The Prime Minister inaugurated a 60 MW thermal unit at Buxar, and SJVN’s CMD couldn’t contain his joy — until someone asked why revenue didn’t grow. “Because of floods and silt,” came the reply, proving even Mother Nature audits public sector performance. But hold your laughter — things get spicier later: 5 GW hydro dreams in Arunachal, Nepalese megawatts in the making, and 19.8 GW of RE tenders floating like solar balloons. Read on — because when a Navratna talks about “smooth commissioning,” you know irony is working overtime.
At a Glance
- Revenue ₹1,000 Cr (Flat YoY):Growth took a hydropower nap.
- Generation 9,442 MU:Up 6.3%, mostly powered by Bikaner’s sunny optimism.
- Capex ₹7,500 Cr:CFO says “100% target achievable” — we’ve heard that one before.
- Debt ₹30,000 Cr:Hydropower projects don’t come with light EMIs.
- Buxar Unit 1 COD imminent:Engineers praying paperwork runs on solar power.
- Stock sentiment:Investors think “clean energy” means “clean profit.” Cute.
Management’s Key Commentary
“Unit 1 of 1320 MW Buxar project achieved 72-hour full-load run; COD soon.”(Translation: We ran it for three days straight; now comes the paperwork marathon.)
“Second unit to be commissioned by Jan-Feb 2026.”(Read: If the gods of red tape allow, we’ll light it up before Holi.)
“Generated 9,442 million units this year vs 8,880 last year.”(Progress! Courtesy of the sun, not the silted rivers.) ☀️
“SJVN now at 3,146 MW operational capacity, adding 3500 MW soon.”(Minor detail: ‘Soon’ means anything between Q4 FY26 and divine intervention.)
“Assigned PM Surya Ghar Yojana across three states.”(Translation: Solar on rooftops, bureaucrats on spreadsheets.)
“Received SCOPE Eminence Award in HR from the President.”(Which means employees are happier than the investors, apparently.) 😏
“Committed to 500 GW renewable target by 2030.”(Achievable, if Excel sheets could generate electricity.)
Numbers
Decoded
| Metric | Q2 FY26 | Q2 FY25 | Change | Comment |
|---|---|---|---|---|
| Revenue | ₹1,000 Cr | ₹1,000 Cr | Flat | Floods & silt said “no growth.” |
| Generation | 9,442 MU | 8,880 MU | +6.3% | Solar saved the quarter. |
| Depreciation | ₹170 Cr | ₹132 Cr | +29% | New assets, old accounting pain. |
| Finance Cost | ₹50 Cr ↑ | — | — | Debt’s new best friend. |
| Capex H1 | ₹3,600 Cr | — | — | Half done, half to go. |
| Incentive Income | ₹104.45 Cr | — | — | Govt. pat on the back. |
Revenue flat, costs up — the PSU classic remix.
Analyst Questions
Q:Why is revenue flat despite new projects?A:Floods, silt, MAT expiry, and divine timing. (Translation: Mother Nature > Excel Models.)
Q:Capex guidance?A:₹7,500 Cr this year, ₹8,000 Cr next. (Translation: Construction continues, returns pending.)
Q:Renewable capacity this year?A:650 MW solar to shine soon. (Hope Gujarat’s sun stays loyal.)
Q:Debt concerns?A:“Comfortable position.” (Comfortably leveraged, that is.)
Guidance & Outlook
Management’s mantra:Commission Buxar, solarize the nation, and pray for better weather.FY26 Capex of ₹7,500 Cr and FY27 of
