Summary of Key Information:
Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27 / H1 FY27)
Nature of Filing / Announcement: Submission of Unaudited Financial Results (Standalone & Consolidated) under SEBI LODR Regulations
Date of Board Meeting / Approval: October 30, 2026
Audit Opinion: Unmodified Opinion (Clean)
Auditor’s Comment: The auditors issued a report with an 'Emphasis of Matter' on four key points but did not modify their opinion. The matters emphasized do not affect the true and fair view presented by the financial results.
Key Financial Highlights [Unit: ₹ Crore]
Standalone Results:
Revenue from Operations: ₹1,416.99 crore for Q2 FY27 (vs. ₹942.03 crore in Q2 FY26; +50.4% YoY)
Total Income: ₹1,526.85 crore for Q2 FY27 (vs. ₹1,032.68 crore in Q2 FY26)
Net Profit: ₹736.73 crore for Q2 FY27 (vs. ₹372.28 crore in Q2 FY26; +97.9% YoY)
EPS: ₹1.87 (Basic & Diluted, including regulatory account movement) for Q2 FY27 (vs. ₹0.95 in Q2 FY26)
Other Equity: ₹11,624.05 crore as of September 30, 2026 (vs. ₹10,778.40 crore as of March 31, 2026)
Cash and Cash Equivalents: ₹404.53 crore as of September 30, 2026 (vs. ₹381.37 crore as of March 31, 2026)
Debt (Total Paid-up debt capital): ₹10,572.98 crore as of September 30, 2026 (vs. ₹10,600.25 crore as of March 31, 2026)
Half-Yearly Standalone Performance:
Revenue from Operations: ₹2,175.82 crore for H1 FY27 (vs. ₹1,764.47 crore in H1 FY26)
Net Profit: ₹983.61 crore for H1 FY27 (vs. ₹630.79 crore in H1 FY26)
Consolidated Results:
Revenue from Operations: ₹2,244.32 crore for Q2 FY27 (vs. ₹1,032.40 crore in Q2 FY26; +117.4% YoY)
Total Income: ₹2,290.31 crore for Q2 FY27 (vs. ₹1,078.29 crore in Q2 FY26)
Net Profit: ₹657.72 crore for Q2 FY27 (vs. ₹307.80 crore in Q2 FY26; +113.6% YoY)
Net Profit Attributable to Owners: ₹657.39 crore for Q2 FY27
EPS: ₹1.68 (Basic & Diluted, including regulatory account movement) for Q2 FY27 (vs. ₹0.78 in Q2 FY26)
Other Equity: ₹11,053.37 crore as of September 30, 2026 (vs. ₹10,309.04 crore as of March 31, 2026)
Cash and Cash Equivalents: ₹656.42 crore as of September 30, 2026 (vs. ₹1,100.26 crore as of March 31, 2026)
Debt (Total Paid-up debt capital): ₹33,762.29 crore as of September 30, 2026 (vs. ₹32,382.22 crore as of March 31, 2026)
Half-Yearly Consolidated Performance:
Revenue from Operations: ₹3,638.70 crore for H1 FY27 (vs. ₹1,949.85 crore in H1 FY26)
Net Profit: ₹882.46 crore for H1 FY27 (vs. ₹535.38 crore in H1 FY26)
Net Profit Attributable to Owners: ₹882.32 crore for H1 FY27
Segment-wise Performance:
The company operates primarily in a single segment: 'Generation and sale of power'. Geographical segments are not applicable as operations are mainly within India.
Corporate Actions:
Dividend: Shareholders approved a final dividend of ₹0.35 per share (face value ₹10) for FY 2025-26 at the AGM held on August 31, 2026. This was paid in September 2026.
Merger: The Board accorded in-principle approval for the proposed merger of wholly-owned subsidiary SJVN Thermal Private Limited (STPL) with SJVN Limited. This is subject to approval from the Government of India and other requisite statutory and regulatory approvals.
Regulatory Disclosures & Other Significant Information:
Auditor's Emphasis of Matter:
1. Provisional Tariff Order (Note 2): The CERC notified the Tariff Regulations, 2024. Revenue for Q2/H1 FY26 includes ₹242.59 crore (pertaining to earlier years) recognized due to the provisional tariff order for NJHPS for 2024-29. Consolidated revenue also includes ₹40.42 crore from a similar interim tariff order for the Buxar Thermal Power Project of subsidiary STPL.
2. Etalin HEP (Note 4): Assets (₹738.52 crore) and liabilities (₹0.11 crore) for the Etalin HEP (3097 MW) have been classified as "Disposal Group Held for Sale" following its reassignment to NHPC Ltd. by the Ministry of Power and the termination of the MoA with the Arunachal Pradesh government.
3. Devasari HEP (Note 5): Survey & Investigation works are on hold per Ministry of Power directives (July 6, 2021). Management believes the hold will be withdrawn. Expenditure of ₹251.50 crore (including CWIP of ₹200.73 crore) incurred up to September 30, 2026.
4. Himachal Pradesh Projects (Note 6): Three projects (Luhri Stage-1, Sunni Dam, Dhaulasidh) are under dispute with the Himachal Pradesh Government. Work commenced without a signed Implementation Agreement. GoHP has issued a notice and seeks to re-negotiate terms. SJVN has filed a petition in the Hon'ble High Court of Himachal Pradesh, which has directed that no coercive action be taken. GoHP indicated an intention to consider taking back the projects on April 22, 2025. Expenditure of ₹864.62 crore (PPE/Intangibles) and ₹3,350.66 crore (CWIP) continues to be recognized.
Taxation: The company has opted for taxation under Section 200 of the Income-tax Act, 2025, effective from Tax Year 2026-27. MAT credit utilized was Nil in Q2/H1 FY27 (vs. ₹63.64 crore and ₹123.78 crore in Q2/H1 FY25, respectively).
Subsidiaries & Joint Ventures included in Consolidation:
- Subsidiaries: SJVN Thermal Pvt. Ltd. (100%), SJVN Green Energy Ltd. (100%), SJVN Arun-3 Power Development Co. Pvt. Ltd. (100%), SJVN Lower Arun Power Development Co. Pvt. Ltd. (100%), SGEL Assam Renewable Energy Ltd. (51%, step-down)
- Joint Venture: Cross Border Power Transmission Company Ltd. (41.94%)
Seasonality: The document notes that financial results may vary from quarter to quarter due to the seasonal nature of the business.
Previous Period Figures: Figures for previous periods have been reclassified/regrouped/rearranged/restated where necessary.