Sandur Manganese & Iron Ores financials: balance sheet, profit and loss, cash flow

NSE: SANDUMABSE: 504918Ferrous MetalsSmall Cap

Sandur Manganese & Iron Ores Limited · Face value ₹10 · Listed Jun 1966 on BSE, Sep 2023 on NSE

₹169.83₹6.76 (4.15%)BSE ₹169.55

Share price at the NSE close on 28 Oct 2026. Previous close ₹163.07.

28 Oct: open ₹163.53, high ₹172.38, low ₹161.29

52-week range of traded prices to 28 Oct 2026

₹153.30Low, 23 Oct 2026₹273.00High, 5 Jan 2026

Next results date: the board meets on 3 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹8,256 Cr546th largest listed
P/E: 11.51
P/B: 2.54
Dividend yield: 0.29%
ROE: 24.5%
ROCE: 24.4%
Debt to equity: 0.30
Volume, NSE: 5,63,72734.8% delivered

Sandur Manganese & Iron Ores' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Sandur Manganese & Iron Ores annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,249 Cr, year to Mar 2022; lowest ₹422 Cr, year to Mar 2017

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.9% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue2,011
Materials and goods−182
Employee costs−162
Other expenses−808
Operating profit858
Depreciation−64
Other income+65
One-off items−19
Finance costs−124
Profit before tax717
Tax−174
Net profit543

What the company owns

Plant, investments and other assets₹3,262 Cr
Inventory₹273 Cr
Current investments₹169 Cr
Cash and bank₹69 Cr
Receivables₹8 Cr

What pays for it: net worth and liabilities

Net worth₹3,109 Cr
Borrowings₹325 Cr
Other liabilities₹241 Cr
Owed to suppliers₹105 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Sandur Manganese & Iron Ores quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 7 May	Jun 2026Twelve monthsFiled 6 Aug
Revenue from operations	422	612	702	592	747	2,249	2,126	1,252	1,939	2,011	2,128
	333	447	487	396	475	1,275	1,733	932	1,282	1,152	1,253
Materials and goods bought	74	134	131	50	121	781	1,162	178	341	182	230
Employee costs	65	–	81	92	102	113	128	171	159	162	169
Other expenses	194	–	274	254	252	380	443	582	782	808	854
Operating profit before depreciation	89	166	215	195	272	974	393	320	657	858	875
Operating margin	21.1%	27.1%	30.7%	33.0%	36.4%	43.3%	18.5%	25.6%	33.9%	42.7%	41.1%
Materials, % of revenue	17.4%	–	18.7%	8.5%	16.2%	34.7%	54.7%	14.3%	17.6%	9.1%	10.8%
Employee costs, % of revenue	15.5%	–	11.6%	15.5%	13.7%	5.0%	6.0%	13.7%	8.2%	8.0%	7.9%
Other expenses, % of revenue	46.0%	–	39.1%	43.0%	33.8%	16.9%	20.9%	46.5%	40.3%	40.2%	40.1%
Depreciation and amortisation	7	7	8	19	27	56	64	58	60	64	62
Operating profit after depreciation	82	158	207	176	245	919	328	263	597	795	813
Other income	5	11	18	6	18	35	59	82	73	65	66
Finance costs	7	5	6	7	13	38	28	20	73	124	101
Profit before one-off items and tax	80	165	219	175	250	915	359	324	597	736	778
One-off items	–	–	0	0	0	0	0	0	0	−19	−19
Profit before tax	80	165	219	175	250	915	359	324	597	717	759
	29	58	77	27	96	240	88	86	152	174	184
Current tax	32	54	81	38	65	225	92	91	147	186	195
Deferred tax	−3	4	−4	−11	31	16	−3	−5	6	−12	−12
Net profit	50	107	142	147	154	675	271	238	445	543	576
Other comprehensive income	–	–	0	0	−1	0	−1	−1	0	1	−1
Total comprehensive income	–	–	142	147	153	675	270	237	444	544	575
Net margin	11.9%	17.4%	20.3%	24.9%	20.6%	30.0%	12.7%	19.0%	22.9%	27.0%	27.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 7 May
	666	840	993	1,659	1,934	2,157	2,585	3,109
Share capital	9	9	9	9	27	162	162	486
Reserves	657	831	984	1,650	1,907	1,995	2,423	2,622
	0	400	307	308	204	131	1,021	325
Repayable after a year	0	331	307	252	161	98	921	246
Repayable within a year	0	69	0	56	43	33	100	79
	155	277	374	761	409	293	385	403
Trade payables	79	80	186	570	252	134	119	105
Other financial liabilities	4	65	110	11	22	13	37	42
Other liabilities	61	63	76	116	77	108	118	148
Provisions	1	0	1	1	5	5	11	18
Tax owed	10	–	2	8	12	0	–	11
	6	345	357	281	188	141	962	268
Other financial liabilities	0	6	40	5	5	8	2	1
Other liabilities	–	–	0	0	0	0	1	–
Provisions	6	8	11	13	16	33	31	21
Deferred tax	–	–	0	11	8	2	8	–
	827	1,462	1,724	2,702	2,532	2,592	3,932	3,780
Held for sale or for a demerger	–	–	–	–	–	0	11	11
	596	984	976	978	1,112	1,165	3,168	3,108
Plant in use, after depreciation	74	247	754	794	832	841	839	882
Plant being built	202	557	82	42	67	116	121	90
Intangible assets	1	1	0	0	0	0	1	0
Property held to earn rent	49	49	49	48	43	43	43	40
Investments	128	0	1	1	1	1	1,967	1,979
Stakes in joint ventures and associates	–	–	0	0	51	59	39	39
Other financial assets	11	19	9	34	6	7	84	47
Deferred tax	25	35	5	0	50	49	–	4
Other assets	106	75	76	59	61	49	74	27
	230	478	748	1,723	1,420	1,426	753	661
Inventories	65	162	157	311	292	388	323	273
Trade receivables	21	31	76	203	144	34	1	8
Cash and cash equivalents	23	34	67	41	25	23	3	34
Other bank balances	27	93	65	698	468	36	31	35
Current investments	59	57	290	375	438	443	152	169
Loans given	0	0	0	0	2	1	1	1
Other financial assets	3	2	4	8	17	462	217	80
Other assets	32	99	91	86	34	38	25	61
Net debt	−109	216	−114	−806	−727	−371	835	88

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 7 May
	337	873	143	154	659	733
	400	1,091	227	249	827	797
	121	113	−175	−75	134	28
Receivables	−45	−126	57	109	35	−7
Inventories	5	−154	28	−96	65	50
Payables	107	349	−320	−117	−16	−13
Other working capital	54	45	60	29	50	−2
Tax paid	−63	−218	−86	−96	−135	−136
Interest paid	0	0	0	0	0	124
Capital spending	60	78	187	100	65	50
Free cash flow	277	795	−45	54	594	683
	−250	−793	−12	−49	−1,480	138
Plant and property sold	0	0	1	0	0	0
Companies bought	0	0	−51	−8	−1,914	0
Interest received	3	8	30	61	46	24
Dividends received	2	0	1	0	0	0
	−54	−106	−147	−107	800	−840
Borrowings raised	−36	0	0	0	950	37
Borrowings repaid	0	−57	−106	−74	−52	−739
Interest paid	−13	0	−26	−19	−80	−116
Lease payments	−5	−3	−2	−1	−1	0
Dividends paid	0	9	14	14	16	20
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	33	−26	−16	−2	−21	31

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Sandur Manganese & Iron Ores dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 7 May
	–	–	–	–	–	–	₹5.63	₹4.90	₹9.14	₹11.17
As stated that year	₹57.45	₹121.74	₹162.77	₹163.73	₹170.99	₹749.96	₹101.27	₹14.69	₹27.43	₹11.17
	–	–	–	–	–	–	₹5.63	₹4.90	₹9.14	₹11.17
As stated that year	₹57.45	₹121.74	₹162.77	₹163.73	₹170.99	₹749.96	₹101.27	₹14.69	₹27.43	₹11.17
	–	–	–	–	–	–	₹0.28	₹0.33	₹0.42	₹0.50
As declared that year	–	–	–	–	–	–	₹5.00	₹1.00	₹1.25	₹0.50
	–	–	–	–	–	–	₹39.78	₹44.37	₹53.17	₹63.95
On that year's share count	–	–	₹761.06	₹933.00	₹1,103.47	₹1,843.58	₹715.96	₹133.11	₹159.52	₹63.95
Dividend payout	–	–	–	–	–	–	5.0%	6.8%	4.6%	4.5%
Shareholder yield	–	–	–	–	0.0%	0.3%	0.5%	0.2%	0.2%	0.2%
Market cap at the year end (₹ crore)	607	979	833	325	911	3,176	2,776	5,824	7,130	8,355

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Sandur Manganese & Iron Ores PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 7 May
Revenue growth	–	45.0%	14.7%	−15.7%	26.2%	201.2%	−5.5%	−41.1%	54.8%	3.7%
Operating profit growth	–	86.5%	29.9%	−9.3%	39.1%	258.6%	−59.7%	−18.4%	105.0%	30.7%
Net profit growth	–	111.9%	33.7%	3.5%	4.4%	338.6%	−59.9%	−12.1%	86.8%	22.2%
Earnings per share growth	–	–	–	–	–	–	–	−13.0%	86.7%	22.2%
	–	–	21.4%	19.6%	16.8%	50.9%	15.1%	11.6%	18.7%	19.1%
	–	–	–	−1.8 pts	−2.8 pts	34.1 pts	−35.8 pts	−3.4 pts	7.1 pts	0.3 pts
From the net margin	–	–	–	4.9 pts	−3.4 pts	7.7 pts	−29.3 pts	7.4 pts	2.4 pts	3.3 pts
From asset turnover	–	–	–	−10.3 pts	−1.5 pts	28.6 pts	−4.3 pts	−9.0 pts	3.0 pts	−2.7 pts
From borrowing	–	–	–	3.6 pts	2.1 pts	−2.1 pts	−2.2 pts	−1.9 pts	1.7 pts	−0.3 pts
Return on capital employed	–	–	31.2%	14.2%	18.8%	46.7%	15.4%	11.5%	16.6%	23.1%
Cash conversion	–	–	–	–	218.8%	129.3%	52.6%	64.5%	148.3%	135.0%
Interest cover	11.3	32.0	32.5	26.1	18.7	23.9	11.8	13.2	8.2	6.4
Debt to equity	–	–	0.00	0.48	0.31	0.19	0.11	0.06	0.39	0.10
Receivable days	–	–	11	19	37	33	25	10	0	1
Inventory days	–	–	180	1,178	475	145	92	794	346	546
Payable days	–	–	219	586	563	266	79	275	127	211
Cash conversion cycle, days	–	–	−28	611	−52	−88	37	529	219	336
Working capital days	–	–	−17	52	−23	−16	21	193	53	18
Asset turnover	–	–	0.85	0.52	0.47	1.02	0.81	0.49	0.59	0.52
Assets per rupee of net worth	–	–	1.24	1.52	1.74	1.67	1.46	1.25	1.38	1.35
Sales per rupee of plant	–	–	9.43	2.39	0.99	2.83	2.56	1.49	2.31	2.28
Capital spending to depreciation	–	–	–	–	2.24	1.40	2.92	1.73	1.09	0.78
Plant being built, % of plant in use	–	–	271.4%	225.4%	10.9%	5.3%	8.1%	13.8%	14.5%	10.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 14.1%
Cash from operations against operating profit: 85.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	21.9%	−1.8%
Profit growth, yearly rate	–	28.7%	26.1%
Return on equity, average	–	23.1%	16.5%
Return on capital employed, average	–	22.6%	17.1%
Operating margin, average	31.2%	32.8%	34.1%
Net margin, average	20.7%	22.3%	23.0%
Asset turnover, average	–	0.69	0.53
Cash conversion cycle, days, average	–	207	361
Interest cover, average	18.4	12.7	9.3
Debt to equity, average	–	0.17	0.19

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,562	1,546	733
Cash from investing	−2,196	−1,391	138
Cash from financing	−399	−146	−840
Capital spending	480	215	50
Dividends paid	73	50	20
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	987	987	37
Borrowings repaid	1,028	865	739

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	6	8	4	5	–	–
Altman Z-scorePublished threshold 1.81	2.10	2.74	5.11	–	–	–	–
Beneish M-scorePublished threshold −1.78	–	−1.92	−1.13	−1.96	–	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	4.24	26.88	5.35	–	–	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	1.23	0.99	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	63.32	119.16	−32.66	−23.46	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	211.29	−143.80	−449.11	−54.94	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	11.08	−0.93	0.00	−2.02	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	2.90	0.15	0.44	0.66	–	–	–
Effective tax ratePublished threshold 17.16 per cent	15.68	38.31	26.24	–	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	2.44	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Jun 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A+Review, Other	Positive	164.50
2 Jun 2026	CRISIL Ratings Limited	Bank Facilities	WithdrawnReview, Other		15
10 Apr 2026	ICRA Limited	Non Convertible Debentures	[ICRA]A+Review, Other	Stable	450

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.