SJVN · Power
SJVN Ltd. reported revenue of ₹1,394 cr for April to June 2026, +52.0% on the year and −6.8% on the quarter. That is faster than this quarter has grown in recent years (+17.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹5,004 cr, +60.5% on the four before.
Operating profit (EBITDA) was ₹850 cr, a margin of 61.0%, −1,612 bps on the year and +15 bps on the quarter. Over the last 8 quarters the margin has ranged from 47.8% to 83.3%, averaging 68.9%. Operating costs grew +159.0%, faster than revenue at +52.0%, so operating profit grew less than sales.
Net profit was ₹225 cr, −1.3% on the year and — on the quarter, with earnings per share of ₹0.57. Profit before other income, one-offs and tax fell 16.6%, so 15 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹639 cr, −7.3% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹1.62 over the last four quarters, the stock at ₹53.42 trades at 33.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 61.0%, −1,612 bps on the year (+15 bps on the quarter).
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹326 cr, +50.9% on the year; 38% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹543 cr | ₹483 cr | ₹870 cr | ₹1,026 cr | ₹671 cr | ₹504 cr | ₹917 cr | ₹1,032 cr | ₹1,082 cr | ₹1,496 cr | ₹1,394 cr | ₹2,244 cr |
| YoY | — | — | +29% | +17% | +24% | +4% | +5% | +1% | +61% | +197% | +52% | +117% |
| EBITDA margin | 67.8% | 47.0% | 74.3% | 80.7% | 69.2% | 47.8% | 77.1% | 83.3% | 71.4% | 60.8% | 61.0% | 70.6% |
| Other income, % of PBT | 27% | 336% | 19% | 16% | 48% | — | 14% | 17% | 12% | — | 11% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | −5% | 23% | 25% | 21% | — | 41% | 32% | 37% | — | 28% | 26% |
| Net profit | ₹139 cr | ₹61.0 cr | ₹357 cr | ₹440 cr | ₹149 cr | −₹128 cr | ₹228 cr | ₹308 cr | ₹224 cr | −₹118 cr | ₹225 cr | ₹658 cr |
| YoY | — | — | +31% | 0% | +7% | −310% | −36% | −30% | +50% | — | −1% | +114% |
| Core profit YoY | — | — | +28% | +4% | −27% | — | −11% | −25% | +219% | — | −17% | +123% |
| EPS | ₹0.35 | ₹0.16 | ₹0.91 | ₹1.12 | ₹0.38 | −₹0.32 | ₹0.58 | ₹0.78 | ₹0.57 | −₹0.30 | ₹0.57 | ₹1.67 |
| Flags | · | 2 | 1 | 1 | 3 | 1 | 1 | 1 | ✓ | 1 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
SJVN Ltd. reported revenue of ₹1,394 cr (+52.0% on the year) and net profit of ₹225 cr (−1.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −16.6% on the year, against −1.3% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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