SJVN Ltd(SJVN)

NSE: SJVNBSE: 533206

₹ 47.39-1.94%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 18,623 crNext results: 30 Oct 2026Website: www.sjvn.nic.inUpdated: 24 Oct 2026

About

SJVN Limited is a Navratna Central Public Sector Undertaking under India's Ministry of Power that generates electricity from hydro, solar, wind, and thermal sources, selling to state-owned and private distribution companies under long-term PPAs. The company generated 13,302 MU in FY26 and reported revenue of ₹4,528.29 crore in FY26. It also acts as a Renewable Energy Implementing Agency (REIA) designated by MNRE in April 2023, aggregating and tendering renewable capacity on behalf of DISCOMs.^[1][2][3]

Business verticals

SJVN operates across five verticals: hydro and pumped storage, renewable energy (solar and wind), thermal power, transmission lines, and power trading (Category-1 licence).^[3]
Electricity is sold to bulk customers - mainly state-owned utilities and private distribution companies - under long-term Power Purchase Agreements.^[3]
As REIA, SJVN tenders and awards renewable capacity on behalf of DISCOMs, earning a trading margin; FY25 REIA trading income was ~₹50 crore, with an FY27 target of ~₹200 crore.^[4]

Installed and under-construction capacity

Total installed capacity as of FY26: 4,196.5 MW, up from 2,786.5 MW at Q4 FY25, following 1,730 MW of additions in FY26 (1,070 MW solar + 660 MW thermal).^[1][4]
Hydro stations under operation: 1,500 MW Nathpa Jhakri HPS (Himachal Pradesh), 412 MW Rampur HPS (Himachal Pradesh), and 60 MW Naitwar Mori HPS (Uttarakhand), totalling 1,972 MW.^[3]
Nine renewable projects (solar and wind) are in operation with a combined capacity of 995.52 MW as of FY25, including part-commissioning of the 1,000 MW Bikaner SPP.^[3]
Under-construction portfolio stood at 3,926.5 MW as of Q4 FY26. The total project portfolio spans 92 projects plus 3 transmission lines at a combined 67,907.40 MW.^[1][3]

Key operating numbers

Total generation in FY26: 13,302 MU, up ~25% from 10,646 MU in FY25, driven by hydro performance and new solar capacity.^[1]
NJHPS generated 7,506 MU in FY26 (vs 7,421 MU in FY25); Rampur HPS generated 2,108 MU (vs 2,074 MU in FY25).^[1]
Average tariff for SJVN's 7.2 GW PPA-backed RE generator portfolio is ~₹2.8/unit; Buxar thermal tariff is ~₹5.4/unit; average solar portfolio tariff is ~₹2.60/unit.^[5][6]
Trade receivables at 31 March 2026 stood at ₹1,299 crore (vs ₹262 crore at 31 March 2025), with ₹776 crore of unbilled revenue arising from a late tariff order for NJHPS/Rampur received in the last week of March 2026.^[1]

REIA (implementing agency) pipeline

As of FY25, SJVN floated tenders for 18.60 GW against a 20.80 GW target; issued Letters of Award for 13.748 GW; and signed Power Sale Agreements for 5.188 GW.^[3]
By Q4 FY26, cumulative awards reached 16 GW (including 4 GW awarded in FY26 alone), but only ~6 GW had signed PSAs; management flagged risk of cancellation or reconfiguration for the remaining ~10 GW.^[1]
SJVN awarded 2,000 MWh of battery energy storage system (BESS) projects across Uttar Pradesh and Haryana in FY26 as bid-implementing agency.^[1]

Expansion and capex

FY27 capacity additions planned at ~2,284 MW: 660 MW Buxar Unit 2 thermal, 69.5 MW Dhaulasidh hydro (March 2027), and ~1,555 MW solar (May 2026 to March 2027).^[1]
FY27 capex planned at ₹9,400 crore; FY28 at ₹7,800 crore; FY29 at ₹7,500 crore.^[1]
Arun-3 (900 MW, Nepal): all four units now targeted for commissioning by December 2028, pushed back from December 2027 due to geological challenges at the dam site.^[1]
Lower Arun (680 MW) and Upper Karnali (900 MW) in Nepal were to begin construction in Q1 FY27.^[6]
Etalin HEP (3,097 MW, Arunachal Pradesh): forest and environment clearance received; ~70% land acquisition done; construction expected to begin from FY27.^[6]
Kotpali Pumped Storage Plant (1,800 MW, Chhattisgarh): MOU signed with state government on 10 March 2025; estimated annual generation 3,959 MU; DPR expected by May - June 2027.^[4]
FY29 - FY30 hydro capacity additions of ~2,500 MW expected as under-construction hydro projects reach commissioning.^[1]

Recent developments

1,000 MW Bikaner solar project is curtailed by ~120 MW due to a missing Static Var Reactor (SVR) required by CEA regulations; SVR commissioning targeted by October 2026.^[1]
SJVN's long-term vision of 25,000 MW by 2030 and 50,000 MW by 2040 is formally under review; management stated a revised, realistic business plan will be published.^[1]
SGEL (SJVN Green Energy Ltd) posted a loss of ₹257 crore in FY26 (revenue ₹510 crore vs expenses ₹802 crore); Buxar Thermal (STPL) posted a loss of ₹92 crore as newly commissioned assets ramp up.^[1]
MOU signed with Government of Rajasthan on 20 November 2024 for 5 GW pumped storage and 2 GW floating solar; MOU signed with Bihar for 1,000 MW Hathidah Durgawati PSP at estimated cost of ₹5,663 crore.^[5]
PPAs signed with UPPCL during Q2 FY26 for 900 MW Arun-III, 210 MW Luhri Stage-I, and 380 MW Sunni Dam hydroelectric project.^[6]

Subsidiaries and joint ventures

Cross Border Power Transmission Company Limited (CPTC) is a JV of SJVN (41.94%), PGCIL (41.94%), and Nepal Electricity Authority (16.13%), operating the Indo-Nepal cross-border transmission line from Muzaffarpur to Dhalkebar.^[3]

Market Cap

₹18,623 Cr

High / Low

₹90 / 46

Stock P/E

29.1

Price / Book

1.3

Book Value

₹36

EPS

₹1.6

No. of Shares

392.98 Cr

ROCE

5.7%

ROE

4.5%

OPM

53.0%

Debt / Equity

2.25

Sales

₹4,528 Cr

Net Profit

₹642 Cr

Promoter holding

81.8%

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