NSE: SARDAEN · BSE: 504614
SARDA ENERGY & MIN LTD
Operates three integrated businesses in metals, mining, and energy, with power generation as the largest contributor to both revenue and earnings. The Power segment brought in Rs 2,845.71 crore in FY26 (44.2% of segment revenue) and EBIT of Rs 1,095.02 crore, covering thermal and hydropower generation across an installed energy capacity of 929.5 MW. Steel generated Rs 1,920.89 crore (29.8% share) and EBIT of Rs 318.1 crore, including sponge iron and iron-ore pellets (sponge iron output of 345,000 MT in FY26). Ferro Alloys delivered Rs 1,656.36 crore (25.7% share) and EBIT of Rs 263.34 crore, producing alloys used by steelmakers. Coal mining at 1.8 MTPA supplies captive needs for power and metallics. Materials are the largest cost at 48.9% of revenue, and the consolidated entity is net debt-free with Rs 2,380 crore in liquidity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power (44%), Steel (30%), Ferro Alloys (26%). Diversified, asset-heavy metals, mining, and energy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,914 | 4,212 | 3,868 | 4,643 | 5,690 |
| EBITDA (ex other income) | 1,348 | 1,060 | 795 | 1,237 | 1,798 |
| margin % | 34.4 | 25.2 | 20.6 | 26.6 | 31.6 |
| Owners' profit | 804 | 602 | 523 | 700 | 1,106 |
| EPS, as reported (₹) | 223.07 | 169.94 | 14.84 | 19.86 | 31.38 |
| ROE % · ROCE % | 26.0 · 28.1 | 17.2 · 19.7 | 13.1 · 15.2 | 11.0 · 12.5 | 14.8 · 16.3 |
| Debt / equity (x) | 0.51 | 0.40 | 0.34 | 0.44 | 0.35 |
| Cash from operations | 923 | 701 | 752 | 886 | 1,735 |
| Capex | (288) | (217) | (266) | (490) | (338) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,159 | 1,319 | 1,239 | 1,633 | 1,528 | 1,276 | 1,254 | 1,608 |
| Profit before tax | 276 | 226 | 160 | 553 | 431 | 255 | 210 | 615 |
| Net profit | 203 | 200 | 100 | 437 | 328 | 190 | 155 | 478 |
| EPS (₹) | 5.55 | 5.60 | 3.07 | 12.33 | 9.17 | 5.40 | 4.48 | 13.00 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel | 1,826 | 28.3 |
| Ferro Alloys | 1,656 | 25.7 |
| Power | 2,940 | 45.6 |
| Unallocated | 20 | 0.3 |
| Total, before eliminations | 6,443 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD ◆ | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 14.2 | 6 of 11 | 50% |
| P/B | 2.1 | 2.0 | 8 of 11 | 30% |
| ROCE | 13.9 | 8.1 | 5 of 11 | 60% |
| ROE | 14.8 | 10.5 | 5 of 11 | 60% |
| Debt / Equity | 0.3 | 0.4 | 4 of 11 | 70% |
| EBITDA margin | 47.4 | 15.1 | 1 of 11 | 100% |
| Revenue growth | (1.5) | 9.8 | 10 of 11 | 10% |
| Profit growth | 9.5 | 18.8 | 7 of 11 | 40% |
| Market cap | 16029 | 16029 | 6 of 11 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Company announces schedule of a meeting | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Sarda Energy to set up step-down subsidiary in Dubai for Middle East expansion | strategic transactions | medium | — | — |
| 13 Oct 2026 · Trading Window Closure Extended Until 2 November 2026 | compliance | minimal | — | — |
| 13 Oct 2026 · Board Meeting on Oct 31 2026 to consider Q2 FY27 results | results | low | — | — |
| 10 Oct 2026 · Subsidiary declared preferred bidder for manganese ore block | business updates | high | — | — |
| 9 Oct 2026 · Routine dematerialization certificate filing for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · AGM minutes filed: Rs 2 dividend, Rs 1000 crore NCD borrowing approved | compliance | minimal | — | — |
| 7 Oct 2026 · Credit rating upgraded for subsidiary Sarda Metals & Alloys | credit debt | high | — | — |
| 7 Oct 2026 · Long-term credit rating upgraded to CRISIL AA with Stable outlook | credit debt | high | — | — |
| 28 Sept 2026 · Sarda Energy to hold investor meetings on 1 Oct 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.