SJVN
SJVN · NSE · Mid Cap
SJVN
Hydro + solar PSU; expanding renewable pipeline with SECI and state DISCOMs.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. SJVN: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for SJVN: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for SJVN: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 48.4x | — |
| Forward P/E | — | — |
| EV/EBITDA | 25.9x | — |
| EV/Sales | 18.8x | — |
| P/B | 2.1x | — |
| FCF Yield | -12.9% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker SJVN · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 2,485 | 2,417 | 2,938 | 2,579 | 3,072 |
| Operating Profit | 1,867 | 1,794 | 2,273 | 1,843 | 2,223 |
| OPM % | 75% | 74% | 77% | 71% | 72% |
| Net Profit | 1,646 | 990 | 1,359 | 911 | 818 |
| EPS (₹) | 4.19 | 2.52 | 3.46 | 2.32 | 2.09 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 671 | 504 | 917 | 1,032 |
| OPM % | 69% | 48% | 77% | 83% |
| Net Profit | 149 | -128 | 228 | 308 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 |
| Reserves | 8,861 | 9,241 | 9,930 | 10,141 | 10,249 |
| Borrowings | 2,174 | 6,906 | 14,059 | 20,323 | 27,025 |
| Fixed Assets | 8,007 | 7,866 | 8,489 | 10,906 | 11,610 |
| Total Assets | 17,473 | 23,248 | 32,311 | 39,191 | 46,063 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 1,983 | 2,138 | 1,632 | 1,310 | 2,483 |
| Investing | -1,145 | -6,132 | -6,877 | -5,502 | -6,430 |
| Financing | -1,105 | 3,669 | 5,559 | 4,502 | 3,939 |
| Net Cash Flow | -267 | -325 | 314 | 310 | -8 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary