NSE: SJVN · BSE: 533206
SJVN LTD
Generates and sells electricity from hydroelectric, thermal and solar power plants across India. Hydropower is the largest contributor, with the fleet's generation rising 25% year-on-year in FY26, anchored by the Nathpa Jhakri and Rampur plants. New capacity of 1,730 MW was commissioned in FY26 across thermal, solar and small-hydro segments, and a multi-gigawatt pipeline is under construction including 900 MW Arun-III in Nepal (targeted December 2028). Power is sold under long-term PPAs to state distribution utilities — recent agreements with GUVNL cover 658 MW of upcoming Himachal hydro projects, and the Bikaner solar plant will supply Rajasthan, Uttarakhand and Jammu & Kashmir. Depreciation at ₹1,041.98 crore (23% of FY26 revenue) is the largest cost, reflecting the capital-intensive nature of the business, and FY26 capex was ₹5,699.08 crore with ₹9,400 crore guided for FY27. Two subsidiaries — SGEL (solar) and STPL Buxar — posted losses of ₹258 crore and ₹93 crore in FY26 due to low PLF/CUF during ramp-up. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hydro power generation, Thermal power generation, Solar power generation, Under-construction project pipeline. Capital-intensive power generation across hydro, thermal and solar with a heavy multi-year capacity build-out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,417 | 2,938 | 2,579 | 3,072 | 4,528 |
| EBITDA (ex other income) | 1,703 | 2,201 | 1,896 | 2,221 | 3,350 |
| margin % | 70.5 | 74.9 | 73.5 | 72.3 | 74.0 |
| Owners' profit | 990 | 1,359 | 911 | 820 | 642 |
| EPS, as reported (₹) | 2.52 | 3.46 | 2.32 | 2.08 | 1.63 |
| ROE % · ROCE % | 7.5 · 7.4 | 9.8 · 7.7 | 6.5 · 4.7 | 5.8 · 4.5 | 4.5 · 5.9 |
| Debt / equity (x) | 0.52 | 1.01 | 1.44 | 1.90 | 2.25 |
| Cash from operations | 2,138 | 1,632 | 1,310 | 2,483 | 1,860 |
| Capex | (4,428) | (6,844) | (5,650) | (6,669) | (5,699) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,026 | 671 | 504 | 917 | 1,032 | 1,082 | 1,496 | 1,394 |
| Profit before tax | 580 | 193 | (149) | 420 | 420 | 419 | (55) | 345 |
| Net profit | 440 | 149 | (128) | 228 | 308 | 224 | (118) | 225 |
| EPS (₹) | 1.12 | 0.38 | (0.32) | 0.58 | 0.78 | 0.57 | (0.30) | 0.57 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD ◆ | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.5 | 19.2 | 14 of 22 | 38% |
| P/B | 1.4 | 1.4 | 14 of 26 | 48% |
| ROCE | 2.8 | 2.7 | 13 of 29 | 57% |
| ROE | 4.5 | 5.3 | 14 of 26 | 48% |
| Debt / Equity | 2.3 | 0.8 | 22 of 26 | 16% |
| EBITDA margin | 65.9 | 53.8 | 9 of 24 | 65% |
| Revenue growth | 52.0 | 10.0 | 6 of 24 | 78% |
| Profit growth | (1.3) | 4.2 | 16 of 25 | 38% |
| Market cap | 20030 | 3356 | 8 of 29 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for October 30, 2026 results | results | low | — | — |
| 16 Oct 2026 · GoHP Nominee Director brief profile filed with exchanges | management changes | medium | — | — |
| 12 Oct 2026 · SJVN appoints HP Govt nominee director on board | management changes | medium | — | — |
| 8 Oct 2026 · SJVN submits dematerialisation compliance certificate for Jul-Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · SJVN 38th AGM minutes filed; all 9 resolutions approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · SJVN closes trading window from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · BSE, NSE fine SJVN Rs 13.44 lakh for board composition non-compliance | regulatory legal | medium | — | — |
| 11 Sept 2026 · SJVN Unit-II 660 MW of Buxar Thermal Power begins commercial ops | capex operations | high | — | — |
| 10 Sept 2026 · SJVN extends additional CMD charge to NHPC CMD Bhupender Gupta for 6 months | management changes | high | — | — |
| 2 Sept 2026 · SJVN 38th AGM: All 9 resolutions passed, final dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.