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Sarda Energy & Minerals Q2 FY27 results: net profit down 2.2% to ₹320.49 crore, revenue down 4.9%
Sarda Energy & Minerals Limited reported consolidated revenue of ₹1,453 crore in Q2 FY27, down 4.9% from Q2 FY26 and 9.7% from Q1 FY27. EBITDA was ₹512.56 crore, with a margin of 35.3%, while net profit was ₹320.49 crore and basic EPS was ₹8.68; on a standalone basis, revenue was ₹1,057.42 crore and profit was ₹175.49 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹1,453 crore, down 4.9% from Q2 FY26 and 9.7% from Q1 FY27.
- EBITDA was ₹512.56 crore, up 0.1% from Q2 FY26 but down 21.6% from Q1 FY27; margin was 35.3%.
- Net profit was ₹320.49 crore, down 2.2% from Q2 FY26 and 33.0% from Q1 FY27, while basic EPS was ₹8.68.
- In H1 FY27, revenue was ₹3,060.88 crore, down 3.2%, while PBT was ₹1,029.67 crore, up 4.6%, and PAT was ₹798.62 crore, up 4.5%.
How did Sarda Energy & Minerals perform in Q2 FY27?
Sarda Energy & Minerals reported consolidated revenue of ₹1,453 crore in Q2 FY27, down 4.9% from ₹1,528 crore in Q2 FY26 and 9.7% from ₹1,608 crore in Q1 FY27. EBITDA was ₹512.56 crore, up 0.1% from ₹511.85 crore a year earlier but down 21.6% from ₹653.43 crore in the previous quarter. The EBITDA margin was 35.3%, compared with 33.5% in Q2 FY26 and 40.6% in Q1 FY27.
Profit before tax was ₹414.96 crore, down 3.7% from ₹430.86 crore in Q2 FY26 and 32.5% from ₹614.71 crore in Q1 FY27. Net profit was ₹320.49 crore, down 2.2% from ₹327.77 crore and 33.0% from ₹478.13 crore, respectively. Basic EPS was ₹8.68, down from ₹9.17 in Q2 FY26 and ₹13.00 in Q1 FY27. On a standalone basis, revenue was ₹1,057.42 crore and PAT was ₹175.49 crore, against ₹239.68 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,453 | 1,608 | 1,528 | −4.9% | −9.7% |
| Other income | 51.73 | 108.49 | 68.31 | −24.3% | −52.3% |
| Total expenses | 1,090 | 1,102 | 1,165 | −6.5% | −1.1% |
| EBITDA | 512.56 | 653.43 | 511.85 | +0.1% | −21.6% |
| EBITDA margin | 35.3% | 40.6% | 33.5% | +1.8 pp | −5.3 pp |
| Profit before tax | 414.96 | 614.71 | 430.86 | −3.7% | −32.5% |
| Tax | 111.13 | 151.90 | 115.62 | −3.9% | −26.8% |
| Net profit | 320.49 | 478.13 | 327.77 | −2.2% | −33.0% |
| EPS (₹) | 8.68 | 13.00 | 9.17 | −5.3% | −33.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sarda Energy & Minerals' costs and profit?
Total expenses were ₹1,090 crore in Q2 FY27, down ₹75.62 crore or 6.5% from ₹1,165 crore in Q2 FY26. Cost of materials fell ₹46.64 crore or 6.6% to ₹658.48 crore, and finance costs declined ₹7.01 crore or 10.9% to ₹57.09 crore. Employee cost increased ₹6.20 crore or 12.2% to ₹57.19 crore, depreciation rose ₹7.04 crore or 8.3% to ₹92.24 crore, and other expenses increased ₹9.46 crore or 4.6% to ₹216.65 crore.
Other income fell ₹16.58 crore or 24.3% to ₹51.73 crore from ₹68.31 crore in Q2 FY26, while tax expense was lower by ₹4.49 crore or 3.9% at ₹111.13 crore. There was no exceptional item. Against Q1 FY27, other income fell ₹56.76 crore and total expenses declined ₹12.21 crore; no exceptional item was reported.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 658.48 | 705.12 | −46.64 | −6.6% |
| Employee cost | 57.19 | 50.99 | +6.20 | +12.2% |
| Finance costs | 57.09 | 64.10 | −7.01 | −10.9% |
| Depreciation | 92.24 | 85.20 | +7.04 | +8.3% |
| Other expenses | 216.65 | 207.19 | +9.46 | +4.6% |
| Total expenses | 1,090 | 1,165 | −75.62 | −6.5% |
| Other income | 51.73 | 68.31 | −16.58 | −24.3% |
| Tax | 111.13 | 115.62 | −4.49 | −3.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹3,060.88 crore, down ₹100.01 crore or 3.2% from ₹3,160.89 crore in H1 FY26. Total income was ₹3,221.1 crore, down ₹87.67 crore or 2.6% from ₹3,308.77 crore. PBT rose ₹45.63 crore or 4.6% to ₹1,029.67 crore from ₹984.04 crore.
PAT for the first half was ₹798.62 crore, up ₹34.2 crore or 4.5% from ₹764.42 crore, and basic EPS increased to 21.68 from 21.50. The filing was approved by the board on 31 October 2026 and covered both standalone and consolidated results for the quarter and half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,061 | 3,161 | −3.2% |
| Profit before tax | 1,030 | 984.04 | +4.6% |
| Net profit | 798.62 | 764.42 | +4.5% |
| EPS (₹) | 21.68 | 21.50 | +0.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹12,173.9 crore, compared with ₹11,370.7 crore at 31 March 2026, while total equity was ₹8,212.46 crore against ₹7,476.29 crore. Borrowings fell to ₹2,417.53 crore from ₹2,595.15 crore, and cash declined to ₹68.46 crore from ₹107.58 crore. Inventories were ₹802.95 crore, trade receivables ₹431.82 crore, and trade payables ₹203.29 crore.
H1 FY27 operating cash flow was ₹980.85 crore, compared with ₹1,272.6 crore in H1 FY26. Investing cash flow was negative ₹663.2 crore against negative ₹935.15 crore, financing cash flow was negative ₹356.78 crore against negative ₹356.54 crore, and capital expenditure was ₹204.07 crore against ₹237.38 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 12,174 | 11,371 |
| Total equity | 8,212 | 7,476 |
| Borrowings | 2,418 | 2,595 |
| Cash and equivalents | 68.46 | 107.58 |
| Inventories | 802.95 | 794.18 |
| Trade receivables | 431.82 | 276.16 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 980.85 | 1,273 |
| Cash from investing | −663.20 | −935.15 |
| Cash from financing | −356.78 | −356.54 |
| Capital expenditure | 204.07 | 237.38 |
Source: Company's results filing (XBRL).
How has Sarda Energy & Minerals done over the last 8 quarters?
Revenue reached its highest point in the reported series at ₹1,633.11 crore in Q1 FY26 and its lowest at ₹1,238.84 crore in Q4 FY25. It recovered to ₹1,608.04 crore in Q1 FY27 before falling to ₹1,452.84 crore in Q2 FY27, so the latest direction was lower.
Net profit peaked at ₹436.66 crore in Q1 FY26 and bottomed at ₹100.38 crore in Q4 FY25. It rose to ₹478.13 crore in Q1 FY27, the highest point in the series, before easing to ₹320.49 crore in Q2 FY27. The EBITDA margin peaked at 40.6% in Q1 FY27, compared with a low of 21.8% in Q4 FY25, and eased to 35.3% in the latest quarter.
Which businesses drove the quarter?
Steel recorded revenue of ₹397.9 crore, down 11.1% from the year-ago quarter, and EBIT of ₹47.79 crore, compared with ₹74.14 crore. Its EBIT margin was 12.0%. Ferro Alloys reported revenue of ₹393.57 crore, down 0.6%, and EBIT of ₹66.09 crore, compared with ₹68.64 crore, with an EBIT margin of 16.8%.
Power reported revenue of ₹800.61 crore, down 10.3% from ₹892.36 crore in Q2 FY26, while EBIT rose to ₹386.31 crore from ₹331.24 crore. Its EBIT margin was 48.3%. Unallocated revenue was ₹3.66 crore, up 3.4%, with EBIT of ₹0.0 crore and an EBIT margin of 0.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Steel | 397.90 | −11.1% | 47.79 | 12.0% |
| Ferro Alloys | 393.57 | −0.6% | 66.09 | 16.8% |
| Power | 800.61 | −10.3% | 386.31 | 48.3% |
| Unallocated | 3.66 | +3.4% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
How did Sarda Energy & Minerals shares react?
The filing was released after market hours. From the price when the filing appeared, the stock rose 1.4% after 5 minutes, 0.6% after 15 minutes, and 1.0% after 30 minutes. On the reaction day, it closed 1.6% below the previous close; by the next day's close, it was down 1.8% from that pre-results close.
The Iron & Steel industry median rose 3.1% on the reaction day and 2.2% by the next day's close. Sarda therefore underperformed the industry median by 4.7 percentage points on the reaction day and 4.0 percentage points by the next day's close. Earlier results-day moves included 20.3% on 2 August 2025, declines of 5.0% on 24 May 2025 and 23 May 2026, and 0.9% on 10 November 2025.
| After the filing | Stock | Iron & Steel median |
|---|---|---|
| 5 minutes | +1.4% | |
| 15 minutes | +0.6% | |
| 30 minutes | +1.0% | |
| Reaction day | −1.6% | +3.1% |
| Next day | −1.8% | +2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 1 August 2026 | −0.4% |
| 23 May 2026 | −5.0% |
| 7 February 2026 | −2.9% |
| 10 November 2025 | +0.9% |
| 2 August 2025 | +20.3% |
| 24 May 2025 | −5.0% |
| 8 February 2025 | −2.2% |
| 14 November 2024 | −2.0% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel companies do?
Five other Iron & Steel companies that had filed for the quarter were compared with Sarda Energy & Minerals. Their median revenue growth was 20.7%, and all five reported higher profit. All five grew revenue faster than Sarda, while none grew more slowly than the company, whose revenue declined 4.9% from the year-ago quarter. The peer comparison was as of 4 November 2026.
| Sarda Energy & Minerals revenue growth (YoY) | −4.9% |
|---|---|
| Median of 5 other Iron & Steel companies | +20.7% |
| Companies with slower revenue growth than Sarda Energy & Minerals | 0 of 5 |
| Companies with faster revenue growth than Sarda Energy & Minerals | 5 of 5 |
| Companies whose net profit rose | 5 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sarda Energy & Minerals' revenue in Q2 FY27?
Revenue from operations was ₹1,453 crore, down 4.9% from ₹1,528 crore in Q2 FY26 (consolidated).
Did Sarda Energy & Minerals make a profit in Q2 FY27?
Yes. Net profit was ₹320.49 crore, against a net profit of ₹327.77 crore in Q2 FY26.
What was Sarda Energy & Minerals' EPS in Q2 FY27?
Basic earnings per share were ₹8.68, against ₹9.17 in Q2 FY26.
How did Sarda Energy & Minerals shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.6% from the previous close; the median Iron & Steel stock moved +3.1%.
When did Sarda Energy & Minerals announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for 2Nd Quarter Results 2026-27. (BSE, 13 October 2026) · PDF
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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