SJVN Limited (SJVN)
₹53.88 -2.73% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SJVN's revenue was ₹1,394 Cr (+52.0% year on year, -6.8% on the previous quarter), and net profit ₹225 Cr (-1.2% year on year); the operating margin was 63.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,394 | +52.0% | -6.8% |
| Operating profit | ₹884 | +25.1% | -2.8% |
| Net profit | ₹225 | -1.2% | from loss |
| EPS (₹) | 0.57 | -1.7% | from loss |
| Operating margin | 63.4% | — | — |
SJVN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.54% of the SJVN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.8%. The price fell 2.73% on that unusually high delivery, the pattern the delivery dashboard labels distribution. It traded 6.5 times its average daily volume.
Delivery in the last 5 sessions: 41.0% · 38.4% · 33.5% · 50.9% · 65.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SJVN Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MAS Services Limited confirms that dematerialisation requests received during July 1, 2026 to September 30, 2026 were processed within the stipulated 15-day limit. This is a recurring administrative filing confirming standard depository operations and has zero impact on financial performance.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026 (from 01/07/2026 to 30/09/2026)
- RTA MAS Services confirmed demat requests were processed within the prescribed 15-day timeline
SJVN Limited has disclosed Board comments regarding fines of ₹13,44,020 (inclusive of 18% GST) levied each by BSE and NSE for the quarter ended June 30, 2026. The penalties relate to non-compliance with SEBI LODR norms, primarily regarding board composition (Regulation 17(1)), lack of quorum, and missing independent directors for committees. SJVN clarified that director appointments are under the authority of the Ministry of Power, Government of India, and requests have been submitted to expedite these appointments.
- Total fine payable is ₹13,44,020 (base fine of ₹11,39,000 plus ₹2,05,020 GST at 18%) for the quarter ended June 30, 2026.
- BSE and NSE levied fines for 91 days of non-compliance under Regulation 17(1) (₹4,55,000) and committee compositions.
- A fine of ₹20,000 was levied for non-compliance with quorum requirements (2 instances) under Regulation 17(2A).
- Company stated director appointment authority rests with the President of India via the Ministry of Power, not the Board.
SJVN Limited has announced the commercial operation of Unit-II (660 MW) of its 1,320 MW (2x660 MW) Buxar Thermal Power Project via subsidiary SJVN Thermal Private Limited, effective September 12, 2026. This adds substantial operational capacity relative to its existing installed base of 3,146 MW (a ~21% expansion from this unit alone). The entire 1,320 MW project is projected to generate 9,828.72 million units annually, with 85% allocated to Bihar under a long-term PPA. This milestone reduces earlier drag from construction-phase depreciation and finance costs, transitioning the asset to revenue-generating operations.
- Commercial operation date set for Unit-II (660 MW) on September 12, 2026, at 00:00 HRS
- Buxar Thermal Power Project has a total capacity of 1,320 MW (2x660 MW) using supercritical technology
- Project expected to generate 9,828.72 Million Units of electricity annually
- 85% of total power generated is tied up under a long-term Power Purchase Agreement with Bihar
SJVN Limited announced that the Ministry of Power has extended the additional charge of Chairman & Managing Director (CMD) to Shri Bhupender Gupta, effective retrospective from August 01, 2026. The extension is for six months, until a regular incumbent takes charge, or until further orders. Shri Gupta is also the CMD of NHPC Limited and has held this additional charge at SJVN since May 01, 2025. This ensures continuity in leadership as SJVN executes its 5,091 MW under-construction pipeline.
- Additional charge of CMD extended with effect from August 01, 2026
- Extension period is for 6 months or until regular incumbent assumes charge
- Bhupender Gupta has held the additional charge of CMD at SJVN since May 01, 2025
- Appointee concurrently serves as Chairman & Managing Director of NHPC Limited (since September 04, 2025)
SJVN Limited disclosed the voting results and Scrutinizer's Report for its 38th Annual General Meeting held on August 31, 2026. All 9 resolutions on the agenda were passed with overwhelming majorities ranging between 96.33% and 99.99%. Key approvals included the adoption of FY26 financial statements, declaration of the final dividend, and key board appointments including Shri Parthajit De as Director (Finance) and Shri Rajesh Kumar Chandel as Director (Projects).
- All 9 resolutions passed with strong approval, ranging from 96.33% to 99.99% in favour
- Adoption of FY26 financial statements and dividend declaration approved with 99.24% and 99.28% votes in favour, respectively
- Whole-Time Director appointments of Parthajit De (Finance) and Rajesh Kumar Chandel (Projects) approved with 97.81% and 97.78% votes in favour
- Total number of shareholders on the record date (August 24, 2026) stood at 1,382,960 with ~346.19 crore total votes polled
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.
- 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).
SJVN Limited conducted its 38th Annual General Meeting on August 31, 2026, with 72 shareholders in attendance. Key resolutions transacted included the adoption of FY25-26 audited financials and declaration of a final dividend of ₹0.35 per share, confirming the total FY26 dividend of ₹1.50 per share (including the ₹1.15 interim dividend paid in February 2026). The company also approved the appointment of new board members, including Shri Parthajit De as Whole-Time Director (Finance) and Shri Rajesh Kumar Chandel as Whole-Time Director (Projects). Formal voting results and the Scrutinizer's Report will be submitted separately.
- 38th AGM held on August 31, 2026, attended by 72 shareholders including GoI and Govt. of Himachal Pradesh representatives
- Final dividend of ₹0.35 per equity share confirmed alongside ₹1.15 interim dividend already paid for FY26
- Key board appointments put to vote including Director (Finance) and Director (Projects)
BSE and NSE have imposed a fine of ₹13,44,020 each (totaling ~₹26.88 lakh) on SJVN Limited for non-compliance with board and committee composition norms due to an inadequate number of Independent Directors. The company clarified that board appointments are controlled by the Ministry of Power, which appointed Smt. Arti Kujur as an Independent Director effective July 17, 2026. Following committee reconstitutions, SJVN is formally requesting a waiver of the penalties from both stock exchanges. The financial impact is negligible against SJVN's TTM net profit of ₹639 Cr.
- Fines of ₹13,44,020 each levied by BSE and NSE on August 25, 2026
- Non-compliance cited under SEBI LODR Regulations 17(1), 18(1), 19, 20, 21, and 17(2A)
- Appointment of Smt. Arti Kujur as Independent Director w.e.f. July 17, 2026, restores partial committee compliance
- Company is submitting a waiver application to both stock exchanges
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.
- 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
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.
- 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
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.
- 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.
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.
- 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.
SJVN Limited has announced a transition in its senior management team effective August 1, 2026. Two senior officials, Shri Baljeet Singh and Shri Rajesh Kumar Sharma, retired on July 31, 2026, due to superannuation. They are succeeded by Shri Manmeet Gupta and Shri Vikas Sharma, who have been promoted to Executive Directors. Shri Vikas Sharma's appointment is notable as he previously served as CEO of the Buxar Thermal Power Project, where he oversaw the commissioning of the 660 MW Unit-I.
- Shri Manmeet Gupta promoted to Executive Director after 33 years of service within SJVN.
- Shri Vikas Sharma promoted to Executive Director (Civil) with over 30 years of power sector experience.
- Two senior management officials retired effective close of business on July 31, 2026.
- New appointee Shri Vikas Sharma previously led the Buxar Thermal Power Plant as CEO.
- The promotions come as SJVN manages a massive 5,091 MW under-construction portfolio.
SJVN has announced the promotion of six senior officials to the rank of Executive Director (Senior Management) effective July 31, 2026. The appointees bring significant technical and financial expertise, with tenures at the company exceeding 29 years. Notably, Shri Jitendra Yadav has previously secured ₹15,000 Cr in debt and equity capital, while Shri Rakesh Sehgal oversees approximately 5,000 MW of projects in Arunachal Pradesh. These promotions are critical for SJVN as it manages a massive 5,091 MW under-construction portfolio, which is 1.6x its current installed capacity of 3,146 MW.
- Six officials promoted to Executive Director (Senior Management) effective July 31, 2026
- Shri Jitendra Yadav previously secured equity and debt capital totaling ₹15,000 Cr and USD 500M in ECBs
- Shri Rakesh Sehgal brings over 37 years of professional experience and oversees ~5,000 MW capacity in Arunachal Pradesh
- Promoted officials have long-term tenures at SJVN ranging from 29 to over 32 years
- Leadership continuity established for the 5,091 MW under-construction portfolio across Hydro, Thermal, and Solar
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.
- 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.
Financial Performance
Revenue Growth by Segment
Total operating income grew 18.4% YoY to INR 3,071 Cr in FY25, primarily driven by a 25% increase in power generation (10,647 MU vs 8,489 MU). Hydro capacity (65% of total) remains the dominant revenue driver, while renewable energy (Solar/Wind) is the fastest-growing segment following the commissioning of new solar plants.
Geographic Revenue Split
The majority of revenue is generated from Himachal Pradesh and Uttarakhand, where 1,972 MW of hydro capacity is located. Other operational regions include Gujarat (Solar), Maharashtra (Wind), and Uttar Pradesh (Solar), with cross-border revenue from transmission lines to Nepal.
Profitability Margins
EBITDA margin remained stable at 72.3% in FY25 (vs 72.0% in FY24) due to the regulated cost-plus tariff structure. However, PAT margin declined as net profit fell 10% to INR 818 Cr in FY25 from INR 908 Cr in FY24, impacted by higher finance costs and tax expenses.
EBITDA Margin
72.3% in FY25, reflecting a marginal YoY improvement of 30 basis points. Core profitability is protected by CERC norms that allow for full cost recovery and a fixed 15.5% return on equity for hydro and thermal projects.
Capital Expenditure
SJVN plans an annual capital expenditure of INR 10,000 Cr to INR 12,000 Cr over the next few years to fund its 5,091 MW under-construction pipeline. Total debt for capex has reached approximately INR 30,000 Cr.
Credit Rating & Borrowing
Ratings reaffirmed at 'CRISIL AA+/Stable' and 'CARE AA+; Stable'. Borrowing costs are influenced by Navratna status and GoI guarantees (INR 939 Cr for World Bank loans), though finance costs increased by INR 50 Cr in Q2 FY26 due to higher debt levels.
Operational Drivers
Raw Materials
Water (for 1,972 MW hydro), Solar radiation (for 700 MW solar), Wind (for 97.6 MW wind), and Coal (for 1,320 MW Buxar thermal). Natural resources represent 0% of direct material cost for RE, while coal costs for thermal are a pass-through.
Import Sources
Raw materials (water, wind, sun) are sourced domestically across Himachal Pradesh, Uttarakhand, Gujarat, and Maharashtra. Coal for the Buxar project is sourced from domestic Indian mines.
Key Suppliers
Not disclosed in available documents, though the company relies on the Ministry of Power for coal linkages and international lenders like the World Bank for project financing.
Capacity Expansion
Current installed capacity is 3,146 MW. Planned expansion includes 5,091 MW under construction (1,558 MW Hydro, 1,320 MW Thermal, 2,213 MW Solar), aiming to nearly triple capacity by FY27-28.
Raw Material Costs
Direct raw material costs are negligible for hydro and RE segments. For the thermal segment, fuel costs are pass-through under CERC regulations, mitigating price volatility risk.
Manufacturing Efficiency
Hydro plants consistently operate above the Normative Annual Plant Availability Factor (NAPAF) and designed energy levels, allowing the company to earn capacity incentives.
Logistics & Distribution
Distribution is managed via a JV-owned 86-km 400 KV transmission line across the Indo-Nepal border, facilitating cross-border power trade.
Strategic Growth
Growth Strategy
Growth will be achieved by commissioning the 5,091 MW under-construction portfolio, monetizing operational assets through an FPO or stake sale in SJVN Green, and participating in the PM-Surya Ghar: Muft Bijli Yojana.
Products & Services
Electricity generated from Hydro, Solar, Wind, and Thermal sources; Power transmission services via cross-border lines.
Brand Portfolio
SJVN (Navratna CPSE).
New Products/Services
Commissioning of the Bikaner Solar Power Project (Unit 1) contributed to a 6.3% YoY improvement in total generation in H1-FY26.
Market Expansion
Expansion into Nepal for cross-border hydropower development and increasing footprint in the Indian solar market to meet the national 500 GW RE target by 2030.
Strategic Alliances
Joint ventures with Power Grid Corporation of India Ltd and IL&FS for transmission infrastructure.
External Factors
Industry Trends
The industry is shifting toward renewable energy to meet India's 500 GW target by 2030. SJVN is positioning itself by pivoting from pure hydro to a multi-source RE major (Solar/Wind/Hybrid).
Competitive Landscape
Key competitors include other central power utilities like NHPC and NTPC, as well as large private RE players.
Competitive Moat
Durable advantages include Navratna status, 55% GoI ownership providing high financial flexibility, and a cost-plus regulatory moat that guarantees returns on approved capital costs.
Macro Economic Sensitivity
Low sensitivity to market price fluctuations due to the regulated cost-plus model, which ensures recovery of fixed costs regardless of demand volatility.
Consumer Behavior
Increasing national demand for clean and sustainable energy is driving the shift toward SJVN's growing solar and wind portfolio.
Geopolitical Risks
Project execution in Nepal involves cross-border regulatory and political risks, though supported by GoI's strategic objectives.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by CERC Tariff Regulations and environmental norms for hydro and thermal plants. Approval of project costs by CERC is critical for investment recovery.
Environmental Compliance
SJVN reduced Scope 1 and 2 emissions intensity by 38% YoY to 1.48 tCO2e/MU in FY24. Compliance costs are integrated into the CERC-approved project costs.
Taxation Policy Impact
Effective tax rate impacted by MAT utilization and the expiry of 80 IEA tax exemptions for certain projects, leading to higher tax expenses in FY26.
Risk Analysis
Key Uncertainties
Project execution risk is the primary uncertainty; delays in the 5,091 MW pipeline could lead to cost overruns and deferred revenue, impacting the 1.9x gearing ratio.
Geographic Concentration Risk
High concentration in the Himalayan region (HP/Uttarakhand) for hydro, exposing 65% of capacity to regional hydrological and geological risks.
Third Party Dependencies
High dependency on state DISCOMs for revenue collection and CERC for timely tariff approvals and cost disallowance risks.
Technology Obsolescence Risk
Low risk as SJVN is actively diversifying into Solar and Wind technologies to stay ahead of the transition away from fossil fuels.
Credit & Counterparty Risk
Exposure to weak state DISCOMs is a key monitorable, though mitigated by a healthy cash balance of ~INR 3,000 Cr and government-backed payment security mechanisms.
