SARDAENSarda Energy & Minerals Ltd.
Sarda Energy & Minerals Q2 FY27 Results: Consolidated Net Profit ₹320 Crore on Total Income of ₹1,505 Crore
- Earnings
- steel, ferro alloys and power
Reviewed byKeshav SehgalBlacklitt Research
Sarda Energy & Minerals (NSE: SARDAEN) reported total income of ₹1,504.57 crore and net profit of ₹320.49 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 31 Oct 2026. Standalone total income was ₹1,092.59 crore and standalone net profit ₹175.49 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,504.57 crore, down 5.7% YoY and 12.3% QoQ
- Net profit: ₹320.49 crore, down 2.2% YoY and 33.0% QoQ; attributable to owners ₹305.89 crore
- EPS: ₹8.68 basic, not annualised, against ₹9.17 a year earlier
- Finance costs: ₹57.09 crore, down 10.9% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,092.59 crore, down 5.9% YoY and 11.4% QoQ
- Net profit: ₹175.49 crore, down 26.8% YoY and 44.9% QoQ
- EPS: ₹4.98 basic, not annualised, against ₹6.80 a year earlier
- Other income: ₹35.17 crore, down 48.6% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,504.57 | 1,596.09 | -5.7% | 1,716.53 | -12.3% | |
| Revenue from operations | 1,452.84 | 1,527.78 | -4.9% | 1,608.04 | -9.7% |
| Other income | 51.73 | 68.31 | -24.3% | 108.49 | -52.3% |
| 320.49 | 327.76 | -2.2% | 478.13 | -33.0% | |
| Profit before tax | 414.96 | 430.86 | -3.7% | 614.71 | -32.5% |
| Finance costs | 57.09 | 64.10 | -10.9% | 58.44 | -2.3% |
| Depreciation | 92.24 | 85.20 | +8.3% | 88.77 | +3.9% |
| Tax expense | 111.13 | 115.62 | -3.9% | 151.90 | -26.8% |
| Net profit margin | 21.30% | 20.54% | +0.77 pp | 27.85% | -6.55 pp |
| EPS, basic (₹) | 8.68 | 9.17 | -5.3% | 13.00 | -33.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell far less than standalone net profit in the year-on-year comparison: 2.2% against 26.8%. The gap between the two is wide. Consolidated net profit of ₹320.49 crore is ₹145.00 crore above the standalone figure of ₹175.49 crore, and the consolidated statement includes subsidiaries, associates and joint ventures that the standalone statement does not.
Revenue from operations fell 4.9% YoY, while other income fell 24.3%. Other income of ₹51.73 crore is 3.4% of total income this quarter, against 4.3% a year earlier. Finance costs of ₹57.09 crore are 3.8% of total income, down from ₹64.10 crore a year earlier. Depreciation rose 8.3% to ₹92.24 crore.
The tax expense of ₹111.13 crore is 26.8% of profit before tax of ₹414.96 crore, against 26.8% of ₹430.86 crore a year earlier. The share of profit of associates and joint ventures is ₹16.66 crore in the quarter. The statement notes that hydropower business is seasonal, so results are not comparable quarter on quarter, and the quarterly fall of 33.0% in net profit should be read with that note.
The auditors, Singhi & Co., issued an unmodified limited review conclusion.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,092.59 | 1,160.74 | -5.9% | 1,232.55 | -11.4% | |
| Revenue from operations | 1,057.42 | 1,092.25 | -3.2% | 1,162.54 | -9.0% |
| Other income | 35.17 | 68.49 | -48.6% | 70.01 | -49.8% |
| 175.49 | 239.68 | -26.8% | 318.57 | -44.9% | |
| Profit before tax | 229.18 | 314.95 | -27.2% | 424.10 | -46.0% |
| Finance costs | 31.20 | 34.10 | -8.5% | 32.54 | -4.1% |
| Depreciation | 58.19 | 51.82 | +12.3% | 55.27 | +5.3% |
| Tax expense | 53.69 | 75.27 | -28.7% | 105.53 | -49.1% |
| Net profit margin | 16.06% | 20.65% | -4.59 pp | 25.85% | -9.78 pp |
| EPS, basic (₹) | 4.98 | 6.80 | -26.8% | 9.04 | -44.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit before tax fell 27.2% YoY to ₹229.18 crore, and net profit fell 26.8% to ₹175.49 crore. Revenue from operations fell 3.2% to ₹1,057.42 crore, so the fall in profit is larger than the fall in revenue. Other income of ₹35.17 crore is 15.3% of profit before tax, against ₹68.49 crore a year earlier.
Tax expense of ₹53.69 crore is 23.4% of profit before tax. The filing shows the whole charge as deferred tax, with current tax nil. Standalone net profit margin is 16.06%, against 20.65% a year earlier. Depreciation rose 12.3% to ₹58.19 crore, and finance costs fell 8.5% to ₹31.20 crore.
Standalone results show nil exceptional items for the quarter and half year. Standalone cash flow shows dividends paid of ₹70.48 crore in the half year, against ₹52.86 crore a year earlier.
Inference
The filing says the board approved the results at a meeting on 31 Oct 2026, and that Singhi & Co. issued an unmodified limited review conclusion on both sets of results. Its review excludes the interim results of five subsidiaries that feed the consolidated figures.
Standalone dividends paid in the half year were ₹70.48 crore, against ₹52.86 crore a year earlier. The filing does not state any dividend declared for the quarter, its amount or its record date, and does not give the reason for the higher deferred tax charge or the fall in standalone other income.
Filed with BSE on . Reference: Original filing (PDF)
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