Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Sep
Source: Bse
Sarda Energy & Minerals Limited (SARDAEN)
Small CapMetals stocks · Small cap · NSE
Sarda Energy & Minerals Ltd (SEML) is an integrated energy, minerals, and metals company. It has transformed into a diversified energy and mining business with operational thermal (600MW IPP, 81.5MW captive) and hydro power (167MW) assets, alongside coal/iron ore mines and a legacy metals business.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Aug, 08:24 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -3.4% / mo · MACD − · near 52W low
Stock trend: 20
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SARDAEND candles · FIT view-17.3%Latest close ₹481.00 on 2026-10-19
Bar
-2.4%
RSI
41
MACD hist
-0.85
52W pos
16%
2026-10-19O ₹492.80H ₹492.80L ₹480.50C ₹481.00Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SARDAENNifty MetalNifty 500
- SARDAEN
- -4.2%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- +1.3 pp
Chart stats
19 Oct 2026- From 52W high
- -22.9%
- 52W range position
- 16%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.82x
- Avg traded value
- ₹12.4 Cr
- 20D price channel
- ₹462 - ₹511.4
₹624
₹453.1 - ₹624
₹13.8
Latest completed session
20-session average
18.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad20
Revenue -1.5% · PAT +9.4% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+56.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 20/100Rev -2% YoY · PAT +9% YoY · margin expansion · +28% QoQ · operating leverage
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,608 Cr | -1.5% | +28.2% |
| EBITDA | ₹653 Cr | +5.8% | +87.6% |
| Operating margin | 41.0% | +300 bps | +1300 bps |
| PAT | ₹478 Cr | +9.4% | +208.4% |
| PAT margin | 29.7% | +297 bps | +1737 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.30
- P/B
- 2.34
- EV/EBITDA
- 9.15
- Market Cap
- 17232.00Cr
Profitability
- ROE
- 15.10%
- ROCE
- 16.90%
- ROA
- 10.12%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.36
- Interest Coverage
- 7.60×
- Altman Z
- 4.75
- Book Value
- 209.00
Cash Flow
- FCF Yield
- 3.30%
- FCF Positive Y
- 9/5
- OCF
- 1735.00 Cr
- EPS TTM
- 32.05
Shareholding
- Promoter Hold
- 73.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 5,665-0.4% vs prev
Net Profit
₹ CrLatest: 1,109+58.0% vs prev
Return on Equity
%Latest: 15.1+34.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 41. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 4 Downtrend
1M return
-4.9%
3M return
-4.2%
6M return
-18.7%
1Y return
-11.7%
RS 1D
-3
RS 20D
+6
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 8.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 87.51-0.59%
RS vs Nifty 50088
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth20/25
Quality12/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 56.9%.
Main drags
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
15.3
PB
2.3
EV/EBITDA
9.2
ROE
15.1%
ROCE
16.9%
FCF Yield
3.3%
Debt/Equity
0.4
MoS
+56.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+56.9%
Previous: +56.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹388.22
-23.9% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹1,115.34
+56.9% MoS
PEG
0.72
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LLOYDSME
Large
Lloyds Metals And Energy Limited
Power Generation
match 152
62
21.8
36.6%
+40%
UNDERVALUED
CESC
Small
CESC Limited
Power Generation
match 151
35
11.4
12.0%
-29%
WATCHLIST
SANDUMA
Micro
Sandur Manganese & Iron Ores Limited
Power Generation
match 150
74
11.7
23.0%
+31%
UNDERVALUED
SPLPETRO
Large
Supreme Petrochem Limited
Power Generation
match 149
47
29.1
13.7%
+34%
FAIR VALUE
POWERICA
Small
Powerica Limited
Power Generation
match 147
53
26.4
17.4%
+11%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T03:09:13.222Z
Management commentary snapshot
FY26 saw record production across thermal power (5458 MU), hydro power (661.37 MU), coal (1.8 MT), iron ore pellets, sponge iron, and HB wire. Consolidated PAT grew 58% YoY to Rs 1,109 Cr, driven by energy becoming the primary earnings driver, contributing two-thirds of consolidated EBITDA.
SEML's strategic pivot to energy and mining has significantly diversified its earnings, reducing cyclicality. Strong FY26 performance, successful SKS Power integration, and plans to double energy capacity by FY30 support continued growth. Supreme Court ruling on SKS removes prior overhang.
Current business mix
EBIT by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Energy65.0%
Ferro Alloys16.0%
Steel19.0%
Growth engines
SKS Power Integration
Successful integration and scale-up of SKS Power operations, signing of profitable long-term PPAs.
Hydro Power Capacity
Higher hydropower capacity supported energy revenue and profits growth.
Coal Mining Expansion
Expansion of capacity at Gare Palma IV/7 Coal Mine to 1.80 MTPA.
Value-added Metal Segment
Strong growth in value-added metal segment volumes supported margins and profitability.
Capacity and execution
SKS Power (Thermal)
Plans to double capacity to 4x300 MW by FY30.
Hydro Power
Ongoing projects of 141 MW (24.9 MW Kotaiveera, 24 MW Mand, 24.9 MW Jelha, 66 MW Rahung).
Solar Power
Ongoing project of 50 MW.
Coal Mining
Ongoing projects of 5.30 MTPA (2.00 MTPA Gare Palma IV/5, 2.10 MTPA Bartunga JV, 0.60 MTPA Shahpur West, 0.60 MTPA Senduri).
Tailwinds
Energy Security & Import Substitution
Integrated energy and mining business aligned with India’s long-term vision for energy security.
Coal Gasification & Domestic Value Creation
Government push towards coal gasification creates long-term opportunities for SEML.
Manufacturing & Semiconductor Push
Planned energy capacity expansion positioned to benefit from increasing power and industrial demand.
Renewable Energy Capacity Addition
Strategic pivot with increased focus on renewable capacity to augment well for future growth.
Headwinds
Thermal Power Plant Shutdown
Q4 FY26 performance impacted by planned maintenance shutdown of one 300 MW turbine.
Captive Power Unit Shutdown
Q4 FY26 performance impacted by planned shutdown of one captive power unit of 30 MW for replacement.
Domestic Coal Production Curtailment
QoQ decline in domestic coal production as output curtailed due to full utilization of 1.80 MTPA limit.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing the full impact of strategic acquisitions and annual production records. QoQ is relevant for sequential momentum, but hydro power is seasonal, and Q4FY26 was impacted by planned maintenance shutdowns.
Sector KPIs management disclosed
Thermal Power Generation
5,458 MU in FY26, up 58% YoY (4,115 MU from IPP, up 83.9% YoY).
Hydro Power Generation
661.37 MU in FY26, up 30.9% YoY.
Coal Production (Domestic)
1,800 '000 MT in FY26, up 7.1% YoY.
SKS Power PLF
79% in FY26 (PAF: 84%).
Management forward view
Doubling EBITDA
Targeting to double EBITDA by FY30 through disciplined and profitable capacity expansion.
Energy as Core Vertical
Energy Division becomes major contributor to EBITDA from FY26 onwards.
Minerals as Second Lever
See the Mineral Business Vertical as the second major lever of growth after Energy.
Net Debt-Free Balance Sheet
Net debt-free balance sheet and comfortable liquidity driven by strong cash generation to support scalable growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Thermal Power Capacity | 761.5 MW (as of FY26) | Progress on doubling SKS Power capacity to 4x300 MW by FY30. |
| Hydro Power Capacity | 168 MW (as of FY26) | Commissioning of 141 MW ongoing hydro projects. |
| Coal Mining Capacity | 1.80 MTPA (as of FY26) | Progress on 5.30 MTPA ongoing coal mining projects. |
| Consolidated Net Debt | -453 Cr (Net Cash as of Mar-26) | Continued strong cash flow generation and prudent capital deployment to maintain strong liquidity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 83rd percentile within Metals. Main check: results consistency is weak at 57/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
128 docs text-extracted · 51 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Metals: 83rd pctile, median 70 · Small: 83rd pctile, median 66
Evidence depth
Financial-only
128 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
57
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸9 years of positive FCF.
Trust risks
- ▸OPM spread across recent quarters is 19%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sarda Energy & Minerals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 4 Sep - India Ratings assigned IND A1+ rating to Rs 1,000 million commercial paper.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.