Sandur Manganese Q2 FY27 Profit Rises 61% YoY

Standalone Financial Performance (Quarter Ended 30 September 2026)

Revenue from Operations: ₹58,228 lakh (Q2 FY26: ₹43,636 lakh; Q1 FY27: ₹54,031 lakh)
Other Income: ₹1,089 lakh (Q2 FY26: ₹1,049 lakh; Q1 FY27: ₹1,329 lakh)
Total Income: ₹59,317 lakh (Q2 FY26: ₹44,685 lakh; Q1 FY27: ₹55,360 lakh)
Profit Before Tax: ₹23,825 lakh (Q2 FY26: ₹14,755 lakh; Q1 FY27: ₹21,461 lakh)
Tax Expense: ₹6,073 lakh (Q2 FY26: ₹3,734 lakh; Q1 FY27: ₹5,342 lakh)
Profit for the Period: ₹17,752 lakh (Q2 FY26: ₹11,021 lakh; Q1 FY27: ₹16,119 lakh)
Earnings Per Share: ₹3.65 (Q2 FY26: ₹2.27; Q1 FY27: ₹3.32)

Standalone Financial Performance (Half Year Ended 30 September 2026)

Revenue from Operations: ₹1,12,259 lakh (H1 FY26: ₹85,908 lakh)
Other Income: ₹2,418 lakh (H1 FY26: ₹2,252 lakh)
Total Income: ₹1,14,677 lakh (H1 FY26: ₹88,160 lakh)
Profit Before Tax: ₹45,286 lakh (H1 FY26: ₹32,021 lakh)
Tax Expense: ₹11,415 lakh (H1 FY26: ₹8,125 lakh)
Profit for the Period: ₹33,871 lakh (H1 FY26: ₹23,896 lakh)
Earnings Per Share: ₹6.97 (H1 FY26: ₹4.92)

Consolidated Financial Performance (Quarter Ended 30 September 2026)

Revenue from Operations: ₹1,50,613 lakh (Q2 FY26: ₹1,23,234 lakh; Q1 FY27: ₹1,37,478 lakh)
Other Income: ₹1,298 lakh (Q2 FY26: ₹1,243 lakh; Q1 FY27: ₹1,474 lakh)
Total Income: ₹1,51,911 lakh (Q2 FY26: ₹1,24,477 lakh; Q1 FY27: ₹1,38,952 lakh)
Profit Before Tax: ₹32,032 lakh (Q2 FY26: ₹17,470 lakh; Q1 FY27: ₹28,107 lakh)
Tax Expense: ₹5,933 lakh (Q2 FY26: ₹3,589 lakh; Q1 FY27: ₹5,217 lakh)
Profit for the Period: ₹26,125 lakh (Q2 FY26: ₹13,887 lakh; Q1 FY27: ₹22,785 lakh)
Earnings Per Share: ₹5.35 (Q2 FY26: ₹2.85; Q1 FY27: ₹4.67)

Consolidated Financial Performance (Half Year Ended 30 September 2026)

Revenue from Operations: ₹2,88,091 lakh (H1 FY26: ₹2,36,772 lakh)
Other Income: ₹2,772 lakh (H1 FY26: ₹2,721 lakh)
Total Income: ₹2,90,863 lakh (H1 FY26: ₹2,39,493 lakh)
Profit Before Tax: ₹60,139 lakh (H1 FY26: ₹38,406 lakh)
Tax Expense: ₹11,150 lakh (H1 FY26: ₹7,817 lakh)
Profit for the Period: ₹48,910 lakh (H1 FY26: ₹30,596 lakh)
Earnings Per Share: ₹10.03 (H1 FY26: ₹6.28)

Segment-wise Performance (Standalone)

Quarter Ended 30 September 2026:

Mining Revenue: ₹47,620 lakh; Segment Result: ₹24,668 lakh
Ferroalloys Revenue: ₹9,521 lakh; Segment Result: ₹203 lakh
Coke and Energy Revenue: ₹4,790 lakh; Segment Result: ₹960 lakh

Half Year Ended 30 September 2026:

Mining Revenue: ₹89,605 lakh; Segment Result: ₹45,639 lakh
Ferroalloys Revenue: ₹21,122 lakh; Segment Result: ₹823 lakh
Coke and Energy Revenue: ₹9,595 lakh; Segment Result: ₹2,673 lakh

Segment-wise Performance (Consolidated)

Quarter Ended 30 September 2026:

Mining Revenue: ₹47,620 lakh; Segment Result: ₹24,668 lakh
Ferroalloys Revenue: ₹9,521 lakh; Segment Result: ₹203 lakh
Coke and Energy Revenue: ₹4,790 lakh; Segment Result: ₹960 lakh
Steel Revenue: ₹94,840 lakh; Segment Result: ₹10,374 lakh

Half Year Ended 30 September 2026:

Mining Revenue: ₹89,605 lakh; Segment Result: ₹46,188 lakh
Ferroalloys Revenue: ₹21,122 lakh; Segment Result: ₹823 lakh
Coke and Energy Revenue: ₹9,595 lakh; Segment Result: ₹2,106 lakh
Steel Revenue: ₹1,80,784 lakh; Segment Result: ₹18,858 lakh

Key Financial Position (Standalone as at 30 September 2026)

Total Assets: ₹4,06,506 lakh (31 March 2026: ₹3,78,029 lakh)
Equity Share Capital: ₹48,610 lakh (unchanged)
Other Equity: ₹2,93,620 lakh (31 March 2026: ₹2,62,241 lakh)
Total Liabilities: ₹64,276 lakh (31 March 2026: ₹67,178 lakh)

Key Financial Position (Consolidated as at 30 September 2026)

Total Assets: ₹5,85,930 lakh (31 March 2026: ₹5,52,707 lakh)
Equity Share Capital: ₹48,610 lakh (unchanged)
Other Equity: ₹3,22,950 lakh (31 March 2026: ₹2,76,758 lakh)
Non-Controlling Interest: ₹1,783 lakh (31 March 2026: ₹1,611 lakh)
Total Liabilities: ₹2,12,587 lakh (31 March 2026: ₹2,25,728 lakh)

Cash Flow Statements

Standalone Half Year Ended 30 September 2026:

Net cash from operating activities: ₹40,627 lakh (H1 FY26: ₹18,931 lakh)
Net cash used in investing activities: ₹33,315 lakh (H1 FY26: ₹5,366 lakh)
Net cash used in financing activities: ₹9,788 lakh (H1 FY26: ₹12,087 lakh)
Net decrease in cash: ₹2,476 lakh (H1 FY26: increase ₹1,478 lakh)

Consolidated Half Year Ended 30 September 2026:

Net cash from operating activities: ₹49,080 lakh (H1 FY26: ₹34,042 lakh)
Net cash used in investing activities: ₹34,213 lakh (H1 FY26: ₹14,821 lakh)
Net cash used in financing activities: ₹17,023 lakh (H1 FY26: ₹16,704 lakh)
Net decrease in cash: ₹2,156 lakh (H1 FY26: increase ₹2,517 lakh)

Exceptional Items

For year ended 31 March 2026, the company recorded an exceptional item of ₹1,889 lakh (standalone) and ₹3,227 lakh (consolidated) related to increased gratuity liability from implementation of new Labour Codes. In Q2 FY27, the consolidated results include a reversal of ₹932 lakh due to revision in wage structure effective 1 April 2026.

Dividend Information

The Board proposed dividend of ₹0.50 per equity share (face value ₹10 each) amounting to ₹2,431 lakh for year ended 31 March 2026, which was approved at the AGM held on 19 August 2026 and paid during the quarter.

Regulatory and Legal Matters

The company is engaged in a legal dispute with the Deputy Conservator of Forest (DCF), State of Karnataka regarding compensatory afforestation charges. The Hon'ble High Court of Karnataka dismissed the company's Writ Petition on 30 April 2026, and the Hon'ble Supreme Court dismissed the Special Leave Petition on 21 May 2026. The company filed a review petition on 1 June 2026. On 4 June 2026, DCF issued a revised demand for ₹13,905 lakh and 714.9 hectare land for compensatory afforestation. As of 30 September 2026, the company registered 281.53 hectare land and post-quarter registered additional 51.58 hectare, with suitability certificates obtained for further 381.79 hectare.

Subsidiary Updates

During Q2 FY27, the company incorporated three wholly-owned subsidiaries:

Royal Sandur Academy Private Limited (education, sports, infrastructure business)
Royal Sandur Hospitality Private Limited (hospitality business)
Royal Sandur MedTech Private Limited (medical devices manufacturing)

The company subscribed to equity share capital as subscriber to Memorandum of Association. Post 30 September 2026, paid subscription money of ₹100 lakh each to these companies.

Two material subsidiaries changed names effective 27 August 2026:

Arjas Steel Private Limited → Royal Sandur Metals Private Limited
Arjas Modern Steel Private Limited → Royal Sandur Green Steel Private Limited

Audit Qualifications

Deloitte Haskins & Sells issued unmodified review reports for both standalone and consolidated financial results. For consolidated results, the auditor noted they did not review interim financial information of three wholly-owned subsidiaries (total assets ₹300 lakh, revenue Nil, net loss ₹381 lakh) and an associate (share of profit ₹26 lakh for quarter, loss ₹79 lakh for half-year), which were not material to the Group.

Accounting Standards and Compliance

The financial results were prepared in accordance with Ind AS 34 prescribed under Section 133 of Companies Act, 2013 and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.