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Revenue
₹397 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹66 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Shera Energy delivered a strong 9M FY26 with consolidated revenue up 30% YoY to ₹1,182 Cr, EBITDA up 55% to ₹66 Cr, and PAT up 57% to ₹25 Cr. EBITDA margin expanded ~89 bps to 5.61% driven by better product mix and operating leverage. Volume growth of 12% YoY to 20,402 MT and higher metal prices supported top line. The key catalyst is the Zambia copper cathode facility, which commenced trial production (8.6 MT in Jan) and is expected to stabilize by Q1 FY27, targeting 15%+ EBITDA margins from that segment. Management guided for 40-60% revenue growth in FY27 backed by new forward integration capex (CTC conductors, solar cables) and backward integration. Risks include execution delays in Zambia ramp-up and potential equity dilution for the ₹300-500 Cr capex plan.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects standalone revenue to grow 40-60% in FY27, driven by new capex in forward integration and Zambia operations.
- Once commercial production stabilizes, the Zambia copper cathode facility is expected to deliver EBITDA margins above 15%.
- Management expects consolidated revenue to double within two years, implying a CAGR of ~41%.
- Planned capital investment to scale Zambia capacity from 1,200 MTPA to 5,000 MTPA over the next few years.
Risks flagged
- Trial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.
- Management plans to raise equity for the ₹300-500 Cr capex, which could dilute EPS for existing shareholders.
- Consolidated revenue remained flat QoQ at ~₹390 Cr despite higher metal prices, indicating volume decline of ~3%.
- Inventory holding of ~60 days and three-metal operations keep working capital high; management does not plan reduction.
Key quotes
- I expect a sizable growth in the company but I shall not be in position to comment you approximate figures.
- I am least interested in what my peer industries are doing. I am rather more interested what my machines are capable of.
- Our multiplication is going to be further multi into multiplication numbers. So very soon the top lines company I'm expecting to scale up to 2x within two years.
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