SJVN Limited (SJVN) AI Stock Analysis

• Market Cap: ₹271.71B
• Dividend Yield: 1.94%
• Average Volume (3M): 303.73K
• Price to Earnings (P/E): 32.8
• Beta (1Y): 1.55
• Revenue Growth: 6.92%
• EPS Growth: -44.22%
• Country: IN
• Employees: 1,295
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): 0.57
• 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): 2.75
• Revenue Forecast (FY): ₹40.64B

• Rating: 55 Neutral
• Price Target: ₹71.00 ▼(-20.94% Downside)
• Action: Reiterated Date: 11/12/25
• Date: Action: Reiterated 11/12/25

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

SJVN's ~16% revenue growth indicates durable expansion in power sales and project output. Sustained top-line growth across reporting periods reflects ongoing capacity utilization and contract-backed demand for electricity, supporting longer-term scale benefits and reinvestment capacity.

Operating Cash Generation

Robust operating cash flow from core power generation provides a stable internal funding source for operations and debt servicing. Consistent cash generation from operating activities underpins the firm's ability to sustain projects, even while capital spending phases persist.

Operational Efficiency / Margins

Healthy gross and EBIT margins point to structural cost advantages and effective operating management in generation assets. Strong margin metrics increase cash available for capex and debt service and reflect durable competitiveness in low-variable-cost hydropower operations.

Negative Factors

High Leverage

Substantial leverage raises long-term financial risk by increasing interest and principal obligations. High debt levels reduce flexibility for new investments, amplify refinancing risk during tighter credit conditions, and make returns more sensitive to cash-flow volatility.

Negative Free Cash Flow / Heavy Capex

Persistent negative free cash flow from heavy capex constrains liquidity and forces reliance on external financing. Over months this reduces buffer for operational stress, can raise borrowing costs, and may limit ability to fund new projects without dilutive or costly financing.

Declining Net Income / EPS

Material EPS decline and falling net income signal pressure below the operating line or rising financing costs. Over a multi-month horizon, weaker net profitability limits retained earnings, reduces funding flexibility, and may constrain dividend capacity or reinvestment plans.

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 primarily makes money by generating electricity from its power plants and selling that electricity under contracts or regulated arrangements to power purchasers. Its main revenue stream is income from the sale of power (energy charges and, where applicable, capacity-related charges) from its operating generation assets, especially hydropower stations. Revenue is typically realized as electricity is delivered to off-takers (such as distribution utilities and other eligible buyers), with tariffs determined under applicable regulatory frameworks or through contracting mechanisms used for power procurement. In addition to core power-sale revenue, SJVN can earn other operating income connected to the development and operation of generation projects (for example, project-related fees or recoveries where applicable) and may also earn financial income (such as interest on cash balances or investments). Specific details on the mix of tariffs/contract structures, named off-takers, or material partnerships for revenue generation are null.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	31.25B	30.72B	25.79B	29.38B	24.06B	24.85B
Gross Profit	27.40B	20.16B	24.18B	28.40B	23.19B	17.00B
EBITDA	25.34B	25.26B	21.77B	23.67B	18.96B	22.77B
Net Income	5.57B	8.18B	9.11B	13.59B	9.90B	16.46B
Balance Sheet
Total Assets	488.14B	460.63B	391.91B	323.11B	232.48B	174.73B
Cash, Cash Equivalents and Short-Term Investments	33.21B	29.12B	32.75B	18.19B	21.64B	9.48B
Total Debt	295.67B	270.25B	203.23B	140.59B	69.06B	21.74B
Total Liabilities	342.17B	318.74B	251.20B	184.51B	100.78B	46.82B
Stockholders Equity	145.87B	141.79B	140.71B	138.60B	131.70B	127.91B
Cash Flow
Free Cash Flow	-18.92B	-57.80B	-43.40B	-52.37B	-22.90B	-830.70M
Operating Cash Flow	10.49B	8.89B	13.10B	16.06B	21.38B	19.83B
Investing Cash Flow	-16.24B	-66.36B	-55.02B	-68.51B	-61.32B	-11.45B
Financing Cash Flow	11.55B	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 72.57, above the 50-day MA of 73.91, and above the 200-day MA of 85.11, indicating a bearish trend. The MACD of -1.09 indicates Positive momentum. The RSI at 42.59 is Neutral, neither overbought nor oversold. The STOCH value of 45.92 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	₹726.78B	25.60	―	1.48%	-1.26%	27.83%
CESC	73 Outperform	₹207.92B	19.48	―	3.56%	10.58%	2.69%
POWERGRID	72 Outperform	₹2.77T	14.70	―	3.37%	0.80%	-3.25%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NHPC	65 Neutral	₹756.49B	90.79	―	2.44%	15.72%	6.45%
TATAPOWER	65 Neutral	₹1.25T	39.28	―	0.59%	4.06%	8.22%
SJVN	55 Neutral	₹271.71B	32.79	―	1.94%	6.92%	-44.22%

SJVN Limited Corporate Events

SJVN Gets Extended Interim Finance Director as Ministry Retains Sipan Kumar Garg

SJVN Limited has announced that the Ministry of Power has extended the additional charge of Director (Finance) for the company to Shri Sipan Kumar Garg, currently Director (Finance) and CMD (additional charge) of THDC India Limited, effective March 1, 2026, for three months or until a full-time appointee takes over. The decision ensures continuity in SJVN’s financial leadership at a time when the company remains a key player in India’s power sector, leveraging Garg’s extensive experience in financial management, project financing, and governance across major public sector power utilities.

Garg brings over 24 years of experience in the Indian power sector, with a strong track record in hydropower and thermal power entities within the NTPC group and THDC India Limited. His background in improving credit ratings, reducing interest costs, and strengthening financial discipline underscores the ministry’s move to maintain strategic financial oversight at SJVN, which may support the company’s operational efficiency and capital-raising capabilities.

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.