SJVN logo

SJVN

SJVN NSE

Key Fundamentals

SmallcapPower GenerationPower
Market Cap
₹22,903 Cr
Volatility
Low Risk
P/E Ratio
35.75
EBITDA
₹3,544 Cr
Return on Equity
4.5%
Debt to Equity
2.27
Book Value
₹36.23
EPS
₹2.35
52W High
₹92.16
52W Low
₹59.01

Tapetide Score

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

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.

Growth Rate

Revenue Growth
39.87% higher than 3Y
Net Income Growth
-21.54% higher than 3Y
Cash Flow Change
-25.1% lower than 3Y
ROE
-22.01% lower than 3Y
ROCE
30.65% higher than 3Y
EBITDA Margin (Avg.)
0.32% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

SJVN Ltd is a state-owned power generator with a market capitalisation of about ₹24,266 crore. It trades at a P/E of 38.2 and a P/B of 1.72, with a dividend yield of 2.41%. Revenue is growing fast (60% TTM, 16% 3-year CAGR) as new capacity comes online, but profits have gone the other way (-7% TTM, -22% 3-year CAGR), and return on equity has fallen to about 5%. The main tension is between aggressive capacity expansion and weakening profitability, strained interest coverage and 162 debtor days.

Bull Case 8
  • Revenue momentum is strong, with TTM sales growth of 60% and a 3-year sales CAGR of 16%. That is well ahead of the 10-year sales CAGR of 6%, which suggests new capacity is starting to add to the top line.
  • The company pays out 79.8% of profits as dividends, giving a yield of 2.41%. This offers some income support while the stock is under price pressure.
  • The stock trades at a P/B of 1.72. For a capital-heavy utility where most of the value is tied up in generating assets, that is a moderate multiple.
  • The Government of India and the Government of Himachal Pradesh together hold roughly 82% of the company (about 55% and 26.85%). This majority sovereign ownership supports access to funding and counterparty standing for large hydro, thermal and renewable projects.
  • The company is expected to report a good quarter. If the 60% TTM revenue growth starts turning into profit, the -7% TTM profit trend could improve.
  • Despite recent weakness, long-term shareholder returns have been positive: a 5-year stock CAGR of 18% and a 10-year CAGR of 8%.
  • The stock has fallen 32% over the last year. This has already priced in part of the profit decline compared with earlier peak valuations.
  • Management has set expansion targets of about 25 GW of capacity by 2030 and 50 GW by 2040. If executed, this is a multi-fold increase that could drive long-term earnings, beyond the current 3-year sales CAGR of 16%.
Bear Case 8
  • Profits have shrunk while revenue has grown: the profit CAGR is -22% over 3 years, -19% over 5 years and -7% over 10 years. Revenue growth is not turning into earnings.
  • Return on equity is low at 5.43% over the last 3 years and about 5% last year, down from a 10-year average of 10%. The large capital base is earning much less than before.
  • A P/E of 38.2 is high for a utility with about 5% ROE and a -22% 3-year profit CAGR. The valuation assumes earnings will recover.
  • Interest coverage is low, and the company may be capitalising interest costs. If so, reported profits could be overstated, and they could drop further as projects are commissioned and interest moves to the P&L.
  • Debtor days are high at 162, meaning a large share of revenue sits in receivables. This points to working capital strain and exposure to slow-paying state power distributors.
  • The stock has fallen 32% over 1 year and returned -4% a year over 3 years. This reflects weak sentiment and has undone much of the earlier re-rating.
  • A 79.8% dividend payout leaves little internal cash to fund the capacity expansion. That makes the company more reliant on debt, at a time when interest coverage is already low.
  • Large hydro and renewable projects carry execution risks: cost overruns, delays and geological problems. Any slippage would further pressure the ~5% ROE and the already negative profit trend.

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

AI News Digest

1d ago
Headwinds 2
  • ₹13.4 lakh board compliance fines Sep 18

    BSE and NSE fined SJVN ₹13.4 lakh for not appointing independent directors and not maintaining statutory committees. The company blamed delays in government appointments, which points to ongoing governance gaps.

  • No full-time CMD Sep 10

    The Ministry of Power extended Bhupender Gupta's additional charge as SJVN CMD for six months from August 1, 2026. He also heads NHPC, so leadership at SJVN stays interim and his attention is split between the two companies.

Positives 2
  • 660 MW Buxar Unit-II commissioning Sep 11

    Unit-II of the Buxar Thermal Power Project, with 660 MW of capacity, was scheduled to start operations on September 12. This is a significant addition to capacity and should support revenue growth from H2FY27.

  • Board vacancies being filled Sep 30

    Shareholders ratified the appointments of three new directors, including Parthajit De and Rajesh Kumar Chandel. This partly addresses the board composition gaps behind the September exchange fines.

Neutral 2
  • AGM approves ₹0.35 final dividend Sep 30

    Shareholders approved a final dividend of ₹0.35 per share at the AGM. This is a modest payout, in line with routine PSU practice.

  • Trading window closed before Q2FY27 Sep 29

    SJVN closed its trading window from October 1, 2026, until 48 hours after it declares results for the quarter ending September 30, 2026. This is a standard pre-results compliance step.

TL;DR: SJVN's operations are moving forward: the 660 MW Buxar Unit-II commissioning adds meaningful thermal capacity and diversifies its mainly hydro portfolio. Governance is the weak spot, with ₹13.4 lakh in exchange fines over board lapses and a CMD who is only on additional charge while also running NHPC. The new director appointments suggest compliance is improving, but the leadership question is still open. Q2FY27 results and early generation numbers from Buxar Unit-II will show whether the new capacity starts lifting earnings.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
675
878
543
483
870
1,026
671
504
917
1,032
1,082
1,496
1,394
Expenses
192
172
175
256
224
198
207
264
211
172
309
587
545
Operating Profit
483
706
368
227
646
828
464
241
707
860
773
910
850
OPM %
72%
80%
68%
47%
74%
81%
69%
48%
77%
83%
71%
61%
61%
Other Income
71
89
49
195
89
92
91
52
54
79
44
60
35
Interest
90
124
122
121
143
198
229
159
216
315
245
522
326
Depreciation
101
102
112
242
131
133
137
275
160
171
216
494
247
PBT
363
569
183
58
462
590
189
-142
385
453
357
-47
311
Tax %
25%
23%
24%
-5%
23%
25%
21%
-10%
41%
32%
37%
153%
28%
Net Profit
272
440
139
61
357
440
149
-128
228
308
224
-118
225
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
79
126
124
118
70
103
122
140
87
86
119
63
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others0.74%Promot.81.85%FIIs2.79%DIIs3.74%Public10.88%As ofJun 2026

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.[1]
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 market capitalisation of SJVN Ltd?
SJVN Ltd has a market capitalisation of ₹22,903 Cr, which places it in the Large Cap band.
What is the PE ratio of SJVN Ltd?
SJVN Ltd trades at a PE ratio of 35.75, on earnings per share of ₹2.35, against a book value of ₹36.23 per share.
What is the 52-week high and low of SJVN Ltd?
Over the last 52 weeks SJVN Ltd has traded between ₹59.01 and ₹92.16.
Does SJVN Ltd pay dividends?
SJVN Ltd has a dividend yield of 2.53%.
What is the Return on Equity (ROE) of SJVN Ltd?
SJVN Ltd reported a return on equity of 4.50%. 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.[1]

Website sjvn.nic.in
CEO Mr. Soumendra Das
Employees 1,349
Listed 2010-05-20
Face Value ₹ 10
Issued Size 3,92,97,95,175

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