Sarda Energy & Minerals Limited (SARDAEN) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Sardar Energy and Minerals Ltd. Q4 F526 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. And now in the conference, Ota Mr. Park Chauhan from AdFactors PR. Thank you, and over to you, sir.

Good morning, everyone, and thank you for joining us for the Q4 and FY26 Rearnings Conference called Tarda Energy and Minerals Limited. Behave of us today, Mr. Fankit Tarda, Managing Director, Mr. Manit Tarda, Deputy Managing Director, Mr. Padam Kumar Jain, Director and Chief Financial Officer, and Mr. Nellie 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. Pankh Assadda for the opening remark. Thank you, and over to you, sir.

Thank you. Good morning, and thank you, everyone, for joining the Q4 and FY26 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, SADA 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 FY21, the company's earnings were largely driven by steel and ferroloid cycles. With profitability exposed to commodity These initiatives have materially strengthened our integrated business model and improved earnings visibility. This transformation is reflected in our financial and operating performance. Over FY21 to FY26, revenue has doubled at a CAGR of 21% to approximately INR 5,928 crores. EBITDA has tripled at a CAGR of 25% to INR 2025 crores, with 3x jump in profit after tax as well at a CAGR of 24% to INR 1109 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 SADA Energy is well-positioned to deliver long-term, sustainable value creation. Against this backdrop, FY26 was another year of strong operational performance across our energy, mining, and metals businesses. In FY26, the company not only surpassed its 2,000 crores EBITDA guidance, but also recently crossed the market capitalization of Rs. 20,000 crores. The board has also recommended a record dividend of 200% subject to shareholders' approval. Operationally, FY26 was a landmark year for the company with several businesses delivering their highest ever production and generations level. I am 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 Reher 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 FY26 as against 2,238 million units in FY25, 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 FY26 from 508 million units in FY25, recording a growth of 31% by OY, supported by the commissioning of 25 megawatt rear hydropower project. Consequently, the energy segment continues to drive growth, with two-thirds 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 1200 MW by F530, 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, etc. 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 Adi Shankar Khutam Power Private Limited, which holds rights for a 66-megawatt hydropower project in Arunachal 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 megawatt, is progressing as per plant. Within our power portfolio, commissioning of the 50 megawatt captive solar power plant is expected before end of next quarter. The 30 megawatt 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 F527. On the mining side, the company received consent to operate from the Tribal Environment Conservation Board for expansion of production capacity at the Gare Palma 4x7 coal mine from 1.68 million ton per annum to 1.8 million ton per annum. And the production during F526 reached the maximum permissible annual limit of 1.8 million ton per annum. Q4 production numbers appear relatively lower due to exhaustion of the approved annual limit. However, this achievement demonstrates the company's strong mining execution capabilities and its ability to efficiently maximize extraction. Development of the Shahpur West high-grade coal mine is progressing as scheduled with commissioning targeted before the end of FY27. Approval processes for the Garim Palma 4x5, Bartunga, and Sindhuri coal mines are progressing as per plan. Moving on to the metal business, iron ore pellet production reached a record of 8,26,293 metric tons in FY26. Sponge iron production also achieved a new milestone with overall yearly production increasing to 3,45,066 metric tons in FY26. Further, the HB wire division achieved record yearly production of 40,425 metric tons in FY22. 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 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 30MW 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 F526 remained lower compared to F525. As part of our sustainability commitment, we have installed mineral wool projects to utilize the industrial waste of production of usable industrial products. Coming to the financial performance, consolidated revenue for Q4FY26 stood at INR 1,258 crores. EBITDA for the quarter stood at INR 352 crores, while PAT for Q4FY26 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 130 megawatt captive power plant units since December for replacement activities. Additionally, thermal power generation declined year on year as 1,300 megawatt turbine continued to be under planned maintenance for part of January 2026. Hydro power generation is also impacted because of the seasonal slowdown. For the full year, consolidated total revenue increased 23% YOY to INR 592.8 crores in FY26 from INR 4815 crores in FY25. EBITDA for F526 stood at INR 2,025 crores as compared to INR 1,410 crores in F525, representing a growth of 44% YOY. Profit after tax increased significantly to INR 1,109 crores in F526 from INR 702 crores in F525, reflecting a strong growth of 58% YOY. A balance sheet continued to remain strong with net debt of EBITDA well below 1x and credit rating Bicrysil at AA- with a positive outlook. Consolidated net debt as of 31st March 2026 stood at INR 215 crores as compared to INR 1566 crores as of 31st March 2025, a significant reduction of over 85%. Consolidated liquidity remains robust at INR 2380 crores, and on a standalone basis, the company continues to remain net cash positive. With that overview, I now hand over to Mr. Manish Sarada 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. F-26 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 Vixit 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 long-term power and resource demand in the country. India's semiconductor ecosystem alone is witnessing a multi-billion dollar investment, 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 the presence on ductile energy and industrial home fields. The development of India's emphasis on coal gasification and domestic resource utilization reflects thus broader strategic direction. Recently, the government approved a INR-37,500-crowatt incentive scheme to promote coal gasification projects aimed at reducing imports of energy, methanol, ammonia, fertilizers, while strengthening India's long-term energy security. In the backdrop with our plant capacity expansion across thermal, hydro, and renewable power, along with our integrated mining business, we believe SCML is well positioned to benefit from the increasing demand for reliable and competitively priced energy driven by India's manufacturing-led growth trajectory. Given our integrated presence across coal mining, power generation, and 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 FY2026, 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. While 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, while exports remained 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. And steel prices, which had reached multi-year low earlier in this year, recovered sharply by around 10 to 15 percent during Quarter 4. 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 gigawatt, driven by severe heat waves, surpassing the previous peak demand of 250 gigawatt, recorded in 2024. During the quarter-half, prices on the day ahead of market of the exchange stood at 3.75 per unit, Compared to 4.30 per unit in the corresponding period last year and 3.33 per unit in the previous quarter. The Indian Code 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 cost and supply chain disruptions. Inflationary pressures from elevated oil prices, along with their impact on government finances, may have implications for Middle East and 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 am confident that with our planned strategic expansions to contemplate our mining capacity and to double our energy capacity, we are well-placed for sustained growth going forward. With that, we can now open the floor for question and answer session.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 1 to ask the question. The first question is from the line of Digan Haria, from Green Edge. Please go ahead.

Yeah, hi. Thank you for the opportunity. So my first question is that after a long time, we are doing some capex in the steel division, you know, in the pallet plant. So are you seeing some changes in terms, you know, like what has, you know, prompted us to do that? Because we were holding the capex in this sector for a long time, because it is deeply cyclical. 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 Chathisgarh in the near future. So, we think that we'll be ready when these mines open up in the next two to one half years. We'll be ready with our production.

Okay. So, you think 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.

Yes. Yes.

Looks like. Okay. Okay. Okay. So, second question is that in this steel and ferro-alloy division, you know, like, you think we have really bottomed out and, like, you know, this year can be a slightly better year because, you know, since four years, our operating profits in these divisions have actually been declining.

I think they have, at the current levels, they look to be bottomed out. But, you know, it all depends upon the global scenarios 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. But, you know, I personally feel these are the current bottom-level prices that we are seeing of steel, ferrores. And once the war is settled, if there is a peace agreement in place which is intact and tied, we will see recovery of prices also. Okay.

Okay. Okay, but Mesh, you don't see much of Chinese dumping these days. Like, has it declined over the last two, three months because of the currency? You know, the currency spreads are now really very high between India and China. So, in the last two months, yeah.

If you look at the China, you know, steel growth, it is contracted. But if you look at the exports, that has increased globally. In India, we have the safeguard measures, you know, and we are seeing that there is less import from China. But globally, if you look at it, they have been exporting.

Okay, okay, okay.

So then, and last question is on our power division, like, you know, in our hydro, 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, you know, the thermal power, the independent power production division. So, I just wanted to check that is there any efficiency possible here or we have already maxed out because we have produced like 411 crores of 411 crore units and we have done 800 crores of EBITDA. So, roughly like 2 rupees per unit kind of EBITDA. So, can we, can this plant increase production or improve EBITDA or we have reached the maximum potential of this plant?

No, how are you? I think so. Sorry, sir. Please go ahead. 800, how are you?

So, see, in the, in our segmental results, we say that 1095 crores is the segmental, you know, segmental result. So, I am just, yeah, and I am just subtracting the, subtracting the hydropower divisions, you know, in the presentation, you have given that hydropower division has done 386 crores revenue and 80% EBIT.

Yeah, just clarifying, the hydropower division number is the EBITDA number that you are referring to, and the number that you are referring to is the EBIT that we disclosed, right? So, there is more comparison. That's all that I want to clarify.

Okay, okay.

But to answer your question, but 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 140 crores of capex in our bench coat plant till now, and for the next two years, we are incurring around 150 crores of capex. So 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 of 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 remember star and one to ask the question. Next question is from the man of Gojia from Yes Securities. Please go ahead.

Yeah, hi. 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 and Chattisgarh. So, is there a case where Sarda can also bid for these mines, and 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. So, I was talking about these mines that are opening up by the state itself. But yes, we will be looking for all the opportunities in this sector if the mine comes up in auction in Chhattisgarh and neighboring states.

Okay, understood. Just to 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 this.

So, is there a possibility whether probably in the future the company might be looking at demerging the steel and power verticals or, you know, from a long-term strategy point of view, or how should one look at it?

What is it, P.K. Janji?

We are definitely considering the situation 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. But yes, that is on table under consideration.

Okay. So, my second question comes for our, you know, doubling up of SKS power capacity. So, by when should we expect the ACQ2, Q3, but it would be this, this bill, right?

No, no, we are taking the environment clearances because the earlier environment clearances had expired. So, we are again going to MOEF for the environment clearances, after the environment clearances. I think so, by 2030, 31, we will see that project commissioning.

Oh, okay. So, this is the calendar year or the fiscal year? Either way, I mean, it's going to be 2031. So, what the goal is that? So, got it. So, my one last question I had. First of all, how are you looking at the long steel realizations for Q1 as compared to Q4? And when we look at the Q4 realizations, right, so you had guided 12% to 15% jump in the realizations, which is being reflected by the end product. But when it comes to sponge iron and pellets, there's sort of a distortion. So 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. Can you please repeat the question? Yes, sir. I wanted your viewpoint on how the realizations are looking for steel business for Q1 as compared to Q4.

Okay. So, see, if you have witnessed that we are inching closer towards a deal being struck by U.S. and Iran. So, once that happens, we are going to see a supposedly strong growth in terms of infrastructure being rebuilt. And I personally feel that the long-term prices for, you know, long products will be on upward trajectory. We have seen the flat steel prices not, you know, dipping down considerably compared to the long product prices. So we will see some growth in the long-term, you know, steel pricing of long products.

That is quite helpful. So my question was actually pertaining to also how the realizations are looking, you know, in Q1 as well of F527.

It's very difficult to product in such a volatile market. You know, it's very difficult to predict the, you know, the exact numbers, you know.

No, no, I understood, sir.

But 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% to 8%, but the R&O prices have come down. So, we think that prices of the end result might also reduce.

So if I may just squeeze 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. So, would it be possible if you could give me the FY26 number for whatever the sales were for domestic cost, total sales for FY26?

No, that is what reflected domestic sales there in the presentation also, 150.

Yes, but 9 months, I mean, if you look at the Q3 presentation, the number is the same.

Realization price, no?

No, not the realization, but the sales trend, slide number 13, the domestic coal sales for FY26 is at 150. That was the same number in, you know, Q3.

So, domestic coal, to give you an answer, we are selling very less coal in the market because most of the coal is captively consumed.

No worries. Thank you so much.

Thank you. Participants, you may bless Taran, want to ask a question. Next question is from the land of Rajesh Bhandari, from Nakura Ingeniors. Please go ahead.

Namaskar, sir. Bhandari. Hello.

Thank you.

Hello?

The government is coming up with coal mines auctions for particularly coal gasification itself. We are evaluating the opportunity and then we will take a call.

Thank you. Rajesh, I will request to come back for a follow-up question. Next question is from the line of Gaebao Mehta from Access Mutual Fund. Please go ahead.

Hi, sir. Thanks for taking my question. So, my question would be with regards to our KPEX schedule for FY27 and FY28, given the fact that we are expanding mines and hydro products are also coming up. And secondly, if you can also share the schedule for commissioning of hydro products that are there under development. The capex,

yeah, as stated earlier also, our capex,

general capex based on the water we have planned initially, it will be in the range of about 500 to 700 crores, except for the IPT expansion of 600 megawatt. For 600 megawatt expansion, we expect to get the clear essence during the current year, and from next year, full last APEX will start. That will be substantially on the higher side.

Thanks for the information. And with regards to hydro commissioning?

So, hydro commissioning, so we are evaluating the DPR, we are finalizing the DPR, and our different hydro projects are in different phases of environment clearance as well. So, regarding the three small hydro projects that is coming in Chhattisgarh, they might take three to four years to come, and the Ghitam hydro power project, the forest clearance and everything, we have already got in place, we have finalized, 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. So, for F5, sure, if I can ask one more question. For F5, 27, 28, what would be driving our top-line growth if our commissioning schedule are on the later part of the...

Yeah, broadly, one is the, for FI-27 you are talking about, or FI-27?

Yes, if we can go, should we do for FI-27 and FI-27?

FI-27, majorly it will be on the efficiency parameters and availability of the rehab power plant for the full year, and the improvement in the efficiency of our IPT. These are the two major and the third because our solar plant will come up by September and 30 megawatt TG set will restart here. So these are the best known that basically efficiency parameters only will add to the top line and bottom line during the FY27. FY28, we will have one more coal mine operation that is the Sharpur coal mine. These are the immediate projects which will be cut, come into operation.

Got it, sir. Thank you.

And this is our whole project will also add to the bottom line as it comes in the full blast because initial, it is also growing rapidly.

Understood. Thank you, sir.

Thank you. Participants, you may press star and one to ask the question. Next question is from Lion of Digan Haria, from Green Hwell. Please go ahead.

Yeah, hi. Thank you for the chance again. One question is on this, you know, our PPAs, that, you know, what was, you know, of the power that we sold, what was under PPA, and what was, like, sold at merchant, and what will that number be for FY27, because I see in the presentation, we have written that, you know, we have signed some long-term PPAs.

We have signed PPS for about 300 megawatts out of 600 megawatts, for the medium term and long term, and rest we are selling, rest we have been selling in the short term PPS, which are for few months. And so far as the hydropower projects are concerned, two power projects have a long term PTA in place, and third one of our second power project we are selling in the merchant market.

Sir, and in thermal power, in FY26, 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 megawatt for the medium term, rest was in the short term.

Okay, okay, okay. So, sir, that will be like significant, like from 100 megawatt, almost 300 megawatt will be under PPA from this year onward. So, that should improve our realization also, right?

This year, we will have 200 megawatts. 100 megawatts, 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 that will be starting, we will be starting supply from the next last year. So, from 200 to 200 megawatts, we have entered into medium term.

Okay, okay. And maybe next year, we will go to 300, not this year.

Yeah, next year it will be going to 300 megats. In the meantime, we are also in negotiations for some more capacity during the current year, which may get into effect.

Okay. And is the realizations are better in PPA, you know, the PPAs, right? Because they are long-term and all.

Yeah, comparatively. Because this sport market is volatile. Sometimes you get very good rates also in the sport market. Last year, you see, in the first quarter, we had got much better prices. So, but that is volatile. When you enter into the long-term PPAs or medium-term PPAs, it gives much more visibility and stability in the relations.

Got it, got it. Got it, sir. Sir, thank you so much. My questions are done. Thank you and all the...

Thank you. Arasuban, Jenga Press, Taran, want to ask the question. Next question is from the man of Kareena Kaur from Startroom Investments. Please go ahead.

Hi, good morning. Thank you so much for the opportunity. So, my question is, do we have any particular investment outlay for the SKS expansion project? Also, have we got the approval from the board? And 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. And once all the clearances are in place and DPR being prepared where we are evaluating the exact configuration of the project also, so 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. So, next question is from the line of Pawan Nahar, individual investor. Please go ahead.

So, thank you. I think my questions are done and you don't choose to answer it, it seems, at this moment. Basically, I wanted to know what would be the capex for all the expansion that is planned for the next four years, 2017, 2018, 2019, 2018. So, the power plants would be the main one.

But I think we have already addressed the… In the next two years, it will be in the range of about 500 to 700 crores, maybe in the range of 100 crores, so 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 megawatt 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 375 crore units, and it should be much better. Maybe we should be in the range of 400 crore units, sellable unit I am talking about, not the generation.

Okay, and what was the, so 400 kero users, and what was the average realization for the 520...

Pavan, sorry, to interrupt you, your voice is echoing. Can you speak through the handset?

Yeah, so what was the average realization for FKS in FY26?

It was more than 5 rupees, 5 rupees plus. 5 rupees? Plus, plus, more than 5 rupees.

Okay. And what was our cost of generation variable? It depends.

I think that we shall have to work out and give after lunch we can discuss.

Okay. Thank you. So 400 plus units. Thank you.

Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Manoj Rajini from Rajini family office. Please go ahead.

Hello. Am I audible?

Yes, sir. Go ahead.

Yeah. So thank you so much, sir, for giving me this opportunity. So, sir, I just have a couple of questions. So, any update on the progress of the, like, you know, the 30 megawatt turbine that is being impacting our production along with the anticipated commissioning timeline?

It is 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. So, no significant impact on anything yet, right? Yeah, yeah, yeah. No significant. Okay, sir, and my second question is like any particular reason that is behind acquiring the shares of Bhuvdavari power, like, you know, particularly in the open market, and should the investors like us expect any further purchases going ahead?

That was part of normal treasury operations, nothing specific.

Okay, sir, so nothing expected, I mean, you know, going ahead, we should expect, right, sir? Yeah, nothing special.

It was not something, yeah. Just to

give a perspective, we have almost 2,400 crores of liquidity as in March, and that was, I mean, I think around 1%. So, it was part of regular treasury and not meaningful.

Okay, sir. And, sir, I late joined, so, you know, please forgive me if this question might be, you know, already addressed. So, sir, I wanted to ask, like, what is the company's broader plan in respect to the real estate JV and the land, I mean, is there any land development opportunity that we are looking at?

Thank you, ladies and gentlemen. We will take that as a last question. I'll now hand the conference over to Mr. Pankat Sarda for closing comments.

Yes, I will. To conclude, the performance reflects a steady 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 deployment simplification to diversified long-term growth projects provides strong visibility and reinforces our commitment to sustainable value creation. Thank you for joining us today. Should we have any questions, please feel free to reach out to us or our investor relations please. Thank you.

Thank you very much. Apologies, that was Mr. Pankaj Jain. On behalf of Sardar Energy and Minerals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

Thank you.