Sandur Manganese Q3FY26 Results: Revenue Up 2%, EBITDA Up 4%
Sandur Manganese & Iron Ores Limited reported Q3FY26 results with total income at ₹1,237 crore (up 2% YoY) and EBITDA at ₹279 crore (up 4% YoY). PAT stood at ₹108 crore (down 15% YoY). The company announced the prepayment of ₹423 crore NCDs and highlighted record manganese ore sales.
The results show moderate year-on-year growth in key financial metrics. The prepayment of NCDs is a positive financial move. The operational highlights are encouraging, but the impact is considered medium as there are no groundbreaking announcements or significant shifts in strategic direction.
The company reported year-on-year growth in total income and EBITDA, along with a strategic move to prepay NCDs, indicating financial strength and positive operational performance. Despite a PAT dip due to exceptional items, the overall outlook and operational highlights are positive.
Sandur Manganese & Iron Ores Limited (SMIORE) announced its investor presentation for the quarter and nine months ended December 31, 2025. The company reported a 2% year-on-year (YoY) growth in total income to ₹1,237 crore for Q3FY26, while EBITDA saw a 4% YoY increase to ₹279 crore. However, Profit After Tax (PAT) declined by 15% YoY to ₹108 crore, impacted by a one-time exceptional item of ₹14 crore related to new labor codes.
On a sequential (quarter-on-quarter) basis, total income grew by 13%, and EBITDA by 4%, while PAT saw a 2% decline. The company's consolidated performance for Q3FY26 showed a robust 93% YoY growth in total income to ₹3,632 crore and a 64% YoY increase in EBITDA to ₹878 crore. Consolidated PAT grew by 34% YoY to ₹422 crore, also impacted by a one-time exceptional item of ₹27 crore.
The management commentary highlighted healthy performance across key segments, driving deleveraging, supported by robust cash flows and an improving outlook in the metals and mining businesses. The mining segment saw strong performance with manganese ore production ramping up and iron ore operations remaining robust. Ferroalloys production was stable, with expectations of a more favorable operating environment. Arjas Steel maintained steady production and sales, with the government's safeguard duties expected to support the domestic market.
A significant development was the Board's approval to prepay the entire outstanding Non-Convertible Debentures (NCDs) of ₹423 crore, issued in October 2024, aiming to optimize borrowing costs and strengthen the financial position. The company also reported its highest-ever manganese ore sales in Q3FY26.
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