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10 Yrs X-Ray 
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Analyst Note 
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About
Sandur Manganese & Iron Ores Ltd (SANDUMA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504918 NSE: SANDUMA Mining & Minerals | Small Cap | Sandur Manganese Share Price
₹190.20 -6.75 (-3.43%)
As on 11-Sep'26 16:01
Sandur Manganese & Iron Ores Ltd (SANDUMA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504918 NSE: SANDUMA Mining & Minerals | Small Cap | Sandur Manganese Share Price
₹190.20 -6.75 (-3.43%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹9,574 Cr.
Current Price
₹190.2
52-Week Low / High
₹152 / 273
TTM EPS
₹14.8
TTM Sales
₹5,328 Cr.
Book Value per Share
₹71.6
P/E Ratio
13.35
Lower than its 5-year historical median
Industry PE
14.3
Price to Book (P/B)
2.75
In line with its 5-year historical median
Price to Sales (P/S)
1.80
Lower than its 5-year historical median
EV/EBITDA
7.89
Lower than its 5-year historical median
Dividend Yield
0.26%
Profitability Efficiency
Return on Equity (ROE)
22.46%
Outperforms industry median
Return on Capital Employed (ROCE)
23.78%
Outperforms industry median
Return on Assets (ROA)
10.62%
Operating Profit Margin
23.8%
Net Profit Margin
12.95%
Gross Profit Margin
21.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.72%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
54.45%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
38.8%
Asset Quality
Promoter Holding
74.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,996 Cr.
Equity
₹486.1 Cr.
Face Value
₹10
All Time Low / High
₹0.33 / 272.85
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Sandur Manganese & Iron Ores Ltd a good quality company?
Sandur Manganese & Iron Ores Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Sandur Manganese & Iron Ores Ltd performance compare with that of its Peers?
Revenue growth of Sandur Manganese & Iron Ores Ltd vs industry peers?
Sandur Manganese & Iron Ores Ltd revenue CAGR is 21.91%, compared to the industry median CAGR of 0.50%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Sandur Manganese & Iron Ores Ltd?
Promoters hold 74.22% of the Sandur Manganese & Iron Ores Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Sandur Manganese & Iron Ores Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 34% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Sandur Manganese & Iron Ores Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 23.1% | 35.3% | 37.4% | 21.1% | 22.4% | 57.4% | 18.9% | 15.6% | 22.7% | 23.9% | - |
| Value Creation Index ⓘ | 0.7 | 1.5 | 1.7 | 0.5 | 0.6 | 3.1 | 0.4 | 0.2 | 0.7 | 0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 422 | 608 | 702 | 592 | 747 | 2,249 | 2,126 | 1,252 | 1,939 | 2,011 | 2,128 |
| Sales YoY Gr. | - | 44% | 15.5% | -15.7% | 26.2% | 201.2% | -5.5% | -41.1% | 54.8% | 3.7% | - |
| Adj EPS ⓘ | 1.2 | 2.3 | 3.1 | 3.2 | 3.2 | 13.9 | 6 | 4.9 | 9.2 | 11.5 | 11.8 |
| YoY Gr. | - | 90.8% | 37.9% | 3.2% | -1.2% | 337% | -57% | -18.5% | 87.1% | 25.1% | - |
| BVPS (₹) ⓘ | 9.2 | 11.3 | 15 | 17.9 | 20.6 | 34.4 | 39.8 | 44.4 | 53.2 | 64 | 67.3 |
| Adj Net Profit ⓘ | 55.7 | 107 | 147 | 152 | 154 | 673 | 292 | 238 | 445 | 557 | 576 |
| Cash Flow from Ops. ⓘ | 80.3 | 122 | 169 | -13.3 | 340 | 837 | 143 | 154 | 659 | 733 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | -30.4 | 1.1 | 0.4 | 1.4 | 0.9 | 1.6 | 0.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.9% | 21.9% | -1.8% | 3.7% | ||||
| Adj EPS ⓘ | 28.6% | 29.1% | 24% | 25.1% | ||||
| BVPSⓘ | 24% | 25.5% | 17.2% | 20.3% | ||||
| Share Price | 33.1% | 39.5% | 29.7% | 23.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 13.9 | 22.2 | 23.9 | 19.7 | 16.8 | 50.8 | 16.2 | 11.6 | 18.8 | 19.6 | 18.1 |
| Op. Profit Mgn % ⓘ | 21.5 | 27.3 | 32.8 | 34.1 | 36.5 | 43.3 | 19.9 | 25.6 | 33.8 | 42.7 | 41.1 |
| Net Profit Mgn % ⓘ | 13.2 | 17.5 | 21 | 25.6 | 20.6 | 29.9 | 13.7 | 19 | 23 | 27.7 | 27 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.5 | 0.4 | 0.2 | 0.1 | 0.1 | 0.4 | 0.1 | - |
| Working Cap Days ⓘ | 256 | 109 | 109 | 191 | 457 | 237 | 245 | 476 | 324 | 223 | 67 |
| Cash Conv. Cycle ⓘ | 33 | 7 | -21 | -8 | -47 | -67 | -15 | 30 | 14 | -10 | 33 |
Valuation of Sandur Manganese - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 347 | 351 | 269 | 422 | 608 | 702 | 2,126 | 1,252 | 3,135 | 5,088 |
| Operating Expenses ⓘ + | 291 | 309 | 266 | 323 | 434 | 478 | 1,733 | 932 | 2,354 | 3,882 |
| Operating Profit ⓘ | 56 | 41 | 3 | 99 | 174 | 224 | 392 | 320 | 781 | 1,206 |
| Operating Profit Margin (%) | 16.2% | 11.8% | 1.0% | 23.4% | 28.6% | 31.9% | 18.5% | 25.6% | 24.9% | 23.7% |
| Other Income ⓘ + | 18 | 5 | 6 | 10 | 13 | 19 | 59 | 83 | 81 | 77 |
| Interest ⓘ | 0 | 2 | 0 | 7 | 5 | 6 | 28 | 20 | 117 | 212 |
| Depreciation ⓘ | 18 | 10 | 9 | 12 | 12 | 13 | 64 | 58 | 121 | 212 |
| Profit Before Tax ⓘ | 56 | 35 | 16 | 90 | 169 | 224 | 360 | 325 | 624 | 827 |
| Tax ⓘ | 20 | 7 | 9 | 30 | 58 | 77 | 88 | 86 | 150 | 169 |
| Profit After Tax | 36 | 28 | 7 | 61 | 111 | 147 | 271 | 239 | 475 | 659 |
| PAT Margin (%) | 10.5% | 8.0% | 2.6% | 14.4% | 18.3% | 21.0% | 12.8% | 19.1% | 15.1% | 13.0% |
| Adjusted EPS (₹) | 0.8 | 0.5 | 0.2 | 1.3 | 2.4 | 3.1 | 5.6 | 4.9 | 9.7 | 13.5 |
| Dividend Payout Ratio (%) | 7.10% | 10.30% | 35.50% | 7.30% | 5.50% | 4.20% | 5% | 6.80% | 4.30% | 3.70% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 337 | 359 | 364 | 429 | 531 | 671 | 1,934 | 2,158 | 2,613 | 3,254 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 161 | 98 | 1,335 | 578 | |
| Minority Interest | 27 | 29 | 29 | 31 | 32 | 33 | 0 | 0 | 15 | 16 | |
| Trade Payables | 53 | 42 | 25 | 29 | 47 | 75 | 252 | 135 | 747 | 852 | |
| Others Liabilities ⓘ | 300 | 313 | 310 | 82 | 56 | 59 | 1,003 | 1,017 | 1,811 | 1,182 | |
| Total Liabilities ⓘ | 717 | 743 | 728 | 571 | 666 | 837 | 3,349 | 3,408 | 6,521 | 5,883 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 222 | 225 | 224 | 211 | 213 | 211 | 835 | 844 | 3,068 | 3,260 | |
| CWIP ⓘ | 5 | 4 | 3 | 4 | 12 | 202 | 67 | 116 | 373 | 142 | |
| Investments ⓘ | 45 | 58 | 48 | 119 | 175 | 65 | 469 | 484 | 227 | 281 | |
| Inventories | 59 | 83 | 60 | 89 | 87 | 65 | 292 | 388 | 952 | 872 | |
| Trade Receivables | 41 | 6 | 8 | 6 | 4 | 21 | 144 | 34 | 374 | 438 | |
| Cash Equivalents | 21 | 29 | 27 | 29 | 38 | 69 | 513 | 60 | 45 | 88 | |
| Others Assets ⓘ | 324 | 336 | 358 | 113 | 137 | 205 | 1,029 | 1,482 | 1,482 | 801 | |
| Total Assets ⓘ | 717 | 743 | 728 | 571 | 666 | 837 | 3,349 | 3,408 | 6,521 | 5,883 | |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 16 | 36 | -7 | 85 | 128 | 169 | 142 | 153 | 841 | 1,143 |
| Cash Flow From Investing Activity ⓘ + | -9 | -24 | 4 | -71 | -106 | -147 | -11 | -66 | -1,561 | 20 |
| Cash Flow From Financing Activity ⓘ + | -0 | -3 | -3 | -13 | -13 | -12 | -129 | -107 | 704 | -1,123 |
| Net Cash Flow ⓘ | 8 | 9 | -7 | 1 | 9 | 10 | 2 | -20 | -17 | 39 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.35 | 8.02 | 1.93 | 15.34 | 23.19 | 24.51 | 20.81 | 11.66 | 19.9 | 22.46 |
| ROCE (%) | 17.47 | 10.65 | 4.59 | 24.61 | 36.3 | 38.34 | 27.58 | 15.59 | 21.85 | 23.78 |
| Asset Turnover Ratio | 0.61 | 0.49 | 0.37 | 0.67 | 0.99 | 0.93 | 1.02 | 0.37 | 0.63 | 0.82 |
| PAT to CFO Conversion(x) | 0.44 | 1.29 | -1 | 1.39 | 1.15 | 1.15 | 0.52 | 0.64 | 1.77 | 1.73 |
| Working Capital Days | ||||||||||
| Receivable Days | 30.60 | 23.60 | 8.80 | 5.90 | 3.20 | 6.60 | 14.20 | 26 | 23.80 | 29.10 |
| Inventory Days | 51 | 72.10 | 95.80 | 62.70 | 52.40 | 39.50 | 30.60 | 99.10 | 78 | 65.40 |
| Payable Days | 852.70 | 1,240.70 | 141.50 | 132.60 | 105.10 | 168.70 | 51.30 | 394.90 | 144.60 | 136.80 |
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Sandur Manganese & Iron Ores Ltd FAQs
The current trading price of Sandur Manganese on 11-Sep-2026 16:01 is ₹190.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Sandur Manganese stood at ₹9,573.8 Cr
The latest P/E ratio of Sandur Manganese as of 10-Sep-2026 is 16.64.
The latest P/B ratio of Sandur Manganese as of 10-Sep-2026 is 2.93.
The 52-week high of Sandur Manganese is ₹272.9 and the 52-week low is ₹151.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sandur Manganese is ₹2,128 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Sandur Manganese & Iron Ores Ltd is a good quality company.
The key valuation ratios of Sandur Manganese & Iron Ores Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Sandur Manganese & Iron Ores Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Sandur Manganese & Iron Ores Ltd
Sandur Manganese & Iron Ores (SMIORE) is one of India's highly integrated and diversified commodity producers with a rich heritage and over decades of experience in systematic, safe and scientific mining. Established in 1954, the company has since expanded beyond mining operations to include the production of ferroalloys, coke and energy, and continue to work towards further downstream expansion and diversification. At the heart of its business lies a steadfast commitment to environmentally responsible, systematic, safe, and scientific mining practices.
With an award-winning Sustainable Development Framework, the company prioritises a better quality of life for direct and indirect employees and various communities around it. Marching ahead to the future with the core values of integrity, ethics and humility, it is a model organisation for sustainable development, environmental protection, social impact and innovation. With a strong, forward-looking vision, SMIORE remains dedicated to becoming a fully integrated and sustainable commodity producer, well positioned for long-term growth and industry leadership in the years ahead.
Business Verticals
- Manganese Ore
- Iron Ore
- Ferroalloys
- Coke & Energy
Business area of the company
The company is engaged in mining of manganese and iron ores in Deogiri village of Sandur taluk, Ballari District, Karnataka. The company is also engaged in the manufacture of ferroalloys, coke and energy at Vyasanakere, Hosapete. The company is a public limited Company incorporated in India.
Awards and Recognitions
2019-20
- The company have been awarded ‘Five Star’ rating for 2016-17 at the 3rd National Conclave on Mines and Minerals held at New Delhi.
- SMIORE has won several awards for safety and environmental protection at the State and National levels.
2020-21
- Five Star Award for Implementing SDF (Sustainable Development Framework)
- Recognized by the Vasudeva Committee (Constituted by Government of India) for Systematic Mining
- The Government of India has successively awarded SMIORE with the highest standards of safety awards for many years.
2021-22
- SMIORE has consistently received the 5-star rating each year since the introduction of SDF.
- The company has received Vishwakarma Rashtriya Puraskar, National Safety Award (Mines) to the Company’s Deogiri Manganese & Iron Ore Mine for the year 2017, i.e., after a gap of about 26 years
- Recognized as a leading mining company in Karnataka
- Excellence in productivity, quality, innovation and management award, 2009, by the Institute of Economic Studies (IES),
2022-23
- Receive the Five Star Rating Award for the eighth consecutive time since inception.
- Industry Safety Awards - SMIORE being awarded an impressive total of 33 prizes in various categories.
- Environment Conservation Awards - SMIORE achieved remarkable success by securing a total of 17 prestigious prizes.
- SMIORE’s Vyasanakere plant achieved an outstanding milestone by being honoured with the ‘Best Safety Performance Industry’ award at the BKRISE regional level competition in FY23.
2023-24
- 5 Star Rated Mines Award
- Mines Safety Award
2024-25
- Seven Star and Five Star Rating of Mines Award
- Silver Award in 50th CII National Kaizen Competition (Coke Oven Team)
- Gold Award for Industrial Safety Leadership -CII 2024
Milestones
- 1950s: SMIORE gains mining lease
- 1966: Listed on the Bombay Stock Exchange (BSE) Limited to fund and establish its electro metallurgical operations.
- 1968: Commissioned the first 15-MVA furnace in Vyasanakere, initiating ferroalloy production.
- 1977: Added two 20-MVA furnaces, facilitating diversification into Pig Iron, Ferromanganese, Ferrosilicon, and Silicomanganese.
- 1980s: The Company consolidated its operations on mining and ferro alloys operations.
- 1990s: Faced operational hurdles due to scarce and expensive power supply, impacting ferroalloy operations.
- 2000: Temporarily suspended ferroalloy manufacturing considering persistent energy constraints.
- 2007: Demonstrated resilience by restarting ferroalloy operations.
- 2010: Commissioned a 32 MW Captive Thermal Power Plant to address ongoing power challenges.
- 2018: Initiated construction of Waste Heat Recovery Boilers (WHRB) alongside a Coke Oven Plant, to ensure long-term power viability and sustainability.
- 2021: Achieved a major operational turnaround with the full commissioning of the Coke Oven and WHRB plant, revitalising ferroalloy production capabilities.
- 2022: The Company has obtained approval from MoEF&CC for the change in plant configuration and product mix for the Company's plant situated at Hanumanahalli Village, Hosapete Taluk, Vijayanagara District, Karnataka.
- 2022: Nearly doubled the production capacity of Silicomanganese and Ferromanganese (SiMn/FeMn) to 95,000 TPA/125,000 TPA, up from 48,000 TPA/66,000 TPA, reflecting growing market demand and enhanced efficiency.
- 2023: Received Environmental Clearance for mining expansion from 1.6 to 4.5 MTPA of iron ore.
- 2023: Commissioned a 42.9 MW Hybrid Renewable Energy Project under the SPV Renew Sandur Green Energy Solutions Private Limited, supporting energy sustainability in tandem with increased ferroalloy operations.
- 2024: Sandur crossed $1 billion in market capitalization.
- 2024: Received enhanced MPAP of 3.81 MT of iron ore and 0.462 MT of manganese ore from the Monitoring Committee.
- 2024: Raised Rs 450 crore through issue of Listed Non-Convertible Debentures.
- 2024: Strategic business acquisition of Arjas Steel Private Limited.
- 2025: Commissioned Arjas’ first Garret Coiler, enabling production of coil-based products.
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