Supreme Court Litigation on SKS Power Acquisition
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.
SARDAEN / Q3-FY26 / risks
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Sarda Energy & Minerals · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Cyclical Commodity Price Volatility
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.
SKS Power Doubling Timeline 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.
Coal Mine Expansion Timeline (GarPaima 4x5, Bertunga, Sinduri)
Approval processes for multiple coal mines are ongoing. Forest clearance for 3MT expansion requires minimum 2 years after fresh environmental clearances.