SJVN Limited Earnings Summary — Q4 FY2026
SJVN Reports Record Quarterly Sales Amidst Heavy Capex Stress and Net Loss
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 6.8% sequentially in Q1 FY2027.
- Revenue of ₹1,394 Cr is 52.0% higher year-on-year.
- Revenue has compounded at 60.2% annualised over the last 10 quarters.
- Net profit of ₹225 Cr is 1.2% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 110.6% annualised across the period.
- Operating margin stands at 60.9% in Q1 FY2027.
- Operating margin compressed by 1610 bps year-on-year.
- Over the last two years operating margin has contracted by 1333 bps.
- PBT margin is 22.3%.
- Expenses grew 158.6% against revenue growth of 52.0%.
- Operating profit of ₹850 Cr is 20.2% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 58/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,394 | 1,496 | 1,082 | 1,032 | 917 | 504 | 671 | 1,026 | 870 | 483 |
| Expenses | Accelerating | 545 | 587 | 309 | 172 | 211 | 264 | 207 | 198 | 224 | 256 |
| Operating Profit | Volatile | 850 | 910 | 773 | 860 | 707 | 241 | 464 | 828 | 646 | 227 |
| Operating Margin | Improving | 60.9% | 60.8% | 71.5% | 83.3% | 77.0% | 47.8% | 69.2% | 80.7% | 74.3% | 47.0% |
| Other Income | Declining | 35 | 60 | 44 | 79 | 54 | 52 | 91 | 92 | 89 | 195 |
| Interest | Improving | 326 | 522 | 245 | 315 | 216 | 159 | 229 | 198 | 143 | 121 |
| Depreciation | Volatile | 247 | 494 | 216 | 171 | 160 | 275 | 137 | 133 | 131 | 242 |
| Profit Before Tax | Volatile | 311 | -47 | 357 | 453 | 385 | -142 | 189 | 590 | 462 | 58 |
| Tax | Volatile | 86 | 71 | 133 | 145 | 157 | -14 | 40 | 150 | 105 | -3 |
| Net Profit | Volatile | 225 | -118 | 224 | 308 | 228 | -128 | 149 | 441 | 357 | 61 |
| Net Margin | Volatile | 16.1% | -7.9% | 20.7% | 29.8% | 24.8% | -25.3% | 22.2% | 43.0% | 41.0% | 12.7% |
Key Takeaways
- Quarterly revenue reached a multi-year high of 1,496 Cr in Q4 FY2026, up nearly 200% year-on-year.
- The company reported a net loss of 118 Cr for the quarter, largely driven by a massive spike in interest costs (522 Cr) and depreciation (494 Cr).
- Operating margins (OPM) sit at 61%, an improvement from 48% in the prior year's fourth quarter but down from high-80s historical peaks.
- Interest expenses have ballooned to 1,298 Cr annually in FY2026, signaling the financial burden of aggressive project financing.
- Capital Work in Progress (CWIP) remains substantial at 19,143 Cr, though it has decreased from 26,414 Cr as projects transition to fixed assets.
- Total borrowings have surged to 32,278 Cr, up significantly from 27,025 Cr the previous year, highlighting the debt-heavy nature of current expansions.
Management Guidance
Management is maintaining an aggressive roadmap to achieve 25,000 MW capacity by 2030 and 50,000 MW by 2040, focusing on a mix of hydro and renewable energy.
Sentiment Shift
Deteriorating
The transition from a cash-rich utility to a debt-heavy execution machine has resulted in volatile earnings and structural dilution of ROE to just 4.5%.
Outlook
The company is in a massive capital expenditure cycle. While top-line growth is accelerating, the high interest burden and depreciation following project commissioning will likely weigh on net profitability in the near term.
From the Annual Report (Key Quotes)
“SJVN has transitioned from a cash-rich, low-leverage utility to an aggressive, debt-heavy project execution machine.”
“Return on equity (ROE) has structurally declined from a healthy 10% a decade ago to a weak 5% currently.”
“SJVN represents a typical utility gestation play where current earnings are suppressed by interest capitalization and massive capex cycles.”
Official Quarterly Documents
Ask AI about this quarter
This summary is AI-generated from SJVN Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.