SJVN Limited (SJVN) AI Stock Analysis

• Market Cap: ₹284.95B
• Dividend Yield: 1.94%
• Average Volume (3M): 303.73K
• Price to Earnings (P/E): 51.2
• Beta (1Y): 1.84
• Revenue Growth: 6.92%
• EPS Growth: -44.22%
• Country: IN
• Employees: 1,295
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): 0.80
• Shares Outstanding: 3,929,795,200
• 10 Day Avg. Volume: 286,143
• 30 Day Avg. Volume: 303,725
• PEG Ratio: -4.41
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 11.65
• P/FCF Ratio: -6.19
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹74.00 ▼(-17.60% Downside)

The overall stock score reflects strong financial performance in terms of revenue growth and operational efficiency. However, high leverage, declining net income, and negative free cash flow pose significant risks. Technical analysis indicates bearish momentum, and the valuation suggests the stock may be overvalued, contributing to a lower score.

Positive Factors

Revenue Growth Trend

Sustained top-line growth indicates expanding generation output and successful commercialization of capacity. For a regulated/contracted power producer like SJVN, persistent revenue expansion supports long-term cash flow predictability, funding new projects and absorbing cycle volatility in power demand.

Operational Efficiency and Margins

Strong gross and EBIT margins reflect efficient running of generation assets and favorable cost structure. In hydropower and utility operations, durable margins stem from low fuel costs and scale, supporting profitability sustainability as capacity grows and fixed investments are amortized.

Core Cash Generation

Robust operating cash flow shows the business converts electricity sales into real cash, crucial for capital-intensive utilities. Reliable OCF underpins debt servicing, reinvestment in projects, and resilience to short-term market swings, supporting long-term financial flexibility.

Negative Factors

High Financial Leverage

Substantial leverage increases interest and refinancing risk for a capital-intensive generator. In a rising-rate or project-heavy period, high debt burdens can constrain strategic choices, elevate default risk on large projects, and reduce ability to fund growth without diluting equity.

Negative Free Cash Flow from Capex

Persistent negative free cash flow driven by heavy capex means the company must rely on external financing or retained earnings to fund projects. Over time this can heighten leverage, limit dividends, and increase vulnerability to construction delays or cost overruns in new generation projects.

Declining Net Income and EPS

Sharp EPS decline and reduced net income signal pressure on bottom-line profitability despite revenue gains. This gap suggests rising non-operating costs, financing charges, or one-time items that can erode returns to shareholders and limit reinvestment capacity if not remedied.

SJVN Limited Business Overview & Revenue Model

Company Description

SJVN Limited, together with its subsidiaries, engages in the generation and sale of power in India, Nepal, and Bhutan. It operates the Nathpa Jhakri Hydro Power Station with a capacity of 1500 MW located in Shimla district, Himachal Pradesh, India; and the Rampur Hydro Power Station with an installed capacity of 412 MW in Kullu District, Himachal Pradesh. The company also operates the Khirvire Wind Power Project with a capacity of 47.6 MW in Ahmednagar district, Maharashtra; the Sadla Wind Power Project with an installed capacity of 50 MW in Surendranagar district, Gujrat; the Charanka Solar Power Plant with a capacity of 5.6 MW in Patan district, Gujarat; and an 86 km cross border transmission line with a capacity of 400 kV from Muzaffarpur to Sursand. In addition, it provides consultancy services in the field of hydro electric projects, highway tunnels, railway tunnels, etc. The company was formerly known as Satluj Jal Vidyut Nigam Limited and changed its name to SJVN Limited in September 2009. SJVN Limited was incorporated in 1988 and is based in Shimla, India.

How the Company Makes Money

SJVN generates revenue primarily through the sale of electricity produced from its hydroelectric, solar, and wind power projects. The company enters into long-term Power Purchase Agreements (PPAs) with various state governments and utilities, ensuring a stable revenue stream. Additionally, SJVN earns income from ancillary services related to energy generation, such as consultancy and project management services. The company's financial performance is also bolstered by government incentives for renewable energy projects, strategic partnerships with other energy firms, and participation in competitive bidding for new projects, which can enhance its market presence and profitability.

SJVN Limited Financial Statement Overview

Summary

SJVN Limited shows strong revenue growth and operational efficiency with healthy gross profit margins. However, high leverage and a decline in net income, along with negative free cash flow, indicate areas needing improvement for better profitability and sustainability.

Income Statement

SJVN Limited has shown robust revenue growth with a significant increase from the previous year, reflecting a positive trajectory. The company maintains a healthy gross profit margin and EBIT margin, indicating strong operational efficiency. However, a decline in net income impacts the net profit margin, suggesting room for improvement in cost management.

Balance Sheet

The company's high debt-to-equity ratio indicates substantial leverage, which could pose risks if not managed carefully. However, SJVN Limited's equity ratio remains stable, reflecting a solid equity base relative to its assets. The return on equity is moderate, suggesting average profitability compared to shareholder equity.

Cash Flow

Operating cash flow remains robust, providing a strong cash generation from the company's core activities. However, substantial capital expenditures have led to negative free cash flow, which may constrain future liquidity unless offset by improved operational efficiencies or financing adjustments.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.19B	30.72B	25.79B	29.38B	24.06B	24.85B
Gross Profit	25.10B	20.16B	24.18B	28.40B	23.19B	17.00B
EBITDA	25.37B	25.26B	21.77B	23.67B	18.96B	22.77B
Net Income	6.89B	8.18B	9.11B	13.59B	9.90B	16.46B
Balance Sheet
Total Assets	0.00	460.63B	391.91B	323.11B	232.48B	174.73B
Cash, Cash Equivalents and Short-Term Investments	33.71B	29.12B	32.75B	18.19B	21.64B	9.48B
Total Debt	0.00	270.25B	203.23B	140.59B	69.06B	21.74B
Total Liabilities	-141.89B	318.74B	251.20B	184.51B	100.78B	46.82B
Stockholders Equity	141.89B	141.79B	140.71B	138.60B	131.70B	127.91B
Cash Flow
Free Cash Flow	0.00	-57.80B	-43.40B	-52.37B	-22.90B	-830.70M
Operating Cash Flow	0.00	8.89B	13.10B	16.06B	21.38B	19.83B
Investing Cash Flow	0.00	-66.36B	-55.02B	-68.51B	-61.32B	-11.45B
Financing Cash Flow	0.00	57.39B	45.02B	55.59B	36.69B	-11.05B

SJVN Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 89.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SJVN, the sentiment is Negative. The current price of 89.81 is above the 20-day moving average (MA) of 76.53, above the 50-day MA of 75.69, and above the 200-day MA of 89.68, indicating a bearish trend. The MACD of -1.47 indicates Positive momentum. The RSI at 43.11 is Neutral, neither overbought nor oversold. The STOCH value of 45.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SJVN.

SJVN Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TORNTPOWER	75 Outperform	₹698.91B	23.25	―	1.48%	-1.26%	27.83%
CESC	73 Outperform	₹199.17B	13.74	―	3.56%	10.58%	2.69%
POWERGRID	72 Outperform	₹2.38T	15.36	―	3.37%	0.80%	-3.25%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NHPC	65 Neutral	₹785.52B	24.77	―	2.44%	15.72%	6.45%
TATAPOWER	65 Neutral	₹1.17T	28.90	―	0.59%	4.06%	8.22%
SJVN	55 Neutral	₹284.95B	51.17	―	1.94%	6.92%	-44.22%

SJVN Limited Corporate Events

SJVN Attributes Surge in Share Trading Volume to Market Conditions, Denies Undisclosed Developments

SJVN Limited has clarified to the stock exchanges that the recent significant increase in trading volume of its shares is not driven by any undisclosed material information or corporate developments. The company stated it is fully compliant with SEBI’s Listing Regulations, has no pending announcements that could affect its share price or volume, and attributes the heightened activity in its scrip to prevailing market conditions. SJVN also reiterated its commitment to promptly disclose any material events in future, aiming to reassure investors and regulators about transparency and regulatory compliance amid unusual trading patterns.

SJVN Warns Shareholders of Imminent Transfer of Unclaimed Shares to IEPF

SJVN Limited has notified stock exchanges that it has published newspaper advertisements regarding the impending transfer of certain equity shares to the Investor Education and Protection Fund (IEPF), in line with statutory requirements under the Companies Act, 2013 and associated IEPF Rules. The company has identified shareholders whose dividends have remained unclaimed for seven consecutive financial years or more, individually informed them, and uploaded detailed information on its website, advising them to claim unpaid dividends from FY 2018-19 onwards by 25 March 2026 to avoid transfer of their shares to the IEPF; while such shares and amounts can later be reclaimed from the IEPF, no claims will lie against SJVN once the transfer is executed, underscoring the company’s adherence to compliance and investor protection norms.

SJVN Links SEBI Compliance Lapse to Pending Government Board Appointments After NSE, BSE Fines

SJVN Limited has disclosed that it has received fines from the National Stock Exchange of India and BSE for non-compliance with certain provisions of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, specifically relating to board composition. The board has recorded that SJVN itself has no authority to appoint directors, as this power lies with the President of India acting through the Ministry of Power, and it has formally requested the Ministry of Power and the Himachal Pradesh government to expedite the appointment of independent, whole-time directors and the CMD so that the company can meet regulatory requirements; the company understands that these appointments are expected to be made soon, which would help regularize its governance compliance and address concerns raised by the stock exchanges.