Sarda Energy & Minerals Ltd(SARDAEN)

NSE: SARDAENBSE: 504614

₹ 448-1.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 15,787 crNext results: 31 Oct 2026Website: www.seml.co.inUpdated: 24 Oct 2026

About

Sarda Energy & Minerals Ltd (SEML) is a Chhattisgarh-based integrated producer of power, steel and ferro alloys, with operations spanning thermal and hydropower generation, iron ore mining and pelletisation, steel making, and manganese and ferro alloy production. It reported revenue of Rs 5690.45 cr in FY26. The Binjkot independent power plant ranked 32nd among all Indian thermal plants by PLF as of March 2026, up from 103rd in August 2024.^[1]

Business segments

Power: 44.3% of segment revenue (Rs 2,845.71 cr) in FY26, with EBIT margin of 38.5%; share has grown 26.6 percentage points since FY19.^[2]
Steel: 29.9% of segment revenue (Rs 1,920.89 cr) in FY26, EBIT margin 16.6%; share has contracted 12.9 pp since FY19.^[2]
Ferro Alloys: 25.8% of segment revenue (Rs 1,656.36 cr) in FY26, EBIT margin 15.9%; share has contracted 13.8 pp since FY19.^[2]

Products and portfolio

Metals portfolio covers iron ore pellets, sponge iron, billets, wire rods, HB wire and ferro alloys; value-added outputs include eco-bricks and mineral wool.^[3]
Energy portfolio spans thermal (IPP and captive), hydropower and solar generation; mining portfolio covers coal (domestic and Indonesia) and iron ore.^[3]

Operations and installed capacity

Binjkot IPP (Raigarh, Chhattisgarh): 600 MW thermal (2×300 MW) independent power plant, ranked 32nd in India by PLF (79.06%) as of 31 March 2026.^[3]
Hydropower: 166.7 MW installed across Rongnichu/Sikkim (113 MW), Rehar/Chhattisgarh (24.9 MW), Gullu/Chhattisgarh (24 MW) and Loharkhet/Uttarakhand (4.8 MW).^[3]
Captive thermal: Siltara 81.5 MW (including 21.5 MW waste heat recovery); Visakhapatnam 80 MW supporting the ferro alloys furnaces.^[3]
Steel plant at Raipur: pellets 9,00,000 MT/yr, sponge iron 3,60,000 MT/yr, billets 3,00,000 MT/yr, wire rods 2,50,000 MT/yr, HB wire 45,000 MT/yr.^[3]
Ferro alloys: combined 147 MVA furnace capacity at Raipur and Visakhapatnam; subsidiary SMAL operates 102 MVA at Vizianagaram with an 80 MW captive plant.^[3]
Gare Palma IV/7 coal mine (Chhattisgarh) operating at 1.80 MTPA with an integrated 1.80 MTPA washery; PT Tigadaya Minergy is the Indonesian coal interest.^[3]

Key operating numbers

Binjkot IPP PLF: 85.9% in Q1 FY27; thermal power generation (IPP) 1,126 Mn KwH in Q1 FY27, down 5% YoY due to planned annual maintenance.^[4]
Full-year FY26 thermal generation (IPP, excl. captive use): 4,155 million units, up 84% YoY; hydropower generation: record 664 million units, up 31% YoY.^[3]
FY26 utilisation: HB wire 90% (40,425 MT produced); steel billets 68% (2,04,827 MT); wire rods 64% (1,60,498 MT).^[3]
Q1 FY27 production: billets down 65% YoY, wire rod down 69% YoY (30 MW captive power unit replacement at Raipur); ferro alloys down 18% YoY.^[4]
Power realization: Rs 5 - 6 per unit under medium/long-term PPAs; average day-ahead market price Rs 3.85/unit in Q1 FY27 vs Rs 3.92/unit in Q1 FY26.^[4]
Domestic coal production Q1 FY27: 3,33,792 MT (down 28% YoY); Indonesia coal production: 3,03,619 MT (down 25% YoY).^[4]

Customers and distribution

Iron ore pellets supplied to nearby sponge iron plants; billets, wire rods and HB wire sold to small and medium downstream companies in the vicinity.^[3]
Ferro alloys supplied domestically to large steel mills and exported to large steel mills and multinational trading houses; export volumes rose 43% YoY in Q3 FY26.^[3]
Power sold mainly to state distribution utilities; 380+ MW of 710 MW saleable IPP capacity secured under medium/long-term PPAs as of Q1 FY27.^[3]
SEML is recognised as a Two-Star Export House by the Government of India.^[3]

Expansion and capex

Binjkot brownfield thermal expansion to 4 x 300 MW (600 MW to 1,200 MW) targeted by FY31, using existing land, water, rail siding, coal handling and grid connectivity; TOR submission expected within ~3 months as of Q1 FY27.^[4][3]
Pellet capacity expansion of 1.1 MT approved at ~Rs 500 cr investment.^[5]
Shahpur West high-grade coal mine (0.6 MTPA) on schedule for commissioning by end of FY27; Bartunga Hill JV (2.1 MTPA, 67% SEML stake) targeted by end of FY28.^[4]
Coal mining capacity targeted at 7.10 MTPA by FY30 (vs 1.80 MTPA in FY26) across Shahpur West, Senduri, Gare Palma IV/5 and Bartunga JV blocks.^[5]
50 MW captive solar project under construction at Raipur; commissioning expected by end of Q2 FY27 (September 2026), pending railway right-of-way approval.^[4]
66 MW Rahung hydropower project in Arunachal Pradesh: drilling and soil investigation underway; detailed engineering to commence FY27.^[4]
~Rs 300 cr sustainability capex planned for waste heat recovery power plant at Visakhapatnam; Rs 10,000+ cr growth capex targeted over the medium term.^[4]

Recent developments

17 October 2026: Board approved setting up a wholly owned subsidiary in Dubai, with initial investment of up to ₹3 crore, to expand in the Middle East; completion expected in 4-6 months.^[6]
10 October 2026: SMAL declared preferred bidder for a manganese ore block with 0.70 million tons of geological reserves in Dist. Vizianagaram, Andhra Pradesh.^[7]
7 October 2026: SEML's long-term credit rating upgraded by CRISIL from AA- to AA with Stable outlook; short-term rating reaffirmed at A1+.^[8]
7 October 2026: Subsidiary SMAL's long-term rating upgraded by CRISIL from A/Positive to AA-/Stable and short-term from A1 to A1+ on Rs 659.81 cr of rated facilities.^[9]
As of June 2026, SEML is net debt-free on both standalone and consolidated basis with consolidated liquidity of more than Rs 2,500 cr; all expansion projects funded from internal accruals.^[4]
Mineral wool plant operating at 60 - 65% capacity utilisation as of Q1 FY27, with management targeting Rs 90 - 110 cr revenue for FY27.^[4]
Senduri coal block in Madhya Pradesh won in Q2 FY26, with allocation order received 8 October 2025, adding a sixth coal mine to the portfolio.^[10]

Market Cap

₹15,787 Cr

High / Low

₹624 / 437

Stock P/E

14.0

Price / Book

2.1

Book Value

₹209

EPS

₹31.4

No. of Shares

35.24 Cr

ROCE

17.8%

ROE

16.2%

OPM

28.4%

Debt / Equity

0.35

Sales

₹5,690 Cr

Net Profit

₹1,109 Cr

Promoter holding

73.2%

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Sarda Energy & Minerals Ltd(SARDAEN)

About

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Products and portfolio

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Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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