FY25 Revenue Target: INR 3,200 Crore
Management explicitly guided revenue from operations of approximately INR 3,200 crore for fiscal year 2025.
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FY26 Capacity Addition: 5,673 MW
Projects targeted for commissioning in FY26 include Arun-3 (900 MW hydro, merchant), Dhaulasidh (66 MW), Buxar second unit (660 MW thermal), and multiple solar/wind projects totaling 5,673 MW.
Stake Dilution in SGEL: INR 2,000 Crore
SJVN plans to raise INR 2,000 crore by diluting 20% stake in wholly-owned subsidiary SJVN Green Energy Limited, subject to NITI Aayog, DIPAM, and Ministry of Power approvals.
Debt Trajectory: INR 28,000 Crore by FY26
Current consolidated debt of approximately INR 21,000 crore will rise by INR 6,500 crore over next two years to INR 28,000 crore to fund project execution.
FY25 Capacity Addition Target: 1,800 MW
Management targets commissioning of Buxar 666 MW (January 2025), Bikaner 500 MW (March 2025), Bagodara 70 MW (staggered), and multiple solar projects totaling the guided capacity.
FY26 Capacity Addition: 6,357 MW
Significant step-up in commissioning expected including remaining Buxar units, Arun 3 partial, and large solar pipeline completion.
Green Energy IPO by March 2025
Board approval received; appointing bankers and underwriters. Target fundraise of INR 1,000 crore through the listing vehicle.
FY25 CapEx Revised to INR 9,000 Crore
Downward revision from INR 12,000 crore due to delays in Bhakra, Arun 3, Luhri projects and Bikaner module supply. FY26-27 CapEx expected at INR 12,000-13,000 crore annually.
FY26 CapEx Target: INR 7,500 crore
INR 3,600 crore already spent in H1; management confident of achieving full-year target with balance two quarters. FY27 CapEx guidance set at INR 8,000 crore.
FY27 CapEx: INR 8,000 crore
CapEx expected to remain in similar range as Nepal projects (Arun 3, Lower Arun, Upper Karnali) are in early stages with lower initial capital requirements, ramping up after 1-2 years.
~650 MW Solar Capacity Commissioning This FY
Bikaner additional 320 MW by December 2025; Jamui 75 MW, Assam 120 MW, Bagodra 35 MW, Naba 100 MW all expected within FY26. Average tariff ~INR 2.60/unit.
~1.5 GW Solar + Hydro Projects Next FY
FY27 will see ~1.5 GW solar projects commissioned. Advanced stage projects include Arun 3, Sunii Dam, and Luhri hydro. Small 66 MW Dholasidh project targeted for COD December 2026.
FY26 Capacity Addition: ~2,500 MW
Buxar thermal (1,320 MW) first unit in May 2025, second unit 4 months later; Bikaner solar (1,000 MW) commissioning expected in Q3 FY26 with additional 200-250 MW smaller solar projects.
FY26 Revenue Catalyst from Buxar
Full 1,320 MW Buxar capacity to be commissioned in FY26 with 85% power allocated to Bihar state; this will be major revenue contributor going forward.
3 GW Annual Capacity Addition Target
Management targets adding approximately 3 GW per year from FY26 onwards, comprising hydro, solar, and thermal projects to reach 25 GW by 2030.
SJVN Green Energy IPO in FY26
Listing of subsidiary SJVN Green Energy planned for Q3-Q4 FY26 to unlock value from renewable energy portfolio.