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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹10211 Cr.
Stock P/E
21.5
P/B
3.1
Current Price
₹210.1
Book Value
₹ 66.9
Face Value
10
52W High
₹272.9
52W Low
₹ 141.4
Dividend Yield
0.24%

Sandur Manganese Overview

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.

Sandur Manganese Share Price

Live · BSE / NSE · Inception: 1954
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Sandur Manganese Quarterly Results

#(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

Sandur Manganese Profit & Loss

#(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

Sandur Manganese Balance Sheet

#(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

Sandur Manganese Cash Flow

#(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

Sandur Manganese Ratios

# 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

Growth Rates

Compounded annual
# 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%

Sandur Manganese Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.22 %
FII 1.64 %
DII (MF + Insurance) 0.66 %
Public (retail) 25.78 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.2274.2274.2274.2274.2274.2274.2274.2274.2274.22
FII 0.430.70.780.991.071.131.0111.21.64
DII 1.271.431.451.461.471.410.590.690.660.66
Public 25.7825.7825.7825.7825.7825.7825.7825.7825.7825.78
Others 0000000000
Total 100100100100100100100100100100

Sandur Manganese Peer Comparison

Mining & Minerals Edit Columns

Sandur Manganese Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Sandur Manganese Pros & Cons

Pros

  • Company has delivered good profit growth of 50% CAGR over last 5 years
  • Debtor days have improved from 394.94 to 144.62days.

Cons

  • Stock is trading at 3.1 times its book value.
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