Ladies and gentlemen, good day and welcome to Sarda Energy & Minerals Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Now in the conference, over to Mr. Parth Chauhan from Adfactors PR. Thank you and over to you, sir.
Good morning, everyone. Thank you for joining us for the Q4 and FY 2026 earnings conference call of Sarda Energy & Minerals Limited. We have with us today Mr. Pankaj Sarda, Managing Director, Mr. Manish Sarda, Deputy Managing Director, Mr. Padam Kumar Jain, Director and Chief Financial Officer, and Mr. Nilay Joshi, Executive Director. Before we proceed, I would like to mention that some of the statements made on this call today may be forward-looking in nature and may involve risks and uncertainties that are difficult to predict. Documents related to the company's financial performance have been uploaded on the exchanges and the company's website. I now hand over the call to Mr. Pankaj Sarda for the opening remarks. Thank you and over to you, sir.
Thank you. A very good morning, and thank you everyone for joining the Q4 and FY 2026 earnings call. I hope everyone had an opportunity to review the financial results and investor presentation uploaded on the exchanges and our company website. Over the last five years, Sarda Energy has undergone a significant transformation from a mid-sized, cyclical, commodity-linked-
Sorry to interrupt , the line for the management dropped. Participants, please stay connected while we rejoin the management line. Ladies and gentlemen, thank you for your patience. We have the line for the management reconnected. Sir, please go ahead.
Sorry for that. Good morning and thank you everyone for joining the Q4 and FY 2026 earnings call. I hope everyone had an opportunity to review the financial results and investor presentation uploaded on the exchanges and our company website.
Over the last 5 years, Sarda Energy has undergone a significant transformation from a mid-sized cyclical commodity-linked metals business to a more diversified and integrated energy and mining business. In FY 2021, the company's earnings were largely driven by steel and ferroalloy cycles, with profitability exposed to commodity price volatility and fluctuations in raw material costs. Since then, we have strategically diversified our business through investments across thermal power, hydropower, and coal mining. Key milestones in this journey include the acquisition and integration of SKS Power's 2 into 300 MW thermal power assets, operationalization of the 113 MW hydropower project in Sikkim, and commencement and scale-up of coal mining operations at Gare Palma IV/7. These initiatives have materially strengthened our integrated business model and improved earnings visibility. This transformation is reflected in our financial and operating performance.
Over FY 2021 to FY 2026, revenue has doubled at a CAGR of 21% to approximately INR 5,928 crores. EBITDA has tripled at a CAGR of 25% to INR 2,025 crores. With 3x jump in profit after tax as well at a CAGR of 24% to INR 1,109 crores. During the same period, our energy capacity has increased nearly five-fold to 929 MW, supported by a strong liquidity position, improved credit profile, and a net debt-free balance sheet. We believe Sarda Energy is well-positioned to deliver long-term sustainable value creation. Against this backdrop, FY 2026 was another year of strong operational performance across our energy, mining, and metals businesses. In FY 2026, the company not only surpassed its INR 2,000 crores EBITDA guidance, but also recently crossed the market capitalization of INR 20,000 crores. The board has also recommended a record dividend of 200%, subject to shareholders' approval.
Operationally, FY 2026 was a landmark year for the company, with several businesses delivering their highest-ever production and generation level. I'm happy to report that the company achieved the highest-ever generation and sale of thermal and hydro energy during the year. Despite planned shutdowns led by the successful integration and scale-up of SKS Power, addition of Rehar Hydro Project capacity, and signing of profitable long-term PPAs. The thermal power generation ex-captive reached its highest ever level at 4,155 million units in FY 2026 as against 2,238 million units in FY 2025, representing a robust growth of 84% year-on-year. Hydropower generation also remained strong during the period, with annual generation increasing to a record 661 million units in FY 2026 from 508 million units in FY 2025, recording a growth of 31% YoY, supported by the commissioning of 45 MW Rehar Hydro Project.
Consequently, the energy segment continues to drive growth, with two-third of EBITDA being contributed from the segment. Going forward, we will continue to scale up the energy portfolio. An important development during the period was the honorable Supreme Court dismissing all dissenting appeals filed against the approval of the company's resolution plan for acquisition of SKS Power Generation (Chhattisgarh) Limited under the IBC process. This paves the way for the company to efficiently double the capacity to 1,200 MW by FY 2030, supported by strong cash generation and a robust balance sheet. Importantly, for this brownfield expansion, the land, water, grid connectivity, fuel availability, coal handling, railway siding infrastructure, et cetera, is already in place. We have applied for the environment clearance, and the same is expected in due course.
During the quarter, the company has also approved the acquisition of a majority stake in Adishankar Khuitam Power Private Limited, which holds rights for a 66 MW hydropower project in Madhya Pradesh. Most approvals and critical forest land for the project has already been secured, and we are confident of a successful scale-up of this capacity. Work on the other three small hydropower projects in Chhattisgarh, totaling 74 MW, is progressing as per plan. Within our power portfolio, commissioning of the 50 MW captive solar power plant is expected before end of next quarter. The 30 MW TG set replacement project is in final stages of its erection, and the plant is expected to be commissioned by the end of this quarter, ahead of the earlier targeted completion timeline of H1 FY 2027.
On the mining side, the company received consent to operate from the Chhattisgarh Environment Conservation Board for expansion of production capacity at the Gare Palma IV/7 coal mine from 1.68 million tons per annum to 1.8 million tons per annum. The production during FY 2026 reached the maximum permissible annual limit of 1.8 million tons per annum. Q4 production numbers appear relatively lower due to exhaustion of the approved annual limit. This achievement demonstrates the company's strong mining execution capabilities and its ability to efficiently maximize extraction. Development of the Sahapur West high-grade coal mine is progressing as scheduled, with commissioning targeted before the end of FY 2027. Approval processes for the Gare Palma IV/5, Bartunga, and Senduri coal mines are progressing as per plan. Moving on to the metal business. Iron ore pellet production reached a record of 826,293 metric tons in FY 2026.
Sponge iron production also achieved a new milestone, with overall yearly production increasing to 345,066 metric tons in FY 2026. Further, the H.B. wire division achieved record yearly production of 40,425 metric tons in FY 2026. Further, the board has approved the expansion of the iron ore pellet plant capacity at Raipur from 9 lakh tons to 20 lakh tons. The project is estimated to involve a capital outlay of approximately INR 500 crores and is expected to be completed within 2.5 Years from commencement. EC for the project is already in place, and the DPR is currently under preparation. The stand-alone operating performance in the fourth quarter was impacted by the shutdown of one 30 MW captive power unit for replacement, which is expected to come into operation by end of this quarter. Despite this, the financial performance improved on account of better market conditions.
Price realization in the steel segment improved during the quarter on both YoY and QoQ basis. However, price realization during FY 2026 remained lower compared to FY 2025. As part of our sustainability commitment, we have installed a mineral wool project to utilize the industrial waste for production of usable industrial product. Coming to the financial performance, consolidated revenue for Q4 FY 2026 stood at INR 1,058 crores. EBITDA for the quarter stood at INR 352 crores, while PAT for Q4 FY 2026 stood at INR 155 crores, an increase of 53% YoY. As pointed out earlier, performance during the quarter was impacted by certain planned operational shutdowns and seasonality. Steel production was temporarily affected due to the shutdown of one 30 MW captive power plant unit since December for replacement activity. Additionally, thermal power generation declined year-on-year as one 300 MW turbine continued to be under planned maintenance for part of January 2026.
Hydropower generation is also impacted because of the seasonal slowdown. For the full year, consolidated total revenue increased 23% YoY to INR 5,928 crores in FY 2026 from INR 4,815 crores in FY 2025. EBITDA for FY 2026 stood at INR 2,025 crores as compared to INR 1,410 crores in FY 2025, representing a growth of 44% YoY. Profit after tax increased significantly to INR 1,109 crores in FY 2026 from INR 702 crores in FY 2025, reflecting a strong growth of 58% YoY. Our balance sheet continued to remain strong with net debt of EBITDA well below 1x and credit rating by CRISIL at AA- with a positive outlook. Consolidated net debt as of 31st March 2026, stood at INR 215 crores as compared to INR 1,566 crores as of 31st March 2025. A significant reduction of over 85%.
Consolidated liquidity remains robust at INR 2,380 crores and on a standalone basis, the company continues to remain net cash positive. With that overview, I now hand over to Mr. Manish Sarda to discuss the industry environment and outlook. Over to you, Mr. Manish.
Thank you, Pankaj. Good evening, everyone, and thank you for joining us today. I will briefly touch upon the broader industry environment and the demand outlook across steel, power, and related commodities. FY 2026 was a defining year for India's industrial and energy sectors, marked by strong domestic demand, improving pricing trends, accelerated infrastructure activity, and record quarter. The opening environment across both steel and energy remains stronger compared to previous quarters, supported by policy interventions, rising investments, and sustained economic momentum. India's vision of Viksit Bharat 2047 continues to drive a strong structural push towards domestic manufacturing, infrastructure creation, and energy security. Increasing investments across semiconductors, electronics manufacturing, data centers, and industrial infrastructure are expected to significantly increase demands on power and resolve demand in the country. India's semiconductor ecosystem alone is witnessing multibillion-dollar investments supported by strong policy initiatives and localization efforts.
At the same time, evolving geopolitical tensions and structural energy supply risks have further strengthened India's focus on Atmanirbhar Bharat and reducing dependence on energy and industrial homegrown fuels. The government of India's emphasis on coal gasification and domestic resource utilization reflects the broader strategic direction. Recently, the government approved INR 37,500 crore incentive scheme to promote coal gasification projects aimed at reducing imports of LNG, methanol, ammonia, fertilizers, while strengthening India's long-term energy security. In the backdrop with our planned capacity expansion across thermal, hydro, and renewable power, along with our integrated mining business, we believe SEML is well-positioned to benefit from the increasing demand for reliable and competitively priced energy driven by India's manufacturing next growth trajectory. Given our integrated presence across coal mining, power generation, industrial operations, we believe that the company remains structurally aligned with India's long-term priorities around energy security, manufacturing growth, and economic self-reliance.
During FY 2026, India stood out positively among global steel markets. Crude steel production in India grew by over 11%, even as China and several other global markets recorded a contraction. China's steel production fell to a six-year low, its export increased. China also introduced export licensing requirements for a wide range of steel products. Starting in 2026, India's apparent steel demand continued to grow. Exports remain higher than imports for the second consecutive quarter, India's steel consumption reached approximately 164 million tons, supported by sustained infrastructure spending and steady manufacturing activity. In steel prices, which had reached multi-year low earlier in this year, recovered sharply by around 10%-15% during quarter four. Despite the near-term global stability, the long-term outlook for both steel and energy sectors remain highly encouraging, supported by India's infrastructure push, manufacturing growth policy continuity, and long-term energy transition goals.
Turning to the power sector, demand has strengthened significantly and recently touched a record peak of 270.8 GW, driven by several heat waves, surpassing the previous peak demand of 250 GW recorded in 2024. During the quarter, power prices on the day ahead of market of exchange stood at INR 3.75 per unit, compared to INR 4.30 per unit in the corresponding period last year and INR 3.33 per unit in the previous quarter. The Indian core index increased by 8% from March 2025 levels and by 9% from December 2025 levels due to the import supply disruptions arising from the ongoing war situation. Looking ahead, the West Asia crisis has resulted in higher input costs and supply chain disruptions. Inflationary pressures from elevated oil prices, along with their impact on government finances, may have implications for Middle East, is also expected to impact global economic activities.
However, given that India is a largely domestic consumption-driven economy, the impact is expected to be relatively moderate. At SEML, we are entering into the next phase of growth with stronger tailwinds, almost operational momentum, and a clear expansion roadmap. I'm confident that with our planned strategic expansions to 4x our mining capacity and to 2x our energy capacity, we are well-placed for sustained growth going forward. With that, we can now open the floor for question- and- answers session.
Thank you very much. We'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask the question. The first question is from the line of Digant Haria from GreenEdge Wealth. Please go ahead.
Yeah. Hi. Thank you for the opportunity. My first question is that after a long time, we are doing some CapEx in the steel division, in the pellet plant. Are you seeing some changes? What has prompted us to do that? Because we were holding the CapEx in this sector for a long time because it is deeply cyclical. Just some comments here.
Already environment clearance is in place. Land and water availability is there, and we see a lot of mines opening up in Chhattisgarh in near future. We think that we'll be ready when these mines open up in the next two and a half years. We'll be ready with our production.
Okay. you're saying the supply of iron ore in the catchment areas will be good, so we'll get a chance to process them, right? That is the idea. </edited_transcript
Yes. Looks like.
Okay. Sir, second question is that in this steel and ferroalloy division, do you think we've really bottomed out and this year can be a slightly better year? Because since four years, our operating profits in these divisions have actually been declining.
Manish?
I think at the current levels, they look to be bottomed out. It all depends upon the global scenario as to what happens in the Middle East. If the war again starts and the demand goes down globally, it will have an impact on India as well. I personally feel these are the current bottom-level prices that we are seeing of steel, ferroalloys. Once the war is settled, if there is a peace agreement in place which is intact and tight, we'll see recovery of prices also.
Okay. Y ou don't see much of Chinese dumping these days. Has it declined over the last two, three months because of the currency spreads are now really very high between India and China. in last few months-
If you look at the China steel growth, it has contracted, but if you look at the exports, that has increased globally. In India, we have the safeguard measures, and we are seeing that there's less import from China. globally, if you look at it, they have been exporting.
Okay. Sir, last question is on our power division. In our hydropower division, we have done around 300 crores of EBITDA, which means that we have done around 800 crores of EBITDA in the SKS Power, the thermal power, the independent power production division. Just wanted to check that is there any efficiency possible here, or we have already maxed out because we have produced 411 crore units and we have done 800 crores of EBITDA. Roughly INR 2 per unit kind of EBITDA. Can this plant increase production or improve EBITDA or we have reached the maximum potential of this plant? How you are saying?
I think
Sorry, sir?
800, how you are saying?
See in our segmental results, we say that INR 1,095 crores is the segmental result.
EBITDA.
Yeah, EBITDA. I'm just subtracting the hydropower division. In the presentation you have given that hydropower division has done INR 386 crores, 11.80% EBITDA.
Yeah, just clarifying. The hydropower division number is the EBITDA number that you are referring to, and the thermal that you are referring to is the EBIT that we disclose, right? There is no comparable. That's all it is.
Okay.
To answer your second part of the question, yes, in any plant there is a scope of improvement. We have already infused almost more than INR 140 crores of CapEx in our Binjkote plant till now. for the next two years, we are incurring around INR 150 crores of CapEx. there could be an improvement in PLF. We are trying our level best that the spares and everything and all the CapExes that was due till now, we are completing those CapExes, and definitely there is a scope of improving the performance in the plant.
Okay. I think I'll come back in the queue. I have two more questions, but I'll come back in the queue.
Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Manav Gogia from Yes Securities. Please go ahead.
Yeah, hi. A very good morning, and thank you so much for the opportunity. The first question is actually in line with the previous participant. When we look at the pellet plant that you're bringing in, you had mentioned that you see a lot of mines opening up for iron ore in Chhattisgarh. Is there a case where Sarda can also bid for these mines? Does the company see that the pellet plant would be a better play if we have our own iron ore mine?
Yes. These mines are owned by Chhattisgarh Mineral Development Corporation. I was talking about these mines that are opening up by the state itself. yes, we will be looking for all the opportunities in this sector if the mines comes up in auction in Chhattisgarh and neighboring states.
Okay, understood. Just a follow-up, because now I think up till last year, we were quite bent on not expanding our steel business further, and now we are seeing some inclination towards it. Is there a possibility whether probably in the future the company might be looking at demerging the steel and power verticals or from a long-term strategy point of view, or how should one look at it?
Yeah. Vikrant?
Yeah. We are definitely considering the separation of the renewable energy business, not the complete power business. Renewable energy, but that is being explored, and we have not yet come to any conclusion. That is being examined. Yes, that is on the table under consideration.
Okay. My second question comes for our doubling up of SKS Power capacity. By when should we expect to see Q2, Q3, but it would be this fiscal, right?
No, no. We are taking the environment clearances because the earlier environment clearances had expired. We are again going to MoEF for the environment clearances. After the environment clearances, I think so by 2030, 2031, we'll see that project commissioning.
Oh, okay. This is a calendar year or the fiscal year? Either way, it's going to be 2031 is what the goal is set.
Yes. Fiscal year.
Got it. One last question I had. First of all, how are you looking at the long steel realizations for Q1 as compared to Q4? When we look at the Q4 realizations, so you had guided 12%-15% jump in the realizations, which is being reflected by the end product. When it comes to sponge iron and pellets, there's sort of a distortion. I think pellet prices were quite up during the quarter. Just wanted your point of view on how should we see the realizations going ahead, especially for pellets and sponge iron.
Manish?
Question, please? Can you please repeat the question?
Yes, sir. Wanted your viewpoint on how the realizations are looking for steel business for Q1 as compared to Q4.
Okay. See, if you've witnessed that we are inching closer towards a deal being struck by U.S. and Iran. Once that happens, we are going to see a supposedly strong growth in terms of infrastructure being rebuilt. I personally feel that the long-term prices for long products will be on upward trajectory.
Oh.
We have seen the flat steel prices not dipping down considerably compared to the long product prices. We will see some growth in the long-term steel pricing of long products.
No, that is quite helpful. my question was actually pertaining to also how the realizations are looking, in Q1 as well of FY 2027.
It's very difficult to predict in such a volatile market. It's very difficult to predict the exact numbers.
No, I understand, sir. That is helpful.
To answer your question a bit, NMDC and OMC both have reduced their prices in iron ore sector. Because of energy crisis, there is a little bit increase in coal indexes. Say the prices have gone up by 7%-8%, but the iron ore prices have come down. We think that prices of the end result might also reduce.
Got it. Sir, please one last question into this. If we refer to slide number 13, which is the sales trend for this particular quarter, and if I look at the domestic coal sales volumes, I think the numbers are reflecting the same ones as it was in the Q3 PPT. Would it be possible if you could give me the FY 2026 number for whatever the sales were for domestic coal? Total sales for FY 2026.
Domestic sales were reflected domestically there in the presentation also, 150.
Yes, sir, nine months, if you look at the Q3 presentation, the number is the same.
Realization prices?
No, not the realization, but the sales trend of slide number 13. The domestic coal sales for FY 2026 was at 150. That was the same number in Q3.
For domestic coal, to give you answer, we are selling very less coal in the market because most of the coal is captively consumed.
Okay.
No, that number I'm very so no worries. That's good. No worries, sir. Thank you so much.
Next question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead.
Namaskar sir, Bhandari.
Hello. Namaste.
Can you hear me, sir?
[Non-English content]
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Okay. Are we thinking of any coal gasification, sir?
At any point in time, we keep evaluating various projects, but nothing is-
Hi, sir.
Nothing is coming up. The coal auctions, Bhandari ji, the government is coming up with coal mines auctions for particularly coal gasification itself. We are evaluating the opportunity and then we'll take a call.
Thank you. Rajesh, I'll request to come back for a follow-up question. Next question is from the line of Vaibhav Mehta from Axis Mutual Fund. Please go ahead.
Hi, sir. Thanks for taking my question. My question would be with regards to our CapEx schedule for FY 2027 and FY 2028, given the fact that we are expanding mines and hydro projects are also coming up. Secondly, if you can also share the schedule for commissioning of hydro projects that are under development.
The CapEx. It's stated earlier also, our annual CapEx based on whatever we have planned initially, it will be in the range of about INR 500 crores-INR 700 crores, except for the IPP expansion of 600 MW. For 600 MW expansion, we expect to get the clearance during the current year, and from next year, full blast CapEx will start. That will be substantially on FY side.
Thanks for the information. With regards to hydro commissioning?
Hydro commissioning. We are evaluating the DPR. We are finalizing the DPR, and our different hydro projects are in different phases of environmental clearance as well. Regarding the three small hydro projects that are coming in Chhattisgarh, they might take three to four years to come, and the Kritam hydropower project, the forest clearance and everything we have already got in place. The DPR is under the finalization stage. We already have a consultant in place, and we'll be starting the project soon by end of this year, and we expect to finish it in three to four years.
Got it, sir. Sure. If I can ask one more question. For FY 2027 and 2028, what would be driving our top-line growth? Again t he commissioning schedule is on the later part of.
Yeah. Broadly, whatever expansion. For FY 2020 you're talking about or 2027?
Yes, sir. If you can give schedule for FY 2027 and 2028.
FY 2027 majorly it will be on the efficiency parameters and availability of the Rehar power plant for the full year, and improvement in the efficiency of our IPP. These are the two major and third, because our solar plant will come up by September and 30 MW TG set will restart here. These are based on the basically efficiency parameters only will add to the top line and bottom line during the FY 2027. FY 2028, we will have one more coal mine operational, that is the Sahapur coal mine. These are the immediate projects which will be coming to operation.
Got it, sir. Thank you.
This, our Gullu project will also add to the bottom line as it comes in our full blast because it is also growing rapidly.
Understood. Thank you, sir.
Thank you. Participants You may presss star one to ask a question. Next question is from the line of Digant Haria from GreenEdge Wealth. Please go ahead.
Yeah. Hi, thank you for the chance again. One question is on this, our PPAs. Of the power that we sold, what was under PPA and what was sold at merchant, and what will that number be for FY 2027? I see in the presentation we have written that we have signed some long-term PPAs.
We have signed the PPAs for about 300 MW out of 600 MW for the medium-term and long-term. Rest we have been selling in the short-term PPA, which are for a few months.
Okay.
So far as the hydropower projects are concerned, two power projects we have long-term PPA in place, and the third one of our second power project we are selling in the merchant market.
Sir, in thermal power, in FY 2026, what would have been the proportion of PPA and merchant in the thermal power only?
Thermal power, most of that was except for I think 100 MW for the medium-term, rest was in the short-term.
Okay. sir, that will be significant, from 100 MW, almost 300 MW will be under PPA from this year onwards. That should improve our realization also, right?
This year we will have 200 MW, 100 MW we have entered medium-term, long-term, which will start from the next year. Although we have entered into PPA during the current year, but we'll be starting supply from the next financial year.
Okay.
From 200 MW-200 MW, we have entered into medium-term.
Okay. Maybe next year we will go to 300 MW, not this year.
Yeah, next year it will be going to 300 MW. In the meantime, we are also in negotiations for some more capacity during the current year, which may get into effect.
I think realizations are better in PPA, the PPAs, right? They're long-term and all.
Comparatively, because this spot market is volatile. Sometimes you get very good rates also in the spot market. Last year, if you've seen the first quarter, we had got much better prices. That is volatile. When you enter into the long-term PPAs or medium-term PPAs, it gives much more visibility and stability in the realizations.
Got it. Got it, sir. Sir, thank you so much. My questions are done. Thank you and all the best.
Thank you. Participants you may press star and one to ask a question. Next question is from the line of Kareena Kaur from Stakloom Investments. Please go ahead.
Hi, good morning. Thank you so much for the opportunity. My question is, do we have any particular investment outlay for the SKS expansion project? Also, have we got the approval from the board? Do we require any other regulatory or statutory approvals for the same?
The board has approved in principle for expansion of the project. Accordingly, we have gone ahead with the necessary approvals, including environmental clearance and all those things. Once all the clearances are in place and DPR are being prepared, where we are evaluating the exact configuration of the project also. Giving the exact amount for the investment, it will take some more time, and it will be placed before the board once we freeze the final capacity and the configuration, everything.
Okay. Thank you so much, sir. Thank you.
Thank you. Next question is from the line of Pawan Nahar, individual investor. Please go ahead.
Thank you. I think my questions are done, and you don't wish to answer it seems at this moment. Basically, I wanted to know what would be the CapEx for all that expansion that is planned for the next four years, 2027, 2028, 2029, 2030. The power plants would be the main one.
That I think we already addressed. In the next two years, it will be in the range of about INR 500 crore-INR 700 crore, maybe in the range of INR 100 crore. Excluding the SKS Power project, for which it will take some time to give exact guidelines on the CapEx cycle.
Okay. Second is from the 600 MW thermals, how many units do you expect to sell this year? What should be the output sold?
It will be better than the previous year. Previous year we had sold about INR 375 crore units. It should be much better. Maybe we should be in the range of INR 400 crore units, sellable units I'm talking about, not the generation.
Okay, INR 400 crore units. What was the average realization for FY 2026?
Pawan, sorry to interrupt you. Your voice is echoing. Can you speak through the handset?
What was the average realization for SKS in FY 2026?
It was more than INR 5+.
INR 5.
For the whole year. More than INR 5.
Okay. What was our cost of generation variable? Fixed whatever is reasonable?
It depends. I think that we shall have to work out and give. Off the line we can discuss more.
Okay. Thank you. INR 400 plus units, crores. Thank you, sir.
Thank you. Participants you may press star and one, two ask a question. Next question is from the line of Manoj Rajani from Rajani Family Office. Please go ahead.
Hello, am I audible?
Yes, sir. Go ahead.
Yeah. Thank you so much, sir, for giving me this opportunity. Sir, I just have a couple of questions. Any update on the progress of the 30 MW turbine that is being impacting our production along with the anticipated commissioning timeline?
As stated in our initial address, we will be completing this project by end of this quarter. By end of June, it will come into operation.
Okay, sir. No significant impact on anything yet, right?
Yeah. Nothing.
Okay, sir. My second question is, any particular reason that is behind acquiring the shares of Godawari Power, particularly in the open market? Should we investors like us expect any further purchases going ahead?
That was a part of normal treasury operations. Nothing specific.
Okay, sir. Nothing expected, I mean, going ahead, we should expect, right, sir?
Yeah, nothing specific. Yes, sir. It was not a something. Just a part of treasury operation. Just to give a perspective, we have almost INR 2,400 crore of liquidity as of March. That was, I think, around 1%. It was part of regular treasury and not meaningful.
Okay, sir. Sir, I late joined, so please forgive me if this question might be already addressed. Sir, I wanted to ask, what is the company's broader plan in respect to the real estate JV and is there any land development opportunity that we are looking at?
In metal we have some land bank, and the total investment is hardly negligible investment of, I think they had given the estimation of about INR 25 crores of investment. That will add value to our land bank. That was the only purpose. Otherwise, that's practically insignificant.
Thank you. Ladies and gentlemen, we will take that as the last question. I'll now hand the conference over to Mr. Pankaj Sarda for closing comments.
To conclude, the performance reflects sturdy execution against our strategic priorities, supported by a constructive pricing environment across both energy and metal segments. We have continued to make visible progress in our growth initiatives while also pursuing opportunities in green power to further strengthen our future-ready portfolio. Our disciplined approach towards deploying surplus cash into diversified long-term growth projects provides strong visibility and reinforces our commitment to sustainable value creation. Thank you for joining us today. Should you have any questions, please feel free to reach out to us or our investor relations team. Thank you.
Thank you very much. Apologies, that was Mr. Pankaj Sarda. On behalf of Sarda Energy & Minerals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Bye. Thank you.
Thank you.