SHERA

Shera Energy financials

Market cap
₹477 Cr
Sector
Capital Goods
Calls analysed
4
Latest concall · Q3 FY26 · call held 20 Feb 2026

Shera Energy Q3 FY26

EBITDA ₹66 cr +55%EBITDA Margin 6.24% Net Profit ₹25 cr +57%EPS ₹8.01 +49%

What went well

  • Consolidated total income for 9M FY26 increased by 30% to INR 1,182 crores compared to INR 909 crores in the same period last year.
  • Consolidated EBITDA for 9M FY26 rose by 55% to INR 66 crores.
  • Consolidated PBT grew by 57% to INR 34 crores, and net profit increased by 57% to INR 25 crores.

What to watch

  • Consolidated revenue remained relatively stagnant over the past two quarters, being around INR 390 crores.
  • Sales volume in Q3 FY26 saw a slight decline of approximately 240 metric tons (6,618 MT) compared to Q2 FY26 (6,862 MT).
Read the full call →

Guidance record · Q3 FY26

what the last two calls moved 6 tracked 0 delivered 1 missed 5 open
  • Revenue Contribution missed said Q1 FY26 Promised: INR 50 odd crores for this financial year (FY26) Q3 FY26: Production stabilization pushed to Q1 next FY, making FY26 revenue target impossible
  • Commercial Production Timeline delayed said Q4 FY25 Promised: Commence commercial production in Q2 FY26 Q3 FY26: Expected by start of Q2 next financial year
  • EBITDA Margin Improvement on track said Q2 FY26 Promised: Improve margins by 15% to 20% Q3 FY26: Reiterated 15% to 20% improvement and 15%+ EBITDA line

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 26.1%, net profit up 85.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue306 305 370 387 394 +29%397 +30%463 +25%488 +26%
EBITDA12 12 17 19 21 +75%22 +83%26 +53%28 +47%
Net profit5 6 7 7 8 +60%9 +50%12 +71%13 +86%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +47.1% 1Y

₹100₹120₹140₹160₹180₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 20 Feb 2026

1Y: ₹132.6 on 10 Sept 2025 → ₹195.05. High ₹195.05 (11 Sept 2026), low ₹100.15 (30 Mar 2026).

How the price took the results

close before → close after

Q3 FY26
−2.4%
20 Feb
Q2 FY26
+2.9%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 17.0% a year over 3 years, FY23 to FY26. Operating margin widened to 5.4%.

Year endingFY23FY24FY25FY26
Revenue₹1.0k Cr₹875 Cr₹1.3k Cr₹1.6k Cr
Operating profit₹51 Cr₹50 Cr₹58 Cr₹88 Cr
Operating margin4.9%5.7%4.5%5.4%
Interest₹28 Cr₹29 Cr₹24 Cr₹36 Cr
Depreciation₹6 Cr₹5 Cr₹5 Cr₹8 Cr
Net profit₹13 Cr₹14 Cr₹23 Cr₹36 Cr
Net margin1.3%1.6%1.8%2.2%
Cash from operations₹13 Cr₹38 Cr₹-3 Cr₹8 Cr
Free cash flow₹7 Cr₹24 Cr₹-34 Cr₹-50 Cr
ROCE17.0%20.0%17.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹20 Cr₹23 Cr₹23 Cr₹24 Cr₹24 Cr
Reserves₹41 Cr₹47 Cr₹66 Cr₹84 Cr₹143 Cr₹169 Cr
Borrowings₹106 Cr₹119 Cr₹113 Cr₹120 Cr₹208 Cr₹262 Cr
Other liabilities₹126 Cr₹140 Cr₹173 Cr₹218 Cr₹280 Cr₹338 Cr
Total liabilities₹294 Cr₹325 Cr₹375 Cr₹444 Cr₹655 Cr₹793 Cr
Fixed assets₹84 Cr₹82 Cr₹84 Cr₹89 Cr₹95 Cr₹109 Cr
Capital work in progress₹4 Cr₹3 Cr₹2 Cr₹5 Cr₹48 Cr₹63 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹206 Cr₹240 Cr₹289 Cr₹350 Cr₹512 Cr₹622 Cr
Total assets₹294 Cr₹325 Cr₹375 Cr₹444 Cr₹655 Cr₹793 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, promoters trimmed −1.23 pp while the public added +1.14 pp. The shareholder count shrank 5% to 1,973.

Promoters
62.4%
DIIs
0.9%
Public
36.8%

Since Mar 2025

  • Promoters −1.23 pp
  • Public +1.14 pp
  • DIIs +0.11 pp

How it drifted, 8 quarters

Over this window the public went from 30.1% to 36.8% — +6.6 pp.

Mar '23Sep '24Mar '26

Ownership split by quarter, oldest first. Mar '23: Promoters 63.5%, FIIs 6.3%, Public 30.1%.Sep '23: Promoters 63.6%, FIIs 0.2%, DIIs 0.1%, Public 36.1%.Mar '24: Promoters 63.6%, Public 36.4%.Sep '24: Promoters 63.6%, FIIs 0.0%, DIIs 0.1%, Public 36.3%.Dec '24: Promoters 63.6%, FIIs 0.0%, DIIs 0.5%, Public 36.0%.Mar '25: Promoters 63.6%, FIIs 0.0%, DIIs 0.8%, Public 35.6%.Sep '25: Promoters 61.7%, DIIs 0.9%, Public 37.4%.Mar '26: Promoters 62.4%, DIIs 0.9%, Public 36.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of Shera Energy above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Sheikh Naseem 31.46%unchanged
Isha Infrapower Private Limited 23.41%unchanged
Shivani Sheikh 4.17%+0.52 pp
Sahil Sheikh 2.42%+0.10 pp
Momentum Biotech Private Limited 1.46%unchanged
Holani Consultants Private Limited 1.25%unchanged
Keshav Electricals Private Limited 1.04%unchanged
Isha Sheikh 0.85%unchanged
Key Managerial Personnel 0.04%unchanged
Alisha Sheikh 0.02%unchanged
Subhash Chandra Agrawal 0.00%unchanged
Anjum Sahab 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹195, this stock must grow earnings at 4% every year for 7 years. Our analysis caps realistic growth at ~38%. At that growth it is worth ₹1062 — upside of 445%.

Growth the price implies
4.3% a year
for 7 years, fading to 4%
It has actually compounded at
37.5% a year
net profit, FY23–FY26
The gap
-0.3 pp
445% downside if it only repeats history
Price today ₹195.05 Value at the reference growth ₹1,062.1

Change the assumptions yourself →

All earnings calls (4)

Read the Q3 FY26 call →

Learn to analyse Shera Energy

Guides on how to read this kind of business and the numbers that matter.