New Delhi— SJVN Ltd, the Navratna public sector enterprise under the Ministry of Power, reported a notable 36.27% decline in its net profit for the first quarter of the financial year 2025–26. The company’s net earnings dropped to ₹22,758 lakh, compared to ₹35,709 lakh during the same period last year.
Financial Snapshot – Q1 FY26
In the first quarter of FY26, SJVN Ltd reported an operating revenue of ₹91,745 lakh, with the total income standing at ₹97,159 lakh. The company’s total expenditure during the period amounted to ₹55,149 lakh. As a result, net profit came in at ₹22,758 lakh, reflecting a year-on-year decline. The company’s EBITDA margin for the quarter stood at 65.26%, down from 77.26% in the same quarter last year, while the net profit margin was recorded at 24.8%. Notably, no interim dividend was declared for the quarter.
Market Update
SJVN shares closed at ₹93.22 on the Bombay Stock Exchange (BSE), showing a 1.22% rise. The stock has touched a 52-week high of ₹148.84, but has seen a 2.64% correction over the past six months, reflecting moderate volatility.
Performance Overview
Though the PSU registered a moderate rise in operational revenue, profit margins narrowed due to higher expenses or lower income from other sources, causing a decline in profitability. The EBITDA margin contraction suggests growing cost pressures or operational inefficiencies during the quarter.
In the absence of any interim dividend declaration for Q1, the management appears to be maintaining a conservative financial stance, possibly in anticipation of future capital expenditure or to strengthen internal reserves.
Outlook
SJVN continues to operate in a capital-intensive sector, and its performance in the upcoming quarters will depend on how effectively it manages costs and sustains growth—particularly in renewables, hydro, and solar projects. The strong market response despite the dip in profits signals investor confidence in the company’s long-term strategy and project pipeline.
About SJVN
SJVN, formerly known as Satluj Jal Vidyut Nigam, is a joint venture between the Government of India and the Government of Himachal Pradesh. Incorporated in 1988, it currently operates 1,972 MW of hydropower capacity across its Nathpa Jhakri, Rampur, and Naitwar Mori projects and is rapidly expanding into solar and energy storage segments to support India’s clean energy goals.
