SJVN Q3 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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₹671 Cr
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What the record says.
SJVN reported a mixed Q3 FY25 with strong operational performance but delayed capacity additions. The company commissioned the 90 MW Omkareshwar floating solar project (full COD October 2024) and balance 42 MW of Raghanesda solar, taking total installed capacity to 2,466.5 MW. Hydropower stations outperformed with 26.3% excess generation (10,084 vs 7,987 million units YoY). Key projects face delays: Buxar thermal (1,320 MW) now expected Q1 FY26 (first unit May 2025), while Arun-3 in Nepal (900 MW) is delayed to Q4 FY27 due to geological challenges. Management targets doubling capacity to ~5 GW in FY26 through Buxar and Bikaner commissioning. The 7.2 GW renewable portfolio has 100% PPA backing, but PSA/PPA signing for 2.4 GW awarded RIA projects remains pending, causing pipeline uncertainty. Interest costs rose significantly due to ongoing CapEx for 4,936 MW under construction. BESS target of 1,500 MWh assigned by MNRE. SJVN Green Energy listing planned for Q3-Q4 FY26. The 25 GW by 2030 target appears ambitious given current execution pace.
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Guidance to track
- 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.
- 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.
- Management targets adding approximately 3 GW per year from FY26 onwards, comprising hydro, solar, and thermal projects to reach 25 GW by 2030.
- Listing of subsidiary SJVN Green Energy planned for Q3-Q4 FY26 to unlock value from renewable energy portfolio.
Risks flagged
- Of the 7.5 GW tendered and 2.4 GW awarded under REIA vertical, PPAs remain unsigned due to DISCOM reluctance to sign Power Sale Agreements. Management expects resolution within two months but timing uncertainty persists.
- Nepal's 900 MW Arun-3 hydro project faces geological surprises at dam site, pushing commissioning from FY26 to Q4 FY27. This is a ~1.5 year delay affecting flagship project timeline.
- Finance costs increased significantly due to capital infusion for under-construction projects and securitization deployment in renewables. Management expects improvement only post-FY26 commissioning.
- 1,000 MW Bikaner project dependent on Tata Power module supply (EPC contractor). Industry-wide CPSU scheme delays with Indian module mandate affecting commissioning timeline. Investor questioned accuracy of earlier capacity addition guidance.
Key quotes
- As the PSA is not realized, so therefore we have not signed the PPA and have not given go-ahead to the developer for installation of the plant.
- Buxar is Arun-3, I was telling. Buxar just May month. Within two, three months, we are going to commission the first unit. 660 megawatts, first unit, we are going to commission during the month of May.
- We are still quite optimistic to achieve our target of this 25 gigawatts by 2030. And every year we are going to add, say, roughly around 3 gigawatts of capacity every year.
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