Sandur Manganese Q2 FY27: Consolidated PAT Up 87% YoY to ₹260 Cr as Margins Expand

The Sandur Manganese & Iron Ores (SMIORE) board approved unaudited results for Q2 FY27 (quarter ended 30 September 2026) on 3 November 2026. On a consolidated basis — the primary read, since the group spans mining, ferroalloys, coke & energy and a materially larger Steel segment held through subsidiaries — revenue came in at ₹1,506.13 Cr, up 22.2% YoY from ₹1,232.34 Cr and 9.6% QoQ from ₹1,374.78 Cr. Net profit attributable to owners was ₹260.28 Cr, up 87.4% YoY (₹138.87 Cr) and 14.2% QoQ (₹227.85 Cr); adjusted for a ₹9.3 Cr one-off exceptional gain this quarter, underlying YoY PAT growth is closer to ~82%, still a strong beat on both counts. Standalone PAT was ₹177.52 Cr on revenue of ₹582.28 Cr, reflecting only the core mining/ferroalloy/coke business without the Steel segment. The quarter's exceptional item is a ₹9.32 Cr credit from reversing an earlier gratuity-liability provision after the Group revised its wage structure following the new Labour Codes effective 1 April 2026 — a genuine one-off, not an operating gain. Margins expanded on both counts: consolidated NPM rose to 17.3% from 11.2% a year ago and 16.4% last quarter; operating margin (PBIDT/revenue) improved to ~25.9% from 22.1% YoY. By segment, the gain is overwhelmingly a Steel story — segment result more than doubled YoY to ₹103.74 Cr from ₹40.22 Cr (+157.9%) and was up 22.3% QoQ, while Steel segment revenue grew a more modest 16.2% YoY, pointing to spread/realisation gains rather than volume. Mining, the core legacy business, also grew profit 25.9% YoY to ₹246.68 Cr on stronger ore revenue (₹476.2 Cr, +36.4% YoY). Ferroalloys and coke & energy were smaller, broadly flat-to-modestly-higher contributors. No street consensus estimates for this specific quarter could be located — SMIORE does not appear to carry formal sell-side coverage with published Q2 FY27 previews, so vsStreet is unknown rather than a miss or beat. Management has not issued formal numeric guidance for FY27 in our records or in public filings found, so this print cannot be graded against a stated target. The result arrives alongside two board actions: approval of an investment of up to ₹200 Cr in Royal Sandur MedTech Private Limited (the newly incorporated wholly owned medical-devices subsidiary, part of the company's October 2026 foray into medical devices), and the resignation of independent director Dr. Latha Pillai effective 4 November 2026 alongside the appointment of G. P. Kundargi (former MOIL CMD) as a non-executive additional director from 12 November 2026, subject to shareholder approval. Neither governance change affects the operating numbers. No separate management press release or earnings commentary accompanied this filing — only the SEBI outcome-of-board-meeting letter and reviewed financial statements — so there is no management framing to reconcile against the print. Going into Q3 FY27, the key markers are whether Steel segment spreads (the main driver of this quarter's margin expansion) hold, execution of the ₹200 Cr MedTech investment commitment, and continued ore-realisation strength in Mining given this quarter's already-strong 36%+ YoY segment growth. The company is also still working through a compensatory-afforestation dispute with the Karnataka Forest Department (an SLP pending before the Supreme Court) — unrelated to this quarter's numbers but a contingent land-related cost exposure.