SJVN Q1 FY26 Performance

Revenue from Operations: ₹917.45 crore, up about 5.4 % YoY PAT: ₹227.8 crore, down about 36.2 % YoY from ₹357 crore EBITDA: ₹742.4 crore, up about 11.2 % YoY EBITDA Margin: 80.9 %, improved from 76.7 % last year Key Drivers: Growth in renewable energy revenue to ₹115.6 crore, more than double YoY. Drop in power trading revenue to ₹0.78 crore. Significant fall in other income such as bank interest and surcharge receipts. Strengths: Strong improvement in operating margins. Expanding renewable energy portfolio supports long-term growth. Risks: Sharp decline in profitability despite revenue and margin gains. Lower ancillary income and trading activity may continue to impact results. Opportunities: Accelerating renewable projects for higher contribution to revenue. Further efficiency improvements in operations. Summary: SJVN delivered modest revenue growth and stronger margins in Q1 FY26, but profits fell sharply due to reduced other income. The company’s renewable expansion remains the main growth driver, while stabilizing non-core revenue streams will be important for earnings recovery.