SJVN

SJVN share price & financials

Price
₹72.88
Market cap
₹26.0k Cr
Sector
Power
Calls analysed
3
Latest concall · Q4 FY26 · call held 15 May 2026

SJVN Q4 FY26

Revenue from Operations ₹3,545 cr +22%PAT ₹1,008 cr +4%

What went well

  • Total generation from all power stations increased by 25% YoY to 13,302 million units in FY26, reflecting strong operational performance.
  • Revenue from operations for FY26 increased by 22% YoY to INR 3,545 crores, primarily driven by tariff true-up for Nathpa Jhakri and Rampur Hydro Power Stations.
  • PAT for FY26 grew 4% YoY to INR 1,008 crores, with Q4 FY26 PAT surging 303% YoY to INR 125 crores.

What to watch

  • SGEL (solar subsidiary) reported a loss of INR 258 crores in FY26, up from INR 151 crores in FY25, due to lower CUF and finance/depreciation costs.
  • Buxar Thermal Power Plant (STPL) incurred a loss of INR 93 crores in its first three months of operation (Q4 FY26) due to running at a 60% PLF, below the 70% required for profitability.
Read the full call →

What SJVN Limited does

SJVN Limited is a Navratna Central Public Sector Enterprise and a joint venture between the Government of India and the Government of Himachal Pradesh, engaged in developing, owning and operating power-generation and transmission assets. Its core business is hydroelectric power, anchored by flagship stations such as the 1,500 MW Nathpa Jhakri and 412 MW Rampur hydro power stations in Himachal Pradesh, and it has diversified into thermal generation (Buxar Thermal Power Project, Bihar) and renewable solar and wind plants spread across multiple Indian states. The company earns revenue mainly by selling generated electricity to state distribution utilities and other buyers under long-term power purchase agreements, and it also holds a Category-I inter-state power trading license. SJVN is extending its footprint beyond India through the Arun-3 hydroelectric project in Nepal, its first cross-border venture.

Segments

  • Hydro & Pumped Storage
  • Renewable (Solar & Wind)
  • Thermal
  • Transmission
  • Power Trading
Total installed capacity
4,196 MW across hydro, thermal and solar plants (FY26)
Operating power stations
12 (7 held directly by SJVN, 5 via subsidiaries)
Development pipeline (all stages)
92 projects (~67,907 MW) plus 3 transmission lines (340 km)
Capacity under construction
17 projects, ~4,936 MW (including subsidiaries)
Geographic footprint
Projects across Himachal Pradesh, Uttarakhand, Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Bihar, Assam, Arunachal Pradesh, Mizoram, Chhattisgarh and Uttar Pradesh, plus an international hydro project (Arun-3) in Nepal
Corporate status
Navratna Central Public Sector Enterprise; joint venture of Govt. of India and Govt. of Himachal Pradesh
Founded 1988Headquarters SJVN Corporate Office Complex, Shanan, Shimla - 171006, Himachal Pradesh, IndiaEmployees 1,616 (FY 2024-25 (31.03.2025)) Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 2 delivered 2 missed 11 open
  • Buxar Thermal Plant Unit 1 COD delivered, diluted said Q4 FY25 Promised: Commercial operation by July 15, 2025 Q4 FY26: Commissioned and operational for three months in Q4 FY26. Achieved, but significantly later than the original July 2025 and revised November 2025 targets.
  • FY26 Capex went quiet said Q4 FY25 Promised: INR 8,300 crores Q4 FY26: The final capex figure for FY26 was not mentioned in the Q4 FY26 earnings call.
  • FY27 Capex revised up said Q4 FY25 Promised: INR 12,000 crores Q4 FY26: FY27 capex plan is now INR 9,400 crores.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 52.0%, net profit down 1.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,026 671 504 917 1,032 +1%1,082 +61%1,496 +197%1,394 +52%
EBITDA828 464 241 707 860 +4%773 +67%910 +278%850 +20%
Net profit440 149 -128 228 308 −30%224 +50%-118 +8%225 −1%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −29.1% 1Y

₹70.0₹80.0₹90.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q4 FY26 — 15 May 2026

1Y: ₹93.31 on 10 Sept 2025 → ₹66.18. High ₹94.46 (16 Sept 2025), low ₹63.35 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+0.6%
15 May
Q2 FY26
−0.7%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.6% a year over 3 years, FY23 to FY26. Operating margin widened to 71.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.9k Cr₹2.6k Cr₹3.1k Cr₹4.5k Cr
Operating profit₹2.1k Cr₹1.8k Cr₹2.2k Cr₹3.3k Cr
Operating margin71.1%69.2%71.0%71.8%
Interest₹420 Cr₹457 Cr₹729 Cr₹1.3k Cr
Depreciation₹392 Cr₹557 Cr₹676 Cr₹1.0k Cr
Net profit₹1.4k Cr₹912 Cr₹818 Cr₹642 Cr
Net margin46.2%35.4%26.6%14.2%
Cash from operations₹1.6k Cr₹1.3k Cr₹2.5k Cr₹1.9k Cr
Free cash flow₹-5.2k Cr₹-4.3k Cr₹-4.2k Cr₹-3.8k Cr
ROCE9.0%5.0%5.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹3.9k Cr₹3.9k Cr₹3.9k Cr₹3.9k Cr₹3.9k Cr₹3.9k Cr
Reserves₹8.9k Cr₹9.2k Cr₹9.9k Cr₹10.1k Cr₹10.9k Cr₹10.3k Cr
Borrowings₹2.2k Cr₹6.9k Cr₹14.1k Cr₹20.3k Cr₹10.4k Cr₹32.3k Cr
Other liabilities₹2.5k Cr₹3.2k Cr₹4.4k Cr₹4.8k Cr₹2.2k Cr₹5.2k Cr
Total liabilities₹17.5k Cr₹23.2k Cr₹32.3k Cr₹39.2k Cr₹27.4k Cr₹51.8k Cr
Fixed assets₹8.0k Cr₹7.9k Cr₹8.5k Cr₹10.9k Cr₹8.1k Cr₹23.5k Cr
Capital work in progress₹4.3k Cr₹8.4k Cr₹15.7k Cr₹20.0k Cr₹3.4k Cr₹19.2k Cr
Investments₹222 Cr₹275 Cr₹36 Cr₹37 Cr₹9.2k Cr₹52 Cr
Other assets₹4.9k Cr₹6.7k Cr₹8.1k Cr₹8.2k Cr₹6.8k Cr₹9.1k Cr
Total assets₹17.5k Cr₹23.2k Cr₹32.3k Cr₹39.2k Cr₹27.4k Cr₹51.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.36 pp while FIIs added +0.27 pp. The shareholder count shrank 9% to 13,71,708.

Promoters
81.8%
FIIs
2.8%
DIIs
3.7%
Public
11.6%

Since Jun 2025

  • DIIs −0.36 pp
  • FIIs +0.27 pp
  • Public +0.08 pp

How it drifted, 12 quarters

Over this window DIIs fell from 5.7% to 3.7% — −2.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 81.8%, FIIs 0.9%, DIIs 5.7%, Public 11.5%.Dec '23: Promoters 81.8%, FIIs 1.7%, DIIs 6.0%, Public 10.5%.Mar '24: Promoters 81.8%, FIIs 2.4%, DIIs 3.4%, Public 12.4%.Jun '24: Promoters 81.8%, FIIs 2.4%, DIIs 3.9%, Public 11.8%.Sep '24: Promoters 81.8%, FIIs 2.4%, DIIs 4.3%, Public 11.5%.Dec '24: Promoters 81.8%, FIIs 2.4%, DIIs 4.1%, Public 11.6%.Mar '25: Promoters 81.8%, FIIs 2.5%, DIIs 4.2%, Public 11.5%.Jun '25: Promoters 81.8%, FIIs 2.5%, DIIs 4.1%, Public 11.5%.Sep '25: Promoters 81.8%, FIIs 2.5%, DIIs 4.3%, Public 11.3%.Dec '25: Promoters 81.8%, FIIs 2.7%, DIIs 4.0%, Public 11.5%.Mar '26: Promoters 81.8%, FIIs 2.8%, DIIs 3.7%, Public 11.7%.Jun '26: Promoters 81.8%, FIIs 2.8%, DIIs 3.7%, Public 11.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of SJVN Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 55.00%unchanged
Governor of Himachal Pradesh 26.85%unchanged
Life Insurance Corporation Of India Insurer2.76%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SJVN

Filings to Aug 2026

0 new, 6 added, 1 trimmed, 0 sold out — net +0.81 L shares (+0.4%).

Held by funds
₹142 Cr
7 schemes
Biggest holder
CPSE ETF
₹132 Cr · 0.7% of that fund
SchemeHoldingLast month
CPSE ETF Nippon India Mutual Fund₹132 Cr+0.23 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹4 Cr+0.40 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹3 Cr+0.09 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹1 Cr+0.09 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Midcap150 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 1 trimmed — net +80,964 shares (+0.4%)

Funds are sitting on
+49%
vs est. average cost
Held by funds
₹142 Cr
7 schemes · ≈ 0.61% of the company
Biggest holder
CPSE ETF
₹132 Cr · 0.7% of that fund

Shares held by these funds −80%

Aug '23 2.18 cr shares Jul '26

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse SJVN Limited

Guides on how to read this kind of business and the numbers that matter.