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Sarda Energy & Minerals (504614) investor relations material
Sarda Energy & Minerals Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record half-yearly production in iron ore pellets, captive power, hydro power, and Indonesian coal mine output, with energy segment contributing up to 72% of EBIT and driving growth.
Strategic expansion in thermal and hydro power, including commissioning of Rehar hydro project and acquisition of SKS Power (IPP Binjkot), boosting capacity and segment performance.
Strong liquidity position with over INR 2,200 crore in cash and liquid investments, and net debt/EBITDA ratio as low as 0.32x.
Ongoing vertical integration across minerals, energy, and metals to optimize costs and value addition.
Board approved unaudited results for Q2 and H1 FY2025-26, including full-period impact of SKS Power Generation acquisition.
Financial highlights
Consolidated revenue for H1 FY2025-26 reached ₹3,161 crore, up 52% year-on-year; Q2 FY26 revenue at ₹1,528 crore, up 32% year-on-year.
EBITDA for Q2 FY26 was ₹580 crore, up 48% year-on-year; H1 FY26 EBITDA at ₹1,277 crore, up 75% year-on-year, with margins improving to 36.3%.
Consolidated net profit after tax for H1 FY2025-26 was ₹764 crore, up 90% year-on-year; Q2 FY26 PAT at ₹328 crore, up 61% year-on-year.
Standalone revenue and PAT also saw strong year-on-year growth, with standalone PAT up 95% in Q2 FY26.
Liquidity robust with significant cash generation and net debt below INR 500 crore as of September 2025.
Outlook and guidance
Doubling of IPP Binjkot (SKS Power) generation capacity planned; 75 MW hydro and 50 MW solar projects under development.
Expecting 80% annual PLF for SKS power plant and cost savings from lower coal prices.
CapEx of INR 500–700 crore per year committed for next three years, focused on iron ore, coal mines, and hydro projects.
Energy division expected to be the major EBITDA contributor from FY26 onwards.
Hydropower business is seasonal, impacting quarter-on-quarter comparability.
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