Earnings call transcript: SJVN's Q2 2025 earnings reveal growth in renewable energy

SJVN Limited, a key player in India's renewable energy sector, released its Q2 2025 earnings results on November 10, 2025. The company reported a 6.3% year-over-year increase in total energy generation for the first half of the fiscal year, amounting to 9,442 million units. Despite a slight dip in stock price by 0.79% to 84.18 INR, SJVN's ongoing projects and future outlook remain strong, with significant capacity additions in solar and hydro projects.

Key Takeaways

• SJVN's total generation increased by 6.3% year-over-year.
• The company commissioned major projects, including a 660 MW thermal power unit.
• SJVN's stock fell by 0.79% following the earnings announcement.
• Future projects include commissioning 1.5 GW of solar projects next year.

Company Performance

SJVN's performance in Q2 2025 highlights its strategic focus on expanding renewable energy capacity. The company successfully commissioned several projects, including a 660 MW unit of the Buxar Thermal Power Project and a 680 MW solar project in Bikaner. These additions have increased SJVN's total installed capacity to 3,146.52 MW. The company's ongoing projects, which include hydro, thermal, and solar projects, are expected to significantly boost its capacity in the coming years.

Financial Highlights

• Total generation for H1 FY2025-2026: 9,442 million units (+6.3% YoY)
• Capex for current year: INR 7,500 crore (INR 3,600 crore spent in first two quarters)
• Incentive income for half-year: INR 104.45 crore

Outlook & Guidance

SJVN plans to commission 650 MW of renewable energy projects by the end of this financial year and an additional 1.5 GW of solar projects next year. The company is also targeting the completion of key hydro projects, including Arun 3, Sunii, and Luhri, while exploring potential new projects in Nepal.

Executive Commentary

Bhupender Gupta, Chairman and Managing Director, emphasized the company's robust growth trajectory, stating, "SJVN is in a very sound footing. There is no issue as of now regarding the growth of the company." He further added, "We will be growing every year with better revenue, better profit, and better capacity addition."

Risks and Challenges

• Power evacuation and grid connectivity challenges could impact project timelines.
• Revenue constraints due to flood-related plant availability issues.
• Delays in tender and power purchase agreement (PPA) processes.

SJVN's strategic initiatives and ongoing projects position it well to contribute to India's renewable energy goals, despite current challenges. The company's focus on expanding its solar and hydro portfolio reflects its commitment to sustainable growth and energy diversification.

Full transcript - SJVN Ltd (SJVN) Q2 2026:

Conference Operator: Ladies and gentlemen, good day and welcome to the Q2 FY26 earnings conference call of SJVN Limited, hosted by Elara Securities India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe. Thank you, and over to you, sir.

Rupesh Sankhe, Moderator, Elara Securities: Yeah, good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY26 conference call of SJVN. I take this opportunity to welcome the management of SJVN, represented by Mr. Bhupender Gupta, Chairman and Managing Director, and Mr. Sapan Garg, Director of Finance. So we will begin the call with a brief overview by the management, followed by a Q&A session. I will now hand over the call to Mr. Bhupender Gupta, sir, for opening remarks. Over to you, sir.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Thank you, Rupesh. Very good morning to all of you. In fact, afternoon. I am pleased to be accompanied by my Director of Personnel, Sri Ajay Kumar Sharma, and Director of Finance, Sri Sapan Garg. It gives me immense pleasure to share with you some key highlights and significant developments from the second quarter of FY25-26, along with important milestones achieved during the ongoing quarter. I'm delighted to share that Honorable Prime Minister Sri Narendra Modi virtually inaugurated Unit 1 of 660 megawatts of our 1,320 megawatt Buxar Thermal Power Project on 22nd August 2025 from Bodh Gaya. Prior to this inauguration, the unit had been successfully synchronized with National Grid on 21st of August 2025. I am further pleased to inform you that we have completed a major milestone of 72-hour continuous full-load running on 5th of November 2025.

This is the, you can say, the last step towards declaring the unit as commercially open. That is now COD. We will be, I think, declaring within, maybe today itself, maybe in the evening itself, or maybe tomorrow max, we will be declaring the commercial operation date for the Unit 1. The second unit, definitely, that will also be coming very soon, maybe within the next two to three months. Once this plant is commissioned fully, it will be generating around 9,826.72 million units annually, of which 85% will be supplied to the State of Bihar, and the balance will be supplied to the North Eastern Grid.

Another milestone which I just want to share with you is that during this quarter, Honorable Prime Minister Sri Narendra Modi ji virtually laid the foundation stone for the 200 MW solar power project under phase 17 on 21st September 2025. This project is located in Khawda Solar Park, which is being developed by the GSC in Kutch district of Gujarat. The project is expected to generate around 505 million units in the first year. The generated power will be supplied to Gujarat Urja Vikas Nigam Limited at a tariff of INR 2.88 per unit. We are excited to inform that the commercial operation date for the cumulative capacity of 680 MW under the 1000 MW Bikaner Solar Power Project has been successfully achieved in the phases.

The project is located in Bikaner district of Rajasthan and is being developed under the CPSU scheme for the Ministry of New and Renewable Energy, Government of India. The project is progressing well and scheduled for full commissioning in the current calendar year. With this addition in operating assets, the total installed capacity of SJVN now stands at 3,146.52. After this adding of 320 megawatt, maybe this month or max by 15th of December next month, we will be adding another 320 megawatt. It means around 3,500 megawatt will be under operation. In another significant development, PPA has been signed with Uttar Pradesh Power Corporation Limited for the supply of power from our one international project, 900 megawatt Arun 3, and 210 megawatt Luhri Stage 1, and 380 megawatt Sunii Dam Hydroelectric Project during this quarter.

Regarding the progress of our ongoing projects, we have achieved some major milestones in the second quarter and ongoing quarter of the FY25-26. Following the successful trial run of Unit 1, significant progress has been achieved in Unit 2, as I told you, and we are targeting the COD of this second unit also during January or February next year. Another significant milestone has been achieved in Arun 3 Hydroelectric Project in Nepal, where we have completed the Unit 1 Pit 3, one of the major milestones to start the electromechanical activities. The electromechanical activities have been initiated, commenced in this particular Unit 1. Regarding our projects which are under operation, I just want to share some highlights for the current half-year progress of the generation which we have done in our two projects.

There is one Nathpa Jhakri, 1500 megawatt, where we have generated 1785 million units during the quarter, again reflecting an improvement over 1774 million units achieved last year. Similarly, in the Arun 3, also we have, sorry, this Rampur project, also we have generated more power than the previous year. As of date, the current financial year 2025-2026, the total generation from all the power stations stands at 9442 million units as compared to 8880 million units during the corresponding period of 2024-2025, reflecting an improvement of around 562 million units or about 6.3%, primarily driven by the commissioning of Unit 1 of Bikaner Solar Power Project. To provide the brief of our current project portfolio, SJVN currently has 13 operational projects with a combined capacity of 3146 and 2 transmission lines.

We are currently constructing four hydro projects with a total capacity of 1,558 megawatt, one thermal power project of 1,320, and 14 solar projects totaling 2,213 megawatt. This brings our total under construction portfolio to 5,091 megawatt. In line with the Government of India vision for energy accessibility, SJVN has been selected to play a pivotal role in the PM Surya Ghar: Muft Bijli Yojana. The initiative aims to provide free electricity to one crore households across India. SJVN has been entrusted with the responsibility of implementing the scheme across three states, that is, Himachal Pradesh, Punjab, and Arunachal Pradesh. Additionally, we have also been assigned the responsibility of installing a rooftop solar system on government buildings, covering 18 ministries. The process of empanelment of vendors for government buildings is completed, and implementation is in progress.

So far, a total capacity of 20.1 megawatt has been awarded, and execution of work is underway. You may also be knowing that SJVN has been listed as one of the renewable energy implementing agencies by the Ministry of New and Renewable Energy to contribute towards the nation's ambitious 500 gigawatt renewable energy target by 2030. Cumulatively, as of date, tenders have been floated for a total capacity of 19.8 gigawatt. Letters of awards have been issued for 13.74 gigawatt, and a power sale agreement has been signed for 3.74 gigawatt. I am also pleased to share that SJVN has received the prestigious Scope Eminence Award in HR Management from Honorable President Smt. Droupadi Murmu on 29th of August 2025 for its progressive employee-centric HR practices.

As we continue to build to this success, I would like to reaffirm that SJVN remains committed to sustainable growth and to supporting the nation's clean energy transition. Thank you so much.

Conference Operator: Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Ragini from Elara Securities. Please proceed.

Ragini, Analyst, Elara Securities: Yeah. Can you please tell the cases from H1, FY26, and what is the guidance for FY27 and 28?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: There is a lot of noise in your voice, I think, in the background. Can you repeat the question, please?

Ragini, Analyst, Elara Securities: Yeah. I was asking about the capex, which has been incurred for H1, FY26, and the capex earmarked for FY27 and 28.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. For this year, the total CapEx which we have capped is around INR 7,500 crore. Out of that, we have already spent in two quarters around INR 3,600 crore. With the balance two quarters, we are 100% sure that whatever CapEx we have given as an MOU target by Government of India, we will achieve very comfortably. As far as next year is concerned, 2026-2027, we have capped CapEx of around INR 8,000 crore for the next year.

Ragini, Analyst, Elara Securities: Okay. And for FY28, the guidance is in the similar range?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. Actually, we are just consolidating our present portfolio. One of the big projects is Buxar, which was basically CapEx-driven. That is now going to be completed this year. Now we will be focusing on some new projects in Nepal, which will be like we will be awarding the contract something maybe in the second quarter of next year. In the beginning, when we start any hydro projects, the CapEx is not very high. After one or two years, then the CapEx starts increasing. That is the reason why the CapEx is in the same range and not increasing year-on-year basis.

Ragini, Analyst, Elara Securities: Okay. Can you give the incentive income for Q2 FY26?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Just a moment. Incentive income for the half-year, current half-year, it is INR 104.45 crore.

Ragini, Analyst, Elara Securities: Okay. My next question is, can you share the progress on the hydroelectric projects of nearly about 5 gigawatts, which are coming up in Arunachal Pradesh?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. I can share that definitely. In the 5 gigawatt, actually, there are five projects, in fact. Out of that five projects, three are still under PFR stage, which we call pre-feasibility report stage. Those are not being, like, they are in different stage, so that will take some time to make PFR, then DPR, then they will come into construction after some time. Regarding the two other projects, one is the biggest hydro project in India, that is 3,097 megawatt, Etalin. Another is around 688 megawatt, Attunli. These two are progressing well. In case of Etalin, we are in the final stages of getting the environment clearance. We have already received, in fact, the forest and environment clearance.

We are in the final stage of acquiring the land, which is the prerequisite to start the construction activity in any of the projects. That is in the final stages. Some of the people, almost 70% of people, have already taken the compensation amount, which is being paid by the state government. The balance are in the final stages, so it will take one or two months. Regarding the tendering process, we have started the tendering activities also parallelly so that once we have all the clearances with us, we can start the actual construction at site from the next financial year as early as possible. Secondly, Atulni, slightly, you can say, six months late from this Italian because there are some issues we were facing regarding this property survey and the land acquisition.

Otherwise, forest clearance and environment clearance is also in the advanced stage there. By the end of next year, this Atulni can also come for the construction stage.

Ragini, Analyst, Elara Securities: Okay. Thank you. I'll join back the question.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah.

Conference Operator: Thank you. We take the next question from the line of Paras Cherda from Purple Limb Vertex Ventures LLP. Please proceed.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Yeah. Thank you, sir, for this opportunity. I just wanted to understand that some of our projects have probably come on line. When I compare our results in the revenue for this quarter, it is comparable to the revenue of the same quarter of last year, whereas some of the projects have also come on line in terms of the depreciation, which is up 20-30%. I am just trying to understand, sir, in terms of operations, are our projects that have come on line fully operational, or is the capacity utilization pending in some of these projects? When do you expect the Buxar unit also to fully commission, sir?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. As far as.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Because the finance cost and the depreciation keeps going up, but the revenue is not coming in. I just wanted to understand how is it placed.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. Regarding Buxar, as I told earlier, we are going to declare the commercial operation of the plant within one or two days because already full load operation has been completed. This is a requisite for commercial operation. Now the paper formalities and document formalities are going with the state load dispatch center. The first unit is 660 MW. Regarding the second unit, during this financial year, we will be completing and declaring the commercial operation maybe January or February next year max. Definitely within this financial year. That is progressing very well. We are 100% sure that it should not go beyond January. Now, regarding the other question, I am still not clear, actually, what.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Can you repeat the question?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Can you repeat the first question?

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: The question is, sir, that okay. The question is, sir, when we look at the revenue style for this quarter, which is about, let's say, INR 1,000 crore odd, which is almost comparable or equal to the revenue of INR 1,000 crore of last quarter of last year also, that is September. A lot of projects, or at least some of the projects, have also come online because the depreciation is about INR 171 crore compared to INR 133 crore of depreciation of that last quarter. That is why some of the projects have come online, like the Bikaner and other projects that have come. Right? I am saying that why has the revenue not equally gone up, or at least gone up, comparable to the last quarter of the year? Are some of the projects which have come online underutilized or not yet utilized completely? What is the reason?

I mean, the revenue is also to increase, right? I mean, to some extent.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: You are very true. You are very right what you are asking, actually.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: I'm not even talking about the finance cost, which I understand some of the projects will be under construction, etc. Those are different things. On the depreciation front, at least when the projects have come online, I don't see any incremental revenue that probably should be added to the quarter's revenue.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: There are very few reasons, just I will let you know. You are very correct that when the generation capacity has increased, why the revenue has not increased. There are three, four major reasons why this income has come down. One is this decrease in energy charges means, actually, generation we have increased. But there is a concept of plant availability factor. And based on that, there is a tariff which is given to us in terms of energy charges and capacity charges. This time, there was a lot of flood in the Himalayas, particularly Himachal, where our both major plants are located, Rampur and Nathpa Jhakri. We had to close the plant due to the high silt in the water and during the flood season.

Our plant availability factor, which is driven by our plant availability and our capacity charge, energy charge, both are linked to that. In fact, incentive is also there. Because of that, we have lost almost INR 500,000,000-INR 600,000,000. There was an increase in tax expenses because of this MAT utilization, which was applicable for one of the projects. We completed 10 years, so now we are not getting that exemption under 80 IEA. That is one part. There is a slight increase in the finance cost, which is around INR 500,000,000. That has increased in comparison to the last quarter. I would like to add something also. You are talking about the depreciation on a consolidated basis.

The depreciation for the quarter has increased to INR 170 crore as compared to INR 132 crore in the corresponding quarter in the previous year. There is an increase in the depreciation also and increase in the finance cost also. Because new projects have been commissioned, that is why the depreciation also, the finance cost has increased. However, as already told by CMD itself, revenue has not increased correspondingly because of certain other reasons.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Those reasons only I was trying to understand.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Four, five reasons I told you, energy charges due to not meeting the plant availability factor as we are supposed to as per CERC guidelines, then capacity charges. Then as Director of Finance told you, just the finance cost has increased, depreciation has increased. Then there is a dividend income from that is minor one. Definitely, the main is 80 IEA benefit, which we were getting for one of our plants. Because of that, INR 520 million, we have this decrease in the income.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: There is another two aspects also, decrease in the bank interest and income tax refund, which were earlier higher. Current year, there is a lower bank interest by INR 260,000,000 and decrease in late payment surcharge. That is a good thing for us that our beneficiaries are paying on time, and there is less late payment surcharge during this year by INR 170,000,000.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Right. And sir, now with Buxar plant, right, I mean, half of that 982 should be operational within a couple of days. At least the next quarter will be fully operational, right? That entire project, unit one and unit two, will produce 982 crore units of electricity, right? Half of that at least will be fully operational. Is that understanding correct? Yeah, yeah. Because this one unit I told you, that will be operational from this month only. And second.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: What would be the average price, sir, PPA on that?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Around 5.4.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Understood. Around 5.4. And sir, just for this next quarter or so, for the next three, four months, are there any significant projects that are coming online which will be added in terms of the revenue capacity on the renewable side?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Renewable side, Bikaner is coming around 320 megawatt. That will be commissioned in next month itself, 320 megawatt. Jamui, we have one plant in Bihar that is 75 megawatt. Another 120 megawatt in Assam. That will be commissioned within this financial year. Bagodra, 35 megawatt in Gujarat, and another 100 megawatt in.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Naba.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Naba. This is again in Jaipur or in Rajasthan. Like this, around 650 MW of RE, renewable energy projects, solar projects specifically, will be commissioned during this financial year.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Understood, sir. Sir, just, I do not know if you can estimate sort of what kind of revenue capacity can that add in, these new 650 megawatt projects?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Average.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: On an annualized basis?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Average tariff is around INR 2.60 for all the solar projects, if you see. If you consider around 25% of PLF, you can calculate how many million units will be there.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Understood, sir. And sir, just last query, we were trying to list our subsidiary, SJVN Green Energy. Is there any progress on that? And what would be the timeline associated, etc., if there is any?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: No, as of now, there is no such plan as of now for next one year at least. After seeing the market condition and our commissioned project of SJVN and the future portfolio, we will decide on that.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Right, sir. Last query from my end, sir, we are, let's say, intending to spend another INR 3,500 or 700 crore. Totally INR 7,500 for the year. Maybe next year also we'll add something, right? All of this will go as CapEx, and the debt levels are increasing, right? I mean, we are at INR 30,000 crore odd totally for now. We'll add up to that, etc. How do you intend to look at it in terms of debt-to-equity ratio? Because the revenue and the PAT levels, whether they'll be sort of commensurate to service the debt and the interest, etc., that will follow up eventually.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Definitely. You are a.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Because the commissioning timeline will matter, I mean, on these projects.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: We have already found that Buxar's first unit is getting commissioned by tomorrow. The second unit is also coming very soon. In that case, our CWIP will shift to the fixed assets, and it will start generating revenue. Based on that, we do not see that there will be a very large increase in the loan portion in the next two years. We will be able to service our loans out of the cash generated from Buxar. We feel that we will be in a comfortable position over the period.

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Okay. Okay. Fine. Thank you so much, sir.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Thank you.

Conference Operator: Thank you. We take the next question from the line of Bharani from Evindus Park. Please proceed.

Bharani, Analyst, Evindus Park: Good afternoon. Am I audible?

Paras Cherda, Analyst, Purple Limb Vertex Ventures LLP: Yes, yes.

Bharani, Analyst, Evindus Park: Yes. SJVN as a renewable energy implementing agency, how much capacity would you have figured out so far? And of that, how much capacity needs to sign PSA or PPA?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. Actually, as of now, we have floated the tenders of around 19.8 gigawatts. Letter of award has been issued for 13.74 gigawatts. Regarding the PPAs, which you are asking, PSA and PPAs have been already executed for 3.74. We are expecting around the same quantity of PSA/PPA in the next two months, 3.75. This is the present position. We are further coming out with some of the tenders for state-specific, where they are asking us for going for a tender for BESS. For Haryana, we will be coming out with a tender of BESS, that is battery energy storage, of around 1,250 megawatts within this month or maybe next month. Similarly, we have already floated a tender for wind power, around 1,200 megawatts. We are coming out with another tender for pump storage plants, which will be on tariff-based competitive bidding.

This is in pipeline as of now. We are trying to sign the PSA for balance around 10 gigawatts very soon. Otherwise, we will take some other call on these tenders.

Bharani, Analyst, Evindus Park: Okay, sir. First follow-up question for that case, government has given targets for the four REIAs, including us. In the last two years, the achievement was close to the target. In your view, this year, how much do you think you will be able to achieve SJVN's target?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Actually, regarding tender, we have achieved all the targets for this year also, actually. The problem, frankly speaking, you must be knowing yourself also, because there is a lot of tenders which are coming out in the market, specifically for solar. There is some issue now. Because of the grid connectivity, there are transmission line shortages. Because of that, power is not getting evacuated even for the commissioned plant. Connectivity is one issue which is delaying the construction of new plants in Rajasthan and Gujarat. You know there are some issues in the transmission lines, some Supreme Court issue also. I mean to say the targets for bidding is not an issue. Only problem is that when these will see the day of the light, particularly the commissioning. That is, to some extent, getting delayed due to many reasons.

One of the reasons is that there is now this transmission line issues are there mainly, which is holding it back. Connectivity is the main issue where people are not getting the they are getting late connectivity, 28, 30, 31. That is why the commissioning target I can't speak about. As far as my portfolio comes for REIA, I will meet my target, whatever given to me by the government.

Bharani, Analyst, Evindus Park: Okay, sir. Now coming to this 19 gigawatt, you said we have tendered out so far. I think you mentioned of that 13 gigawatt has seen awarding of LOA. Of this 13 gigawatt, you said only 3 gigawatt PPA and PSAs have been signed.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: 4 gigawatt.

Bharani, Analyst, Evindus Park: Right?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: 4 gigawatt.

Bharani, Analyst, Evindus Park: Okay. Okay. So of the ones where LOA has been given, about 9 gigawatt is yet to be signed for PPA or PSA, correct?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yes, yes.

Bharani, Analyst, Evindus Park: That is where you are telling the reasons, which is connectivity and related to PPA, are the main reasons for signing even the PPA/PSA.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yes, yes.

Bharani, Analyst, Evindus Park: The remaining 3 gigawatt where even LOAs have to be signed, what is the reason why that is not happening now?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Any questions?

Bharani, Analyst, Evindus Park: no.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Those were actually recently concluded. Some of the tenders were recently concluded by us. They are under different phases of approval. Once we get the approval, we will award them. That is the main reason.

Bharani, Analyst, Evindus Park: Understood. Final question. We are reading in the media that the projects where PPAs are not getting signed will get re-bidded. Will that happen in your view? When will it happen?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: That is, we are still into the stakeholder consultation, frankly speaking, in this regard, including the Ministry of Power, Ministry of Renewable Energy, and also with the bidders who have already given the bid. Some of them already got a connectivity and many things are there. We are into stakeholder consultation that what call should be taken on these things where LOA has been issued but PPAs are not getting matured. It will take some time, one or two months. After two months, there will be more clarity that what is going to happen for these LOAs where PPA is not getting signed.

Bharani, Analyst, Evindus Park: Understood, sir. Thank you so much.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Thank you so much.

Conference Operator: Thank you. We take the next question from the line of Shubham Shelar from Antique Stock Broking Limited. Please proceed.

Bharani, Analyst, Evindus Park: Yeah, thanks for the opportunity. I'm audible, sir?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah, yeah, very much.

Bharani, Analyst, Evindus Park: Okay. Continuing with the previous question, when you mentioned PSA of only 3.7 is signed, there was also a notification which talks about November is the only month that the PC has to be signed, bid has to be made. You are still seeing that noise is there into two months or?

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Noise, noise. A lot of noise from a line coming. Can you just see what is the issue?

Bharani, Analyst, Evindus Park: Seeking our opinion regarding that cancellation of award letters by end of month.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Hello?

Bharani, Analyst, Evindus Park: Yes.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Are we audible? Are we audible?

Conference Operator: Yes, sir, you are audible.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Okay. So can I proceed with the answer?

Conference Operator: Yes, sir.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. Actually, the thing is that you are right that you must have seen some notification. Not it's notification, actually, just a discussion which has happened recently. There's some call has to be taken on the LOAs which were issued and not getting matured into the PPA and PSA. Otherwise, that is getting stuck up. Some of the connectivity which is related to these awarded LOAs, that is also getting stuck up. It is not getting opened up for the new projects. The reason is because there are various REIAs, REAs basically, which you call. They are into market, and they have come out with a tender for a similar type of this, what do you call, similar type of arrangement like FDRE or there is solar projects or there is a solar plus battery at the similar time.

Due to some difference in PPA price, sorry, discovered price, some issues are coming up. We are still into discussion with that stakeholder I told you. There is no deadline as such in November, which is because some clarification has been issued by MNRE after that. Case-by-case basis, you can take a call and in consultation with the stakeholders. Otherwise, there can be issues. We are still working on that, as I told earlier. It will take two to three months to get the clarity on this issue, what action we are going to take on these untied power or untied PPAs.

Bharani, Analyst, Evindus Park: Got it, sir.

Conference Operator: Sorry to interrupt, Shubham, your voice is breaking.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah, it's very much breaking. We are not able to hear at all. Go to the next one.

Conference Operator: I would request you to please join back the queue. We take the next question from the line of Ragini from Elara Capital. Please proceed. It seems like the line for Ragini has been disconnected.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Okay.

Conference Operator: As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Over to you, sir.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Yeah. I just want to convey to all the people who are connected here that SJVN is in a very sound footing. There is no issue as of now regarding the growth of the company. We are slightly trying to consolidate our position as of now, mainly the under-construction projects which are there. We just want to complete them fast so that we can start generating the revenue. Having said that, we have now two new projects in Nepal which will be going under construction, which are big projects which will be going into construction very soon in the first quarter of next financial year. One is Lower Arun, which is 680 MW, and second is your Upper Karnali with 900 MW. They are very good and attractive with attractive tariff. There should not be any issue for sale of power.

The present existing projects, like we told, there are 650 megawatts we are commissioning this year, the RE projects, solar projects. Next year, we will be commissioning around 1.5 gigawatt solar projects. We will be in advanced stage of three hydro projects, that is Arun 3, then Sunii and Luhri. We will be commissioning one small project, definitely. It is around 66 megawatt. That is Dholasidh. That we will be commissioning next year, around December 2026. Things are very on track. I do not foresee any challenges as of now regarding the finances or debt servicing or any other issue which you feel like. Everything is on track. We will be growing every year with better revenue, better profit, and better capacity addition. Thank you so much.

Conference Operator: Thank you. On behalf of Elara Securities India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Bhupender Gupta, Chairman and Managing Director, SJVN Limited: Thank you so much.

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