SJVN reports mixed Q2 FY26 results, approves ₹1,000 crore fund-raising, appoints new CFO
SJVN Limited reported mixed Q2 FY26 results, approved ₹1,000 crore fund-raising via securitization, and appointed a new CFO. Ongoing project disputes in Himachal Pradesh and a hold on Devasari Project are significant concerns.
The announcement has a high impact due to several key factors: the release of quarterly financial results impacting investor perception, a significant fund-raising approval of ₹1,000 crore which affects the company's financial structure and project funding, a key management change with the appointment of a CFO, and ongoing substantial project disputes/holds (Devasari and HP projects) involving significant capital expenditure and potential future revenue, all of which directly affect the company's operational outlook and strategic direction.
The announcement presents a mixed financial performance with sequential growth but year-over-year profit decline. While the approval of ₹1,000 crore fund-raising via securitization and the appointment of a new CFO are positive developments, significant ongoing disputes with the Government of Himachal Pradesh over three hydro projects and a hold on the Devasari Hydro Electric Project introduce considerable uncertainty and risk regarding future growth and capital deployment.
* SJVN Limited's Board of Directors, in a meeting held on November 10, 2025, approved the standalone and consolidated financial results for the quarter ended September 30, 2025. * Standalone Financial Highlights (Q2 FY26): * Revenue from Operations: ₹942.03 crore (up from ₹822.44 crore in Q1 FY26, down from ₹994.51 crore in Q2 FY25). * Profit for the period: ₹372.28 crore (up from ₹258.51 crore in Q1 FY26, down from ₹473.06 crore in Q2 FY25). * Consolidated Financial Highlights (Q2 FY26): * Revenue from Operations: ₹1,032.40 crore (up from ₹917.45 crore in Q1 FY26, up from ₹1,026.25 crore in Q2 FY25). * Profit for the period: ₹307.80 crore (up from ₹227.58 crore in Q1 FY26, down from ₹439.90 crore in Q2 FY25). * The Board approved raising funds up to ₹1,000 crore through the securitization of balance future Revenue/Return on Equity (ROE) of the Natpha Jhakri Hydro Electric Project (1,500 MW) to achieve targets for FY 2025-26 under the National Monetization Pipelines. * Shri Sipan Kumar Garg has been appointed as the Chief Financial Officer (CFO) of the Company. * The Devasari Hydro Electric Project in Uttarakhand, with an incurred expenditure of ₹250.98 crore (including ₹199.74 crore as Capital Work-in-Progress) as of September 30, 2025, remains on hold as per Ministry of Power directions. SJVN is pursuing its resumption. * Regarding three hydro projects (210 MW Luhri Stage-1, 382 MW Sunni Dam, and 66 MW Dhaulasidh) allotted by the Government of Himachal Pradesh (GoHP), GoHP is seeking to renegotiate terms before signing the Implementation Agreement. SJVN has filed a petition in the Hon'ble High Court of Himachal Pradesh, which has directed GoHP against coercive action. GoHP has indicated its intention to consider taking back these projects. Expenditure on these projects totals ₹749.79 crore under Property, Plant and Equipment/Intangible Assets and ₹2715.01 crore under Capital Work-in-Progress as of September 30, 2025. * Shareholders approved a final dividend of ₹0.31 per share (face value ₹10 each) at the Annual General Meeting held on September 25, 2025, which was paid in October 2025. This is in addition to the interim dividend of ₹1.15 per share already paid for FY 2024-25.
What to do with a filing like this
SJVN Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by SJVN Limited. Read the original for the full detail.