Enclosed
SJVN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
SJVN Ltd reported standalone revenue from operations of ₹3,544.52 crore for FY2025-26, up 22.3% from ₹2,897.25 crore in FY2024-25. Net profit after tax grew 3.9% to ₹1,007.90 crore from ₹970.18 crore. The company recognized an impairment loss of ₹174.11 crore (standalone) and ₹235.86 crore (consolidated) on its cash-generating units. A revenue of ₹670.98 crore was recognized relating to earlier years from tariff true-up orders for NJHPS and RHPS. The Etalin HEP project (3,097 MW) was reassigned to NHPC, with assets of ₹736.97 crore classified as held for sale. Three Himachal Pradesh hydro projects (worth ₹3,933 crore in assets) face potential repossession by the state government amid a legal dispute. The Board recommended a final dividend of ₹0.35 per share, taking total dividend to ₹1.50 per share. Consolidated revenue grew 22% but PAT declined sharply to ₹641.85 crore from ₹818.02 crore, a 21.5% fall, driven by higher finance costs and impairment charges.
Revenue growth of 22% is positive, but the sharp PAT decline on consolidated basis and impairment charges signal margin pressure. The reassignment of Etalin HEP and the HP government dispute over three projects create execution risk and potential asset write-offs. Dividend continuity is a comfort but total payout remains modest relative to earnings.