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SJVN

SJVN NSE
₹56.05 No trade today
P/E
34.60
View as Markdown
MCP
Close 4 Nov 2026 ₹56.05 −29.88 −34.8% 1Y
Start ₹85.93

Key Fundamentals

SmallcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
5.73%
Debt to Equity
2.27
EPS (TTM)
₹1.62
Book Value
₹38.13
Market Cap
—
P/E (TTM)
34.60
P/B
1.47
ROE
4.58%
Dividend Yield
2.69%
EBITDA
₹3,544 Cr
52W High
₹88.80
52W Low
₹46.08
Volume
0

Peer Comparison

Utilities › Power › Power Generation

SJVN peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
SJVN (this company)
₹56.0534.60₹21,999 Cr1.472.69%4.58%5.73%₹5,005 Cr₹639 Cr
Median 8 companies₹284.8239.67₹74,846 Cr2.220.67%9.86%7.78%₹13,510 Cr₹2,355 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
92
Strong
Sales & profit trajectory 9% weight
Financial Health
20
Poor
Solvency, leverage, coverage 9% weight
Momentum
15
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 79.8%

Weaknesses

4
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 5.43% over last 3 years.
  • Company might be capitalizing the interest cost
  • Company has high debtors of 162 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBullish153
Moving AveragesStrong Bearish604

Key readings

RSI (14)
52.68
Neutral
MACD (12,26,9)
−1.43
Bullish
SMA (50)
59.40
Bearish
SMA (200)
69.13
Bearish

As of

Analyst Rating

Based on 3 analysts
TIED33%

1 of 3 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
1
33%
HOLD
1
33%
SELL
1
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.15%
5Y+12.75%
3Y+15.51%
1Y+47.40%
TTM+60.49%

Net profit

Net profit growth by window
10Y−7.57%
5Y−17.16%
3Y−22.12%
1Y−21.52%
TTM−7.26%

Operating cash flow

Operating cash flow growth by window
10Y−1.70%
5Y−1.27%
3Y+4.46%
1Y−25.09%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−8.49 pp
5Y−0.90 pp
3Y−3.14 pp
1Y+1.87 pp
TTM−4.03 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,679 Cr
Mar 2018₹2,228 Cr
Mar 2019₹2,645 Cr
Mar 2020₹2,703 Cr
Mar 2021₹2,485 Cr
Mar 2022₹2,417 Cr
Mar 2023₹2,938 Cr
Mar 2024₹2,579 Cr
Mar 2025₹3,072 Cr
Mar 2026₹4,528 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,545 Cr
Mar 2018₹1,225 Cr
Mar 2019₹1,367 Cr
Mar 2020₹1,567 Cr
Mar 2021₹1,646 Cr
Mar 2022₹990 Cr
Mar 2023₹1,359 Cr
Mar 2024₹911 Cr
Mar 2025₹818 Cr
Mar 2026₹642 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹4,199 Cr +18.5% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

SJVN Ltd trades at ₹56.5 per share as of 2026-11-02 with a market cap of ₹22,069.73 crore, a P/E (TTM) of 34.88x, and a debt-to-equity ratio of 2.27. The company has delivered strong 60% TTM revenue growth but profits have declined at a 7% TTM rate, while the stock sits 36% below its 52-week high of ₹88.83.

Bull Case 7
  • TTM revenue growth of 60% signals a significant acceleration in top-line performance, well above the 5-year compounded sales growth of 13%
  • Healthy dividend payout ratio of 79.8% with a current dividend yield of 2.81%, providing meaningful income for shareholders
  • 10-year compounded sales growth of 6% and 5-year compounded sales growth of 13% show a consistently improving revenue trajectory over time
  • Stock trades at ₹56.5, which is 22.6% above its 52-week low of ₹46.08, indicating it has recovered from its recent trough
  • 5-year stock CAGR of 12% demonstrates that longer-term shareholders have seen positive capital appreciation despite recent weakness
  • As a hydropower-focused public sector enterprise, SJVN operates in a sector with long-duration revenue visibility and low fuel cost risk
  • Price-to-book ratio of 1.48x is relatively modest, suggesting the stock is not trading at an extreme premium to its book value
Bear Case 7
  • Compounded profit has declined across all measured periods — negative 7% over 10 years, negative 19% over 5 years, and negative 22% over 3 years — indicating a persistent earnings deterioration
  • Debt-to-equity ratio of 2.27 is elevated, and the company has a low interest coverage ratio, raising concerns about balance sheet stress as capacity expansion continues
  • Return on equity is weak at 4.5% currently, with a 3-year average of only 5.43% and 5-year average of 7%, well below the cost of equity for most investors
  • Stock has fallen 43% over the past one year and trades 36% below its 52-week high of ₹88.83, reflecting significant negative sentiment
  • High debtor days of 162 indicate slow collections, tying up working capital and potentially reflecting payment delays from offtakers
  • Potential capitalisation of interest costs could mean reported asset values are inflated and true operating profitability is lower than stated
  • Despite 60% TTM revenue growth, TTM profit still declined 7%, implying that cost pressures or non-cash charges are eroding the benefit of higher revenues

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: SJVN delivered a standout Q2 FY27 with profit doubling and revenue surging 117%, driven by strong operational expansion. The key risk is a notable margin compression from 83.3% to 70.6%, suggesting cost pressures are growing alongside revenue. The proposed merger of its Buxar thermal subsidiary should streamline operations over time. The trend is positive on topline growth, but margin trajectory bears watching in coming quarters.

Headwinds 1
  • EBITDA margin contracts sharply Oct 30

    EBITDA margin fell to 70.6% in Q2 FY27 from 83.3% a year ago, a 12.7 percentage point contraction despite 84.3% absolute EBITDA growth to ₹1,585 crore.

Positives 4
  • Q2 profit doubles to ₹657 cr Oct 30

    Net profit more than doubled to ₹657.4 crore in Q2 FY27 from ₹308 crore YoY, while revenue surged 117.5% to ₹2,244.3 crore from ₹1,032 crore.

  • EBITDA up 84% YoY Oct 30

    EBITDA rose 84.3% to ₹1,585 crore from ₹860 crore in Q2 FY26, reflecting strong operational performance and business expansion.

  • Buxar thermal subsidiary merger Oct 30

    Board approved merger of wholly owned subsidiary SJVN Thermal Private Limited (1,320 MW Buxar Thermal Power Plant) into SJVN to eliminate overlapping functions and reduce costs. No share exchange ratio applies.

Neutral 1
  • HP nominee director appointed Oct 12

    Shri Raman Gharsanghi was appointed as Part-time Official Director on October 12, 2026, following a Ministry of Power order.

Quarterly Results

₹ Cr
SJVN quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
675
878
543
483
870
1,026
671
504
917
1,032
1,082
1,496
1,394
2,244
Expenses
192
172
175
256
224
198
207
264
211
172
309
587
545
659
Operating Profit
483
706
368
227
646
828
464
241
707
860
773
910
850
1,585
OPM %
72%
80%
68%
47%
74%
81%
69%
48%
77%
83%
71%
61%
61%
71%
Other Income
69.6
89
49
195
88.1
92
89.77
52
54
79
44
60
35
55
Interest
90
124
122
121
143
198
229
159
216
315
245
522
326
488
Depreciation
101
102
112
242
131
133
137
275
160
171
216
494
247
263
PBT
363
569
183
58
462
590
189
−142
385
453
357
−47
311
889
Tax %
25%
23%
24%
−5%
23%
25%
21%
−10%
41%
32%
37%
153%
28%
26%
Net Profit
272
440
139
61
357
440
149
−128
228
308
224
−118
225
658
EPS (₹)
0.69
1.12
0.35
0.16
0.91
1.12
0.38
−0.32
0.58
0.78
0.57
−0.3
0.57
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SJVN profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,816
2,494
2,679
2,228
2,645
2,703
2,485
2,417
2,938
2,579
3,072
4,528
5,005
Expenses
372
431
480
524
606
590
619
623
665
737
849
1,168
1,613
Operating Profit
2,443
2,063
2,199
1,705
2,039
2,112
1,867
1,794
2,273
1,843
2,223
3,361
3,393
OPM %
87%
83%
82%
76%
77%
78%
75%
74%
77%
71%
72%
74%
68%
Other Income
309
541
411
409
397
587
425
195
310
380
308
180
218
Interest
65
218
55
101
251
344
42
226
449
482
743
1,298
1,408
Depreciation
641
677
680
365
390
384
393
404
396
557
676
1,042
1,129
PBT
2,047
1,709
1,875
1,648
1,795
1,972
1,856
1,360
1,738
1,183
1,112
1,201
1,074
Tax %
18%
17%
18%
26%
24%
21%
11%
27%
22%
23%
26%
47%
—
Net Profit
1,677
1,411
1,545
1,225
1,367
1,567
1,646
990
1,359
911
818
642
639
EPS (₹)
4.05
3.41
3.73
3.12
3.47
3.99
4.19
2.52
3.46
2.32
2.09
1.63
1.62
Div. Payout %
26%
32%
74%
122%
62%
55%
53%
68%
51%
78%
70%
92%
—

Balance Sheet

₹ Cr
SJVN balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,137
4,137
4,137
3,930
3,930
3,930
3,930
3,930
3,930
3,930
3,930
3,930
Reserves
6,066
7,166
7,353
6,770
7,316
8,121
8,861
9,241
9,930
10,141
10,249
10,309
Borrowings
2,648
2,646
2,416
2,231
2,155
2,238
2,174
6,906
14,059
20,323
27,025
32,278
Other Liabilities
1,781
1,440
1,486
1,460
1,572
1,666
2,508
3,172
4,392
4,797
4,859
5,248
Total Liabilities
14,632
15,389
15,392
14,391
14,974
15,955
17,473
23,248
32,311
39,191
46,063
51,766
Fixed Assets
9,054
8,775
8,425
8,087
8,142
8,051
8,007
7,866
8,489
10,906
11,610
23,459
CWIP
429
505
661
944
1,303
2,265
4,298
8,369
15,674
20,033
26,414
19,155
Investments
3
36
90
120
160
195
222
275
36
37
61
52
Other Assets
5,147
6,073
6,216
5,239
5,368
5,444
4,946
6,738
8,112
8,215
7,978
9,100
Total Assets
14,632
15,389
15,392
14,391
14,974
15,955
17,473
23,248
32,311
39,191
46,063
51,766

Cash Flow

₹ Cr
SJVN cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,492
2,209
2,376
1,641
1,018
1,714
1,983
2,138
1,632
1,310
2,483
1,860
Investing
−304
−768
−1,199
15
−34
−95
−1,145
−6,132
−6,877
−5,502
−6,430
−3,481
Financing
−746
−705
−1,621
−2,272
−1,107
−1,345
−1,105
3,669
5,559
4,502
3,939
2,385
Net Cash Flow
442
736
−444
−616
−123
273
−267
−325
314
309
−8
763
Free Cash Flow
996
1,486
2,376
1,292
244
445
−83
−2,290
−5,212
−4,340
−4,186
−3,839
CFO/EBITDA
79
126
124
118
70
103
122
140
87
86
119
63

Ratios

SJVN financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
195
147
83
47
38
101
77
87
34
89
34
162
Cash Conversion Cycle
195
147
83
47
38
101
77
87
34
89
34
162
Working Capital Days
104
120
40
3
61
38
−46
−215
−395
−418
−409
−467
ROCE %
18%
13%
14%
13%
16%
15%
15%
9%
9%
5%
5%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view SJVN insights

62 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 81.85%
  • Public 10.95%
  • DIIs 3.80%
  • FIIs 2.66%
  • Others 0.75%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about SJVN

What does SJVN Ltd do?
SJVN(Satluj Jal Vidyut Nigam) is engaged in the business of Electricity generation. The company is also engaged in the business of providing consultancy for hydro-power projects. SJVN was declared Navaratna status in Aug,24.
Where is SJVN Ltd (SJVN) listed?
SJVN Ltd trades as SJVN on the NSE and under code 533206 on the BSE.
Which sector does SJVN Ltd belong to?
SJVN Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of SJVN Ltd?
SJVN Ltd trades at a PE ratio of 34.60 as of 4 Nov 2026, on earnings per share of ₹1.62, against a book value of ₹38.13 per share.
What is the 52-week high and low of SJVN Ltd?
Over the last 52 weeks SJVN Ltd has traded between ₹46.08 and ₹88.8 as of 4 Nov 2026.
Does SJVN Ltd pay dividends?
SJVN Ltd has a dividend yield of 2.69%.
What is the Return on Equity (ROE) of SJVN Ltd?
SJVN Ltd reported a return on equity of 4.58%. Its debt-to-equity ratio is 2.27.

Company Information

SJVN(Satluj Jal Vidyut Nigam) is engaged in the business of Electricity generation. The company is also engaged in the business of providing consultancy for hydro-power projects. SJVN was declared Navaratna status in Aug,24.

Website sjvn.nic.in
CEO Mr. Soumendra Das
Employees 1,349
Listed 20 May 2010
Face Value ₹10

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