Sandur Manganese & Iron Ores Limited (SMIORE) has announced its financial and operational results for the quarter and year ended March 31, 2026. The company reported all-time-high mining volumes for the fiscal year, marking a significant operational achievement. A key highlight of the financial performance is the company achieving a standalone net debt-free status as of March 31, 2026. This was facilitated by the early prepayment of Non-Convertible Debentures (NCDs) worth ₹423 crore in March 2026, utilizing internal accruals. In the mining segment, both manganese ore and iron ore production and sales volumes reached record levels in FY26. Manganese ore production grew by 15% year-on-year (YoY), with sales volumes increasing by 93% YoY. Iron ore production expanded by 14% YoY, and sales saw a marginal increase of 2% YoY. The company anticipates fully utilizing its 4.45 MTPA Maximum Permissible Annual Production Limits (MPAP) for iron ore in FY27 and has approvals to sell an additional 0.327 million tonnes of incidental iron ore. Recent improvements in domestic benchmark realisationsfor both manganese ore and iron ore in April 2026 provide a positive outlook for FY27. The company is progressing with its Downhill Conveyor System (DCS) project at the mines, with a Forest Lease Agreement executed for a 1.2 km long system expected to be operational within H1FY27. This project aims to enable environment-friendly ore transportation directly to the railway siding, potentially fetching better realisations. The Coke and Energy segment maintained consistent coke volumes under a conversion agreement for FY26, with two of the four batteries operational. The company is exploring opportunities to recommence production from the remaining two batteries to improve overall utilization and increase energy generation. Ferroalloys production showed sequential improvement throughout FY26, with initial signs of recovery in the market and a more supportive operating environment. The company is hopeful that the recommencement of additional coke oven batteries will aid in better capacity utilization for the Ferroalloys segment in FY27. Arjas Steel registered a notable increase in production and sales dispatches in Q4FY26, with improved EBITDA margins. The company anticipates stronger performance from Arjas Steel in FY27, driven by increased production from existing capacities and a conducive operating environment for the Alloy Steel and Automotive industries. Financially, for standalone operations in Q4FY26, the company reported Total Income of ₹687 crore, EBITDA of ₹308 crore, and PAT of ₹196 crore. Consolidated figures for Q4FY26 showed Total Income of ₹1,531 crore, EBITDA of ₹406 crore, and PAT of ₹236 crore. For the full year FY26, standalone Total Income was ₹2,076 crore, EBITDA ₹923 crore, and PAT ₹543 crore (including a one-time exceptional item of ₹14 crore). Consolidated FY26 figures were Total Income of ₹5,163 crore, EBITDA ₹1,284 crore, and PAT ₹658 crore (including a one-time exceptional item of ₹27 crore). The Board of Directors has recommended a final dividend of ₹0.5 per equity share, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
