Transcript of conference call held with Investors and Analysts to discuss the financial results for the quarter/year ended March 31, 2025
Awaiting price reaction for this filing.
SJVN Limited (joint venture of Govt. of India and Himachal Pradesh) hosted its FY25 earnings call on May 30, 2025 via Elara Securities. Total power generation in FY25 rose 25.4% YoY to 10,647 million units (vs 8,489 million units in FY24), led by the flagship 1,500 MW Nathpa Jhakri plant (7,421 million units, up from 6,311). Operational capacity stood at 2,786.5 MW with 4,601 MW under construction, and management targets adding 4,995 MW in FY26 (1,320 MW thermal from Buxar + 3,675 MW renewable). FY25 capex closed at ~INR 7,800 crores with targets of INR 8,300 cr (FY26) and INR 12,000 cr (FY27). An impairment of INR 143 cr was booked on solar assets in Q4 due to lower PLF. As a nodal agency under the REIA scheme, SJVN has floated tenders for 18.6 GW, LOAs of 13.748 GW, and signed PPAs for 5.188 GW. Management declined to provide forward revenue or EBITDA guidance citing company policy.
The 25% YoY generation growth and ambitious 4,995 MW capacity addition in FY26 positions SJVN for significant future revenue expansion, but the INR 143 cr solar impairment and ~50% decline in other income (capital deployed in capex) may pressure near-term profitability. Incremental borrowing of ~INR 2,000 cr planned for FY26 suggests manageable leverage despite the heavy capex pipeline.