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Sarda Energy & Minerals Hong Kong Limited (SEMHL)
Sarda Energy & Minerals Hongkong Limited, Hongkong (SEMHKL), is a wholly owned subsidiary,
functioning as global investment and trading arm of the Company. During 2025-26,
the subsidiary reported a net profit of ₹ 24.35 crore as against profit of ₹ 21.85 crore in the previous year.
Sarda Global Venture Pte Limited
Sarda Global Venture Pte. Limited, Singapore (SGV), a wholly owned subsidiary, is having JV with PT Unggul Jaya Indonesia,
an Indorama group company, for coal mining in Indonesia under the name P.T. Tigadaya Minergy (TDM). During 2025-26,
1.57 MnMT (PY 0.89 MnMT) coal was extracted from the Mine.
The subsidiary reported a net profit of ₹ 42.44 crore as against net profit of ₹ 36.04 crore in the previous year.
Sarda Global Trading DMCC
Sarda Global Trading DMCC, Dubai (SGT), a wholly owned subsidiary, has been incorporated with the object of trading in metal ores, scrap and coal.
During 2025-26, the subsidiary reported a net profit of ₹ 3.48 crore as against net profit of ₹ 7.99 crore in the previous year.
Sarda Metals & Alloys Limited
Sarda Metals & Alloys Limited (SMAL), a wholly owned subsidiary is operating 108 MVA Ferro Alloys Furnaces backed by 80 MW captive thermal power plant near Vizag port to cater mainly to export market. Besides this,
during the year operations of Rock Mineral Wool Plant also got stabilized
During 2025-26, Power Generation was 636.68 MU as compared to 573.06 MU in the previous year and achieved PLF of 90.85% as against PLF of 81.77% in previous year.
The ferro alloys production stood at 1,19,330 MTs as against 1,02,158 MTs in the previous year. The Company recorded an all-time high in both ferro alloys and power production during 2025-26.
During 2025-26, the company exported 98,908 MTs (including trading export of 3553 MTs) of ferro alloys valued at ₹ 825.43 crore against 99,556 MTs (including trading export of 20 MTs) in the previous year valued at ₹ 802.01 crore.
The company reported a net profit of ₹ 55.19 crore as against ₹ 6.33 crore in the previous year. The Company is recognized as a Three Star Export House by the Government of India, Ministry of Commerce & Industry, Directorate General of Foreign Trade.
During 2025-26, CRISIL has changed ratings from “CRISIL A/Stable” to “CRISIL A/ Positive for longterm bank facilities and
continues to be “CRISIL A1” for short-term bank facilities. The company has met all its financial obligations on time.
Sarda Renewable Energy Limited
Sarda Renewable Energy Limited (formerly Sarda Energy Limited) (SREL), a wholly owned subsidiary earned a net profit of ₹ 13.68 crore as against net profit of ₹ 3.81 crore in the previous year. The profit was mainly from share of profit from investment in Chhattisgarh Hydro Power LLP.
Additional equity of ₹ 48.23 crore was infused in the company to pay off the debt and to finance the acquisition of stake in 66 MW Khuitam hydro power project.
Kalyani Coal Mining Private Limited.
Kalyani Coal Mining Private Limited (KCMPL), a wholly owned subsidiary was incorporated in financial year 2023-24 as a Special Purpose Vehicle for carrying out the Re-opening, Salvaging, Rehabilitation, Development and Operation of Kalyani Underground Coal Mine, in the state of Chhattisgarh. However, Since the project was not viable, at the company’s request SECL has terminated the agreement.
It is proposed to merge the company with Sarda Renewable Energy Limited for which steps are being taken.
During the year under review, the company earned a profit of ₹ 1.59 crore from surplus funds as against profit of ₹ 0.51 crore in the previous year.
Parvatiya Power Private Limited
Parvatiya Power Limited (PPL) is operating 4.8 MW Loharkhet Hydro Power project in Bageshwar district of Uttarakhand since 2008.
The Plant enjoys debt free operations. It has demonstrated consistent performance and healthy operations despite its remote location in difficult hilly terrain of Kumaon region of Uttarakhand.
The Company has supplied 20.03 MU power in the FY 2025-26 (Previous Year 20.37 MU) to the state grid. During the year 2025-26, the Company has reported EBIDTA of ₹ 3.43 crore (PY ₹ 3.16 crore) and net profit of ₹ 0.35 crore (PY loss ₹ 0.42 crore)..
Your Company continues to hold 51% stake in PPL.
Madhya Bharat Power Corporation Limited
Madhya Bharat Power Corporation Limited (MBPCL) is operating 113 MW Rongni Chu HEP
in Sikkim. The company enjoys A+(Stable) rating from India Ratings & Research and A
(Stable) from CARE Ratings.
The company has billed 367.17 MU (PY 367.25 MU) of power in the F.Y 2024-25 and reported
revenue from sale of power of ₹ 246.01 crore (PY ₹ 260.82 crore). Based on provisional tariff,
it has earned post tax profit of ₹ 16.36 crore (PY ₹ 11.98 crore). The determination of final tariff
is in process.
Sarda Energy & Minerals Ltd. holds 84.65% stake in the company (76.43% directly and 8.22%
through its wholly owned subsidiary Sarda Energy Limited).
Chhattisgarh Hydro Power LLP
Chhattisgarh Hydro Power LLP (CHPLLP), a wholly owned subsidiary, is successfully operating 24 MW Gullu Small Hydro Electric Project (SHP) since last eight years.
Another 24.90 MW Rehar-I SHP commenced commercial operation on 8th July 2025 in Surajpur district of Chhattisgarh.
The external credit rating of the LLP has been upgraded to “A+(stable)” from “A (Stable)” by ICRA.
During the FY 2025-26, Gullu SHP has supplied record 122 MUs (PY 90.11 MUs). The Rehar-I SHP generated 84 Mus. The LLP has earned EBIDTA of ₹ 115.37 crore (PY ₹ 40.28) and post-tax profit of ₹ 60.90 crore (PY ₹ 29.23 crore).
The improvement in performance is attributable to good monsoon in the catchment area and commencement of commercial operations of Rehar-I SHP.
Sarda Hydro Power LLP
Sarda Hydro Power Private Limited (formerly Sarda Hydro Power LLP) (SHPPL) has licenses for implementation of two small hydro projects.
Survey works for 24.90 MW Kotaiveera SHP is advance stage of final approvals and work on the project is expected to start during the current year.
The Company holds 60% stake in the LLP.
Shri Ram Electricity LLP.
Shri Ram Electricity LLP (SRE LLP) was incorporated as a special purpose vehicle (SPV) for setting up a captive thermal power plant.
In view of the changed power scenario and cancellation of coal linkage for the power project, the LLP has dropped the project.
The Company continues to hold 51% stake in SRELLP. The firm will be dissolved once pending matters are closed.
Bartunga Coal Private Limited (BCPL)
Bartunga Coal Private Limited (BCPL), has been incorporated as a special Purpose Vehicle Joint Venture (Company’s share in JV 67%) for Re-opening, Salvaging, Rehabilitation, Development and Operation of Bartunga Hill Underground Coal Mine,
in the state of Chhattisgarh. The contract agreement between BCPL and SECL has been executed and other activities are progressing as planned.
During 2025-26, the company earned a profit of ₹ 2.19 crore as against profit of ₹ 1.48 crore in previous year by way of interest on lending of surplus equity pending utilization for the project.
Natural Resources Energy Pvt. Ltd
Natural Resources Energy Private Limited (NREPL) is a Joint Venture with Shyam Metalics group for Surjagarh-1 iron ore block in the State of Maharashtra.
The Company holds 51% stake in NREPL. The block is under approval stage and Composite License for the Block for period of three years has been granted and executed.
The Prospecting work has been started and the permission from Competent Forest Authorities for carrying out Core drilling work for estimation of reserves has also been received.
Raipur Infrastructure Company Ltd.
Raipur Infrastructure Company Limited (RICL) is a dormant Joint venture company where
we hold 1/3rd share. It was operating a leased Railway Siding in Mandhar, Raipur. The lease
has expired. The company will be wound-up after closure of pending proceedings and getting
refunds from the tax authorities. During 2024-25 the company earned interest income of ₹ 1.02
crore and total comprehensive income of ₹ 1.05 crore as against comprehensive loss of ₹ 3.05
crore in the previous year.
Madanpur South Coal Co.Ltd.
Madanpur South Coal Company Limited (MSCCL) was incorporated as a Joint Venture
Special Purpose Vehicle for development of Madanpur South Coal Block allotted in
consortium. The Supreme Court had cancelled all coal block allotments. Consequent to
cancellation of coal block, there is no business left out in the company. Sarda Energy &
Minerals Ltd. holds 20.63% share in the JV. During 2024-25, MSCCL reported comprehensive
income of ₹ 0.34 crore as against ₹ 0.07 crore in the previous year.
At present the Company is having land of about 71.220 Hectares. MSCCL would be wound
up after disposal of the land.
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