The Sandur Manganese & Iron Ores Limited (SANDUMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+287.3%

₹643.52

vs ₹166.15 price

Levered DCF

₹643.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.72×	14.97×	24.86×	5.26×	2.12×	9.28×	9.7×	9.42×
P/B	2.57×	0.9×	0.92×	0.74×	0.86×	1.44×	1.7×	1.97×
P/S	1.64×	0.75×	1.6×	0.67×	0.64×	1.91×	2.46×	2.01×
EV / EBITDA	7.66×	4.9×	5.2×	3.51×	1.68×	5.98×	8.89×	5.55×
Gross margin	47.8%	64.5%	35.3%	37.3%	64.2%	56.9%	91.4%	79.8%
Operating margin	19.6%	21.2%	21.2%	16.8%	40.8%	34.3%	33.6%	34.6%
Net margin	12.9%	15.0%	19.3%	12.7%	30.0%	20.6%	25.4%	21.3%
Current ratio	1.15×	1.16×	4.92×	3.52×	2.26×	2.01×	1.72×	1.68×
Debt / equity	0.31×	0.72×	0.06×	0.11×	0.19×	0.37×	0.49×	0×
Interest coverage	4.7×	5.68×	13.14×	12.85×	23.9×	19.63×	29.04×	37.41×
Dividend yield	0.2%	0.7%	0.7%	1.0%	0.6%	0.3%	0.6%	0.3%
Payout ratio	3.1%	3.4%	5.7%	5.0%	1.3%	2.8%	6.2%	3.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.2%	18.0%	11.1%	14.0%	40.7%	15.5%	17.6%	20.9%
Return on invested capital	18.1%	10.9%	8.3%	12.5%	33.9%	11.2%	13.1%	22.1%
Return on assets	11.9%	8.3%	9.2%	10.7%	25.0%	8.9%	10.1%	17.1%
Free cash flow yield	9.7%	32.1%	2.5%	-3.2%	55.7%	19.6%	-23.4%	-6.0%
Earnings yield	7.9%	20.0%	12.1%	19.0%	47.3%	10.8%	10.3%	10.6%
Enterprise value	₹92.7B	₹42.2B	₹21B	₹15.9B	₹17B	₹17.3B	₹18B	₹13.5B
Net debt / EBITDA	0.75×	2.18×	0.27×	0.36×	0.27×	1.04×	1.85×	-0.17×
Cash conversion cycle (days)	34	111	126	55	-55	-35	613	-13