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Sarda Energy Clears Legal Hurdle for SKS Power Acquisition; Responds to NSE on Volume Spurt
Sarda Energy & Minerals Limited (SARDAEN) has clarified to the NSE that the recent surge in trading volume is market-driven, coinciding with a major legal victory. On February 27, 2026, the Supreme Court dismissed all appeals from rival bidders against Sarda's NCLT-approved resolution plan for SKS Power Generation (Chhattisgarh) Ltd. This ruling upholds the NCLT order from August 13, 2024, clearing the path for the acquisition under the insolvency process. The company confirmed that no other undisclosed material information exists that could impact stock performance.
Key Highlights
Supreme Court dismissed all appeals against Sarda's acquisition of SKS Power Generation on Feb 27, 2026.
The acquisition follows an NCLT approval dated August 13, 2024, for the SKS Power resolution plan.
Company responded to NSE surveillance inquiry stating volume increase is purely market-driven.
The legal clearance removes the final major obstacle for the expansion into power generation via CIRP.
💼 Action for Investors
The removal of legal uncertainty regarding the SKS Power acquisition is a significant positive catalyst for long-term growth. Investors should track the timeline for the final handover and operational integration of the power plant.
Sarda Energy Wins Supreme Court Approval for SKS Power Generation Acquisition
The Supreme Court of India has dismissed all appeals filed by unsuccessful resolution applicants against Sarda Energy's acquisition of SKS Power Generation (Chhattisgarh) Ltd. This ruling upholds the NCLT's previous order dated August 13, 2024, which approved Sarda Energy's resolution plan under the CIRP. The legal clearance removes the final major hurdle for the company to take control of the power asset. While the detailed written order is awaited, the verbal pronouncement marks a significant victory for Sarda Energy's expansion strategy.
Key Highlights
Supreme Court rejects all appeals against the approval of Sarda Energy's Resolution Plan.
The acquisition involves SKS Power Generation (Chhattisgarh) Ltd. under the Insolvency and Bankruptcy Code.
The ruling validates the NCLT order from August 13, 2024, which initially cleared the bid.
This final legal clearance allows Sarda Energy to proceed with the integration of the power asset.
💼 Action for Investors
Investors should view this as a major positive catalyst that eliminates legal uncertainty regarding a key acquisition. Monitor for the detailed court order and updates on the operational integration of SKS Power.
Sarda Energy Q3 FY26: 9M PAT Surges 59% to ₹954 Cr; Net Debt Slashed by ₹1,000 Cr
Sarda Energy reported a strong 9-month performance for FY26 with PAT rising 59% YoY to ₹954 crores, despite Q3 being impacted by planned maintenance shutdowns. The company achieved a massive deleveraging milestone, reducing consolidated net debt from ₹1,500 crores in March 2025 to under ₹500 crores by December 2025. Operational highlights include a 28% growth in hydropower generation and the signing of a 40-year PPA for the Rehar project at a lucrative tariff of ₹7.42 per unit. Management is also advancing coal mine expansions and a 50 MW solar project expected by Q1 FY27.
Key Highlights
9M FY26 PAT increased 59% YoY to ₹954 crores; Q3 EBITDA stood at ₹395 crores.
Consolidated net debt reduced by approximately ₹1,000 crores in nine months to below ₹500 crores.
Hydropower generation for 9M FY26 grew 28% YoY to 621 million units.
Signed 40-year PPA for Rehar Hydro Project at ₹7.42 per unit, ensuring long-term revenue visibility.
Secured 300 MW of medium and long-term offtake for the IPP at tariffs ranging from ₹5.25 to ₹5.80 per unit.
💼 Action for Investors
Investors should focus on the company's significantly improved balance sheet and the high-margin hydropower segment as key value drivers. The upcoming Supreme Court order on the SKS Power acquisition remains a critical catalyst to watch for future capacity expansion.
Sarda Energy Receives Approval to Expand Gare Palma IV/7 Coal Mine Capacity to 1.80 MTPA
Sarda Energy & Minerals Limited has received the 'Consent to Operate' from the Chhattisgarh Environment Conservation Board for its Gare Palma IV/7 Coal Mine. This regulatory clearance allows the company to expand its production capacity from 1.68 MTPA to 1.80 MTPA. The approval covers environmental compliance under both the Water and Air Pollution Control Acts. This expansion is expected to enhance the company's raw material security and operational efficiency.
Key Highlights
Production capacity at Gare Palma IV/7 mine increased from 1.68 MTPA to 1.80 MTPA
Received Consent to Operate from Chhattisgarh Environment Conservation Board
Expansion pertains to the Karwahi Open Cast Coal Mine operations
Compliance secured under Water Act 1974 and Air Act 1981
💼 Action for Investors
Investors should monitor the company's ability to utilize this additional capacity effectively to reduce fuel costs. The expansion strengthens the company's backward integration, which is a positive sign for long-term margins.
Sarda Energy 9M FY26 PAT Surges 59% to ₹954 Cr; Energy Segment Now Drives 66% of EBITDA
Sarda Energy & Minerals Limited (SEML) reported a robust 9M FY26 performance with consolidated revenue rising 30% YoY to ₹4,437 crore and PAT increasing 59% to ₹954 crore. Although Q3 FY26 revenue dipped 3% YoY to ₹1,276 crore due to a planned maintenance shutdown of a 300 MW thermal turbine, the energy segment has emerged as the core driver, contributing over two-thirds of total EBITDA. The company maintains a strong liquidity position of ~₹2,300 crore and a net cash status on a consolidated basis as of September 2025. Future growth is anchored by expanding coal mining capacity from 1.80 MTPA to 5.51 MTPA and increasing energy capacity to 1,053 MW.
Key Highlights
9M FY26 Consolidated EBITDA grew 53% YoY to ₹1,672 crore with margins expanding to 35.8%.
Energy segment contribution to EBITDA crossed 66%, reflecting a successful transition to a vertically integrated energy-plus-minerals enterprise.
SKS Power (IPP Binjkot) maintained a high PLF of 81% despite a partial turbine shutdown during the quarter.
Consolidated net debt stood at negative ₹307 crore as of Sept-25, indicating a strong net cash position.
CRISIL reaffirmed AA- rating and upgraded the outlook to 'Positive' based on strong internal cash generation.
💼 Action for Investors
Investors should focus on the company's structural shift toward the energy sector, which offers more stable cash flows than the cyclical metals business. The temporary Q3 dip due to maintenance is a one-off, and the massive planned expansion in coal mining (3x capacity) provides a clear long-term growth catalyst.
Sarda Energy Q3 FY26: PAT Dips 5% to ₹190 Cr; 9M FY26 PAT Surges 59% to ₹954 Cr
Sarda Energy reported a mixed Q3 FY26, with revenue up 3% YoY to ₹1,360 crore but PAT declining 5% to ₹190 crore due to a planned maintenance shutdown at its 300 MW thermal unit. Despite the quarterly dip, the 9-month performance remains exceptionally strong, with PAT growing 59% YoY to ₹954 crore and EBITDA rising 53% to ₹1,672 crore. The company strengthened its revenue visibility by signing two new PPAs during the quarter. Management remains optimistic about the medium-term outlook, supported by a robust balance sheet and low leverage.
Key Highlights
9M FY26 Consolidated PAT surged 59% YoY to ₹954 Cr on a 32% revenue growth to ₹4,669 Cr
Q3 FY26 EBITDA grew 7% YoY to ₹395 Cr, though PAT fell 5% YoY to ₹190 Cr
Performance was temporarily impacted by a planned maintenance shutdown of a 300 MW thermal turbine
Signed two new Power Purchase Agreements (PPAs) to improve medium-term revenue visibility
Energy segment remains the primary profit driver, contributing nearly two-thirds of total profitability
💼 Action for Investors
Investors should focus on the strong 9-month growth and low leverage rather than the temporary Q3 maintenance-related dip. The addition of new PPAs provides better revenue visibility for the upcoming quarters.
Sarda Energy Q3 FY26 Consolidated Net Profit at ₹189.88 Cr; 9M Profit Surges to ₹954.31 Cr
Sarda Energy & Minerals reported a consolidated net profit of ₹189.88 crore for Q3 FY26, a slight decline from ₹200.08 crore in the year-ago period. However, the nine-month (9M) performance remains robust, with consolidated net profit jumping 58.5% to ₹954.31 crore compared to ₹601.81 crore in 9M FY25. Revenue for 9M FY26 rose to ₹4,436.88 crore, significantly boosted by the power segment following the SKS Power acquisition. Investors should be aware that the Supreme Court has reserved its order regarding legal challenges to the SKS Power acquisition.
Key Highlights
9M Consolidated Net Profit surged to ₹954.31 Cr from ₹601.81 Cr YoY.
Consolidated Revenue for 9M FY26 grew to ₹4,436.88 Cr compared to ₹3,404.01 Cr in 9M FY25.
Power segment standalone revenue for 9M FY26 more than doubled to ₹1,769.13 Cr from ₹776.89 Cr YoY.
Q3 FY26 Consolidated EPS stood at ₹5.40, slightly down from ₹5.60 in the same quarter last year.
The Board re-appointed M/s. APAPS & Co. LLP as Internal Auditors for the financial year 2026-27.
💼 Action for Investors
Investors should monitor the upcoming Supreme Court verdict on the SKS Power acquisition as it is a critical growth driver. While 9M growth is strong, the slight YoY dip in Q3 profit suggests monitoring margin pressures in the steel and ferroalloys segments.
Sarda Energy Q3 Consolidated Net Profit Dips 5% YoY to ₹190 Cr; 9M Profit Surges 58%
Sarda Energy reported a consolidated revenue of ₹1,275.99 crore for Q3 FY26, a slight decline from ₹1,319.14 crore in the previous year. Net profit for the quarter saw a marginal dip of 5% YoY to ₹189.88 crore, reflecting some softening in the core steel and power segments. However, the nine-month performance shows significant growth with net profit jumping to ₹954.31 crore from ₹601.81 crore, largely driven by the acquisition and amalgamation of SKS Power. Investors should note that the SKS Power acquisition is currently under legal review by the Supreme Court, which has reserved its order.
Key Highlights
Consolidated Revenue for Q3 FY26 stood at ₹1,275.99 Cr, down 3.3% YoY from ₹1,319.14 Cr.
Consolidated Net Profit for the quarter decreased by 5.1% YoY to ₹189.88 Cr compared to ₹200.08 Cr.
9-Month Consolidated Net Profit surged 58.6% to ₹954.31 Cr, aided significantly by the SKS Power amalgamation.
Standalone Power segment revenue for Q3 fell to ₹420.18 Cr from ₹531.94 Cr in the year-ago period.
The Supreme Court has reserved its order regarding the challenge to the SKS Power Resolution Plan by unsuccessful applicants.
💼 Action for Investors
While the 9-month growth is impressive due to inorganic expansion, the quarterly dip in standalone steel and power segments suggests operational headwinds. Investors should maintain a watch on the upcoming Supreme Court verdict regarding the SKS Power acquisition, as it is a critical driver of the company's current valuation.
Sarda Energy Subsidiary Terminates Kalyani Coal Mine Agreement Due to Project Unviability
Sarda Energy & Minerals Ltd's wholly-owned subsidiary, Kalyani Coal Mining Pvt. Ltd. (KCMPL), has terminated its agreement with South Eastern Coalfields Ltd (SECL). The project, which involved the rehabilitation and operation of the Kalyani Underground Coal Mines on a revenue-sharing basis, was deemed unviable due to changes in the mine boundary. SECL has approved the termination request, and the subsidiary is now focused on recovering its security deposit. While this prevents losses from an unproductive asset, it removes a potential future revenue stream.
Key Highlights
Wholly-owned subsidiary KCMPL terminates mining agreement with South Eastern Coalfields Ltd (SECL).
Project involved re-opening and operating Kalyani Underground Coal Mines on a revenue-sharing basis.
Termination requested by the company due to project unviability caused by mine boundary changes.
KCMPL is currently taking steps to secure the release of its security deposit from SECL.
💼 Action for Investors
Investors should monitor for any potential asset write-offs in the next quarterly report. While exiting an unviable project is a sound management decision, it reduces the company's long-term coal production pipeline.
Sarda Energy Subsidiary Chhattisgarh Hydro Power Credit Rating Upgraded to ICRA A+
ICRA has upgraded the credit rating for Sarda Energy & Minerals Limited's wholly-owned subsidiary, Chhattisgarh Hydro Power LLP. The rating for long-term facilities, including a significant term loan of ₹175.36 crore, has been raised from ICRA A (Stable) to ICRA A+ (Stable). This upgrade indicates improved financial stability and creditworthiness of the subsidiary's operations. The total debt facilities impacted by this upgrade amount to approximately ₹185.26 crore.
Key Highlights
ICRA upgraded the credit rating of Chhattisgarh Hydro Power LLP from ICRA A (Stable) to ICRA A+ (Stable).
The upgrade applies to a long-term fund-based term loan worth ₹175.36 crore.
Cash credit facilities of ₹5.00 crore and non-fund based facilities of ₹4.90 crore were also upgraded to ICRA A+.
Chhattisgarh Hydro Power LLP is a 100% wholly-owned subsidiary of Sarda Energy & Minerals Ltd.
💼 Action for Investors
Investors should view this as a positive development reflecting the group's strengthening financial profile and potential for lower borrowing costs. No immediate action is required, but it reinforces confidence in the company's debt management.
Sarda Energy Infuses ₹48.23 Cr in Renewable Subsidiary to Reduce Debt
Sarda Energy & Minerals has invested ₹48.23 crore in its wholly-owned subsidiary, Sarda Energy Limited (SEL), via a rights issue. The company acquired 2,83,693 shares at ₹1,700 each, which includes a significant premium of ₹1,690 per share. This capital infusion is specifically intended to reduce the subsidiary's debt and fund its day-to-day operations. SEL, which focuses on renewable energy, saw its revenue increase from ₹14.28 crore in FY24 to ₹18.49 crore in FY25.
Key Highlights
Infused ₹48.23 crore into wholly-owned subsidiary Sarda Energy Limited via rights issue
Acquired 2,83,693 equity shares at a price of ₹1,700 per share
Objective is to reduce subsidiary debt and support operational activities
Subsidiary revenue grew 29.5% year-on-year to ₹18.49 crore in FY25
Parent company maintains 100% shareholding in the subsidiary
💼 Action for Investors
This is a routine capital allocation to a subsidiary; investors should watch for improved margins in the renewable segment due to lower interest expenses.
Sarda Energy Reports Fatal Accident at Siltara Captive Power Plant; 1 Casualty
Sarda Energy & Minerals Limited reported a fatal accident at its captive power plant in Siltara, Raipur, which occurred on the evening of December 20, 2025. The incident was caused by a steam pipeline leakage, resulting in one fatality and one person being seriously injured. The company stated that the leakage was swiftly brought under control and emergency procedures were activated as designed. A delay in reporting the incident to the exchanges was attributed to the emergency response and an intervening holiday.
Key Highlights
Accident occurred on December 20, 2025, due to a steam pipeline leakage at the Siltara plant.
The incident resulted in one casualty and one person sustaining serious injuries.
Emergency procedures were successfully deployed to bring the leakage under control.
The company is currently investigating the specific cause of the pipeline leakage.
Management clarified that the reporting delay was unintentional due to the emergency situation.
💼 Action for Investors
Investors should monitor for any potential regulatory investigations or safety audits that could lead to temporary plant shutdowns. While the immediate financial impact may be limited, safety lapses can affect ESG ratings and operational stability.
Sarda Energy Reports Fatal Accident at Siltara Captive Power Plant
Sarda Energy & Minerals reported a steam pipeline leakage accident at its Siltara, Raipur captive power plant on December 20, 2025. The incident resulted in one fatality and one serious injury among the personnel. While the leakage was swiftly controlled and emergency procedures were activated, the root cause is still under investigation. Investors should monitor for potential regulatory inspections or temporary shutdowns of the affected power unit that could impact operational efficiency.
Key Highlights
Accident occurred on December 20, 2025, due to a steam pipeline leakage at the Siltara plant.
The incident resulted in 1 casualty and 1 person being seriously injured.
Emergency procedures were activated and the leakage was brought under control swiftly.
The company is currently investigating the cause of the pipeline leakage to prevent recurrence.
💼 Action for Investors
Investors should watch for any regulatory action or prolonged shutdown of the power unit that could affect production costs. Maintain a cautious stance until the full operational impact and any potential penalties are clarified.