SANDUMANSE7 November 2025

Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation

Sandur Manganese & Iron Ores Limited

(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 283173/ 199

CORPORATE OFFICE ‘SANDUR HOUSE’, No.9 Bellary Road, Sadashivanagar Bengaluru – 560 080 Karnataka, India Tel: +91 80 4152 0176 - 79 / 4547 3000

SMIORE / SEC / 2025-26 / 63

7 November 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 and half year ended 30 September 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 and half year ended 30 September 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 271028 PLANT OFFICE: Metal & Ferroalloy Plant, Vyasankere, Mariyammanahalli – 583 222, Hosapete Taluk, Vijayanagara District Tel: +91 8394 294802 / 805

THE S AN DU R MA N GA NE SE & IRON ORES LIMITE D

NSE: SANDUMA | BSE: 504918 BLOOMBERG: SANDUMA:IN

Scaling New Heights Through Integrated Excellence

Q2FY26 E ar n i n gs Pr e se n t a tio n N O V E M B E R 2 0 2 5

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SMIORE at a Glance

Vast Mining Reserves with Leases up to 2033

15 MT

Manganese Ore

113 MT

Iron Ore

Captive Energy Arrangements Under JV Companies

42.9 MW Renew Sandur: Solar-Wind Hybrid Energy

20.4 MW Arjas Amplus: Solar Energy

Current Capacities

E A R N I N G S P R E S E N T A T I O N

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7+ DECADES

2nd LARGEST

3rd LARGEST

As one of the most respected private sector merchant miners of manganese and iron ores

Manganese ore miner in India

Iron ore miner in Karnataka

Top 5

Amongst the top 5 players in SBQ steel

A+/STABLE

CRISIL and ICR A RATED

Robust credit rating for term loans, cash credit and debentures

4,257*

SMIORE family members

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 September 2025 | Consolidated employee cou nt. ^WHRB stands for Wast e Heat Recovery Boilers

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Geographical Footprint

E A R N I N G S P R E S E N T A T I O N

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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

Mandi Gobindgarh Punjab

Faridabad Arjas Branch Office

Pune Arjas Branch Office

Mining Leases & Plant

Map not to scale, only for illustration purposes

Tadipatri Andhra Pradesh

Bengaluru SMIORE & Arjas Corporate Office

Chennai Arjas Branch Office

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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

E A R N I N G S P R E S E N T A T I O N

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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.

1 Scientific Mining & Sustainable Operations

2 Environment Preservation, Community Development & Sustainable Practices

3 Achieve Excellence with Simplicity and be the Customers’ Choice

4 Employee Welfare & Development

5 Safety First, Integrity Always

6 Adherence to Highest Corporate Governance Standards

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Recent Milestones

E A R N I N G S P R E S E N T A T I O N

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January 2024 SMIORE crossed $1 billion in market capitalization

April 2023 Received Environment al Clearance for mining expansion from 1.6 to 4.5 MTPA of iron ore

April 2024 Announced strategic business acquisition of Arjas Steel Private Limited

November 2024 Completion of strategic business acquisition of Arjas Steel Private Limited

February 2025 Commissioned Garret Coiler facility (Trial production) at Arjas Steel Tadipatri plant

May 2025 Receipt of 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

October 2025 For the first time ever, SMIORE became part of the Top 500 listed companies by Market Capitalisation on 14 October 2025 with a rank of #494

June 2023 Commissioned 42.9 MW captive hybrid renewable energy project

February 2024 Received enhanced MPAP of 3.81 MT of iron ore and 0.462 MT of manganese ore from the Monitoring Committee

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

January 2025 Receipt of approval for enhancement of Permissible Annual Production limit of iron ore to 4.36 MTPA

April 2025 Received 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

September 2025 Concluded Bonus Issue in the ratio of 2:1 i.e., 2 bonus equity shares for every 1 equity share held, to reward our shareholders

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Transforming Business Canvas

E A R N I N G S P R E S E N T A T I O N

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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

G N N M

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: Exist ing Ferroalloys capacities are used primarily to produce SiMn/FeMn, hence capacity calculations are as per SiM n/Fe Mn. However, the Company plans to add new products, h ence actual capacit ies may differ as per t he product-mix.

^Steel segment added wit h effect from 11 November 2024 through the strategic business acquisition of Arjas Steel Private Limit ed.

B usi nes s V er t ica ls R e vie w

Mining - Our Mainstay

E A R N I N G S P R E S E N T A T I O N

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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.

MANGANESE ORE

IRON ORE

0.599 MTPA

Capacity

4.45 MTPA

Capacity

M A N G A N E S E O R E M I N I N G O P E R A T IO N S ( M T P A )

I R O N O R E M I N I N G O P E R A T IO N S ( M T P A )

0.28

0.32

0.20

0.21

0.20

0.51

0.18

1.60

1.59

1.57

1.60

1.58

1.97

1.68

3.81

4.01

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Production

Sales

Production 7

Sales

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

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

E A R N I N G S P R E S E N T A T I O N

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Ferroalloys

95,000/1,25,000 TPA

(SiMn/FeMn) Capacity

Key products

Silicomanganese and Ferromanganese

17,954

SiMn FeMn

B usi nes s V er t ica ls R e vie w

Ferroalloys - New and Improved

Turnaround of Ferroalloys operations in FY21 through feasible power generation

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

C A P A C I T I E S

FY20

32,000 TPA

Achieved a shift towards cleaner sources of energy such as Waste Heat Recovery & Green Energy against previously used coal-based energy

Effective power generation cost was reduced significantly post commissioning of WHRB & further setup of hybrid renewable energy plants

F E RR O A L L O Y S O P E RA T I O N S ( T P A )

54,698

57,338

36,265

37,523

53,114

55,174

28,694

27,389

28,446

FY21

FY22

FY23

FY24

FY25

Production

Sales

FY21

48,000/ 66,000 TPA (SiMn/FeMn)

FY22 Onwards

95,000/ 1,25,000 TPA (SiMn/FeMn)*

*Not e – Exist ing capacities are used primarily to produce SiMn/FeMn, hence capacity calcu lations are as per SiMn/FeMn. However, the Company plans to add new products, hence actual capacit ies may differ as per t he product-mix.

B usi nes s V er t ica ls R e vie w

E A R N I N G S P R E S E N T A T I O N

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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

B usi nes s V er t ica ls R e vie w

E A R N I N G S P R E S E N T A T I O N

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Steel - New Growth Engine

Marquee OEM clientele (direct & via supply-chain partners)

CV & Off-road

0.585 MTPA

~41 MW

Cumulative steel manufacturing capacity

Production facilities, one each in Andhra Pradesh & Punjab

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

Strong Business Profile

1 High-quality convertor: SBQ steel has better realizations and margins vis-à-vis commodity steel products

2 Strong entry barriers: Empanelled vendor, after a stringent process, with numerous auto-Original Equipment Manufacturers (OEM) over many years of operations

3 Strategic locations: To cater to auto OEM clusters in both South & North India

4 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

E nvi ro nm ent al L ea de r ship

SMIORE Group’s Environment Stewardship

E A R N I N G S P R E S E N T A T I O N

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Highlights of FY25

65,378

Saplings planted

11.3 Ha

Land reclaimed

27.45 Ha

Rehabilitated afforested area

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

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

• 42.9 MW SMIORE Hybrid Renewable Capacity (SPV) • 32 MW SMIORE WHRB Capacity

• 20.4 MW Arjas Solar

Capacity (SPV) • 21 MW Arjas Gas-

Recovery Based Capacity

Zero Discharge

Ferroalloys plant operations

100% Scrap Recycled

At Arjas Steel facility

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

Planted over last ~4 decades at mining locations

S af et y F ra me w or k

Safety First Culture

E A R N I N G S P R E S E N T A T I O N

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Proactive hazard Reporting systems in place

~7,022

Direct & indirect Employees covered under comprehensive safety programs

In compliance With regulatory safety standards

Conforming to stringent quality, health and process efficiency standards:

Safety Framework

Safety Awards & Recognitions

1 Safe & scientific operations

2 Strict adherence to safety protocols

1st Prize in All India Open Cast mines by DGMS

1st Prize (State Level) by DGMS in Mines Safety Week

SMIORE Vyasanakere Plant Awarded Unnatha Suraksha Puraskara Award for 2023–24 & 2024–25 from the National Safety Council

Silver Award in 50th CII National Kaizen Competition

3 Employee safety training & awareness programs

Best Supplier Award by IM Gears

12th CII National Award for Environmental Best Practices 2025

Silver Award in “Smart Operations” - 3rd FICCI Industry 4.0 Awards

Green Steel Certificate by the National Institute of Secondary Steel Technology (NISST)

4 Family-oriented work culture, treating employees as extended family

5 Continuous risk assessment & mitigation

E A R N I N G S P R E S E N T A T I O N

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C or p or at e S o cia l R e spo nsi bil ity

Building Beyond Business

SMIORE’s Vision

Key Focus Areas

"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.“

Education Promotion 14 Educational Institutions Supported

Healthcare Initiatives Arogya Community Health Centre and other dispensaries in Sandur

Infrastructure & Rural Development Community facilities enhancement

Cultural Preservation Sandur Kushala Kala Kendra (SKKK) Support

5,700+ students Served across SES & SSS schools

Specialist health camps (cancer, cardiac, pediatrics)

Village development programs

450+ staff members Employed

Free consultations & medicines for employees and families

Solar power initiatives for homes and streets

Traditional arts & crafts preservation

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.

Suryaprabha A. Ghorpade (on behalf of SKKK) awarded ‘Kamaladevi Chatopadhyay Award’ for Social Impact in the Craft Sector (2024)

C on clu sio n

SMIORE Group in a Nutshell

E A R N I N G S P R E S E N T A T I O N

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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)

Fi nan ci als R e vi ew

Key Performance Indicators (Consolidated)

E A R N I N G S P R E S E N T A T I O N

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R E V E N U E , E B I T D A ( ₹ I N C RO 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 RO R E )

2,249

2,126

3,135

44%

38%

915

675

747

289

1,009

1,252

862

452

403

30%

27%

21%

250

154

360

271

325

239

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 RO R E & I N % )

E Q U I T Y , R O E ( ₹ I N C RO 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

48%

19%

18%

15%

18%

1,362

1,940

2,147

2,293

4,194

60% 50% 40% 30% 20% 10% 0%

51%

1,326

2,385

18%

1,907

2,046

11%

14%

916

17%

60%

40%

20%

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

E A R N I N G S P R E S E N T A T I O N

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Q2FY26 Review Section

Q 2 FY2 6 P er f or ma nc e H ig hlig ht s

Q2FY26 Operational Highlights

E A R N I N G S P R E S E N T A T I O N

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Production

Sales

YOY Sales Volume Change

QOQ Sales Volume Change

Average/Tonne Realization

QOQ Change in Realizations

335%

66%

₹5,957/-

(5%)

MANGANESE ORE

IRON ORE

FERROALLOYS

1.28 Lakh Tonne

8.93 Lakh Tonne

0.81 Lakh Tonne

7.85 Lakh Tonne

14,115 Tonne

14,094 Tonne

30%

(8%)

137%

127%

COKE

0 Tonne*

4,607 Tonne

(32%)

79%

STEEL

1.01 Lakh Tonne

₹3,380/-

₹65,518/-

₹27,536/- **

₹70,108/-

(9%)

(6%)

Sales Volumes Remarks

Significant Increase in YoY & QoQ

Increase in YoY & Marginal Decrease in QoQ

Significant Increase in YoY & QoQ

Decrease in YoY & Increase in QoQ

Marginal Increase in QoQ

*Excludes production under contract manufacturing of 58,304 tonnes during the quarter. | **Excludes conversion & screening income under contract manufacturing of ₹ 10.79 Crore during the quarter. | YoY = Q2FY26 vs. Q2FY25, QoQ = Q2FY 26 vs. Q1FY26.

Q 2 FY2 6 P er f or ma nc e H ig hlig ht s

Q2FY26 Segment Highlights

E A R N I N G S P R E S E N T A T I O N

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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 ne & ₹ / 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 ne & ₹ / T o n ne )

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 ne & ₹ / T o n ne )

8,915

7,107

7,059

6,267

5,957

1 8 0

9 1 0

1 8 0

4 4 0

3 1 1

6 4 0

3 3 2

9 4 0

1 2 1

8 2 1

16.00

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00

3,582

3,554

3,715

18,000

3,380

16,000

69,783

69,680

2,997

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

3 9 8

5 8 7

14,000

12,000

10,000

8,000

6,000

4,000

2,000

66,380

64,056

2 2 2 6

5 5 0 7

4 4 9 5

2 0 1 7

4 0 3

8 6 7 6

1 1 3 2

6 2 0 1 1

65,518

5 1 1 4 1

4 9 0 4 1

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

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 ne & ₹ / 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 on n e & ₹ / T o n n e )

29,947

28,624

26,096

25,617

27,536

5 0 0

8 2 0

7 0 0

4 1 0

1 3 0

3 1 0

9 1 0

1 0 0

3 0 0

0 0 0

1.20

1.10

1.00

0.90

0.80

0.70

0.60

0.50

0.40

0.30

76,902

69,362

70,392

70,108

Production

Sales

Realisations

7 9 0

6 8 0

8 9 0

5 9 0

7 9 0

1 0 1

Note – Coke Operational P erformance excludes production un der contract manufact uring of 58,304 tonnes during the quarter. It also excludes conversion & screening income under contract manufacturing of ₹ 10.79 Crore during the quarter.

Note – Steel segment (Arjas St eel) consolidat ed wit h 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.

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Q3FY25

Q4FY25

Q1FY26

Q2FY26

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

Q 2 FY2 6 P er f or ma nc e H ig hlig ht s

Q2FY26 Financial Highlights

E A R N I N G S P R E S E N T A T I O N

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Standalone (In ₹ Crore)

Consolidated (In ₹ Crore)

447

Total Income

194

EBITDA

110

PAT

2,805

Shareholders’ Funds

1,245

Total Income

285

EBITDA

139

PAT

2,902

Shareholders’ Funds

Total Income

EBITDA

PAT

Capital Structure

Total Income

EBITDA

PAT

Capital Structure

Growth (YoY)

Growth (QoQ)

Margin

Margins Expansion/ (Contraction) (YoY)

Gross Debt/Equity

57%

211%

(11%)

43%

242%

(15%)

25%

2,153 bps

1,335 bps

Growth (YoY)

Growth (QoQ)

Margin

Margins Expansion/ (Contraction) (YoY)

0.35

Gross Debt/Equity

Note: Arjas Steel P rivate Limited numbers consolidated into SMIORE with effect from 11 November 2024. | YoY = Q2FY26 vs. Q2FY 25, QoQ = Q2FY 26 vs. Q1FY26.

336%

355%

332%

(17%)

11%

(9%)

23%

94 bps

(11 bps)

0.64

H 1FY 2 6 Pe r fo rm an ce Hi g hl i gh ts

H1FY26 Financial Highlights

E A R N I N G S P R E S E N T A T I O N

sandurgroup.com

san durgroup.com

Standalone (In ₹ Crore)

Consolidated (In ₹ Crore)

882

Total Income

413

EBITDA

239

PAT

2,805

Shareholders’ Funds

2,395

Total Income

599

EBITDA

306

PAT

2,902

Shareholders’ Funds

Total Income

EBITDA

PAT

Capital Structure

Total Income

EBITDA

PAT

Capital Structure

Growth (YoY)

(3%)

Margin

Margins Expansion/ (Contraction) (YoY)

Gross Debt/Equity

50%

47%

34%

27%

1,648 bps

748 bps

Margin

Margins Expansion/ (Contraction) (YoY)

Growth (YoY)

163%

0.35

Gross Debt/Equity

117%

25%

73%

13%

(538 bps)

(663 bps)

0.64

Note: Arjas Steel P rivate Limited numbers consolidated into SMIORE with effect from 11 November 2024. | YoY = H1FY26 vs. H1FY 25.

Q 2 FY2 6 P er f or ma nc e H ig hlig ht s

Management Commentary

E A R N I N G S P R E S E N T A T I O N

sandurgroup.com

san durgroup.com

“Despite a seasonally soft quarter, we delivered resilient performance across segments, strengthening efficiency & integration while positioning for stronger growth ahead.”

Mining We continued to deliver resilient performance across key parameters during a seasonally soft quarter for the metals and mining industry, affected by the monsoon. Manganese ore production and sales volumes expanded on both a YoY and QoQ basis, with a particularly strong ramp-up in sales. Iron ore production moderated due to monsoon impact. Nonetheless, sales volumes remained robust, registering a 30% YoY increase. Realisations for both products softened QoQ, by 5% for manganese ore and 9% for iron ore.

Coke and Energy Coke volumes under the conversion agreement witnessed further growth in Q2, following a significant ramp-up in Q1. We have achieved our desired quarterly run rate under the conversion agreement, which covers nearly ~46% of our capacity. Our own production is yet to recommence, though we aim to restart as market conditions become more favourable. Higher coke throughput has also boosted incidental power generation, providing additional support to our Ferroalloys division.

Ferroalloys The Ferroalloys segment reported consecutive QoQ growth in production volumes, driven by enhanced incidental power generation from the coke oven. Consequently, sales volumes also improved compared to the previous quarters. There remains further potential to enhance production from our 2 operational furnaces, which is a key focus area for the coming quarters. The demand outlook from the steel industry remains largely unchanged, though we observed some decrease in Ferroalloy realisations in Q2, in line with broader market moderation.

Our key objective this year is to optimise production from our 2 operational furnaces to maximise captive manganese ore consumption and effectively absorb additional mining output.

Arjas Steel Arjas Steel maintained stable volumes in Q2, recording marginal gains on both YoY and QoQ basis. As market conditions improve for the steel industry, we anticipate stronger performance. Efforts are underway to fully realise the synergies from this strategic acquisition and expand into new application areas for our speciality steel products.

P er fo rm an ce Hi gh lig hts

7,911

Long-Term Value Creation

6,911

5,911

4,911

3,911

2,911

1,911

911

SANDUMA (MCAP)

SENSEX

911

49,509

FY21

3,176

58,569

FY22

2,776

58,992

FY23

N E T W O R T H (₹ IN CRORE)

P A T (₹ IN CRORE)

D I V I DE N D P A Y O U T (₹ IN LAKH)

2,158

2,613

675

1,620

2,026

1,934

1,659

993

471

1,350

239

271

900

154

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Note: Based on BSE data | Market Capitalisation (M CAP) in Crore.

E A R N I N G S P R E S E N T A T I O N

sandurgroup.com

san durgroup.com

7,129

119,509

Balance Sheet Management

109,509

5,872

73,651

77,415

FY24

FY25

99, 509

89, 509

79, 509

Superior Cash Flows

69, 509

59, 509

49, 509

Disciplined Capital Allocation

Operational Excellence

E A R N I N G S P R E S E N T A T I O N

sandurgroup.com

san durgroup.com

Q 2 FY2 6 P er f or ma nc e H ig hlig ht s

Corporate Information

S H A R E H O L D I N G S U M M A R Y ( I N % )

1.71

FII + DII

24.07

Public

74.22

Promoters

Shareholding Data as on 30 September 2025. Data rounded-off where necessary.

₹205

₹238/112

Current Market Price

52 Week High/Low

₹9,980 Crore

48.61 Crore

Market Capitalization

Shares Outstanding

504918

BSE Scrip Code

SANDUMA

NSE Scrip Code

Market P rice Data (NSE) as on 7 November 2025

Safe Harbor

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.

Get in touch

NEHA THO MAS 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 ER secretarial@sandurgroup.com / investors@sandurgroup.com

S AYAM PO KHARNA I N V ES 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 ES 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

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