SJVN LimitedQuarter ended 30.09.2026 Results & Financial Update
SJVN Limited: Quarter ended 30.09.2026 consolidated results and company financials – revenue ₹2,244.32 Cr, PAT ₹657.72 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore SJVN Quarter ended 30.09.2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
SJVN Limited demonstrated substantial top-line and bottom-line expansion during the second quarter of fiscal year 2027, driven by strong operational realization and significant regulatory tariff revisions.
The quarter's financial performance received a notable boost from provisional tariff orders issued by the CERC for the 2024-29 regulatory period, which allowed the company to recognize revenue relating to earlier periods.
Profitability metrics advanced commensurately, with profit before tax and profit after tax more than doubling compared to the year-ago quarter, supported by robust operating margins and effective tax expense management.
Operating expenses expanded due to higher fuel costs and increased finance charges associated with ongoing capital deployment across expanding thermal and renewable generation assets.
The company's board of directors approved in-principle the merger of wholly-owned subsidiary SJVN Thermal Private Limited into SJVN Limited, subject to necessary statutory and regulatory clearances.
Management continues to navigate complex regulatory and legal proceedings regarding project development agreements in Himachal Pradesh, ensuring provisional legal protections while advancing execution work.
01 · Business model
What does SJVN do?
SJVN Limited is a Navratna Central Public Sector Enterprise operating under the administrative control of the Ministry of Power, Government of India, jointly promoted with the Government of Himachal Pradesh.
The company operates primarily in the generation and sale of power, harnessing hydroelectric, thermal, and renewable energy sources across multiple regions in India and neighboring countries including Nepal.
SJVN's revenue engines are anchored on long-term power purchase agreements (PPAs) with state distribution utilities, supplemented by regulatory tariff mechanisms governed by the Central Electricity Regulatory Commission (CERC).
The corporate group includes several specialized subsidiaries covering renewable energy expansion through SJVN Green Energy Limited, thermal power projects via SJVN Thermal Private Limited, and cross-border hydro developments in Nepal.
02 · Historical context
What shaped the business before this quarter
Previously, on March 15, 2024, the CERC notified the Tariff Regulations for the 2024-29 period, setting the framework under which current provisional tariffs for key generation stations have been determined.
Earlier, the Ministry of Power reassigned the 3097 MW Etalin HEP project to NHPC Limited, leading to the termination of the initial MoA and the reclassification of related assets as held for sale under Ind AS 105.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30.09.2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹2,244.32 Cr | ₹1,032.40 Cr | ₹1,394.38 Cr |
| Total income | ₹2,290.31 Cr | ₹1,078.29 Cr | ₹1,428.78 Cr |
| EBITDA | ₹1,391.01 Cr | — | — |
| Profit before tax | ₹882.03 Cr | ₹421.90 Cr | ₹345.20 Cr |
| Profit after tax | ₹657.72 Cr | ₹307.60 Cr | ₹224.74 Cr |
| EPS | ₹1.68 | ₹0.78 | ₹0.57 |
| EBITDA margin | 61.05% | 71.39% | 48.17% |
Financial interpretation
What the reported numbers mean
Profit after tax represented 29.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 39.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹45.99 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated revenue from operations for the quarter ended September 30, 2026, includes Rs. 242.59 crore relating to earlier years recognized pursuant to the CERC provisional tariff order for 2024-29 in respect of Nathpa Jhakri Hydro Power Station (NJHPS).
Revenue includes Rs. 40.42 crore relating to earlier periods recognized pursuant to a CERC order dated October 12, 2026, allowing interim tariff for the Buxar Thermal Power Project of subsidiary SJVN Thermal Private Limited.
What drove margins
The consolidated operating margin improved sequentially to 61.05% for the current quarter compared to 48.17% in the preceding quarter, driven by higher revenue recognition against fixed operating overheads.
Fuel costs and electricity purchased for trading increased due to active thermal generation and operational scaling in subsidiary units, impacting absolute expense levels alongside finance charges of Rs. 488.10 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108, the group is primarily engaged in a single reportable segment, 'Generation and sale of power', with operations predominantly carried out within India.
Geography and market mix
While domestic operations dominate the consolidated accounts, the group includes international project entities such as SJVN Arun-3 Power Development Company and SJVN Lower Arun Power Development Company incorporated in Nepal.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Survey and investigation works remain on hold per Ministry of Power directions from July 2021; cumulative expenditure incurred stands at Rs. 251.50 crore, including capital work-in-progress of Rs. 200.73 crore.
Work continues on three hydro projects (Luhri Stage-1, Sunni Dam, and Dhaulasidh) to avoid cost overruns despite pending implementation agreements and a notice from the Government of Himachal Pradesh; cumulative expenditure stands at Rs. 864.62 crore in PPE/intangibles and Rs. 3,350.66 crore in CWIP.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The board of directors accorded in-principle approval on October 30, 2026, for the proposed merger of wholly-owned subsidiary SJVN Thermal Private Limited into SJVN Limited, pending government and regulatory approvals.
08 · Reported developments
What changed operationally
The High Court of Himachal Pradesh directed that no coercive action shall be taken against SJVN regarding the disputed implementation agreements for the Luhri, Sunni Dam, and Dhaulasidh hydro projects.
The company successfully paid a final dividend of Rs. 0.35 per share for financial year 2025-26 in September 2026 following shareholder approval at the Annual General Meeting.
09 · Pressure points & risks
What is not going smoothly
The Government of Himachal Pradesh levied land revenue on NJHPS and RHPS via a February 2026 notification; SJVN has challenged this levy in the High Court and has not recognized the liability, noting that any eventual payout would be a pass-through item recoverable from beneficiaries.
Assets amounting to Rs. 738.52 crore and liabilities of Rs. 0.11 crore pertaining to Etalin HEP have been classified as a disposal group held for sale following its reassignment to NHPC Limited.
10 · Items worth noticing
The line items that can distort a quick read
Total revenue includes Rs. 242.59 crore for NJHPS and Rs. 40.42 crore for Buxar Thermal Power Project relating to prior periods, recognized during the quarter pursuant to new CERC tariff orders.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash and cash equivalents stood at Rs. 656.42 crore as at September 30, 2026, alongside other bank balances of Rs. 1,772.39 crore.
Capital allocation & funding
Paid-up debt capital on a consolidated basis reached Rs. 33,762.29 crore as at September 30, 2026, reflecting ongoing capital expenditure funding requirements.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Taxation Act Opt-In
The parent company opted for taxation under Section 200 of the Income-tax Act, 2025, with effect from Tax Year 2026-27, recognizing tax expenses accordingly.
13 · Previous-quarter changes
What changed since the previous quarter
Operating margin expanded from 48.17% in the quarter ended June 30, 2026, to 61.05% in the quarter ended September 30, 2026, driven by higher top-line recognition.
14 · Key Q&A
The quarter, answered directly
What does SJVN do?
SJVN Limited is a Navratna Central Public Sector Enterprise operating under the administrative control of the Ministry of Power, Government of India, jointly promoted with the Government of Himachal Pradesh.
What is the clearest takeaway from Quarter ended 30.09.2026?
SJVN Limited demonstrated substantial top-line and bottom-line expansion during the second quarter of fiscal year 2027, driven by strong operational realization and significant regulatory tariff revisions.
What drove revenue or demand?
Consolidated revenue from operations for the quarter ended September 30, 2026, includes Rs. 242.59 crore relating to earlier years recognized pursuant to the CERC provisional tariff order for 2024-29 in respect of Nathpa Jhakri Hydro Power Station (NJHPS).
What mattered most for margins or profitability?
The consolidated operating margin improved sequentially to 61.05% for the current quarter compared to 48.17% in the preceding quarter, driven by higher revenue recognition against fixed operating overheads.
What changed operationally beyond the headline numbers?
Survey and investigation works remain on hold per Ministry of Power directions from July 2021; cumulative expenditure incurred stands at Rs. 251.50 crore, including capital work-in-progress of Rs. 200.73 crore.
What are the main pressure points disclosed for the quarter?
The Government of Himachal Pradesh levied land revenue on NJHPS and RHPS via a February 2026 notification; SJVN has challenged this levy in the High Court and has not recognized the liability, noting that any eventual payout would be a pass-through item recoverable from beneficiaries.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Resolution of the implementation agreement disputes with the Government of Himachal Pradesh concerning the Luhri Stage-1, Sunni Dam, and Dhaulasidh hydro projects.
- 02
Final determination of tariffs by CERC for the 2024-29 regulatory period across operating generating stations.
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