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Sarda Energy

Q2 FY26

Sarda Energy Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹489

Market cap₹17.2K Cr

P/E15.3

Updated16 Oct 2026

Read4 min read

The short version

Commissioning of the solar power plant expected by end of current financial year will add to revenues. Confident of delivering record results for FY '26 despite steel sector challenges.

From Sarda Energy's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Commissioning of the solar power plant expected by end of current financial year will add to revenues.
Shahpur coal mine to commence operations next financial year, contributing additional sales volume.
Hydropower generation expected to show year-on-year growth, especially post extended monsoon.
Expansion of coal mine capacity from 1.68 million to 1.8 million tons this year; plans to increase up to 3 million tons in the first phase over 2-3 years.
Pipeline of three hydropower projects (total 75 MW) in approval stages and 50 MW captive solar plant under execution to boost capacity.
Expansion approval process underway for existing 600 MW IPP thermal power plant; capacity addition contingent on forestry and other clearances.

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Profitability & Margins

Confident of delivering record results for FY '26 despite steel sector challenges.
New projects adding to growth: Solar power plant to start by year-end; Shahpur coal mine production in next FY.
Expansion of existing coal mines and hydropower projects underway, with approvals and capex lined up for next 3 years.
Thermal power plant expansion in approval stage, expected 2 years for approvals + 3 years for setup; will benefit from lower cost infrastructure.
Strategy includes reinvesting surplus cash into diversified, future-ready projects enhancing growth visibility.
Coal mine expansions and new hydropower projects expected to enhance revenue and profitability over next 2-3 years.

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Capital Expenditure Plans

Plans for three more hydropower projects (25 MW each) already underway with capex ongoing.
A 50 MW solar power plant is under execution, expected to commission by the end of the current financial year.
Expansion of existing 600 MW IPP thermal power project is underway; approval process ongoing, with capex to start post-approvals (~2 years for approvals, 3 years for plant setup).
Coal mine capacity expansion from 1.68 million to 1.8 million tons, then to 3 million tons in the first phase over 2-3 years.
New coal mine (Shahpur) production to begin next financial year, supporting future coal requirements.

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Fundraising & Capital Structure

There is no explicit mention of any new fundraising through debt or equity in the call transcript.
The company currently has very low net gearing and negligible net debt-to-equity ratio, indicating strong financial health.
Net debt stood below INR 500 crores as on September 30, 2025, with robust liquidity of about INR 2,200 crores in cash and liquid investments.
The company highlighted that it hardly has any loans on the books and gearing is very low.
This strong balance sheet provides sufficient capability to pursue organic and inorganic growth opportunities without immediate need for external fundraising.

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Order Book & Pipeline

The company is in the process of deciding the configuration for the expansion of the existing 600 MW thermal power plant (options being 600 MW, 660 MW, or 800 MW).
Detailed Project Report (DPR) preparation and various studies are ongoing for finalizing capacity.
Approval processes, including forest and environmental clearances, are underway but not yet completed.
Once approvals are in place and configuration finalized, the plant setup is expected to take around 3 years.
The timing for placing major orders like Boiler, Turbine, Generator (BTG) depends on these approvals and final capacity decision.

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Sarda Energy — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.3K Cr, net profit ₹155 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Sarda Energy & Minerals Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Sarda Energy Q2 FY26 results?

Commissioning of the solar power plant expected by end of current financial year will add to revenues. Confident of delivering record results for FY '26 despite steel sector challenges.

What is Sarda Energy share price analysis?

Sarda Energy currently shows a neutral. The stock trades at a P/E of 15.3 with a market cap of ₹17,226 Cr. Investors should review the full earnings analysis for detailed insights.

Is Sarda Energy planning capital expenditure?

Plans for three more hydropower projects (25 MW each) already underway with capex ongoing.

Keep Sarda Energy on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.