SJVN Q2 FY26 Earnings Results

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.

 

Q2 FY26 Earnings Results

• Consolidated Revenue: ₹1,032.40 crore, up 0.6% YoY and 13% QoQ.

• Standalone Revenue: ₹942.03 crore, down from ₹994.51 crore in Q2 FY25.

• Consolidated Profit After Tax (PAT): ₹307.91 crore, down 30.2% YoY from ₹441.14 crore in Q2 FY25.

• Standalone PAT: ₹341.50 crore, down from ₹463.94 crore in Q2 FY25.

• Operating Profit (excluding other income): ₹742.33 crore, with operating margin of 80.91% up from 76.69% in Q2 FY25.

• Interest Expense: ₹215.97 crore, up 51.43% YoY due to debt-funded capacity expansion.

• Net profit margin compressed to 27.67% from 43.46% a year ago.

• Depreciation increased to ₹160.40 crore from ₹130.89 crore YoY.

• Total debt rose to ₹26,220 crore as of March 2025 from ₹19,689.54 crore a year earlier.

• Capital expenditure outlook for FY26 is approximately ₹7,500 crore including around ₹3,600 crore by September 2025.

• Employee costs controlled at ₹74.83 crore, down from ₹80.16 crore YoY.​

 

Management Commentary & Strategic Insights

• Management emphasized operational excellence and strong hydroelectric generation during monsoon season driving robust operating margins.

• The sharp decline in net profit is attributed mainly to rising finance costs and depreciation from aggressive capacity expansion.

• Capacity additions have been slower to translate into EBITDA growth due to large capital base and debt burden.

• Management highlighted the importance of commissioning new projects and improving returns to address capital inefficiency.

• The company is confident about future profitability recovery as new projects come online and debt servicing costs stabilize.

• Continuous monitoring and measures are underway to control costs and improve capital efficiency.​

 

 

Q1 FY26 Earnings Results

• Consolidated Revenue: ₹917.45 crore, up 5.4% YoY from ₹870.37 crore in Q1 FY25.

• PAT: ₹227.77 crore, down 36.21% YoY from ₹357.09 crore.

• Operating Profit: ₹667.49 crore with improved margin of 80.9% from 76.7% YoY.

• Profit decline linked to higher deferred tax and other expenses.

• Company maintained strong generation volumes and effective cost control but faced financial headwinds.

• Management remains focused on reducing costs, expanding capacity, and managing debt.

 

To view the company’s previous earnings and latest concall transcripts, click here  to visit the Alphastreet India news channel.