SJVN releases Q2 FY26 concall transcript, details significant project commissioning, future capex, and new initiatives
SJVN details Q2 FY26 results, major project commissioning like Buxar Unit 1 and Bikaner solar, future capex, and new renewable energy projects, showing strong growth outlook.
The announcement provides comprehensive updates on major project commissioning, substantial projects under construction, future capex plans, and strategic initiatives in renewable energy, directly influencing the company's operational capacity, revenue potential, and long-term growth trajectory. These details are crucial for investor evaluation.
The company announced the successful commissioning of significant projects like Buxar Thermal Power Unit 1 and 680 MW Bikaner Solar, along with a robust pipeline of future projects and strategic partnerships, indicating strong growth prospects. Despite a temporary revenue dip due to specific, explained factors, the management is confident about future profitability and debt servicing.
* SJVN Limited released the transcript of its conference call held on November 10, 2025, with investors and analysts to discuss the financial results for the quarter/half-year ended September 30, 2025. * Unit 1 (60 MW) of the 1320 MW Buxar Thermal Power Project was virtually inaugurated by the Prime Minister on August 22, 2025, after successful synchronization on August 21, 2025. The unit completed its 72-hour continuous full load running on November 5, 2025, and Commercial Operation Date (COD) was expected within one to two days of the call. * The second unit of the Buxar Thermal Power Project is targeted for commissioning in January or February 2026. Once fully commissioned, the plant will generate approximately 9826.72 million units annually, with 85% supplied to Bihar. * A foundation stone was laid for a 200 MW solar power project in Khawda Solar Park, Kutch, Gujarat, on September 21, 2025. This project is expected to generate around 505 million units in its first year, supplying power to Gujarat Urja Vikas Nigam Limited at a tariff of ₹2.88 per unit. * Commercial operation for a cumulative capacity of 680 MW under the 1000 MW Bikaner solar power project has been achieved in phases, with full commissioning expected by the end of the current calendar year. SJVN's total installed capacity now stands at 3,146.52 MW, expected to reach approximately 3,500 MW by mid-December 2025 with an additional 320 MW. * Power Purchase Agreements (PPAs) were signed with Uttar Pradesh Power Corporation Limited for the 900 MW Arun-III (international project), 210 MW Luhri Stage-I, and 380 MW Sunni Dam Hydroelectric Projects. * In Nepal, the Arun-III Hydroelectric Project achieved a major milestone with the completion of Unit 1 pit free, initiating electromechanical activities. * Total generation from all power stations in FY2025-2026 to date stands at 9,442 million units, an increase of about 6.3% (562 million units) compared to 8,880 million units in the corresponding period of FY2024-2025, primarily driven by the commissioning of the Bikaner Solar Power Project Unit 1. * SJVN's current portfolio includes 13 operational projects (3,146 MW) and two transmission lines. It has 5,091 MW under construction, comprising 4 Hydro Projects (1,558 MW), 1 thermal power project (1,320 MW), and 14 solar projects (2,213 MW). * SJVN has been entrusted with implementing the PM-Surya Ghar: Muft Bijli Yojana in Himachal Pradesh, Punjab, and Arunachal Pradesh, and installing rooftop solar systems on government buildings for 18 ministries (21.1 MW awarded). * As a Renewable Energy Implementing Agency (REIA), SJVN has floated tenders for 19.8 GW, issued Letters of Award (LOAs) for 13.74 GW, and signed Power Sale Agreements (PSAs)/PPAs for 3.74 GW. * The company received the SCOPE Eminence Award in HR Management on August 29, 2025. * Capex for FY2025-26 is targeted at ₹7,500 crore, with ₹3,600 crore already spent in the first half. A capex of approximately ₹8,000 crore is planned for FY2026-27. * Incentive income for H1 FY2025-26 was ₹104.45 crore. * Management explained that despite increased generation capacity, revenue did not increase proportionally due to several factors: a decrease in energy charges (₹50-60 crore loss) from plant closures due to high silt during floods in Himachal Pradesh, an increase in tax expenses (₹52 crore decrease due to cessation of 80IEA benefits for one plant), an increase in finance costs (₹50 crore), lower bank interest (₹26 crore decrease), and lower late payment surcharges (₹17 crore decrease). * Approximately 650 MW of Renewable Energy (RE) projects, including 320 MW from Bikaner, 75 MW in Jamui (Bihar), 120 MW in Assam, 35 MW in Bagodara (Gujarat), and 100 MW in Nawa (Rajasthan), are expected to be commissioned in FY2025-26, with an average tariff of around ₹2.60 per unit. * There are no immediate plans to list the SJVN Green Energy subsidiary for at least the next year. * Management is confident in servicing the current debt of approximately ₹30,000 crore, expecting significant revenue generation from the commissioning of the Buxar plant. * Future projects include two large hydro projects in Nepal, Lower Arun (680 MW) and Upper Karnali (900 MW), expected to begin construction in Q1 FY2026-27. * In FY2026-27, SJVN anticipates commissioning around 1.5 GW of solar projects, with Arun-III, Sunni, and Luhri projects in advanced stages, and the 66 MW Dhaulasidh project by December 2026.
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