SJVN Limited’s Board of Directors met on February 11, 2026, to approve the Unaudited Financial Results for the quarter and nine months ending December 31, 2025. The Board also declared an interim dividend of ₹1.15 per equity share for FY 2025-26. Crucially, approval was granted to raise up to ₹1,000 Crore through the private placement of non-convertible debentures.
Financial Performance for Q3 FY26
SJVN Limited announced the outcome of its Board Meeting held on February 11, 2026. The primary approval was for the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ending December 31, 2025.
Key Standalone Results (Q3 FY26 vs Q3 FY25):
- Total Income stood at ₹881.89 Crore, up from ₹699.65 Crore in Q3 FY25.
- Profit for the period was ₹251.71 Crore, compared to ₹139.25 Crore in the same quarter last year.
- Net Profit Margin (Standalone) for the quarter was 29.75%.
Key Consolidated Results (Nine Months ended Dec 31, 2025):
- Total Income reached ₹3,174.35 Crore.
- Profit after tax for the period was ₹759.69 Crore, against ₹945.74 Crore in the corresponding nine months of FY25.
- Total Comprehensive Income stood at ₹750.65 Crore.
- Earnings Per Share (Basic & Diluted, excluding regulatory movements) stood at ₹2.09.
Dividend Declaration and Corporate Actions
The Board declared an interim dividend of ₹1.15 per equity share (Face Value ₹10/- each) for the financial year 2025-26. The designated Record Date for this payment is fixed as February 20, 2026.
Major Fundraising Approval
The Board sanctioned the raising of funds up to ₹1,000 Crore. This capital will be sourced through the issuance of unsecured, rated, taxable, redeemable, non-convertible, non-cumulative debentures on a private placement basis.
Notes of Emphasis in Financials
The auditors highlighted several key matters affecting the results:
- Tariff Regulations: Billing for Hydro Power Stations is provisional pending finalization of CERC Tariff Regulations for 2024-29. Revenue recognition has been adjusted based on provisional tariffs, resulting in significant truing-up revenue for the Rampur Hydro Power Station of ₹173.95 Crore recognized during the nine months ended December 31, 2025.
- Devasari Hydro Electric Project: Work on this project remains on hold by direction from the Ministry of Power. A cumulative amount of ₹251.28 Crore has been incurred on the project up to December 31, 2025.
- New Labour Codes: The new Labour Codes were notified to take effect from November 21, 2025, but supporting rules are pending. Based on currently available information, the impact on FY26 results is not material.
- Subsidiary Results: The consolidated results include the unaudited financial information of subsidiaries like SJVN Thermal Pvt Ltd and SJVN Green Energy Ltd, which were reviewed by other auditors or not reviewed at all, as detailed in Annexure B.
Security Cover Certificate (Annexure B)
As required, the Board received the Independent Statutory Auditor’s Certificate confirming asset cover for listed debt securities as of December 31, 2025. The auditor certified compliance with all covenants/terms of the issue regarding the listed Non-Convertible Debt Securities (NCDs).
Source: BSE
