Sarda Energy Posts Record EBITDA of 1,326 Crore Rupees in First Half
Key Facts
Sarda Energy & Minerals posted record consolidated EBITDA of 1,326 crore rupees in the first half of fiscal 2027, up 3.9% from the same period a year earlier, according to the company’s earnings-call summary prepared by Quartr. The record came as consolidated operating revenue fell to 3,060.88 crore rupees from 3,160.89 crore a year earlier. The summary attributed more than three-quarters of first-half EBITDA to the power segment, highlighting the segment’s weight in consolidated performance. Planned maintenance and operational disruptions also affected second-quarter results. Quarterly EBITDA was 564 crore rupees and net profit was 320 crore, according to the summary.
The comparison between the first half and the second quarter shows differing performance within the period: the half-year ended at a record level, while the second-quarter result came amid maintenance and operational disruptions. The call summary did not provide figures comparing quarterly EBITDA or net profit with the year-earlier quarter, but it explicitly put the second-quarter figures at 564 crore and 320 crore rupees, respectively. Revenue for the first half was below the 3,160.89 crore recorded a year earlier, at 3,060.88 crore rupees. By contrast, half-year EBITDA rose 3.9%, combining modest growth in that measure with lower operating revenue. The power segment’s contribution of more than 75% also explains its central role in the record result, according to the earnings-call data.
Current power performance extends a trend that stood out in the previous fiscal year. In its FY26 results, the company’s EBITDA exceeded 2,000 crore rupees, and Managing Director Pankaj Sarda said the increased contribution from the power segment drove that level. Sarda described FY26 as a “strategic turning point” for the company, according to ICICI Direct’s account of his remarks and the results. In the same context, he pointed to near-term volatility in metal prices. That backdrop accompanies the power segment’s contribution of more than three-quarters of current first-half EBITDA, according to the call summary. The figures thus show the segment’s continued importance to results, while first-half operating revenue remained below its year-earlier level.
For expansion, the company set targets for fiscal 2030 that include increasing thermal capacity to 1,362 megawatts, adding 400 megawatts of renewable capacity and reaching coal-mining capacity of 7.1 million tonnes a year. The targets were included in the earnings-call summary, which did not specify the next interim implementation date. The summary also said the company had entered manganese mining through the Avagudem block, a move linked to securing raw materials and integrating with its ferro-alloys business. This direction complements the announced power and mining targets, while the power segment already accounts for more than 75% of first-half EBITDA. The targets provide a stated framework for the company’s expansion through FY30, but the summary does not include a detailed timetable for implementation.
Management’s operating outlook for the following period points to an expected improvement in thermal power generation and profitability in the second half, with higher generation and better market conditions, according to the call summary. By contrast, the summary forecast weaker seasonality for hydropower profitability over the same period. These expectations are separate from the record first-half result of 1,326 crore rupees, as they concern what may happen in the second half. The summary gave no projected generation or profit figures and did not specify a subsequent date for implementing the FY30 targets. Results will therefore depend on changes in the contribution of different energy sources in the coming period, alongside continued work related to power and mining expansion.