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Sarda Energy & Minerals (504614) investor relations material
Sarda Energy & Minerals Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered robust operating performance for the nine months ended December 2025, with steady execution across energy, minerals, and metals platforms despite planned shutdowns and subdued prices in Q3.
Energy segment now contributes over two-thirds of EBITDA, driven by SKS Power (IPP Binjkot) operating at 81% PLF and new PPAs signed, enhancing medium-term revenue visibility.
Vertically integrated operations have improved cost efficiency and fuel security, with ongoing capex in renewables and mining projects.
Unaudited standalone and consolidated financial results for Q3 and nine months ended 31 December 2025 were approved, showing strong revenue and profit growth year-over-year.
Board re-appointed APAS & Co. LLP as Internal Auditors for FY 2026-27.
Financial highlights
Q3 FY26 consolidated revenue was INR 1,276 crore, impacted by plant shutdowns and weaker price realizations; nine-month consolidated revenue grew 30% YoY to INR 4,437 crore.
Q3 EBITDA rose to INR 395 crore, with EBITDA margin at 29.1% in Q3 and 30.9% for nine months; nine-month EBITDA up 53% YoY to INR 1,672 crore.
Q3 consolidated PAT was INR 190 crore; nine-month PAT increased 59% YoY to INR 954 crore.
Standalone revenue for Q3 FY26 was INR 918 crore, with net profit at INR 163 crore; nine-month standalone net profit was INR 789 crore.
Net debt as of December 2025 was below INR 500 crore, down from INR 1,500 crore in March 2025; strong liquidity (~INR 2,300 crore) and low leverage.
Outlook and guidance
Q4 is expected to be better than Q3, with improved power tariffs and higher steel price realizations.
FY26 EBITDA target of INR 2,000 crore is on track; FY27 is expected to be higher, though no formal guidance is given due to industry cyclicality.
Ongoing capex in renewable energy and mining, including a 50 MW captive solar project and hydro expansions, is expected to further strengthen the energy mix and earnings visibility.
Results for the nine-month period are not comparable with previous periods due to the acquisition and amalgamation of SKS Power Generation.
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