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1 — At a Glance
Royal Sandur mines iron ore and manganese in Karnataka, and makes ferroalloys, coke and steel.
Consolidated revenue for the three months to June 2026 was ₹1,375 crore. That is 21% above the ₹1,135 crore of a year earlier. It is 9% below the ₹1,511 crore of the three months to March 2026. Net profit was ₹227 crore against ₹167 crore a year earlier, a rise of 36%. The preceding quarter had brought ₹236 crore. Operating profit was ₹343 crore, at a margin of 25%.
Segment revenue splits four ways. Steel brought ₹859 crore and mining ₹420 crore. Ferroalloys brought ₹116 crore, and coke and energy ₹48 crore. The steel business was bought in November 2024. It is now about twice the size of the mining operation that gave the company its name and its first seven decades.
Manganese ore sales were 0.97 lakh tonne. Management describes that as nearly twice the level of a year earlier. Iron ore sales were 9.64 lakh tonne, up 13% on the same quarter last year. Ferroalloys sales rose 162% year on year, to 16,292 tonnes. Coke production was nil for the quarter. That figure excludes 57,352 tonnes made under a contract manufacturing arrangement. The plant ran; it simply ran for somebody else.
On 14 August 2026 the 72-year-old miner incorporated a wholly owned subsidiary, Royal Sandur Academy Private Limited. It carries ₹1 crore of capital. A hospitality subsidiary was approved the same week.
2 — Introduction
The Sandur Manganese & Iron Ores Limited was incorporated in 1954. His Highness Y R Ghorpade, the former Maharaja of Sandur, had been awarded a mining lease. He transferred it into a corporate vehicle. Seven decades later a Ghorpade, Bahirji A. Ghorpade, is still Managing Director. The company still describes its founding principle as the founder patron’s line. What is earned from the soil of Sandur should primarily benefit Sandur.
That is unusual provenance for a mid-cap listed on both exchanges. Most companies trace their origins to a shed in Ludhiana. This one traces it to a palace.
The last two years have been the busiest stretch in that history. In November 2024 the company completed the purchase of about 99% of Arjas Steel Private Limited. The deal took in its step-down subsidiary, Arjas Modern Steel. Enterprise value was ₹3,000 crore and equity value ₹1,914 crore. Enterprise value counts the borrowings taken on alongside the price paid for the shares.
In September 2025 shareholders received two bonus shares for every one held. Bonus shares are free extra shares issued out of a company’s own reserves. The allotment of 32,40,69,876 new shares was made on 23 September.
In March 2026 the company redeemed 45,000 secured non-convertible debentures worth ₹423 crore. Debentures are loans from investors, and these could not be swapped for shares. They carried interest of 11% and were due only in 2031. The money came from cash the business had generated itself.
In July 2026 the board approved a rebranding. The group is now Royal Sandur, with SMIORE as flagship. Management says the unified identity enables exploration of business opportunities beyond existing segments. It has begun incorporating Royal Sandur Hospitality and Royal Sandur Academy. Management is also evaluating an opportunity in medical devices, consumables and manufacturing.
On the same day, Manoj Kumar Jha was appointed Chief Financial Officer, effective 9 July 2026. Uttam Kumar Bhageria ceased to be CFO. Jha had been appointed Chief Risk Officer six months earlier, in January 2026.
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3 — Business Model: WTF Do They Even Do?
Four businesses, in descending order of how much they resemble the company’s name.
Mining brought 28% of revenue in the year to March 2026. The year before, it brought 50%. The ore is low-phosphorus manganese and iron, from two leases, ML-2678 and ML-2679. They cover 1,999.30 hectares in the Hosapete-Ballari region of Karnataka. Permitted annual production is 4.45 million tonnes of iron ore and 0.599 million tonnes of manganese. Reserves stand at 138 million tonnes and 15 million tonnes respectively. Sandur is the second-largest manganese ore miner in India. It is the third-largest iron ore miner in Karnataka. Customers include JSW Steel and SAIL. The leases are valid until December 2033, when renewal goes through competitive auction. Management has been planning around that date for some time.
Steel brought 62% of revenue in that year, against 38% the year before. Arjas makes Special Bar Quality steel, a higher grade used for engineering parts. It runs more than 100 grades at Tadipatri in Andhra Pradesh and Mandi Gobindgarh in Punjab. Combined capacity is 5.85 lakh tonnes across two different production routes. One plant uses a basic oxygen furnace, the other an
