Sandur's Q2 net profit rises 14.66% QoQ as margin barely improves
Revenue and expenses moved broadly together, while higher other income and slightly lower interest supported the sequential profit increase.
Filed 03 Nov 2026, 17:59 IST · after market close · Sandur Manganese & Iron Ores Ltd (SANDUMA)
Key takeaways
- Consolidated net profit rose 14.66% QoQ as revenue grew 9.55% and operating profit grew 10.00%.
- Operating margin improved by just 0.10 percentage points QoQ because expenses grew 9.41%, slightly slower than revenue.
- Other income contributed 7.04% of pre-tax profit, while the 18.51% tax rate was 0.12 percentage points lower QoQ.
Price around the results
Revenue growth translated into a larger operating profit
Sandur Manganese & Iron Ores reported consolidated revenue growth of 9.55% QoQ in Q2FY27, with operating profit rising 10.00%. Expenses increased 9.41%, so the operating profit gain slightly outpaced revenue. Profit before tax grew 14.48%, helped by higher other income and lower interest.
Costs stayed broadly aligned with revenue
Interest expense fell 2.03%, partly offsetting a 6.23% rise in depreciation. The small margin gain indicates limited operating leverage in the quarter.
Other income made a meaningful contribution to profit
Other income increased 64.79% QoQ and accounted for 7.04% of pre-tax profit, so the reported profit increase was not entirely operating-led. The tax rate eased by 0.12 percentage points to 18.51%, giving net profit a modest additional lift. Net profit consequently grew 14.66%, ahead of operating profit growth.
Margin remained above the commodity peer median
Sandur's 25.09% operating margin was 10.91 percentage points above the 14.18% median for 92 commodity peers that had reported the same quarter. The results were filed after market close on 03 Nov 2026, so there is no post-result market reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,506 cr | ₹1,375 cr | +9.55% |
| Other income | ₹23 cr | ₹14 cr | +64.79% |
| Expenses | ₹1,128 cr | ₹1,031 cr | +9.41% |
| Operating profit | ₹378 cr | ₹343 cr | +10.00% |
| Operating margin (%) | 25.09% | 24.99% | — |
| Interest | ₹26 cr | ₹26 cr | -2.03% |
| Depreciation | ₹54 cr | ₹51 cr | +6.23% |
| Profit before tax | ₹321 cr | ₹280 cr | +14.48% |
| Tax | ₹59 cr | ₹52 cr | +13.72% |
| Net profit | ₹261 cr | ₹228 cr | +14.66% |
| EPS (₹) | ₹5.35 | ₹4.67 | +14.56% |
Operating margin of 25.09% compares with a Commodities sector median of 14.18% across 92 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 25.09% after its 0.10-percentage-point QoQ increase.
- Whether expenses continue to grow no faster than revenue after 9.41% versus 9.55% QoQ.
- How much other income contributes to pre-tax profit after accounting for 7.04% in Q2FY27.