SJVN Q2 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,026 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SJVN's Q2 FY25 call highlighted significant corporate milestones, including the Navratna status conferral, commissioning of the 90 MW Omkareshwar floating solar project, and Cabinet approval for the 669 MW Lower Arun hydroelectric project in Nepal (investment INR 5,792.36 crore). The company provided detailed capacity addition guidance: 1,800 MW in FY25, 6,357 MW in FY26, and 3,000 MW in FY27. Execution challenges emerged on the Buxar thermal project (rail infrastructure delays pushing first unit commissioning to January 2025) and Bikaner CPSU (module supply constraints). The green energy IPO process is underway with target fundraise of INR 1,000 crore by March 2025. CapEx guidance was revised downward to INR 9,000 crore for FY25 (from INR 12,000 crore) due to project delays, with INR 12,000-13,000 crore planned for FY26-27. Key risks include Devsari project suspension (INR 250 crore blocked), land acquisition issues for solar projects, and potential PPA cancellations in the REIA portfolio where prices have moved lower.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Significant step-up in commissioning expected including remaining Buxar units, Arun 3 partial, and large solar pipeline completion.
- Board approval received; appointing bankers and underwriters. Target fundraise of INR 1,000 crore through the listing vehicle.
- 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.
Risks flagged
- INR 250 crore already spent on the project which has been halted by environmental concerns and Supreme Court proceedings. Recovery of capital is uncertain pending government intervention.
- Management admitted PPA has not been signed for Arun 3 and they are planning to float a fresh tender, creating revenue uncertainty for this flagship Nepal project expected September 2025.
- First unit commissioning slipped from October-December 2024 to January 2025 due to rail infrastructure issues. Second unit targeted June 2025. Coal transportation via 5 km road from Chausa railway station may create operational constraints.
- Management acknowledged that hybrid tender prices have moved from 350 paise to 319 paise per unit, creating incentive for developers to abandon higher-priced PPAs. Some projects may face termination risk.
Key quotes
- We are planning to have, in fact, I have already applied Buxar 666 megawatt one unit, Bagodara 70 megawatt, and Bikaner 500 megawatt. Omkareshwar, already we have added PSPCL and Punjab 100 megawatts. Plus BBMB 1,800 megawatt and almost 400 megawatt in 360 megawatt in Gujarat and 75 megawatt in Bihar.
- There may be one or two cases of hybrid tender where the credit that's discovered is more. In case we are not getting PPA signed with the state, then it will be PSA signed with the state. Then maybe we may have to think of terminating the PPA.
- Partly, I agree with you, and we are considering all these options, but sometimes, why I am telling that, partly, I agree with you. See, we are public sector undertaking, or our manpower cost is always higher in comparison to the cost of the manpower taken through contractor on a higher basis because we have a lot of remuneration facilities, which we cannot if we are giving it to all the employees or maintenance staff, it will be more costly.
Research modules