SJVN · Power
SJVN Ltd. reported revenue of ₹2,244 cr for July to September 2026, +117.4% on the year and +61.0% on the quarter. That is faster than this quarter has grown in recent years (+8.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹6,216 cr, +99.0% on the four before.
Operating profit (EBITDA) was ₹1,585 cr, a margin of 70.6%, −1,270 bps on the year and +966 bps on the quarter. Over the last 8 quarters the margin has ranged from 47.8% to 83.3%, averaging 67.7%. Operating costs grew +283.1%, faster than revenue at +117.4%, so operating profit grew less than sales.
Net profit was ₹658 cr, +113.6% on the year and +192.4% on the quarter, with earnings per share of ₹1.67. Profit before other income, one-offs and tax grew faster, at +123.0%; other income, one-offs or tax held the headline back. The tax rate was 26% against an average of 31% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹989 cr, +77.6% on the four before.
Of the 7 companies in Power and utilities that have reported Q2 FY27 so far, SJVN Ltd. ranks 1st on revenue growth; the sector median is +14.9%. Its margin moved −1,270 bps on the year against a sector median of +151 bps.
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 ₹2.51 over the last four quarters, the stock at ₹53.42 trades at 21.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 70.6%, −1,270 bps on the year (+966 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 ₹488 cr, +54.9% on the year; 31% 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. 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹2,244 cr (+117.4% on the year) and net profit of ₹658 cr (+113.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +123.0% on the year, against +113.6% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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