Sandur Manganese & Iron Ores L

What Sandur Manganese & Iron Ores L does

The Sandur Manganese & Iron Ores Limited (SMIORE) is a publicly listed Indian integrated mining and metals company headquartered in Ballari, Karnataka, founded in 1954 and listed on BSE (1964) and NSE (2023) under ticker SANDUMA. SMIORE operates the largest private-sector manganese ore mines in India with estimated reserves of 14 MT and iron ore reserves of 110-117 MT across 2,000 hectares of mining leases in Sandur and Hospete taluks, with mining tenure renewed until December 2033. Production capacity comprises 0.599 MTPA manganese ore, 4.45 MTPA iron ore (permitted to 4.5 MTPA post-Environmental Clearance), 95,000-125,000 TPA ferroalloys (Ferromanganese, Silicomanganese, Pig Iron, Ferrosilicon) using Italian and Norwegian submerged electric arc furnaces, 0.5 MTPA metallurgical coke via a Vertical Non-Recovery Coke Oven, and 32 MW of captive waste-heat-recovery thermal power supplemented by a 42.9 MW captive hybrid renewable energy project commissioned in 2023.

SMIORE monetises through direct B2B sales of manganese ore, iron ore, ferroalloys, pig iron and coke to steel manufacturers (including SAIL), ferroalloy producers, the foundry industry, and — following the November 2024 acquisition of Arjas Steel for an enterprise value of approximately Rs 3,000 crore — specialty steel customers in automotive, defence, railways, energy and export sectors. Pricing is commodity-market and contract-based, with multi-year arrangements and railway-siding logistics via Swamihalli and Sunderambencha sidings on the Swamihalli-Hospet BG line. Customers include SAIL, overseas steel plants and Indian foundry players serving the automotive industry. Revenue grew 62.31% YoY to Rs 5,088.42 crore in FY26 with net profit of Rs 656.64 crore; Q4 FY26 alone delivered Rs 1,511.39 crore in sales. SMIORE is family-controlled by the Ghorpade family (Bahirji Ajai Ghorpade as Managing Director) and has crossed USD 1 billion in market capitalisation in 2024, supported by consistent 5-Star SDF and Seven Star mining awards and ISO 9001/14001/45001 certifications.

Name

Sandur Manganese & Iron Ores L

Legal name

THE SANDUR MANGANESE & IRON ORES LIMITED

Website

https://sandurgroup.com

Company type

Public

Founded year

1954

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sandur Manganese & Iron Ores Limited is an Indian integrated mining and metals company that mines and processes manganese ore, iron ore, ferroalloys, coke and specialty steel for sale to steel manufacturers, foundries and industrial customers in India and overseas.

Ownership category

akta.pro rank

Product category

Mining and Integrated Metals

NAICS

Iron Ore Mining (21221), Iron and Steel Mills and Ferroalloy Manufacturing (331110)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Manganese Ore Mining & Concentrates (IMAKAFAF)

akta.pro secondary industry

Iron Ore Mining Operations (Open-Pit & Underground) (IMAKAAAC)

Keywords

• Manganese ore mining
• Iron ore mining
• Ferroalloy production
• Metallurgical coke
• Specialty steel manufacturing

Headquarters

HQ city

Ballari

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Manganese Ore Sales: Sale of manganese ore to ferroalloy and steel manufacturers; company has largest private-sector manganese ore mines producing finest low-grade, low-phosphorus manganese ores
2. Iron Ore Sales: Sale of iron ore from reserves of 117 MT to steel manufacturers; fully mechanized mining operations ensure efficient delivery
3. Ferroalloys Production and Sales: Production and sale of Ferromanganese, Silicomanganese, Pig Iron and Ferrosilicon to steel plants and automotive industry
4. Coke and Energy: Production and captive use of metallurgical coke; captive power generation through waste heat recovery
5. Specialty Steel: Revenue from specialty steel operations through subsidiary Arjas Steel, serving automotive, defence, railways, energy, and exports sectors

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Sandur Manganese & Iron Ores Limited is an integrated mining and metals company that extracts and processes manganese ore and iron ore, manufactures ferroalloys (Ferromanganese, Silicomanganese, Pig Iron, Ferrosilicon), produces metallurgical coke with captive power generation via Waste Heat Recovery, and produces specialty steel through its subsidiary Arjas Steel. Its mining operations cover 2,000 hectares with 14 MT of manganese ore reserves and 117 MT of iron ore reserves, supplying industrial customers such as SAIL and other steel plants.

Product overview

SMIORE is an integrated commodity producer with mining operations producing manganese ore and iron ore, ferroalloys manufacturing (Ferromanganese, Silicomanganese, Pig Iron, Ferrosilicon), and coke and energy production through its Vertical Non-Recovery Coke Oven and Waste Heat Recovery Power Plant. The company expanded into specialty steel through its 2024 acquisition of Arjas Steel, positioning itself as an integrated metals and mining company serving automotive, defence, railways, energy, and export sectors. The portfolio includes Manganese Ore mining, Iron Ore mining, Ferroalloys production, Coke & Energy operations, and the acquired Arjas Steel specialty steel business.

Differentiator

Problem solved

Functional benefit

Products and services

• Manganese Ore Mining and production of low-grade, low-phosphorus manganese ore (phosphorus content below 0.05%) used for making ferroalloys and steel. SMIORE operates the largest private-sector manganese ore mines in India with estimated reserves of 14 MT and mining capacity of 0.599 MTPA.
• Iron Ore Fully mechanized iron ore mining with estimated reserves of 117 MT, mining capacity of 4.45 MTPA (after expansion), serving steel manufacturers as a primary feedstock for steelmaking. SMIORE is the 3rd largest iron ore miner in Karnataka.
• Ferroalloys (Ferromanganese, Silicomanganese, Pig Iron, Ferrosilicon) Production of superior-grade Ferromanganese, Silicomanganese, Pig Iron, and Ferrosilicon using state-of-the-art Italian and Norwegian submerged electric arc furnaces at the Vyasanakere Metal & Ferroalloy Plant, with capacity of 95,000-1,25,000 TPA. Ferroalloys are supplied to steel plants and the automotive foundry industry.
• Coke & Energy 0.5 MTPA Vertical Non-Recovery (VNR) coke oven plant integrated with a 32 MW Waste Heat Recovery Power Plant, producing metallurgical coke for captive ferroalloy operations and clean power from coke oven flue gases. SMIORE was among the first in India to implement VNR coke oven technology.
• Arjas Steel (Specialty Steel) Specialty steel products manufactured by subsidiary Arjas Steel Private Limited (approximately 99% equity, Rs 3,000 crore enterprise value). Serves automotive, defence, railways, energy, and export sectors with steel grades for safety-critical applications.
• Shivavilas Palace Heritage Hospitality Heritage luxury hotel restored from the royal palace of Sandur, representing the opulent history of the Ghorpade family, and attracting patrons and tourists as an ancillary hospitality business.

Quantifiable outcome

• Highest-ever Revenue, EBITDA and PAT achieved in FY22
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Arjas Steel Private LimitedcoreStrategic or Co-development Partner · 11 November 2024SMIORE completed strategic acquisition of Arjas Steel, a specialty steel company, on 11 November 2024. The transaction increased SMIORE's equity stake to approximately 99%, with an enterprise value of Rs 3,000 crore and equity value of Rs 2,000 crore. This acquisition advances SMIORE's strategy to transform from a mining company into an integrated metals and mining entity, expanding into automotive, defence, railways, energy, and exports sectors.

Scale indicators17 records

Recent moves12 records

Expansion highlights6 records

Emerging players

• Electrosteel Castings Limited: Electrosteel Castings is an Indian integrated iron and steel producer using iron ore and pig iron inputs comparable to SMIORE's manganese/iron ore outputs. Overlaps as a downstream customer-competitor in metallurgical value chains.
• Shyam Metalics and Energy Limited: Shyam Metalics is an integrated Indian producer of ferrous metals, pellets, and sponge iron with its own captive power. Comparable to SMIORE through its iron ore sourcing and downstream metallurgical operations in the same Indian value chain.
• Balasore Alloys Limited: Balasore Alloys is an Indian producer of ferroalloys (ferrochrome, ferromanganese) with captive power. Comparable to SMIORE's ferroalloy vertical as a focused mid-cap ferroalloy competitor serving similar steel industry customers.

Direct peers

• Indian Metals & Ferro Alloys (IMFA): IMFA is one of India's leading producers of ferroalloys (ferrochrome, ferromanganese, silicomanganese) with captive power, directly comparable to SMIORE's ferroalloy vertical. Both serve steel manufacturers with integrated mining-to-alloy operations.
• Maithan Alloys Limited: Maithan Alloys is a listed Indian ferroalloy manufacturer (ferrochrome, ferromanganese, silicomanganese) operating captive power plants, closely comparable to SMIORE's ferroalloys business. Both serve steel mills via B2B commodity supply contracts.
• MOIL Limited: MOIL is India's largest manganese ore producer (state-owned) and the most direct competitor to SMIORE in manganese mining. Both companies produce low-phosphorus manganese ore for ferroalloy and steel manufacturers, serving the same customer base.

Broad incumbents

• Vedanta Limited: Vedanta is a diversified metals and mining major with iron ore, aluminium, zinc, and steel operations. Comparable to SMIORE as a broad Indian mining-to-metals incumbent with overlapping commodity exposures and downstream integration.
• NMDC Limited: NMDC is India's largest iron ore producer, with significant operations in the same Bellary/Karnataka belt as SMIORE. Comparable as a fellow large-scale Indian iron ore miner supplying domestic steel manufacturers, though NMDC is far larger and diversified across multiple states.
• Tata Steel Limited: Tata Steel is a major Indian integrated steel producer and a customer/peer to SMIORE for manganese ore and ferroalloy supply. Comparable as a large-scale Indian mining-to-steel platform competing in similar end markets.
• JSW Steel Limited: JSW Steel is one of India's largest steel producers and a major customer/peer in the integrated metals value chain. Comparable through Arjas Steel's customer overlap and SMIORE's downstream integration ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/136490620371318

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sandur Manganese & Iron Ores L