SJVN Limited’s Q2 FY26 earnings call highlighted the inauguration of Unit 1 of the 1320 MW Buxar Thermal Power Project and laying the foundation stone for a 200 MW solar project. Unit 1 achieved full load running and is nearing commercial operation. The company also signed PPAs for power supply from its international projects. Total power generation reached 9,442 million units, a 6.3% increase year-over-year. Capex for the next year is projected at INR 8,000 crore.
Buxar Thermal Power Project Update
Unit 1 of the 1320 MW Buxar Thermal Power Project was virtually inaugurated on August 22, 2025 and successfully synchronized with the National Grid on August 21, 2025. Continuous full load running was completed on November 5, 2025. Commercial operation date (COD) for Unit 1 is expected soon. Unit 2 is expected to be commissioned within the next 2 to 3 months. The plant is expected to generate 9826.72 million units annually, with 85% supplied to Bihar.
New Solar Project Foundation
The foundation stone was laid for a 200 MW solar power project under Juvenile Phase 17 on September 21, 2025, located in Khawda Solar Park in Gujarat. The project is expected to generate around 505 million units in its first year, with power supplied to Gujarat Urja Vikas Nigam Limited at a tariff of 2.88 per unit.
Renewable Energy Expansion
Commercial operation date for cumulative capacity of 680 MW under the 1,000 MW Bikaner solar power project has been achieved in phases. The total installed capacity of SJVN Limited now stands at 3,146.52 MW. Adding 320 MW this month and another 320 MW potentially by December 15th will bring total operational capacity to approximately 3500 MW.
Power Purchase Agreements (PPAs) Signed
PPAs have been signed with Uttar Pradesh Power Corporation Limited for power supply from the 900 MW Arun-III, 210 MW Luhri Stage-I, and 380 MW Sunni Dam Hydroelectric Project.
Arun-III Hydroelectric Project Progress
In Nepal, the Arun-III Hydroelectric Project completed the Unit 1 pit free milestone, initiating electromechanical activities.
Generation Highlights
Nathpa Jhakri generated 1,785 million units during the quarter. Total generation for the current financial year 2025-2026 stands at 9,442 million units, compared to 880 million units in the corresponding period of 2024-2025, a 6.3% improvement.
Project Portfolio Overview
SJVN Limited has 13 operational projects with a combined capacity of 3,146 MW and two transmission lines. There are 4 hydro projects (1,558 MW), 1 thermal power project (1,320 MW), and 14 solar projects (2,213 MW) under construction, totaling 5,091 MW.
PM-Surya Ghar Initiative
SJVN Limited will play a role in the PM-Surya Ghar: Muft Bijli Yojana, providing free electricity to 1 crore households. SJVN will implement this scheme across Himachal Pradesh, Punjab, and Arunachal Pradesh. Additionally, SJVN will install rooftop solar systems on government buildings covering 18 ministries.
Financials and Capex
Incentive income for the half year is INR104.45 crores. Total capex for the year is expected to be around INR7,500 crore with INR3,600 crore already spent. Capex for the next year (FY27) is projected at around INR8,000 crore.
Source: BSE
