Any current/future new fundraising through debt or equity?

Most of the debt for under-construction projects has already been tied up. Incremental debt of around ₹2000 crores may be raised in FY26 based on project progress. No mention of new equity fundraising during the call. Current focus is on completing commissioned capacity without raising significant new equity. Capex for FY26 and FY27 is planned at around ₹8,300 crores and ₹12,000 crores respectively, mostly funded through existing arrangements and debt. No explicit mention of planned equity issuance or other fundraising methods during the call.

Any current/future capex/capital investment/strategic investment?

Capex for FY25 was approximately INR 7,800 crores. Capex guidance for FY26 is around INR 8,300 crores. Capex guidance for FY27 is around INR 12,000 crores. Major ongoing investments include: - Construction of four hydro projects totaling 1,558 MW. - One thermal power project of 1,320 MW (Buxar thermal plant) commissioning in FY26. - Eleven solar projects totaling 1,773 MW. - Solar capacity addition target for FY26 is about 3,675 MW. Pre-construction projects like Italian hydroelectric project in Arunachal Pradesh pending environmental and forest clearances along with land acquisition.

Future growth expectations in sales/revenue/volumes?

SJVN does not provide explicit forward guidance on revenue and EBITDA as a company policy. The company is in a significant growth phase with major capacity additions planned (approx. 5,315 MW in FY26, including 1,320 MW thermal and 3,675 MW renewable). Large capex planned: INR 7,800 crores in FY25, INR 8,300 crores in FY26, and INR 12,000 crores in FY27. Power generation increased 25% YoY to 10,647 million units in FY25, indicating strong volume growth. New renewable capacity and thermal projects will drive incremental revenue from FY26 onward. Revenue from nodal agency operations (renewable t

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY26 and FY27, SJVN is in a growth phase with significant capacity additions planned—approximately 5,315 MW for FY26 and further solar and wind projects in FY27. Capex guidance is INR 8,300 crores for FY26 and INR 12,000 crores for FY27, indicating aggressive expansion. The nodal agency business (RIA vertical) is expected to add around INR 200 crores in trading margin profitability in FY27, growing to INR 1,200 crores by 2030. Earnings growth is supported by 25% year-on-year increase in power generation (10,647 million units in FY25 vs 8,489 million units in FY24). Management does not prov

Current/ Expected Orderbook/ Pending Orders?

Tender floated under SJVN's flagship Renewable Energy Investment Accelerator (REIA) amounts to 18.6 GW out of a total capacity target of 20.8 GW. Letter of Awards (LOA) have been issued for 2.4 GW. Power Purchase Agreements (PPA) signed so far total 5.188 GW. Under-construction projects include around 70 projects cumulatively totaling about 4,966 MW capacity. Capacity addition target for FY '26 is approximately 4,995 MW: 1,320 MW thermal (Buxar) and 3,675 MW renewable energy. Projects slated for commissioning in FY '26 total about 5,315 MW (1,320 MW thermal + 3,675 MW renewable + some commissi

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SJVN LtdQ1 FY25Power

SJVN Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹72.5P/E: 47.4Market Cap: ₹30.4K CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→SJVN does not provide explicit forward guidance on revenue and EBITDA as a company policy.
→The company is in a significant growth phase with major capacity additions planned (approx. 5,315 MW in FY26, including 1,320 MW thermal and 3,675 MW renewable).
→Large capex planned: INR 7,800 crores in FY25, INR 8,300 crores in FY26, and INR 12,000 crores in FY27.
→Power generation increased 25% YoY to 10,647 million units in FY25, indicating strong volume growth.
→New renewable capacity and thermal projects will drive incremental revenue from FY26 onward.
→Revenue from nodal agency operations (renewable trading margin) expected to add around INR 200 crores by FY27.
→Ongoing signing of PPAs ensures guaranteed off-take, reducing revenue uncertainty.
→Overall, growth will primarily be volume-driven through capacity addition and commissioning timelines stretching till FY27 and beyond.

Margin guidance

Category 3

→For FY26 and FY27, SJVN is in a growth phase with significant capacity additions planned—approximately 5,315 MW for FY26 and further solar and wind projects in FY27.
→Capex guidance is INR 8,300 crores for FY26 and INR 12,000 crores for FY27, indicating aggressive expansion.
→The nodal agency business (RIA vertical) is expected to add around INR 200 crores in trading margin profitability in FY27, growing to INR 1,200 crores by 2030.
→Earnings growth is supported by 25% year-on-year increase in power generation (10,647 million units in FY25 vs 8,489 million units in FY24).
→Management does not provide explicit future revenue or EBITDA guidance.
→Trading margins from renewable projects will be reported as revenue from operations, aiding consistent operating profit.
→No exceptional items anticipated going forward; impairments may be reversed if conditions improve.

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Fundraise plans

Yes

→Most of the debt for under-construction projects has already been tied up.
→Incremental debt of around ₹2000 crores may be raised in FY26 based on project progress.
→No mention of new equity fundraising during the call.
→Current focus is on completing commissioned capacity without raising significant new equity.
→Capex for FY26 and FY27 is planned at around ₹8,300 crores and ₹12,000 crores respectively, mostly funded through existing arrangements and debt.
→No explicit mention of planned equity issuance or other fundraising methods during the call.

Order book

Yes

→Tender floated under SJVN's flagship Renewable Energy Investment Accelerator (REIA) amounts to 18.6 GW out of a total capacity target of 20.8 GW.
→Letter of Awards (LOA) have been issued for 2.4 GW.
→Power Purchase Agreements (PPA) signed so far total 5.188 GW.
→Under-construction projects include around 70 projects cumulatively totaling about 4,966 MW capacity.
→Capacity addition target for FY '26 is approximately 4,995 MW: 1,320 MW thermal (Buxar) and 3,675 MW renewable energy.
→Projects slated for commissioning in FY '26 total about 5,315 MW (1,320 MW thermal + 3,675 MW renewable + some commissions already done).
→Pipeline also includes pumped storage projects with MOUs and discussions in Maharashtra, Chhattisgarh, Rajasthan, and Mizoram.
→Management plans to upload detailed PPTs with timelines and individual project details for clarity on orderbook and commissioning schedules.

Capex plans

Yes

→Capex for FY25 was approximately INR 7,800 crores.
→Capex guidance for FY26 is around INR 8,300 crores.
→Capex guidance for FY27 is around INR 12,000 crores.
→Major ongoing investments include:
→ - Construction of four hydro projects totaling 1,558 MW.
→ - One thermal power project of 1,320 MW (Buxar thermal plant) commissioning in FY26.
→ - Eleven solar projects totaling 1,773 MW.
→ - Solar capacity addition target for FY26 is about 3,675 MW.
→Pre-construction projects like Italian hydroelectric project in Arunachal Pradesh pending environmental and forest clearances along with land acquisition.
→Development of closed-loop pumped storage plant in Chhattisgarh signed MOU, expected strong generation post commissioning.
→Focus on renewable energy projects aligned with India’s 500 GW renewable target by 2030, substantial tendering and strategic investments ongoing.
→Incremental debt raise of approximately INR 2,000 crores in FY26 may be required based on project progress.

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