SJVN Limited will hold its 38th Annual General Meeting (AGM) on Monday, August 31, 2026, at 15:00 hours via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The Navratna Central Public Sector Enterprise, a joint venture of the Government of India and the Government of Himachal Pradesh, issued a public notice on August 4, 2026, published in Times of India and Amar Ujala, confirming the virtual format in compliance with Ministry of Corporate Affairs (MCA) Circular No. 20/2020 dated May 5, 2020.

The primary objective of the AGM is to transact the business set forth in the Notice of AGM, which includes the approval of the Board’s Report and Annual Financial Statement for FY25-26. The Annual Report will be dispatched exclusively in electronic mode to members who have registered their email addresses with the company or their Depository Participants (DPs). For those without registered emails, the documents will be accessible on the company’s website at sjvn.nic.in and on the websites of the National Stock Exchange of India Limited and BSE Limited.

Shareholder Action Required

To prevent delays in receiving dividends and annual reports, SJVN Limited has urged shareholders to update their Know Your Customer (KYC) details and email addresses. The specific requirements depend on the form of shareholding:

Members holding shares in physical form must submit Form ISR-1 along with the required documents to MAS Services Limited, the company’s Registrar and Transfer Agent. A copy of Form ISR-1 is available for download from the company’s website.

Voting and Compliance

The company will provide remote e-voting facilities to all members to cast votes on the resolutions detailed in the Notice. Additionally, an e-voting system will be operational during the AGM itself. The detailed procedure for both remote e-voting and voting during the meeting will be specified in the Notice of AGM.

The public notice was signed by Soumendra Das, Company Secretary, from the registered office in Shimla, Himachal Pradesh. The announcement ensures compliance with the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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.