SJVN Limited has informed the Exchange about Transcript
SJVN · price
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SJVN Limited reported strong FY '26 results with revenue up 22% YoY to INR 3,545 crore, driven by tariff truing up recognition of INR 679 crore. PAT grew 4% to INR 1,008 crore. The company commissioned 1,730 MW of capacity in FY '26 (1,000 MW Bikaner solar, 660 MW Buxar Unit 1, plus Dhubri solar), taking total installed capacity to 4,196.5 MW. Buxar Unit 2 was synchronized in May 2026. However, subsidiaries STPL (Buxar) reported a loss of INR 93 crore and SGEL (solar) a loss of INR 258 crore due to low PLF/CUF during ramp-up. Management acknowledged that the previous ambitious target of 25,000 MW by 2030 and 50,000 MW by 2040 is under review and will be revised based on realistic assessments. CAPEX guidance is INR 9,400 crore for FY '27, INR 7,800 crore for FY '28. Management expects Buxar and Bikaner to turn profitable as PLF/CUF improves in FY '27.
SJVN delivered strong topline growth but subsidiary losses highlight execution challenges in new thermal and solar assets. The company's revision of its 25,000/50,000 MW targets signals a more conservative growth outlook, which could disappoint investors expecting rapid capacity expansion. However, the order pipeline of 16 GW as REIA and improving operational parameters at new plants are positives.