Sandur Manganese & Iron Ores Ltd (SANDUMA) AI Stock Analysis

• Market Cap: ₹96.69B
• Dividend Yield: 0.18%
• Average Volume (3M): 739.42K
• Price to Earnings (P/E): 25.5
• Beta (1Y): 1.79
• Revenue Growth: 196.22%
• EPS Growth: 71.39%
• Country: IN
• Employees: 2,528
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 2.38
• Shares Outstanding: 486,104,830
• 10 Day Avg. Volume: 1,499,239
• 30 Day Avg. Volume: 739,418
• PEG Ratio: 0.05
• Price to Book (P/B): 0.90
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 3.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹215.00 ▼(-18.78% Downside)
• Action: Upgraded Date: 12/13/25
• Date: Action: Upgraded 12/13/25

Sandur Manganese & Iron Ores Ltd has a strong financial performance, which is the most significant factor in the overall score. Technical analysis indicates positive short-term momentum, but with some bearish signals. The valuation is reasonable, though the low dividend yield limits income potential. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Strong revenue growth

Revenue growth above 100% demonstrates durable volume and/or price expansion, signaling expanding market share or higher realizations. Sustained top-line momentum supports reinvestment, scale benefits and a stronger negotiating position with industrial customers over the next 2–6 months.

Robust cash generation

Consistent operating cash flow and improved free cash flow show the business converts earnings into liquidity, enabling capex funding, working capital and potential deleveraging. Durable cash generation reduces funding risk and supports strategic investments over multiple quarters.

Downstream integration (ferroalloys, coke)

Vertical integration into ferroalloys and coke captures value beyond raw ore sales, diversifying revenue and improving margin resilience. Processing capabilities insulate some commodity price swings and create durable customer relationships with steel and alloy producers over the medium term.

Negative Factors

Moderate reliance on debt

A balanced but leveraged balance sheet limits financial flexibility if markets deteriorate. Moderate debt exposure raises refinancing and interest-rate risks, making the company more sensitive to cyclical downturns and potentially constraining investment or shareholder distributions during stress periods.

Substantial capital expenditures

High ongoing capex demands can absorb free cash flow and require continued operating performance or external financing. Over multiple quarters, sustained heavy investment lowers discretionary cash, constrains balance sheet repair, and raises execution risk if project returns or timing underperform expectations.

Commodity and margin volatility

Dependence on iron/manganese prices and input costs (coal, power, logistics) creates structural margin variability. Even with strong revenue, swings in spreads and input inflation can erode profitability and cash flow over several quarters, increasing earnings unpredictability for investors.

Sandur Manganese & Iron Ores Ltd Business Overview & Revenue Model

Company Description

The Sandur Manganese & Iron Ores Limited, together with its subsidiary, engages in the mining of manganese and iron ores in Deogiri village of Bellary District, Karnataka. It operates through Mining, Ferroalloys, and Coke and Energy segments. The company also manufactures and sells ferroalloys and coke. In addition, it generates power through a 32-megawatt thermal power plant. The Sandur Manganese & Iron Ores Limited was incorporated in 1954 and is based in Bengaluru, India. The Sandur Manganese & Iron Ores Limited is a subsidiary of Skand Private Limited.

How the Company Makes Money

The company generates revenue primarily by (1) selling mined minerals and (2) selling processed/value-added metallurgical products. 1) Sale of minerals (core upstream revenue): SANDUMA earns money by extracting manganese ore and iron ore from its mining operations and selling these ores to industrial customers, typically in the steel and alloy value chain. Revenue in this stream is driven by volumes mined and dispatched, product grade/quality, and realized selling prices, which are influenced by market conditions for iron ore and manganese ore. 2) Sale of value-added products (downstream/manufacturing revenue): The company also earns revenue from manufacturing and selling ferroalloys and coke. Ferroalloys are used as inputs in steelmaking and alloy production, and coke is used as a fuel and reducing agent in metallurgical processes. This stream is driven by plant utilization, product mix, and spreads between input costs (including ore, coal/coke inputs, power, and logistics) and selling prices. Key factors affecting earnings: Earnings are typically influenced by commodity price cycles (iron ore and manganese), regulatory and environmental compliance for mining, availability and cost of inputs for manufacturing (notably coal and power), logistics and freight, and operating efficiency across mines and plants. Significant partnerships: null

Sandur Manganese & Iron Ores Ltd Financial Statement Overview

Summary

Sandur Manganese & Iron Ores Ltd presents a strong financial profile with impressive revenue and profitability growth. The company maintains a healthy net profit margin and demonstrates effective cost management. The balance sheet is solid, though there is moderate reliance on debt financing. Cash flow generation is robust, but substantial capital expenditures require careful oversight.

Income Statement

Sandur Manganese & Iron Ores Ltd has shown impressive growth in revenue and profitability. The gross profit margin is strong, and the company has maintained a healthy net profit margin, indicating effective cost management. Revenue growth has been substantial, reflecting a strong market position and demand for its products. However, fluctuations in EBIT and EBITDA margins suggest some variability in operational efficiency.

Balance Sheet

The company's balance sheet is solid with a reasonable debt-to-equity ratio, indicating a balanced approach to leverage. The return on equity is commendable, showcasing effective utilization of shareholders' funds. However, the equity ratio suggests a moderate reliance on debt financing, which could pose risks if market conditions change unfavorably.

Cash Flow

Sandur Manganese & Iron Ores Ltd demonstrates strong cash flow generation, with positive free cash flow and a robust operating cash flow to net income ratio. The company has managed to improve its free cash flow significantly, highlighting effective capital management and operational efficiency. Despite this, the investing cash flow indicates substantial capital expenditures, which could impact future liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	36.69B	31.35B	12.38B	21.26B	22.49B	7.47B
Gross Profit	22.82B	20.23B	4.36B	7.94B	14.44B	4.25B
EBITDA	9.62B	8.62B	4.03B	4.52B	10.09B	2.89B
Net Income	4.92B	4.70B	2.39B	2.71B	6.75B	1.54B
Balance Sheet
Total Assets	0.00	56.48B	25.93B	25.32B	27.02B	17.24B
Cash, Cash Equivalents and Short-Term Investments	1.77B	4.21B	4.67B	4.81B	5.55B	3.57B
Total Debt	0.00	18.90B	1.33B	2.06B	3.10B	3.69B
Total Liabilities	-26.27B	30.21B	4.35B	5.98B	10.42B	7.31B
Stockholders Equity	26.27B	26.13B	21.58B	19.34B	16.59B	9.93B
Cash Flow
Free Cash Flow	0.00	7.53B	503.10M	-450.10M	7.95B	2.80B
Operating Cash Flow	0.00	8.41B	1.53B	1.42B	8.73B	3.40B
Investing Cash Flow	0.00	-15.61B	-664.10M	-112.20M	-7.93B	-2.49B
Financing Cash Flow	0.00	7.04B	-1.07B	-1.29B	-1.06B	-582.55M

Sandur Manganese & Iron Ores Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 264.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SANDUMA, the sentiment is Negative. The current price of 264.7 is above the 20-day moving average (MA) of 205.29, above the 50-day MA of 220.20, and above the 200-day MA of 188.30, indicating a neutral trend. The MACD of -4.91 indicates Positive momentum. The RSI at 43.80 is Neutral, neither overbought nor oversold. The STOCH value of 18.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SANDUMA.

Sandur Manganese & Iron Ores Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MOIL	74 Outperform	₹56.37B	35.43	―	2.18%	―	―
SANDUMA	73 Outperform	₹96.69B	25.50	―	0.18%	196.22%	71.39%
MAHSEAMLES	68 Neutral	₹73.15B	7.74	―	1.82%	0.81%	-7.11%
INDIAGLYCO	65 Neutral	₹57.79B	23.54	―	0.47%	5.61%	33.63%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAIBALAJI	58 Neutral	₹55.55B	139.02	―	―	-13.11%	-69.18%
MIDHANI	55 Neutral	₹64.25B	58.02	―	0.24%	-5.01%	21.97%

Sandur Manganese & Iron Ores Ltd Corporate Events

Sandur Manganese & Iron Ores Revamps Risk Leadership to Strengthen Governance

Sandur Manganese & Iron Ores Limited has reshaped its risk leadership structure, appointing veteran finance professional and chartered accountant Manoj Kumar Jha as Chief Risk Officer, with the designation of Senior Vice President – Business Governance and inclusion in senior management, effective 14 January 2026. The board simultaneously accepted the cessation of Uttam Kumar Bhageria from the Chief Risk Officer role, while he continues as Chief Financial Officer, a move the company says is aimed at strengthening its governance framework and leadership structure by better aligning responsibilities and enhancing oversight of risk and business governance across the group.

Sandur Manganese Clarifies Market-Driven Share Volume Increase

Sandur Manganese & Iron Ores Limited has clarified that the recent increase in the volume of its shares is market-driven and not due to any undisclosed information or announcements from the company. The company has confirmed that it has complied with all necessary disclosure regulations and has no additional information that could impact the share price or volume.