SANDUMASandur Manganese & Iron Ores Ltd.
Sandur Manganese & Iron Ores Q2 FY27 Results: Consolidated Net Profit ₹261 Crore on Total Income of ₹1,519 Crore
- Earnings
- Mining and ferroalloys
Reviewed byKeshav SehgalBlacklitt Research
Sandur Manganese & Iron Ores reported consolidated total income of ₹1,519 crore and net profit of ₹261 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹593 crore and net profit of ₹178 crore, it said in a filing on 03 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,519.11 crore, up 22.0% YoY and 9.3% QoQ
- Net profit and EPS: ₹261.25 crore, up 88.1% YoY; basic EPS ₹5.35 against ₹2.85
- Exceptional item: Reversal of ₹9.32 crore on revised gratuity estimates in the quarter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹593.17 crore, up 32.7% YoY and 7.1% QoQ
- Net profit and EPS: ₹177.52 crore, up 61.1% YoY; basic EPS ₹3.65 against ₹2.27
- Finance costs: ₹7.73 crore, down from ₹30.42 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,519 | 1,245 | +22.0% | 1,390 | +9.3% | |
| Revenue from operations | 1,506 | 1,232 | +22.2% | 1,375 | +9.6% |
| Other income | 13 | 12 | +4.4% | 15 | -11.9% |
| 261 | 139 | +88.1% | 228 | +14.7% | |
| Profit before tax | 320 | 175 | +83.4% | 281 | +14.0% |
| Finance costs | 26 | 57 | -55.2% | 26 | -2.0% |
| Depreciation | 54 | 53 | +1.7% | 51 | +6.2% |
| Tax expense | 59 | 36 | +65.3% | 52 | +13.7% |
| Net profit margin | 17.20% | 11.16% | +6.04 pp | 16.40% | +0.80 pp |
| EPS, basic (₹) | 5.35 | 2.85 | +87.7% | 4.67 | +14.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 88.1% YoY, faster than total income, which rose 22.0%.
Finance costs fell 55.2% to ₹25.58 crore, which is 1.7% of total income this quarter. The filing does not state the reason for the fall in finance costs compared with the year-ago quarter.
Other income of ₹12.98 crore is 4.1% of profit before tax of ₹320.32 crore, and 0.9% of total income. Revenue from operations of ₹1,506.13 crore grew faster than other income, which rose 4.4%.
The consolidated exceptional item is a reversal of ₹9.32 crore. The filing says it arises after the company revised its wage structure from 1 Apr 2026 and the gratuity estimate changed. The year-ago quarter carried no exceptional item in the consolidated figures.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 593 | 447 | +32.7% | 554 | +7.1% | |
| Revenue from operations | 582 | 436 | +33.4% | 540 | +7.8% |
| Other income | 11 | 10 | +3.8% | 13 | -18.1% |
| 178 | 110 | +61.1% | 161 | +10.1% | |
| Profit before tax | 238 | 148 | +61.5% | 215 | +11.0% |
| Finance costs | 8 | 30 | -74.6% | 8 | -2.3% |
| Depreciation | 17 | 16 | +3.6% | 15 | +14.6% |
| Tax expense | 61 | 37 | +62.6% | 53 | +13.7% |
| Net profit margin | 29.93% | 24.66% | +5.26 pp | 29.12% | +0.81 pp |
| EPS, basic (₹) | 3.65 | 2.27 | +60.8% | 3.32 | +9.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 61.1% YoY to ₹177.52 crore, slower than profit before tax, which rose 61.5% to ₹238.25 crore. Tax expense rose to ₹60.73 crore, which is 25.5% of profit before tax.
The filing reports a standalone deferred tax charge of ₹52.74 crore in the quarter but does not give the reason for it. Standalone finance costs of ₹7.73 crore are 1.3% of total income, down from ₹30.42 crore a year earlier.
Inference
The filing states that the board approved the results on 3 Nov 2026 and that the auditor, Deloitte Haskins & Sells, issued an unmodified limited review report. It also records a dividend of ₹0.50 per share, totalling ₹24.31 crore, approved at the AGM on 19 Aug 2026 and paid during the quarter.
The company has three new wholly owned subsidiaries, and subscription money of ₹1 crore each is recorded in the consolidated note as paid after quarter end. The filing does not say how the subsidiaries will operate or what further funding they will need.
The forest-land matter remains open: the revised DCF demand of ₹139.05 crore for compensatory afforestation is pending. The filing does not say whether the revised demand has been paid or whether the balance of the land has been registered, and it does not give the financial effect of the demand.
Filed with BSE on . Reference: Original filing (PDF)
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