SJVN Limited (formerly Satluj Jal Vidyut Nigam Limited) is a leading state-owned enterprise that generates and sells hydroelectric power, with primary activities involving the generation and distribution of power through various sources such as hydro, wind, and solar energy. The company is a Mini Ratna, Category-I and Schedule –'A' CPSE under the administrative control of the Ministry of Power, Government of India. It was incorporated on May 24, 1988, as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP). SJVN was declared Navaratna status in August 2024, marking a significant milestone in its corporate journey.
The Company is the largest operational hydroelectric power generation facility in India based on installed capacity, with an aggregate generation capacity of 1,972 MW. SJVN was founded in 1988 and is headquartered in Shimla, India. The company has evolved from a single-project entity to a diversified energy conglomerate with operations spanning multiple states in India and neighboring countries.
The company operates:
* The Nathpa Jhakri Hydro Power Station (NJHPS) with a capacity of 1500 MW located in Shimla District.
* The Rampur Hydro Power Station with an installed capacity of 412 MW in Shimla and Kullu District in Himachal Pradesh.
* The Naitwar Mori Hydro Power Station with a capacity of 60 MW located in Uttarkashi district in Uttarakhand.
The company has 3 hydropower projects, including Nathpa Jhakri Hydro Power Station, Rampur Hydro Power Station, and Naitwar Mori Hydro Power Station, with an installed capacity of 1,972 MW. It is currently constructing 4 hydro projects totaling 1,558 MW.
SJVN also operates:
* The Khirvire Wind Power Project with a capacity of 47.6 MW in Ahmednagar District in Maharashtra.
* The Sadla Wind Power Project with an installed capacity of 50 MW in Surendranagar District in Gujarat.
* The Charanka Solar Power Plant with a capacity of 5.6 MW in Patan district in Gujarat.
The Company has three solar projects with a total installed capacity of approximately 81.3 MW under operation.
The company provides consultancy services in the field of hydroelectric projects, highway tunnels, railway tunnels, etc., as well as undertakes contracts, project management services, and power trading. SJVN's major services include power trading, thermal power, hydropower, wind power, solar power, power transmission, and consultancy.
The company operates several power projects across multiple states in India and Nepal. The company is implementing power projects in Himachal Pradesh, Uttarakhand, Bihar, Gujarat, Rajasthan, and Arunachal Pradesh in India, besides neighboring countries, which include Nepal and Bhutan. Currently, SJVN is involved in implementing or operating power projects across various states in India, including Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat, Arunachal Pradesh, Rajasthan, Assam, Odisha, Mizoram, and Madhya Pradesh, in addition to ventures in the neighboring country of Nepal.
SJVN Ltd reported a net loss of ₹128 Crore for Q4 FY25, despite a 4.5% increase in revenue. For the full year FY25, revenue from operations rose 19.09% to ₹3,072.01 Crore, while net profit fell 10.06% to ₹819.66 Crore. The company reported a pre-tax loss of ₹146.48 Crore during the quarter, compared to a profit before tax of ₹71.39 Crore in Q4 FY24. Total expenses rose 15.06% to ₹697.96 Crore in Q4 FY25 compared to Q4 FY24.
SJVN has a Market Capitalization of ₹38,748 Crore as of the latest available data. The company has delivered a poor sales growth of 2.59% over the past five years. The company has a low return on equity of 7.29% over the last 3 years. For the year ended 2024, SJVN Ltd had posted a profit of ₹911.44 Crore on a total income of ₹2,588.76 Crore.
The board recommended a final dividend of ₹0.31 per share, adding to the interim dividend declared earlier. The company's board has recommended a final dividend of ₹0.31 per equity share for the financial year 2024-25, subject to the approval of shareholders at the ensuing Annual General Meeting. This final dividend is in addition to the interim dividend of ₹1.15 per equity share declared in February 2025 for FY 2024-25.
SJVN aligns with its vision of becoming a 25,000 MW company by 2030 and 50,000 MW by 2040. SJVN aims to become a 5000 MW company by 2023-24, a 25000 MW company by 2030, and a 50000 MW company by 2040. At present, SJVN's total project portfolio stands at 56,894.4 MW. Of this, 2151.5 MW is currently operational, 4378 MW is under construction, 12803 MW is in the pre-construction and S&I stage, while projects with a capacity of 37,562 MW are currently under allotment.
SJVN Green Energy achieved 501.02 MW COD of 1000 MW Bikaner Solar Project as of June 30, 2025. SJVN Green Energy commissioned 400.77 MW of 1000 MW Bikaner Solar Project as of June 30, 2025. The Bikaner Solar Power Project, with a total planned capacity of 1,000 MW, is slated for full commissioning by September 30, 2025. Upon completion, SGEL will supply the generated solar power to three states: Rajasthan, Jammu & Kashmir, and Uttarakhand. This project is expected to make a substantial contribution to India's goal of achieving 500 GW of non-fossil fuel capacity by 2030.
SJVN is currently a listed company with a shareholder breakdown of 55% owned by the Government of India, 26.85% by the Government of Himachal Pradesh, and the remaining 18.15% held by the FIIs, DIIs, and the public. Promoter holding in SJVN Ltd has remained stable at 81.85% as of March 2025 (unchanged from June 2024).
SJVN Limited stands as a cornerstone of India's renewable energy sector, with its strong operational foundation in hydroelectric power generation and expanding presence in solar and wind energy. The company's commitment to sustainable energy solutions and its strategic vision for substantial capacity expansion positions it as a key player in India's transition toward clean energy. Despite recent financial challenges, SJVN's diversified portfolio and government backing provide a stable foundation for long-term growth in the evolving energy landscape.
