NSE: SANDUMA · BSE: 504918
SANDUR MANG & IRON ORES L
Mines iron ore and manganese ore, makes steel through its Arjas Steel subsidiary, and produces ferroalloys and coke. Steel is the largest revenue segment at 59.0% of FY26 segment revenue, contributing ₹3,141.09 crore against an EBIT of ₹202.33 crore after consolidation of Arjas Steel acquired in November 2024. The Mining segment, at 31.1% of segment revenue, generated ₹1,656.66 crore but contributed the bulk of segment profit with an EBIT of ₹862.74 crore. Ferroalloys (7.1% of segment revenue) and Coke and energy (2.7%) are smaller lines. Materials are the biggest cost line at 40.2% of revenue, followed by other operating expenses at 28.2%. The company became standalone net debt-free in March 2026 after prepaying ₹423 crore of NCDs ahead of maturity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (59%), Mining (31%), Ferroalloys (7%), Coke and energy (3%). Cyclical, vertically integrated from iron and manganese ore mining to steel manufacturing
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 702 | 2,126 | 1,252 | 3,135 | 5,088 |
| EBITDA (ex other income) | 224 | 392 | 320 | 785 | 1,177 |
| margin % | 31.9 | 18.5 | 25.6 | 25.0 | 23.1 |
| Owners' profit | 146 | 0 | 239 | 470 | 657 |
| EPS, as reported (₹) | 167.42 | 101.23 | 14.78 | 29.02 | 13.51 |
| ROE % · ROCE % | 20.9 · 32.4 | 14.0 · 18.3 | 11.1 · 15.0 | 17.9 · 18.1 | 20.1 · 26.2 |
| Debt / equity (x) | 0.00 | 0.11 | 0.06 | 0.72 | 0.30 |
| Cash from operations | — | 142 | 153 | 841 | 1,143 |
| Capex | — | (187) | (103) | (88) | (155) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260 | 952 | 1,321 | 1,135 | 1,232 | 1,209 | 1,511 | 1,375 |
| Profit before tax | 43 | 180 | 204 | 209 | 175 | 147 | 297 | 281 |
| Net profit | 32 | 137 | 157 | 167 | 139 | 116 | 236 | 228 |
| EPS (₹) | 1.98 | 8.48 | 9.64 | 10.28 | 2.85 | 2.38 | 4.85 | 4.67 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mining | 1,657 | 31.1 |
| Ferroalloys | 377 | 7.1 |
| Coke and energy | 142 | 2.7 |
| Steel | 3,141 | 59.0 |
| Unallocable | 3 | 0.1 |
| Total, before eliminations | 5,320 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L ◆ | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.7 | 14.2 | 4 of 11 | 70% |
| P/B | 2.6 | 2.0 | 9 of 11 | 20% |
| ROCE | 20.9 | 8.1 | 2 of 11 | 90% |
| ROE | 20.1 | 10.5 | 3 of 11 | 80% |
| Debt / Equity | 0.3 | 0.4 | 3 of 11 | 80% |
| EBITDA margin | 26.1 | 15.1 | 2 of 11 | 90% |
| Revenue growth | 21.1 | 9.8 | 2 of 11 | 90% |
| Profit growth | 36.4 | 18.8 | 5 of 11 | 60% |
| Market cap | 8360 | 16029 | 8 of 11 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 22 Oct 2026 · Subsidiary leases 6.2-acre medical devices site in Visakhapatnam | compliance | low | — | — |
| 9 Oct 2026 · Newspaper notice on special window for dematerialising physical shares | compliance | minimal | — | — |
| 7 Oct 2026 · Reg 74(5) compliance confirmation for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from 1 October 2026 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · IEPF transfer notice published in newspapers | compliance | minimal | — | — |
| 26 Sept 2026 · Sandur Manganese sets up wholly owned medical devices subsidiary | strategic transactions | medium | — | — |
| 17 Sept 2026 · Board approves new medtech wholly owned subsidiary | strategic transactions | low | — | — |
| 17 Sept 2026 · Board approves Wholly Owned Subsidiary in medical devices | strategic transactions | medium | — | — |
| 9 Sept 2026 · Subsidiary gets Rs 12 lakh customs penalty; no material impact claimed | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.