Sandur Manganese & Iron Ores Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sandur Manganese & Iron Ores Ltd trades at ₹190, losing momentum at the top and 5 weeks into that stage. That is −6.2% against its own 200-day average. It sits at 13% of a 52-week range of ₹179 to ₹265. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).

Today the stock is losing momentum at the top — week 5 of stage 3, confirmed. At ₹190 it trades −6.2% versus its 200-day average and sits at 13% of its 52-week range (₹179–₹265).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +2,101% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sandur Manganese & Iron Ores Ltd trades at 12.5× P/E, mid-range by its own standards (42nd percentile). Its long-run median P/E is 14.4×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 12.5× is mid-range by its own standards (42nd percentile), against a long-run median of 14.4× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +39.7% against a +23.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +39.5%/yr price move, ~+42.7%/yr came from earnings growth and ~−3.2 pp from the multiple (compressing); over 10y, of the +33.1%/yr price move, ~+39.4%/yr came from earnings growth and ~−6.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Sandur Manganese & Iron Ores Ltd was paying for profit growth of about 6.6% a year. Profit itself has compounded 27.4% a year over the past 12 years. Today the market pays 12.5× P/E, the 42nd percentile of its own 11-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sandur Manganese & Iron Ores Ltd reads as consistent on its fundamental arc. Consistent — profit and EPS growth have stayed positive through the window, with ROCE at 25.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

57.6/100 — rank 3 of 6 in Mining/Minerals - Iron Ore · 100% evidence confidence

Sandur Manganese & Iron Ores Ltd scores 57.6 out of 100 against the 6 companies it is compared with in Mining/Minerals - Iron Ore, ranking 3. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.2% and the one-year return is 23.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 25.8 + 15.5 + 16.3 + 0 = 57.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sandur Manganese & Iron Ores Ltd reported ₹1,375 Cr of revenue in the Jun 26 quarter, +21.1% year on year. That is the 9th straight quarter of year-on-year growth. Over 12 years it has compounded at 25.1% a year. The last full year, FY26, came in at ₹5,088 Cr. The last four reported quarters add to ₹5,327 Cr.

FY26 revenue came in at ₹5,088 Cr (+62.3% on the year), capping 12 years at 25.1% compound. The latest quarter (Jun 26) printed ₹1,375 Cr, +21.1% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +109.1% growth against the decade's 25.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +45.2% over the last 4 quarters against +89.0%/yr over the last 8 — rolling over; TTM profit +46.1% vs +44.6%/yr — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sandur Manganese & Iron Ores Ltd's operating margin is 25.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0% to 43.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 25.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0%–43.0%.

🚨 Why the margin moved: operating margin went −1.4 pp year on year while gross margin went −2.6 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sandur Manganese & Iron Ores Ltd earned ₹228 Cr of net profit in the Jun 26 quarter, +36.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹658 Cr. The 12-year compound rate is 27.4%. That is 16.6% of the quarter's revenue. The same quarter a year earlier earned ₹167 Cr.

Jun 26 profit was ₹228 Cr, +36.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹658 Cr (+39.7%), and the 12-year compound rate is 27.4%.

Why profit moved: revenue contributed +21.1% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +101.7% vs revenue +109.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 156% of Sandur Manganese & Iron Ores Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,143 Cr of operating cash against ₹658 Cr of profit. After ₹170 Cr of capital spending, ₹973 Cr was left as free cash.

FY26: operating cash of ₹1,143 Cr against reported profit of ₹658 Cr, leaving free cash of ₹973 Cr after ₹170 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 156% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 156%: the cash cycle tightened 78 days between FY18 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 7.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sandur Manganese & Iron Ores Ltd's cash conversion cycle runs 35 days in FY26, down from 113 days in FY18. Capital spending ran ₹2,888 Cr over the last 3 years. At FY26 sales of ₹5,088 Cr each day of that cycle holds about ₹13.9 Cr, so roughly ₹488 Cr sits inside the business at any moment.

FY26: debtors at 31 days, inventory at 149 days — roughly 4.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 35 days, tighter than FY18's 113.

The full loop: cash goes out to suppliers and production on day 0; stock waits 149 days to sell; customers pay about 31 days after that; and suppliers themselves are paid at 146 days — netting out to the 35-day cycle.

In money terms: at FY26 sales of ₹5,088 Cr, each day of the cycle holds about ₹13.9 Cr — so the 35-day loop keeps roughly ₹488 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,888 Cr over the last 3 fiscal years against ₹391 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹142 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Sandur Manganese & Iron Ores Ltd earns a ROCE of 24% in FY26. That is up from a trough of −1% in FY16. Return on invested capital clears the cost of that capital by +8.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.9% net margin on 0.92× asset turns.

FY26 ROCE is 24%, recovered from a FY16 trough of −1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.9% net margin × 0.92× asset turns × 1.70× balance-sheet leverage ≈ 20.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 20.8% − 12.0% = a +8.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Sandur Manganese & Iron Ores Ltd carries total debt of ₹999 Cr against shareholder equity of ₹3,270 Cr as of Mar 26, a debt-to-equity of 0.31. On the annual view that ratio went from 0.19 in FY22 to 0.31 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹999 Cr against shareholder equity of ₹3,270 Cr — a debt-to-equity of 0.31. On the annual view, debt-to-equity went from 0.19 (FY22) to 0.31 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.0 points of Sandur Manganese & Iron Ores Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.7% of the company. Domestic institutions moved −0.9 points over the same window, to 0.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.0 points over 8 quarters to 1.7%; Domestic institutions: −0.9 points over 8 quarters to 0.6%; Promoters: +0.0 points over 8 quarters to 74.2%.

Why the register moved: foreign institutions drove it (+1.0 points), absorbed on the other side by domestic institutions (−0.9 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sandur Manganese & Iron Ores Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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