In , Sarda Energy & Minerals Ltd (Mining/Minerals - Iron Ore) is outperforming Nifty 500 with +12.6% relative strength. Fundamentals: Weak. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Coal Mine Capacity: 1.8 MTPA
“Approval to enhance the capacity of the Gare Palma IV/7 Coal Mine from 1.68 million tons to 1.8 million tons is at the final stage and is expected shortly.”
What: IPP Generation: 410-420 Cr units
“Generation should be slightly higher from that level. It should be slightly higher from that level... Maybe 410, 420 in between.”
What: Mineral Fibre Turnover: ₹100 Cr+
Impact: ₹130-140 Cr turnover
“turnover in this will be, when the full-fledged production is done, it will be roughly around INR130-, INR140-odd crores.”
What: Net Debt: <₹500 Cr
“Consolidated net debt as of 31st December 2025 was below INR500 crores, significantly reduced from approximately INR1,500 crores as of 31st March 2025.”
What: Ferroalloys Export Growth: 43%
“Ferroalloys export in Q3 went up from 23,256 metric tons to 33,272 metric tons year-on-year registering a growth of 43%.”
What: 9-month PAT growth of 59% to ₹954 Cr
“For the 9-month period, PAT increased by 59% to INR954 crores.”
Earnings deceleration risks from management commentary
Trigger: Appeals filed in the Supreme Court; matter is currently reserved for order.
Management view: Management believes they are at the fag end of the case with no hurdles.
Monitor: litigation
Trigger: Steel prices touched 5-year lows in Q3, though they have since recovered 10-15%.
Management view: Integrated model helps absorb impact; focus on domestic vs export mix for ferroalloys.
Monitor: commodity
Trigger: Expansion from 1.8 to 3 million tonnes requires a minimum 24-month timeline for approvals.
Management view: Process is already initiated.
Monitor: regulatory
Key quotes from recent conference calls
“And annual target, as we told, we should be able to achieve 80% of the PLF on average. [Previous Annual PLF Target (SKS) guidance]”
“FY '26, we have estimated capex of INR500 crores to INR600 crores. [Previous FY26 Capex guidance]”
“we have already signed an MOU with the state government... all the environment clearances process, etcetera... take another two and a half to three years. [Initiative: SKS Power Capacity Doubling]”
“Approval to enhance the capacity of the Gare Palma IV/7 Coal Mine from 1.68 million tons to 1.8 million tons is at the final stage. [Initiative: Gare Palma IV/7 Capacity Enhancement]”
Headline numbers from the latest earnings call
Revenue
₹1,360 Cr
Why: Revenue was impacted by planned plant shutdowns for maintenance and equipment replacement alongside weaker price realizations in metals.
Revenue declined sequentially from ₹1,528 Cr in Q2 due to seasonal and maintenance factors.
EBITDA
₹395 Cr
Why: Growth was driven largely by the energy segment despite the shutdowns in other units.
EBITDA margins remained resilient due to the integrated energy-plus-minerals business model.
PAT
₹190 Cr
Why: Profitability was lower in the third quarter due to lower generation of hydro power and shutdowns of IPP and captive units.
While Q3 was sequentially lower, the 9-month performance shows a significant year-on-year improvement.
Other Highlights
• Consolidated net debt below ₹500 Cr as of December 2025.
• 9-month hydropower generation increased 28% to 621 million units.
• Rehar Hydro Power Project tariff fixed at ₹7.42 per unit.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
IPP Power Load Factor (SKS)
85%
Why: Q3 was impacted by a 45-day planned maintenance shutdown of one 300 MW unit.
Hydropower Generation (9M)
621 million units
Why: Supported by above-average monsoon and commissioning of the Rehar project.
Captive Power Generation (CPP)
328 million units
Why: Impacted by the shutdown of one captive unit for equipment replacement.
Average IPP Tariff
₹5.00
Why: Lower in Q3 due to seasonal factors; expected to be above ₹5 in Q4.
Ferroalloys Export Volume
33,272 metric tons
Why: Strategic shift to export markets for better realizations on specific grades.
Consolidated Net Debt
₹500 Cr
Why: Maintained below ₹500 Cr level through strong cash generation.
Rehar Hydro Tariff
₹7.42
Why: Fixed under a 40-year long-term PPA.
Gare Palma IV/7 Capacity
1.68 MTPA
Why: Currently at 1.68 MTPA; approval for 1.8 MTPA expected shortly.
Forward-looking targets from management
Capex Plan
₹600 Cr
₹600 Cr
Organic opportunities including coal mines and hydropower projects.
SKS Power Generation
Guidance Changes
FY26 Capex: ₹500-600 Cr → ₹550-600 Cr
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -3% | +6% | Inflection Down |
| PAT (Net Profit) | -5% | -5% | Inflection Down |
| OPM | 24.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Sarda Energy & Minerals Ltd's latest quarterly results (Dec 2025) show
Sarda Energy & Minerals Ltd's profit is declining with an inflecting downward trend.
Sarda Energy & Minerals Ltd's revenue growth trend is inflecting downward.
Sarda Energy & Minerals Ltd's operating margin is volatile.
Sarda Energy & Minerals Ltd's long-term compounding rates
Sarda Energy & Minerals Ltd's earnings growth is inflecting downward with weakening on a sequential basis.
Sarda Energy & Minerals Ltd's trailing twelve month (TTM) performance
Sarda Energy & Minerals Ltd appears significantly undervalued based on our fair value analysis.
Sarda Energy & Minerals Ltd's current PE ratio is 19.8x.
Sarda Energy & Minerals Ltd's current PE is 19.8x.
Sarda Energy & Minerals Ltd's price-to-book ratio is 3.0x.
Sarda Energy & Minerals Ltd is rated Weak with a fundamental score of 39/100. This score is calculated from objective financial metrics
Sarda Energy & Minerals Ltd has a debt-to-equity ratio of N/A.
Sarda Energy & Minerals Ltd's return ratios over recent years
Sarda Energy & Minerals Ltd's operating cash flow is positive (FY2025).
Sarda Energy & Minerals Ltd's current dividend yield is 0.25%.
Sarda Energy & Minerals Ltd's shareholding pattern (Mar 2026)
Sarda Energy & Minerals Ltd's promoter holding has remained stable recently.
Sarda Energy & Minerals Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Sarda Energy & Minerals Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Sarda Energy & Minerals Ltd has 6 key growth catalysts identified from recent earnings analysis
Sarda Energy & Minerals Ltd has 3 key risks worth monitoring
In Q3 FY26, Sarda Energy & Minerals Ltd's management highlighted
Sarda Energy & Minerals Ltd's management has provided the following forward guidance
Sarda Energy & Minerals Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Sarda Energy & Minerals Ltd may be worth studying
Sarda Energy & Minerals Ltd investment thesis summary:
Sarda Energy & Minerals Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
