SJVN Ltd is a government-owned power generator with 4,196.50 MW in operation across hydropower, thermal and solar/wind, and a 21,341 MW total portfolio that is scaling up fast. This quarter's print will speak to how the newly commissioned Buxar Unit-2 and monsoon-hit hydro volumes shape revenue, and whether finance costs on a rising debt pile keep pressuring reported profit.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,394.38 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 224.74 Cr (consolidated, Q1 FY27) |
| Market cap | Rs. 18,627.23 Cr |
| CMP | Rs. 47.4 |
SJVN's board meeting is scheduled for October 30, 2026 to consider the Q2/H1 FY27 results. The company's trading window remains shut from October 1 to November 1, 2026.
The quarter tests two opposing forces: a monsoon that left Himachal Pradesh rainfall 11% below normal with all-India large-hydro generation down 19.09% YoY in July and 11.93% YoY in August, against record power demand with peaks of 270 GW in July and IEX day-ahead spot prices more than doubled to Rs. 7.3/unit in September. Buxar Thermal enters the print with Unit-2 commissioned effective September 12, 2026, giving roughly 19 days of Unit-2 contribution in a demand environment that supports PLF versus the ~60% curtailment-constrained level of last year. A mid-quarter regulatory event — the Nathpa Jhakri 2024-29 tariff order passed on August 25, 2026 — is the swing item for booked hydro revenue, though the retrieved record does not disclose the awarded tariff level. On costs, the rupee's slide to roughly 95.9-96.6/USD through September acts on the FX-variation line that drove FY26 finance cost up Rs. 184 Cr against consolidated borrowings of about Rs. 32,100 Cr, a headwind to reported profit. The mix effect from lower-margin thermal and solar assets also continues, with Q1 FY27 consolidated EBITDA margin already compressing about 1,646 bps YoY to 63.44%.
FY27 commissioning and capex guidance: Management guided to 2,284 MW of commissioning and Rs. 9,400 Cr of capex in FY27.
Buxar profitability and receivables: Management has said Buxar turns profitable in FY27 only beyond 70% PLF.
Hydro PAF and incentive income: Q2 FY26 saw a Rs. 50-60 Cr PAF-linked loss at Rampur and Nathpa Jhakri from high silt during floods.
SGEL losses and Bikaner ramp: Management expects SGEL losses to 'improve substantially' in '26-'27.
PPA/PSA conversion, governance and leverage: Several overhangs sit outside the P&L.
Management attributed it to a Rs. 50-60 Cr revenue loss from low Plant Availability Factor at Rampur and Nathpa Jhakri due to high silt during Himachal floods, plus a Rs. 52 Cr income loss from expiry of the MAT/80 IEA tax benefit. Consolidated depreciation for the quarter rose to Rs. 170 Cr from Rs. 132 Cr a year earlier.
Management has said profit comes only beyond 70% PLF and stated it is 'very much sure' Buxar will be profitable in FY27. The plant operated at ~60% PLF on demand curtailment, with Unit-1 posting a Rs. 92.84 Cr loss in FY26.
All four units of the 900 MW Arun-III project are targeted for full commissioning by December 2028, with expenditure of Rs. 6,911.60 Cr incurred till March 2026 against an anticipated cost of Rs. 9,794.91 Cr. Management has said the dam right-bank geological surprises have been tackled.
Consolidated revenue grew 51.98% YoY to Rs. 1,394.38 Cr in Q1 FY27, consistent with the thermal capacity ramp-up, though standalone revenue fell 7.73% YoY. FY26 standalone revenue of Rs. 3,544.52 Cr was flattered by Rs. 679 Cr of one-time truing-up recognition for the 2019-24 tariff period.