SJVN Q2 FY27 Results: Consolidated Net Profit ₹658 Crore on Total Income of ₹2,290 Crore
Earnings
hydroelectric power generation
Blacklitt Research4 min read
Wikideas1, via Wikimedia Commons (CC0). Illustrative image.
SJVN reported consolidated total income of ₹2,290.31 crore and net profit of ₹657.72 crore for the quarter ended 30 Sep 2026. Standalone total income for the quarter was ₹1,526.85 crore and standalone net profit was ₹736.73 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,290.31 crore, up 112.4% YoY and 60.3% QoQ
Net profit and EPS: ₹657.72 crore, up 113.7% YoY; basic EPS ₹1.68 against ₹0.78
Finance costs: ₹488.10 crore, up 54.9% YoY
Earlier-year revenue: ₹242.59 crore (NJHPS) and ₹40.42 crore (Buxar), both relating to earlier periods
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,526.85 crore, up 47.9% YoY and 92.1% QoQ
Net profit and EPS: ₹736.73 crore, up 97.9% YoY; basic EPS ₹1.87 against ₹0.95
Finance costs: ₹211.81 crore, down 21.4% YoY
Earlier-year revenue: ₹242.59 crore relating to earlier years
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,290.31
1,078.29
+112.4%
1,428.78
+60.3%
Revenue from operations
2,244.32
1,032.40
+117.4%
1,394.38
+61.0%
Other income
45.99
45.89
+0.2%
34.40
+33.7%
657.72
307.80
+113.7%
224.74
+192.7%
Profit before tax
882.03
421.90
+109.1%
345.56
+155.2%
Finance costs
488.10
315.10
+54.9%
326.14
+49.7%
Depreciation
262.78
170.93
+53.7%
247.33
+6.2%
Tax expense
231.69
144.88
+59.9%
86.10
+169.1%
Net profit margin
28.72%
28.55%
+0.17 pp
15.73%
+12.99 pp
EPS, basic (₹)
1.68
0.78
+115.4%
0.57
+194.7%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
SJVN said in a filing on 30 Oct 2026 that consolidated net profit rose 113.7% to ₹657.72 crore, from ₹307.80 crore a year earlier. Total income rose 112.4% to ₹2,290.31 crore and profit before tax rose 109.1% to ₹882.03 crore. Net profit grew faster than profit before tax. Revenue from operations of ₹2,244.32 crore rose 117.4%, while other income of ₹45.99 crore was up 0.2%.
Consolidated revenue from operations includes ₹242.59 crore relating to earlier years, recognised pursuant to receipt of the provisional tariff order for 2024-29 for Nathpa Jhakri Hydro Power Station (NJHPS), and ₹40.42 crore relating to earlier periods from the CERC order dated 12 Oct 2026 for the Buxar Thermal Power Project of SJVN Thermal Private Limited, a subsidiary. That Buxar order allows interim tariff for 14 Nov 2025 to 31 Mar 2029, subject to final determination of tariff by CERC. The corresponding periods of 2025 had nil for both items.
Finance costs rose 54.9% to ₹488.10 crore, and depreciation rose 53.7% to ₹262.78 crore. Finance costs are 21.3% of total income this quarter. Tax expense rose 59.9% to ₹231.69 crore, which is 26.3% of profit before tax of ₹882.03 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,526.85
1,032.68
+47.9%
794.86
+92.1%
Revenue from operations
1,416.99
942.03
+50.4%
758.83
+86.7%
Other income
109.86
90.65
+21.2%
36.05
+204.7%
736.73
372.28
+97.9%
246.88
+198.4%
Profit before tax
972.68
484.11
+100.9%
376.41
+158.4%
Finance costs
211.81
269.45
-21.4%
141.06
+50.2%
Depreciation
103.49
114.88
-9.9%
103.00
+0.5%
Tax expense
243.33
142.61
+70.6%
94.81
+156.7%
Net profit margin
48.25%
36.05%
+12.20 pp
31.06%
+17.19 pp
EPS, basic (₹)
1.87
0.95
+96.8%
0.63
+196.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 97.9% to ₹736.73 crore, from ₹372.28 crore a year earlier. Total income rose 47.9% to ₹1,526.85 crore and profit before tax rose 100.9% to ₹972.68 crore. Net profit rose more slowly than profit before tax. Revenue from operations of ₹1,416.99 crore rose 50.4%, and other income rose 21.2% to ₹109.86 crore.
Standalone revenue from operations includes ₹242.59 crore relating to earlier years, recognised pursuant to receipt of the provisional tariff order for 2024-29 for NJHPS. The corresponding quarter of 2025 had nil.
Finance costs fell 21.4% to ₹211.81 crore from ₹269.45 crore a year earlier, and rose 50.2% from ₹141.06 crore in the June quarter. Standalone finance costs are 13.9% of total income this quarter. Depreciation of ₹103.49 crore was down 9.9% from a year earlier.
Tax expense rose 70.6% to ₹243.33 crore, which is 25.0% of profit before tax. The company says it has opted for taxation under Section 200 of the Income-tax Act, 2025 with effect from Tax Year 2026-27, and that tax for the quarter has been recognised under that section. The company utilised nil MAT credit in the quarter, against ₹63.64 crore in the same quarter of 2025.
Inference
SJVN's Board gave in-principle approval on 30 Oct 2026 to merge SJVN Thermal Private Limited, a wholly owned subsidiary, with SJVN Limited, subject to Government of India and other statutory and regulatory approvals. Shareholders approved a final dividend of ₹0.35 per share for FY 2025-26 at the AGM held on 31 Aug 2026, which was paid in September 2026. Paid-up debt capital at 30 Sep 2026 was ₹33,762.29 crore consolidated, against ₹29,639.20 crore a year earlier, and ₹10,572.98 crore standalone, against ₹10,401.27 crore.
Expenditure of ₹864.62 crore under property, plant and equipment and intangible assets, and ₹3,350.66 crore under capital work in progress, on the Luhri Stage-1, Sunni Dam and Dhaulasidh projects up to 30 Sep 2026 continues to be recognised. The Implementation Agreement for these projects is yet to be signed. The Government of Himachal Pradesh indicated on 22 Apr 2025 an intention to consider taking back the projects, and the High Court has directed that no coercive action be taken against the company while the case is pending.
The Etalin HEP assets of ₹738.52 crore are classified as held for sale, with liabilities of ₹11 lakh directly associated with them. Devasari HEP survey and investigation work has been on hold since 6 Jul 2021, with expenditure of ₹251.50 crore up to 30 Sep 2026. Land revenue levied under a notification dated 3 Feb 2026 on NJHPS and Rampur Hydro Power Station is being challenged in the High Court; the amount has not been recognised, and the filing says any liability would be recoverable from beneficiaries as a pass-through item. It is not known from the filing when the Etalin HEP disposal will be completed.
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