Date: 31st October 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Income: ₹1,505 crore (down 5.7% from ₹1,596 crore)
  • EBITDA: ₹564 crore (down 2.7% from ₹580 crore)
  • Profit After Tax: ₹320 crore (down 2.2% from ₹328 crore)
  • Cash Profit: ₹512 crore (compared to ₹516 crore in Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Income: ₹3,221 crore (down 2.6% from ₹3,309 crore)
  • EBITDA: ₹1,326 crore (up 3.9% from ₹1,277 crore) - Highest Ever H1 EBITDA
  • Profit After Tax: ₹799 crore (up 4.5% from ₹764 crore)
  • Cash Profit: ₹1,225 crore (compared to ₹1,158 crore in H1 FY26)

Note: Cash Profit is calculated as Profit After Tax + Deferred tax + Depreciation

Operational Highlights

Performance Drivers and Challenges

  • Q2 performance was impacted by planned operational shutdowns:
  • 47-day shutdown of one 300 MW unit at the 600 MW Thermal Power Plant
  • Replacement of the 30 MW turbine at the steel plant, which resumed operation in August 2026
  • Despite these challenges, the company delivered resilient performance with H1 achieving record EBITDA

Segment Performance

  • Energy segment remained the key earnings contributor, accounting for more than 75% of EBITDA in H1 FY27
  • Pellet plant achieved record-high half-yearly production at 4,29,059 MT

Strategic Expansion

  • Mining portfolio expanded with foray into manganese ore mining
  • Subsidiary Sarda Metals and Alloys Limited successfully bid for the Avagudem Manganese Block in Andhra Pradesh
  • This strategic move aims to strengthen backward integration, enhance raw material security, and improve cost competitiveness

Management Commentary

Mr. Pankaj Sarda, Managing Director, commented:

  • "Despite the planned operational shutdowns at some of our facilities, we delivered a resilient performance during H1 FY27 achieving our highest-ever half-yearly EBITDA"
  • "This reflects the inherent strength of our underlying businesses, the stability of our earnings profile and the benefits of our integrated operating model"
  • "Our expansion plans across energy and mining remain on track, supported by a strong balance sheet and disciplined capital allocation"
  • "Going forward, we remain focused on timely execution, improving asset utilisation and unlocking greater operational synergies across our integrated businesses"

Company Background

Sarda Energy & Minerals Limited (SEML), incorporated in 1973, is an integrated energy and minerals company with interests spanning:

  • Power generation: thermal and hydro power plants with capacities totaling ~930 MW
  • Mining: iron ore and coal mines in Chhattisgarh
  • Manufacturing: facilities in Raipur and Vizag
  • The company is building a diversified "Energy-plus-Minerals Platform" through continued investments
  • Maintains a CRISIL AA/A1+/Stable credit rating