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Sandur Manganese & Iron Ores Q2 FY27 results: net profit up 88.1% to ₹261.25 crore, revenue up 22.2%
Sandur Manganese & Iron Ores Limited reported consolidated Q2 FY27 revenue of ₹1,506 crore and net profit of ₹261.25 crore, up 22.2% and 88.1% from Q2 FY26. EBITDA rose 38.5% to ₹377.83 crore and margin expanded 3.0 percentage points to 25.1%, while basic EPS increased to ₹5.35.
Key points
- Consolidated revenue was ₹1,506 crore, up 22.2% from ₹1,232 crore in Q2 FY26 and 9.6% from ₹1,375 crore in Q1 FY27.
- EBITDA was ₹377.83 crore, up 38.5% year on year, while EBITDA margin increased from 22.1% to 25.1%.
- Net profit was ₹261.25 crore, against ₹138.87 crore in Q2 FY26 and ₹227.85 crore in Q1 FY27; basic EPS was ₹5.35.
- H1 FY27 revenue was ₹2,880.91 crore and net profit was ₹489.1 crore, up 21.7% and 59.9% from H1 FY26.
- Mining revenue rose 36.4% to ₹476.2 crore, while Steel revenue increased 16.2% to ₹948.4 crore.
How did Sandur Manganese & Iron Ores perform in Q2 FY27?
Sandur Manganese & Iron Ores reported consolidated revenue of ₹1,506 crore in Q2 FY27, up 22.2% from ₹1,232 crore in the year-ago quarter and 9.6% from ₹1,375 crore in Q1 FY27. Total income increased to ₹1,519.11 crore from ₹1,244.77 crore a year earlier and ₹1,389.52 crore in the previous quarter.
EBITDA rose to ₹377.83 crore from ₹272.72 crore in Q2 FY26 and ₹343.49 crore in Q1 FY27. EBITDA margin was 25.1%, up 3.0 percentage points from 22.1% and 0.1 percentage points from 25.0%.
Profit before tax increased to ₹320.32 crore from ₹174.70 crore a year earlier and ₹281.07 crore in the previous quarter. Net profit was ₹261.25 crore, compared with ₹138.87 crore in Q2 FY26 and ₹227.85 crore in Q1 FY27, while basic EPS was ₹5.35 against ₹2.85 and ₹4.67, respectively. On a standalone basis, revenue was ₹582.28 crore and net profit was ₹177.52 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,506 | 1,375 | 1,232 | +22.2% | +9.6% |
| Other income | 12.98 | 14.74 | 12.43 | +4.4% | −11.9% |
| Total expenses | 1,208 | 1,108 | 1,070 | +12.9% | +9.0% |
| EBITDA | 377.83 | 343.49 | 272.72 | +38.5% | +10.0% |
| EBITDA margin | 25.1% | 25.0% | 22.1% | +3.0 pp | +0.1 pp |
| Profit before tax | 320.32 | 281.07 | 174.70 | +83.4% | +14.0% |
| Tax | 59.33 | 52.17 | 35.89 | +65.3% | +13.7% |
| Net profit | 261.25 | 227.85 | 138.87 | +88.1% | +14.7% |
| EPS (₹) | 5.35 | 4.67 | 2.85 | +87.7% | +14.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sandur Manganese & Iron Ores' costs and profit?
Total expenses increased to ₹1,208.11 crore in Q2 FY27 from ₹1,070.07 crore in Q2 FY26 and ₹1,108.45 crore in Q1 FY27. Cost of materials rose by ₹128.57 crore from the year-ago quarter, while other expenses increased by ₹88.09 crore and employee cost by ₹2.80 crore.
Finance costs declined by ₹31.56 crore from ₹57.14 crore in Q2 FY26, partly offsetting higher operating costs. Depreciation was ₹54.23 crore, up by ₹0.92 crore from the year-ago quarter, while other income increased by ₹0.55 crore to ₹12.98 crore.
The quarter included an exceptional gain of ₹9.32 crore, against no exceptional item in the year-ago quarter. Tax expense increased by ₹23.44 crore to ₹59.33 crore, while profit before tax rose by ₹145.62 crore to ₹320.32 crore. The filings did not state a detailed reason for the changes in individual expense lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 608.45 | 479.88 | +128.57 | +26.8% |
| Employee cost | 72.32 | 69.52 | +2.80 | +4.0% |
| Finance costs | 25.58 | 57.14 | −31.56 | −55.2% |
| Depreciation | 54.23 | 53.31 | +0.92 | +1.7% |
| Other expenses | 421.89 | 333.80 | +88.09 | +26.4% |
| Total expenses | 1,208 | 1,070 | +138.04 | +12.9% |
| Other income | 12.98 | 12.43 | +0.55 | +4.4% |
| Tax | 59.33 | 35.89 | +23.44 | +65.3% |
| Exceptional items | +9.32 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹2,880.91 crore, up 21.7% from ₹2,367.72 crore in H1 FY26. Total income rose 21.4% to ₹2,908.63 crore from ₹2,394.93 crore.
Profit before tax increased 56.6% to ₹601.39 crore from ₹384.06 crore, while net profit rose 59.9% to ₹489.1 crore from ₹305.96 crore. Basic EPS increased 59.7% to ₹10.03 from ₹6.28 in the corresponding first half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,881 | 2,368 | +21.7% |
| Profit before tax | 601.39 | 384.06 | +56.6% |
| Net profit | 489.10 | 305.96 | +59.9% |
| EPS (₹) | 10.03 | 6.28 | +59.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹5,859.3 crore, compared with ₹5,527.07 crore on 31 March 2026. Total equity rose to ₹3,733.43 crore from ₹3,269.79 crore, while borrowings fell to ₹902.09 crore from ₹994.79 crore.
Cash and cash equivalents declined to ₹31.43 crore from ₹52.99 crore at the previous balance-sheet date. Inventories were ₹861.74 crore against ₹872.48 crore, trade receivables increased to ₹570.9 crore from ₹437.91 crore, and trade payables fell to ₹789.6 crore from ₹852.3 crore.
Operating cash flow in H1 FY27 was ₹490.8 crore, compared with ₹340.42 crore in H1 FY26. Investing cash flow was negative ₹342.13 crore against negative ₹148.21 crore, financing cash flow was negative ₹170.23 crore against negative ₹167.04 crore, and capital expenditure was ₹181.96 crore compared with ₹116.81 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,859 | 5,527 |
| Total equity | 3,733 | 3,270 |
| Borrowings | 902.09 | 994.79 |
| Cash and equivalents | 31.43 | 52.99 |
| Inventories | 861.74 | 872.48 |
| Trade receivables | 570.90 | 437.91 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 490.80 | 340.42 |
| Cash from investing | −342.13 | −148.21 |
| Cash from financing | −170.23 | −167.04 |
| Capital expenditure | 181.96 | 116.81 |
Source: Company's results filing (XBRL).
How has Sandur Manganese & Iron Ores done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters and profit increased year on year in each of the last three quarters. Revenue reached its highest point in the series at ₹1,506.13 crore in Q2 FY27 and its lowest at ₹951.87 crore in Q3 FY25.
Net profit was at its peak of ₹261.25 crore in Q2 FY27 and its low of ₹115.83 crore in Q3 FY26. EBITDA margin bottomed at 20.7% in Q3 FY26, reached 25.6% in Q4 FY26, eased to 25.0% in Q1 FY27 and rose to 25.1% in Q2 FY27.
Which businesses drove the quarter?
Mining revenue was ₹476.2 crore, up 36.4% from ₹349.07 crore in Q2 FY26, while segment EBIT rose to ₹246.68 crore from ₹195.99 crore. The reported EBIT margin was 51.8%.
Steel revenue increased 16.2% to ₹948.4 crore from ₹815.9 crore, and EBIT rose to ₹103.74 crore from ₹40.22 crore. Coke and energy revenue rose 35.4% to ₹47.9 crore from ₹35.38 crore, with EBIT at ₹9.6 crore against ₹3.88 crore.
Ferroalloys revenue was ₹95.21 crore, up 3.0% from ₹92.4 crore, while EBIT increased to ₹2.03 crore from ₹1.54 crore. Unallocable revenue was ₹0.69 crore against ₹0.78 crore in the year-ago quarter.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Mining | 476.20 | +36.4% | 246.68 | 51.8% |
| Ferroalloys | 95.21 | +3.0% | 2.03 | 2.1% |
| Coke and energy | 47.90 | +35.4% | 9.60 | 20.0% |
| Steel | 948.40 | +16.2% | 103.74 | 10.9% |
| Unallocable | 0.69 | −11.5% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 3 November 2026. The filing included the statement of assets and liabilities, statement of cash flows and the limited review report issued by Deloitte Haskins & Sells.
G. P. Kundargi was appointed an additional non-executive director with effect from 12 November 2026, subject to shareholders’ approval through a postal ballot. A corrigendum said that his DIN should read 02256516 rather than 08378473.
Independent Director Dr Latha Pillai resigned with effect from 4 November 2026 because of personal commitments. She also ceased to be chairperson of the Nomination and Remuneration Committee and member of the Audit, Stakeholders Relationship, Risk Management and Corporate Sustainability committees.
What did Sandur Manganese & Iron Ores' management say?
Management said mining volume growth was led by iron ore, with sequential gains in manganese-ore realisations, while Royal Sandur Metals remained strong. It expects commercial production from the remaining two coke-oven batteries in Q4 FY27 and said the mine beneficiation plant was progressing as planned, with commissioning scheduled for Q2 FY28.
Management said the Environmental Clearance application seeks to raise Run-of-Mine iron ore production from 7.85 MTPA to 9.42 MTPA and reconfigure the proposed beneficiation plant from one 7.00 MTPA plant into two plants of 3.5 MTPA each. The application was pending, and no approval date was stated.
Management said the Punjab expansion has approved capital expenditure of ₹220 crore for 1.70 LTPA of Special Bar Quality steel capacity. The electric arc furnace is expected to be commissioned within 18 months and the rolling mill within 22 months, followed by a 6-month ramp-up.
Management said Royal Sandur MedTech has approved capital expenditure of ₹390 crore for commercial production of catheters, IV cannula, syringes and IV sets by December 2027. It also said the forest-lease extension beyond December 2026 required compensatory-afforestation compliance, while weighbridge integration awaits DMG approval.
How did Sandur Manganese & Iron Ores shares react?
The filing appeared after market hours. Sandur Manganese & Iron Ores was up 5.3% after 5 minutes, 5.9% after 15 minutes and 4.6% after 30 minutes from the price when the filing appeared.
From the previous close of ₹164.98, the stock was up 8.3% by the reaction-day close at ₹171.20. By the next day’s close, it remained up 8.3% from that pre-results close. The Iron & Steel sector median rose 2.1% on the reaction day and 3.8% by the next close, leaving Sandur ahead by 6.2 and 4.5 percentage points.
Earlier reaction-day moves were mixed: the shares rose 1.8% on 27 July 2026 and 11.5% on 7 May 2026, fell 7.8% on 4 February 2026, and recorded a 20.2% rise on 14 February 2025. No five-day reaction figure was available.
| After the filing | Stock | Iron & Steel median |
|---|---|---|
| 5 minutes | +5.3% | |
| 15 minutes | +5.9% | |
| 30 minutes | +4.6% | |
| Reaction day | +8.3% | +2.1% |
| Next day | +8.3% | +3.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | +1.8% |
| 7 May 2026 | +11.5% |
| 4 February 2026 | −7.8% |
| 7 November 2025 | +1.1% |
| 8 August 2025 | −3.4% |
| 28 May 2025 | −10.5% |
| 14 February 2025 | +20.2% |
| 13 November 2024 | +1.8% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel companies do?
Five other Iron & Steel companies that had filed for the quarter were compared with Sandur Manganese & Iron Ores. Their median revenue growth was 19.8%, while Sandur’s revenue grew 22.2%.
Four peers grew more slowly than Sandur, and one grew faster. Of the five peers for which profit was compared, four reported higher profit.
| Sandur Manganese & Iron Ores revenue growth (YoY) | +22.2% |
|---|---|
| Median of 5 other Iron & Steel companies | +19.8% |
| Companies with slower revenue growth than Sandur Manganese & Iron Ores | 4 of 5 |
| Companies with faster revenue growth than Sandur Manganese & Iron Ores | 1 of 5 |
| Companies whose net profit rose | 4 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sandur Manganese & Iron Ores' revenue in Q2 FY27?
Revenue from operations was ₹1,506 crore, up 22.2% from ₹1,232 crore in Q2 FY26 (consolidated).
Did Sandur Manganese & Iron Ores make a profit in Q2 FY27?
Yes. Net profit was ₹261.25 crore, against a net profit of ₹138.87 crore in Q2 FY26.
What was Sandur Manganese & Iron Ores' EPS in Q2 FY27?
Basic earnings per share were ₹5.35, against ₹2.85 in Q2 FY26.
How did Sandur Manganese & Iron Ores shares react to the Q2 FY27 results?
On the reaction day the stock moved +8.3% from the previous close; the median Iron & Steel stock moved +2.1%.
When did Sandur Manganese & Iron Ores announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering Inter-Alia The Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30 September 2026 (BSE, 27 October 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30 September 2026 (BSE, 3 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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