SJVN Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,032 Cr
verified against source
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EBITDA
Pending
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What the record says.
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 MW with 5,091 MW 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.
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Guidance to track
- 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.
- 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.
- 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.
- 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.
Risks flagged
- Despite winning tenders for 13.74 GW and issuing LOAs, only 3.74 GW has signed PSAs/PPAs. Grid connectivity issues, transmission line shortages, and Supreme Court-related matters are blocking project commissioning, particularly in Rajasthan and Gujarat.
- Stakeholder consultations underway with Ministry of Power, MNRE, and bidders on ~9-10 GW of awarded capacity awaiting PPA signing. Rebidding possibility remains; clarity expected in 2-3 months.
- Nathpa Jhakri and Rampur plants faced shutdowns due to high silt and flood conditions in Himachal Pradesh, impacting plant availability factor and reducing capacity/energy charges by estimated INR 50-60 crore. This is recurring weather-related risk.
- Loss of Section 80-IA exemption (INR 52 crore impact) for a project that completed 10 years. Finance costs increased ~INR 50 crore YoY as projects move from CWIP to commissioned assets with associated debt servicing.
Key quotes
- The problem, frankly speaking, you must be knowing yourself also, because there is a lot of tenders which are coming out in the market, specifically for solar. There is some issue now. Because of the grid connectivity, there are transmission line shortages. Because of that, power is not getting evacuated even for the commissioned plant.
- Because this one unit I told you, that will be operational from this month only. And second unit is also coming very soon. In that case, our CWIP will shift to the fixed assets, and it will start generating revenue. Based on that, we do not see that there will be a very large increase in the loan portion in the next two years. We will be able to service our loans out of the cash generated from Buxar.
- We are still into stakeholder consultation... It will take some time, one or two months. After two months, there will be more clarity that what is going to happen for these LOAs where PPA is not getting signed.
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