SJVN Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
SJVN · price
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On the reaction day the stock moved 1.0 pts more than Nifty Midcap 150 and 0.6 pts more than its Power Generation peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SJVN reported Q1 FY26 standalone revenue from operations of ₹822.44 crore, down marginally from ₹831.73 crore in Q1 FY25, while consolidated revenue rose to ₹917.45 crore from ₹870.37 crore. Standalone net profit fell to ₹258.51 crore from ₹327.15 crore, and consolidated profit dropped to ₹227.58 crore from ₹357.09 crore, hurt by higher finance costs (₹182.63 crore standalone, up from ₹148.91 crore). Operating margin compressed sharply on a consolidated basis to 65.26% from 77.26% a year ago. The board also appointed Shri Vivek Bhatnagar as Chief Internal Auditor, and confirmed full utilization of ₹1,000 crore NCD proceeds. Notably, 501 MW of the 1,000 MW Bikaner Solar Project started commercial operations in phases during the quarter.
Profitability took a hit year-on-year despite revenue stability, as elevated finance costs and a weaker operating margin weighed on earnings. The auditor flagged two Emphasis of Matter items — pending CERC tariff orders (provisional billing) and the stalled Devasari Hydro project with ~₹250 crore sunk as capital work-in-progress — which investors should track. Short-term sentiment may be cautious given the profit decline, though the new solar capacity coming online is a long-term positive.