$SARDAEN

GOOD – Sarda Energy & Minerals (SARDAEN) is an integrated steel producer with captive power and ferro alloys. Q4 FY26 revenue Rs 1,253 Cr (+1.2% YoY from Rs 1,238 Cr), PAT Rs 155 Cr (+55% YoY from Rs 100 Cr), showing strong profit growth despite flat revenue as input cost normalization drove margin expansion. Q4 FY26 PAT improvement significant given steel price headwinds at industry level. The company benefits from captive iron ore mines and 380 MW captive power (coal-based + solar), providing structural cost advantage over peers. Ferro alloys export volumes supported by global stainless steel demand recovery. Management expanding renewable energy (solar + hydro) to reduce power costs further. Debt reduction on track. Peers like Godawari Power and Ispat showed similar Q4 steel margin recovery driven by lower coking coal costs.