SANDUR MANGANESE & IRON ORES L (SANDUMA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹176.78 latest close · −15.7% over the last 90 sessions

₹176.78 month-end · −17.2% over 12 months

₹176.78 month-end · +105.6% over 3 years

₹176.78 month-end · +110.7% since Sep '23

52-week range ₹153.30 to ₹273.00 · 1-year volatility 46.2%

Was the rally earned?

1 year3 years

-17%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 34 points, but investors now pay less per rupee of profit (P/E 21.1x to 12.0x), which took 51 points back.
The share count barely moved.

Net profit growth+34 ptsNet profit rose about 46%, which lifts the price.

P/E change-51 ptsThe P/E fell from 21.1x to 12.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+106%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 143 points, but investors now pay less per rupee of profit (P/E 15.4x to 12.0x), which took 37 points back.
The share count barely moved.

Net profit growth+142 ptsNet profit rose about 164%, which lifts the price.

P/E change-37 ptsThe P/E fell from 15.4x to 12.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with HINDUSTAN ZINC

How rough has the ride been?

Maximum drawdown-43.0%recovered 2025-10

1-year volatility46.2%annualised

Beta vs sector index1.223-year daily, correlation 0.48

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-43.0% (2024-06 peak to 2025-02 low, recovered 2025-10)

-40.8% (2026-01 peak to 2026-10 low, not yet recovered)

-39.9% (2024-02 peak to 2024-03 low, recovered 2024-06)

Most recent volume spikes

2026-11-04: 25x the 50-day median, price +10.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

12.0xP/E todayNear its historic low

Against its own history5th percentile

CheapestMedian 17.9xDearest

Usual range 14.8x to 31.2x since 2023-09.

Against Non-Energy Minerals12.0x vs 21.8x

This company

12.0x

Sector median

21.8x

45% below the Non-Energy Minerals median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Non-Energy Minerals is valued

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE90th▲ 7 pts vs a year ago
Op. margin91stflat vs a year ago
Revenue growth89th▼ 7 pts vs a year ago
EPS growth78th▼ 7 pts vs a year ago
Debt/equity ↓52nd▲ 22 pts vs a year ago
Cash cycle ↓75th▲ 32 pts vs a year ago
P/E ↓82nd▲ 16 pts vs a year ago
12M momentum44th▼ 47 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What is the price implying?

~14%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 18.6x, a holder earning 12%/yr needs earnings to grow about 14.2%/yr for 10 years, then trade at 15x.

Delivered34.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap−20.2 ptsimplied minus delivered

Rank776thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	15.7%	16.7%	17.8%
15x	13.2%	14.2%	15.2%
20x	10.0%	11.0%	12.0%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 14.2%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹176.78
P/E: 12.0x
ROCE: 24.0%
Market Cap: ₹8578 cr
Revenue (TTM): ₹5327 cr
P/S: 1.6x
P/B: 2.6x
ROE: 22.0%
Operating Margin: 25.0%
Debt / Equity: 0.3x
Promoter Holding: 74.2%
12M Momentum: -17.2%

52-week range

₹153.30₹273.00

20% of the way from its 52-week low to its high

Price risk

1Y volatility

46.2%

Beta vs sector

1-year daily

1.43

Balance sheet & cash

Interest cover

operating profit ÷ interest

5.9x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.56x

Share count, 1Y

unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear

Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate22%Within range

Median quarterly effective tax rate over about 2.5 years: 22.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.56xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.56x (cash from operations ₹2,137 cr, net profit ₹1,368 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+6 daysWithin range

Debtor days are above the median of the previous three fiscal years by 6 days (31 vs 25). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-129 days / 2 yrsWithin range

Days payable changed by -129 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs added 1.3 pts; DIIs trimmed 0.7 pts.
The number of shareholders rose from 34,621 to 87,803 (+154%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters74.2%74.2%0.0 pts

FIIs0.4%1.7%+1.3 pts

DIIs1.3%0.6%-0.7 pts

Public and others24.1%23.5%-0.6 pts

Number of shareholders

87,803shareholders+154% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.2%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like SANDUR MANGANESE & IRON ORES L today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −30% to +35% vs the market, against +1% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −7.1%, 80% range −15.7% to −0.6%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median

−6.2%

All companies' median

+0.9%

Beat the market

44% vs 51%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ICIL Process Industries	Nov 2021	18x	23%	+50%	−25%	−46%
SIYSIL Process Industries	Feb 2023	10x	29%	−2%	−33%	−26%
HGINFRA Industrial Services	Sep 2020	7x	24%	−11%	−34%	+110%
PCBL Process Industries	Feb 2020	5x	25%	−32%	−42%	+36%
IIFLCAPS Finance	May 2022	11x	25%	+4%	−36%	−32%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
EPIGRAL Process Industries	Sep 2025	17x	25%	−26%	−28%	−41%
BIRLANU Producer Manufacturing	Feb 2022	12x	22%	+38%	−37%	−45%
BALRAMCHIN Process Industries	Jul 2020	5x	16%	−11%	−35%	+94%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, debt/equity and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SANDUR MANGANESE & IRON ORES L. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

BLS INTERNATIONAL SERVICESBLS

Technology Services

79%similar

market capP/E

BANCO PRODUCTS (INDIA)BANCOINDIA

Producer Manufacturing

71%similar

market capdebt/equity

EMMVEE PHOTOVOLTAIC POWER LIMIEMMVEE

Producer Manufacturing

58%similar

revenueP/E

PACE DIGITEKPACEDIGITK

Electronic Technology

57%similar

P/EROCE

PANAMA PETROCHEMPANAMAPET

Process Industries

56%similar

operating marginrevenue

SARDA ENERGY & MINERALSSARDAEN

Non-Energy Minerals

46%similar

revenuepromoter holding

INDIAN METALS & FERRO ALLOYS LIMFA

Non-Energy Minerals

44%similar

P/Evolatility

HINDUSTAN ZINCHINDZINC

Non-Energy Minerals

41%similar

P/Edebt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

25 events since Dec '23

2026
NovPriceVolume reached 25.0x its 50-day median on 2026-11-04; price +10.2% that day.
OctPriceFell 41% from the Jan 2026 peak to the Oct 2026 low.
SepPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
AugValuationP/E fell below the 10th percentile of its own history to date (15.0x).
JunDebtDebt / equity halved over 12 months to 0.31x.
MayPriceVolume reached 23.1x its 50-day median on 2026-05-08; price +11.1% that day.
MarValuationP/E fell below the 10th percentile of its own history to date (14.5x).
MarPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).

Show 17 earlier events

2026
JanPriceVolume reached 11.0x its 50-day median on 2026-01-02; price +8.3% that day.
2025
OctPriceRegained the 2024-06 peak, 8 months after the low.
OctPriceVolume reached 71.8x its 50-day median on 2025-10-03; price +15.4% that day.
SepPriceVolume reached 14.3x its 50-day median on 2025-09-24; price +7.4% that day.
JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
MayPriceVolume reached 9.8x its 50-day median on 2025-05-29; price -10.3% that day.
MarResultsRevenue (TTM) reached a new high of ₹2,366 cr.
MarPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
FebPriceFell 43% from the Jun 2024 peak to the Feb 2025 low.
FebPriceVolume reached 40.8x its 50-day median on 2025-02-18; price +5.2% that day.
2024
DecPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
NovPriceVolume reached 6.6x its 50-day median on 2024-11-28; price -0.1% that day.
SepSharesShare count is up 200.0% over 12 months.
JunPriceRegained the 2024-02 peak, 3 months after the low.
JunPriceVolume reached 5.3x its 50-day median on 2024-06-19; price +10.0% that day.
MarPriceFell 40% from the Feb 2024 peak to the Mar 2024 low.
2023
DecPriceVolume reached 21.2x its 50-day median on 2023-12-07; price +14.7% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history39 months · 2023-09 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	12.0x	₹5327 cr	22.0%	24.0%	0.3x
2026-10	11.0x	₹5327 cr	22.1%	24.0%	0.3x
2026-09	12.4x	₹5327 cr	22.1%	24.0%	0.3x
2026-08	15.0x	₹5087 cr	20.2%	24.0%	0.3x
2026-07	15.8x	₹5087 cr	20.2%	24.0%	0.3x
2026-06	15.0x	₹5087 cr	20.2%	24.0%	0.3x
2026-05	19.1x	₹4897 cr	22.1%	21.0%	0.7x
2026-04	17.7x	₹4897 cr	22.1%	21.0%	0.7x
2026-03	14.5x	₹4897 cr	22.1%	21.0%	0.7x
2026-02	17.5x	₹4640 cr	22.9%	21.0%	0.7x
2026-01	18.0x	₹4640 cr	22.9%	21.0%	0.7x
2025-12	19.7x	₹4640 cr	22.9%	21.0%	0.7x
2025-11	21.1x	₹3668 cr	18.8%	21.0%	0.7x
2025-10	21.4x	₹3668 cr	18.8%	21.0%	0.7x
2025-09	16.7x	₹3668 cr	18.8%	21.0%	0.7x
2025-08	14.9x	₹3135 cr	17.9%	21.0%	0.7x
2025-07	15.6x	₹3135 cr	17.9%	21.0%	0.7x
2025-06	16.5x	₹3135 cr	17.9%	21.0%	0.7x
2025-05	16.4x	₹2366 cr	22.1%	15.0%	0.1x
2025-04	15.6x	₹2366 cr	22.1%	15.0%	0.1x
2025-03	14.9x	₹2366 cr	22.1%	15.0%	0.1x
2025-02	17.9x	₹1567 cr	16.2%	15.0%	0.1x
2025-01	18.2x	₹1567 cr	16.2%	15.0%	0.1x
2024-12	19.2x	₹1567 cr	16.2%	15.0%	0.1x
2024-11	23.8x	₹1492 cr	15.9%	15.0%	0.1x
2024-10	21.3x	₹1492 cr	15.9%	15.0%	0.1x
2024-09	23.2x	₹1492 cr	15.9%	15.0%	0.1x
2024-08	33.9x	₹1253 cr	11.1%	15.0%	0.1x
2024-07	38.9x	₹1253 cr	11.1%	15.0%	0.1x
2024-06	36.6x	₹1253 cr	11.1%	15.0%	0.1x
2024-05	31.6x	₹2126 cr	14.0%	—	0.1x
2024-04	31.1x	₹2126 cr	14.0%	—	0.1x
2024-03	21.5x	₹2126 cr	14.0%	—	0.1x
2024-02	24.8x	₹2126 cr	14.0%	—	0.1x
2024-01	30.8x	₹2126 cr	14.0%	—	0.1x
2023-12	29.0x	₹2126 cr	14.0%	—	0.1x
2023-11	15.4x	₹2126 cr	14.0%	—	0.1x
2023-10	15.3x	₹2126 cr	14.0%	—	0.1x
2023-09	15.1x	₹2126 cr	14.0%	—	0.1x

Methodology and data notes