SJVN · Power
SJVN Ltd. reported revenue of ₹1,496 cr for January to March 2026, +196.8% on the year and +38.3% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,527 cr, +47.4% on the four before.
Operating profit (EBITDA) was ₹910 cr, a margin of 60.8%, +1,301 bps on the year and −1,061 bps on the quarter. Over the last 8 quarters the margin has ranged from 47.8% to 83.3%, averaging 70.6%. Operating costs grew +122.8% against revenue growth of +196.8%, so more of each rupee of sales reached operating profit.
The net loss was ₹118 cr, with earnings per share of −₹0.30. Profit over the last four quarters totals ₹642 cr, −21.5% 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 ₹1.63 over the last four quarters, the stock at ₹53.42 trades at 32.8 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.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹522 cr, +228.3% on the year; 57% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Tax rate lifting profit, 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.
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 ₹1,496 cr (+196.8% on the year) and net profit of −₹118 cr (— on the year) for January to March 2026.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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