The Supreme Court has delivered a decisive ruling in favor of Sarda Energy & Minerals , rejecting all appeals filed by unsuccessful resolution applicants against the company's resolution plan for SKS Power Generation (Chhattisgarh) Ltd. The apex court's order, pronounced on February 27, 2026, upholds the earlier approval granted by the National Company Law Tribunal (NCLT) on August 13, 2024.

Volume Movement Clarification

Following increased trading volumes, Sarda Energy & Minerals has provided clarification to BSE Ltd regarding the market activity. In response to BSE's volume movement inquiry dated March 2, 2026, Company Secretary Manish Sethi confirmed that the volume increase is purely market-driven and not connected to any management actions.

The company emphasized its commitment to adhering to all compliance requirements under the SEBI Listing Regulations and other applicable laws, stating that all material information affecting operations and performance has been disclosed within stipulated timeframes.

Supreme Court Order Update

In an official communication to stock exchanges, Sarda Energy & Minerals confirmed that the Supreme Court rejected all appeals challenging the company's resolution plan under the Corporate Insolvency Resolution Process (CIRP) on February 27, 2026. The ruling effectively validates the comprehensive restructuring proposal for the acquisition of SKS Power Generation (Chhattisgarh) Ltd.

Corporate Communication and Compliance

The company has maintained transparent communication with both BSE Ltd. (Security Code: 504614) and National Stock Exchange of India Ltd. (Symbol: SARDAEN, Series: EQ) regarding all developments. Company Secretary Manish Sethi has been instrumental in ensuring timely disclosures and regulatory compliance throughout the resolution process.

The Supreme Court's decision provides final judicial closure to the resolution process, eliminating legal uncertainties that had surrounded the acquisition. This ruling demonstrates the robustness of India's insolvency framework and reinforces the finality of approved resolution plans under the Corporate Insolvency Resolution Process, representing a significant milestone for Sarda Energy's growth strategy in the power sector.

Sarda Energy & Minerals Limited has announced its Q3FY26 financial results, showcasing resilient operational performance across its integrated energy and minerals platform. The company's Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, during their meeting held on February 7, 2026.

Q3FY26 Financial Performance

The company delivered steady financial results for the third quarter despite seasonal challenges and planned maintenance activities. Q3FY26 performance was impacted by a planned maintenance shutdown of one 300 MW turbine at the thermal power plant for part of the quarter.

Consolidated Results Show Resilience

On a consolidated basis, the company demonstrated better performance with total income growth and stable profitability metrics.

Nine Months Performance Overview

For the nine-month period ended December 31, 2025, the company showed significant year-over-year growth across key financial metrics, demonstrating strong momentum.

Segment-wise Performance

The company operates across three primary business segments, with mixed performance during the quarter.

Conference Call Recording Available

Following the Q3FY26 results announcement, Sarda Energy & Minerals Ltd held a conference call with investors and analysts on February 9, 2026. The company has now made the audio recording of this investor interaction available to stakeholders.

The audio recording can be accessed through the company's official website at www.seml.co.in under the Investors section. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Developments and Outlook

During the quarter, the company signed two new Power Purchase Agreements (PPAs), improving medium-term revenue visibility. The energy segment continued to contribute almost two-thirds to profitability despite seasonality and planned maintenance. Progress continued on the captive solar project, aligned with the company's clean energy strategy and long-term power cost optimization objectives.

Managing Director Pankaj Sarda commented: "During the quarter, the Company delivered a steady operational performance across its integrated energy and minerals platform, reflecting the resilience of our diversified business model. Our balance sheet remains robust, with comfortable liquidity and low leverage, positioning the Company well to support the next phase of growth."

Corporate Developments

During the board meeting, directors re-appointed M/s. APAPS & Co. LLP as Internal Auditors for financial year 2026-27. The firm brings extensive experience across infrastructure, financial services, iron & steel, and power sectors.

The company continues to focus on its integrated energy and minerals platform while maintaining a strong balance sheet with low leverage, providing financial flexibility to support expansion and growth initiatives.