SJVN Ltd
SJVN(Satluj Jal Vidyut Nigam) is engaged in the business of Electricity generation. The company is also engaged in the business of providing consultancy for hydro-power projects. SJVN was declared Navaratna status in Aug,24.[1]
- Market Cap ₹ 32,260 Cr.
- Current Price ₹ 82.1
- High / Low ₹ 124 / 80.5
- Stock P/E 40.3
- Book Value ₹ 37.6
- Dividend Yield 1.78 %
- ROCE 8.36 %
- ROE 6.86 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 62.7%
Cons
- The company has delivered a poor sales growth of 1.36% over past five years.
- Company has a low return on equity of 7.67% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE 500 BSE PSU Nifty 500 BSE MidCap Nifty Energy
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,873 | 2,816 | 2,494 | 2,679 | 2,230 | 2,646 | 2,708 | 2,491 | 2,422 | 2,935 | 2,534 | 2,897 | 2,835 | |
| 268 | 372 | 431 | 480 | 524 | 605 | 589 | 621 | 625 | 671 | 725 | 773 | 767 | |
| Operating Profit | 1,604 | 2,443 | 2,063 | 2,200 | 1,706 | 2,041 | 2,119 | 1,869 | 1,797 | 2,264 | 1,809 | 2,124 | 2,069 |
| OPM % | 86% | 87% | 83% | 82% | 77% | 77% | 78% | 75% | 74% | 77% | 71% | 73% | 73% |
| 237 | 309 | 537 | 409 | 407 | 392 | 569 | 406 | 177 | 325 | 378 | 353 | 413 | |
| Interest | 29 | 65 | 218 | 55 | 101 | 251 | 344 | 42 | 226 | 466 | 479 | 726 | 863 |
| Depreciation | 475 | 641 | 677 | 680 | 365 | 390 | 384 | 393 | 404 | 391 | 534 | 454 | 452 |
| Profit before tax | 1,338 | 2,047 | 1,704 | 1,874 | 1,648 | 1,793 | 1,959 | 1,840 | 1,343 | 1,732 | 1,174 | 1,296 | 1,166 |
| Tax % | 17% | 18% | 17% | 18% | 26% | 24% | 21% | 11% | 27% | 21% | 23% | 25% | |
| 1,115 | 1,677 | 1,407 | 1,544 | 1,225 | 1,364 | 1,557 | 1,633 | 978 | 1,363 | 908 | 970 | 801 | |
| EPS in Rs | 2.69 | 4.05 | 3.40 | 3.73 | 3.12 | 3.47 | 3.96 | 4.16 | 2.49 | 3.47 | 2.31 | 2.47 | 2.04 |
| Dividend Payout % | 36% | 26% | 32% | 74% | 67% | 62% | 56% | 53% | 68% | 51% | 78% | 59% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 0% |
| 5 Years: | 1% |
| 3 Years: | 6% |
| TTM: | 0% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -6% |
| 5 Years: | -7% |
| 3 Years: | -1% |
| TTM: | -13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 30% |
| 3 Years: | 32% |
| 1 Year: | -22% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 9% |
| 3 Years: | 8% |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4,137 | 4,137 | 4,137 | 4,137 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 |
| Reserves | 4,914 | 6,066 | 7,161 | 7,347 | 6,765 | 7,309 | 8,105 | 8,832 | 9,199 | 9,892 | 10,100 | 10,352 | 10,855 |
| 2,457 | 2,621 | 2,646 | 2,416 | 2,231 | 2,155 | 2,236 | 2,173 | 5,533 | 7,152 | 9,614 | 10,519 | 10,382 | |
| 2,050 | 1,771 | 1,436 | 1,477 | 1,440 | 1,527 | 1,506 | 1,929 | 2,119 | 2,156 | 2,094 | 2,085 | 2,184 | |
| Total Liabilities | 13,558 | 14,594 | 15,380 | 15,377 | 14,366 | 14,921 | 15,776 | 16,864 | 20,781 | 23,130 | 25,738 | 26,887 | 27,350 |
| 5,669 | 9,052 | 8,412 | 7,980 | 7,641 | 7,685 | 7,571 | 7,498 | 7,312 | 7,102 | 7,982 | 7,980 | 8,055 | |
| CWIP | 3,926 | 253 | 341 | 442 | 642 | 765 | 945 | 1,207 | 2,227 | 3,029 | 2,736 | 3,363 | 3,366 |
| Investments | 5 | 11 | 470 | 589 | 863 | 1,292 | 1,973 | 3,462 | 4,922 | 5,931 | 7,931 | 8,881 | 9,166 |
| 3,958 | 5,278 | 6,156 | 6,366 | 5,219 | 5,178 | 5,288 | 4,696 | 6,320 | 7,068 | 7,089 | 6,663 | 6,764 | |
| Total Assets | 13,558 | 14,594 | 15,380 | 15,377 | 14,366 | 14,921 | 15,776 | 16,864 | 20,781 | 23,130 | 25,738 | 26,887 | 27,350 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,154 | 1,482 | 2,208 | 2,293 | 1,564 | 1,040 | 1,999 | 2,011 | 1,650 | 1,583 | 1,139 | 2,187 | |
| -753 | -277 | -772 | -1,116 | 95 | -58 | -440 | -1,228 | -4,259 | -1,812 | -2,171 | -1,731 | |
| -408 | -764 | -705 | -1,621 | -2,272 | -1,107 | -1,345 | -1,042 | 2,329 | 352 | 1,456 | -673 | |
| Net Cash Flow | -7 | 441 | 731 | -444 | -613 | -125 | 213 | -260 | -279 | 123 | 425 | -216 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 73 | 195 | 147 | 84 | 47 | 38 | 100 | 77 | 87 | 34 | 88 | 67 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 73 | 195 | 147 | 84 | 47 | 38 | 100 | 77 | 87 | 34 | 88 | 67 |
| Working Capital Days | -41 | 123 | 134 | 64 | 6 | 65 | 74 | 14 | -108 | -37 | 47 | -7 |
| ROCE % | 12% | 18% | 13% | 14% | 13% | 16% | 15% | 15% | 10% | 11% | 7% | 8% |
Documents
Announcements
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660 MW Unit-1 Of SJVN'S Buxar Thermal Power Project Successfully Achieves Commercial Operation
14 Nov - 660 MW Unit-1 of Buxar (2x660 MW) achieved COD on 14/11/2025; 85% power allocated to Bihar.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
13 Nov - Transcript of con. call held with Investors/Analysts to discuss the financial results for the quarter/half-year ended 30.09.2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
10 Nov - Audio recording of Q2 FY2025-26 investor/analyst conference call available (September 30, 2025)
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Announcement under Regulation 30 (LODR)-Raising of Funds
10 Nov - Board approved Q2 Sep-30,2025 results; to securitise up to ₹1,000 Cr; CFO appointed; project dispute disclosed, large CWIP exposure (~₹2,715 Cr).
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Announcement under Regulation 30 (LODR)-Change in Management
10 Nov - Board approved Q2 results on Nov 10; approved up to ₹1,000 Cr securitisation; appointed CFO; project dispute noted.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Nov 2025TranscriptPPT
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Jun 2025TranscriptPPT
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Apr 2025TranscriptNotesPPT
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Feb 2025TranscriptPPT
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Nov 2024TranscriptPPT
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Nov 2024TranscriptPPT
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Aug 2024TranscriptPPTREC
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May 2024TranscriptPPT
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Feb 2024TranscriptPPT
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Nov 2023TranscriptPPT
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Jun 2023Transcript PPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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May 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Aug 2021TranscriptPPT
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Jul 2021TranscriptPPT
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Feb 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Sep 2020TranscriptPPT
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Jun 2019TranscriptPPT
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Jun 2017TranscriptPPT
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Dec 2016TranscriptPPT
Business Verticals
a) Hydro Power: The company has 3 hydropower projects including Nathpa Jhakri Hydro Power Station, Rampur Hydro Power Station, and Naitwar Mori Hydro Power Station with an installed capacity of 1,972 MW. It is constructing 4 hydro projects totaling 1,558 MW. [1] [2]