Sandur reports 24.99% operating margin in first Q1FY27 results
The consolidated quarter was filed after market close, with margin above the commodities-peer median and capacity at 0.599 MTPA for manganese ore and 4.45 MTPA for iron ore.
Filed 06 Aug 2026, 18:01 IST · after market close · Sandur Manganese & Iron Ores Ltd (SANDUMA)
Key takeaways
- Sandur delivered a 24.99% consolidated operating margin in Q1FY27.
- Interest of Rs 26.11 cr and depreciation of Rs 51.05 cr reduced the operating-profit-to-PBT conversion.
- Operating margin was 5.72 percentage points above the 19.27% median for 55 reporting commodities peers.
Price around the results
A 24.99% margin sets the quarter's central read
Sandur's consolidated Q1FY27 operating margin of 24.99% indicates that Rs 1,374.78 cr of revenue generated Rs 343.49 cr of operating profit. The operating result translated into Rs 227.85 cr of net profit after Rs 26.11 cr of interest, Rs 51.05 cr of depreciation and Rs 52.17 cr of tax. The results were filed after market close.
Below operating profit, depreciation was the larger charge
Depreciation of Rs 51.05 cr was almost twice the interest charge of Rs 26.11 cr, making fixed-asset costs the larger disclosed deduction between operating profit and profit before tax. Other income contributed Rs 13.69 cr, while the reported tax rate was 18.63%; these items should be considered when assessing the quality of the Rs 227.85 cr net profit.
Margin is ahead of the commodities peer median
Sandur's 24.99% operating margin was 5.72 percentage points above the 19.27% median among 55 commodities companies that had reported the same quarter. With no sequential, year-on-year or multi-quarter comparison in the release data, the peer comparison is the clearest available measure of relative operating performance.
Capacity and product mix are the operating watchpoints
The presentation said manganese ore capacity had reached 0.599 MTPA and iron ore capacity 4.45 MTPA. Management also said it plans to add new ferroalloy products, noting that actual capacity may vary with product mix. That expansion commentary provides context for the company's operating platform beyond the current quarter.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,375 cr |
| Other income | ₹14 cr |
| Expenses | ₹1,031 cr |
| Operating profit | ₹343 cr |
| Operating margin (%) | 24.99% |
| Interest | ₹26 cr |
| Depreciation | ₹51 cr |
| Profit before tax | ₹280 cr |
| Tax | ₹52 cr |
| Net profit | ₹228 cr |
| EPS (₹) | ₹4.67 |
Operating margin of 24.99% compares with a Commodities sector median of 19.27% across 55 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Manganese ore capacity reached 0.599 MTPA and iron ore capacity reached 4.45 MTPA.
New products
- The company plans to add new ferroalloy products, so actual capacity may vary by product mix.
What to watch
- Whether consolidated operating margin remains above 24.99%.
- How revenue develops against the 0.599 MTPA manganese ore capacity and 4.45 MTPA iron ore capacity cited in the presentation.
- Whether new ferroalloy products alter the reported product mix and capacity profile.