Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 31 Aug - 660 MW Unit-2 of 1,320 MW Buxar project completed 72-hour trial run; commercial operation next.
Source: Bse
SJVN Limited (SJVN)
Large CapPower stocks · Large cap · NSE
SJVN Limited is a Navratna CPSE, a joint venture of the Govt. of India & Govt. of H.P., engaged in power generation. It operates hydro, thermal, and solar power projects, with a focus on expanding its renewable energy portfolio and transmission lines.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result31 Jul, 07:53 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -12.1% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SJVND candles · FIT view-39.0%Latest close ₹49.08 on 2026-10-21
Bar
-4.6%
RSI
19
MACD hist
-0.52
52W pos
0%
2026-10-21O ₹51.45H ₹51.52L ₹49.00C ₹49.08Vol 69.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SJVNNifty PowerNifty 500
- SJVN
- -28.5%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -22.0 pp
Chart stats
21 Oct 2026- From 52W high
- -46.2%
- 52W range position
- 0%
- ATR (14)
- 3.7%
- Volume vs 20D
- 1.67x
- Avg traded value
- ₹24.5 Cr
- 20D price channel
- ₹49 - ₹63.9
₹91.3
₹49 - ₹91.3
₹1.8
Latest completed session
20-session average
31.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +52.0% · PAT -1.3% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1116.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence48
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -1% YoY · margin compression · Rev +52% YoY
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,394 Cr | +52.0% | -6.8% |
| EBITDA | ₹850 Cr | +20.2% | -6.6% |
| Operating margin | 61.0% | -1600 bps | +0 bps |
| PAT | ₹225 Cr | -1.3% | NDF |
| PAT margin | 16.1% | -872 bps | +2403 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 31.40
- P/B
- 1.41
- EV/EBITDA
- 11.58
- Market Cap
- 20085.00Cr
Profitability
- ROE
- 4.58%
- ROCE
- 5.73%
- ROA
- 1.23%
- Dividend Y
- 2.75%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -19.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- -22.00%
Balance Sheet
- Debt/Equity
- 2.27
- Interest Coverage
- 2.41×
- Altman Z
- 1.01
- Book Value
- 36.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 1860.00 Cr
- EPS TTM
- 1.62
Shareholding
- Promoter Hold
- 81.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 4,528+47.4% vs prev
Net Profit
₹ CrLatest: 642-21.5% vs prev
Return on Equity
%Latest: 4.5-21.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 19.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~13.8% over last month) — short-term momentum negative.
- RSI(14) at 19 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
2
RS percentile
Stage 4 Downtrend
1M return
-22.5%
3M return
-28.5%
6M return
-37.8%
1Y return
-44.8%
RS 1D
0
RS 20D
-7
Sector rank
#17
Industry rank
#26
Stage evidence
- Price is 29.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 56.76-3.09%
RS vs Nifty 50057
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth7/25
Quality0/20
Balance Sheet1/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 7/25 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 1.0, in distress territory.
- Fair-value margin of safety is negative at -1116.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
31.4
PB
1.4
EV/EBITDA
11.6
ROE
4.6%
ROCE
5.7%
FCF Yield
—
Debt/Equity
2.3
MoS
-1116.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1116.9%
Previous: -1116.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
18
18
18
18
18
18
18
18
18
17
17
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹36.32
-35.1% MoS
Growth-justified P/E
2.5
Growth-justified Value
₹4.03
-1116.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 164
42
32.3
3.6%
-21%
WATCHLIST
CESC
Small
CESC Limited
Power Generation
match 159
35
11.4
12.0%
-27%
WATCHLIST
NLCINDIA
Large
NLC India Limited
Power Generation
match 157
52
11.1
11.9%
+59%
FAIR VALUE
RPOWER
Small
Reliance Power Limited
Power Generation
match 155
24
2166.0
-0.9%
-22025%
OVERVALUED
GMRP&UI
Micro
GMR Power and Urban Infra Limited
Power Generation
match 154
40
—
-42.8%
+61%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:37:42.521Z
Management commentary snapshot
FY26 revenue increased 22% YoY to INR 3,545 cr, driven by tariff true-up. PAT rose 4% YoY to INR 1,008 cr. Q4 FY26 revenue surged 109% YoY, with PAT up 308% YoY. Total generation increased 25% YoY to 13,302 MU. Company commissioned 1730 MW capacity (1070 MW solar, 660 MW thermal).
While SJVN achieved significant capacity additions and revenue growth, consolidated losses from new thermal and solar plants, coupled with lower PLF/CUF and challenges in converting awarded REIA projects into PPAs, indicate operational and execution stress. The ambitious long-term capacity targets are under review.
Growth engines
Buxar Thermal Power Plant (1320 MW)
First unit of 660 MW commissioned on Nov 14, 2025. Unit 2 (660 MW) synchronized May 8, 2026, commercial operation expected by end of May 2026.
Bikaner Solar Power Project (1000 MW)
Commissioned on December 24, 2025, significantly enhancing SJVNL’s renewable energy portfolio.
Dhaulasidh Hydro Project (69.5 MW)
Significant advancement achieved, targeted for commissioning by March 2027.
Arun-III Hydro Project (900 MW, Nepal)
Considerable progress achieved, including critical electromechanical equipment and transmission logistics. Plan to commission all four units by December 2028.
Capacity and execution
FY26 Capacity Additions
Achieved a total capacity addition of 1730 Megawatt during '25-'26, comprising of 1070 solar and 660 Megawatt of thermal. Total installed capacity stands at 4196 megawatts.
Under Construction Portfolio
Currently constructing four hydro projects (1561.5 MW), second unit of Buxar Thermal (660 MW), and 10 solar projects (1705 MW). Total under construction portfolio is 3926.5 Megawatt.
FY27 Planned Capacity Additions
Capacity addition of Buxar Thermal Unit 2 (660 MW), Dhaulasidh Hydro Electric Project (69.5 MW) by March '27, and around 1,555 Megawatt of solar capacity by March '27.
FY28 Planned Capacity Additions
Plan to add around 650 Megawatts, mainly due to solar projects.
Tailwinds
Government Support for Renewable Energy
Bikaner solar project developed under the CPSU scheme of the Ministry of New and Renewable Energy, Government of India.
Growing Regional Power Demand
Buxar power plant will supply 85% of its annual generation to the state of Bihar, contributing substantially to meeting the region's growing power demand.
Headwinds
Lower PLF/CUF for New Plants
Buxar Thermal Unit-1 ran at 60% PLF due to low demand and power curtailment by beneficiaries. SGEL experienced 'slightly lower CUF' on some commissioned plants.
Solar Project Curtailment
Bikaner 1000 MW project faces ~120 MW curtailment due to SVR availability issues, expected to be resolved by October 2026. Potential curtailment in Khawada, Gujarat (~300 MW) due to transmission line delays.
Challenges in REIA PPA Conversion
Only 6 GW of PPAs signed out of 16 GW awarded under REIA. Balance pending due to DISCOM demand/configuration mismatch and lower subsequent bid tariffs.
Geological Surprises in Hydro Projects
Arun-III hydro project faced some geological surprises with the dam right bank, requiring time to stabilize the area.
Risk radar
Project Execution and Connectivity Delays
Nepal hydro project faced geological issues and government approval delays. Bikaner solar project's full capacity is impacted by SVR delivery delays. Khawada solar projects face connectivity delays due to transmission lines.
Regulatory Changes Impacting Tax Benefits
Increased tax expenses due to discontinuation of reduction under section 81A of the Income Tax Act 1961 for Rampur Hydropower Station and KWPP.
Market Demand and Curtailment Risk
Buxar Thermal Unit-1 ran below optimal PLF due to low demand and solar power influx. Solar projects face curtailment due to grid balancing requirements and transmission infrastructure.
High Trade Receivables
Trade receivables increased significantly to INR 1,299 crores as of March 31, 2026, including INR 906 crores of unbilled debtors.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall financial performance and generation trends, as power generation can be seasonal. QoQ is relevant for Q4 specific performance and to monitor sequential momentum of new capacity ramp-up and utilization.
Sector KPIs management disclosed
Total Generation
Total generation from all power stations stands at 13,302 million units in FY26 as compared to 10,646 million units in FY25, reflecting an increase of 25% YoY.
Nathpa Jhakri Hydro Power Station Generation
Achieved a generation of 7,506 million units in FY26 as compared to 7,421 million units in FY25.
Rampur Hydro Power Station Generation
Recorded a generation of 2,108 million units in FY26 as compared to 2,074 million units in FY25.
Buxar Thermal Power Plant Unit-1 PLF
Buxar Unit-1 has started operating at a PLF of around 60% in Q4 FY26.
Management forward view
Reviewing Long-Term Capacity Targets
Previous projections of 25 GW by 2030 and 50 GW by 2040 are under review due to project delays and market assessment. A new business plan with realistic targets will be shared soon.
Focus on Consolidating Ongoing Projects
Company is trying to consolidate itself with the ongoing projects and will make future projections based on realistic targets.
Expects Buxar Thermal to be Profitable in FY27
Management is 'very much sure' that Buxar Thermal Power plant will generate profit during FY27, after Unit 2 commissioning, stabilization, and running above 70% PLF.
Hopeful for REIA PPA Conversions
Despite challenges, management is hopeful that some pure solar PPAs with attractive tariffs (e.g., 2.53-2.54) may find buyers among DISCOMs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Buxar Thermal PLF | 60% for Unit-1 in Q4 FY26 | Increase above 70% for profitability in FY27, post Unit 2 commissioning and stabilization. |
| Bikaner Solar Curtailment | ~120 MW curtailment on 1000 MW project | Commissioning of SVR by October 2026 to resolve curtailment and enable full capacity operation. |
| REIA PPA Conversion Rate | 6 GW signed out of 16 GW awarded | Progress on converting the remaining 9 GW of awarded capacity into Power Sale Agreements. |
| Trade Receivables | INR 1,299 crores as of March 31, 2026 | Reduction in outstanding receivables and timely billing and realization, especially for unbilled debtors. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
48Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 7th percentile within Power. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
69 docs text-extracted · 53 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
5th percentile
overall median 67 · Power: 7th pctile, median 65 · Large: 3rd pctile, median 73
Evidence depth
Financial-only
69 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
28
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 81.9%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.27.
- ▸Altman Z is 1.01.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 5.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching SJVN Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 10 Sep - Ministry of Power extends SJVN CMD additional charge to Bhupender Gupta from 1 Aug 2026 for six months.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - SJVN achieved COD for 75 MW Jamui Solar Project in Bihar on 11 Aug 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 12 Aug - SJVN achieved COD for 75 MW Jamui Solar Project in Bihar, costing ₹342 crore at ₹2.96/unit.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 15 Jul - Smt. Arti Kujur appointed Independent Director for three years from July 15, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 2d - Shri Shubh Karan Singh ceased as SJVN director from July 20, 2026 after relinquishing government post.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Jul - PM inaugurated SJVN’s 1000 MW Bikaner Solar Project; ₹5,492 crore investment, 25-year output planned.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Jun - SJVN signed PPAs with GUVNL for 66 MW Dhaulasidh, 210 MW Luhri Stage-I, and 382 MW Sunni Dam HEPs.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 11 Jun - Ministry of Power appoints Rajesh Kumar Chandel as Whole-time Director (Projects) for five years; Suprakash Adhikari's additional charge ends.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.