SJVN Limited has announced the extension of additional charge of Director (Finance) to Shri Sipan Kumar Garg, effective March 01, 2026. The appointment, approved by the Ministry of Power through an order dated February 26, 2026, extends his tenure for three months or until a full-time incumbent is appointed, whichever is earliest.

Leadership Appointment Details

The extension was communicated to stock exchanges in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The following table summarizes the key appointment details:

Professional Background and Qualifications

Shri Sipan Kumar Garg brings over 24 years of distinguished experience in the Indian power sector to his extended role. He currently serves as Director (Finance) at THDC India Limited since August 17, 2024, and assumed additional charge as Chairman & Managing Director of THDC India Limited on November 25, 2025.

His academic and professional qualifications include:

• B.Com (Hons.) degree
• Member of Institute of Chartered Accountants of India (CA)
• Member of Institute of Cost Accountants of India (CMA)
• Member of Institute of Company Secretaries of India (CS) - rank holder
• LL.B. (Law) degree

Career Experience and Expertise

Prior to his current role, Shri Garg held key leadership positions within the NTPC Group, including Chief Financial Officer at Aravali Power Company Private Limited and Patratu Vidyut Utpadan Nigam Limited. He also contributed significantly to NTPC's Corporate Accounts Group and the Koldam Hydro Power Project.

Under his financial leadership, organizations achieved the highest ever credit rating and significant savings in interest costs on long-term debt, demonstrating his strategic ability in financial restructuring.

Professional Contributions and Recognition

Shri Garg has enhanced his professional skills through advanced programs, seminars, and workshops at national and international institutions. He has gained recognition as an experienced speaker on accounting standards, Ind AS, and financial best practices.

He has contributed to the professional community through active participation in important committees of the Institute of Chartered Accountants of India:

• Public Finance and Government Accounting Committee
• Accounting Standards Study Group
• Member (Industry) Group (PSU)

Current Leadership Roles

In addition to his role at SJVN Limited, Shri Garg serves as Chairman of THDC India Limited's subsidiaries, including Tusco Limited, Tradeco Rajasthan Limited, and THDCIL-UJVNL Energy Company Limited.

The company confirmed that Shri Garg is not related to any director on the Board and is not debarred from holding the office of Director by any regulatory authority. His appointment reflects SJVN's commitment to maintaining strong financial leadership and operational excellence in line with India's evolving energy sector requirements.

SJVN Limited announced its financial results for the quarter ended December 31, 2025, along with key corporate decisions including interim dividend declaration and fund raising approvals. The Board of Directors meeting held on February 11, 2026, approved multiple significant resolutions under SEBI Listing Regulations.

Financial Performance Overview

The company delivered strong financial performance in Q3 FY26 across both standalone and consolidated operations. Key financial metrics demonstrate robust operational efficiency and profitability improvements.

Nine Months Performance

For the nine months ended December 31, 2025, SJVN demonstrated consistent growth momentum with substantial revenue increases and maintained profitability.

Corporate Actions and Fund Raising

The Board of Directors approved several important corporate decisions during the meeting. The company declared an interim dividend of ₹1.15 per equity share for the financial year 2025-26, with the record date fixed as February 20, 2026. The dividend will be paid within the statutory period as prescribed under the Companies Act, 2013.

Additionally, the board approved raising funds up to ₹1,000 crore through issuance of unsecured, rated, taxable, redeemable, non-convertible, non-cumulative debentures on private placement basis. This fund raising initiative will support the company's expansion and operational requirements.

Tax Deduction Guidelines for Interim Dividend

On February 17, 2026, SJVN issued detailed communication regarding tax deduction at source (TDS) provisions for the interim dividend payment. The company outlined specific TDS rates and documentation requirements for different categories of shareholders under the Income Tax Act, 1961.

Shareholders must submit required documents by February 22, 2026, to avail appropriate TDS rates. The company emphasized that no communications regarding TDS will be accepted after 5:00 PM on the deadline date.

Revenue Composition and Operations

SJVN's revenue streams include hydro power generation, renewable energy, and power trading activities. For Q3 FY26, hydro power contributed ₹835.24 crore to standalone revenue, while renewable energy (wind and solar) added ₹6.28 crore. The company received ₹173.95 crore relating to earlier years from tariff order truing-up for the period 2019-24 in respect of Rampur Hydro Power Station.

Key Financial Ratios

The company maintained healthy financial ratios demonstrating strong operational performance and financial stability.

Project Developments

During the quarter, SJVN Green Energy Limited achieved commercial operation in phases for the 1,000 MW Bikaner Solar Power Project, contributing ₹62.42 crore to consolidated revenue. The group also commissioned one unit of 660 MW out of two units aggregating 1,320 MW of the Buxar Thermal Power Project, with ₹124.75 crore provisionally recognised as unbilled revenue.

The Devasari Hydro Electric Project remains on hold pursuant to Ministry of Power directions, with the matter scheduled for Supreme Court hearing on May 20, 2026. The company has incurred ₹251.28 crore on this project up to December 31, 2025.