Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation
(An ISO 9001:2015; ISO 14001:2015 and 45001:2018 certified company) CIN:L85110KA1954PLC000759; Website: www.sandurgroup.com
REGISTERED OFFICE ‘SATYALAYA’, No.266 Ward No.1, Palace Road Sandur – 583 119, Ballari District Karnataka, India Tel: +91 8395 260301/ 283173-199 Fax: +91 8395 260473
CORPORATE OFFICE ‘SANDUR HOUSE’, No.9 Bellary Road, Sadashivanagar Bengaluru – 560 080 Karnataka, India Tel: +91 80 4152 0176 - 79 / 4547 3000 Fax: +91 80 4152 0182
SMIORE / SEC / 2025-26 / 30
8 August 2025
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001 Scrip Codes: 504918 & 976135 Symbol: SANDUMA
Dear Sir/ Madam,
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra-Kurla Complex Mumbai - 400 051 Symbol: SANDUMA
Sub:
Investor Presentation for the quarter ended 30 June 2025
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor Presentation for the quarter ended 30 June 2025.
Stock Exchanges are requested to take the same on record.
Thank you
for The Sandur Manganese & Iron Ores Limited
Neha Thomas Company Secretary & Compliance Officer ICSI Membership No. A60853
Encl: A/a
MINES OFFICE: Deogiri - 583112, Sandur Taluk, Ballari District Tel: +91 8395 271025 / 28 / 29 / 40; Fax: +91 8395 271066 PLANT OFFICE: Metal & Ferroalloy Plant, Vyasankere, Mariyammanahalli – 583 222, Hosapete Taluk, Vijayanagara District Tel: +91 8394 244450 / 244335
FORGING A
THE SANDUR MANGANESE & IRON ORES LIMITED NSE: SANDUMA | BSE: 504918 BLOOMBERG: SANDUMA:IN
new path:
Q1FY26 E a r n i n g s P r e s e n t a t i o n A U G U S T 2 0 2 5
FROM MINES TO METALS
ABO U T S M IO RE G RO U P
SMIORE at a Glance
7+ DECADES
As one of the most respected private sector merchant miners of manganese and iron ores
2nd LARGEST
3rd LARGEST
Top 5
Manganese ore miner in India
Iron ore miner in Karnataka
Amongst the top 5 players in SBQ steel
A+/STABLE
CRISIL and ICRA RATED Robust credit rating for term loans, cash credit and debentures
4,255*
SMIORE family members
Vast Mining Reserves with Leases up to 2033
Captive Energy Arrangements Under JV Companies
15 MT
Manganese Ore
114 MT
Iron Ore
Current Capacities
42.9 MW Renew Sandur: Solar-Wind Hybrid Energy
20.4 MW Arjas Amplus: Solar Energy
0.599 MTPA Manganese Ore
4.45 MTPA Iron Ore
95,000/1,25,000 TPA Ferroalloys (SiMn/ FeMn)
0.50 MTPA Coke
32 MW SMIORE WHRB^- based Power
0.585 MTPA Steel
21 MW Arjas WHRB^-based Power
*As on 30 June 2025 | Consolidated employee count.. ^WHRB stands for Waste Heat Recovery Boilers
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ABO U T S M IO RE G RO U P
Geographical Footprint
Corporate Office Bengaluru, Karnataka
Mining Leases Deogiri, Kammathuru, Subbarayanahalli and Ramghad
Sandur, Ballari District, Karnataka
Ferroalloy Plant, Power Plant, Coke Oven Plant Vyasankere, Vijayanagara District, Karnataka
Steel Plants • Tadipatri, Andhra Pradesh • Mandi Gobindgarh, Punjab
Arjas Regional Offices • Pune, Maharashtra
• Chennai, Tamil Nadu
• Faridabad, Haryana
Faridabad Arjas Branch Office
Pune Arjas Branch Office
Mining Leases & Plant
Mandi Gobindgarh Punjab
Tadipatri Andhra Pradesh
Bengaluru SMIORE & Arjas Corporate Office
Chennai Arjas Branch Office
Map not to scale, only for illustration purposes
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ABO U T S M IO RE G RO U P
Values
that Drive Us
“All that we get (earn) from the soil of Sandur in one form or the other should be primarily used to benefit Sandur.“
M . Y . G H O R P A D E
“We are seizing opportunities for expansion, driving ambitious growth plan with capital allocation discipline, and laying the foundations for a lasting legacy. We are not just creating value for today; we are forging the path to industry leadership for tomorrow.“
B A H I R J I A . G H O R P A D E
Group Values
Scientific Mining & Sustainable Operations
Environment Preservation, Community Development & Sustainable Practices
Achieve Excellence with Simplicity and be the Customers’ Choice
Employee Welfare & Development
Safety First, Integrity Always
Adherence to Highest Corporate Governance Standards
Some of Our Successful Employee Welfare Programs
Food Security: A food package for a family of 5 costs ₹ 145 against actual cost of ~₹4,000, balance being absorbed by the Company.
Subsidized LPG Cylinder: SMIORE provides subsidised LPG cylinders to a large subset of its employees with a 90% subsidy to prevent them from cutting trees for fuel.
Other: Includes cloth subsidy, marriage & festival gifts, medical care, sickness benefits, education & training facilities, housing & electricity, and many more.
Recognition of Our Values & Efforts Towards Environment Stewardship
7-STAR Rated Mine Recognition presented by Shri Bhajanlal Sharma, Hon’ble Chief Minister of Rajasthan, in the esteemed presence of Shri G. Kishan Reddy, Hon’ble Union Minister of Coal and Mines.
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ABO U T S M IO RE G RO U P
Recent Milestones
June 2023 • Commissioned
42.9 MW captive hybrid renewable energy project
January 2024 • SMIORE crossed $ 1 billion in market capitalization
April 2023 • Received
Environmental Clearance for mining expansion from 1.6 to 4.5 MTPA of iron ore
February 2024 • Received enhanced MPAP of 3.81 MT of iron ore and 0.462 MT of manganese ore from the Monitoring Committee
April 2024 • Announced strategic business acquisition of Arjas Steel Private Limited
November 2024
• Completion of strategic business acquisition of Arjas Steel Private Limited
January 2025 • Receipt of
approval for enhancement of Permissible Annual Production limit of iron ore to 4.36 MTPA
February 2025
• Commissioned Garret Coiler facility (Trial production) at Arjas Steel Tadipatri plant
September 2024 • Enhancement in EC for iron ore of 0.216 MTPA at Ramghad mines and received additional Consent for Operation for manganese ore of 0.12 MTPA
April 2025 • Received
May 2025 • Receipt of
Consent for Operation - Expansion for enhancement of iron ore production from 3.81 MTPA to 4.36 MTPA & handling of incidental iron ore of 0.327 Million Tonnes within 31 August 2026
approval for enhancement of Permissible Annual Production limit from Central Empowered Committee (CEC) for iron ore production from 3.81 MTPA to 4.36 MTPA
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ABO U T S M IO RE G RO U P
Transforming Business Canvas
FY23
1.60 MTPA Iron Ore
0.28 MTPA Manganese Ore
FY24 & FY25
3.81 MTPA Iron Ore
FY26
4.45 MTPA Iron Ore
FY24
0.46 MTPA Manganese Ore
FY25
0.582 MTPA Manganese Ore
0.599 MTPA Manganese Ore
I
G N N M
I
S Y O L L A O R R E F
Y G R E N E D N A E K O C
L E E T S
95,000/ 1,25,000 TPA Ferroalloys (SiMn/FeMn)*
0.50 MTPA Coke
32 MW WHRB Based Energy
0.585 MTPA Steel^
TRAITS
• The mining segment operates with an asset-light model and delivers high Return on Capital Employed (ROCE)
• Cost-efficient operations in the
Mining segment resulting in high Operating Profit Margins (OPM) and substantial operating leverage
• The Mining segment consistently generates strong cash flows, for deployment into other growth initiatives
• SMIORE has taken a strategic step
into forward integration from mining to metals, aligning with its long-term growth vision
• To meet rising energy needs,
enhance self-sufficiency, and move towards sustainability, SMIORE has entered into a 42.9 MW hybrid renewable energy project, and Arjas has entered into a 20.4 MW solar energy project through their respective SPVs
*Note: Existing Ferroalloys capacities are used primarily to produce SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn. However, the Company plans to add new products, hence actual capacities may differ as per the product-mix.
^Steel segment added with effect from 11 November 2024 through the strategic business acquisition of Arjas Steel Private Limited.
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BU S INE S S VE RT IC AL S RE VIE W
Mining – Our Mainstay
MANGANESE ORE
Mn
0.599 MTPA Capacity
IRON ORE
Fe
4.45 MTPA Capacity
Capacity Enhancement
Manganese ore production capacity has been enhanced from 0.28 MTPA to 0.46 MTPA, with subsequent enhancements to 0.58 MTPA and ultimately to 0.599 MTPA. Similarly, iron ore production capacity has risen from 1.60 MTPA to 3.81 MTPA, and further to 4.45 MTPA. All proposed expansions duly comply with the environmental norms and the parameters set by the Hon’ble Supreme Court.
• Mining manganese and iron ores from two mining
leases located in Sandur (Karnataka)
• Fully-mechanized iron ore mining contributing
to higher margins
• Semi-mechanized, labour-intensive, low-phosphorus manganese ore mining with relatively lower margins but generating large scale employment opportunities
• Mining operations with proven operating metrics &
track record in the Industry
• Mining operations are conducted in adherence to
the environmental and regulatory norms
H I G H E S T - E V E R P R O D U C T I O N V O L U M E S I N F Y 2 5
M A N G A N E S E O R E M I N I N G O P E R A T I O N S ( M T P A )
0.28
0.28
0.28
0.32
0.20
0.21
0.20
0.20
0.51
0.18
FY21
FY22
FY23
FY24
FY25
Production
Sales
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H I G H E S T - E V E R P R O D U C T I O N A N D S A L E S V O L U M E S I N F Y 2 5
I R O N O R E M I N I N G O P E R A T I O N S ( M T P A )
3.81
4.01
1.60
1.59
1.57
1.60
1.60
1.58
1.97
1.68
FY21
FY22
FY23
FY24
FY25
7
Production
Sales
BU S INE S S VE RT IC AL S RE VIE W
Ferroalloys – New and Improved
Turnaround of Ferroalloys operations in FY21 through feasible power generation
Achieved a shift towards cleaner sources of energy such as Waste Heat Recovery & Green Energy against previously used coal-based energy
The combination of Coke Oven Plant and WHRB generates power as a by-product, thus leading to substantial savings by eliminating the need for thermal coal
Effective power generation cost was reduced significantly post commissioning of WHRB & further setup of hybrid renewable energy plants
F E R R O A L L O Y S O P E R A T I O N S ( T P A )
SiMn
FeMn
95,000/1,25,000 TPA (SiMn/FeMn) Capacity
Key products Silicomanganese and Ferromanganese
54,698
57,338
53,114
55,174
36,265
37,523
28,694
27,389
28,446
17,954
FY21
FY22
FY23
FY24
FY25
Production
Sales
C A P A C I T I E S
FY22 Onwards
95,000/ 1,25,000 TPA (SiMn/FeMn)*
FY21
48,000/ 66,000 TPA (SiMn/FeMn)
FY20
32,000 TPA
*Note – Existing capacities are used primarily to produce SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn. However, the Company plans to add new products, hence actual capacities may differ as per the product-mix.
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BU S INE S S VE RT IC AL S RE VIE W
Coke and Energy – Strengthening Operations
0.5 MTPA Coke Oven Plant
32 MW Waste Heat Recovery Boilers (WHRB)
0.5 MTPA
4 Batteries with a cumulative capacity of 0.5 MTPA
32 MW
2 Waste Heat Recovery Boilers with a cumulative capacity of 32 MW setup for generating cleaner energy
March 2018
Started expansion work
18 January 2021
Fully commissioned Coke Oven
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BU S INE S S VE RT IC AL S RE VIE W
Steel – New Growth Engine
0.585 MTPA
2
Cumulative steel manufacturing capacity
Production facilities, one each in Andhra Pradesh & Punjab
~41 MW
Arjas Energy Portfolio (Solar + Waste-Heat)
Steel Segment Overview
•
Integrated into SMIORE via strategic business acquisition with effect from 11 November 2024
• Represents material
subsidiary Arjas Steel and its step-down subsidiary Arjas Modern Steel
• Dual-manufacturing
technologies: • BOF route at Arjas
Steel
• EAF route at Arjas
Modern Steel
Focused on specialty steel segment, particularly high quality auto grade Special Bar Quality (SBQ) steel products
Integrated manufacturer from coke, sinter, hot metal & billets, to value- added bars and other downstream products
Amongst the top 5 players in this very specialized industry
Manufacturing over 100+ grades with varied automotive & industrial applications
S T R O N G B U S I N E S S P R O F I L E
High-quality convertor: SBQ steel has better realizations and margins vis-à-vis commodity steel products
Strong entry barriers: Empanelled vendor, after a stringent process, with numerous auto-Original Equipment Manufacturers (OEM) over many years of operations
Strategic locations: To cater to auto OEM clusters in both South & North India
Focusing on growing non-auto opportunities: Working on product development for non-auto sectors like Railways (already RDSO approved), Energy, EVs, Exports, Defence and Aerospace
Marquee OEM clientele (direct & via supply-chain partners)
PV
CV & Off-road
2W
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E NVIRO NM E NT AL L E AD E RS HIP
SMIORE Group’s Environment Stewardship
7-Star Rated Mines Recognition
Renewable & Clean Energy Transition
Highest mining industry recognition from the Ministry of Mines for 2023- 24, with the distinction of being 1st among the industry
Zero Discharge
Ferroalloys plant operations
100% Scrap Recycled
• 42.9 MW SMIORE Hybrid
Renewable Capacity (SPV)
• 32 MW SMIORE WHRB
At Arjas Steel facility
Capacity
• 20.4 MW Arjas Solar
Capacity (SPV) • 21 MW Arjas Gas-
Recovery Based Capacity
Scientific Studies & Audits Undertaken:
Environmental Impact Studies by Indian Council of Forestry Research and Education
Water Audits by Central Ground Water Authority accredited auditors
Energy Audits by Bureau of Energy Efficiency accredited agencies
Wildlife Conservation Studies by Zoological Survey of India
Consistent 5-Star Mines Rating
For past 10 years, since the inception of Sustainable Development Framework (SDF) by Ministry of Mines
1,752 hectares dedicated forest land
Out of 2,000 hectares of mining leases i.e. 88% forest cover of total lease area
~4 million saplings
Highlights of FY25:
planted over last ~4 decades at mining locations
65,378
Saplings planted
11.3 Ha
Land reclaimed
27.45 Ha
Rehabilitated afforested area
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S AF E T Y F RAM E WO RK
Safety First Culture
Safe & scientific operations
Continuous risk assessment & mitigation
Strict adherence to safety protocols
Safety Framework
Family-oriented work culture, treating employees as extended family
Employee safety training & awareness programs
Safety Awards & Recognitions
1st Prize in All India Open Cast mines by DGMS
1st Prize (State Level) by DGMS in Mines Safety Week
Gold Award for Industrial Safety Leadership – CII 2024
Silver Award in 50th CII National Kaizen Competition
Image to come
Highlights of FY25:
~7,132
Direct & indirect Employees covered under comprehensive safety programs
In compliance
With regulatory safety standards
Proactive hazard
Reporting systems in place
Conforming to stringent quality, health and process efficiency standards:
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C O RPO RAT E S O C IAL RE S PO NS IBIL IT Y
Building Beyond Business
SMIORE’s Vision "To foster a happy and content society by harnessing effective technologies to raise living standards and improve infrastructure locally. Focus on education, healthcare, sports promotion, rural youth training, solar power, clean drinking water, and sanitation for all.“
Key Focus Areas
Education Promotion
Healthcare Initiatives
14 Educational Institutions Supported
Arogya Community Health Centre and other dispensaries in Sandur
5,700+ students Served across SES & SSS schools
Specialist health camps (cancer, cardiac, pediatrics)
Infrastructure & Rural Development
Community facilities enhancement
Cultural Preservation
Sandur Kushala Kala Kendra (SKKK) Support
Village development programs
Traditional arts & crafts preservation
450+ staff members Employed
Free consultations & medicines for employees and families
Solar power initiatives for homes and streets
Tribal community empowerment
Sandur Vidya Prothsaha Scholarships (SVPS) program
Ambulance services across multiple locations
Clean drinking water & sanitation projects
Income opportunities for tribal artisans
Establishment of skill development institute (ITI), Stem Labs for advanced education & scholarship to govt. school students
Equipment supply to Govt. hospitals in Tadipatri & improving infra at Super Speciality Hospital Anantapur
Installation of solar lights, roads & culverts, public toilets, work on river-bed, etc.
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C O NC L U S IO N
SMIORE Group in a Nutshell
Strong Balance Sheet Robust balance sheet with controlled leverage, even post acquisition
Company With a Heart Adhering to the highest standards of corporate governance, employee welfare sustainability and environment stewardship
Disciplined Capital Allocation Guided by strong parentage
Robust & Growing Cash Flows Through long-standing and recently expanded mining operations
Ancillary Coke & Energy and Ferroalloys Contributing to business resilience and financial performance
Emerging Integrated Player Merchant miner to specialty steel manufacturer, to enjoy benefits of higher conversion and margins
Strategic Inorganic Growth Strategic business acquisition & integration of Arjas Steel has accelerated SMIORE’s entry into the steel industry, in a niche sub-segment (SBQ & alloy steel)
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F INANC IAL S RE VIE W
Key Performance Indicators (Consolidated)
R E V E N U E , E B I T D A ( ₹ I N C R O R E )
E B I T D A M A R G I N S ( I N % )
P B T & P A T ( ₹ I N C R O R E )
2,249
2,126
3,135
44%
38%
747
289
1,009
1,252
452
403
862
30%
21%
27%
250
154
360
271
325
239
915
675
624
471
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
REVENUE
EBITDA
EBITDA MARGINS (%)
PBT
PAT
C A P I T A L E M P L O Y E D , R O C E ( ₹ I N C R O R E & I N % )
E Q U I T Y , R O E ( ₹ I N C R O R E & I N % )
G R O S S D E B T T O E Q U I T Y ( I N T I M E S )
4,500 4,000 3,500 3,000 2,500
2,000 1,500 1,000 500 -
1,362
19%
4,194
48%
1,940
2,147
2,293
18%
15%
18%
60% 50% 40% 30% 20% 10% 0%
51%
1,326
1,907
2,046
14%
11%
2,385
18%
916
17%
60%
40%
20%
0%
0.72
0.37
0.19
0.11
0.06
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
CAPITAL EMPLOYED
ROCE
AVG. EQUITY
ROE
DEBT TO EQUITY
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Q1FY26 Review Section
Q 1F Y 26 PE RF O RM ANC E HIG HL IG HT S
Q1FY26 Operational Highlights
MANGANESE ORE
IRON ORE
FERROALLOYS
COKE
STEEL
Production
1.21 Lakh Tonne
10.71 Lakh Tonne
11,026 Tonne
869 Tonne*
0.95 Lakh Tonne
Sales
0.49 Lakh Tonne
8.52 Lakh Tonne
6,222 Tonne
2,570 Tonne
0.97 Lakh Tonne
YOY Sales Volume Change
QOQ Sales Volume Change
Average/Tonne Realization
QOQ Change in Realizations
(27%)
7%
₹6,267/-
(11%)
(21%)
(37%)
(34%)
169%
(90%)
(87%)
-
(2%)
₹3,715/-
₹69,680/-
₹25,617/- **
₹70,392/-
5%
0%
(11%)
1%
Sales Volumes Remarks
Decrease in YoY & Increase in QoQ
Decrease in YoY & QoQ
Decrease in YoY & Significant Increase in QoQ
Significant Decrease in YoY & QoQ
Flattish QoQ
*Excludes production under contract manufacturing of 48,367 tonnes during the quarter. **Excludes conversion & screening income under contract manufacturing of ₹ 8.95 Crore during the quarter. YoY = Q1FY26 vs. Q1FY25, QoQ = Q1FY26 vs. Q4FY25.
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Q 1F Y 26 PE RF O RM ANC E HIG HL IG HT S
Q1FY26 Segment Highlights
M A N G A N E S E O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
I R O N O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
F E R R O A L L O Y S O P E R A T I O N A L P E R F O R M A N C E ( T o n n e & ₹ / T o n n e )
8,530
8,915
7,107
7,059
16.00
1 0,0 00
14.00
9 ,00 0
12.00
8 ,00 0
3,679
3,582
3,554
3,715
2,997
7 ,00 0
10.00 6,267 8.00
6 ,00 0
5 8 0
.
7 6 0
.
9 1 0
.
1 8 0
.
4 4 0
.
3 1 1
.
3 3 2
.
6 4 0
.
1 2 1
.
9 4 0
.
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
5 ,00 0
6.00
4 ,00 0
4.00
3 ,00 0
2 ,00 0
2.00
1 ,00 0
0.00
0
4 ,00 0
12,000
3 ,50 0
10,000
3 ,00 0
2 ,50 0
8,000
2 ,00 0
6,000
1 ,50 0
4,000
1 ,00 0
2,000
5 00
0
0
69,602
6 9 3 9
,
4 6 4 6
,
66,380
4 4 9 5
,
5 5 0 7
,
64,056
2 0 1 7
,
4 0 3
69,783
69,680
2 2 2 6
,
8 6 7 6
,
1 1 3 2
,
6 2 0 1 1
,
7 1,0 00
7 0,0 00
6 9,0 00
6 8,0 00
6 7,0 00
6 6,0 00
6 5,0 00
6 4,0 00
6 3,0 00
6 2,0 00
6 1,0 00
9 6 8
.
.
3 7 0 1
.
1 9 0 1
6 0 6
.
.
7 1 0 1
3 8 9
.
3 3 8
.
.
1 5 3 1
.
1 7 0 1
2 5 8
.
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Production
Sales
Realisations
Production
Sales
Realisations
Production
Sales
Realisations
C O K E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
S T E E L O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
29,872
29,947
1 3 0
.
28,624
26,096
25,617
0 3 0
.
6 2 0
.
8 2 0
.
7 0 0
.
4 1 0
.
3 1 0
.
9 1 0
.
1 0 0
.
3 0 0
.
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
1.00
31,000
30,000
0.95
29,000
28,000
0.90
27,000
26,000
0.85
25,000
24,000
0.80
23,000
76,902
7 9 0
.
6 8 0
.
Q3FY25
7 8, 00 0
7 6, 00 0
7 4, 00 0
7 2, 00 0
7 0, 00 0
6 8, 00 0
6 6, 00 0
6 4, 00 0
70,392
5 9 0
.
7 9 0
.
Q1FY26
69,362
8 9 0
.
8 9 0
.
Q4FY25
Production
Sales
Realisations
Production
Sales
Realisations
Note – Coke Operational Performance excludes production under contract manufacturing of 48,367 tonnes during the quarter. It also excludes conversion & screening income under contract manufacturing of ₹ 8.95 Crore during the quarter. Note – Steel segment (Arjas Steel) consolidated with effect from 11 November 2024. Q3FY25 production & sales volume is for the full quarter, however, only November & December numbers have been consolidated in SMIORE post-acquisition closure.
2.50
2.00
1.50
1.00
0.50
0.00
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
E A R N
I
N G S
P R E S E N T A T I
O N
s a n d u r g r o u p
. c o m
18
Q 1F Y 26 PE RF O RM ANC E HIG HL IG HT S
Q1FY26 Financial Highlights
Standalone
(In ₹ Crore)
435
Total Income
Growth (YoY)
Growth (QoQ)
Margin
Margins Expansion/ (Contraction) (YoY)
Gross Debt/Equity
219
EBITDA
129
PAT
2,715
Shareholders’ Funds
Consolidated
(In ₹ Crore)
1,150
Total Income
314
EBITDA
167
PAT
2,780
Shareholders’ Funds
Total Income
EBITDA
PAT
Capital Structure
Total Income
EBITDA
(30%)
(28%)
-
-
-
2%
(10%)
50%
(12%)
(7%)
30%
1,613 bps
618 bps
-
-
-
-
Growth (YoY)
Growth (QoQ)
Margin
Margins Expansion/ (Contraction) (YoY)
-
-
0.37
Gross Debt/Equity
84%
(14%)
-
-
-
47%
(3%)
27%
PAT
16%
7%
15%
Capital Structure
-
-
-
-
(694 bps)
(860 bps)
-
-
0.68
Note: Arjas Steel Private Limited numbers consolidated into SMIORE with effect from 11 November 2024. YoY = Q1FY26 vs. Q1FY25, QoQ = Q1FY26 vs. Q4FY25.
E A R N
I
N G S
P R E S E N T A T I
O N
s a n d u r g r o u p
. c o m
19
Q 1F Y 26 PE RF O RM ANC E HIG HL IG HT S
Management Commentary
“We are leveraging the momentum from our mining expansions and the successful integration of Arjas Steel, driving robust consolidated growth and laying the foundation for a resilient future.”
Mining Our strong performance continues to be underpinned by the mining segment . The Company has commenced the new financial year with robust production throughput in both manganese ore and iron ore, following the expansion of our Maximum Permissible Annual Production (MPAP) limits in May. Iron ore has achieved a healthy sales ramp-up as well. However, some momentum was impacted by the onset of an early monsoon this year. The ramp-up in manganese ore sales has been slower, and we are making efforts to expand the same. Our strong performance continues to be underpinned by the mining segment.
Realisations for manganese ore saw further moderation in Q1, following the correction in the last quarter, while iron ore realisations noted some improvement in Q1 as compared to the previous few quarters.
Mining Expansion
All of our interim mining expansion stages have been concluded, and accordingly, our MPAP limits now stand at 0.599 MTPA for manganese ore and 4.45 MTPA for iron ore. In addition to this, we also have additional Consent for Operations (CFO) for the handling of already mined incidental iron ore upto 0.164 million tonnes in FY26 and 0.163 million tonnes in FY27.
Coke and Energy
Coke volumes under the conversion agreement have picked up notably in Q1 following the commencement of the agreement in April, which secures ~46% of our capacity. Initial startup time related to the conversion agreement in April, as well as a maintenance shutdown in June, led to lower capacity utilisation. However, we are making efforts to achieve the targeted volumes from the current quarter onwards. Higher coke volumes have also led to increased incidental power generation.
Further, based on the recent Gazette Notification in June, the quantitative restriction measures on import which were originally notified with effect from 1 January 2025 to 30 June 2025, have been extended for an additional period of 6 months up to 31 December 2025. This will provide further support to the domestic coking coal market. We plan to increase the overall capacity utilisation as the coking coal markets stabilize.
from the Coke oven. As a result, we recorded higher production and sales volumes compared to the last few quarters. As Coke oven utilisation stabilises further, we expect to approach our effective run-rate per month from the 2 operational furnaces (out of a total of 3).
The outlook for the steel industry remains subdued, after moderate improvement last quarter. Similar has been the case for realisations, which saw some improvement last quarter and remained flat this quarter. Additionally, we have entered a period of seasonal softness in the steel industry on account of the monsoon. Our objective this year for the Ferroalloys segment is to maximize the potential of our 2 operational furnaces, with an aim to achieve greater captive consumption of manganese ore and help absorb additional production volumes from the mining segment.
Arjas Steel
Arjas Steel maintained steady volumes in Q1, with a marginal improvement in average realisations over the previous quarter. Arjas’ profitability metrics have improved further in Q1, following the notable increase in the preceding quarter. As industry operating environment stabilises, we expect to do even better. We are working towards achieving the envisaged synergies from this strategic business acquisition and entering into new applications for our specialty steel products.
Ferroalloys
Conclusion
The Ferroalloys segment witnessed higher volumes on account of increased incidental power generation
Lastly, the Board has approved a bonus issue in the ratio of 2:1 i.e., 2 bonus equity shares for every 1 equity share held, to reward our shareholders. We continue to work towards collective value creation for all our stakeholders.
E A R N
I
N G S
P R E S E N T A T I
O N
s a n d u r g r o u p
. c o m
20
PE RF O RM ANC E HIG HL IG HT S
Long-Term Value Creation
Balance Sheet Management
Superior Cash Flows
Disciplined Capital Allocation
Operational Excellence
7 ,91 1
6 ,91 1
5 ,91 1
4 ,91 1
3 ,91 1
2 ,91 1
1 ,91 1
9 11
7,129
5,872
3,176
58,569
FY22
2,776
58,992
FY23
911
49,509
FY21
73,651
77,415
FY24
FY25
N E T W O R T H ( ₹ I N C R O R E )
1,659
1,934
993
2,158
2,613
FY21
FY22
FY23
FY24
FY25
P A T ( ₹ I N C R O R E )
675
154
471
271
239
FY21
FY22
FY23
FY24
FY25
D I V I D E N D P A Y O U T ( ₹ I N L A K H )
1,350
1,350
900
1,620
2,026
1 ,19 ,5 09
1 ,09 ,5 09
9 9,5 09
8 9,5 09
7 9,5 09
6 9,5 09
5 9,5 09
4 9,5 09
Note: Based on BSE data | Market Capitalisation (MCAP) in Crore
Note: FY25 dividend payout subject to shareholder approval.
FY21
FY22
FY23
FY24
FY25
SANDUMA (MCAP)
SENSEX
E A R N
I
N G S
P R E S E N T A T I
O N
s a n d u r g r o u p
. c o m
21
Q 1F Y 26 PE RF O RM ANC E HIG HL IG HT S
S H A R E H O L D I N G S U M M A R Y ( I N % )
24.19
Public
1.59
FII + DII
74.22
Promoters
Shareholding Data as on 30 June 2025. Data rounded-off where necessary.
₹466
Current Market Price
₹568/337
52 Week High/Low
₹7,557 CRORE
Market Capitalization
16.20 CRORE
Shares Outstanding
Market Price Data (NSE) as on 8 August 2025
504918
BSE Scrip Code
SANDUMA
NSE Scrip Code
E A R N
I
N G S
P R E S E N T A T I
O N
s a n d u r g r o u p
. c o m
22
SafeHarbor
This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the “Company”, “SMIORE”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This document has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Document. This Document may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Document is expressly excluded.
Certain matters discussed in this Document may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Document. The Company assumes no obligation to update any forward-looking information contained in this Document. Any forward-looking statements and projections made by third parties included in this Document are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
THE SANDUR MANGANESE & IRON ORES LIMITED
THE SANDUR MANGANESE & IRON ORES LIMITED
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NEHA THOMAS C O M P A N Y S E C R E T A R Y A N D C O M P L I A N C E O F F I C E R secretarial@sandurgroup.com/ investors@sandurgroup.com
SAYAM POKHARNA I N V E S T O R R E L A T I O N S A D V I S O R T I L A D V I S O R S P R I V A T E L I M I T E D sayam@theinvestmentlab.in +91 94266 60791
DIWAKAR PINGLE I N V E S T O R R E L A T I O N S A D V I S O R E R N S T & Y O U N G L L P diwakar.pingle@in.ey.com