SJVN Q3 Results: Company Posts Higher Q3 Revenue YoY, PAT Slips Sequentially

State-run electricity producer company SJVN Ltd has now announced its financial results for the third quarter (Q3) and for the nine-month period of the financial year 2025-26. The listed company reported a strong year-on-year (YoY) rise in revenue from operations for the third quarter (Q3).

SJVN's sequential profit declined and nine-month earnings weakened due to regulatory adjustments and higher costs, the details furnished by the company before the exchanges hinted. 

Revenue from operations rises YoY and QoQ

Revenue from operations of the company stood at ₹1,081.97 crore in Q3FY26, up sharply from ₹670.99 crore in Q3FY25. This led to a 61% jump in revenue on a year-on-year (YoY) basis. On a sequential basis, revenue of the company increased 4.8% from ₹1,032.40 crore in Q2FY26, the data shared by the company revealed. 

For the nine months ended December 2025, revenue from operations came in at ₹3,031.82 crore, compared with ₹2,567.61 crore in the corresponding period last year, reflecting an 18% increase.

However, other income declined significantly on a yearly basis, falling to ₹42.50 crore in Q3FY26 from ₹89.77 crore a year earlier, which moderated overall income growth.

Total income and profitability trend

Total income rose to ₹1,124.47 crore in Q3FY26, up from ₹760.76 crore in Q3FY25, reflecting strong core operations. Profit before tax (before regulatory adjustments) surged to ₹421 crore in the quarter, more than doubling from ₹194.62 crore a year earlier, supported by higher revenue growth.

PAT: YoY growth but QoQ and 9M decline

SJVN reported a net profit of ₹224.31 crore in Q3. This was compared with ₹148.75 crore in Q3FY25, a 51% YoY rise. However, PAT fell 27% sequentially from ₹307.80 crore in Q2FY26, reflecting regulatory deferral adjustments and higher tax outgo. For the nine-month period, PAT stood at ₹759.69 crore, down from ₹945.74 crore in the same period last year, representing a nearly 20% decline.

The drop in cumulative profit was largely due to negative regulatory deferral account movement of ₹59.68 crore during the nine-month period, compared with a positive impact last year.

Cost pressures and operational factors

Total expenses rose to ₹705.25 crore in Q3FY26, up from ₹567.28 crore in Q3FY25, driven by: Higher finance costs: ₹244.65 crore vs ₹228.99 crore YoY, increased depreciation and amortisation: ₹216.26 crore vs ₹137.49 crore YoY and continued employee and operational expenses.