SJVN Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript SJVN Ltd filed with BSE on 21 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SJVN reported FY26 revenue from operations of Rs 3,545 crore, up 22% year-on-year, driven by recognition of earlier year sales pursuant to tariff true-up orders for Nathpa Jhakri and Rampur hydro stations. Profit after tax for FY26 rose to Rs 1,008 crore from Rs 970 crore, while total generation increased 25% to 13,302 million units. Management also detailed commissioning of the Buxar thermal unit, Bikaner and Dhubri solar projects, and losses at subsidiary level attributed to lower plant load factors at newly commissioned plants.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR 3,545 crores (FY26)
p. 5
“revenue from the operation in FY '26 increased by INR 648 crores from INR 2,897 to INR 3,545 crores, registering a growth of around 22% year-on-year”
Bhupender Gupta, page 5 of the filed PDF · View the filing
Revenue from operations: INR 2,934 crores (Q4 FY26)
p. 5
“Revenue from operation for the 4th Quarter of FY '26 increased by INR 488 crores from INR 446 crores in FY '25 and INR 2,934 crores in FY '26, registering a growth of around 109% yearon-year”
Bhupender Gupta, page 5 of the filed PDF · View the filing
Other income: INR 325 crores (FY26)
p. 5
“During FY '26 other income is INR 325 crores as against INR 355 crores for FY '25 which is about 8% lower, mainly due to decrease in late payment surcharge due to better realization of trade receivables and interest from bank”
Bhupender Gupta, page 5 of the filed PDF · View the filing
Finance cost: INR 910 crores (FY26)
p. 5
“during FY '26 there has been increase in finance cost by INR 184 crores from INR 726 crores to INR 910 crores, which is mainly due to increase in exchange rate variation during the year by INR 206 crores”
Bhupender Gupta, page 5 of the filed PDF · View the filing
Depreciation, amortization and impairment expenses: INR 632 crores (FY26)
p. 6
“During FY '26 the depreciation, amortization and impairment expenses have gone up by INR 178 crores from INR 450 crores to INR 632 crores, which is mainly due to recognition of impairment losses amounting to INR 174 crores as per AS36”
Bhupender Gupta, page 6 of the filed PDF · View the filing
Tax expenses: INR 569 crores (FY26)
p. 6
“During FY '26, tax expenses have gone up by INR 256 croresfrom INR 313 croresto INR 569 crores”
Bhupender Gupta, page 6 of the filed PDF · View the filing
Profit after tax: INR 1,008 crores (FY26)
p. 6
“During FY '26, our profit after tax is INR 1,008 crores as against INR 970 croresin FY '25 which is an increase of INR 38 crores, that is approximately 4%”
Bhupender Gupta, page 6 of the filed PDF · View the filing
Profit after tax: INR 125 crores (Q4 FY26)
p. 6
“We have earned PAT of INR 125 crores as against INR 31 crores of corresponding previous period which is up by INR 944 crores for 308% approximately for the quarter FY '26”
Bhupender Gupta, page 6 of the filed PDF · View the filing
Trade receivables: INR 1,299 crores (as on 31st March 2026)
p. 6
“The trade receivables, which is very important for us as a generating company, as on 31st March '26 stands at INR 1,299 crores as against INR 262 crores on 31st March '25”
Bhupender Gupta, page 6 of the filed PDF · View the filing
Total generation: 13,302 million units (FY26)
p. 3
“During the financial year, total generation from all our power stations stands at 13,302 million units as compared to 10,646 million units during '24-'25, which is reflecting increase of growth of 2,656 million units, approximately 25% higher than the previous year”
Bhupender Gupta, page 3 of the filed PDF · View the filing
Total dividend: Rs.1.5 per equity share (15%) (FY26)
p. 6
“The Board of Directors has recommended the payment of final dividend at the rate of 3.5% i.e. Rs.0.35 per equity share in addition to interim dividend at a rate of 11.5% i.e. INR 1.15 per equity share resulting into total dividend at the rate of 15%, Rs.1.5 per equity share on the face value of paid equity share of INR 10 each for Financial Year '25-'26”
Bhupender Gupta, page 6 of the filed PDF · View the filing
SGEL revenue: INR 510 crores (FY26)
p. 8
“For this year, the revenue of SGEL was INR 510 crores against INR 232 crores in the last year and expenses were INR 802 crores against INR 415 crores in the last year”
Parthajit De, page 8 of the filed PDF · View the filing
SGEL loss: INR 258 crores (FY26)
p. 8
“That translates to a loss of INR 258 crores in this year as compared to INR 151 crores in the last year”
Parthajit De, page 8 of the filed PDF · View the filing
Buxar Unit-1 (STPL) revenue: INR 522 crores (three months FY26)
p. 9
“STPL, that is Buxar Unit-1, that earned a revenue of around INR 522 crores in this year, in the last three months”
Parthajit De, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
CAPEX plan — around 9,400 crore (FY27), 7,800 crore (FY28), 7,500 crore (FY29) · FY27-FY29
stated firmly by Bhupender Gupta
p. 11
“Regarding CAPEX, which you asked about our plan for CAPEX, so this year we have a CAPEX plan of around 9,400 and for FY '28 and FY '29, we have a plan of 7,800 and 7,500 respectively”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Capacity addition — around 2,284 MW in FY27, 650 MW in FY28, around 2,500 MW FY29-30 · FY27 to FY30
stated firmly by Bhupender Gupta
p. 11
“I told you, our future plan that 27 FY, we will be commissioning around 2,284, then in FY '28, 650, then in from FY '29 to '30, we will be around another 2,500”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Long-term capacity target of 25,000 MW by 2030 and 50,000 MW by 2040
stated as an aspiration by Bhupender Gupta
p. 11
“But the target which you were speaking about 25,000, 50,000, that is that we are reviewing it. We are making our new business plan and we will be coming out with the new business plan very soon”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Nepal Arun-III hydro project commissioning — all four units · by December 2028
stated firmly by Bhupender Gupta
p. 8
“We are progressing well. And we have a plan to commission the entire plant, all the four units, by December ‘28.”
Bhupender Gupta, page 8 of the filed PDF · View the filing
Buxar Thermal profitability — profit · FY27
stated firmly by Bhupender Gupta
p. 9
“But now this year, we will be commissioning the second unit also. And everything has been stabilized in Unit-1 also. So, we are very much sure that during this FY '27, we are going to have a profit from the Buxar Thermal Power plant.”
Bhupender Gupta, page 9 of the filed PDF · View the filing
Bikaner SVR commissioning and curtailment resolution — full 1,000 MW capacity · by October 2026
stated firmly by Bhupender Gupta
p. 11
“So, that we will be commissioning this year by October 26. We will be commissioning the SVR and then I think we will be running on the full capacity, 1,000 Megawatt.”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Dhaulasidh Hydro Project commissioning — 69.5 MW, both units · March 2027
stated firmly by Bhupender Gupta
p. 8
“Then we are going to commission 69.5 Megawatt of Dhaulasidh Hydro Electric Project in March ‘27, both the units.”
Bhupender Gupta, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Losses came from SGEL (solar) and STPL (Buxar thermal), driven by low PLF and finance/depreciation costs on newly commissioned plants; expected to improve in FY27.
Answered by Parthajit De
Asked by Mohit Kumar: Why is there a loss at the consolidated level, and is it due to new plants operating at lower PAF/tariff?
p. 7
“The losses were in SGEL we had a loss of around INR 257 crores and in Buxar Thermal i.e. STPL, we had a loss of around INR 92 crores.”
Parthajit De, page 7 of the filed PDF · View the filing
Buxar's plant load factor was around 60% and plant availability around 70%.
Answered by Parthajit De
Asked by Mohit Kumar: What is the plant availability factor for SGEL and Buxar?
p. 7
“Plant availability was around 70%.”
Parthajit De, page 7 of the filed PDF · View the filing
Geological issues on the dam right bank were resolved and Nepal government approvals came through; full commissioning targeted by December 2028.
Answered by Bhupender Gupta
Asked by Mohit Kumar: What is the status of the Nepal hydro power project and expected commissioning?
p. 8
“Yes, Nepal hydro project is also in a very advanced stage. We were having some issues with the dam. Some geological surprises were there on the dam right bank.”
Bhupender Gupta, page 8 of the filed PDF · View the filing
Regulated equity for Unit-1 is around Rs 2,000-2,100 crore, rising to around Rs 4,000 crore once both units are commissioned.
Answered by Bhupender Gupta
Asked by Ragini Pande: What is the regulated equity for Buxar post commissioning?
p. 9
“The regulated equity as we have only capitalized Unit-1, and as on date, the equity is around 4,000 crores, so 2,000 crores regulated equity for Unit-1.”
Bhupender Gupta, page 9 of the filed PDF · View the filing
Demand has not decreased but configuration mismatches and falling tariffs mean not all tenders convert to signed PPAs; demand may shift to hybrid/BESS configurations.
Answered by Bhupender Gupta
Asked by Ragini Pande: Is there a slowdown in renewable tendering, and what is the status of the unsigned PPAs of around 40 GW?
p. 10
“So there will be demand, definitely. I don't see there will not be demand, but maybe with a different configuration like solar plus BESS, maybe FDRE which comprises of solar plus wind plus BESS.”
Bhupender Gupta, page 10 of the filed PDF · View the filing
Management said the target is being reviewed due to delays in projects and tenders, and a new business plan will be announced.
Answered by Bhupender Gupta
Asked by Rupesh Sankhe: Is SJVN still maintaining its earlier target of 25,000 MW by 2030 and 50,000 MW by 2040?
p. 11
“Unfortunately, due to one or the other reason, which is like unavoidable, which is beyond the control of the SJVNL, the projects did not come in time.”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Bikaner solar faces curtailment of around 120 MW due to SVR equipment delays, expected resolved by October 2026; Khawada plants may see curtailment of around 300 MW due to transmission line delays.
Answered by Bhupender Gupta
Asked by Mohit Kumar: Are operational RE assets facing curtailment and how is it being mitigated?
p. 11
“We are facing curtailment in Bikaner. We have commissioned 1,000 Megawatt, but there is a curtailment of around 120 Megawatt.”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Around 6 GW of 15 GW awarded is signed; management said it is difficult to predict conversion of the balance due to DISCOM adequacy planning issues.
Answered by Bhupender Gupta
Asked by Mohit Kumar: How much of the REIA PPA pipeline remains unsigned and how much could be converted?
p. 12
“Very, very difficult to say anything as of now. We are trying very hard because I told you it is the problem of the component of that, power of the tender particularly.”
Bhupender Gupta, page 12 of the filed PDF · View the filing
Risks flagged
Curtailment of solar power due to grid balancing equipment delays
p. 11
“We are facing curtailment in Bikaner. We have commissioned 1,000 Megawatt, but there is a curtailment of around 120 Megawatt. So, that is due to the SVR requirement.”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Lower CUF on solar plants affecting profitability
p. 7
“as you know, solar is a cyclical industry and this year we had slightly lower CUF on some of our plants, commissioned plants”
Parthajit De, page 7 of the filed PDF · View the filing
Not all tendered renewable capacity may convert to signed PPAs due to configuration mismatch and declining tariffs
p. 10
“Balance is pending and there is a possibility that all the PPAs may not be done because there are two reasons.”
Bhupender Gupta, page 10 of the filed PDF · View the filing
Delays in project execution beyond company's control affecting long-term capacity targets
p. 11
“due to one or the other reason, which is like unavoidable, which is beyond the control of the SJVNL, the projects did not come in time”
Bhupender Gupta, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.