What was filed
On 31 July 2026, SJVN's Board approved the unaudited standalone and consolidated results for the quarter ended 30 June 2026, filed under Regulation 33 of SEBI's LODR rules with a limited review report from the statutory auditors. The conclusion is unmodified, carrying two emphasis-of-matter notes (discussed below). The filing also bundled the routine debt-related disclosures — a no-deviation statement on NCD proceeds and a security cover certificate — that accompany a company with listed non-convertible debentures.
Standalone eased, consolidated jumped
The quarter shows a divergence worth understanding. At the standalone level — essentially SJVN's own hydro operations — both revenue and profit eased against the year-ago quarter, per the filing. At the consolidated level, revenue climbed steeply, driven by fuel-cost-bearing subsidiary operations that were absent a year earlier (fuel cost was nil in Q1 FY2025-26). The company notes its business is seasonal, so quarter-to-quarter figures may vary. It remains a single-segment entity — generation and sale of power — with subsidiaries spanning thermal, green energy and cross-border projects in India and Nepal.
Open items that could move future numbers
Two emphasis-of-matter notes bear on future figures. The CERC tariff order for the Nathpa Jhakri Hydro Power Station effective 1 April 2024 is still pending, so billing there continues provisionally under the tariff applicable as on 31 March 2024. Second, survey and investigation work on the Devasari Hydro Electric Project in Uttarakhand remains on hold under a 2021 Ministry of Power direction; management expects the hold to be withdrawn. The company also flagged a Himachal Pradesh land-revenue levy on its two stations, which it has challenged in the High Court and has not recognised, stating any crystallised liability would be a pass-through recoverable from beneficiaries.
A tax-regime change this quarter
The company disclosed it has opted for taxation under Section 200 of the Income-tax Act, 2025, with effect from tax year 2026-27, and recognised current tax for the quarter accordingly. It also noted no MAT credit was utilised this quarter, against a utilisation in the year-ago period.