | 7.18 | 7.65 | 7.75 | 9.14 | 11.31 | 14.3 | 39.77 | 44.4 | 53.75 |
| Core EBITDA Margin(%) | 8.78 | 11.55 | 15.87 | 11.43 | 0.97 | 22.79 | 28.36 | 31.86 | 18.46 | 25.57 | 24.91 |
| EBIT Margin(%) | 3.86 | 13.15 | 15.81 | 10.28 | 6.05 | 22.49 | 28.46 | 32.82 | 18.22 | 27.55 | 23.64 |
| Pre Tax Margin(%) | 3.57 | 12.08 | 15.81 | 9.62 | 5.94 | 20.82 | 27.65 | 31.91 | 16.91 | 25.96 | 19.91 |
| PAT Margin (%) | -5.14 | 10.37 | 10.27 | 7.74 | 2.55 | 14.02 | 18.18 | 20.99 | 12.75 | 19.06 | 15.14 |
| Cash Profit Margin (%) | 4.04 | 19.06 | 15.3 | 10.39 | 5.85 | 16.72 | 20.15 | 22.79 | 15.77 | 23.68 | 18.99 |
| ROA(%) | -2.29 | 5.22 | 6.29 | 3.83 | 0.95 | 9.36 | 18 | 19.6 | 12.95 | 7.06 | 9.56 |
| ROE(%) | -3.79 | 7.93 | 11.35 | 8.02 | 1.93 | 15.34 | 23.19 | 24.51 | 20.81 | 11.66 | 19.9 |
| ROCE(%) | 2.79 | 10.06 | 17.47 | 10.65 | 4.59 | 24.61 | 36.3 | 38.34 | 27.58 | 15.59 | 21.85 |
| Receivable days | 57.69 | 52.71 | 30.59 | 23.58 | 8.83 | 5.85 | 3.19 | 6.56 | 14.18 | 26.04 | 23.8 |
| Inventory Days | 91.37 | 76.28 | 51.04 | 72.09 | 95.84 | 62.73 | 52.37 | 39.47 | 30.62 | 99.13 | 78.01 |
| Payable days | 674.78 | 311.61 | 852.7 | 1240.65 | 141.45 | 132.58 | 105.05 | 168.72 | 51.25 | 394.94 | 144.62 |
| PER(x) | 0 | 11.72 | 13 | 20.18 | 54.94 | 10.14 | 8.86 | 5.68 | 10.25 | 24.52 | 15.16 |
| Price/Book(x) | 1.27 | 0.96 | 1.42 | 1.43 | 1.12 | 1.42 | 1.84 | 1.24 | 1.44 | 2.72 | 2.73 |
| Dividend Yield(%) | 0 | 0 | 0.55 | 0.51 | 0.65 | 0.72 | 0.63 | 0.74 | 0.49 | 0.28 | 0.28 |
| EV/Net Sales(x) | 1.68 | 1.28 | 1.32 | 1.38 | 1.41 | 1.37 | 1.55 | 1.09 | 1.16 | 4.75 | 2.86 |
| EV/Core EBITDA(x) | 12.77 | 5.76 | 6.21 | 10.39 | 45.14 | 5.29 | 5.05 | 3.14 | 5.46 | 14.75 | 10.4 |
| Net Sales Growth(%) | -43.21 | 6.23 | 58.36 | 1.06 | -23.35 | 57.11 | 44.02 | 15.47 | 202.76 | -41.1 | 150.38 |
| EBIT Growth(%) | -93.82 | 264.21 | 91.12 | -33.71 | -55.32 | 488.33 | 78.67 | 32.23 | 68.08 | -10.94 | 114.82 |
| PAT Growth(%) | -112.88 | 315.58 | 57.53 | -23.19 | -75.02 | 771.59 | 83.12 | 32.36 | 83.94 | -11.96 | 98.88 |
| EPS Growth(%) | -109.1 | 422.34 | 47.69 | -30.79 | -71 | 710.46 | 84.47 | 32.59 | 78.52 | -11.56 | 96.35 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.06 | 0.72 |
| Current Ratio(x) | 1.06 | 1.08 | 1.42 | 1.53 | 1.75 | 2.15 | 2.74 | 1.68 | 3.1 | 4.92 | 1.15 |
| Quick Ratio(x) | 0.68 | 0.76 | 1 | 0.86 | 1.13 | 1.4 | 2.01 | 1.25 | 2.5 | 3.6 | 0.54 |
| Interest Cover(x) | 12.98 | 12.27 | 3254.62 | 15.71 | 55.16 | 13.46 | 35.21 | 36.07 | 13.91 | 17.28 | 6.34 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.07 | 0.02 | 0.26 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 |
| FII | 0.43 | 0.7 | 0.78 | 0.99 | 1.07 | 1.13 | 1.01 | 1 | 1.2 | 1.64 |
| DII | 1.27 | 1.43 | 1.45 | 1.46 | 1.47 | 1.41 | 0.59 | 0.69 | 0.66 | 0.66 |
| Public | 24.07 | 23.66 | 23.55 | 23.32 | 23.24 | 23.25 | 24.18 | 24.09 | 23.92 | 23.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 36.08 | 36.08 | 36.08 |
| FII | 0.01 | 0.11 | 0.13 | 0.16 | 0.17 | 0.18 | 0.16 | 0.49 | 0.58 | 0.8 |
| DII | 0.03 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.1 | 0.34 | 0.32 | 0.32 |
| Public | 0.65 | 3.83 | 3.82 | 3.78 | 3.77 | 3.77 | 3.92 | 11.71 | 11.63 | 11.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.7 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 48.61 | 48.61 | 48.61 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +150% | +65% | +49% | +31% |
| Operating Profit CAGR | +114% | +53% | +51% | +41% |
| PAT CAGR | +99% | +48% | +51% | — |
| Share Price CAGR | +34% | +44% | +48% | +35% |
| ROE Average | +20% | +17% | +20% | +13% |
| ROCE Average | +22% | +22% | +28% | +19% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 | 74.22 |
| FII | 0.43 | 0.7 | 0.78 | 0.99 | 1.07 | 1.13 | 1.01 | 1 | 1.2 | 1.64 |
| DII | 1.27 | 1.43 | 1.45 | 1.46 | 1.47 | 1.41 | 0.59 | 0.69 | 0.66 | 0.66 |
| Public | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 | 25.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 36.08 | 36.08 | 36.08 |
| FII | 0.01 | 0.11 | 0.13 | 0.16 | 0.17 | 0.18 | 0.16 | 0.49 | 0.58 | 0.8 |
| DII | 0.03 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.1 | 0.34 | 0.32 | 0.32 |
| Public | 0.7 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 12.53 | 12.53 | 12.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.7 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 48.61 | 48.61 | 48.61 |
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