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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 20/100Rev -2% YoY · PAT +9% YoY · margin expansion · +28% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
EBIT by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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).
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%).
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.
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.
Trend score and candlestick chart
53NeutralMACD − · sector +2.7pp vs Nifty (3M)
Technical chart
SARDAENdaily · 1Y · AUTO-6.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 51. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 12% 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.
Relative Strength & Trend Stage
- Price is within 3.8% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 48.1%.
Main drags
- Valuation is weaker at 14/30; 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.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 73.2%. Key concern: OPM spread across recent quarters is 19%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 83rd pctile, median 70 · Small: 83rd pctile, median 66
125 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.2%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 2.44
- EV/EBITDA
- 9.46
- Market Cap
- 17920.00Cr
Profitability
- ROE
- 16.10%
- ROCE
- 17.40%
- ROA
- 10.12%
- Dividend Y
- 0.39%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.36
- Interest Coverage
- 7.60×
- Altman Z
- 4.85
- Book Value
- 209.00
Cash Flow
- FCF Yield
- 3.18%
- FCF Positive Y
- 9/5
- OCF
- 1735.00 Cr
- EPS TTM
- 32.05
Shareholding
- Promoter Hold
- 73.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 30%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.