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Indian state-owned hydropower generator (Satluj Jal Vidyut Nigam), now diversifying into solar, wind and thermal power.
Indian state-owned hydropower generator (Satluj Jal Vidyut Nigam), now diversifying into solar, wind and thermal power.
Sells power to state distribution companies at tariffs set by the central electricity regulator, which allow a regulated return on invested equity, so earnings follow plant availability and new capacity commissioned rather than power prices. The older flagship Nathpa Jhakri plant carries most income, and new projects, including in Nepal, are under construction.
Moat: wide (regulatory licence, installed base, scale). Government-granted hydropower project rights on the Sutlej and other rivers are effectively non-replicable long-term assets.
Headquarters: Shimla, India · Founded: 1988 · Employees: 1,606
Size SJVN (SJVN.NS) is an India Utilities company (Electric Utilities) with a market value of $2.38B, the 339th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹57.15 on 6 Nov 2026.
Performance Over six months the shares fell 28.5%, against -17.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 98.9% over the last twelve months (peer median -5.2%); the operating margin is 48.2% (peer median 9.0%).
Valuation It trades at 15.9× forward earnings against a peer median of 11.1× (8th most expensive of 16).
Capital Return on invested capital runs 6.1 points below its cost of capital (10.9% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹62.2B | ₹45.3B | ₹30.7B | ₹25.8B | ₹29.4B |
| Revenue growth | — | +47% | +19% | -12% | — |
| Gross profit | ₹37.6B | ₹27.1B | ₹19.0B | ₹15.9B | ₹21.7B |
| EBITDA | ₹42.2B | ₹34.8B | ₹23.0B | ₹18.7B | ₹23.1B |
| Net income | ₹9.89B | ₹6.42B | ₹8.20B | ₹9.11B | ₹13.6B |
| Free cash flow | n/a | -₹54.1B | -₹57.8B | -₹54.5B | -₹56.6B |
| Capital expenditure | n/a | ₹57.0B | ₹66.7B | ₹56.5B | ₹68.4B |
| Total debt | ₹337B | ₹323B | ₹270B | ₹203B | ₹141B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SJVN SJVN.NS | $2.38B | -28% | +99% | 48% | 15.9× | n/a |
| NHPC NHPC.NS | $8.72B | +1% | +12% | 30% | 19.4× | n/a |
| NTPC NTPC.NS | $33.2B | -19% | +7% | 20% | 12.3× | n/a |
| JSW Energy JSWENERGY.NS | $10.1B | -9% | +26% | 36% | 39.7× | n/a |
| Adani Green Energy ADANIGREEN.NS | $24.7B | +4% | +21% | 61% | 87.9× | n/a |
| NTPC Green Energy NTPCGREEN.NS | $7.37B | -24% | +49% | 50% | 59.8× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SJVN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -3.9% | 4th highest of 21 |
| 6-month return | -28.5% | -17.4% | 8th lowest of 21 |
| Distance from 52-week high | -35.7% | -38.9% | 8th highest of 21 |
| Revenue growth (TTM) | +98.9% | -5.2% | highest of 21 |
| Operating margin | 48.2% | 9.0% | highest of 20 |
| Forward P/E | 15.9× | 11.1× | 8th most expensive of 16 |
| ROIC minus cost of capital | -6.1 pp | -0.7 pp | 2nd lowest of 20 |
| EV / EBITDA | 12.7× | 11.0× | 3rd cheapest of 5 |
| Net debt / EBITDA | 7.4× | 4.0× | most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 48% | 15.9× | n/a | n/a |
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% | +5.6% |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 0% | 9.3× | n/a | n/a |
| Shikoku Electric Power 9507.T | Japan | $2.33B | +24% | -3% | 6% | 9.8× | n/a | n/a |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 11% | 9.2× | 1.3% | +10.4% |
| MVV Energie MVV1.DE | Germany | $2.23B | +1% | -8% | 4% | n/a | n/a | n/a |
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | 8% | n/a | n/a | n/a |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 6% | 21.2× | 7.0% | +8.7% |
| Henan Yuneng 001896.SZ | China | $2.14B | -39% | -6% | 5% | n/a | n/a | n/a |
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% | +9.1% |
| HCIG Energy Investment 000600.SZ | China | $2.01B | -31% | -12% | 9% | 11.1× | n/a | n/a |
| Chongqing Fuling Electric Power Industrial 600452.SS | China | $2.00B | -25% | -7% | 17% | 22.9× | 3.6% | +2.4% |
| CHN Energy Changyuan Electric Power 000966.SZ | China | $1.99B | -16% | -9% | 1% | 22.4× | 6.6% | +6.2% |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Guangdong Baolihua New Energy Stock 000690.SZ | China | $1.87B | +9% | +1% | 14% | 11.1× | -11.6% | +3.9% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| Datang Huayin Electric Power 600744.SS | China | $1.83B | -30% | -10% | 6% | n/a | n/a | n/a |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 12% | 9.9× | n/a | n/a |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |