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SJVN Reports 25% YoY Revenue Growth in Q3 FY 2025; Renewable Energy Revenue Surges 265%

Government-owned power producer SJVN recorded a revenue increase of Rs761 Cr in the third quarter (Q3) of the financial year (FY) 2025, marking a 25% year-over-year (YoY) growth from Rs608 Cr in the same period last year.

Revenue from renewable energy sources, including wind and solar, surged by 265% YoY to Rs53.02 Cr up from Rs14.53 Cr. Meanwhile, the company’s net profit rose 7% YoY to Rs149 Cr, compared to Rs139 Cr in Q3 FY 2024. Earnings per share (EPS) also showed an improvement, rising to Rs0.38 from Rs0.35.

Power Generation Performance

• Hydropower generation reached 1,388.83 million units (MU) in Q3 FY 2025, reflecting a 15% YoY growth from 1,206.97 MU.
• Solar power output saw an impressive 387% YoY increase, climbing to 171.89 MU from 35.28 MU.
• Wind power generation experienced a slight decline, falling 4% YoY to 17.62 MU from 18.29 MU.

SJVN currently operates with a total installed capacity of 2.5 GW and has outlined plans to expand its portfolio by adding 3 GW in FY 2026, bringing its under-construction capacity to approximately 5 GW. The company remains focused on achieving its long-term 25 GW target by FY 2030, with a projected 3 GW annual capacity addition.

The Company’s Roadmap Includes:

• 16 GW from solar and wind energy
• 8 GW from hydropower projects
• The remaining capacity from thermal energy sources

For the first nine months of FY 2025, SJVN recorded a 23% YoY increase in revenue, reaching Rs2828 Cr from Rs2304 Cr in the corresponding period of FY 2024.

Revenue from renewable energy sources saw a 106% YoY jump, totaling Rs162 Cr compared to Rs78.5 Cr in the previous year.

Power Generation Data for 9M FY 2025:

• Hydropower output increased 23% YoY to 9,022.65 MU from 7,355.43 MU.
• Solar power production surged 282% YoY to 463.29 MU from 121.16 MU.
• Wind power generation declined 13.5% YoY to 112.76 MU from 130.43 MU.

SJVN’s Chairman and Managing Director, R.K. Chaudhary, highlighted that the company is addressing the gap between its 7 GW awarded renewable portfolio and the 2.2 GW currently under construction. He attributed the delay to pending power sale agreements (PSAs), which must be signed by distribution companies (DISCOMs) before power purchase agreements (PPAs) can be finalized with developers.

SJVN is actively engaging with multiple DISCOMs, and India’s Ministry of Power and Ministry of New and Renewable Energy (MNRE) have intervened to expedite the PSA signing process. Further discussions with state utilities are planned to accelerate approvals, with Chaudhary expressing optimism that the issue will be resolved within the next two months.

The company is also evaluating the listing and demerger of SJVN Green Energy, with plans to proceed in Q3 or Q4 of FY 2026. The valuation process is still under review.