CMP: ₹117.65 | Dividend: ₹2.20 Final | FY25 PAT: ₹1,630 Cr (🔻 –21.5% YoY)
🧠 At a Glance
SJVN Ltd ke FY25 results aagaye hain, aur is baar Hydro-power PSU ne kaafi mixed signals bheje hain:
- PAT gaya niche 21%
- Revenue bhi 8% down
- Dividend mila ₹2.20/share
- Lekin stock chadh gaya 6% intraday — bhai kya ho raha hai?
Kya ye PSU dividend king banega ya ek aur “sarkari trap” jahan valuation aur excitement kabhi match nahi karte?
⚡ About the Company
SJVN Ltd ek Mini Ratna PSU hai, aur kaam simple hai — bijli banana aur bechna.
Lekin, SJVN kisi ek plug se light nahi jalaata — iske paas hydro, solar, wind, thermal sab kuch hai. Aur ab toh nuclear JV bhi chal raha hai NPCIL ke saath. Full India ka power bouquet banane ka sapna hai bhai.
| Parameter | Value |
|---|---|
| Incorporated | 1988 (as Nathpa Jhakri Power Corp) |
| Listed On | BSE/NSE |
| Sector | Power Generation – Renewables & Hydro |
| Owner | 59.92% Govt of India |
🧾 FY25 Financial Highlights (Standalone)
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Ops | ₹2,723.06 Cr | ₹2,962.94 Cr | 🔻 -8.1% |
| Total Income | ₹3,194.49 Cr | ₹3,284.97 Cr | 🔻 -2.8% |
| Total Expenses | ₹1,141.08 Cr | ₹1,105.91 Cr | 🔼 +3.1% |
| EBITDA | ₹2,053.41 Cr | ₹2,179.06 Cr | 🔻 -5.8% |
| Net Profit (PAT) | ₹1,630.25 Cr | ₹2,077.94 Cr | 🔻 -21.5% |
| EPS | ₹4.15 | ₹5.29 | 🔻 |
🧂 Edu Tadka:
Revenue kam, kharcha zyada = PAT ki pitai.
Hydro output gira, aur thermal/solar abhi bachpan mein hai. Isiliye SJVN ko ab diversify karna zaroori ho gaya hai.
📈 Segmental Performance – Power Production
| Segment | FY25 Gen. (MU) | FY24 Gen. (MU) | Change |
|---|---|---|---|
| Hydro | 8,089 MU | 8,537 MU | 🔻 -5.2% |
| Wind | 158 MU | 158 MU | ➖ No Change |
| Solar | 113 MU | 102 MU | 🔼 +10.8% |
| Thermal (JV) | N/A | N/A | Still Cooking |
🧃 Edu Insight:
- Hydro power output down due to weak hydrology.
- Solar kaafi promising, but small base.
- Wind stable but boring.
- Thermal (Buxar) and nuclear JV abhi results mein nahi aaye.
💸 Dividend Details
| Type | Amount |
|---|---|
| Interim | ₹1.15/share |
| Final (FY25) | ₹2.20/share |
| Total | ₹3.35/share |
| Yield (@CMP) | ~2.8% |
📣 Govt ko paisa chahiye, toh PSU = Dividend Machine.
SJVN bhi wahi kar raha — profits ghat rahe, par dividend badh gaya. Kya yeh sustainable hai?
🧾 Balance Sheet Highlights
| Metric | FY25 | FY24 |
|---|---|---|
| Equity Share Capital | ₹3,933 Cr | ₹3,933 Cr |
| Reserves | ₹11,151 Cr | ₹10,088 Cr |
| Total Equity | ₹15,084 Cr | ₹14,021 Cr |
| Borrowings | ₹5,664 Cr | ₹5,328 Cr |
📉 Net Worth 7.6% upar gaya hai. But profits down hone ke bawajood dividend diya gaya — tension hai boss.
🏗️ Capex & Project Pipeline
SJVN is not sitting quietly. Company has mega CAPEX plans:
| Project Type | Capacity (MW) | Status |
|---|---|---|
| Hydro | 4,000+ MW | Under Development |
| Solar | 2,800+ MW | Construction |
| Wind | 100 MW+ | Commissioned |
| Thermal | 1,320 MW | Buxar (JV with Bihar Govt) – Testing Stage |
🔭 Edu Forecast:
By FY27, agar yeh sab projects time pe aa gaye, toh SJVN ka top-line 2x ho sakta hai. But delays aur cost overruns PSU mein default setting hai.
🧮 Valuation – Forward FV Estimate
Let’s assume:
- FY26E PAT = ₹1,800 Cr (mild recovery)
- EPS = ₹4.58
- Target P/E = 12x (reasonable for PSU power gen)
➡️ Forward FV = ₹55
CMP = ₹117.65 ⇒ This is over 2x FV, meaning:
“Stock ne investor ki expectations ko power grid se connect kar diya hai — lekin generator abhi bhi full load pe nahi chal raha.”
💡 EduInvesting Take
“SJVN abhi PowerPoint pe full marks le raha hai. Reality mein light blink kar rahi hai.”
✅ PSU tag + Mini Ratna
✅ Capex heavy future
✅ Dividend king mode ON
✅ Solar-Wind narrative strong
❌ Hydro dependent + weak monsoon risk
❌ PAT sharply down despite low base
❌ Forward valuation already factored in projects
❌ Political sensitivity = policy risk
🧨 Risks & Red Flags
| Risk Type | Explanation |
|---|---|
| Hydro Volatility | Monsoon dependency = revenue yo-yo |
| Project Delay | CAPEX rollout rarely on time in PSU |
| Borrowing Spike | Future CAPEX = debt upar jayega |
| Dividend Trap | Profits down + dividend up = red flag |
| Tariff Uncertainty | PPA-based revenue vulnerable to CERC |
📊 Stock Movement Snapshot
| 52-Week High | ₹136.35 |
| 52-Week Low | ₹36.25 |
| CMP | ₹117.65 |
🚀 Return from lows: +224%
📉 Down from peak: -13%
Investors ne SJVN ko Adani Green Lite samajh liya hai — but actual growth slow hai.
🔋 SJVN vs Peers – Edu Style Roast Table
| Company | FY25 PAT | Revenue | P/E | Dividend Yield |
|---|---|---|---|---|
| SJVN | ₹1,630 Cr | ₹2,723 Cr | 22x | 2.8% |
| NHPC | ₹4,000 Cr+ | ₹9,000 Cr+ | 13x | 3.2% |
| NTPC | ₹19,000 Cr+ | ₹1.8 L Cr+ | 11x | 4%+ |
🧠 Conclusion:
NTPC still king. NHPC better than SJVN on size.
SJVN = retail investor ka PSU crush, but valuation already demanding.
🛑 Final Verdict
SJVN is a PSU with potential, but also PSU with problems.
- Dividend chahiye? ✅
- Long-term play chahiye? ✅
- Momentum chase kar rahe ho? ❌
“Yeh stock ghar mein rakhne layak hai, par har quarter result ke baad chappal bhi ready rakhni chahiye.”
– EduInvesting, May 2025
✍️ Author: Prashant Marathe
🗓️ Published: May 29, 2025
🏷️ Tags: SJVN Ltd results, PSU stocks India, hydro power India, dividend paying stocks, power sector analysis, FY25 earnings review, smallcap PSU multibagger, stock valuation SJVN, long-term energy play
