Shera Energy sells first Zambia cathode batch ahead of Q4FY27

Shera Energy Limited produced and sold an 8.6-metric-tonne (MT) trial batch of 99.99% purity copper cathode at its Zambia Copperbelt facility, which is in pilot stage with Phase 1 capacity of 1,200 MT a year; commercial operations are expected by Q4FY27.

What has Shera Energy produced at the Zambia cathode facility?

Shera Energy has produced and sold its first 8.6-MT trial batch of 99.99% purity copper cathode at the Zambia Copperbelt facility. The company disclosed the milestone in its November 2, 2026 earnings release for the quarter and half year ended September 30, 2026, and said the facility remained in the pilot stage.

The disclosed sale marks a move from project execution into trial production and sales. Shera Energy did not provide the sale value, customer name, realised price or a recurring production rate for the 8.6-MT batch, so the release does not quantify revenue or utilisation from the Zambia operation.

What is the capacity and ownership structure of Shera Energy’s Zambia project?

Shera Energy’s Phase 1 Zambia copper cathode facility has planned capacity of 1,200 MT per annum and is held through Shera Zambia Limited, a 99.50% subsidiary. The company identified the project location as Zambia’s Copperbelt and named copper cathode as the facility’s output.

The 8.6-MT trial batch represents about 0.7% of the stated 1,200-MT annual Phase 1 capacity. That comparison is against planned annual capacity rather than reported annualised production, as Shera Energy described the batch as a trial output and the facility as being in pilot stage.

Shera Energy’s Zambia project adds an upstream copper cathode operation to its portfolio of copper, aluminium and brass winding wires, strips, conductors, rods, tubes and other value-added products. In the November 2026 release, management said its multi-metal capability and in-house recycling helped manage metal-price volatility while the Zambia cathode project continued to progress.

When will Shera Energy start commercial Zambia operations?

Shera Energy expects commercial operations at the Phase 1 Zambia cathode facility to begin by Q4FY27. This is a management expectation rather than a report of commercial production, because the company said the plant was in pilot stage after the 8.6-MT trial batch was produced and sold.

The Q4FY27 target is the next stated milestone for the 1,200-MT-a-year facility. Shera Energy’s safe-harbour statement says forward-looking statements are based on management’s current expectations and may differ from actual outcomes because of economic conditions, regulations, tax laws and other factors affecting its business.

Shera Energy also reported execution milestones at other facilities. Shera Metal Private Limited’s super-fine enamelled wire, photovoltaic (PV) ribbon wire and busbar facility was in commercial production, while continuous transposed conductor (CTC) trials were complete and initial commercial orders had been executed.

How did Shera Energy perform in H1FY27?

Shera Energy reported consolidated revenue from operations of Rs 1,047.40 crore in H1FY27, up 34.2% from Rs 780.65 crore in H1FY26, while profit after tax rose 102.3% to Rs 30.77 crore. The half-year figures cover the period ended September 30, 2026 and are separate from the Zambia trial-batch volume, for which no revenue contribution was disclosed.

EBITDA increased 70.9% to Rs 70.78 crore from Rs 41.40 crore, while EBITDA margin rose to 6.76% from 5.30%, an increase of 146 basis points. Profit-after-tax margin increased to 2.94% from 1.95%, up 99 basis points, alongside the increase in revenue and profit after tax.

Management attributed H1FY27 revenue to broad-based demand from transformer and power-equipment manufacturers. Shera Energy also said it allotted 45,00,000 convertible warrants at Rs 118 each on July 14, 2026, raising an aggregate Rs 53.10 crore, and received an ACUITE A- / Stable long-term and ACUITE A2+ short-term rating upgrade on July 15, 2026.

What other capacity additions has Shera Energy started?

Shera Energy said Rajputana Industries had started commercial production at newly added annual capacities of 2,400 MT of nickel-iron alloy and 36,000 kilometres of cables and conductors at Reengus. These capacities are in different product categories from the Zambia project’s 1,200-MT annual copper cathode Phase 1 capacity.

At Shera Metal Private Limited, super-fine enamelled wires, PV ribbon wires and busbars were already in commercial production as of the November 2 release. CTC conductor trials had been completed and initial commercial orders executed, while Shera Energy expects full-scale CTC commercial production by the end of the year; the release did not state capacity for that line.

Shera Energy cited Rs 9,15,000 crore of planned expenditure under the National Electricity Plan for 2023-32 as a demand backdrop for copper and aluminium winding wires. The company also cited transformer capacity expected to rise to 2,345 gigavolt-amperes by 2032 from 1,478 gigavolt-amperes, and Rs 3,03,000 crore under the Revamped Distribution Sector Scheme for grid modernisation.

Conclusion

Shera Energy has reached a defined pilot-stage milestone in Zambia by producing and selling 8.6 MT of 99.99% purity copper cathode. The update accompanies higher H1FY27 revenue, EBITDA and profit after tax, as well as commercial production at other product facilities, but the Zambia plant has not yet been reported as commercially operational.

The next point to watch is whether Shera Energy meets management’s target to start commercial operations at the Zambia facility by Q4FY27. The company also expects full-scale CTC conductor production by the end of the year, following completed trials and initial commercial orders.