Government-owned power generation company SJVN’s revenue rose to ₹7.61 billion (~$87.52 million) in the third quarter (Q3) of the financial year (FY) 2025, a 25% year-over-year (YoY) increase from ₹6.08 billion (~$69.92 million).

Revenue from renewable energy sources (wind and solar) increased 265% YoY to ₹530.2 million (~$6.09 million) from ₹145.3 million (~$1.67 million).

The company’s net profit increased 7% at ₹1.49 billion (~$17.13 million) compared to ₹1.39 billion (~$15.98 million) in the corresponding quarter of FY 2024.

The earnings per share (EPS) came in at ₹0.38 (~$0.0044) compared to ₹0.35 (~$0.0040) in Q3 FY 2024.

The company’s hydropower generation increased to 1,388.83 million units (MU) in Q3 FY 2025, a 15% YoY increase from 1,206.97 MU. Wind power generation decreased 4% YoY to 17.62 MU from 18.29 MU. Solar power generation rose to 171.89 MU, a 387% YoY growth from 35.28 MU.

SJVN has an operational capacity of 2.5 GW and plans to add approximately 3 GW in FY 2026, increasing the total under-construction capacity to roughly 5 GW.

The company is optimistic about achieving its 25 GW target by FY 2030, with an estimated 3 GW annual capacity addition. It aims to achieve this target through a mix of renewable and conventional energy sources, with 16 GW from solar and wind, 8 GW from hydro projects, and the remaining capacity from thermal energy.

First nine months (9M) results

In 9M FY 2025, SJVN reported a 23% YoY rise in revenue to ₹28.28 billion (~$325.25 million) from ₹23.04 billion (~$264.98 million).

Revenue from renewable energy rose to ₹1.62 billion (~$18.63 million), a 106% YoY increase from ₹785 million (~$9.02 million).

The company’s net profit increased 11% to ₹9.47 billion (~$108.91 million) compared to ₹8.5 billion (~$97.76 million) in the corresponding period of FY 2024.

Its EPS for 9M came in at ₹2.41 (~$0.028) compared to ₹2.16 (~$0.025).

The company’s hydropower generation increased to 9,022.65 MU, a 23% YoY increase from 7,355.43 MU. Wind power generation decreased 13.5% YoY to 112.76 MU from 130.43 MU. Solar power generation stood at 463.29 MU, up 282% YoY from 121.16 MU.

R.K. Chaudhary, Chairman and Managing Director, SJVN, stated that the gap between the awarded 7 GW renewable portfolio and the 2.2 GW under construction is due to delays in signing power sale agreements (PSAs). Power purchase agreements (PPAs) with developers cannot be finalized without these agreements with distribution companies (DISCOMs), delaying project execution.

He noted that SJVN has engaged with multiple DISCOMs, and recently, the Ministry of Power and the Ministry of New and Renewable Energy (MNRE) held a meeting to address the issue. MNRE is planning further discussions with state utilities to encourage them to sign the PSAs. Once the PSAs are signed, PPAs with developers will follow immediately. Chaudhary said he expects these issues to be resolved within the next two months.

He added that SJVN is evaluating options for listing and demerging SJVN Green Energy. The company aims to proceed with the listing in the third or fourth quarter of FY 2026, with valuation considerations still pending.

SJVN’s revenue rose 16.38% YoY to ₹11.08 billion (~$131.33 million) in Q2 FY25 from ₹9.52 billion (~$112.75 million).