SJVN Limited — Investor Meet, 13-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

SJVN's Q2/H1 FY26 call detailed major project advancements. Buxar Thermal's Unit 1 nears commercial operation, with Unit 2 next quarter. Key solar projects like Bikaner (680 MW operational, 320 MW due) are boosting capacity, raising total to 3,146.52 MW, soon ~3,500 MW. Revenue was flat YoY due to flood impacts, higher taxes, and finance costs, despite a 6.3% generation increase YTD. Management expects a robust INR 7,500 Cr FY26 capex, INR 8,000 Cr for FY27, foreseeing comfortable debt servicing from new project revenues. Strategic focus remains on hydro projects in Arunachal and Nepal, alongside solar, despite grid challenges. Confident outlook on future growth.