Sandur Manganese Q2 PAT Rises 87% to ₹260 Crore

Sandur Manganese & Iron Ores Limited reported consolidated profit after tax of ₹260.28 crore for Q2 FY27, up 87.4% year-on-year, as revenue rose 22.2% to ₹1,506.13 crore for the quarter ended 30 September 2026. The result highlights stronger profitability in the group’s steel and mining operations.

What did Sandur Manganese report for Q2 FY27?

Sandur Manganese & Iron Ores reported unaudited consolidated revenue of ₹1,506.13 crore for the September 2026 quarter, compared with ₹1,232.34 crore in the corresponding quarter a year earlier. Revenue was also 9.6% higher than ₹1,374.78 crore recorded in the June 2026 quarter.

Consolidated profit attributable to owners stood at ₹260.28 crore, against ₹138.87 crore a year earlier and ₹227.85 crore in the preceding quarter. On a standalone basis, Sandur Manganese & Iron Ores reported revenue of ₹582.28 crore and profit after tax of ₹177.52 crore. The standalone result reflects the core mining, ferroalloy and coke businesses, while consolidated results include the group’s larger steel operations through subsidiaries.

When did the board approve the September-quarter results?

Sandur Manganese & Iron Ores’ board approved the unaudited standalone and consolidated financial results on 3 November 2026. The company had informed the exchanges on 27 October that its board would meet at 12:30 PM on 3 November to consider results for the quarter and half year ended 30 September 2026.

The board also considered the Statement of Assets and Liabilities and the Statement of Cash Flows alongside the quarterly results. The disclosure was made under the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015.

Before the results, the company had closed its trading window from 1 October 2026 until 48 hours after the release of the September-quarter financial statements. Its previous reported earnings date was 6 August 2026, when it announced the June-quarter results.

Which businesses contributed to the profit increase?

Steel and mining were the principal reported contributors to Sandur Manganese & Iron Ores’ higher quarterly profitability. The steel segment result rose 157.9% year-on-year to ₹103.74 crore from ₹40.22 crore, while segment revenue increased 16.2% year-on-year. The difference between profit and revenue growth indicates stronger spreads or realisations in the segment during the quarter.

The mining business also recorded growth. Its segment profit rose 25.9% year-on-year to ₹246.68 crore, supported by mining revenue of ₹476.20 crore, which was 36.4% above the year-earlier level. These operations remain central to the group’s legacy business, alongside ferroalloys and coke.

The reported consolidated profit included a ₹9.32 crore exceptional credit. This arose from reversal of an earlier gratuity-liability provision after the group revised its wage structure following the Labour Codes taking effect from 1 April 2026. The item is separately identified as a one-off credit rather than recurring operating income.

How did margins and recent quarterly performance change?

Sandur Manganese & Iron Ores’ consolidated net profit margin improved to about 17.3% in Q2 FY27 from 11.2% in Q2 FY26 and 16.4% in Q1 FY27. Its operating margin, measured as PBIDT as a percentage of revenue, improved to about 25.9% from 22.1% a year earlier.

The June 2026 quarter had already shown a higher base, with consolidated net sales of ₹1,374.78 crore, total income of ₹1,389.52 crore and reported profit after tax of ₹228.90 crore. In comparison, March 2026 net sales were ₹1,511.39 crore and reported profit after tax was ₹236.49 crore.

For investors, the September-quarter announcement matters because it provides both a sequential recovery in consolidated revenue from June and a materially higher profit outcome than the year-earlier quarter. The segment disclosures also show that the improvement was not limited to a single operation, although the steel business recorded the sharpest rise in segment profit.

Conclusion

Sandur Manganese & Iron Ores delivered higher consolidated revenue and profit in Q2 FY27, with PAT rising 87.4% year-on-year to ₹260.28 crore. Growth in steel segment profit, higher mining revenue and expanded margins were the key reported features, while the ₹9.32 crore gratuity-provision reversal contributed as an exceptional item.

Investors will next assess whether steel spreads and mining revenue remain supportive in subsequent quarters, and whether the margin improvement is sustained without exceptional credits. The company’s September-quarter results also include half-year financial statements, which provide the next reference point for evaluating performance across its mining, ferroalloy, coke, energy and steel businesses.