Sales Volume (9M FY26)
20,402 MT
+15% YoY
Volume grew from 17,709 MT in 9M FY25, driven by higher capacity utilization.
SHERAENERGY
Energy
10 Feb 2026
Shera Energy Limited — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Capacity Utilization (9M FY26)
79.58%
+593 bps YoY
Improved from 73.65% in FY25 full year, indicating better asset utilization.
Zambia Copper Cathode Capacity (Phase 1)
1,200 MTPA
New
First phase targeting 1,200 MT annual capacity; trial production of 8.6 MT completed.
EPS (9M FY26)
₹8.01
+49% YoY
EPS grew from ₹5.36 in 9M FY25, reflecting strong profit growth.
Management Guidance
FY27 revenue growth of 40-60%
Management expects standalone revenue to grow 40-60% in FY27, driven by new capex in forward integration and Zambia operations.
Management guidance revenueZambia EBITDA margin >15%
Once commercial production stabilizes, the Zambia copper cathode facility is expected to deliver EBITDA margins above 15%.
Management guidance marginsRevenue doubling in 2 years
Management expects consolidated revenue to double within two years, implying a CAGR of ~41%.
Management guidance growthCapex of ₹300-500 Cr for Zambia expansion
Planned capital investment to scale Zambia capacity from 1,200 MTPA to 5,000 MTPA over the next few years.
Management guidance capexKey Risks
Zambia ramp-up delays
Trial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.
high · management_commentaryEquity dilution risk
Management plans to raise equity for the ₹300-500 Cr capex, which could dilute EPS for existing shareholders.
medium · analyst_questionRevenue stagnation in Q3 vs Q2
Consolidated revenue remained flat QoQ at ~₹390 Cr despite higher metal prices, indicating volume decline of ~3%.
medium · data_observationWorking capital intensity
Inventory holding of ~60 days and three-metal operations keep working capital high; management does not plan reduction.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Shera Energy's revenue in Q3 FY26?
Shera Energy reported revenue of ₹397 Cr in Q3 FY26, representing a +30% change compared to the same quarter last year.
What guidance did Shera Energy management give for FY27?
FY27 revenue growth of 40-60%: Management expects standalone revenue to grow 40-60% in FY27, driven by new capex in forward integration and Zambia operations. Zambia EBITDA margin >15%: Once commercial production stabilizes, the Zambia copper cathode facility is expected to deliver EBITDA margins above 15%. Revenue doubling in 2 years: Management expects consolidated revenue to double within two years, implying a CAGR of ~41%. Capex of ₹300-500 Cr for Zambia expansion: Planned capital investment to scale Zambia capacity from 1,200 MTPA to 5,000 MTPA over the next few years.
What are the key risks for Shera Energy in FY27?
Key risks include Zambia ramp-up delays — Trial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.; Equity dilution risk — Management plans to raise equity for the ₹300-500 Cr capex, which could dilute EPS for existing shareholders.; Revenue stagnation in Q3 vs Q2 — Consolidated revenue remained flat QoQ at ~₹390 Cr despite higher metal prices, indicating volume decline of ~3%.; Working capital intensity — Inventory holding of ~60 days and three-metal operations keep working capital high; management does not plan reduction..
Did Shera Energy meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Shera Energy Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.