PESB research view: HoldStock
Loading the page…
PESB recommendation · Stock
₹429.35▲ 0.20 (+0.05%) todayNSE · as of 3 Nov 2026, 5:30 am
Recommended on 29 Jun 2026 by Anupama Bhootra
Our recommendation read against today's market data.
Sarda Energy & Minerals Limited (SEML) operates a vertically integrated business model that spans the entire value chain from mining to finished products. The company’s core strategy relies on deep backward integration, utilising captive iron ore and coal mines to insulate itself from raw material price volatility and supply chain disruptions. This enables SEML to maintain its status as one of India’s lowest-cost steel producers.
Sarda Energy is well positioned to benefit from India's rising demand for steel, ferro alloys and power, backed by its integrated business model and aggressive capacity expansion plans. The company reported a record Q1FY27 performance with EBITDA rising 9.4% YoY to ₹762 crore and PAT increasing 9.4% YoY to ₹478 crore, despite temporary operational disruptions. The energy business contributed nearly 70% of consolidated EBITDA, supporting profitability, while management expects further margin improvement as hydro operations normalise and captive coal production ramps up. The company plans to double its energy generation capacity and quadruple mining capacity over the medium term, funded entirely through internal accruals. With a net debt-free balance sheet, liquidity of over ₹2,500 crore, and strong cash generation, Sarda Energy remains well positioned to deliver sustainable earnings growth, improve return ratios and create long-term shareholder value.
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
Market data from Accord; delayed, for information only.
NSE · Automobiles
79% of the way to target₹1,121 → ₹1,975
Transforming Indian Two-Wheeler Mobility Through Innovation and Electric Integration
NSE · Banks
−28.85% since recommended₹74 → ₹100
From Microfinance Roots to Diversified Retail Banking
NSE · Banks
10% of the way to target₹943 → ₹1,211
India's Largest Public Sector Bank Driving National Financial Growth
NSE · Banks
48% of the way to target₹68.80 → ₹93.50
Scaling Modern Banking Infrastructure Across Retail, MSME, and Rural Markets