Shera Energy H1FY27 PAT doubles as revenue reaches Rs 1,047 crore

Shera Energy Limited reported record consolidated revenue from operations of Rs 1,047.40 crore for H1FY27, the half-year ended September 30, 2026, while profit after tax rose 102.3% year on year to Rs 30.77 crore. Revenue increased 34.2%, whereas EBITDA margin rose 146 basis points to 6.76%.

What drove Shera Energy's H1FY27 revenue growth?

Shera Energy's revenue from operations rose by Rs 266.75 crore to Rs 1,047.40 crore in H1FY27 from Rs 780.65 crore in H1FY26. The company described the H1FY27 figure as its highest-ever half-yearly revenue and said the 34.2% year-on-year increase reflected broad-based demand from transformer and power-equipment manufacturers.

Shera Energy manufactures winding wires, conductors and value-added products in copper, aluminium and brass for power, renewable energy, mobility and industrial sectors. Management said its multi-metal capability, in-house recycling and disciplined working-capital management helped it manage metal-price volatility during the half-year ended September 30, 2026.

The revenue increase came alongside a wider power-sector investment backdrop cited by Shera Energy. The company pointed to Rs 9.15 lakh crore of planned expenditure under the National Electricity Plan for 2023-32, which it said supports demand for copper and aluminium winding wires used in transformers and other power equipment.

How did Shera Energy's H1FY27 profit and margins change?

Shera Energy's profit after tax, or PAT, more than doubled to Rs 30.77 crore in H1FY27 from Rs 15.21 crore in H1FY26, exceeding the 34.2% revenue growth rate. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 70.9% to Rs 70.78 crore from Rs 41.40 crore.

Shera Energy's EBITDA margin increased to 6.76% in H1FY27 from 5.30% in H1FY26, a 146-basis-point increase. PAT margin rose by 99 basis points to 2.94% from 1.95%, while profit before tax increased 98.2% to Rs 41.85 crore from Rs 21.12 crore.

The company said EBITDA and EBITDA margin include total income, rather than revenue from operations alone. Management attributed the H1FY27 earnings progression to continued operational efficiency, while describing the revenue outcome as supported by demand from transformer and power-equipment customers.

Which Shera Energy projects have entered commercial production?

Shera Energy's copper cathode project in Zambia is at the pilot stage, with Phase 1 capacity of 1,200 metric tonnes per annum. Shera Zambia Limited, a 99.50% subsidiary, produced and sold its first trial batch of 8.6 metric tonnes of cathode with 99.99% purity, and the company expects commercial operations in Q4FY27.

Shera Metal Private Limited has started commercial production at its new facility for super-fine enamelled wires, PV ribbon wires and busbars. Trials of CTC conductors have been completed and initial commercial orders have been executed, while Shera Energy expects full-scale commercial production by the end of the year.

Rajputana Industries has also started commercial production at Reengus, adding 2,400 metric tonnes per annum of nickel-iron alloy capacity and 36,000 kilometres per annum of cable and conductor capacity. These projects form part of Shera Energy's stated effort to advance integration across the non-ferrous metals value chain.

How did Shera Energy fund its expansion plans?

Shera Energy allotted 45 lakh convertible warrants at Rs 118 each on a preferential basis on July 14, 2026, with an aggregate issue size of Rs 53.10 crore. Management said the warrant allotment and the progress of its Zambia project and value-added product lines support its focus on strengthening core operations.

The company received a credit-rating upgrade on July 15, 2026, to ACUITE A- with a Stable outlook for long-term facilities and ACUITE A2+ for short-term facilities. Shera Energy did not disclose a revenue contribution from the warrant allotment or quantify the effect of the rating action on financing costs in its September 30, 2026 release.

Management also cited working-capital discipline as part of its approach to metal-price volatility across copper, aluminium and brass operations. The filing did not provide period-end debt, cash balances, warrant-conversion timing or the amount received on the July 2026 warrant allotment.

What demand conditions did Shera Energy cite for its products?

Shera Energy cited planned growth in transformer capacity to 2,345 gigavolt-amperes by 2032 from 1,478 gigavolt-amperes as a demand support for winding wires. The company linked this projected 867-gigavolt-ampere increase to power transmission investment and transformer manufacturing requirements.

The company also cited the Rs 3.03 lakh crore Revamped Distribution Sector Scheme, or RDSS, which it said continues to support grid modernisation and replacement of ageing distribution transformers. In addition, it said renewable energy and electric mobility provide demand for winding wires and PV ribbons, citing electric-vehicle sales growth of about 25% year on year in FY26.

Shera Energy said India imports more than 90% of its copper concentrate and referred to nil customs duty on copper scrap and the National Critical Mineral Mission. Management presented these policy conditions, together with its in-house recycling capability, as relevant to domestic recycling and integrated non-ferrous metals producers.

Conclusion

Shera Energy reported faster growth in earnings than sales in H1FY27, with revenue up 34.2% to Rs 1,047.40 crore, EBITDA up 70.9% to Rs 70.78 crore and PAT up 102.3% to Rs 30.77 crore. The reported margin changes, with EBITDA margin increasing to 6.76% from 5.30% and PAT margin rising to 2.94% from 1.95%, explain why profit grew more quickly than revenue.

The next disclosed execution points are the expected Q4FY27 start of commercial operations at the 1,200-metric-tonne-per-annum Zambia cathode facility and planned full-scale CTC conductor production by the end of the year. Shera Energy has also begun production at the Reengus capacities of 2,400 metric tonnes per annum for nickel-iron alloy and 36,000 kilometres per annum for cables and conductors.