Sarda Energy & Minerals (504614) Q4 25/26 earnings summary

Executive summary

• Achieved record operational and financial performance in FY 2026, with energy segment as the primary earnings driver and successful integration of SKS Power operations.

• Diversified, integrated business model now spans energy, mining, and metals, reducing cyclicality and enhancing earnings visibility.

• Major capacity expansions in energy and mining underway, including plans to double thermal power capacity and quadruple mining capacity by FY 2030.

• Board recommended a record 200% dividend (₹2 per share), subject to shareholder approval.

• Audited standalone and consolidated financial results for FY 2026 were approved with unmodified opinions from statutory auditors.

Financial highlights

• FY 2026 consolidated revenue rose 23% YoY to ₹5,928 crore; EBITDA up 44% YoY to ₹2,025 crore; PAT up 58% YoY to ₹1,109 crore.

• Q4 FY 2026 revenue at ₹1,058 crore, EBITDA at ₹352 crore, and PAT at ₹155 crore, up 53% YoY.

• Cash profit reached ₹1,818 crore, up 52% YoY; highest-ever annual dividend payout of 200% in FY 2026.

• Net debt reduced by over 85% YoY to ₹215 crore as of March 2026; liquidity robust at ₹2,380 crore.

• Earnings per share (consolidated, basic and diluted) for FY 2026 was ₹31.38, up from ₹19.86 year-over-year.

Outlook and guidance

• Plans to double thermal power capacity to 1,200 MW by FY 2030, pending environmental clearance.

• Targeting to double EBITDA by FY 2030 through disciplined and profitable capacity expansion.

• Pellet plant expansion to add 1.1 MnT capacity within 30 months, funded by internal accruals and debt.

• Annual CapEx (excluding major IPP expansion) guided at ₹500–700 crore for FY 2027–28.

• Top-line growth in FY 2027–28 to be driven by efficiency gains, new solar and TG set commissioning, and Sahapur coal mine operationalization.