SARDAEN

Current scenario - H1 FY27 marked a milestone with highest ever half-yearly EBITDA of INR1,326 crores (up ~4% YoY) and PAT of INR799 crores (up ~5% YoY) on total income of INR3,221 crores. - Q2 FY27 recorded EBITDA of INR564 crores and PAT of INR320 crores on total income of INR1,505 crores despite planned maintenance shutdowns and operational outages. - Secured preferred bidder status for the Avagudem manganese block in Andhra Pradesh to strengthen backward integration. Changes in trends - Recalibrated captive power operations in line with market conditions, with energy contributing over 75% of H1 EBITDA. - Steel segment revenue impacted as the billet and wire rod plants were not fully operated to prioritize profitable power sales. Management Guidance & Outlook - Thermal power plant utilization and generation expected to be substantially higher in H2 FY27 following the completion of maintenance shutdowns. - Hydropower profitability expected to be on the lower side in H2 due to seasonal conditionalities. - No major thermal power plant shutdowns foreseen for the rest of the financial year. Capex - Environmental clearance for expanding the 600-megawatt thermal power project to 1,200 megawatts expected within the current financial year. - 50-megawatt captive solar project expected to be commissioned next quarter. - Shahpur West high-grade coal mine commissioning targeted before the end of the current financial year. Growth Drivers - Expansion of mining capabilities alongside the power portfolio to deepen integration and improve cost competitiveness. - Focus on timely project execution and deeper integration across mining, energy, and metals.

Sarda Energy & Minerals Limited informed the exchange about the availability of the audio recording link for the Q2 & H1 FY27 results conference call held on 2nd November 2026.

Business Update: Sarda Energy & Minerals Limited released its Investor Presentation for Q2 & H1 FY27 - Recorded highest-ever half-yearly EBITDA of ₹1,326 crore and H1 FY27 consolidated income of ₹3,161 crore despite planned maintenance shutdowns - Won the Avagudem manganese ore mine in Andhra Pradesh, enhancing backward integration and raw material security for ferro alloys - Q2 FY27 performance was impacted by a 47-day maintenance shutdown at the 600 MW thermal plant and turbine replacement affecting steel production

- Sarda Energy & Minerals reported Q2 FY27 Consolidated Total Income at ₹1,505 Cr vs ₹1,596 Cr (-5.7% YoY). - EBITDA stood at ₹564 Cr vs ₹580 Cr (-2.7% YoY). - Profit After Tax (PAT) was ₹320 Cr vs ₹328 Cr (-2.2% YoY). - Performance was impacted by planned maintenance shutdowns, including a 300 MW thermal unit and a steel plant turbine. - H1 FY27 recorded highest-ever EBITDA at ₹1,326 Cr (up 3.9% YoY) and PAT at ₹799 Cr (up 4.5% YoY). - Subsidiary bagged the Avagudem Manganese Block in Andhra Pradesh, strengthening backward integration.

Q2 FY27 Consolidated Revenue ₹1,452.84 Cr vs ₹1,527.78 Cr (▼4.9% YoY) EBITDA ₹512.56 Cr vs ₹511.85 Cr (▲0.1% YoY) PAT ₹303.83 Cr vs ₹315.24 Cr (▼3.6% YoY) EBITDA Margin 35.28% vs 33.50% (▲178bps)

Concall Schedule Concall Date: Monday, 2 November 2026 Concall Time: 04.30 PM IST

- Sarda Metals & Alloys Ltd (wholly owned subsidiary of Sarda Energy & Minerals Ltd) approved setting up a new Wholly Owned Subsidiary in Dubai, UAE. - The new entity will be a step-down WOS focused on trading, distribution, and selling company products in the Middle East. - Initial investment will be up to ₹3 crore via cash (equity/loan/guarantee). - Completion timeline for incorporation is 4-6 months.

- Sarda Metals & Alloys Limited (wholly owned subsidiary of Sarda Energy & Minerals Ltd) declared preferred bidder for Avagudem Expired Manganese Mining Lease Block in Vizianagaram, Andhra Pradesh. - The manganese ore block has estimated total geological reserves of 0.70 million tonnes.

- Sarda Metals & Alloys Ltd, a wholly owned subsidiary of Sarda Energy & Minerals Ltd, received credit rating upgrades for its total bank facilities of ₹659.81 crore. - Long-term rating upgraded from CRISIL A/Positive to CRISIL AA-/Stable. - Short-term rating upgraded from CRISIL A1 to CRISIL A1+.

- Sarda Energy & Minerals Limited has informed the stock exchanges about a credit rating revision by CRISIL. - The long-term rating of the company's bank facilities has been upgraded from CRISIL AA- / Positive to CRISIL AA / Stable. - The short-term rating has been reaffirmed at CRISIL A1+ for total bank facilities rated at ₹2,845.50 crore.

Concall Schedule Concall Date: Thursday, 1st October, 2026 Meeting Type: Physical Group Investor Meetings

- Trading window will remain closed from 1st October 2026. - Closure applies to Directors, KMP, and designated persons under Insider Trading Code. - Trading window will reopen 48 hours after the declaration of financial results for the quarter and half-year ending 30th September 2026.

- Sarda Energy & Minerals Ltd. received an 'IND A1+' credit rating from India Ratings & Research Pvt. Ltd. - The rating is for Commercial Paper of up to 365 days maturity. - The issue size for the Commercial Paper is ₹1,000 million.

- India Ratings & Research Pvt. Ltd. affirmed the IND A1 rating for ₹500 million bank loan facilities of Sarda Metals Alloys Ltd., a wholly-owned subsidiary.