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Swing Capital

Sandur Manganese & Iron Ores Ltd

NSE: SANDUMA BSE: 504918Metal

The Sandur Manganese & Iron Ores Limited (SMIORE), the flagship company of the Karnataka based Sandur Group, incorporated in 1954. Company is involved in mining of low phosphorous manganese and iron ore in the Hosapete Ballari region of Karnataka. In addition, Company manufactures ferro-alloys (silico-Manganese and ferro manganese) and coke at its plant in Vyasankare, near Hospet.[1] It is the 3rd Largest Manganese ore miner in India.[2]

₹221
52W: ₹141 — ₹273
PE 19.3 · Book ₹64 · +245% vs book
Market Cap₹10,721 Cr
Stock P/E19.3Price to Earnings
ROCE24.4%Return on Capital
ROE19.6%Return on Equity
Div. Yield0.19%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 29.3% CAGR over last 5 years
  • +Company's median sales growth is 20.8% of last 10 years
  • +Company's working capital requirements have reduced from 84.2 days to 34.3 days

Shareholding Pattern

Promoters74.22%
FIIs1.63%
DIIs0.66%
Public23.47%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.22%74.22%74.22%74.22%74.22%74.22%74.22%74.22%
FIIs0.77%0.99%▲0.21.06%▲0.11.12%▲0.11%▼0.11.01%▲0.01.2%▲0.21.63%▲0.4
DIIs1.45%1.46%▲0.01.49%▲0.01.43%▼0.10.59%▼0.80.7%▲0.10.67%▼0.00.66%▼0.0
Public23.56%23.34%▼0.223.23%▼0.123.24%▲0.024.18%▲0.924.08%▼0.123.93%▼0.123.47%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales153552602260482595423436483668
Expenses136344411223289359216253305379
Operating Profit1720819138193236207184178290
OPM %11%38%32%14%40%40%49%42%37%43%
Net Profit1016214632127139129110108196
EPS ₹0.23.343.010.662.612.872.652.272.224.04

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,011Cr, up 3.7% YoY. OPM at 43%.

Debt Position

Borrowings at ₹327Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹90Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.66% (-0.08pp change). FIIs: 1.63% (+1.32pp change). Promoters hold 74.22%.

Margin & Efficiency

ROCE improving from 6% (Mar 2015) to 24% (Mar 2026). Working capital days: 34.

Valuation

PE 19.3x with 24.4% ROCE. Price is 245% above book value of ₹64. Dividend yield: 0.19%.

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