Sarda Energy & Minerals Limited (SARDAEN) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Sarda Energy & Minerals is an integrated mining, power and steel/ferro alloys company whose Q1 FY27 was a record on paper — but flattered by a Rs. 110 Cr one-time hydropower true-up, with adjusted PAT down 15.74% YoY. The Q2 print is the first test of management's commitment that operations 'return to normal trajectory from Q2 FY27 onwards', against a backdrop of sharply higher merchant power prices and recovering steel prices.

Sarda Energy & Minerals Limited Q2 Results Date and Time

The Board meeting is scheduled on 31 October 2026 to approve the Q2 FY27 unaudited standalone and consolidated financial results. The trading window remained closed from 1 October to 2 November 2026.

The earnings call is scheduled for 2 November 2026 at 4:30 PM IST, after the Q2 FY27 results, and is organized by Elara Securities. Participants include MD Pankaj Sarda, Vice Chairman Manish Sarda, and Director & CFO Padam Kumar Jain.

What to expect from Sarda Energy & Minerals Limited's Q2 FY27 results

The central question for Q2 FY27 is whether underlying earnings inflect as management guided a return to 'normal trajectory from Q2 FY27 onwards' after adjusted PAT fell 15.74% YoY in Q1 on multiple outages. The merchant power backdrop turned strongly supportive: Q2 FY27 day-ahead market prices averaged Rs. 5.7/unit, up 46% YoY, with September at Rs. 7.3/unit (+105% YoY) on record peak demand of 269 GW — a tailwind for a segment contributing ~70% of consolidated EBITDA, of which only 380+ MW of 710 MW saleable capacity is under medium/long-term PPAs. The swing factor is internal execution rather than demand: steel billet and wire rod volumes fell 65% and 69% YoY in Q1 on the 30 MW captive TG replacement, and the new turbo-generator was made operational on 10 August 2026, so volume recovery is the key variable. Counterweights include a weak monsoon at 87% of LPA that pressures hydro generation, an Indian coal index that was ~21% higher YoY in June 2026 with plant coal stocks tightening through the quarter, and Brent crude breaching $100/bbl from September 9 adding late-quarter input-cost pressure. Steel demand is firm — finished-steel consumption rose 7.5% YoY in April–September against production growth of 3.7% — and September rebar prices of Rs. 65,298/t (+21.0% YoY) point to better realizations after management's earlier view that prices had bottomed out. The call is also likely to cover the 50 MW captive solar commissioning due before end-Q2, the SKS 600 MW expansion TOR submission due roughly three months from August 2026, and the Delhi High Court challenge to the adverse arbitration award.

Key Things To Watch

Performance vs guidance tracking: Latest management targets and their status going into the Q2 FY27 call:

• EBITDA (2x) — 2x FY26 base of Rs. 2,025 Cr by FY30 — ongoing
• FY27 EBITDA — higher than FY26 — management foresee FY27 EBITDA above FY26
• Power sales — ~400 crore saleable units in FY27; management reiterated crossing last year's 415 crore units 'with a reasonable margin'
• PPA coverage — 300 MW target exceeded with 380+ MW secured; SKS PPA ceiling is 540 MW
• Annual capex — Rs. 500–700 Cr per year, ex-IPP expansion; FY27 projected similar to FY26
• 50 MW captive solar — commissioning before end of Q2 FY27, delayed by railway land right-of-way issues
• Shahpur West coal mine (0.6 MTPA) — commissioning before end FY27; Bartunga Hill (2.10 MTPA) — opening by end FY28
• SKS 600 MW brownfield expansion — TOR submission within ~3 months (stated Aug 2026); commissioning targeted 2030-31

'Normal trajectory from Q2 FY27' test and steel volume recovery

• Management explicitly guided a return to normal from Q2 FY27 — check whether ex-one-time earnings inflect after the adjusted 15.74% YoY PAT decline in Q1
• Steel billet and wire rod volumes fell 65% and 69% YoY in Q1 on the 30 MW captive unit replacement; TG 1 replacement was completed 10 Aug 2026 — verify volume recovery
• Q2 is seasonally the weakest power price quarter, but July IEX prices improved to Rs. 5 vs Rs. 4.20 — probe where Q2 realizations landed against the Q2 DAM average of Rs. 5.7/unit

Power realizations, PPA additions and hydro outlook

• PPA additions beyond 380+ MW and any movement toward the 540 MW SKS PPA ceiling; SKS tariffs are between Rs. 5–6/unit
• Hydro generation outlook for H2 FY27 after the monsoon at 87% of LPA; the 113 MW Sikkim plant had shut from 18.06.2026 and resumed 05.07.2026
• Pending answer on per-unit realization dilution as Rs. 5–6 PPA volumes grow — a direct response was not captured on the Q1 call

Project milestones and corporate actions

• Rs. 1,000 Cr NCD enabling resolution approved 24 Sep 2026 — timing and use of proceeds given the net debt-free position
• Dubai wholly owned trading subsidiary approved 17 Oct 2026 — incorporation within 4–6 months, cash investment up to Rs. 3 crore
• Avagudem manganese block preferred-bidder win (10 Oct) with estimated geological reserves of 0.70 million tons; update on the Delhi High Court challenge to the Rs. 22.44 Cr adverse arbitration award