Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Sep - Newspaper publication regarding transfer of equity shares to Investor Education and Protection Fund
Source: Bse
Sandur Manganese & Iron Ores Limited (SANDUMA)
Micro CapEnergy stocks · Micro cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 11:36 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
23Bearishfull bear SMA stack · SMA20 -8.5% / mo · MACD − · near 52W low · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SANDUMAD candles · FIT view-17.2%Latest close ₹173.37 on 2026-10-19
Bar
-1.4%
RSI
33
MACD hist
-0.00
52W pos
3%
2026-10-19O ₹175.75H ₹175.77L ₹172.90C ₹173.37Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SANDUMANifty EnergyNifty 500
- SANDUMA
- -10.6%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- -5.0 pp
Chart stats
19 Oct 2026- From 52W high
- -36.5%
- 52W range position
- 3%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹7.2 Cr
- 20D price channel
- ₹172.9 - ₹190.1
₹273
₹170.5 - ₹273
₹4.7
Latest completed session
20-session average
23.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED74
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +21.1% · PAT +36.5% YoY
Technical
Bearish23
Price trend and sector-relative-strength timing.
Valuation
Legacy model+31.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence89
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +21% YoY · PAT +37% YoY · operating leverage · margin compression
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,375 Cr | +21.1% | -9.0% |
| EBITDA | ₹343 Cr | +14.7% | -11.4% |
| Operating margin | 25.0% | -100 bps | -100 bps |
| PAT | ₹228 Cr | +36.5% | -3.4% |
| PAT margin | 16.6% | +187 bps | +96 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.70
- P/B
- 2.66
- EV/EBITDA
- 6.59
- Market Cap
- 8662.00Cr
Profitability
- ROE
- 23.00%
- ROCE
- 24.20%
- ROA
- 13.02%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 6.77×
- Altman Z
- 4.92
- Book Value
- 66.90
Cash Flow
- FCF Yield
- 13.43%
- FCF Positive Y
- 10/5
- OCF
- 1143.00 Cr
- EPS TTM
- 14.75
Shareholding
- Promoter Hold
- 74.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,088+62.3% vs prev
Net Profit
₹ CrLatest: 658+39.7% vs prev
Return on Equity
%Latest: 96.9-34.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.3% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
-6.5%
3M return
-10.6%
6M return
-19.0%
1Y return
-17.6%
RS 1D
+2
RS 20D
-19
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 14.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 106.49+0.18%
RS vs Nifty 500106
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation13/30
Growth22/25
Quality16/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
74
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
74/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 13.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.3%.
Main drags
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Quality is weaker at 16/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
11.7
PB
2.7
EV/EBITDA
6.6
ROE
23.0%
ROCE
24.2%
FCF Yield
13.4%
Debt/Equity
0.3
MoS
+31.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
74
Previous: 74
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+31.3%
Previous: +31.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
74
74
74
74
74
74
74
74
74
74
74
74
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹149
-16.4% MoS
Growth-justified P/E
17.1
Growth-justified Value
₹252.23
+31.3% MoS
PEG
0.32
Comparable companies
Peers
Business-comparable peers in Energy — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GMRP&UI
Micro
GMR Power and Urban Infra Limited
Power Generation
match 150
40
—
-42.8%
+59%
WATCHLIST
SARDAEN
Small
Sarda Energy & Minerals Limited
Power Generation
match 146
67
15.3
15.1%
+57%
UNDERVALUED
POWERICA
Small
Powerica Limited
Power Generation
match 145
51
26.4
17.4%
+8%
FAIR VALUE
RTNPOWER
Micro
RattanIndia Power Limited
Power Generation
match 145
33
31.5
1.1%
-20%
WATCHLIST
SPLPETRO
Large
Supreme Petrochem Limited
Power Generation
match 143
47
29.1
13.7%
+34%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T13:43:20.761Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
89Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Energy. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
49 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
100th percentile
overall median 67 · Energy: 100th pctile, median 73 · Micro: 100th pctile, median 73
Evidence depth
Financial-only
49 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 12.1%.
- ▸10 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sandur Manganese & Iron Ores Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 17 Sep - Board approved incorporating Royal Sandur MedTech Private Limited with ₹1 crore equity subscription.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Newspaper Publication regarding notice of special window for transfer and dematerialization of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 6 Aug - Board approved two WOS: Royal Sandur Hospitality and Royal Sandur Academy, each with ₹1 crore capital.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.