SJVN Q2 FY27 Results: Net Profit Surges 113.7% YoY to ₹658 Crore on Strong Revenue

Key numbers

P/E TTM	31.18Sector PE 21.6
Market Cap	₹19,931.92 CrUtilities
1-Year Return	-42.96%Price ₹50.72
RSI	40.4Neutral Zone

Key highlights

• Consolidated net profit reached ₹658 crore, reflecting 113.7% YoY growth and a 192.7% sequential surge
• Revenue from Operations climbed 117.4% YoY to ₹2,244 crore compared to ₹1,032 crore in Q2 FY26
• Revenue includes ₹242.59 crore in provisional tariff arrears for the Nathpa Jhakri Hydro Power Station
• Board granted in-principle approval for the merger of wholly owned subsidiary SJVN Thermal Private Limited
• Total project portfolio stood at 17,615 MW as of October 2026, with 4,931.50 MW operational
• Etalin HEP assets worth ₹738.52 crore were reclassified as held for sale following reassignment to NHPC

Rapid Revenue Scale and Profit Expansion

SJVN Limited witnessed significant growth in its top and bottom line during the September 2026 quarter. Revenue from operations reached ₹2,244 crore, marking a 117.4% increase from ₹1,032 crore in the same period last year. This surge translated into a net profit of ₹658 crore, up 113.7% year-on-year.

On a sequential basis, profit momentum was even stronger, rising 192.7% from ₹225 crore in Q1 FY27. Operating margins for the period stood at 38.5%, as the company benefited from increased power generation and higher realizations, while total income for the quarter reached ₹2,290 crore.

Regulatory Gains and Tariff Recognitions

• Revenue for the quarter includes ₹242.59 crore relating to earlier years for Nathpa Jhakri Hydro Power Station.
• Buxar Thermal Power Project contributed ₹40.42 crore to quarterly revenue via interim tariff orders.
• The company opted for the new taxation regime under Section 200 of the Income-tax Act, 2025.
• Finance costs for the quarter rose to ₹488.10 crore compared to ₹315.10 crore in the prior year.
• Depreciation and impairment expenses for the period were recorded at ₹262.78 crore.

Strategic Consolidation and Portfolio Shifts

The utility major continues to reshape its project portfolio, which stood at 17,615 MW as of October 2026. A significant development involves the in-principle approval for the merger of SJVN Thermal Private Limited into the parent entity to streamline operations. Simultaneously, the company has reclassified ₹738.52 crore in assets related to the 3,097 MW Etalin HEP as held for sale following its reassignment to NHPC Limited.

These strategic moves align with the company's long-term 'Shared Vision' target of adding 25,000 MW of capacity by 2030 and 50,000 MW by 2040.

Market Context and Valuation Metrics

• Promoter holding remains stable at 81.85% with zero pledges reported as of September 30, 2026.
• The stock is trading at a TTM Price to Earnings ratio of 31.18, compared to a sector average of 21.6.
• Institutional holding decreased slightly to 6.44%, while FII holding was recorded at 2.65%.
• Mutual Fund exposure increased marginally by 0.08% during the quarter to reach 0.92%.
• The current price of 50.72 reflects a 42.96% decline over the past year despite recent profit growth.

What to watch next

• Final determination of tariff by CERC for the Buxar Thermal Power Project period 2025-2029
• Execution of ₹9,400 crore capex guidance projected for the full FY27 period
• Regulatory and government approvals for the merger of SJVN Thermal Private Limited
• Updates on the Luhri, Sunni Dam, and Dhaulasidh hydro projects currently under dispute with GoHP

SJVN · financial snapshot

Share price	₹50.72
Market capitalisation	₹19,931.92 Cr
Revenue (annual)	₹4,528.29 Cr
Net profit (annual)	₹642.08 Cr
Revenue (latest quarter)	₹1,394.38 Cr-6.82% vs previous quarter
Net profit (latest quarter)	₹224.93 Cr+290.65% vs previous quarter
P/E (TTM)	31.18×Sector 21.6×
Promoter holding	81.85%0.00% QoQ
FII holding	2.65%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.