SJVN Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 14 Aug 2026 | Power | Market Cap: ₹27.2K Cr

SJVN Limited is on a sound footing with no current issues impacting growth. SJVN Limited is on sound footing with no foreseeable growth issues.

From SJVN Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹66.1

Market Cap

₹27.2K Cr

P/E Ratio

42.5

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SJVN Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹-118 Cr.

Full financials →

📊 Revenue & Sales Performance

→SJVN Limited is on a sound footing with no current issues impacting growth.
→Focus is on quickly completing under-construction projects to start generating revenue.
→Two large hydro projects in Nepal to commence construction in Q1 FY27: Lower Arun (680 MW) and Upper Karnali (900 MW) with attractive tariffs ensuring smooth power sales.
→650 MW of renewable energy projects (mostly solar) to be commissioned this year.
→Approximately 1.5 GW of solar projects expected to be commissioned next year.
→Advanced stages for 3 hydro projects: Arun-III, Sunni, and Luhri.
→Small 66 MW Dhaulasidh hydro project targeted for commissioning by December 2026.
→Revenues and profits expected to grow annually with better capacity additions.
→New renewable tenders underway, including 1,250 MW battery storage and 1,200 MW wind power, aiming for additional power sale agreements soon.

📈 Profitability & Margins

→SJVN Limited is on sound footing with no foreseeable growth issues.
→Focus is on fast completion of under-construction projects to start revenue generation.
→Two large hydropower projects in Nepal—Lower Arun (680 MW) and Upper Karnali (900 MW)—will commence construction in Q1 FY27, offering attractive tariffs.
→Commissioning of 650 MW renewable projects (mainly solar) expected this year; an additional 1.5 GW solar projects to be commissioned next year.
→Advanced stages for three hydro projects: Arun-III, Sunni, and Luhri.
→Small project Dhaulasidh (66 MW) expected by December 2026.
→Continuous revenue and profit growth anticipated with capacity additions.
→Debt servicing is expected to remain manageable due to commissioning of Buxar unit contributing cash flow.
→Capex guidance: INR 7,500 crore for FY26; INR 8,000 crore projected for FY27, focusing on consolidating current portfolio and new Nepal projects.

See what SJVN Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→FY26 capex guidance is around INR 7,500 crore; INR 3,600 crore already spent in H1, expecting to meet full target by year-end.
→FY27 capex guidance is approximately INR 8,000 crore, focusing on consolidating current portfolio and upcoming new projects.
→FY28 capex expected to be in a similar range as FY27.
→Focus on completing under-construction projects like Buxar Thermal Power Project and hydro projects (Arun-III, Sunni, Luhri).
→Starting construction of two major projects in Nepal in Q1 FY27: Lower Arun (680 MW) and Upper Karnali (900 MW) with attractive tariffs.
→Plans to tender for Battery Energy Storage Systems (~1,250 MW) and wind power (~1,200 MW) coming soon, alongside pump storage plants via tariff-based competitive bidding.
→No immediate plan for listing subsidiary SJVN Green Energy in next one year; future decision depends on market conditions and commissioning progress.

💰 Fundraising & Capital Structure

- No explicit mention of new fundraising through equity in the transcript. - Debt levels as of now are about INR 30,000 crore, with expected incremental debt due to ongoing capex. - Management indicated that upcoming revenue from projects like Buxar unit 1 commercial operation will help service debt comfortably. - They do not foresee a very large increase in loan portion in the next two years and expect to manage debt via cash flows. - The company plans capex of around INR 7,500 crore for FY26 and INR 8,000 crore for FY27, but no direct statement on raising new debt or equity for this. - Focus is on consolidation, project completion, and starting new construction mainly in Nepal next financial year. In summary, no clear plans for fresh equity or significant new debt fundraising were disclosed; debt is expected to be manageable with improving operational cash flows.

See what SJVN Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→SJVN Limited has floated tenders totaling approximately 19.8 GW of renewable energy capacity as of November 2025.
→Letters of Award (LOA) have been issued for about 13.74 GW.
→Power Sale Agreements (PSA) and Power Purchase Agreements (PPA) have been signed for around 3.74 GW, with expectations to sign additional 3.75 GW in the next two months.
→Issues with connectivity and delayed clearances are primary reasons for pending PSA/PPA finalizations.
→Further tenders are planned for Battery Energy Storage Systems (BESS) and pump storage plants.
→Ongoing stakeholder consultations are in progress regarding LOAs that have not matured into PSA/PPA, with clarity expected in 2-3 months.
→New renewable projects under construction and commissioning phases indicate active orderbook management and capacity addition.

Key Metrics

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What SJVN Ltd's management said in earlier quarters

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Frequently Asked Questions

What were SJVN Ltd Q2 FY26 results?

SJVN Limited is on a sound footing with no current issues impacting growth. SJVN Limited is on sound footing with no foreseeable growth issues.

What is SJVN Ltd share price analysis?

SJVN Ltd currently shows a neutral. The stock trades at a P/E of 42.5 with a market cap of ₹27,159 Cr. Investors should review the full earnings analysis for detailed insights.

Is SJVN Ltd planning capital expenditure?

FY26 capex guidance is around INR 7,500 crore; INR 3,600 crore already spent in H1, expecting to meet full target by year-end.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.