SJVN
Listed Utility / PSU — per-stock model.
Latest concall
Q4 FY26 · 15 May 2026- FY26 PAT ₹1,008cr (+3.9%); PBT ₹1,630cr (+25.7%); revenue ₹3,545cr (+22%).
- Total generation 13,302 MU (+25% YoY); Q4 revenue at record ₹1,496cr.
- Q4 net loss ₹118cr — interest cost doubled to a record ₹522cr as commissioned projects hit P&L.
~5 GW under construction commissions over FY27-FY28; hydro is long-gestation with some Himachal state disputes.
- ~5 GW under construction (Buxar thermal, Sunni/Dhaulasidh/Luhri hydro, solar).
- Long-term ambition 25 GW by 2030; near-term interest and depreciation a drag.
- Luhri/Dhaulasidh/Sunni hydro face disputes with the Himachal Pradesh government.
Q4 FY26 earnings call, May 15 2026
UC + pipeline
Revenue FY26E
EBITDA margin
P/E
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Valuation
As of 21 Aug 2026
P/E
EV / EBITDA
P/B
Operating metrics
What the rest of the dashboard tracks for SJVN — capacity, auctions, offtake, manufacturing and returns.
Commissioning pipeline
Guided COD tracked from concalls, with slippage vs earlier guidance
| Project | Capacity | Original | Current | Slip | Status |
|---|---|---|---|---|---|
Bikaner 1,000 MW solar (Rajasthan) | 1 GW | Q2 FY26 | Q3 FY26 | +1Q | commissioned |
FY27 utility-scale solar build (~1.55 GW) Guides ~1,555 MW in FY27; at-risk given chronic execution slippage (only ~4.2 GW operational at Q3FY26) and flagged Khavda transmission delays. | 1.555 GW | Q4 FY27 | Q4 FY27 | — | at risk |
Khavda 200 MW solar (Gujarat, GUVNL) Named FY27 component now under construction; management cautioned Khavda-zone curtailment risk from transmission-connectivity delays. | 0.2 GW | Q4 FY27 | Q4 FY27 | — | at risk |
Policy exposure
Schemes whose impact note names this company
- ISTS Charge Waiver (Solar/Wind)DemandActive
Losing the waiver raises delivered-power costs for inter-state IPPs — Adani Green, ReNew, Avaada, SJVN — pushing them to commission before the deadline.
- CPSU Scheme Phase-II (Government Producer)ManufacturingActive
Directs guaranteed orders to state producers — NTPC, SJVN, NHPC, NLC India — and, through the DCR rule, to the domestic module makers supplying them.
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 30 Jun 2026
Shareholding pattern
%