SJVN
Large CapSJVN Limited
Power
SJVN Limited is a Navratna CPSE, a joint venture of the Govt. of India & Govt. of H.P., engaged in power generation. It operates hydro, thermal, and solar power projects, with a focus on expanding its renewable energy portfolio and transmission lines.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +197% YoY · margin expansion · +38% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,496 Cr | +196.8% | +38.3% |
| EBITDA | ₹910 Cr | +277.6% | +17.7% |
| Operating margin | 61.0% | +1300 bps | -1000 bps |
| PAT | ₹-118 Cr | NDF | -152.7% |
| PAT margin | -7.9% | +1751 bps | -2859 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue increased 22% YoY to INR 3,545 cr, driven by tariff true-up. PAT rose 4% YoY to INR 1,008 cr. Q4 FY26 revenue surged 109% YoY, with PAT up 308% YoY. Total generation increased 25% YoY to 13,302 MU. Company commissioned 1730 MW capacity (1070 MW solar, 660 MW thermal).
While SJVN achieved significant capacity additions and revenue growth, consolidated losses from new thermal and solar plants, coupled with lower PLF/CUF and challenges in converting awarded REIA projects into PPAs, indicate operational and execution stress. The ambitious long-term capacity targets are under review.
Buxar Thermal Power Plant (1320 MW)
First unit of 660 MW commissioned on Nov 14, 2025. Unit 2 (660 MW) synchronized May 8, 2026, commercial operation expected by end of May 2026.
Bikaner Solar Power Project (1000 MW)
Commissioned on December 24, 2025, significantly enhancing SJVNL’s renewable energy portfolio.
Dhaulasidh Hydro Project (69.5 MW)
Significant advancement achieved, targeted for commissioning by March 2027.
Arun-III Hydro Project (900 MW, Nepal)
Considerable progress achieved, including critical electromechanical equipment and transmission logistics. Plan to commission all four units by December 2028.
FY26 Capacity Additions
Achieved a total capacity addition of 1730 Megawatt during '25-'26, comprising of 1070 solar and 660 Megawatt of thermal. Total installed capacity stands at 4196 megawatts.
Under Construction Portfolio
Currently constructing four hydro projects (1561.5 MW), second unit of Buxar Thermal (660 MW), and 10 solar projects (1705 MW). Total under construction portfolio is 3926.5 Megawatt.
FY27 Planned Capacity Additions
Capacity addition of Buxar Thermal Unit 2 (660 MW), Dhaulasidh Hydro Electric Project (69.5 MW) by March '27, and around 1,555 Megawatt of solar capacity by March '27.
FY28 Planned Capacity Additions
Plan to add around 650 Megawatts, mainly due to solar projects.
Government Support for Renewable Energy
Bikaner solar project developed under the CPSU scheme of the Ministry of New and Renewable Energy, Government of India.
Growing Regional Power Demand
Buxar power plant will supply 85% of its annual generation to the state of Bihar, contributing substantially to meeting the region's growing power demand.
Lower PLF/CUF for New Plants
Buxar Thermal Unit-1 ran at 60% PLF due to low demand and power curtailment by beneficiaries. SGEL experienced 'slightly lower CUF' on some commissioned plants.
Solar Project Curtailment
Bikaner 1000 MW project faces ~120 MW curtailment due to SVR availability issues, expected to be resolved by October 2026. Potential curtailment in Khawada, Gujarat (~300 MW) due to transmission line delays.
Challenges in REIA PPA Conversion
Only 6 GW of PPAs signed out of 16 GW awarded under REIA. Balance pending due to DISCOM demand/configuration mismatch and lower subsequent bid tariffs.
Geological Surprises in Hydro Projects
Arun-III hydro project faced some geological surprises with the dam right bank, requiring time to stabilize the area.
Project Execution and Connectivity Delays
Nepal hydro project faced geological issues and government approval delays. Bikaner solar project's full capacity is impacted by SVR delivery delays. Khawada solar projects face connectivity delays due to transmission lines.
Regulatory Changes Impacting Tax Benefits
Increased tax expenses due to discontinuation of reduction under section 81A of the Income Tax Act 1961 for Rampur Hydropower Station and KWPP.
Market Demand and Curtailment Risk
Buxar Thermal Unit-1 ran below optimal PLF due to low demand and solar power influx. Solar projects face curtailment due to grid balancing requirements and transmission infrastructure.
High Trade Receivables
Trade receivables increased significantly to INR 1,299 crores as of March 31, 2026, including INR 906 crores of unbilled debtors.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall financial performance and generation trends, as power generation can be seasonal. QoQ is relevant for Q4 specific performance and to monitor sequential momentum of new capacity ramp-up and utilization.
Total Generation
Total generation from all power stations stands at 13,302 million units in FY26 as compared to 10,646 million units in FY25, reflecting an increase of 25% YoY.
Nathpa Jhakri Hydro Power Station Generation
Achieved a generation of 7,506 million units in FY26 as compared to 7,421 million units in FY25.
Rampur Hydro Power Station Generation
Recorded a generation of 2,108 million units in FY26 as compared to 2,074 million units in FY25.
Buxar Thermal Power Plant Unit-1 PLF
Buxar Unit-1 has started operating at a PLF of around 60% in Q4 FY26.
Reviewing Long-Term Capacity Targets
Previous projections of 25 GW by 2030 and 50 GW by 2040 are under review due to project delays and market assessment. A new business plan with realistic targets will be shared soon.
Focus on Consolidating Ongoing Projects
Company is trying to consolidate itself with the ongoing projects and will make future projections based on realistic targets.
Expects Buxar Thermal to be Profitable in FY27
Management is 'very much sure' that Buxar Thermal Power plant will generate profit during FY27, after Unit 2 commissioning, stabilization, and running above 70% PLF.
Hopeful for REIA PPA Conversions
Despite challenges, management is hopeful that some pure solar PPAs with attractive tariffs (e.g., 2.53-2.54) may find buyers among DISCOMs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Buxar Thermal PLF | 60% for Unit-1 in Q4 FY26 | Increase above 70% for profitability in FY27, post Unit 2 commissioning and stabilization. |
| Bikaner Solar Curtailment | ~120 MW curtailment on 1000 MW project | Commissioning of SVR by October 2026 to resolve curtailment and enable full capacity operation. |
| REIA PPA Conversion Rate | 6 GW signed out of 16 GW awarded | Progress on converting the remaining 9 GW of awarded capacity into Power Sale Agreements. |
| Trade Receivables | INR 1,299 crores as of March 31, 2026 | Reduction in outstanding receivables and timely billing and realization, especially for unbilled debtors. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +4.5% / mo
Technical chart
SJVNdaily · 3Y-11.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 7/25 to the score.
- Balance sheet contributes 2/15 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Fair-value margin of safety is negative at -1642.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 2nd percentile within Power. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter holding is 81.9%. Key concern: Debt/equity is 2.27.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Power: 2nd pctile, median 67 · Large: 3rd pctile, median 74
61 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 81.9%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.27.
- ▸Altman Z is 1.13.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 5.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 44.30
- P/B
- 2.00
- EV/EBITDA
- 14.00
- Market Cap
- 28416.00Cr
Profitability
- ROE
- 4.52%
- ROCE
- 5.57%
- ROA
- 1.24%
- Dividend Y
- 2.02%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -19.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 2.27
- Interest Coverage
- 2.54×
- Altman Z
- 1.13
- Book Value
- 36.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 1860.00 Cr
- EPS TTM
- 1.63
Shareholding
- Promoter Hold
- 81.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.