SJVN Q1 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹870 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Where this quarter sits.
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What the record says.
SJVN delivered a strong Q1 FY25 with PAT of INR 327.15 crore, up 21% YoY, driven by record monthly generation across hydro assets and new project commissioning. Revenue from operations stood at INR 831.73 crore, though the year-ago comparison is distorted. The 90 MW Omkareshwar Floating Solar Project (commissioned August 8, 2024, at INR 649 crore cost) and 100 MW Raghanesda Solar COD in April 2024 are now contributing. Management targets FY25 revenue of INR 3,200 crore and cumulative operational capacity of ~5,000 MW by fiscal year-end (from 2,466.5 MW currently), with 4,836 MW under construction. SJVN plans INR 2,000 crore stake dilution in SJVN Green Energy Limited and expects debt to rise to INR 28,000 crore by FY26. Key risks include execution delays on the merchant-priced Arun-3 project in Nepal and the high-debt-funded growth capex program, while analyst questions on tariff blending and rooftop solar capacity targets went partially unanswered.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly guided revenue from operations of approximately INR 3,200 crore for fiscal year 2025.
- 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.
- 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.
- 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.
Risks flagged
- Consolidated debt will nearly double to INR 28,000 crore over two years to fund 4,836 MW under construction. Cash flows will not increase proportionately until projects commission, creating near-term leverage risk.
- The 900 MW Arun-3 project in Nepal is a merchant power plant with no cost-plus tariff protection. Management targets Q3 FY26 commissioning but revenue realization depends on market power prices at that time.
- Analyst Mohit Surana questioned the blended tariff drop to INR 2.60/unit (down 17% YoY) and asked about excess generation pricing. Management responded that tariffs cannot be averaged across projects and did not address the year-over-year decline or excess power monetization.
- SJVN was allotted Himachal Pradesh, Punjab, and Arunachal Pradesh under PM Surya Ghar scheme plus 18 ministries for rooftop solar. However, management could not specify capacity targets, citing vendor empanelment is still in progress. Execution timeline remains unclear.
Key quotes
- Our prestigious 1,500 MW Nathpa Jhakri Hydro Power Station recorded highest ever monthly generation of 1,222.170 million units during July 2024, since its commissioning in 2004.
- We are targeting INR 2,000 crore through dilution of SJVN stake in our wholly owned subsidiary, SJVN Green Energy Limited, in 2024-2025, subject to approval from regulatory authority, DIPAM and other NITI Aayog and Ministry of Power.
- SJVN is moving forward to achieve our vision of installing 20,000-25,000 MW portfolio in operation by 2030, and 50,000 MW by 2040.
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