New Delhi: SJVN Ltd reported a sharp rise in consolidated revenue and profit for the quarter ended December 31, 2025, driven by commissioning of new solar and thermal capacities, but nine-month earnings declined year-on-year as higher finance costs and subsidiary losses compressed margins.
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Consolidated revenue from operations rose to Rs 1,081.97 crore in Q3 FY26, up from Rs 670.99 crore in the corresponding quarter last year. However, on a sequential basis, revenue was broadly stable compared with Rs 1,032.40 crore in Q2 FY26.
Profit after Tax (PAT) on a consolidated basis stood at Rs 224.31 crore in Q3 FY26, up from Rs 148.75 crore in Q3 FY25 but lower than Rs 307.80 crore reported in the previous quarter.
For the nine-month period, consolidated revenue increased 18 percent year-on-year to Rs 3,031.82 crore, compared with Rs 2,567.61 crore in the same period last year. However, PAT declined to Rs 759.69 crore from Rs 945.74 crore, reflecting pressure on profitability despite revenue expansion.
The decline in nine-month earnings came as finance costs rose sharply to Rs 775.72 crore from Rs 583.96 crore a year earlier, alongside higher depreciation expenses of Rs 547.59 crore compared with Rs 401.18 crore last year.
Operating margin at the consolidated level stood at 60.69 percent in Q3 FY26, broadly steady compared to 54.65 percent in Q3 FY25, while net profit margin for the quarter was 20.73 percent. For the nine-month period, net profit margin narrowed to 25.06 percent from 36.83 percent last year, underscoring margin compression at the group level.
During the quarter, SJVN Green Energy Ltd’s 1,000 MW Bikaner Solar Power Project achieved commercial operation in phases. The project contributed Rs 62.42 crore in Q3 FY26 and Rs 143.32 crore in the nine-month period.
Additionally, one 660 MW unit of the 1,320 MW Buxar Thermal Power Project was commissioned during the quarter. Pending tariff determination, Rs 124.75 crore was provisionally recognised as unbilled revenue for the quarter and nine months ended December 31, 2025.
However, two subsidiaries — SJVN Green Energy Ltd and SJVN Thermal Pvt Ltd — reported losses during the quarter and nine-month period, impacting consolidated profitability. Consolidated earnings per share (EPS) for the nine months stood at Rs 1.93, compared with Rs 2.41 in the corresponding period last year.
The consolidated balance sheet reflects significant capital expenditure. Paid-up debt capital increased to Rs 30,614.89 crore as of December 31, 2025, compared with Rs 25,380.64 crore a year earlier. The consolidated debt-equity ratio rose to 2.07 from 1.72 in the previous year.
Net worth stood at Rs 14,807.85 crore. Interest service coverage ratio was 3.70 in Q3 FY26, while debt service coverage ratio stood at 0.81, indicating higher debt servicing pressure relative to the standalone entity.
On a standalone basis, SJVN’s core hydro operations continued to generate strong margins. Revenue from operations rose to Rs 846.13 crore in Q3 FY26, compared with Rs 625.02 crore in Q3 FY25. Sequentially, revenue declined from Rs 942.03 crore in Q2 FY26, reflecting the seasonal nature of hydropower generation.
Standalone PAT increased sharply to Rs 251.71 crore in Q3 FY26 from Rs 139.25 crore a year earlier, though it declined quarter-on-quarter from Rs 372.28 crore.
For the nine-month period, standalone revenue increased to Rs 2,610.60 crore from Rs 2,451.26 crore last year. However, PAT fell to Rs 882.50 crore compared with Rs 939.46 crore in the corresponding period, indicating moderate pressure on earnings.
Operating margin on a standalone basis expanded to 71.04 percent in Q3 FY26, compared with 54.01 percent in Q3 FY25. Net profit margin for the nine-month period stood at 33.80 percent.
Standalone EPS for nine months stood at Rs 2.40 compared with Rs 2.44 in the previous year.
Revenue for the quarter and nine months includes Rs 173.95 crore relating to earlier years, recognised pursuant to the receipt of tariff truing-up order for the 2019–24 period in respect of Rampur Hydro Power Station. Hydropower contributed Rs 835.24 crore in Q3 FY26 and Rs 2,544.73 crore in the nine-month period, compared with Rs 560.76 crore and Rs 2,309.27 crore respectively in the corresponding period last year.
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Renewable energy (wind and solar) contributed Rs 6.28 crore in Q3 FY26 and Rs 41.62 crore for nine months on a standalone basis. The Board of Directors declared an interim dividend of Rs 1.15 per equity share of face value Rs 10 for FY26.