SJVN · Power
SJVN Ltd. reported revenue of ₹1,082 cr for October to December 2025, +61.3% on the year and +4.8% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹3,535 cr, +15.9% on the four before.
Operating profit (EBITDA) was ₹773 cr, a margin of 71.4%, +229 bps on the year and −1,189 bps on the quarter. Over the last 8 quarters the margin has ranged from 47.0% to 83.3%, averaging 68.8%. Operating costs grew +49.3% against revenue growth of +61.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹224 cr, +50.3% on the year and −27.3% on the quarter, with earnings per share of ₹0.57. Profit before other income, one-offs and tax grew faster, at +219.4%; other income, one-offs or tax held the headline back. The tax rate was 37% against an average of 28% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹632 cr, −37.2% 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 ₹1.61 over the last four quarters, the stock at ₹53.42 trades at 33.2 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +50.3% on the year; profit before other income, exceptional items and tax +219.4%.
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 ₹1,082 cr (+61.3% on the year) and net profit of ₹224 cr (+50.3% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +219.4% on the year, against +50.3% for reported profit.
None of the 7 checks that could run raised a question.
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