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SJVN (SJVN) investor relations material

SJVN Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary10 Nov, 2025

Executive summary

  • Unit 1 of the 1,320 MW Buxar Thermal Power Project was inaugurated and achieved 72-hour full-load operation, with commercial operation imminent; Unit 2 is expected to be commissioned within 2-3 months.

  • Foundation stone laid for 200 MW solar project in Gujarat; 680 MW of the 1,000 MW Bikaner Solar Power Project has achieved commercial operation, with full commissioning expected this year.

  • Total installed capacity now stands at 3,146.52 MW, expected to reach around 3,500 MW by year-end.

  • Standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved, showing stable operational and financial performance year-over-year.

  • Appointment of Shri Sipan Kumar Garg as Chief Financial Officer, bringing over 23 years of experience in the power sector.

Financial highlights

  • Standalone revenue from operations for Q2 FY26 was ₹942.03 crore, down from ₹994.51 crore in Q2 FY25; consolidated revenue was ₹1,032.40 crore, slightly up from ₹1,026.25 crore year-over-year.

  • Standalone net profit for Q2 FY26 was ₹372.28 crore, compared to ₹473.06 crore in Q2 FY25; consolidated net profit was ₹307.80 crore, down from ₹439.90 crore year-over-year.

  • Depreciation increased to INR 170 crore from INR 132 crore year-over-year, and finance costs also rose due to new project commissioning.

  • Incentive income for H1 FY 2026 was INR 104.45 crore.

  • Total generation for FY 2025-26 to date is 9,442 million units, up 6.3% year-over-year, mainly due to new solar capacity.

Outlook and guidance

  • CapEx for FY 2026 is set at INR 7,500 crore, with INR 3,600 crore spent in H1; FY 2027 CapEx is guided at INR 8,000 crore, with similar levels expected for FY 2028.

  • 650 MW of new renewable energy projects are expected to be commissioned in FY 2026, with an average solar tariff of INR 2.60 per unit.

  • Revenue from hydro power operations continues to be recognized provisionally under the previous tariff regime, pending new CERC tariff orders for 2024-2029.

  • Management expects the hold on the Devasari Hydro Electric Project to be lifted and is actively engaging with authorities to resolve project delays.

  • Next year, 1.5 GW of solar projects and several hydro projects are targeted for commissioning.

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