SJVN Q1 revenue rises 52% to Rs 1,394.38 crore, PAT slips 1.2%

SJVN Limited reported consolidated revenue from operations of Rs 1,394.38 crore for the quarter ended June 30, 2026, up 52% from Rs 917.45 crore in the corresponding quarter of the previous fiscal year.

Despite the increase in revenue, consolidated Profit After Tax (PAT) declined marginally by 1.2% to Rs 224.74 crore from Rs 227.58 crore in Q1 FY2026. Basic earnings per share on a consolidated basis stood at Rs 0.57.

Standalone performance

On a standalone basis, SJVN recorded revenue from operations of Rs 758.83 crore, down 7.7% from Rs 822.44 crore in the year-ago quarter. Standalone PAT fell 4.5% to Rs 246.88 crore from Rs 258.51 crore in Q1 FY2026.

The standalone Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margin stood at 68.19%, compared with an operating margin of 76.11% in the corresponding quarter of the previous fiscal year. Net profit margin improved to 32.53% from 31.43%.

SJVN’s standalone net worth increased to Rs 14,952 crore from Rs 14,538 crore in the corresponding quarter of the previous year. The debt-equity ratio improved to 0.69 from 0.72 in Q1 FY2026.

The Interest Service Coverage Ratio increased to 4.40 in Q1 FY2027 from 4.05 in Q1 FY2026. The current ratio, however, declined to 0.62 from 1.87 over the same period.

Tariff matters

The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2024 on March 15, 2024, covering the 2024-29 period. The tariff for the Rampur Hydro Power Station has been approved, while the tariff order for the Nathpa Jhakri Hydro Power Station (NJHPS), effective from April 1, 2024, remains pending.

Until the tariff order is issued, billing to NJHPS beneficiaries is being carried out provisionally in accordance with the tariff approved as of March 31, 2024.

Separately, the Department of Settlement, Government of Himachal Pradesh, through a notification dated February 3, 2026, levied land revenue on the Nathpa Jhakri and Rampur Hydro Power Stations.

SJVN has filed petitions before the Hon’ble High Court of Himachal Pradesh challenging the levy. The amount has not been recognised in the financial results. According to management, even if the liability crystallises, it would be recoverable from beneficiaries as a pass-through item under applicable tariff regulations.

Devasari project

Survey and investigation works for the Devasari Hydro Electric Project in Uttarakhand remain on hold following directions issued by the Ministry of Power on July 6, 2021.

SJVN has taken up the matter with the Ministry and the Government of Uttarakhand for resumption of the works. As of June 30, 2026, expenditure of Rs 251.45 crore had been incurred on the project, including capital work in progress of Rs 200.36 crore.