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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.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.
Next SJVN earnings date
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