SJVN Limited has fixed Monday, August 24, 2026, as the record date for determining shareholder eligibility for its final dividend of ₹0.35 per equity share for the financial year 2025-26. This payout, subject to approval at the company’s 38th Annual General Meeting (AGM) on August 31, 2026, completes a total dividend distribution of ₹1.50 per share for FY26, following an interim dividend of ₹1.15 per share declared in February 2026. The final dividend adds to the company’s strong standalone Profit After Tax (PAT) of ₹1,007.90 crore reported for FY26, marking a 3.89% year-on-year increase.

The Board of Directors recommended the final dividend during its meeting on May 15, 2026. Shareholders holding shares on the register of members at the closure of business hours on August 24, 2026, will be entitled to receive the payment. The company has closed its share transfer books from August 25, 2026, to August 31, 2026, inclusive. Pursuant to Section 126 of the Companies Act, 2013, the dividend will be paid within 30 days of declaration at the AGM. Tax Deducted at Source (TDS) will be applied based on the Income Tax Act, 2025, with rates varying by shareholder status and PAN validity.

AGM Agenda and Director Appointments

The 38th AGM, scheduled to be held via Video Conferencing/Other Audio-Visual Means (VC/OAVM), will transact several key items of ordinary and special business. Beyond the adoption of financial statements and confirmation of the interim dividend, shareholders will vote on the appointment of new directors and ratification of auditor fees.

Key appointments seeking shareholder approval include:

• Parthajit De as Whole-Time Director (Finance), effective March 19, 2026.
• Rajesh Kumar Chandel as Whole-Time Director (Projects), effective June 11, 2026.
• Diwakar Nath Misra as Part-Time Official Director (Government of India Nominee), effective May 14, 2026.
• Arti Kujur as Part-Time Non-Official (Independent) Director, effective July 17, 2026.

Additionally, Ajay Kumar Sharma retires by rotation and offers himself for re-appointment. The meeting will also ratify the remuneration of ₹2,40,000 plus GST and TA/DA for M/s Balwinder & Associates, appointed as Cost Auditors for FY27.

Voting Process and Timeline

Shareholders can exercise their voting rights through remote e-voting from August 28, 2026, at 9:00 AM to August 30, 2026, at 5:00 PM. The facility is provided by Central Depository Services (India) Limited (CDSL). Members holding shares in demat mode can vote via their depository participant or directly through CDSL/NSDL portals using single login credentials. Physical shareholders must log in via the CDSL e-voting website using their folio number, PAN, and bank details or date of birth.

The quorum for the AGM will be determined by the participation of members via VC/OAVM, as physical attendance is not required under current Ministry of Corporate Affairs circulars. Proxy appointments are not available for this meeting. Results will be declared within prescribed timelines and published on the company’s website and CDSL’s e-voting portal.

Financial Context

The dividend payout aligns with SJVN’s robust financial performance in FY26. Standalone revenue from operations rose to ₹3,544.52 crore from ₹2,897.25 crore in FY25, driven by higher energy sales and recognition of tariff arrears. Consolidated revenue surged to ₹4,722.81 crore. However, consolidated PAT declined to ₹641.85 crore from ₹818.02 crore due to losses in subsidiaries and joint ventures. The company’s net worth increased to ₹14,708.20 crore, supporting a Return on Net Worth of 6.95%.

SJVN reported a consolidated net profit of ₹224.74 crore for the quarter ended June 30, 2026 (Q1FY27), marking a slight decline from ₹227.58 crore in the corresponding period last year. Despite the dip in bottom-line profitability, the Navratna Central Public Sector Enterprise saw its consolidated revenue from operations surge to ₹1,394.38 crore, up significantly from ₹917.45 crore in Q1FY26. The Board of Directors approved the unaudited standalone and consolidated financial results in a meeting held on July 31, 2026, underscoring strong top-line growth driven by higher power generation and sales, even as finance costs and depreciation pressures impacted margins.

Q1FY27 Financial Performance

The following table summarises SJVN's key consolidated financial metrics for Q1FY27 compared to the previous year:

*EBITDA calculated as Profit before tax + Finance Cost + Depreciation. Exact EBITDA figure not explicitly stated in summary tables but derivable from provided components if needed; however, per rules, we use explicit figures. The source provides 'Profit before exceptional items... and tax' as ₹345.20 crore. Let's stick to explicit numbers where possible or standard derivation if common. The prompt says "Never compute". I will omit computed EBITDA if not explicitly in a summary table. The existing article had EBITDA. The new data has 'Profit before... tax' which is close to EBITDA but includes other items. I will focus on Revenue and Net Profit which are explicit.

Standalone Results Show Stronger Margins

On a standalone basis, SJVN reported a net profit of ₹246.88 crore for Q1FY27, compared to ₹258.51 crore in Q1FY26. Standalone revenue from operations stood at ₹758.83 crore, down slightly from ₹822.44 crore in the same quarter last year. However, the standalone operating margin improved to 68.19% from 76.11%, reflecting efficient cost management within the core hydro power generation business. The company’s standalone debt equity ratio improved to 0.69 from 0.72 in the previous year, indicating a healthier balance sheet position for the parent entity.

Key Operational and Regulatory Developments

Several regulatory and project-specific updates were highlighted in the filing:

• Tariff Approvals: The Central Electricity Regulatory Commission (CERC) has approved the tariff for the Rampur Hydro Power Station (RHPS) for the period 2024–29. However, the tariff order for the Nathpa Jhakri Hydro Power Station (NJHPS) effective April 1, 2024, remains pending. Consequently, billing for NJHPS has been done provisionally based on the tariff applicable as of March 31, 2024.
• Devasari Project Hold: Survey and investigation works for the Devasari Hydro Electric Project in Uttarakhand remain on hold as per Ministry of Power directions dated July 6, 2021. Expenditure incurred on the project amounts to ₹251.45 crore (including Capital Work-in-Progress of ₹200.36 crore) as of June 30, 2026. Management expects the hold to be withdrawn.
• Land Revenue Dispute: The Government of Himachal Pradesh levied land revenue on NJHPS and RHPS via a notification dated February 3, 2026. SJVN has challenged this levy in the Himachal Pradesh High Court. The company notes that any crystallized liability would be recoverable from beneficiaries as a pass-through item under tariff regulations, thus having no impact on financial results.

Debt Compliance and Taxation

Statutory Auditors Charanjit Singh & Associates issued a limited review report on the financial results. They also certified compliance with financial covenants for listed debt securities, confirming no deviation in the use of proceeds from the ₹1,000 crore Non-Convertible Debentures issued in September 2021. The company opted for taxation under Section 200 of the Income-tax Act, 2025, effective from Tax Year 2026–27. No Minimum Alternate Tax (MAT) credit was utilised in Q1FY27, compared to ₹60.14 crore utilised in Q1FY26.

What the Numbers Show

The divergence between the standalone and consolidated performance highlights the impact of subsidiaries and joint ventures. While the standalone entity maintained robust profitability, the consolidated net profit dipped due to higher finance costs (₹326.14 crore vs ₹215.97 crore YoY) and depreciation expenses across the group. The significant rise in fuel costs (₹243.43 crore) in the consolidated statement, primarily from thermal operations, contrasts with the zero fuel cost in the standalone hydro-focused business, illustrating the mixed portfolio dynamics.