SJVN Ltd (SJVN)

Power · Power Generation & Distribution · NSE · Updated 30 September 2026

By StockFin Research TeamAI-Assisted AnalysisSource: BSE/NSE Filings

₹61.15↓ 32.1% (1Y)

🎯 Key Takeaways

SJVN Ltd is in a mature, capital-intensive growth phase with a strong government-backed foundation but limited profitability momentum. Despite stable promoter holding and consistent dividend policy, the company faces margin pressure and declining returns, reflected in a low ROE of 4.
Revenue declined 6.8% QoQ to ₹1,394 in Q1FY27.
⚠️ Project execution delays or cost overruns in hydroelectric and transmission projects could pressure margins and delay returns.

Market Cap: ₹24,031
P/E Ratio: 35.8
P/B Ratio: 1.69
ROE: 4.5%
ROCE: 5.5%
Debt/Equity: 2.25
Div Yield: 2.45%
Promoter: 81.8%

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📖 The Story

SJVN Ltd is in a mature, capital-intensive growth phase with a strong government-backed foundation but limited profitability momentum. Despite stable promoter holding and consistent dividend policy, the company faces margin pressure and declining returns, reflected in a low ROE of 4.5% and ROCE of 6.2%. Recent financials show volatile profitability, with Q1 FY27 delivering strong revenue but a return to profitability only in the December quarter, indicating execution challenges in project ramp-ups and cost management.

📰 What's Happening

The company held its 38th AGM on August 31, 2026, where it declared a final dividend of ₹0.35 per share for FY 2025-26, subject to shareholder approval, and reappointed key directors including Parthajit De as Whole-Time Director (Finance) and Rajesh Kumar Chandel as Whole-Time Director (Projects). The AGM, conducted via video conference on August 31, 2026, with e-voting open from August 28 to 30, also ratified auditor remuneration and CSR policies. Shareholders raised concerns about capital allocation and CSR spending, which management addressed directly. The Record Date for dividend eligibility was set to August 24, 2026, requiring investors to hold shares by then to qualify.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,032	1,082	1,496	1,394
Operating Profit	689	621	415	637
OPM %	66.7%	57.4%	27.8%	45.7%
Net Profit	308	224	-118	225
EPS	₹0.78	₹0.57	₹-0.30	₹0.66

SJVN's quarterly performance reveals mixed trends: revenue peaked at ₹1,496 crores in Q4 FY26 but declined to ₹1,394 crores in Q1 FY27, while operating profit margin fluctuated between 27.8% and 66.7%. Net profit turned negative in Q1 FY27 (₹-118 crores) after being positive in the prior quarter, though it rebounded to ₹224 crores in December 2025. Despite high operating margins in certain quarters, net profitability remains inconsistent, with EPS at ₹0.66 in Q1 FY27 but negative in the previous quarter. The company maintains a healthy debt-equity ratio of 0.69 in Q1 FY27, but leverage remains elevated historically, with total borrowings at ₹32,278 crores as of March 2026.

🔮 Management Outlook & What's Next

Management did not provide explicit forward-looking guidance in the July 31, 2026, board meeting filing regarding future margins, project timelines, or capital expenditure plans. However, the upcoming AGM on August 31, 2026, is expected to focus on dividend approval and director appointments, with no public roadmap disclosed for project commissioning or margin improvement. The reappointment of Parthajit De and Rajesh Kumar Chandel signals continuity in leadership, particularly in finance and projects, which may support execution of ongoing hydroelectric and transmission initiatives.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026	Mar 2026
Equity Capital	3,930	3,930	3,930	3,930
Reserves	10,249	10,309	10,309	10,657
Borrowings	27,025	32,103	32,278	29,567
Total Liabilities	46,063	51,766	51,766	48,814
Fixed Assets	11,609	23,471	23,458	15,504
Investments	61	52	52	53
Total Assets	46,063	51,766	51,766	48,814

The balance sheet as of March 2026 shows total assets of ₹51,766 crores funded by equity of ₹3,930 crores and reserves of ₹10,309 crores, with borrowings at ₹32,278 crores, indicating a capital-intensive structure reliant on debt. Despite strong reserves, the debt-to-equity ratio of 1.90 historically and 0.69 in Q1 FY27 suggest ongoing leverage management challenges. Capital allocation appears focused on project financing, with limited evidence of deleveraging or share buybacks, and dividend payouts remain modest relative to earnings volatility.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025	Mar 2026
Operating	+2,483	+1,860
Investing	-6,430	-3,481
Financing	+3,939	+2,385
Net Cash Flow	-8	+763

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	81.8%	81.8%	81.8%	81.8%
FII	2.5%	2.7%	2.8%	2.8%
DII	4.3%	4.0%	3.7%	3.7%
Public	10.2%	10.4%	10.9%	10.9%
# Shareholders	14,49,111	14,07,048	14,02,728	13,71,708

Promoter holding remains stable at 81.85% across all recent quarters, reflecting government control and long-term commitment. FII and DII holdings have shown slight fluctuations, with FII increasing from 2.55% in Q2 FY26 to 2.79% in Q1 FY27, and DII declining from 4.32% to 3.74%, suggesting mixed institutional interest. The number of public shareholders has decreased slightly, from 14,49,111 to 13,71,708, indicating possible consolidation. No significant share buybacks or pledges were disclosed, and retail participation remains low relative to promoter dominance.

⚖️ Peer Comparison — Power Generation & Distribution

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ADANIPOWER	3.79 L Cr	26.6	18.3%	—	0.86
NTPC	3.11 L Cr	11.2	10.1%	—	1.34
POWERGRID	2.44 L Cr	15.3	10.5%	—	1.47
ADANIGREEN	2.04 L Cr	118.6	7.3%	—	5.21
ADANIENSOL	1.57 L Cr	53.0	10.5%	—	1.92
TATAPOWER	1.16 L Cr	29.9	11.1%	—	1.80
ENRIN	1.14 L Cr	76.4	46.2%	—	0.00
JSWENERGY	91,124	44.3	7.3%	—	2.52
NTPCGREEN	77,640	129.8	3.7%	—	1.54
NHPC	74,836	21.1	5.0%	—	1.26

🔗 Peer Stock Analyses

ADANIPOWER NTPC POWERGRID ADANIGREEN ADANIENSOL

⚠️ Risk Factors

1. Project execution delays or cost overruns in hydroelectric and transmission projects could pressure margins and delay returns. 2. Persistent margin volatility and inconsistent net profitability raise concerns about sustainable earnings growth. 3. Low ROE and ROCE suggest limited capital efficiency despite high asset base. 4. Reliance on government-backed projects exposes the company to policy and regulatory risks, including tariff changes or delays in clearance.

📋 Recent Filings

🧠 Analyst's Read

SJVN remains a government-controlled entity with a stable promoter base and a history of dividend payments, but its financial performance lacks consistent momentum, and profitability remains fragile. Investors should monitor the successful approval of the final dividend at the AGM, progress on project commissioning, and any shift in capital allocation strategy. The key near-term catalyst is the AGM outcome on August 31, 2026, particularly regarding shareholder voting on dividends and director appointments.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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