SJVN Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

SJVN’s power generation rose 25% YoY to 10,647 million units in FY25, led by Nathpa Jhakri and Rampur plants. Q4 saw a INR143 Cr impairment on solar assets due to low PLF, potentially reversible. About 5,300 MW capacity (1,320 MW thermal, 3,675 MW solar) is set for commissioning in FY26. Projects totaling 4,601 MW are under construction, including hydro, thermal, and solar. Capex was ~INR7,800 Cr in FY25, with guidance of INR8,300 Cr for FY26 and INR12,000 Cr for FY27. Pumped storage projects will start construction around FY27. Trading margins from the Renewable Energy Implementing Agency may reach ~INR200 Cr by FY27. Management is confident on execution and capacity expansion aligned with energy transition.