SJVN - SJVN
📢 Recent Corporate Announcements
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.
- 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).
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.
- 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.
SJVN Limited has announced that its 412 MW Rampur Hydro Power Station in Himachal Pradesh surpassed its highest-ever annual generation record of 2098.03 million units (MU) on March 26, 2026. The previous record was set during FY 2019-20. Furthermore, the station achieved its annual Design Energy target of 1,878 MU for FY 2025-26 well ahead of schedule on December 8, 2025. This performance indicates high operational efficiency and potential for incentive-based revenue gains.
- Surpassed previous record of 2098.03 million units (MU) set in FY 2019-20
- Achieved annual Design Energy target of 1,878 MU for FY 2025-26 on December 8, 2025
- The 412 MW Rampur Hydro Power Station reached this milestone on March 26, 2026
- Marked the fastest achievement of Design Energy targets since the station's commissioning
SJVN Limited has formalized the transition of its Registrar and Share Transfer Agent (RTA) by signing a tripartite agreement on March 20, 2026. The agreement involves the company, the outgoing agent Alankit Assignments Limited, and the new agent MAS Services Limited. This move follows a prior disclosure made on January 23, 2026, and ensures compliance with SEBI (LODR) Regulations, 2015. This is a standard administrative procedure and does not impact the company's operational or financial performance.
- Tripartite agreement signed on March 20, 2026, to facilitate RTA transition.
- MAS Services Limited appointed as the new Registrar and Share Transfer Agent.
- Alankit Assignments Limited exits as the erstwhile RTA for the company.
- Compliance maintained under Regulation 7 of SEBI (LODR) Regulations, 2015.
SJVN Limited has notified the stock exchanges regarding the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results. The window will remain closed until 48 hours after the declaration of the financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure begins on April 1, 2026
- Closure pertains to financial results for the quarter and year ending March 31, 2026
- Window will reopen 48 hours after the official announcement of results
- Compliance with Regulation 9 and Schedule B of SEBI Insider Trading Regulations
SJVN Limited has successfully generated 1 billion units (BU) of energy from its 1,000 MW Bikaner Solar Power Project as of March 20, 2026. The project, which commenced commercial operations on December 24, 2025, is expected to generate 2,454.55 million units (MU) in its first year. With a fixed tariff of ₹2.57 per unit, the project provides long-term revenue visibility and supplies power to Rajasthan, Jammu & Kashmir, and Uttarakhand. This milestone demonstrates the operational efficiency of SJVN's wholly-owned subsidiary, SJVN Green Energy Limited (SGEL).
- Achieved 1 Billion Units (BU) generation milestone within months of commissioning.
- Project capacity of 1,000 MW developed under the CPSU Scheme with a tariff of ₹2.57 per unit.
- Expected to generate 2,454.55 million units (MU) annually and 56 billion units over 25 years.
- Projected to reduce carbon emissions by approximately 2.78 million tonnes over its operational life.
- Power purchase agreements in place with Rajasthan, Jammu & Kashmir, and Uttarakhand.
SJVN Limited has appointed Shri Parthajit De as Whole-time Director (Finance) and Chief Financial Officer for a five-year term starting March 19, 2026. Mr. De joins from NHPC Limited, bringing nearly 30 years of experience in corporate accounts, taxation, and financial policy. His appointment fills a critical leadership vacancy that was previously held as an additional charge by Shri Sipan Kumar Garg. With a track record of securing NIL C&AG comments for nine consecutive years at NHPC, his expertise is expected to enhance SJVN's financial reporting and governance.
- Shri Parthajit De appointed as Director (Finance) for a 5-year tenure effective March 19, 2026
- Brings 30 years of experience, including 27 years at NHPC Limited across core finance domains
- Managed financial statements receiving NIL C&AG comments for 9 consecutive years (2016-17 to date)
- Holds multiple qualifications including Fellow Member of ICMAI, CFA, and CGMA (UK)
- Succeeds Shri Sipan Kumar Garg, who was holding the additional charge of Director (Finance) and CFO
SJVN Limited has announced that Dr. Shashikant Jagannath Wani has ceased to be an Independent Director of the company. This change was effective from the close of business hours on March 12, 2026. The cessation is a routine matter resulting from the completion of his official tenure. The company has filed this disclosure in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Dr. Shashikant Jagannath Wani ceased to be an Independent Director effective March 12, 2026.
- The reason for the change is the completion of his prescribed tenure on the board.
- The filing was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.
SJVN's flagship Nathpa Jhakri Hydro Power Station (NJHPS) has achieved a historic milestone of 150 billion units of cumulative power generation since its commissioning in May 2004. As India's largest underground hydro power station, NJHPS continues to be a critical asset for grid stability and green energy. The station recently recorded its highest-ever monthly generation of 1,222.17 million units in July 2024. This achievement underscores the operational efficiency and reliability of SJVN's core power generation assets.
- Cumulative power generation crossed the 150 billion units (BU) mark since May 2004
- Highest annual generation of 7,610.257 million units achieved in FY 2011-12
- Record monthly generation of 1,222.170 million units reached in July 2024
- Highest-ever daily generation of 39.572 million units recorded on August 13, 2024
- NJHPS is India's largest underground hydro power station and a key contributor to the northern grid
SJVN Limited has officially notified the stock exchanges regarding the retirement of two senior management personnel. Shri Rajeev Kumar and Shri Chandra Shekhar Yadav have ceased their roles effective from the close of business hours on February 27, 2026. Both departures are due to superannuation, which is a routine age-related retirement process. The company has complied with SEBI (LODR) Regulations, 2015, in reporting these changes.
- Shri Rajeev Kumar retired from the Senior Management team on February 27, 2026.
- Shri Chandra Shekhar Yadav retired due to superannuation on February 27, 2026.
- The cessations were effective from the close of business hours on the date of the announcement.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
SJVN Limited has announced that the Ministry of Power has extended the additional charge of Shri Sipan Kumar Garg as Director (Finance) effective March 01, 2026. This extension is for a period of three months or until a permanent appointment is made. Mr. Garg, who currently serves as Director (Finance) and CMD of THDC India Limited, brings over 24 years of experience in the Indian power sector. This move ensures continuity in the company's financial leadership while a full-time incumbent is finalized.
- Extension of additional charge for Shri Sipan Kumar Garg as Director (Finance) effective March 01, 2026.
- The extension is valid for a period of 3 months or until a full-time incumbent is appointed.
- Shri Garg has over 24 years of experience in the power sector, including significant roles at NTPC and THDCIL.
- He holds multiple professional qualifications including CA, CMA, CS, and LLB.
- The appointment was made following an order from the Ministry of Power, Government of India.
SJVN Limited has declared an interim dividend of ₹1.15 per equity share for the financial year 2025-26. The company has issued detailed instructions regarding Tax Deduction at Source (TDS) for various categories of shareholders. Resident individuals with a valid PAN will face a 10% TDS, while those without a valid PAN or linked Aadhaar will be taxed at 20%. Shareholders must submit relevant tax exemption documents by February 22, 2026, to ensure correct tax treatment.
- Interim dividend of ₹1.15 per equity share declared for FY 2025-26.
- TDS rate of 10% for resident shareholders with valid PAN and 20% for invalid/missing PAN.
- No TDS for resident individuals if the total dividend for the financial year does not exceed ₹10,000.
- Deadline for submission of tax documents (Form 15G/15H, TRC, etc.) is February 22, 2026, by 5:00 PM.
- Non-resident shareholders can avail Double Taxation Avoidance Agreement (DTAA) benefits by providing required documentation.
SJVN Limited has declared an interim dividend of ₹1.15 per share for FY 2025-26, with the record date set for February 20, 2026. The company reported a strong financial performance for Q3 FY26, with standalone net profit jumping 80.7% year-on-year to ₹251.71 crore. Revenue from operations increased significantly to ₹846.13 crore compared to ₹625.02 crore in the same quarter last year. Additionally, the board approved a fundraise of up to ₹1,000 crore through the issuance of non-convertible debentures to support capital requirements.
- Declared an interim dividend of ₹1.15 per equity share with a record date of February 20, 2026
- Standalone Net Profit rose 80.7% YoY to ₹251.71 crore in Q3 FY26
- Revenue from operations grew 35.4% YoY to ₹846.13 crore from ₹625.02 crore
- Board approved raising up to ₹1,000 crore via unsecured, rated, non-convertible debentures
- Operating margin improved significantly to 71.04% in Q3 FY26 compared to 54.01% in Q3 FY25
SJVN Limited reported a robust performance for Q3 FY26, with revenue from operations growing 35.4% YoY to ₹846.13 crore. Net profit for the quarter surged by 80.8% YoY to ₹251.71 crore, supported by a significant expansion in operating margins to 71.04%. The board has declared an interim dividend of ₹1.15 per share and approved a fresh fundraise of ₹1,000 crore via non-convertible debentures. These results reflect strong operational efficiency and a commitment to returning capital to shareholders while securing funds for growth.
- Revenue from operations increased 35.4% YoY to ₹846.13 crore in Q3 FY26.
- Net profit surged 80.8% YoY to ₹251.71 crore compared to ₹139.25 crore in the previous year.
- Declared an interim dividend of ₹1.15 per equity share with a record date of February 20, 2026.
- Approved raising up to ₹1,000 crore through private placement of non-convertible debentures (NCDs).
- Operating margin improved significantly to 71.04% from 54.01% in the year-ago period.
SJVN Limited reported a robust performance for Q3 FY26, with net profit jumping 80.7% year-on-year to ₹251.71 crore. Revenue from operations grew by 35.4% to ₹846.13 crore, driven by improved operational efficiency as operating margins expanded to 71.04%. The board has declared an interim dividend of ₹1.15 per share and approved a fresh fundraise of ₹1,000 crore through non-convertible debentures to fuel future growth.
- Net Profit for Q3 FY26 rose to ₹251.71 crore from ₹139.25 crore in the previous year's corresponding quarter.
- Revenue from Operations increased 35.4% YoY to ₹846.13 crore compared to ₹625.02 crore.
- Interim dividend of ₹1.15 per equity share declared with a Record Date of February 20, 2026.
- Board approved raising up to ₹1,000 crore via private placement of non-convertible debentures (NCDs).
- Operating margin improved significantly to 71.04% from 54.01% in Q3 FY25.
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.