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Research updated
SJVN Ltd.
NSE: SJVNUtilitiesUtilities - Renewable
- Last close
- ₹47.40
- Day change
- −₹0.85 (−1.76%)vs
- Market cap
- ₹21,767 crIndian rupees
- Research updated
- 1 report
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About SJVN
SJVN Ltd. is an Indian public-sector company that operates in the energy sector, primarily focusing on hydroelectric power generation. As a joint venture between the Government of India (GOI) and the Government of Himachal Pradesh (GOHP), SJVN Ltd. plays a crucial role in India's infrastructure development and sustainable energy landscape. The company's core business revolves around designing, executing, and managing hydroelectric projects, contributing significantly to the country's renewable energy portfolio. With projects strategically located across various Indian states and neighboring countries, SJVN Ltd. aims to enhance energy security and boost regional economic growth. The company is also diversifying its activities to include solar and wind energy projects, thereby aligning with global trends towards clean energy and climate change mitigation. SJVN Ltd.'s market significance stems from its substantial contribution to India's energy supply and its alignment with governmental objectives of increasing renewable energy capacity in the national energy mix.
- Sector
- Utilities
- Industry
- Utilities - Renewable
- Listing
- NSE: SJVN
- Next results
- Chief executive
- Mr. Pulak Kumar Mukhppadhyay
- Employees
- 1,572
- Headquarters
- Shimla, India
- ISIN
- INE002L01015
- Website
- sjvn.nic.in
Public research · Report of
Business model & financial foundation
SJVN (NSE: SJVN), Diversified power generation: revenue of ₹4,528 crore in FY26 (+47.4% on FY25), an EBITDA margin of 74.0%, net profit of ₹642.1 crore and net debt of ₹29,581 crore.
- Revenue, FY26 (₹ crore)
- 4,528
- consolidated
- Revenue growth, FY26
- +47.4%
- on FY25
- EBITDA margin, FY26
- 74.0%
- EBITDA excluding other income and JV profit / revenue
- Net profit, FY26 (₹ crore)
- 642.1
- to owners
- Return on equity, FY26
- 4.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 29,581
- Borrowings less cash, bank balances and current investments
- Market capitalisation (₹ crore)
- 25,174
- at the close of 16 Oct 2026
Company profile
A government-controlled generator built around Nathpa Jhakri and Rampur hydro plants. Solar through SGEL and Buxar thermal are moving the group from a cash-generative hydro utility into a leveraged commissioning cycle; Nepal hydro contributes later. Cost-plus hydro/thermal and fixed-price solar have different risks and returns.
| Item | Value |
|---|---|
| Legal name | SJVN Limited |
| Exchange and ticker | NSE: SJVN; BSE: 533206 |
| ISIN | INE002L01015 |
| CIN | L40101HP1988GOI008409 |
| Sector | Utilities |
| Industry | Diversified power generation |
| Headquarters | Shimla, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Charanjit Singh & Associates (since FY26) |
| Market capitalisation | ₹25,174 crore (16 Oct 2026) |
| Shares outstanding | 392.98 crore shares (FY26) |
| Price | ₹55.39 (close, 16 Oct 2026) |
| 52-week range | ₹53.66 - ₹91.25 (to 16 Oct 2026) |
| Website | https://sjvn.nic.in/ |
Corporate structure and shareholding
Parent: Government of India and Government of Himachal Pradesh.
| Entity | Holding | Business |
|---|---|---|
| SJVN Thermal Private Limited | 100% | Buxar 1320 MW thermal generation |
| SJVN Green Energy Limited | 100% | Renewable generation and project development |
| SJVN Arun-3 Power Development Company | 100% | 900 MW Nepal hydro under construction |
| SJVN Lower Arun Power Development Company | 100% | Nepal hydro development |
| SGEL Assam Renewable Energy Limited | 51% | Assam renewables, step-down subsidiary |
| CPTC Limited | 41.94% | Joint venture cross-border transmission |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 81.85% | 81.85% | 81.85% | 81.85% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.69% | 2.75% | 2.79% | 2.65% |
| Domestic institutions | 3.99% | 3.74% | 3.74% | 3.79% |
| of which mutual funds | 1.15% | 0.86% | 0.84% | 0.92% |
| Retail | 8.79% | 9.15% | 9.14% | 9.18% |
| Other | 2.68% | 2.50% | 2.48% | 2.52% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
SJVN is a central PSU generator, 55.00% owned by the Government of India and 26.85% by the Government of Himachal Pradesh. Most of its earnings come from two cost-plus hydro stations on the Satluj, Nathpa Jhakri (1,500 MW) and Rampur (412 MW). CERC sets their tariffs to recover costs plus a regulated return on equity, so revenue is roughly fixed each year whatever the water flow, and plant availability decides the incentive. The company is in the middle of a debt-funded build. Operating capacity at 31 Mar 2026 was 4,196.5 MW (hydro 1,972, solar 1,466.9, thermal 660, wind 97.6), and 3,926.5 MW is under construction. The build covers the 1,320 MW Buxar coal plant (Unit 2 COD 12 Sep 2026), GUVNL and other solar parks sold at 2.45-3.92/kWh, the 900 MW Arun-3 in Nepal (Dec 2028 guided), and Sunni Dam and Luhri-I. Buxar sells 85% of its output to Bihar under a cost-plus PPA, with fuel passed through. SJVN controls execution and plant availability. It does not control CERC's capital-cost prudence checks, hydrology, solar curtailment, or the timing of tariff orders.
| Peer | Why the dossier compares them |
|---|---|
| NHPC (NHPC) | Closest regulated hydro and execution-risk comparator |
| NTPC (NTPC) | Regulated thermal plus renewable expansion |
| NLC India (NLCINDIA) | State-owned thermal and renewables diversification |
| NTPC Green Energy (NTPCGREEN) | Renewable commissioning and contracted tariff economics |
| Power Grid (POWERGRID) | Regulated equity returns and dividend benchmark |
| JSW Energy (JSWENERGY) | Diversified generation and growth capex |
| Tata Power (TATAPOWER) | Diversified generation and renewables benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,406 | 2,821 | 2,579 | 3,072 | 4,528 |
| Cost of revenue (vendor classification) * | 87.1 | 98.7 | 149.6 | 198.8 | 470.7 |
| Other operating costs (vendor classification) * | 211.2 | 258.5 | 273.0 | 260.8 | 269.4 |
| EBITDA (vendor classification) * | 1,914 | 2,258 | 2,076 | 2,429 | 3,255 |
| EBIT * | 1,492 | 1,971 | 1,656 | 1,729 | 2,125 |
| Finance cost | 132.1 | 232.9 | 482.2 | 743.4 | 1,298 |
| Profit before tax and regulatory deferral movement | 1,360 | 1,738 | 1,183 | 1,112 | 1,201 |
| Total tax expense | 326.2 | 368.1 | 262.1 | 280.9 | 505.5 |
| Profit for the period including regulatory deferral | 989.8 | 1,359 | 911.4 | 818.0 | 641.9 |
| Diluted EPS including regulatory deferral movement (₹) | 2.52 | 3.46 | 2.32 | 2.08 | 1.63 |
| Fuel cost | 0.00 | 0.00 | 286.8 | ||
| Electricity purchased for trading | 40.0 | 75.2 | 0.95 | ||
| Employee benefit expense | 295.8 | 304.9 | 312.9 | ||
| Other expenses | 401.6 | 470.9 | 578.0 | ||
| EBITDA excluding other income and JV profit | 1,842 | 2,221 | 3,350 | ||
| Other income | 297.6 | 304.5 | 194.5 | ||
| Depreciation, amortisation and impairment | 557.1 | 676.2 | 1,042 | ||
| Exceptional items (expense-positive) | -78.9 | 0.00 | 0.00 | ||
| Share of net profit of joint ventures | 4.19 | 5.70 | -3.64 | ||
| Regulatory deferral movement, net of tax | -9.71 | -12.8 | -53.3 | ||
| Profit attributable to non-controlling interests | 0.00 | -1.64 | -0.23 | ||
| Profit attributable to owners of the parent | 911.4 | 819.7 | 642.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 13,170 | 13,860 | 14,071 | 14,189 | 14,249 |
| Total current and non-current borrowings | 6,906 | 14,059 | 20,252 | 26,925 | 32,103 |
| Cash and cash equivalents | 29.3 | 331.7 | 344.8 | 347.2 | 1,100 |
| Trade receivables including unbilled revenue | 575.0 | 276.8 | 627.1 | 286.1 | 2,009 |
| Inventories | 62.7 | 72.8 | 81.8 | 83.3 | 136.0 |
| Trade payables | 37.2 | 46.8 | 119.8 | 198.9 | 184.4 |
| Net property, plant and equipment | 5,515 | 5,629 | 6,896 | 11,609 | 23,458 |
| Capital work in progress | 9,160 | 17,130 | 21,453 | 26,162 | 19,143 |
| Total assets * | 23,248 | 32,311 | 39,191 | 46,063 | 51,766 |
| Borrowings less cash, bank balances and current investments | 16,502 | 23,554 | 29,581 | ||
| Equity attributable to owners of the parent | 14,179 | 14,239 | |||
| Non-controlling interest in equity | 10.6 | 10.4 | |||
| Bank balances other than cash and cash equivalents | 2,616 | 1,422 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 2,106 | 1,576 | 1,310 | 2,483 | 1,860 |
| Free cash flow (vendor definition) * | -2,290 | -5,237 | -4,340 | -4,186 | -3,839 |
| Dividends paid (the provider's sign: an outflow is negative) * | -610.5 | -668.0 | -695.7 | -707.2 | -573.3 |
| PPE and CWIP capital expenditure including advances | -4,428 | -6,844 | -5,650 | -6,669 | -5,699 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 392.98 | 392.98 | 392.98 | 392.98 | 392.98 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,026 | 671.0 | 504.4 | 917.5 | 1,032 | 1,082 | 1,496 | 1,394 |
| Cost of revenue (vendor classification) * | 18.3 | 19.0 | 142.2 | 0.00 | 0.00 | 74.2 | 213.6 | 255.4 |
| Other operating costs (vendor classification) * | 107.0 | 110.0 | -149.6 | 100.3 | 94.0 | 103.0 | 280.7 | 164.7 |
| EBITDA (vendor classification) * | 911.6 | 553.8 | 207.4 | 787.2 | 907.9 | 881.9 | 963.5 | 919.0 |
| EBIT * | 778.8 | 416.3 | -92.0 | 626.8 | 737.0 | 665.7 | 469.1 | 671.7 |
| Finance cost | 205.5 | 229.0 | 159.4 | 216.0 | 315.1 | 244.7 | 522.1 | 326.1 |
| Profit before tax and regulatory deferral movement | 580.6 | 194.6 | -146.5 | 410.8 | 421.9 | 421.0 | -53.1 | 345.6 |
| Total tax expense | 149.8 | 40.2 | -13.8 | 156.9 | 144.9 | 132.5 | 71.2 | 86.1 |
| Profit for the period including regulatory deferral | 439.9 | 148.8 | -127.7 | 227.6 | 307.8 | 224.3 | -117.8 | 224.7 |
| Diluted EPS including regulatory deferral movement (₹) | 1.12 | 0.38 | -0.32 | 0.58 | 0.78 | 0.57 | -0.30 | 0.57 |
| Fuel cost | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 74.2 | 212.6 | 243.4 |
| Electricity purchased for trading | 18.3 | 19.0 | 18.6 | 0.00 | 0.00 | 0.00 | 0.95 | 12.0 |
| Employee benefit expense | 72.5 | 79.1 | 73.1 | 74.8 | 78.4 | 67.1 | 92.6 | 90.0 |
| Other expenses | 99.8 | 102.7 | 171.8 | 100.3 | 94.0 | 103.0 | 280.7 | 164.7 |
| EBITDA excluding other income and JV profit | 835.7 | 470.2 | 240.9 | 742.3 | 860.0 | 837.6 | 909.7 | 884.3 |
| Other income | 82.2 | 89.8 | 44.4 | 54.1 | 45.9 | 42.5 | 52.0 | 34.4 |
| Depreciation, amortisation and impairment | 132.8 | 137.5 | 275.0 | 160.4 | 170.9 | 216.3 | 494.4 | 247.3 |
| Exceptional items (expense-positive) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of net profit of joint ventures | 1.02 | 1.14 | 2.64 | -9.31 | 2.08 | 1.78 | 1.81 | 0.36 |
| Regulatory deferral movement, net of tax | 9.12 | -5.71 | 4.97 | -26.3 | 30.8 | -64.2 | 6.42 | -34.7 |
| Profit attributable to non-controlling interests | -1.24 | -0.28 | -0.12 | -0.19 | -0.11 | -0.07 | 0.14 | -0.19 |
| Profit attributable to owners of the parent | 441.1 | 149.0 | -127.6 | 227.8 | 307.9 | 224.4 | -118.0 | 224.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -1.7% | 17.2% | -8.6% | 19.1% | 47.4% |
| EBITDA margin | 71.4% | 72.3% | 74.0% | ||
| Net margin | 35.3% | 26.7% | 14.2% | ||
| Return on equity | 6.5% | 5.8% | 4.5% | ||
| Return on capital employed | 8.5% | 8.2% | 5.3% | 4.6% | 4.9% |
| Return on assets | 2.5% | 1.9% | 1.3% | ||
| Net debt (₹ crore) | 16,502 | 23,554 | 29,581 | ||
| Net debt / EBITDA | 8.96x | 10.6x | 8.83x | ||
| Interest cover | 11.3x | 8.46x | 3.43x | 2.33x | 1.64x |
| Asset turnover | 0.12x | 0.10x | 0.07x | 0.07x | 0.09x |
| Receivable days | 87 | 36 | 89 | 34 | 162 |
| Inventory days (on revenue) | 10 | 9 | 12 | 10 | 11 |
| Payable days (on revenue) | 6 | 6 | 17 | 24 | 15 |
| Cash conversion | 1.44x | 3.03x | 2.90x | ||
| Capex intensity | 184.0% | 242.6% | 219.0% | 217.1% | 125.9% |
| Free cash flow (₹ crore) | -2,321 | -5,267 | -4,340 | -4,186 | -3,839 |
| Dividend payout | 76.3% | 86.3% | 89.3% | ||
| EPS, diluted (₹) | 2.52 | 3.46 | 2.32 | 2.08 | 1.63 |
| Book value per share (₹) | 33.51 | 35.27 | 35.81 | 36.11 | 36.26 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and JV profit / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and JV profit.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS including regulatory deferral movement).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.