High Debt-Funded Capex Execution
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.
SJVN / Q1-FY25 / risks
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SJVN · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Arun-3 Merchant Power Pricing Uncertainty
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 Tariff Question Deflected
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.
Rooftop Solar Scheme Execution Ambiguity
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.