Sandur Manganese: consolidated PAT +36% YoY to ₹228 Cr, finance costs halve, NPM at 16.6%
PAT +36.4% YoY · revenue +21.1% · margins expanding
₹1,374.78 Cr
+21.1% YoY
₹227.85 Cr
+36.4% YoY
16.4%
+1.9pp YoY
₹4.67
Sandur Manganese's consolidated PAT rose 36.4% year-on-year to ₹227.85 Cr in Q1 FY27, ahead of a 21.1% revenue increase to ₹1,374.78 Cr (Q1 FY26: ₹167.09 Cr / ₹1,135.38 Cr). Sequentially the print is down — revenue fell 9.0% and PAT 3.6% from Q4 FY26's ₹1,511.39 Cr / ₹236.28 Cr — consistent with monsoon-hit mining output rather than any change in trajectory; the YoY read is the one that matters here and it is strong.
Q1 FY-2027 vs prior quarters
The margin story is split by line. Operating margin actually compressed to ~25.0% of revenue from 26.4% a year ago, so the profit beat is not coming from the operating line. It's finance costs: consolidated finance costs fell to ₹26.11 Cr from ₹53.59 Cr a year ago and ₹55.38 Cr last quarter (-51% YoY, -53% QoQ), pushing net margin up to 16.6% from 14.5% YoY despite the softer operating margin. This lines up with the company's reported net-debt-free status after Q4 FY26 (Business Standard, ScanX) — a full quarter without meaningful interest cost is now flowing straight to the bottom line.
The stock went into the print at ₹213.88, up 7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
Segment-wise, ferroalloys was the standout: revenue jumped to ₹116.01 Cr from ₹43.45 Cr a year ago (+167%) with segment profit up to ₹6.20 Cr from ₹0.76 Cr. The steel subsidiary (consol-only) grew revenue 18.5% YoY to ₹859.44 Cr but was flat QoQ. Standalone PAT grew a slower 25.2% YoY on 27.8% revenue growth — a wider divergence from the consolidated growth rates than usual, reflecting the steel business's outsized contribution to group profit growth. Separately, the company's compensatory-afforestation dispute with Karnataka's Deputy Conservator of Forest continued: both the Karnataka High Court and the Supreme Court dismissed the company's challenges this quarter, and DCF has since raised its demand to ₹139.05 Cr (from ₹131.25 Cr) tied to forest-lease renewal beyond December 2026; a review petition is pending. The board also recommended a ₹0.50/share final dividend (record date 12 August, AGM 19 August) — a corporate item concurrent with, not driven by, this print.
W1
Whether the near-zero finance-cost run-rate (₹26.11 Cr this quarter vs ₹213 Cr annualised in FY26) holds through FY27 now that the company is net debt-free
W2
Whether ferroalloys' ₹116.01 Cr quarterly revenue level and improved segment profitability (₹6.20 Cr) are sustained or prove a one-quarter pop
W3
Resolution of the ₹139.05 Cr DCF compensatory-afforestation demand and the forest-lease renewal beyond December 2026
No exceptional items in any quarterly column this period or the comparatives — FY26 exceptional items (₹18.89 Cr standalone / ₹32.27 Cr consol, labour-code provisioning) sit only in the full-year column, so no adjusted-growth calc is needed. Consolidated PAT of ₹227.85 Cr is total group profit incl. NCI (₹0.76 Cr) and share of associate loss (₹1.05 Cr); owners' share is ₹227.09 Cr — EPS ties to the owners' figure.