Sarda Energy & Minerals Ltd logo

Sarda Energy & Minerals Ltd

SARDAEN NSE

Key Fundamentals

SmallcapIron & SteelMetals & Mining
Market Cap
₹17,638 Cr
Volatility
Moderate
P/E Ratio
15.53
EBITDA
₹1,741 Cr
Return on Equity
10.66%
Debt to Equity
0.36
Book Value
₹209.15
EPS
₹15.69
52W High
₹639.75
52W Low
₹453.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 24.0% CAGR over last 5 years

Weaknesses

1
  • Working capital days have increased from 93.9 days to 165 days

Growth Rate

Revenue Growth
17.20% ↘
Net Income Growth
110.13% ↘
Cash Flow Change
19.29% ↗
ROE
-16.26% ↘
ROCE
-17.91% ↘
EBITDA Margin (Avg.)
0.92% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk medium

Sarda Energy & Minerals Ltd is a vertically integrated metals, mining, and energy company with a market cap of ~₹17,890 crore, trading at a P/E of 15.6x. FY26 consolidated revenue grew 23% YoY to ₹5,928 crore with EBITDA up 44% to ₹2,025 crore and PAT up 58% to ₹1,109 crore. The company is net debt-free and has outlined a ₹10,000 crore capex plan to double energy capacity and quadruple mining operations by FY30, though working capital days have nearly doubled and the stock has declined 8% over the past year.

Bull Case 8
  • FY26 PAT grew 58% YoY to ₹1,109 crore, with a 5-year profit CAGR of 24%, demonstrating consistent earnings momentum
  • FY26 EBITDA surged 44% YoY to ₹2,025 crore with EBITDA margin expanding to ~34%, and Q1 FY27 margin further improved to 44.4%
  • Company is net debt-free with a debt-to-equity ratio of just 0.35x, providing significant balance sheet headroom for expansion
  • Ambitious ₹10,000 crore capex plan targets doubling thermal power capacity from 762 MW to 1,362 MW and scaling renewables from 168 MW to 400 MW by FY30
  • Coal mining capacity planned to quadruple from 1.8 MTPA to 7.1 MTPA, significantly improving raw material self-sufficiency and cost structure
  • Revenue has compounded at 21% CAGR over 5 years and 14% over 10 years, indicating sustained top-line growth across cycles
  • Stock has delivered a 10-year CAGR of 43% and 5-year CAGR of 45%, reflecting long-term value creation
  • P/E of 15.6x is relatively modest for a company delivering 20%+ profit growth, with consistent ROE of 15-17% over 3-5-10 year periods
Bear Case 7
  • Working capital days have nearly doubled from 93.9 days to 165 days, indicating deteriorating cash conversion efficiency
  • Stock has declined 8% over the past 1 year despite strong earnings growth, suggesting market concerns about sustainability or valuation re-rating risk
  • TTM sales growth has decelerated to just 6% versus 11% 3-year CAGR and 21% 5-year CAGR, raising questions about near-term revenue momentum
  • ₹10,000 crore capex plan represents over 55% of current market cap, carrying significant execution risk across multiple segments simultaneously
  • Metals and mining sector is inherently cyclical — steel and ferro alloy prices are subject to global demand fluctuations and Chinese overcapacity
  • Dividend yield of just 0.39% suggests limited near-term cash return to shareholders despite net debt-free status
  • Vertical integration across energy, mining, and metals creates operational complexity that may strain management bandwidth during a large-scale expansion phase

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 3
  • Q1FY27 profit up, margins expand Aug 3

    Consolidated net profit rose to ₹458-478 crore YoY (from ₹434 crore in Q1FY26) with EBITDA margin expanding to 40.67% from 36.54%. Power segment contributed ₹502.75 crore in profit.

  • ₹300 cr green capex approved Jul 25

    Subsidiary Sarda Metals & Alloys approved ₹300 crore capital expenditure for a waste heat recovery plant and mineral wool expansion at Vizianagaram.

  • Subsidiary upgraded to 4-Star Export House Aug 7

    Sarda Metals & Alloys received Four Star Export House status from DGFT, valid until June 30, 2031, recognizing strong export performance.

Neutral 2
  • Q1 revenue flat YoY Aug 3

    Revenue stood at ₹1,610 crore vs ₹1,633 crore in Q1FY26, a marginal 1.4% decline despite profit growth. One-time benefit from Sikkim Hydropower Plant cost approval aided results.

  • Q1 FY27 earnings call held Jul 29

    Management held Q1 FY27 earnings conference call on August 3, 2026 at 4:00 PM IST with MD and CFO participating.

TL;DR: Sarda Energy delivered a strong Q1FY27 with meaningful margin expansion to 40.67% and profit growth despite flat revenue, supported partly by a one-time hydropower cost approval. The ₹300 crore green capex and export house upgrade signal continued investment in capacity and trade positioning. No material headwinds are visible, though revenue stagnation and reliance on one-time items bear monitoring. The trend is positive with operational momentum and capex pointing to sustained growth.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,052
1,001
925
889
926
1,159
1,319
1,239
1,633
1,528
1,276
1,254
1,608
Expenses
837
759
737
737
666
821
950
968
1,016
1,016
965
906
955
Operating Profit
215
242
188
152
261
337
369
271
617
512
311
348
653
OPM %
20%
24%
20%
17%
28%
29%
28%
22%
38%
34%
24%
28%
41%
Other Income
83
24
32
42
75
51
0
46
80
68
95
5
108
Interest
35
35
31
28
36
50
64
70
62
64
64
54
58
Depreciation
45
46
46
46
45
62
78
87
81
85
86
88
89
PBT
218
186
143
121
255
276
226
160
553
431
255
210
615
Tax %
20%
19%
25%
37%
24%
26%
17%
41%
24%
27%
28%
33%
25%
Net Profit
172
149
114
88
198
203
200
100
437
328
190
155
478
EPS in Rs
4.85
3.99
3.32
2.68
5.64
5.55
5.6
3.07
12.33
9.17
5.4
4.48
13
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,760
1,480
1,434
2,174
2,324
2,000
2,199
3,914
4,212
3,868
4,643
5,690
5,665
Expenses
1,383
1,289
1,217
1,772
1,842
1,644
1,679
2,559
3,152
3,070
3,406
3,903
3,842
Operating Profit
377
191
217
402
482
356
520
1,355
1,060
798
1,237
1,787
1,824
OPM %
21%
13%
15%
18%
21%
18%
24%
35%
25%
21%
27%
31%
32%
Other Income
-77
35
96
63
17
-17
130
43
49
181
172
247
276
Interest
120
112
94
97
99
82
79
147
124
128
220
244
240
Depreciation
93
75
69
73
76
78
75
143
178
183
271
341
348
PBT
87
39
150
294
324
179
495
1,108
807
667
918
1,449
1,511
Tax %
35%
68%
15%
30%
36%
24%
23%
27%
25%
24%
26%
27%
—
Net Profit
56
13
127
205
207
128
376
807
604
524
702
1,109
1,151
EPS in Rs
1.53
0.35
3.66
5.62
5.64
3.5
10.4
22.31
17.09
14.84
19.86
31.38
32.05
Div. Payout %
20%
143%
11%
9%
9%
14%
7%
3%
9%
7%
8%
6%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
36
36
36
36
36
36
36
36
35
35
35
35
Reserves
1,174
1,187
1,322
1,540
1,707
1,834
2,182
2,968
3,375
3,853
6,251
7,335
Borrowings
1,482
1,221
1,363
1,386
1,395
1,694
1,714
1,581
1,407
1,366
2,861
2,632
Other Liabilities
352
382
395
451
543
538
587
714
664
747
977
1,369
Total Liabilities
3,044
2,827
3,115
3,413
3,682
4,102
4,518
5,298
5,481
6,002
10,125
11,371
Fixed Assets
1,333
1,226
1,183
1,358
1,349
1,323
1,287
2,853
2,907
2,853
5,845
6,109
CWIP
441
594
799
783
1,063
1,374
1,616
133
132
251
621
463
Investments
279
205
226
241
213
191
266
500
422
659
792
1,645
Other Assets
991
803
907
1,030
1,057
1,214
1,349
1,812
2,020
2,239
2,867
3,154
Total Assets
3,044
2,827
3,115
3,413
3,682
4,102
4,518
5,298
5,481
6,002
10,125
11,371
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-36
469
177
300
480
336
188
917
701
742
886
1,735
Investing
330
-148
-241
-156
-399
-415
-186
-466
-431
-423
-2,132
-1,166
Financing
-385
-383
63
-86
-106
199
-70
-331
-479
-223
1,200
-519
Net Cash Flow
-91
-61
-1
58
-24
120
-68
120
-208
96
-46
50
Free Cash Flow
-50
309
-63
49
155
-16
-115
644
485
477
396
1,400
CFO/OP
-2
254
89
90
123
112
52
87
88
112
74
98
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
20
31
27
22
15
23
23
16
16
10
17
18
Inventory Days
177
84
133
102
107
141
157
107
106
80
115
99
Days Payable
29
42
59
39
46
72
67
46
24
26
28
22
Cash Conversion Cycle
168
72
101
85
76
92
113
77
98
64
105
96
Working Capital Days
7
117
154
99
96
120
97
53
67
49
68
165
ROCE %
12%
6%
8%
14%
13%
8%
15%
29%
19%
15%
15%
17%

Shareholding Pattern

As of Jun 2026
Promoters 73.16%
Public 15.68%
Others 4.17%
FIIs 3.52%
DIIs 3.47%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
72.50%
72.50%
72.50%
72.50%
72.50%
71.01%
72.64%
72.64%
72.64%
72.64%
72.64%
72.64%
72.64%
72.64%
73.16%
73.16%
73.16%
73.16%
73.16%
73.16%
73.16%
73.16%
FIIs
0.00%
0.42%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.69%
2.81%
2.69%
2.50%
2.28%
2.66%
3.47%
3.83%
4.13%
3.54%
3.51%
3.52%
DIIs
0.65%
0.89%
0.73%
0.00%
0.00%
0.00%
2.82%
3.45%
3.76%
3.76%
3.92%
3.85%
3.61%
3.75%
4.27%
4.35%
3.78%
3.81%
2.88%
2.92%
3.32%
3.47%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.96%
17.08%
16.43%
16.56%
16.25%
15.93%
16.02%
15.76%
15.52%
15.65%
15.69%
15.82%
16.48%
16.75%
16.03%
15.62%
15.50%
15.24%
15.66%
16.01%
15.65%
15.68%
Others
9.90%
9.11%
10.35%
10.95%
11.26%
13.06%
8.51%
8.15%
8.08%
7.96%
5.05%
4.88%
4.57%
4.36%
4.26%
4.20%
4.10%
3.96%
4.17%
4.37%
4.37%
4.17%
No. of Shareholders
18,973
24,939
25,959
24,941
25,400
28,796
27,897
26,581
26,242
26,633
38,807
42,082
53,543
53,957
71,216
76,037
85,188
85,676
95,666
95,338
90,809
91,188

Documents

1
Concall - Oct 2017 Oct 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - Feb 2018 Feb 2018
4
Concall - Jun 2018 Jun 2018
5
Concall - Nov 2018 Nov 2018

Frequently Asked Questions about Sarda Energy & Minerals Ltd

What does Sarda Energy & Minerals Ltd do?
Incorporated in 1973, Sarda Energy & Minerals Limited (SEML) is the flagship company of Sarda Group and is engaged in the production of steel, ferro alloys and power. [1]
Where is Sarda Energy & Minerals Ltd (SARDAEN) listed?
Sarda Energy & Minerals Ltd is listed on the Indian stock exchanges. It is listed on NSE: SARDAEN and BSE: 504614. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Sarda Energy & Minerals Ltd belong to?
Sarda Energy & Minerals Ltd operates in the Commodities sector within the Ferrous Metals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Sarda Energy & Minerals Ltd?
Sarda Energy & Minerals Ltd has a market capitalisation of approximately ₹17638.44 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Sarda Energy & Minerals Ltd?
The Price-to-Earnings (PE) ratio of Sarda Energy & Minerals Ltd is 15.53. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Sarda Energy & Minerals Ltd?
Over the past 52 weeks, Sarda Energy & Minerals Ltd has traded between a low of ₹453.1 and a high of ₹639.75. This range helps investors understand the stock's price volatility and recent trading levels.
Does Sarda Energy & Minerals Ltd pay dividends?
Yes, Sarda Energy & Minerals Ltd has a dividend yield of 0.40%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Sarda Energy & Minerals Ltd?
Sarda Energy & Minerals Ltd has a Return on Equity (ROE) of 10.66%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Sarda Energy & Minerals Ltd on Tapetide?
On Tapetide, you can view Sarda Energy & Minerals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1973, Sarda Energy & Minerals Limited (SEML) is the flagship company of Sarda Group and is engaged in the production of steel, ferro alloys and power. [1]

Website seml.co.in
CEO Mr. Kamal Kishore Sarda B.E. (Mech)
Employees 1,905
Listed 2009-12-03
Face Value ₹ 1
Issued Size 35,23,81,270

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