SJVN Ltd
SJVNSJVN Ltd's earnings have outrun its stock. EPS grew −22.0% in a year against a −30.1% price move.
Biggest watch item: the P/E sits at the 78th percentile of its own range — the multiple has already done part of the work.
The price is in a downtrend (87 weeks in) while the P/E sits at the 78th percentile of its own 10-year range. Underneath, the last four quarters read improving, and 238% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
SJVN Ltd trades at ₹69.1, in a downtrend and 87 weeks into that stage. That is −11.3% against its own 200-day average. It sits at 10% of a 52-week range of ₹66 to ₹94. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).
Today the stock is in a downtrend — week 87 of stage 4, confirmed. At ₹69.1 it trades −11.3% versus its 200-day average and sits at 10% of its 52-week range (₹66–₹94).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +138% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 78th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
SJVN Ltd trades at 41.4× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 9.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 41.4× is at the pricey end of its own range (78th percentile), against a long-run median of 9.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −22.0% against a −30.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +19.9%/yr price move, ~−19.6%/yr came from earnings growth and ~+39.5 pp from the multiple (expanding); over 10y, of the +9.3%/yr price move, ~−9.2%/yr came from earnings growth and ~+18.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
SJVN Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −37.2% at the trough to −21.5% off a 1-quarter-old trough, ROCE holding at 6.0%. The read is built from 12 quarters across 4 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +47.4% | +15.5% | +12.7% | +6.1% |
| Profit | −21.5% | −22.1% | −17.2% | −7.6% |
| EPS | −22.0% | −22.2% | −17.2% | −7.1% |
| Share price | −30.1% | +14.7% | +19.9% | +9.3% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
53.7/100 — rank 8 of 20 in Power - Generation/Distribution · 78% evidence confidence
SJVN Ltd scores 53.7 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 8. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.1% and the one-year return is -30.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 24.4 + 9 + 14.4 + 5.9 = 53.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
SJVN Ltd reported ₹1,496 Cr of revenue in the Mar 26 quarter, +196.8% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.1% a year. The last full year, FY26, came in at ₹4,528 Cr. The last four reported quarters add to ₹4,527 Cr.
SJVN Ltd reported ₹1,496 Cr of revenue in the Mar 26 quarter, +196.8% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.1% a year. The last full year, FY26, came in at ₹4,528 Cr. The last four reported quarters add to ₹4,527 Cr.
FY26 revenue came in at ₹4,528 Cr (+47.4% on the year), capping 10 years at 6.1% compound. The latest quarter (Mar 26) printed ₹1,496 Cr, +196.8% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +66.0% growth against the decade's 6.1% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +47.4% over the last 4 quarters against +32.5%/yr over the last 8 — accelerating; TTM profit −21.5% vs −16.1%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 61.0% this quarter (+13.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
SJVN Ltd's operating margin is 61.0% in the Mar 26 quarter, +13.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 71.0% to 87.0%. The current quarter is running below every full year in that window.
SJVN Ltd's operating margin is 61.0% in the Mar 26 quarter, +13.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 71.0% to 87.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is 61.0%, +13.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 71.0%–87.0%.
Why the margin moved: operating margin went +13.0 pp year on year while gross margin went −10.6 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
SJVN Ltd posted a net loss of ₹118 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹642 Cr. The 10-year compound rate is −7.6%. That loss is 7.9% of the quarter's revenue. The same quarter a year earlier lost ₹128 Cr. 2 of the last 12 reported quarters were loss-making.
SJVN Ltd posted a net loss of ₹118 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹642 Cr. The 10-year compound rate is −7.6%. That loss is 7.9% of the quarter's revenue. The same quarter a year earlier lost ₹128 Cr. 2 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹−118 Cr, null year on year. On the full year, FY26 printed ₹642 Cr (−21.5%), and the 10-year compound rate is −7.6%.
Pace comparison, last four quarters: profit −5.3% vs revenue +66.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 238% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 238% of SJVN Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,860 Cr of operating cash against ₹642 Cr of profit. After ₹5,632 Cr of capital spending, ₹−3,772 Cr was left as free cash.
FY26: operating cash of ₹1,860 Cr against reported profit of ₹642 Cr, leaving free cash of ₹−3,772 Cr after ₹5,632 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 238% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 238%: the cash cycle stretched 85 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 9.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹20,726 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
SJVN Ltd's cash conversion cycle runs 162 days in FY26, up from 77 days in FY21. Capital spending ran ₹20,726 Cr over the last 3 years. At FY26 sales of ₹4,528 Cr each day of that cycle holds about ₹12.4 Cr, so roughly ₹2,010 Cr sits inside the business at any moment.
FY26: debtors at 162 days (an asset-light business — no inventory to speak of) — for a full cycle of 162 days, looser than FY21's 77.
In money terms: at FY26 sales of ₹4,528 Cr, each day of the cycle holds about ₹12.4 Cr — so the 162-day loop keeps roughly ₹2,010 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹20,726 Cr over the last 3 fiscal years against ₹2,275 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹19,143 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 6% and the ROIC − WACC spread is −8.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
SJVN Ltd earns a ROCE of 6% in FY26. That is up from a trough of 5% in FY24. Return on invested capital clears the cost of that capital by −8.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 14.2% net margin on 0.09× asset turns.
FY26 ROCE is 6%, recovered from a FY24 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 14.2% net margin × 0.09× asset turns × 3.64× balance-sheet leverage ≈ 4.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 3.3% − 12.0% = a −8.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 2.27.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
SJVN Ltd carries total debt of ₹32,278 Cr against shareholder equity of ₹14,249 Cr as of Mar 26, a debt-to-equity of 2.27. On the annual view that ratio went from 0.52 in FY22 to 2.27 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹32,278 Cr against shareholder equity of ₹14,249 Cr — a debt-to-equity of 2.27. On the annual view, debt-to-equity went from 0.52 (FY22) to 2.27 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of SJVN Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.2 points over the same window, to 3.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +0.4 points over 8 quarters to 2.8%; Domestic institutions: −0.2 points over 8 quarters to 3.7%; Promoters: +0.0 points over 8 quarters to 81.8%.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
SJVN Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| SJVN Ltd this page | 41.4× | ₹26,558 Cr | Improving | |||
| Adani Power Ltd | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| NHPC Ltd | 21.2× | ₹79,748 Cr | Turning around | |||
| Torrent Power Ltd | 31.6× | ₹72,265 Cr | Mixed | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| CESC Ltd | 14.0× | ₹21,631 Cr | Mixed | |||
| Jaiprakash Power Ventures Ltd | 13.9× | ₹11,617 Cr | Turning around | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is SJVN Ltd's share price today?
SJVN Ltd trades at ₹69.1, −30.1% over the past year. The company is valued at ₹26,558 Cr. The stock sits at 10% of its 52-week range of ₹66–₹94, −11.3% versus its 200-day average. On the tape, the price is in a downtrend, 87 weeks in. — as of 24 July 2026.
What were SJVN Ltd's latest quarterly results?
SJVN Ltd reported revenue of ₹1,496 Cr and a net loss of ₹118 Cr for the Mar 26 quarter. Earnings per share were ₹−0.30. The operating margin was 61.0%, 13.0 pp higher than a year earlier. — as of 24 July 2026.
What is SJVN Ltd's revenue?
SJVN Ltd reported revenue of ₹1,496 Cr in the Mar 26 quarter, +196.8% year on year. For the full FY26 fiscal year, revenue was ₹4,528 Cr (+47.4%). Over the last 10 years revenue compounded at 6.1% a year. — as of 24 July 2026.
What is SJVN Ltd's profit?
SJVN Ltd earned ₹−118 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹642 Cr. The operating margin ran 61.0% in the latest quarter. — as of 24 July 2026.
What is SJVN Ltd's market cap?
SJVN Ltd's market capitalisation is ₹26,558 Cr at a share price of ₹69.1. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is SJVN Ltd's P/E ratio?
SJVN Ltd trades at a P/E of 41.4×, at the 78th percentile of its own 10-year range, against a long-run median of 9.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does SJVN Ltd pay a dividend?
Yes — SJVN Ltd's dividend payout was 92% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is SJVN Ltd overvalued?
On its own history, SJVN Ltd looks expensive against its own history: its P/E of 41.4× sits at the 78th percentile of its 10-year range (long-run median 9.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
How is SJVN Ltd performing?
SJVN Ltd is in a downtrend, 87 weeks in. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is SJVN Ltd in?
Turning around — profit growth swung from −37.2% at the trough to −21.5% off a 1-quarter-old trough, ROCE holding at 6.0%. The read comes from the last 12 quarters of growth (revenue growth +47.4% latest, profit growth −21.5% latest, eps growth −22.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is SJVN Ltd in an uptrend?
No — the price is in a downtrend (week 87 of stage 4), trading −11.3% versus its 200-day average and at 10% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is SJVN Ltd beating the market?
Not lately — on a trailing-13-week view SJVN Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-12), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +138% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will SJVN Ltd's share price go up?
This page publishes no price forecast for SJVN Ltd. What it measures instead: the share price is ₹69.1, the price is in a downtrend 87 weeks in. Its P/E of 41.4× sits at the 78th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 24 July 2026.
Who owns SJVN Ltd?
Promoters hold 81.8% of SJVN Ltd, foreign institutions 2.8%, domestic institutions 3.7% and the public 11.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does SJVN Ltd have too much debt?
It carries real leverage — SJVN Ltd's debt-to-equity is 2.27, and operating profit covers the interest bill 3×. FY26 borrowings were ₹32,278 Cr against equity of ₹14,239 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is SJVN Ltd's capex?
SJVN Ltd spent ₹20,726 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹5,632 Cr, with ₹19,143 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is SJVN Ltd's cash flow?
SJVN Ltd generated ₹1,860 Cr of operating cash flow in FY26 and ₹−3,772 Cr of free cash flow after ₹5,632 Cr of capital spending. Reported profit that year was ₹642 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is SJVN Ltd's profit real cash?
Yes — over the last 3 fiscal years, 238% of SJVN Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,860 Cr against reported profit of ₹642 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is SJVN Ltd in its business cycle?
SJVN Ltd's FY26 operating margin was 73.0%, against a 13-year band of 71.0%–87.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 61.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the SJVN Ltd story?
Biggest watch item: the P/E sits at the 78th percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is SJVN Ltd a stock worth studying right now?
This is not investment advice. The machine read: SJVN Ltd's earnings have outrun its stock. EPS grew −22.0% in a year against a −30.1% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.