Sarda Energy & Minerals financials and balance sheet

NSE: SARDAENBSE: 504614Ferrous MetalsSmall Cap

₹443.95₹12.30 (2.70%)BSE ₹443.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹456.25.

52-week range of traded prices to 23 Oct 2026

₹436.20Low, 23 Oct 2026₹624.00High, 28 Apr 2026

Next results date: the board meets on 31 Oct 2026 to consider: financial results.

Market cap: ₹15,644 Cr360th largest listed
P/E: 13.8
P/B: 2.1
Dividend yield: 0.45%
ROE: 16.5%
ROCE: 14.6%
Debt to equity: 0.35
Volume, NSE: 5,28,74943.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Sarda Energy & Minerals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,690 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,690
Materials and goods−2,918
Employee costs−222
Other expenses−764
Operating profit1,787
Depreciation−341
Other income+237
One-off items+10
Finance costs−244
Profit before tax1,449
Tax−386
Joint ventures+46
Net profit1,109

What the company owns

Plant, investments and other assets₹7,921 Cr
Current investments₹1,515 Cr
Cash and bank₹864 Cr
Inventory₹794 Cr
Receivables₹276 Cr

What pays for it: net worth and liabilities

Net worth₹7,476 Cr
Borrowings₹2,595 Cr
Other liabilities₹1,127 Cr
Owed to suppliers₹172 Cr

Sarda Energy & Minerals business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Sarda Energy & Minerals segment results by quarter

Revenue by segment

₹6,423 CrTotal

Power₹2,846 Cr44.3% of total
Steel₹1,921 Cr29.9% of total
Ferro Alloys₹1,656 Cr25.8% of total

Profit by segment

Power₹1,095 Cr65.3% of total
Steel₹318 Cr19.0% of total
Ferro Alloys₹263 Cr15.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power
Revenue, ₹ crore
475
415
427
762
877
897
1,884
2,846
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
24
50
59
161
156
153
537
1,095
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Steel
Revenue, ₹ crore
1,148
1,032
1,218
1,935
2,257
2,072
1,964
1,921
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
350
241
333
634
648
441
391
318
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ferro Alloys
Revenue, ₹ crore
1,062
873
901
1,676
1,691
1,528
1,459
1,656
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
117
97
134
536
194
155
212
263
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,685	2,320	2,546	4,373	4,825	4,497	5,308	6,423
Company revenue, as in its results	2,324	2,000	2,199	3,914	4,212	3,868	4,643	5,690
Revenue	475	415	427	762	877	897	1,884	2,846
Revenue growth	–	−12.7%	3.1%	78.2%	15.2%	2.2%	110.1%	51.0%
Profit	24	50	59	161	156	153	537	1,095
Profit growth	–	104.6%	19.4%	170.9%	−3.1%	−2.1%	250.9%	104.1%
Margin	5.1%	12.0%	13.9%	21.1%	17.8%	17.1%	28.5%	38.5%
Return on capital	13.2%	86.4%	94.0%	–	13.5%	10.7%	13.9%	31.3%
Assets	1,125	1,276	1,395	1,421	2,491	2,698	6,651	6,470
Liabilities	941	1,218	1,332	1,492	1,336	1,263	2,788	2,973
Capital employed	184	58	63	−71	1,155	1,435	3,863	3,497
Revenue	1,148	1,032	1,218	1,935	2,257	2,072	1,964	1,921
Revenue growth	–	−10.1%	17.9%	59.0%	16.6%	−8.2%	−5.2%	−2.2%
Profit	350	241	333	634	648	441	391	318
Profit growth	–	−31.2%	38.2%	90.8%	2.2%	−32.0%	−11.4%	−18.6%
Margin	30.5%	23.3%	27.3%	32.8%	28.7%	21.3%	19.9%	16.6%
Return on capital	62.8%	39.6%	51.1%	82.8%	75.7%	70.5%	44.2%	29.0%
Assets	703	784	823	970	1,058	789	993	1,241
Liabilities	145	177	173	204	202	164	110	143
Capital employed	557	608	650	766	856	625	883	1,098
Revenue	1,062	873	901	1,676	1,691	1,528	1,459	1,656
Revenue growth	–	−17.8%	3.2%	86.0%	0.9%	−9.7%	−4.5%	13.5%
Profit	117	97	134	536	194	155	212	263
Profit growth	–	−16.8%	37.4%	301.2%	−63.8%	−20.3%	37.2%	24.0%
Margin	11.0%	11.1%	14.8%	32.0%	11.5%	10.1%	14.6%	15.9%
Return on capital	26.0%	26.7%	27.0%	109.0%	35.7%	29.4%	37.1%	49.7%
Assets	522	534	673	728	870	744	859	901
Liabilities	72	169	179	236	327	217	286	371
Capital employed	450	365	494	492	543	526	573	530
Revenue	8	14	0	12	41	28	25	20
Profit	0	0	0	0	0	0	0	0
Assets	0	0	0	0	0	0	0	0
Liabilities	0	0	0	0	0	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Sarda Energy & Minerals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 20 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 7 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 23 May
Revenue from operations	1,434	2,217	2,324	2,000	2,199	3,914	4,212	3,868	4,643	5,690
	1,217	1,815	1,842	1,644	1,679	2,559	3,152	3,070	3,406	3,903
Materials and goods bought	942	1,478	1,493	1,293	1,347	2,086	2,495	2,407	2,573	2,918
Employee costs	75	–	87	88	89	113	127	142	176	222
Other expenses	200	–	261	263	243	360	529	521	657	764
Operating profit before depreciation	217	402	482	356	520	1,355	1,060	798	1,237	1,787
Operating margin	15.1%	18.1%	20.8%	17.8%	23.6%	34.6%	25.2%	20.6%	26.7%	31.4%
Materials, % of revenue	65.7%	–	64.3%	64.6%	61.3%	53.3%	59.2%	62.2%	55.4%	51.3%
Employee costs, % of revenue	5.3%	–	3.8%	4.4%	4.0%	2.9%	3.0%	3.7%	3.8%	3.9%
Other expenses, % of revenue	13.9%	–	11.2%	13.2%	11.1%	9.2%	12.6%	13.5%	14.1%	13.4%
Depreciation and amortisation	69	73	76	78	75	143	178	183	271	341
Operating profit after depreciation	148	328	406	278	445	1,212	882	615	966	1,447
Other income	67	70	17	−17	144	50	49	184	172	237
Finance costs	94	97	99	82	79	147	124	128	220	244
Profit before one-off items and tax	122	302	324	179	510	1,115	807	670	918	1,439
One-off items	28	−8	0	0	−15	−7	0	−3	0	10
Profit before tax	150	294	324	179	495	1,108	807	667	918	1,449
	23	90	117	43	115	300	202	159	237	386
Current tax	–	73	111	53	89	261	221	157	11	18
Deferred tax	–	17	6	−10	25	39	−20	1	226	368
Share of profit of joint ventures and associates	0	1	0	−7	−4	−2	−1	15	21	46
	127	206	207	128	376	807	604	524	702	1,109
Belonging to the company's shareholders	127	206	203	126	375	804	602	523	700	1,106
Belonging to outside owners of subsidiaries	–	–	4	2	2	3	2	1	2	4
Other comprehensive income	–	–	−8	0	−1	0	−1	7	−8	−7
Total comprehensive income	–	–	200	129	375	807	603	531	694	1,103
Net margin	8.9%	9.3%	8.9%	6.4%	17.1%	20.6%	14.3%	13.5%	15.1%	19.5%
Net margin without joint ventures and associates	8.9%	9.2%	8.9%	6.8%	17.3%	20.6%	14.4%	13.1%	14.7%	18.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 20 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 7 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 23 May
	1,860	1,968	2,322	3,108	3,510	3,994	6,392	7,476
	1,778	1,867	2,221	3,004	3,410	3,889	6,286	7,370
Share capital	36	36	36	36	35	35	35	35
Reserves	1,742	1,831	2,185	2,968	3,375	3,853	6,251	7,335
Belonging to outside owners of subsidiaries	82	100	101	104	100	106	106	106
	1,332	1,632	1,601	1,581	1,407	1,366	2,823	2,595
Repayable after a year	1,064	1,408	1,493	1,196	1,063	1,058	2,342	2,134
Repayable within a year	268	223	108	385	344	308	481	461
	648	626	605	826	751	780	1,028	982
Trade payables	181	214	205	212	135	173	194	172
Other financial liabilities	157	162	251	169	158	146	179	305
Other liabilities	22	19	28	47	108	138	168	36
Provisions	8	7	6	3	2	2	5	5
Tax owed	13	1	6	12	4	13	1	2
	1,158	1,506	1,595	1,364	1,220	1,227	2,704	2,913
Other financial liabilities	14	28	8	5	15	0	82	111
Other liabilities	0	–	0	5	4	4	4	4
Provisions	9	9	9	34	36	39	254	273
Deferred tax	71	61	85	124	102	105	22	391
Trade payables	0	0	0	0	–	21	0	0
Total assets	3,665	4,100	4,521	5,298	5,481	6,002	10,125	11,371
	2,524	2,796	3,021	3,139	3,236	3,377	6,978	6,953
Plant in use, after depreciation	1,249	1,209	1,172	2,701	2,758	2,715	5,711	5,889
Plant being built	1,054	1,365	1,619	132	130	250	613	463
Intangible assets	33	31	31	72	70	67	64	83
Goodwill	0	28	31	33	33	33	33	33
Intangible assets being developed	9	9	0	1	1	1	9	9
Property held to earn rent	52	52	53	47	46	38	36	35
Investments	47	22	24	27	34	48	51	35
Stakes in joint ventures and associates	0	30	28	21	36	53	92	95
Other financial assets	29	3	2	9	39	46	46	58
Other assets	51	47	62	96	88	126	322	253
	1,141	1,304	1,500	2,159	2,246	2,625	3,147	4,417
Inventories	439	501	579	613	727	528	809	794
Trade receivables	93	124	138	169	182	101	221	276
Cash and cash equivalents	43	164	49	216	8	104	58	108
Other bank balances	1	1	49	65	364	664	550	757
Current investments	166	139	215	452	353	558	649	1,515
Loans given	313	260	308	431	300	487	478	509
Other financial assets	0	0	0	0	73	41	29	44
Tax paid in advance	0	1	1	4	4	1	1	2
Other assets	86	115	162	208	236	141	353	413
Net debt	1,121	1,328	1,289	847	682	41	1,566	215

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 7 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 23 May
	189	923	701	752	886	1,735
	275	1,182	931	905	918	1,756
	−219	−184	−154	82	−365	−120
Receivables	−14	−29	−12	82	−76	−55
Inventories	−78	−40	−114	198	−201	15
Payables	4	7	−77	38	22	−23
Other working capital	−130	−122	50	−236	−111	−57
Tax paid	−84	−259	−230	−153	−32	−21
Capital spending	304	288	217	266	490	338
Free cash flow	−115	635	485	487	395	1,397
	−186	−408	−431	−434	−2,132	−1,166
Plant and property sold	0	9	1	0	1	3
Interest received	11	25	33	59	100	15
Dividends received	2	2	2	2	5	105
	−70	−331	−479	−222	1,200	−519
Borrowings raised	175	164	0	0	1,617	0
Borrowings repaid	−155	−297	−177	−41	−160	−223
Interest paid	−71	−170	−122	−128	−221	−239
Lease payments	0	0	0	0	−1	−4
Dividends paid	18	27	27	53	35	53
Shares bought back	0	0	–	0	0	0
Shares issued	0	0	1	0	0	0
Net change in cash	−67	185	−208	96	−46	50

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares bought back is left blank for the year to Mar 2023: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Sarda Energy & Minerals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 20 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 7 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 23 May
	₹3.56	₹5.60	₹5.64	₹3.51	₹10.40	₹22.31	₹16.99	₹14.84	₹19.86	₹31.38
As stated that year	₹35.59	₹56.01	₹56.36	₹35.05	₹104.00	₹223.07	₹169.94	₹14.84	₹19.86	₹31.38
	₹3.56	₹5.60	₹5.64	₹3.51	₹10.40	₹22.31	₹16.99	₹14.84	₹19.86	₹31.38
As stated that year	₹35.59	₹56.01	₹56.36	₹35.05	₹104.00	₹223.07	₹169.94	₹14.84	₹19.86	₹31.38
	₹0.40	₹0.50	₹0.50	₹0.50	₹0.75	₹0.75	₹1.50	₹1.00	₹1.50	₹2.00
As declared that year	₹4.00	₹5.00	₹5.00	₹5.00	₹7.50	₹7.50	₹1.50	₹1.00	₹1.50	₹2.00
	–	–	₹49.32	₹51.80	₹61.62	₹83.32	₹96.77	₹110.35	₹178.39	₹209.14
On that year's share count	–	–	₹493.22	₹518.00	₹616.16	₹833.21	₹967.67	₹110.35	₹178.39	₹209.14
Dividend payout	11.3%	8.8%	8.9%	14.3%	7.2%	3.4%	8.8%	6.7%	7.6%	6.4%
Shareholder yield	–	–	–	–	1.2%	0.7%	–	0.7%	0.2%	0.3%
Market cap at the year end (₹ crore)	875	1,524	1,127	424	1,509	4,083	3,762	7,148	18,109	17,994

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2023: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.Sarda Energy & Minerals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 20 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 7 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 23 May
Revenue growth	−3.5%	54.5%	4.8%	−13.9%	9.9%	78.0%	7.6%	−8.2%	20.0%	22.6%
Operating profit growth	11.1%	85.0%	20.1%	−26.1%	45.9%	160.9%	−21.8%	−24.7%	55.1%	44.5%
Net profit growth	726.1%	61.9%	0.7%	−38.0%	193.0%	114.3%	−25.1%	−13.2%	34.0%	58.0%
Earnings per share growth	733.5%	57.4%	0.6%	−37.8%	196.7%	114.5%	−23.8%	−12.7%	33.8%	58.0%
	–	–	11.4%	6.9%	18.3%	30.8%	18.8%	14.3%	13.8%	16.2%
	–	–	–	−4.5 pts	11.4 pts	12.4 pts	−12.0 pts	−4.4 pts	−0.6 pts	2.4 pts
From the net margin	–	–	–	−3.2 pts	11.8 pts	3.8 pts	−9.4 pts	−1.0 pts	1.6 pts	4.0 pts
From asset turnover	–	–	–	−1.5 pts	−0.2 pts	12.4 pts	−0.4 pts	−2.4 pts	−2.3 pts	−1.4 pts
From borrowing	–	–	–	0.2 pts	−0.2 pts	−3.8 pts	−2.2 pts	−1.0 pts	0.1 pts	−0.1 pts
Return on capital employed	–	–	12.7%	7.7%	11.3%	25.9%	17.9%	11.5%	10.5%	14.4%
Cash conversion	–	–	–	–	50.2%	114.5%	116.1%	143.6%	126.1%	156.4%
Interest cover	1.6	3.4	4.1	3.4	5.6	8.2	7.1	4.8	4.4	5.9
Debt to equity	–	–	0.72	0.83	0.69	0.51	0.40	0.34	0.44	0.35
Receivable days	–	–	15	23	23	16	16	10	17	18
Inventory days	–	–	107	141	157	107	106	80	115	99
Payable days	–	–	44	60	56	37	20	26	28	22
Cash conversion cycle, days	–	–	78	104	124	86	102	63	105	96
Working capital days	–	–	86	109	115	92	97	78	106	97
Asset turnover	–	–	0.63	0.52	0.51	0.80	0.78	0.67	0.58	0.53
Assets per rupee of net worth	–	–	2.06	2.13	2.11	1.88	1.68	1.57	1.58	1.57
Sales per rupee of plant	–	–	1.86	1.65	1.88	1.45	1.53	1.42	0.81	0.97
Capital spending to depreciation	–	–	–	–	4.05	2.01	1.22	1.45	1.81	0.99
Plant being built, % of plant in use	–	–	84.4%	112.9%	138.1%	4.9%	4.7%	9.2%	10.7%	7.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 10.3%
Cash from operations against operating profit: 97.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.4%	20.9%	10.5%
Profit growth, yearly rate	53.3%	24.2%	22.5%
Return on equity, average	–	18.8%	14.8%
Return on capital employed, average	–	16.0%	12.1%
Operating margin, average	23.4%	27.7%	26.2%
Net margin, average	13.4%	16.6%	16.1%
Asset turnover, average	–	0.67	0.59
Cash conversion cycle, days, average	–	90	88
Interest cover, average	4.8	6.1	5.0
Debt to equity, average	–	0.41	0.38

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,998	3,373	1,735
Cash from investing	−4,571	−3,732	−1,166
Cash from financing	−351	459	−519
Capital spending	1,599	1,094	338
Dividends paid	195	141	53
Shares bought back	–	0	0
Shares issued for cash	1	0	0
Borrowings raised	1,781	1,617	0
Borrowings repaid	898	423	223

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	9	6	6	7	7
Altman Z-scorePublished threshold 1.81	–	–	2.22	1.64	2.23	3.73	3.66	4.49	4.86	5.03
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.14	−2.51	−2.42	−2.95	−1.64	−2.64
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	8.67	5.93	6.19	3.59	24.16	5.03
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.01	1.23	1.28	1.44
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	47.78	1.65	−55.94	0.25	−36.26	98.46	2.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	27.37	11.40	−48.98	−1.00	−23.80	46.19	−15.23
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.51	2.13	1.26	2.36	−3.35	4.30	1.35
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	35.63	42.44	0.08	0.55	1.78	0.19	0.89
Effective tax ratePublished threshold 17.16 per cent	15.45	30.42	35.99	24.23	23.21	27.06	25.01	23.79	25.78	26.64
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	3.70	−3.48	0.93	22.24	25.21

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Upgrade	Stable	657.47
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		443.90

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.