SARDAEN · Metals & Mining
Sarda Energy and Minerals Ltd. reported revenue of ₹1,633 cr for April to June 2025, +76.3% on the year and +31.8% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹5,350 cr, +43.0% on the four before.
Operating profit (EBITDA) was ₹617 cr, a margin of 37.8%, +960 bps on the year and +1,591 bps on the quarter. It is the widest margin of the last 8 quarters (range 17.1% to 37.8%). Operating costs grew +52.8% against revenue growth of +76.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹437 cr, +120.7% on the year and +337.0% on the quarter, with earnings per share of ₹12.33. Profit before other income, one-offs and tax grew faster, at +162.8%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹940 cr, +71.2% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹26.55 over the last four quarters, the stock at ₹488.70 trades at 18.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +120.7% on the year; profit before other income, exceptional items and tax +162.8%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,001 cr | ₹925 cr | ₹889 cr | ₹926 cr | ₹1,159 cr | ₹1,319 cr | ₹1,239 cr | ₹1,633 cr | ₹1,528 cr | ₹1,276 cr | ₹1,254 cr | ₹1,608 cr |
| YoY | — | — | — | −12% | +16% | +43% | +39% | +76% | +32% | −3% | +1% | −2% |
| EBITDA margin | 24.2% | 20.3% | 17.1% | 28.2% | 29.1% | 28.0% | 21.9% | 37.8% | 33.5% | 24.4% | 27.8% | 40.6% |
| Other income, % of PBT | 13% | 22% | 35% | 29% | 18% | 0% | 29% | 14% | 16% | 37% | 2% | 18% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 25% | 37% | 24% | 26% | 17% | 41% | 24% | 27% | 28% | 33% | 25% |
| Net profit | ₹149 cr | ₹114 cr | ₹88.0 cr | ₹198 cr | ₹203 cr | ₹200 cr | ₹100 cr | ₹437 cr | ₹328 cr | ₹190 cr | ₹155 cr | ₹478 cr |
| YoY | — | — | — | +15% | +36% | +75% | +14% | +121% | +62% | −5% | +55% | +9% |
| Core profit YoY | — | — | — | +33% | +39% | +104% | +44% | +163% | +61% | −29% | +80% | +7% |
| EPS | ₹3.99 | ₹3.32 | ₹2.68 | ₹5.64 | ₹5.55 | ₹5.60 | ₹3.07 | ₹12.33 | ₹9.17 | ₹5.40 | ₹4.48 | ₹13.00 |
| Flags | · | · | 1 | ✓ | ✓ | 2 | 1 | ✓ | ✓ | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sarda Energy and Minerals Ltd. reported revenue of ₹1,633 cr (+76.3% on the year) and net profit of ₹437 cr (+120.7% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +162.8% on the year, against +120.7% for reported profit.
None of the 7 checks that could run raised a question.
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