SANDUMA
Micro CapSandur Manganese & Iron Ores Limited
Power
SMIORE is a 7+ decades old private sector merchant miner of manganese and iron ores, the 2nd largest manganese ore miner in India and 3rd largest iron ore miner in Karnataka. It has expanded into ferroalloys, coke, captive power, and specialty steel manufacturing through the recent acquisition of Arjas Steel.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +14% YoY · PAT +51% YoY · margin expansion · +25% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,511 Cr | +14.4% | +25.0% |
| EBITDA | ₹387 Cr | +22.5% | +54.2% |
| Operating margin | 26.0% | +200 bps | +500 bps |
| PAT | ₹236 Cr | +51.3% | +103.5% |
| PAT margin | 15.6% | +381 bps | +603 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SMIORE reported strong Q4FY26 consolidated results with Total Income +35% QoQ, EBITDA +52% QoQ, and PAT +81% QoQ. FY26 saw consolidated Total Income +61% YoY, EBITDA +49% YoY, and PAT +40% YoY. Mining volumes hit all-time highs, and the company achieved standalone net debt-free status.
The company delivered robust Q4 and FY26 results, driven by record mining volumes and the integration of Arjas Steel. Achieving standalone net debt-free status is a positive. However, the sustainability of improved realizations and full utilization of coke oven batteries and steel capacity remain key monitoring points for future performance.
Mining Volume Expansion
Manganese ore production capacity enhanced to 0.599 MTPA, iron ore to 4.45 MTPA. FY26 saw all-time high production and sales volumes for both.
Strategic Steel Acquisition
Acquisition of Arjas Steel (0.585 MTPA capacity) integrated from Nov 2024, focusing on high-quality auto-grade SBQ steel.
Enhanced Captive Energy
42.9 MW hybrid renewable energy project commissioned June 2023. Arjas has 20.4 MW solar and 21 MW WHRB.
Downhill Conveyor System
1.2 km Downhill Pipe Conveyor System expected operational H1FY27, enabling environment-friendly transport and better realizations.
Iron Ore Production Limit
Approved enhancement of Permissible Annual Production limit to 4.36 MTPA (Jan 2025, May 2025). EC for mining expansion from 1.6 to 4.5 MTPA (April 2023).
Manganese Ore Production Limit
Received additional Consent for Operation for manganese ore of 0.12 MTPA (Sept 2024). Enhanced MPAP of 0.462 MT (Feb 2024).
Arjas Steel Ingot Casting Facility
Commissioned new Ingot Casting Facility at Tadipatri in Dec 2025, elevating product capabilities.
Arjas Steel Garret Coiler Facility
Commissioned Garret Coiler facility (Trial production) at Tadipatri plant in Feb 2025.
Improved Domestic Realizations
Recent improvement in domestic benchmark realizations for manganese ore and iron ore in April supports a good start to FY27.
Conducive Operating Environment
Initial signs of recovery and a more supportive operating environment for the broader iron and steel industry.
Ferroalloys Realizations
Recent improvement in Ferroalloys realizations is also encouraging.
Muted Realizations in FY26
FY26 was a muted year for realizations, with prices across both mining products bottoming out in Q2 and Q3.
Challenging Ferroalloys Market
Market conditions remained challenging through most of FY26 for the Ferroalloys industry.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides both YoY and QoQ comparisons for Q4FY26, highlighting sequential improvements in mining and ferroalloys, and the recent acquisition of Arjas Steel makes QoQ relevant for tracking integration and momentum. YoY is important for annual performance and mining seasonality.
SMIORE WHRB-based Power Capacity
32 MW
Renew Sandur Hybrid Energy Capacity
42.9 MW (Solar-Wind Hybrid)
Arjas Energy Portfolio Capacity
~41 MW (Solar + Waste-Heat)
Coke Oven Battery Utilization
Current ~46% (2 of 4 batteries operational)
FY27 Iron Ore Utilization Target
For FY27, we will be fully utilising our 4.45 MTPA Maximum Permissible Annual Production Limits (MPAP) for iron ore.
Coke Oven Battery Recommencement
Actively engaging with customers to expand contract manufacturing by recommencing production from the remaining 2 coke oven batteries.
Arjas Steel Performance Outlook
We anticipate stronger performance from Arjas Steel in FY27, supported by further potential to increase production from existing capacities.
Standalone Net Debt Free Status
SMIORE has achieved standalone net debt free status as of 31 March 2026, supported by prepayment of NCDs worth ₹423 crore.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Iron Ore MPAP Utilization | Carrying some closing stock from FY26. | Full utilization of 4.45 MTPA MPAP in FY27 and sales of 0.327 MT incidental iron ore. |
| Coke Oven Battery Utilization | ~46% (2 of 4 batteries operational). | Recommencement of remaining 2 batteries and improved overall utilization in FY27. |
| Arjas Steel Production & Margins | Notable increase in Q4 production/sales, improved EBITDA margins in Q4. | Stronger performance in FY27 from existing capacities and conducive operating environment. |
| Downhill Conveyor System (DCS) Commissioning | Forest Lease Agreement executed. | Operational within H1FY27, enabling direct delivery to railway siding and better realizations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +5.6% / mo
Technical chart
SANDUMAweekly · 3Y-51.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 rising (~5.3% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 57% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 51.0%.
Main drags
- Valuation is weaker at 16/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
- Growth is weaker at 20/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 99th percentile within Power. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.2%. Key concern: OPM spread across recent quarters is 18%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Power: 99th pctile, median 67 · Micro: 100th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.6%.
- ▸10 years of positive FCF.
Trust risks
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.20
- P/B
- 3.18
- EV/EBITDA
- 7.99
- Market Cap
- 10350.00Cr
Profitability
- ROE
- 23.20%
- ROCE
- 24.40%
- ROA
- 11.91%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 48.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 5.70×
- Altman Z
- 5.29
- Book Value
- 66.90
Cash Flow
- FCF Yield
- 11.24%
- FCF Positive Y
- 10/5
- OCF
- 1143.00 Cr
- EPS TTM
- 13.51
Shareholding
- Promoter Hold
- 74.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.