Sandur manganese & iron ores Limited has formally responded to a regulatory fine imposed by BSE for delayed compliance with board meeting intimation requirements. The company's board addressed the matter during its meeting held on 4 February 2026, acknowledging the penalty and providing clarification on the circumstances that led to the delay.

Fine Details and Regulatory Context

The BSE imposed a fine on the company through an email dated 15 December 2025, relating to delayed submission of prior intimation about the board meeting held on 7 November 2025. The penalty was levied under Regulation 29(2) of SEBI (LODR) Regulations, 2015, which mandates timely intimation of board meetings to stock exchanges.

Board's Response and Explanation

During the board meeting on 4 February 2026, directors took note of the fine and provided an explanation for the delayed intimation. The board acknowledged that the one-day delay in furnishing prior intimation was due to an intervening stock exchange holiday that was inadvertently not accounted for while submitting the required notification.

The company's response, signed by Company Secretary and Compliance Officer Neha Thomas, formally communicated the board's acknowledgment to BSE. The communication emphasized that the delay was unintentional and resulted from an oversight in calculating the submission timeline around the stock exchange holiday.

Compliance Framework

The fine relates to SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, specifically Regulation 29(2), which requires listed companies to provide advance notice to stock exchanges about board meetings. This regulation ensures market transparency and allows investors to stay informed about important corporate developments.

The company has requested BSE to take the board's explanation on record, demonstrating its commitment to regulatory compliance and transparency in addressing the oversight that led to the penalty.

Sandur Manganese & Iron Ores Limited has announced its Q3FY26 financial results alongside a major debt restructuring decision. The company's 382nd board meeting held on February 4, 2026, approved both the quarterly results and the early redemption of Non-Convertible Debentures worth ₹423 crore.

Q3FY26 Financial Performance

The company delivered robust top-line growth with revenue from operations reaching ₹48,337 lakh compared to ₹48,167 lakh in the corresponding quarter of the previous year, marking a growth of 26.32%. Net profit for the quarter stood at ₹10,786 lakh, while the nine-month period showed consolidated net profit of ₹34,682 lakh.

Early NCD Redemption Approved

The board approved early redemption of outstanding 45,000 secured Non-Convertible Debentures with face value of ₹94,000 each, aggregating to ₹4,23,00,00,000. These 11% NCDs bearing ISIN 'INE149K07013' were originally scheduled for redemption on September 30, 2031, but will now be redeemed early subject to necessary approvals.

Segment-wise Performance

The mining segment continued to be the primary revenue driver, contributing ₹37,541 lakh in Q3FY26. The ferroalloys segment showed significant improvement with revenue of ₹11,750 lakh compared to ₹202 lakh in the corresponding previous quarter.

Board Meeting and Regulatory Compliance

The 382nd board meeting commenced at 2:00 PM and concluded at 4:00 PM on February 4, 2026. The early redemption decision was made pursuant to Regulation 30 of SEBI LODR Regulations, 2015 and relevant provisions of SEBI regulations for non-convertible securities. The redemption will be carried out in accordance with terms set out in the Key Information Document, General Information Document, and Debenture Trust Deed.

Exceptional Items and Mining Operations

The company reported exceptional items worth ₹1,889 lakh in standalone results and ₹3,227 lakh in consolidated results, primarily due to increased employee benefit liabilities from new Labour Codes notification. Additionally, the company received enhanced Maximum Permissible Annual Production allocation, increasing Manganese Ore production capacity from 0.032 MTPA to 0.049 MTPA for Ramghad mines.