Arthneeti

Sarda Energy & Minerals Q2 FY27 Share Price & Earnings Call Analysis

₹440.85-3.74% today
Market cap
₹15,530 Cr
P/E
13.83
ROE
15.08%
PEG
0.70
Price to sales
2.74
Debt to equity
0.36
52W high / low
₹613 / ₹441
Sales growth (5Y)
20.95%
EBITDA margin
32.19%
Net profit margin
18.15%
Promoter holding
73.16%
Sales (last year)
₹5,665 Cr

Incorporated in 1973, Sarda Energy & Minerals Limited (SEML) is the flagship company of Sarda Group and is engaged in the production of steel, ferro alloys and power. [1]

Guidance scorecard · Q2 FY27 call

What Sarda Energy & Minerals Ltd's management guided
and where it ranks in Ferrous Metals

Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

20–40%

Ask what Sarda Energy & Minerals Ltd said on revenue →

Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Sarda Energy & Minerals Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Board has approved the expansion of iron ore pellet plant capacity at Raipur from 9 lakh tons to 20 lakh tons with an estimated capital outlay of ~INR500 crores, expected to complete in 2.5 years.
  • FY27-FY28 capex for expansion projects estimated in the range of INR500-700 crores, excluding SKS power project.
  • SKS power expansion to 1,200 MW by FY30 with environment clearance applied; brownfield expansion leveraging existing infrastructure.
  • Replacement of 30-megawatt captive power plant unit nearing completion, to come into operation by end of current quarter (June 2026).
  • Mineral wool project operational, adding value by utilizing industrial waste.
  • Hydropower projects under various stages including 66 MW Khuitam project and three small hydro projects (total 74 MW); expect 3-4 years for completion.
  • Expansion of 600 MW thermal power capacity underway with staged PPA and commissioning planned over coming years.

2 more points from Sarda Energy & Minerals Ltd's call on capex

Create a free account to keep reading this call

Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Sarda Energy & Minerals Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

  • Approval and ongoing work on a 600 MW thermal power expansion, aiming to double capacity by FY2030.
  • Acquisition and development of a 66 MW hydropower project in Arunachal Pradesh, with most approvals secured.
  • Progress on three small hydropower projects (total 74 MW) in Chhattisgarh, in various stages of environmental clearances.
  • Commissioning of a 50 MW captive solar power plant expected by next quarter.
  • Ongoing 30 MW turbine generator replacement project to be completed by end of current quarter.

2 more points from Sarda Energy & Minerals Ltd's call on the order book

Create a free account to keep reading this call

Full Q4 FY26 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jindal Steel LtdGood growth
    2
  2. Strong growth
    1
  3. Jai Balaji Industries LtdGood growth
    3
See all potential multibaggersWhere does Sarda Energy & Minerals Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹59 Cr9.4
2Jindal Steel Ltd20–40%Flat₹1.08L Cr35.0
3Jai Balaji Industries Ltd20–40%Flat₹6,599 Cr45.1
420–40%Flat₹6,366 Cr12.1
510–20%Up 0–2%₹7,471 Cr19.1
610–20%Flat₹2.97L Cr24.7

Sign up free to see every company in the sector ranking and track Sarda Energy & Minerals Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Ferrous Metals ranking

Financials of Sarda Energy & Minerals Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Sarda Energy & Minerals Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +72.64%72.64%72.64%73.16%73.16%73.16%73.16%73.16%73.16%73.16%73.16%73.16%
FIIs +2.81%2.69%2.49%2.29%2.66%3.46%3.83%4.14%3.54%3.50%3.51%3.62%
DIIs +3.85%3.61%3.75%4.27%4.35%3.79%3.81%2.87%2.93%3.32%3.47%3.46%
Public +20.70%21.04%21.10%20.28%19.82%19.58%19.21%19.84%20.38%20.01%19.84%19.76%
No. of Shareholders42,08253,54353,95771,21676,03785,18885,67695,66695,33890,80991,18892,719

Financials of Sarda Energy & Minerals Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,0019258899261,1591,3191,2391,6331,5281,2761,2541,6081,453
Expenses +7597377376668219509681,0161,016965906955940
Operating Profit242188152261337369271617512311348653513
OPM %24%20%17%28%29%28%22%38%34%24%28%41%35%
Other Income +2432427551-046806895510852
Interest35312836506470626464545857
Depreciation46464645627887818586888992
Profit before tax186143121255276226160553431255210615415
Tax %19%25%37%24%26%17%41%24%27%28%33%25%27%
Net Profit +14911488198203200100437328190155478320
EPS in Rs3.993.322.685.645.555.603.0712.339.175.404.4813.008.68

Financials of Sarda Energy & Minerals Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,7601,4801,4342,1742,3242,0002,1993,9144,2123,8684,6435,6905,590
Expenses +1,3831,2891,2171,7721,8421,6441,6792,5593,1523,0703,4063,9033,766
Operating Profit3771912174024823565201,3551,0607981,2371,7871,824
OPM %21%13%15%18%21%18%24%35%25%21%27%31%33%
Other Income +-7735966317-171304349181172247260
Interest1201129497998279147124128220244233
Depreciation93756973767875143178183271341356
Profit before tax87391502943241794951,1088076679181,4491,495
Tax %35%68%15%30%36%24%23%27%25%24%26%27%
Net Profit +56131272052071283768076045247021,1091,144
EPS in Rs1.530.353.665.625.643.5010.4022.3117.0914.8419.8631.3831.56
Dividend Payout %20%143%11%9%9%14%7%3%9%7%8%6%

Financials of Sarda Energy & Minerals Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital36363636363636363535353535
Reserves1,1741,1871,3221,5401,7071,8342,1822,9683,3753,8536,2517,3358,036
Borrowings +1,4821,2211,3631,3861,3951,6941,7141,5811,4071,3662,8612,6322,456
Other Liabilities +3523823954515435385877146647479771,3691,647
Total Liabilities3,0442,8273,1153,4133,6824,1024,5185,2985,4816,00210,12511,37112,174
Fixed Assets +1,3331,2261,1831,3581,3491,3231,2872,8532,9072,8535,8456,1006,100
CWIP4415947997831,0631,3741,616133132251728472506
Investments2792052262412131912665004226597921,6452,006
Other Assets +9918039071,0301,0571,2141,3491,8122,0202,2392,7593,1543,562
Total Assets3,0442,8273,1153,4133,6824,1024,5185,2985,4816,00210,12511,37112,174

Financials of Sarda Energy & Minerals Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-364691773004803361889177017428861,735
Cash from Investing Activity +330-148-241-156-399-415-186-466-431-423-2,132-1,166
Cash from Financing Activity +-385-38363-86-106199-70-331-479-2231,200-519
Net Cash Flow-91-61-158-24120-68120-20896-4650
Free Cash Flow-50309-6349155-16-1156444854773961,400
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-2%254%89%90%123%112%52%87%88%112%74%98%

Financials of Sarda Energy & Minerals Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days203127221523231616101718
Inventory Days177841331021071411571071068011599
Days Payable294259394672674624262822
Cash Conversion Cycle1687210185769211377986410596
Working Capital Days71171549996120975367496868
ROCE %12%6%8%14%13%8%15%29%19%15%15%17%

Guidance history

How Sarda Energy & Minerals Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →20–40%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

14out of 100

Momentum score · price trend

14 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−17.7%41%
Last 6 months−25.5%13%
Last 3 months−14.7%33%

The price is 29.6% below its all-time high of ₹626.15 (15 Sept 2025). Stocks more than 20% below their peak have their score halved, so 28 became 14.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sarda Energy & Minerals Ltd: 0.4 × 41 + 0.4 × 13 + 0.2 × 33 = 28, halved to 14 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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

Others in Ferrous Metals this season

  • Steel Authority of India Ltd (Q2 FY27)

    Capex of around INR 1 lakh crores planned over 4 years to increase capacity from 20 to 35 million tons across 4 plants. Key concall takeaways from Steel…

  • Vedanta Iron & Steel Ltd (Q2 FY27)

    Q2 FY27 Revenue:** ₹2,788 crore, down 2% YoY (Page 8) . Key investor presentation takeaways from Vedanta Iron & Steel Ltd's Q2 FY27 investor presentation — and

  • JSW Steel Ltd (Q2 FY27)

    Q2 FY27 Revenue from Operations:** ₹54,486 crore (Page 5) . Key investor presentation takeaways from JSW Steel Ltd's Q2 FY27 investor presentation — and how it

  • Jindal Steel Ltd (Q2 FY27)

    Steel sales up 27% Year-on-Year in Q2FY27; record sales of INR 19,448 crores achieved in the quarter. Key concall takeaways from Jindal Steel Ltd's Q2 FY27…

Compare:vs JSW Steel Ltdvs Tata Steel Ltdvs Jindal Steel Ltd