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Latest filing: 2026-08-31 19:16
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Note: These are AI-generated, educational summaries of public NSE
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SJVN Completes 72-Hour Trial Run for 660 MW Unit-2 of 1,320 MW Buxar Thermal Project
SJVN Limited has successfully completed the 72-hour trial run operation for the 660 MW Unit-2 of its 1,320 MW Buxar Thermal Power Project in Bihar on August 31, 2026. The milestone positions the unit for formal declaration of Commercial Operation (COD). Executed through wholly owned subsidiary SJVN Thermal Private Limited (STPL), the entire 2x660 MW supercritical project is projected to generate approximately 9,828.72 million units of electricity annually once fully commissioned, significantly expanding SJVN's operating asset base.
Confidence: HIGH
What changedSJVN achieved successful completion of the mandatory 72-hour continuous trial run for the 660 MW Unit-2 at the Buxar Thermal Power Project.
Why it mattersCommercialization of Unit-2 expands SJVN's installed base (~3,146 MW prior base) by ~21%, enabling tariff revenue recognition to offset accrued finance and depreciation costs.
Unit-2 Capacity: 660 MWTotal Project Capacity: 1,320 MWExpected Annual Generation: 9,828.72 million unitsUnit-2 vs Current Capacity (3,146 MW): ~21.0%
📅 Short termPaves the way for formal commercial commissioning (COD) in the coming weeks, transitioning the unit from construction to revenue generation.
📈 Long termAdds stable baseload thermal capacity to SJVN's portfolio, enhancing overall annual electricity output and cash flow under regulated tariff frameworks.
⚠ Risk flags
- State DISCOM off-taker counterparty payment risk
- Coal supply linkage and fuel cost pass-through efficiency
Key Highlights
Successfully completed 72-hour trial run of 660 MW Unit-2 of Buxar Thermal Power Project on August 31, 2026.
Buxar project consists of two supercritical units of 660 MW each, totaling 1,320 MW.
Projected to generate approximately 9,828.72 million units of electricity annually upon full commissioning.
Executed by wholly-owned subsidiary SJVN Thermal Private Limited (STPL).
👀 What to Watch
Track the formal declaration of Commercial Operation Date (COD) for Unit-2 and monitor its contribution to revenue and generation metrics in subsequent quarterly financial filings.
75 MW Jamui Solar Project Achieves COD; ₹342 Cr Investment Commissioned in Bihar
SJVN has successfully achieved the Commercial Operation Date (COD) for its 75 MW Jamui Solar Power Project in Bihar through its subsidiary, SGEL. The project was developed at an estimated cost of ₹342 crore, which is approximately 7.5% of the company's TTM revenue. It is expected to generate 90 million units of electricity in its first year at a fixed competitive tariff of ₹2.96 per unit. This commissioning is a key step in SJVN's strategy to triple its current 3,146 MW capacity by FY27-28.
Confidence: HIGH
What changedThe 75 MW Jamui Solar Project has moved from the construction phase to the operational phase, beginning commercial power supply to the Bihar grid.
Why it mattersThis project adds immediate revenue-generating capacity and reinforces SJVN's transition from a hydro-focused utility to a diversified renewable energy major with a growing solar footprint.
Project Capacity: 75 MWProject Cost: ₹342 croreCost vs TTM Revenue: 7.55%Fixed Tariff: ₹2.96 per unitLand Area: 300 acres
📅 Short termThe successful commissioning demonstrates execution capability and provides a positive sentiment boost for the stock in the coming weeks.
📈 Long termThis is part of a larger structural expansion to reach 500 GW national RE targets; SJVN's plan to triple capacity by FY28 is the primary long-term value driver.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Counterparty risk from state-owned DISCOMs in Bihar
- Solar generation variability compared to regulated hydro returns
Key Highlights
75 MW solar capacity successfully commissioned in Jamui, Bihar, on August 11, 2026
₹342 crore estimated project cost for the 300-acre facility
90 million units of electricity generation expected in the first year of operation
₹2.96 per unit fixed tariff secured for power supply to the State of Bihar
3,522 million units cumulative generation projected over a 25-year period
👀 What to Watch
Investors should monitor the incremental revenue contribution in the upcoming quarterly results and track the execution timeline of the remaining 5,091 MW under-construction portfolio.
75 MW Jamui Solar Project Commissioned at ₹1,342 Cr Cost
SJVN has successfully achieved the Commercial Operation Date (COD) for its 75 MW Jamui Solar Power Project in Bihar. Developed at an estimated cost of ₹1,342 crore, the project represents approximately 9.1% of the company's net worth. The facility is expected to generate 90 million units of electricity in its first year at a fixed tariff of ₹2.96 per unit. This commissioning is a key step in SJVN's transition toward a multi-source renewable energy major, moving assets from the under-construction pipeline to the operational portfolio.
Confidence: HIGH
What changedA 75 MW solar project has transitioned from the construction phase to the operational phase, starting commercial power generation.
Why it mattersThis project adds immediate revenue-generating capacity and validates SJVN's execution capability in the solar sector, supporting its goal to triple total capacity by FY27-28.
Project Capacity: 75 MWProject Cost: ₹1,342 croreCost vs Net Worth: 9.12%Fixed Tariff: ₹2.96 per unitYear 1 Generation: 90 million unitsLand Area: 300 acres
📅 Short termThe commissioning provides a positive sentiment boost as it demonstrates project delivery, potentially stabilizing the stock after recent price corrections.
📈 Long termStructurally significant as SJVN pivots from a hydro-centric model to a diversified RE player, aiming to meet national renewable energy targets while maintaining regulated returns.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Counterparty risk associated with state-owned DISCOMs in Bihar
- Tariff is relatively low at ₹2.96/unit, requiring high operational efficiency
Key Highlights
75 MW solar capacity successfully commissioned in Jamui, Bihar
₹1,342 crore estimated project cost, funded through subsidiary SJVN Green Energy Limited
₹2.96 per unit fixed tariff for electricity supply to the State of Bihar
90 million units of electricity generation expected in the first year of operation
3,522 million units of cumulative generation projected over a 25-year period
👀 What to Watch
Investors should monitor the incremental revenue and margin contribution from this project in the H2-FY27 financial results and track the execution timeline of the remaining 5,000+ MW under-construction portfolio.
₹0.35 Final Dividend: SJVN Sets August 24 as Record Date for FY26 Payout
SJVN Limited has fixed August 24, 2026, as the record date for a final dividend of ₹0.35 per share for FY 2025-26. This follows an interim dividend of ₹1.15 per share paid in February 2026, bringing the total annual dividend to ₹1.50 per share. At the current price of ₹68.6, this represents a total dividend yield of approximately 2.19%. The company will also seek shareholder approval at its August 31 AGM for the appointment of new Whole-Time Directors for Finance and Projects.
Confidence: HIGH
What changedSJVN has formalized the timeline for its final dividend payment and scheduled its 38th Annual General Meeting.
Why it mattersThe announcement confirms the final cash return to shareholders for FY26. The total dividend of ₹1.50 is significant relative to the TTM EPS of ₹1.63, indicating a high payout ratio characteristic of Navratna PSUs, though it leaves less capital for its aggressive capacity expansion plans.
Final Dividend: ₹0.35 per shareTotal FY26 Dividend: ₹1.50 per shareDividend Yield (Total): ~2.19%Record Date: 24-Aug-2026Total Shares: 392,97,95,175Dividend vs TTM EPS: ~92%
📅 Short termThe stock may trade with a slight positive bias or remain stable leading up to the record date as investors position for the dividend, though the small final payout (₹0.35) is unlikely to trigger major volatility.
📈 Long termLimited structural impact from this routine filing. Long-term value remains tied to the successful commissioning of the 5,091 MW capacity and the pivot toward a multi-source renewable energy major.
⚠ Risk flags
- High dividend payout ratio limits internal accruals for capex
- Systemic counterparty risk from weak DISCOM credit profiles
- Hydrological variability affecting hydro generation incentives
Key Highlights
Final dividend of ₹0.35 per equity share announced for FY 2025-26.
Total FY26 dividend stands at ₹1.50 per share, including the ₹1.15 interim dividend.
Record date for dividend eligibility and AGM voting is August 24, 2026.
Dividend to be paid on a total base of 392,97,95,175 equity shares.
38th Annual General Meeting (AGM) scheduled for August 31, 2026, via video conferencing.
👀 What to Watch
Investors should ensure they hold shares before the ex-dividend date (typically one business day prior to the August 24 record date) to be eligible for the payout. Monitor the AGM for updates on the 5,091 MW under-construction portfolio and the commissioning timeline for the Buxar Thermal project.
SJVN sets Aug 24 as Record Date for ₹0.35 Final Dividend; 38th AGM on Aug 31
SJVN Limited has scheduled its 38th Annual General Meeting (AGM) for August 31, 2026. The company has fixed August 24, 2026, as the record date for a final dividend of ₹0.35 per share for FY 2025-26. Combined with the ₹1.15 interim dividend paid in February 2026, the total dividend for the year stands at ₹1.50 per share. The meeting will also seek shareholder approval for the appointment of new Whole-Time Directors for Finance and Projects.
Confidence: HIGH
What changedThe company has formalized the dates for its annual shareholder meeting and the specific record date for the final dividend payment.
Why it mattersThis is a routine but necessary administrative step to distribute profits to shareholders and confirm the leadership team responsible for the company's massive capacity expansion targets.
Final Dividend: ₹0.35 per shareTotal FY26 Dividend: ₹1.50 per shareDividend Yield (at ₹68.6): 2.19%Record Date: August 24, 2026AGM Date: August 31, 2026
📅 Short termThe stock may see minor price adjustments around the record date as it goes ex-dividend. Trading activity is expected to remain stable as the dividend amount is relatively small compared to the share price.
📈 Long termLimited structural impact from this filing; however, the formalization of the Director (Projects) and Director (Finance) roles is critical for the execution of the 5,091 MW pipeline aiming to triple capacity by FY28.
Key Highlights
Final dividend of ₹0.35 per share proposed for FY 2025-26, subject to shareholder approval.
Total FY26 dividend payout reaches ₹1.50 per share, representing a ~92% payout on TTM EPS of ₹1.63.
Record date for final dividend eligibility is fixed as August 24, 2026.
AGM to ratify the appointment of Shri Parthajit De as Director (Finance) and Shri Rajesh Kumar Chandel as Director (Projects).
Remote e-voting period for shareholders is set from August 28 to August 30, 2026.
👀 What to Watch
Investors seeking the final dividend must hold shares by the record date of August 24, 2026. Monitor the AGM proceedings for management commentary on the progress of the 5,091 MW under-construction capacity.
SJVN Q1 FY27 Results: Net Profit at ₹246.88 Cr, Revenue Down 7.7% YoY
SJVN reported a moderate decline in performance for Q1 FY27, with revenue from operations falling 7.7% YoY to ₹758.83 Cr. Net profit followed a similar trend, decreasing 4.5% YoY to ₹246.88 Cr from ₹258.51 Cr. A positive note was the 22.7% reduction in finance costs to ₹141.06 Cr. The company continues to bill its NJHPS plant provisionally as the CERC tariff order for the 2024-29 period is still pending.
Confidence: HIGH
What changedSJVN released its unaudited financial results for the first quarter of FY27, showing a slight contraction in both revenue and profit compared to Q1 FY26.
Why it mattersAs a regulated power utility, SJVN's earnings stability depends on CERC tariff approvals and hydrological conditions; the current provisional billing and stalled projects like Devasari represent ongoing regulatory and execution risks.
Revenue (Q1 FY27): ₹758.83 CrNet Profit (Q1 FY27): ₹246.88 CrFinance Cost (Q1 FY27): ₹141.06 CrDevasari Project Expenditure: ₹251.45 CrDebt Equity Ratio: 0.69
📅 Short termThe stock may experience neutral to slightly negative sentiment in the short term due to the YoY decline in top-line and bottom-line figures.
📈 Long termThe long-term outlook remains tied to the successful commissioning of its large renewable and thermal pipeline, which aims to significantly expand the current 3,146 MW installed capacity.
⚠ Risk flags
- Regulatory risk due to pending CERC tariff orders
- Execution risk for the Devasari project which remains on hold
- Hydrological variability affecting generation incentives
Key Highlights
Revenue from operations decreased to ₹758.83 Cr in Q1 FY27 from ₹822.44 Cr in Q1 FY26.
Net profit for the quarter stood at ₹246.88 Cr, a 4.5% decline compared to the previous year's ₹258.51 Cr.
Finance costs saw a significant reduction of ₹41.57 Cr, ending the quarter at ₹141.06 Cr.
Total expenditure on the stalled Devasari Hydro Electric Project reached ₹251.45 Cr as of June 30, 2026.
Debt-to-Equity ratio improved slightly to 0.69 compared to 0.72 in the year-ago period.
👀 What to Watch
Investors should monitor the final CERC tariff notification for the 2024-29 period, as current revenue is based on provisional billing. Additionally, track the progress of the 5,091 MW under-construction portfolio, which is critical for SJVN's capacity-tripling target by FY27-28.
1000 MW Bikaner Solar Project Inaugurated; ₹5,492 Cr Investment Boosts Capacity by 32%
SJVN has inaugurated its 1000 MW Bikaner Solar Power Project, developed with an investment of approximately ₹5,492 crore. This project significantly expands the company's operational footprint, increasing total installed capacity from 3,146 MW to 4,196.5 MW (a ~33% increase). The project is expected to generate 2,454.84 million units of electricity in its first year, with power already allocated to Rajasthan, Uttarakhand, and Jammu & Kashmir. The investment magnitude is substantial, representing ~121% of SJVN's TTM revenue and ~37% of its net worth.
Confidence: HIGH
What changedThe 1000 MW Bikaner Solar Project has transitioned from the construction phase to being inaugurated and operational, adding significant scale to SJVN's renewable energy portfolio.
Why it mattersThis project represents a major shift from hydro-dependence to a diversified renewable energy mix, providing a stable, long-term revenue stream for 25 years and utilizing domestic components to align with national energy targets.
Project Capacity: 1000 MWInvestment Value: ₹5,492 crInvestment vs TTM Revenue: ~121%Investment vs Net Worth: ~37%New Total Installed Capacity: 4,196.5 MWExpected 25-year Generation: 56,482.14 MU
📅 Short termThe inauguration is likely to be viewed positively by the market as it marks the completion of a massive capex cycle for this specific asset, leading to immediate revenue generation.
📈 Long termStructurally significant as it validates SJVN's ability to execute large-scale solar projects, supporting its transition toward a multi-source renewable energy major by 2030.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Counterparty risk from state DISCOMs in Rajasthan, Uttarakhand, and J&K
- High debt-to-equity ratio (0.72) following large-scale capex
Key Highlights
1000 MW capacity addition, the largest single EPC solar project under the Domestic Content Requirement category in India
₹5,492 crore total investment across nearly 5,000 acres in Bikaner, Rajasthan
2,454.84 million units of electricity generation projected for the first year of operation
Total installed capacity increased to 4,196.5 MW, marking a major step toward the FY27-28 capacity targets
Utilization of 24.22 lakh domestic solar modules and 175 crore indigenous solar cells
👀 What to Watch
Monitor the project's actual generation efficiency against the 2,454 MU target in upcoming quarterly results. Watch for progress on the remaining ~4,000 MW under-construction portfolio to gauge the timeline for further revenue scaling.
SJVN Signs PPAs for 658 MW Hydro Power Projects with GUVNL
SJVN has signed long-term Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) for three upcoming hydro projects in Himachal Pradesh totaling 658 MW. The projects include Sunni Dam (382 MW), Luhri Stage-I (210 MW), and Dhaulasidh (66 MW). This agreement secures the off-take for a significant portion of SJVN's under-construction portfolio, which currently stands at 5,091 MW. While specific tariffs were not disclosed, these PPAs typically ensure a stable 15.5% ROE under CERC cost-plus regulations.
Confidence: HIGH
What changedSJVN has moved 658 MW of its under-construction hydro capacity from 'uncontracted' to 'contracted' status through long-term PPAs with GUVNL.
Why it mattersSecuring long-term off-take agreements is crucial for hydro projects to mitigate merchant power price volatility and ensure a guaranteed return on equity (ROE) for the capital-intensive construction phase.
Total PPA Capacity: 658 MWPPA vs Current Installed Capacity: 20.9%Sunni Dam HEP Capacity: 382 MWLuhri Stage-I HEP Capacity: 210 MWDhaulasidh HEP Capacity: 66 MW
📅 Short termThe news is likely to be viewed positively by the market as it demonstrates execution progress and reduces future revenue uncertainty for the under-construction pipeline.
📈 Long termStructurally significant as it validates SJVN's ability to secure buyers for its massive 5,091 MW expansion pipeline, supporting long-term cash flow stability.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Geological challenges in Himachal Pradesh leading to potential commissioning delays
- Hydrological variability affecting actual generation levels
Key Highlights
Total capacity secured under new PPAs is 658 MW, representing approximately 20.9% of current installed capacity
Agreement covers the 382 MW Sunni Dam HEP, the largest of the three projects mentioned
Includes the 210 MW Luhri Stage-I HEP and the 66 MW Dhaulasidh HEP
Contracts signed with GUVNL, a relatively strong state utility counterparty
Supports the company's goal to nearly triple capacity by FY27-28 from the current 3,146 MW
👀 What to Watch
Investors should monitor the commissioning timelines for these specific projects, as revenue and earnings impact will only materialize once they reach Commercial Operation Date (COD).
SJVN Appoints Rajesh Kumar Chandel as Director (Projects) with 32+ Years Experience
SJVN Limited has appointed Shri Rajesh Kumar Chandel as Director (Projects) effective June 11, 2026. Shri Chandel is a veteran in the power sector with over 32 years of experience, specifically in the development and execution of large-scale hydroelectric projects. He has previously held leadership positions such as CEO of SJVN's Nepal subsidiaries and Managing Director of the 1020 MW Punatsangchhu-II project in Bhutan. This appointment brings deep technical and international project management expertise to the company's board.
Key Highlights
Shri Rajesh Kumar Chandel appointed as Whole-time Director (Projects) effective June 11, 2026.
Brings over 32 years of experience in the power sector, having joined SJVN in May 1994.
Previously served as CEO of SJVN Arun-3 Power Development Company and Managing Director of the 1020 MW Punatsangchhu-II project.
Extensive experience in executing major projects including the 1500 MW Nathpa Jhakri and 900 MW Arun-3 Hydroelectric Project.
👀 What to Watch
Investors should view this as a positive leadership transition that ensures continuity and technical expertise at the board level. No immediate portfolio changes are necessary based on this appointment.
SJVN Appoints Rajesh Kumar Chandel as Director (Projects) for a 5-Year Term
SJVN Limited has announced the appointment of Shri Rajesh Kumar Chandel as the Whole-time Director (Projects) effective June 11, 2026. This appointment, directed by the Ministry of Power, is for a tenure of five years or until further orders. Shri Chandel takes over from Shri Suprakash Adhikari, who was previously holding the additional charge of this position. The move provides permanent leadership to the company's project execution wing, which is vital for its ongoing power capacity expansion.
Key Highlights
Shri Rajesh Kumar Chandel assumed charge as Whole-time Director (Projects) on June 11, 2026.
The appointment is for a fixed period of 5 years as per Ministry of Power order No. 15/32/2024-H.II(272211).
Shri Suprakash Adhikari (DIN: 10738274) has ceased to hold the additional charge of the post.
The company confirmed that the new director is not debarred by SEBI or any other regulatory authority.
👀 What to Watch
Investors should view this as a routine but necessary leadership stabilization in a PSU; monitor if the new leadership accelerates the commissioning of pending hydro and solar projects.
SJVN Declares Unmodified Audit Opinion for FY 2025-26 Financial Results
SJVN Limited has officially confirmed that its statutory auditors have issued an unmodified opinion on the company's standalone and consolidated financial results for the fiscal year ending March 31, 2026. This declaration is a mandatory compliance under SEBI (LODR) Regulations and serves as a validation of the company's financial reporting. An unmodified opinion signifies that the financial statements present a true and fair view of the company's financial health without any qualifications or reservations. This announcement reinforces investor confidence in the transparency and accuracy of the company's reported earnings for the full year.
Key Highlights
Statutory Auditors issued an unmodified opinion for the fiscal year ended March 31, 2026
The declaration covers both Standalone and Consolidated Financial Results
Compliance fulfilled under Regulation 33/52 of SEBI (LODR) Regulations, 2015
Confirms the integrity and reliability of the financial data reported for FY26
👀 What to Watch
Investors should view this as a confirmation of the company's financial transparency and can rely on the reported FY26 numbers for fundamental analysis. No immediate portfolio changes are required based on this routine but essential regulatory filing.
SJVN Releases Investor Presentation for Q4 and FY 2025-26 Audited Financial Results
SJVN Limited has officially released its investor presentation following the approval of its audited financial results for the quarter and fiscal year ended March 31, 2026. The Board of Directors had previously met on May 15, 2026, to approve both standalone and consolidated financial statements. This presentation provides detailed insights into the company's operational performance and strategic progress as a Navratna CPSE. Investors can access the full document via the company's website to evaluate the firm's growth trajectory in the power sector.
Key Highlights
Board of Directors approved audited standalone and consolidated results on May 15, 2026
Investor presentation for the period ending March 31, 2026, is now publicly available
The filing confirms compliance with NSE and BSE listing regulations for financial disclosures
SJVN continues to operate as a Navratna Central Public Sector Enterprise under the Govt. of India
👀 What to Watch
Investors should review the detailed presentation on SJVN's website to assess project-wise performance and future capacity addition targets. Pay close attention to the consolidated debt-to-equity ratio and dividend declarations mentioned in the full results.
SJVN FY26 Revenue Up 22% to ₹3,545 Cr; Total Capacity Reaches 4,196 MW
SJVN reported a 22% YoY increase in FY26 revenue to ₹3,545 crores, supported by a 25% growth in total power generation to 13,302 million units. The company achieved a major milestone by adding 1,730 MW of capacity during the year, including the 1,000 MW Bikaner solar project and the first unit of the Buxar thermal plant. Despite a 4% rise in annual PAT to ₹1,008 crores, subsidiaries SGEL and STPL faced initial losses of ₹257 crores and ₹92 crores respectively due to front-loaded finance and depreciation costs. Management expects these assets to turn profitable as PLFs stabilize in FY27.
Key Highlights
Total power generation increased by 25% YoY to 13,302 million units in FY26.
Added 1,730 MW of capacity in FY26, bringing total installed capacity to 4,196 MW.
FY26 Revenue from operations grew 22% to ₹3,545 crores; Q4 revenue surged 109% YoY.
Board recommended a total dividend of ₹1.5 per share (15% on face value) for FY26.
Buxar Thermal Unit 2 (660 MW) synchronized in May 2026, with full commissioning expected shortly.
👀 What to Watch
Investors should monitor the operational stabilization of the Buxar Thermal and Bikaner Solar projects, which are expected to drive significant earnings growth in FY27. The stock remains a solid utility play with a rapidly expanding renewable portfolio and steady dividend payouts.
SJVN Corrects FY26 Audited Results Labeling; Auditor Highlights Project Risks and Impairments
SJVN clarified that its FY26 financial results submitted on May 15, 2026, were audited, correcting a typographical error that labeled them as unaudited. While financial figures remain unchanged, the auditor's report highlights significant items including ₹670.98 crore in revenue recognized from prior years due to tariff truing-up. However, concerns persist as assets worth ₹736.97 crore for the Etalin HEP are classified as held for sale following reassignment to NHPC. Furthermore, the company recognized an impairment loss of ₹174.11 crore and faces uncertainty over three Himachal Pradesh projects involving ₹3,933.14 crore in recognized expenditure.
Key Highlights
Clarified that FY26 results are Audited; no changes made to financial figures or disclosures.
Revenue for FY26 includes ₹670.98 crore relating to earlier years following tariff truing-up orders.
Etalin HEP (3097 MW) reassigned to NHPC; ₹736.97 crore in assets classified as held for sale.
Potential risk to three HP projects with total recognized expenditure of ₹3,933.14 crore (PPE and CWIP).
Recognized an impairment loss of ₹174.11 crore for the quarter and year ended March 31, 2026.
👀 What to Watch
Investors should closely monitor the outcome of the three Himachal Pradesh projects and the Devasari project, as potential government takeovers could impact asset valuation. While the one-time tariff gains are positive, the impairment loss and project reassignments suggest execution and regulatory headwinds.
SJVN Recommends ₹0.35 Final Dividend; Total FY26 Payout Reaches ₹1.50 Per Share
SJVN Limited has recommended a final dividend of ₹0.35 per equity share for FY 2025-26, which, combined with the interim dividend of ₹1.15, brings the total annual payout to ₹1.50 per share. The company's financial results were impacted by a significant one-time revenue recognition of ₹670.98 crore due to tariff truing-up for previous years. However, the company also recorded an impairment loss of ₹174.11 crore in the final quarter. Investors should be aware of ongoing regulatory uncertainties regarding three major hydro projects in Himachal Pradesh with a combined asset value exceeding ₹3,900 crore.
Key Highlights
Recommended a final dividend of ₹0.35 per share, bringing the total FY26 dividend to ₹1.50 per share.
Recognized ₹670.98 crore in revenue during FY26 related to tariff truing-up for the 2019-24 period.
Reported an impairment loss of ₹174.11 crore for the quarter and year ended March 31, 2026.
Classified ₹736.97 crore as assets held for sale following the termination of the Etalin HEP project agreement.
Continuing to recognize ₹3,933.14 crore in project expenditure for three HP projects currently under government evaluation for potential takeover.
👀 What to Watch
Investors may find the dividend yield attractive, but should closely monitor the legal and regulatory developments regarding the Himachal Pradesh projects which represent a significant portion of the company's capital work-in-progress.
SJVN FY26 Results: Final Dividend of ₹0.35 Declared; ₹174 Cr Impairment Recognized
SJVN Limited has announced its annual results for FY 2025-26, recommending a final dividend of ₹0.35 per share, which brings the total dividend for the year to ₹1.50. The company reported a one-time impairment loss of ₹174.11 crore in the final quarter. Revenue was positively impacted by ₹670.98 crore in arrears from previous years due to tariff truing-up orders. However, significant regulatory risks persist as the Himachal Pradesh government considers reclaiming three major projects involving over ₹3,900 crore in capital expenditure.
Key Highlights
Recommended final dividend of ₹0.35 per share, totaling ₹1.50 for FY 2025-26 including interim payments.
Recognized a significant impairment loss of ₹174.11 crore during the quarter ended March 31, 2026.
Revenue includes ₹670.98 crore for the full year relating to earlier years' tariff truing-up for NJHPS and RHPS.
Etalin HEP (3097 MW) assets worth ₹736.97 crore classified as held for sale following reassignment to NHPC.
Potential risk to three HP projects with total expenditure of ₹3,933 crore (PPE + CWIP) as the state government evaluates taking them back.
👀 What to Watch
Investors should focus on the legal and regulatory developments regarding the Himachal Pradesh projects, as any adverse outcome could lead to massive write-offs. While the dividend yield provides some cushion, the impairment and project reassignments suggest a period of transition and uncertainty.
SJVN Appoints NHPC's Suprakash Adhikari as Director (Projects) with Additional Charge
SJVN Limited has announced that Shri Suprakash Adhikari, the current Director (Technical) of NHPC Limited, has assumed the additional charge of Director (Projects) at SJVN effective May 12, 2026. This appointment follows the Ministry of Power's decision not to extend the tenure of the previous director, Shri Sushil Sharma, beyond July 31, 2025. Shri Adhikari brings over 36 years of experience in hydropower development, including significant roles in commissioning large-scale projects like the 800 MW Parbati-II. His expertise is expected to drive SJVN's project execution and clean energy initiatives.
Key Highlights
Shri Suprakash Adhikari assumes additional charge as Director (Projects) effective May 12, 2026, for a period of up to one year.
The appointee has over 36 years of experience in hydro project implementation, from inception to commissioning and O&M.
Previous Director (Projects) Shri Sushil Sharma ceased his role effective July 31, 2025, following a non-extension order.
Shri Adhikari also serves as Director (Technical) at NHPC and Chairman of Bundelkhand Saur Urja Limited.
He has been instrumental in commissioning major projects including the 2000 MW Subansiri Lower HE Project units.
👀 What to Watch
Investors should monitor if this leadership transition impacts the execution timelines of SJVN's ongoing power projects. No immediate portfolio changes are recommended as this is a standard PSU management transition.
SJVN Fined ₹10.86 Lakh by NSE and BSE for Board Composition Non-Compliance
SJVN Limited has been penalized by both the BSE and NSE for failing to comply with SEBI's Board composition requirements (Regulation 17(1)) during the quarter ended December 2025. Each exchange imposed a fine of ₹5,42,800 (including GST), resulting in a total penalty of ₹10,85,600. The company explained that as a PSU, director appointments are managed by the Ministry of Power, and it has no direct control over the process. SJVN has urged the government to expedite the appointment of Independent Directors and a CMD to resolve the non-compliance.
Key Highlights
Total fine of ₹10,85,600 levied by NSE and BSE (₹5,42,800 each including 18% GST).
Penalty is for non-compliance with Regulation 17(1) regarding Board composition for the Dec 2025 quarter.
SJVN attributes the delay to the Ministry of Power, which holds the sole power to appoint directors.
The company has formally requested the Ministry of Power and Himachal Pradesh government to fill vacancies.
Fines will continue to accumulate daily until compliance is achieved through government appointments.
👀 What to Watch
Investors should view this as a recurring administrative hurdle typical of PSUs rather than a fundamental business failure. Monitor for the appointment of a permanent CMD and Independent Directors to ensure full regulatory compliance.
SJVN Appoints Parthajit De as Chief Financial Officer Effective April 10, 2026
SJVN Limited has appointed Shri Parthajit De as its new Chief Financial Officer (CFO) effective April 10, 2026. Mr. De, currently the Director (Finance) at SJVN, brings nearly 30 years of experience, including a significant 27-year tenure at NHPC Limited. His professional record is highlighted by achieving NIL comments from the C&AG for nine consecutive years regarding financial statements at NHPC. This appointment is expected to strengthen SJVN's financial governance and reporting standards as a Navratna CPSE.
Key Highlights
Shri Parthajit De appointed as CFO and Key Managerial Personnel effective April 10, 2026.
Brings nearly 30 years of post-qualification experience with expertise in Ind AS, Taxation, and Tariff Regulations.
Maintained NIL C&AG comments for NHPC financial statements for 9 consecutive years (2016-17 to date).
Recipient of ICAI Gold Shield (2020-21) and Silver Shield (2019-20) for Excellence in Financial Reporting.
Holds multiple professional qualifications including ICMAI Fellow, CFA, and CGMA (UK).
👀 What to Watch
The appointment of a highly experienced and decorated finance professional as CFO is a positive signal for corporate governance. Investors should remain confident in the company's financial management and reporting integrity.
SJVN Achieves 13,302 MU Energy Generation in FY 2025-26 with Record Hydro and Solar Output
SJVN Limited reported a robust operational performance for FY 2025-26, achieving a total energy generation of 13,302 million units. The 412 MW Rampur Hydro Power Station delivered its highest-ever annual generation of 2,108.034 million units, while the 1500 MW Nathpa Jhakri station recorded its second-highest annual output. Furthermore, the 60 MW Naitwar Mori project exceeded its design energy by 17%, and the 1000 MW Bikaner Solar project reached a significant 1 billion unit milestone. These milestones reflect strong asset utilization and operational efficiency across the company's renewable energy portfolio.
Key Highlights
Total energy generation for FY 2025-26 reached 13,302 million units.
Rampur Hydro Power Station achieved record-high generation of 2,108.034 million units, crossing the 2,100 MU mark for the first time.
Nathpa Jhakri Hydro Power Station crossed a cumulative generation milestone of 150 billion units in March 2026.
Naitwar Mori Hydro Power Station generated 310.37 million units, which is 17% higher than its Design Energy of 265.5 million units.
1000 MW Bikaner Solar Power Station registered 1 billion units of energy generation as of March 19, 2026.
👀 What to Watch
Investors should take note of the strong operational efficiency and capacity utilization, which are likely to reflect positively on the company's upcoming annual financial results. The successful scaling of both hydro and solar assets strengthens SJVN's position as a key player in India's green energy transition.
