SARDAEN Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,276 Cr
verified against source
Revenue YoY
-2.8%
reported change
EBITDA
₹395 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Sarda Energy & Minerals reported steady Q3 FY26 performance despite planned maintenance headwinds. Consolidated revenue of ₹1,360 crore declined ~2.8% YoY due to annual IP shutdown, CPP equipment replacement, and weaker commodity prices. However, EBITDA expanded significantly to ₹395 crore (up 7.3% YoY) with 580bps margin expansion to ~29%, driven by favorable energy segment performance. Net debt reduced sharply to below ₹500 crore from ~₹1,500 crore in March 2025, with net debt/EBITDA below 1x. Hydropower generation surged 28% YoY to 621MU supported by Rahar project commissioning. Management guided Q4 will be better than Q3 with improving steel prices (+10-15%) and power tariff recovery above ₹5/unit. Capex guidance maintained at ₹550-600 crore for FY26 with similar trajectory for FY27. Risks include Supreme Court order pending on SKS acquisition litigation and cyclical commodity price volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly stated Q4 will be better than Q3 levels, citing seasonal improvement in power pricing and sustained steel price recovery momentum.
- Already spent over ₹400 crore in 9 months. Guidance of ₹500-600 crore for full year should be comfortably achieved, with similar expenditure for FY27 excluding inorganic opportunities.
- Approval for capacity increase from 1.68 million tons to 1.88 million tons is at final stage and expected shortly within current financial year.
- Commissioning of 50MW captive solar power project expected in Q1 FY27 with work progressing on schedule.
Risks flagged
- Appeals filed by unsuccessful resolution applicants have been heard by Supreme Court and matter has been reserved for order. Outcome remains pending and could impact expansion timeline.
- Steel prices touched multi-year lows earlier in calendar year 2025 before recovering. Exchange power prices moderated to ₹3.33/unit vs ₹3.79/unit YoY. Ferrous alloy realization differentials between domestic and export markets create pricing uncertainty.
- While MOU signed with state government (expected in 1-2 months), environmental clearances and approvals will take another 2-3 years. Analysts questioned the 3-4 year timeline for capacity doubling.
- Approval processes for multiple coal mines are ongoing. Forest clearance for 3MT expansion requires minimum 2 years after fresh environmental clearances.
Key quotes
- Our integrated model helped absorb the impact while maintaining stability across businesses.
- Steel prices which had touched multi-year lows earlier in the year recovered sharply towards the end of December and have strengthened by around 10 to 15% reflecting improving sentiment and tighter domestic supply conditions.
- We are open for the opportunities and whenever these mine blocks come we do study them as well. So if any opportunity comes knocking regarding these [nuclear, critical minerals, battery storage] we'll have a positive outlook.
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