SJVN - SJVN
📢 Recent Corporate Announcements
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.
SJVN Limited reported a strong performance for Q3 FY26, with standalone Profit After Tax (PAT) rising 80.7% YoY to ₹251.71 crore. The Board declared an interim dividend of ₹1.15 per share, with the record date set for February 20, 2026. Revenue from operations grew significantly to ₹846.13 crore, aided by a ₹173.95 crore one-time tariff adjustment for the Rampur Hydro Power Station. Additionally, the company approved a fundraise of up to ₹1,000 crore through non-convertible debentures to support its capital requirements.
- Declared an interim dividend of ₹1.15 per equity share for FY 2025-26 with a record date of Feb 20, 2026.
- Standalone Net Profit jumped 80.7% YoY to ₹251.71 crore from ₹139.25 crore in the previous year's quarter.
- Revenue from operations increased by 35.4% YoY to ₹846.13 crore, including a ₹173.95 crore truing-up adjustment.
- Operating margins improved significantly to 71.04% compared to 54.01% in Q3 FY25.
- Board approved raising up to ₹1,000 crore through private placement of Non-Convertible Debentures (NCDs).
SJVN reported a robust performance for Q3 FY26, with standalone net profit surging 80.7% YoY to ₹251.71 crore. Revenue from operations grew 35.4% YoY to ₹846.13 crore, significantly aided by a one-time truing-up revenue of ₹173.95 crore for the Rampur Hydro Power Station. The board has rewarded shareholders with an interim dividend of ₹1.15 per share and approved a fresh fundraise of ₹1,000 crore via non-convertible debentures. Operating margins showed a healthy expansion to 71.04% from 54.01% in the previous year's corresponding quarter.
- Standalone Net Profit increased by 80.7% YoY to ₹251.71 crore in Q3 FY26.
- Revenue from operations rose 35.4% YoY to ₹846.13 crore, including ₹173.95 crore in prior-period adjustments.
- Declared an interim dividend of ₹1.15 per equity share with a record date of February 20, 2026.
- Board approved raising up to ₹1,000 crore through private placement of non-convertible debentures (NCDs).
- Operating margin improved significantly to 71.04% compared to 54.01% in Q3 FY25.
SJVN Limited's 412 MW Rampur Hydro Power Station (HPS) has achieved a significant operational milestone by reaching 2,000 Million Units (MU) of generation on February 5, 2026. This is the fastest the station has ever reached this mark, surpassing the previous record set in 2020 by nine days. This performance represents the best generation output in the plant's 11-year operational history. Such operational efficiency is expected to positively impact the company's top-line growth and overall plant load factor (PLF) metrics.
- 412 MW Rampur Hydro Power Station recorded fastest-ever 2,000 MU generation on February 5, 2026.
- Milestone achieved 9 days ahead of the previous record set on February 14, 2020.
- Represents the best generation performance for the power station in its 11 years of operation.
- The achievement highlights superior engineering design and rigorous maintenance regimes at the facility.
SJVN Limited has successfully achieved the Commercial Operation Date (COD) for its 70 MW Dhubri Solar Power Project in Assam through its subsidiary, SJVN Green Energy Limited. The project, developed at a cost of Rs 367.44 crores, is expected to generate 141.13 million units of electricity in its first year. Power will be supplied to Assam Power Distribution Company Limited (APDCL) at a fixed rate of Rs 3.92 per unit. This marks SJVN's first operational project in the North Eastern Region and the first large-scale solar project in the state of Assam.
- Commissioned 70 MW Dhubri Solar Power Project in Assam at a total project cost of Rs 367.44 crores
- Expected to generate 141.13 million units in the first year and 3,230 million units cumulatively over 25 years
- Power purchase rate fixed at Rs 3.92 per unit with Assam Power Distribution Company Limited
- Marks SJVN's first operational project in the North Eastern Region and the first large-scale solar project in Assam
- Estimated to reduce carbon emissions by approximately 1,58,270 tonnes annually
SJVN Limited has informed the exchanges about the retirement of Mr. Anil Kumar from its senior management team. The cessation of service is effective from the close of business hours on January 30, 2026. This change is due to superannuation, which is a routine retirement process for the public sector enterprise. The disclosure was made in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
- Mr. Anil Kumar, Senior Management official, retired effective January 30, 2026.
- The reason for the departure is superannuation (standard retirement).
- The announcement was made in accordance with Regulation 30 of SEBI LODR Regulations.
- The change took effect from the close of business hours on the date of the notice.
SJVN Limited has officially transitioned its Registrar to an Issue and Share Transfer Agent (RTA) from Alankit Assignments Limited to MAS Services Limited. This change is effective from January 23, 2026, following necessary confirmations from NSDL and CDSL regarding electronic connectivity. The move is a standard administrative update to manage shareholder records and grievances. Investors are now required to direct all service requests and communications to the new RTA's New Delhi office.
- MAS Services Limited replaces Alankit Assignments Limited as the company's RTA effective January 23, 2026.
- The transition includes the transfer of electronic connectivity for both NSDL and CDSL depositories.
- New contact details for investor grievances include a dedicated phone line (+91 11 2638 7281) and email (investor@masserv.com).
- The appointment complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
SJVN Limited has approved the appointment of M/s MAS Services Limited as its new Registrar and Share Transfer Agent (RTA) for a three-year period. This change follows the expiration of the previous five-year contract with M/s Alankit Assignments Limited on December 14, 2025. The transition will become effective once electronic connectivity with NSDL and CDSL is established, with Alankit continuing services in the interim. This is a standard administrative update to ensure the continuity of shareholder services.
- M/s MAS Services Limited appointed as RTA for a period of 3 years.
- Replaces M/s Alankit Assignments Limited after their 5-year contract ended on December 14, 2025.
- Board approval granted via Circular Resolution No. 38/2026 on January 16, 2026.
- Transition period includes a tripartite agreement to ensure smooth handover of electronic connectivity.
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.