Sandur Manganese & Iron Ores Limited (SANDUMA)

Oil Gas & Consumable Fuels · Consumable Fuels · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹202.89 ↓ 56.85% (1Y)

🎯 Key Takeaways

Sandur Manganese & Iron Ores Limited is transitioning from a cyclical mining and ferroalloys business toward a broader industrial conglomerate, marked by strategic diversification into hospitality, education, medical devices, and new leadership appointments. The company is in a reinvention phase, leveraging its core mineral assets while expanding into high-growth sectors, though its recent financial performance shows volatility tied to operational and market pressures.
Revenue grew 265.8% QoQ to ₹952 in Q3FY25.
⚠️ 1) Overreliance on cyclical mining and ferroalloys businesses exposed to global commodity price swings and demand fluctuations. 2) Execution risks in

Market Cap

₹10,900

P/E Ratio

22.8

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Sandur Manganese & Iron Ores Limited is transitioning from a cyclical mining and ferroalloys business toward a broader industrial conglomerate, marked by strategic diversification into hospitality, education, medical devices, and new leadership appointments. The company is in a reinvention phase, leveraging its core mineral assets while expanding into high-growth sectors, though its recent financial performance shows volatility tied to operational and market pressures.

📰 What's Happening

In Q3FY25, the company reported revenue of ₹952 crore with operating profit of ₹260 crore and an OPM of 25.2%, reflecting a rebound in core operations. Management announced the appointment of T. R. Raghunandan and Pankajam Sridevi as independent directors, Manoj Kumar Jha as CFO, and Uttam Kumar Bhageria's exit as CFO, effective 9-10 July 2026. The 72nd AGM is scheduled for 19 August 2026, where shareholders will vote on adopting FY2026 financials, declaring a final dividend of ₹0.50 per share, and approving new director appointments. The Board also approved rebranding the Group and entering new verticals including hospitality and medical devices via subsidiaries. Dividend payment is contingent on shareholder approval and completion of tax documentation by 12 August 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	185	153	552	602	260	952
Operating Profit	55	33	239	214	63	260
OPM %	20.3%	11.2%	37.6%	31.7%	14.4%	25.2%
Net Profit	27	9	164	144	32	137
EPS	₹10.02	₹0.56	₹10.10	₹8.92	₹1.98	₹8.48

The company's financials show significant volatility, with Q3FY25 revenue surging to ₹952 crore from ₹260 crore in Q2FY25, driven by stronger manganese ore and ferroalloys sales, though OPM compressed to 25.2% from 37.6% in Q4FY24 due to input cost pressures. Despite this, net profit of ₹137 crore and EPS of ₹8.48 indicate improved profitability compared to earlier quarters. However, the sharp decline in 1Y return (-56.85%) and inconsistent quarterly performance suggest sensitivity to commodity cycles and execution risks in new ventures.

🔮 Management Outlook & What's Next

Management has not provided forward guidance on revenue or profitability beyond the dividend declaration and AGM outcomes. The only explicit forward-looking statement pertains to dividend payment timing and conditions, with no commentary on growth expectations for new verticals or margin improvement. The rebranding and diversification strategy are underway, but no timeline or investment plans have been disclosed for the hospitality, education, or medical devices segments.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumable Fuels

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Coal India Limited	2.85 L Cr	9.5	37.2%	30.1%	0.09
Bharat Coking Coal Limited	17,888	—	—	—	—
Sandur Manganese & Iron Ores Limited	10,900	22.8	—	—	—
Sindhu Trade Links Limited	3,557	45.2	—	—	—
Anmol India Limited	66	6.4	—	—	—

🔗 Peer Stock Analyses

COALINDIA BHARATCOAL SINDHUTRAD ANMOL

⚠️ Risk Factors

1) Overreliance on cyclical mining and ferroalloys businesses exposed to global commodity price swings and demand fluctuations. 2) Execution risks in entering unfamiliar sectors like hospitality and medical devices with limited operational experience. 3) Margin pressure observed in Q3FY25 (OPM at 25.2%) despite revenue growth, indicating cost inflation or pricing pressures. 4) Governance and transition risks tied to leadership changes, including new CFO and director appointments, with no established track record in the new strategic direction.

📋 Recent Filings

🧠 Analyst's Read

Investors should monitor the successful execution of the AGM resolutions, particularly the dividend payout and director appointments, as early indicators of governance stability. The medium-term trajectory will depend on how effectively the new leadership and strategic diversification translate into sustainable profitability, especially amid volatile input costs and competitive entry barriers in new sectors.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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