SJVN earnings calls.

SJVN's Q2 FY26 call centered on operational milestones and project execution rather than financial performance. Unit 1 of the 1,320 MW Buxar Thermal Power Project achieved COD in early November, with Unit 2 expected by January-February 2026. The 680 MW Bikaner Solar Project reached COD under the CPSU scheme. Management flagged revenue pressure from flood-related plant availability issues at Himalayan hydel stations (Nathpa Jhakri and Rampur), loss of the Section 80-IA tax benefit (INR 52 crore), and increased finance costs (up INR 50 crore YoY) weighing on profitability. Depreciation rose to INR 170 crore from INR 132 crore due to new commissioned assets. Total installed capacity stands at 3,146.52 MWCurrent 3,146.52 MW. Reported change: +320 MW recent addition. with 5,091 MWCurrent 5,091 MW. Reported change: Across hydro, thermal, solar. under construction across hydro, thermal, and solar projects. As a Renewable Energy Implementing Agency, SJVN has tendered 19.8 GW, with LOAs for 13.74 GW but only 3.74 GW in signed PSAs/PPAs—grid connectivity delays are the primary bottleneck. H1 CapEx of INR 3,600 crore against full-year target of INR 7,500 crore was reported. Near-term capacity additions of ~650 MW expected this fiscal year should support revenue recovery.