Q2: SJVN Income Rises 11% Quarterly, Profit Climbs 35% Despite Yearly Decline

SJVN’s latest financial results showed an uptick in revenue compared to the June quarter, though the company witnessed a decline on a yearly basis. The erstwhile Hydro power focused PSU, which has made a strong pish into solar and wind as well in recent years, has suffered significantly with contract and quality issues over the years in whct can charitably be termed inexperience and at worst, incompetence. 

In the September quarter, SJVN reported a total income of ₹1,078.29 crore, marking a 10.98% quarter-over-quarter (QoQ) increase from ₹971.59 crore in the June quarter. However, on a year-over-year (YoY) basis, income fell 2.72% to ₹1,078.29 crore from ₹1,108.43 crore earned during the same quarter last year.

Its revenue from operations grew strongly compared to the previous quarter but only slightly versus the same quarter last year. Moreover, SJVN saw a 12.53 % quarterly growth in revenue and a marginal 0.60 % yearly growth. 

Its revenue from operations also reached Rs. 1,032.40 Cr in the September quarter, an increase from the June quarter, where it earned an income of Rs. 917.45, and on an early basis, too, it increased from the September 2024 quarter, where it earned Rs. 1,026.25  

The company also recorded a 35.26% rise in profit from the June to September quarter, but this was offset by a 30% YoY decline in September 2025 compared with September 2024.

Renewable Energy Growth

On the renewable energy front, SJVN said its revenue from operations included ₹108.63 crore and ₹224.25 crore from renewable energy (wind and solar power) for the quarter and half-year ended September 30, 2025, respectively. This compares with ₹53.20 crore and ₹109.03 crore for the corresponding quarter and half-year ended September 30, 2024.

During the half-year ended September 30, 2025, 629.90 MW of the 1,000 MW Bikaner Solar Power Project of SJVN Green Energy Limited (a subsidiary) commenced commercial operations in phases — 241.77 MW on April 2, 2025; 78.23 MW on May 15, 2025; 80.77 MW on June 19, 2025; 100.25 MW on June 30, 2025; and 128.88 MW on September 30, 2025.

Accordingly, the company’s Revenue from Operations for the quarter and half-year ended September 30, 2025, includes ₹7.91 crore and ₹80.90 crore, respectively, from energy generated by this project.

Other income stood at ₹5.89 crore and ₹100.03 crore for the quarter and half-year ended September 30, 2025, respectively, compared with ₹82.18 crore and ₹170.28 crore during the same period last year. The company said this was primarily due to interest from banks and late payment surcharges from beneficiaries.