This article first appeared on GuruFocus .
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Total Generation:13,302 million units, up from 10,646 million units in FY24-'25, a 25% increase.
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Revenue from Operations:INR 3,545 crores, up from INR 2,897 crores, a 22% year-on-year growth.
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Q4 Revenue from Operations:INR 1,934 crores, up from INR 446 crores, a 109% year-on-year growth.
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Other Income:INR 325 crores, down 8% from INR 355 crores in FY25.
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Profit After Tax (PAT):INR 1,008 crores, up from INR 970 crores, a 4% increase.
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Q4 PAT:INR 125 crores, up from INR 31 crores, a 308% increase.
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Finance Cost:Increased by INR 184 crores to INR 910 crores due to exchange rate variation.
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Depreciation, Amortization, and Impairment:Increased by INR 178 crores to INR 632 crores.
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Tax Expenses:Increased by INR 256 crores to INR 569 crores.
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Trade Receivables:INR 1,299 crores as of March 31, 2026, up from INR 262 crores.
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Dividend:Total dividend of 15%, INR 1.5 per equity share.
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Release Date: May 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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SJVN Ltd ( BOM:533206 ) achieved a significant increase in total power generation, reaching 13,302 million units in FY25-'26, a 25% increase from the previous year.
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The company successfully commissioned the first unit of the 1,320-megawatt Buxar Thermal Power Plant, marking its entry into the thermal power sector.
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SJVN Ltd expanded its renewable energy portfolio by commissioning a 1,000-megawatt solar power project in Bikaner, Rajasthan, and another solar project in Dhubri, Assam.
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The company reported a 22% year-on-year increase in revenue from operations, driven by tariff adjustments and increased power generation.
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SJVN Ltd received the prestigious SCOPE Eminence Award in HR management, highlighting its commitment to progressive employee-centric practices.
Negative Points
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SJVN Ltd reported losses at the consolidated level, primarily due to lower plant availability factors and tariffs for new power plants.
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The Buxar Thermal Power Plant operated at a lower plant load factor (PLF) of around 60%, impacting profitability.
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The company faced curtailment issues in its solar power projects, particularly in Bikaner, due to grid connectivity challenges.
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There was a significant increase in expenses, partly due to the commissioning of Unit-1 of the Buxar plant, which has not yet reached full capacity.
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SJVN Ltd's ambitious capacity expansion targets are under review, with potential delays in achieving the previously set goals of 25,000 megawatts by 2030 and 50,000 megawatts by 2040.
Q & A Highlights
Q: Can you explain the losses at the consolidated level? Is it due to the new power plant's lower PAF and tariff? A: The losses were primarily in SGL and Buxar Thermal. Buxar has been operational for about three months at a 60% PLF. Once it reaches 70% PLF, it will start generating profit. SGL faced lower CUF and finance costs, but this is expected to improve in FY27.
Q: What is the plant availability factor for SGEL and Buxar for the quarter and the year? A: Buxar operated at a 60% PLF, while the plant availability was around 30%. Detailed operational aspects will be available in the investor presentation.
Q: What are the new capacity additions planned for FY27 and FY28, especially for SGEL and the Nepal hydropower project? A: For FY27, capacity additions include 660 MW from Buxar Thermal, 69.5 MW from Dhaulasidh Hydro, and 1,555 MW of solar. For FY28, around 650 MW of solar capacity is planned. The Nepal hydro project is expected to be commissioned by December 2028.
Q: What is the regulated equity for Buxar post commissioning, and what are the generation and revenue figures for Unit-1? A: The regulated equity for Unit-1 is around INR 2,100 crores. Unit-1 generated revenue of INR 522 crores with expenses of INR 644 crores, resulting in a loss of INR 93 crores.
Q: Are there any slowdowns in renewable tendering, and what is the status of unsigned PPAs? A: There is a slowdown due to demand not matching the simultaneous tenders. Out of 16 GW awarded, 6 GW of PPAs are signed. The remaining may not all be signed due to configuration mismatches and tariff decreases in subsequent bids.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
