New Delhi: SJVN Limited, a joint venture of the Government of India and the Government of Himachal Pradesh, has announced a strong financial performance for the third quarter (Q3) of FY26 on both standalone and consolidated bases. The state-owned power generation company, recognized as a Navratna CPSE, also approved an interim dividend and plans to raise up to ₹1,000 crore through non-convertible debentures (NCDs).
Consolidated Financial Highlights: Q3 FY26
- Revenue: ₹1,081.97 crore, up 61% from ₹670.99 crore in Q3 FY25.
- Total Income: ₹1,124.47 crore, compared to ₹567.28 crore in the corresponding quarter last year.
- Net Profit (PAT): ₹224.31 crore, a 50.6% increase from ₹148.75 crore in Q3 FY25.
- EBITDA: ₹838 crore, rising 78% from ₹470 crore, with the EBITDA margin improving to 77.5% from 70.2%.
- Operating Margin: Improved to 60.69% from 54.65% in Q3 FY25.
- Net Profit Margin: Slight decline to 20.73% from 22.17% in Q3 FY25.
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Standalone Performance: Strong Growth
On a standalone basis, SJVN also recorded impressive growth:
- Total Income: ₹881.89 crore, up from ₹699.65 crore in Q3 FY25.
- Net Profit: ₹251.71 crore, compared to ₹139.25 crore in the same quarter last year.
- Net Profit Margin: 29.75% for the quarter.
Nine-Month Consolidated Performance
For the nine months ending December 31, 2025:
- Total Income: ₹3,174.35 crore
- Profit After Tax: ₹759.69 crore (vs ₹945.74 crore in the previous year)
- Total Comprehensive Income: ₹750.65 crore
- Earnings Per Share (Basic & Diluted): ₹2.09
Dividend Declaration
SJVN declared an interim dividend of ₹1.15 per equity share (Face Value ₹10 each) for FY26. The record date for the dividend payment is February 20, 2026, and the payment will be made within the statutory period prescribed under the Companies Act, 2013.
Fundraising Plan: NCD Issuance
The Board approved raising funds up to ₹1,000 crore through the issuance of unsecured, rated, taxable, redeemable, non-convertible, non-cumulative debentures on a private placement basis.
Key Notes and Project Updates
- Tariff Regulations: Revenue recognition is provisional, pending finalization of CERC Tariff Regulations (2024-29). A truing-up revenue of ₹173.95 crore was recognized for Rampur Hydro Power Station.
- Devasari Hydro Electric Project: Work remains on hold as directed by the Ministry of Power. Cumulative expenditure stands at ₹251.28 crore as of December 31, 2025.
- Labour Codes Impact: New Labour Codes notified from November 21, 2025, are not expected to materially impact FY26 results.
- Subsidiaries: Consolidated results include unaudited figures from SJVN Thermal Pvt Ltd and SJVN Green Energy Ltd.
- Debt Compliance: Auditor confirmed compliance with all covenants for listed Non-Convertible Debt Securities.
About SJVN
SJVN Limited, a public sector undertaking (PSU) and a joint venture between the Government of India and the Government of Himachal Pradesh, is a Navratna CPSE focused on hydroelectric power generation and renewable energy. The company operates major hydro projects, contributing significantly to India’s clean energy capacity.
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