Arthneeti

SJVN Q4 FY26 Share Price & Earnings Call Analysis

₹52.40+2.87% today
Market cap
₹20,614 Cr
P/E
32.25
ROE
4.58%
PEG
-1.44
Price to sales
4.11
Debt to equity
2.27
52W high / low
₹88.9 / ₹47.4
Sales growth (5Y)
12.75%
EBITDA margin
67.78%
Net profit margin
14.36%
Promoter holding
81.85%
Sales (last year)
₹5,005 Cr

SJVN(Satluj Jal Vidyut Nigam) is engaged in the business of Electricity generation. The company is also engaged in the business of providing consultancy for hydro-power projects. SJVN was declared Navaratna status in Aug,24.[1]

Guidance scorecard · Q4 FY26 call

What SJVN Ltd's management guided
and where it ranks in Power

#18of 24 in
Power
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookFlat

RevenueQ4 FY26 call

10–20%
  • SJVN plans capacity additions with commissioning of 2,284 MW in FY '27, 650 MW in FY '28, and about 2,500 MW from FY '29 to '30.
  • FY '26 revenue increased by 22% YoY to INR 3,545 crores, driven by tariff order recognition.
  • SGEL expects improved profitability in FY '27 as new solar plants ramp up to full capacity.
  • Buxar Thermal expected to move to profitability as PLF exceeds 70% in FY '27.
  • Renewable Energy Implementing Agency awarded 16 GW of projects, with signed PSA of 6 GW; balance PPAs pending.
  • Renewable tendering shows slower conversion due to DISCOMs’ adequacy plans and changing configurations; however, demand for renewable power with hybrid/storage solutions remains.

2 more points from SJVN Ltd's call on revenue

Create a free account to keep reading this call

Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

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

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • FY '26 CAPEX plan: INR 9,400 crores
  • FY '27 CAPEX plan: INR 7,800 crores
  • FY '28 CAPEX plan: INR 7,500 crores
  • New business plan under review to set realistic targets beyond earlier ambitious visions of 25,000 MW by 2030 and 50,000 MW by 2040.
Full Q4 FY26 analysis

FundraisingQ4 FY26 call

Planned

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

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Flat
  • SJVN, as Renewable Energy Implementing Agency (REIA), has awarded contracts for around 16 GW (16,000 MW) renewable energy projects.
  • Out of these, PPAs (Power Purchase Agreements) signed for approximately 6 GW.
  • Balance 9-10 GW of PPAs are pending and under progress.
  • Due to multiple tenders from various agencies and DISCOMs’ changing requirements, the conversion of the pending 9 GW PPAs to firm orders remains uncertain.
  • Issues include the configuration of tenders (FDRE, pure solar, hybrid solar-wind), adequacy plans of DISCOMs, and tariff competitiveness.
  • Some solar tariffs in signed tenders are attractive (~2.53 to 2.54 INR/unit) compared to new state tenders (~2.8 to 2.9 INR/unit), encouraging potential sales.

2 more points from SJVN Ltd's call on the order book

Create a free account to keep reading this call

Full Q4 FY26 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does SJVN Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
520–40%Flat₹3.78L Cr26.5
620–40%Flat₹1.95L Cr100.7

Sign up free to see every company in the sector ranking and track SJVN Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Power ranking

Financials of SJVN Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of SJVN Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +5046758785434838701,0266715049171,0321,0821,496
Expenses +326192172175256224198207264211172309587
Operating Profit178483706368227646828464241707860773910
OPM %35%72%80%68%47%74%81%69%48%77%83%71%61%
Other Income +687189491958992915254794460
Interest4990124122121143198229159216315245522
Depreciation86101102112242131133137275160171216494
Profit before tax11236356918358462590189-142385453357-47
Tax %85%25%23%24%-5%23%25%21%-10%41%32%37%153%
Net Profit +1727244013961357440149-128228308224-118
EPS in Rs0.040.691.120.350.160.911.120.38-0.320.580.780.57-0.30

Financials of SJVN Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +2,8162,4942,6792,2282,6452,7032,4852,4172,9382,5793,0724,528
Expenses +3724314805246065906196236657378491,236
Operating Profit2,4432,0632,1991,7052,0392,1121,8671,7942,2731,8432,2233,293
OPM %87%83%82%76%77%78%75%74%77%71%72%73%
Other Income +309541411409397587425195310380308195
Interest6521855101251344422264494827431,298
Depreciation6416776803653903843934043965576761,042
Profit before tax2,0471,7091,8751,6481,7951,9721,8561,3601,7381,1831,1121,147
Tax %18%17%18%26%24%21%11%27%22%23%26%44%
Net Profit +1,6771,4111,5451,2251,3671,5671,6469901,359911818642
EPS in Rs4.053.413.733.123.473.994.192.523.462.322.091.63
Dividend Payout %26%32%74%122%62%55%53%68%51%78%70%92%

Financials of SJVN Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital4,1374,1374,1373,9303,9303,9303,9303,9303,9303,9303,9303,930
Reserves6,0667,1667,3536,7707,3168,1218,8619,2419,93010,14110,24910,657
Borrowings +2,6482,6462,4162,2312,1552,2382,1746,90614,05920,32327,02529,567
Other Liabilities +1,7811,4401,4861,4601,5721,6662,5083,1724,3924,7974,8594,660
Total Liabilities14,63215,38915,39214,39114,97415,95517,47323,24832,31139,19146,06348,814
Fixed Assets +9,0548,7758,4258,0878,1428,0518,0077,8668,48910,90611,61015,757
CWIP4295056619441,3032,2654,2988,36915,67420,03326,41425,430
Investments3369012016019522227536376153
Other Assets +5,1476,0736,2165,2395,3685,4444,9466,7388,1128,2157,9787,572
Total Assets14,63215,38915,39214,39114,97415,95517,47323,24832,31139,19146,06348,814

Financials of SJVN Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,4922,2092,3761,6411,0181,7141,9832,1381,6321,3102,4831,860
Cash from Investing Activity +-304-768-1,19915-34-95-1,145-6,132-6,877-5,502-6,430-3,481
Cash from Financing Activity +-746-705-1,621-2,272-1,107-1,345-1,1053,6695,5594,5023,9392,385
Net Cash Flow442736-444-616-123273-267-325314309-8763
Free Cash Flow9961,4862,3761,292244445-83-2,290-5,212-4,340-4,186-3,839
CFO/OP79%126%124%118%70%103%122%140%87%86%119%64%

Financials of SJVN Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1951478347381017787348966
Inventory Days
Days Payable
Cash Conversion Cycle1951478347381017787348966
Working Capital Days1041204036138-46-215-395-418-409
ROCE %18%13%14%13%16%15%15%9%9%5%5%

Guidance history

How SJVN Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%FlatPlannedPlannedFlat
Q2 FY26 call →10–20%FlatPlannedPlanned—
Q4 FY25 call →20–40%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

4out of 100

Momentum score · price trend

4 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−41.1%11%
Last 6 months−33.7%5%
Last 3 months−23.4%10%

The price is 65.2% below its all-time high of ₹150.69 (12 Jul 2024). Stocks more than 20% below their peak have their score halved, so 8 became 4.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For SJVN Ltd: 0.4 × 11 + 0.4 × 5 + 0.2 × 10 = 8, halved to 4 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What SJVN Ltd's management said in earlier quarters

Others in Power this season

  • Vedanta Power (Q2 FY27)

    Quarterly Revenue:** ₹2,908 crore, up 38% YoY (Page 22, 27, 9, 26) . Key investor presentation takeaways from Vedanta Power Ltd's Q2 FY27 investor presentation

  • ACME Solar Holdings Ltd (Q2 FY27)

    Q2 FY27 Revenue from operations (Standalone): INR 887 Cr vs. Key investor presentation takeaways from ACME Solar Holdings Ltd's Q2 FY27 investor presentation —

  • Sustainable Energy Infra Trust (Q2 FY27)

    EBITDA Margin for Q2 FY2027 is strong at 82.6%, indicating operational efficiency (Page 49). Key investor presentation takeaways from Sustainable Energy Infra T

  • JSW Energy Ltd (Q2 FY27)

    Total Revenue for Q2 FY27: ₹6,658 Cr, up 24% YoY from ₹5,361 Cr in Q2 FY26 (Page 12). Key investor presentation takeaways from JSW Energy Ltd's Q2 FY27 investor

Compare:vs Adani Power Ltdvs NTPCvs Power Grid Corpn