SJVN Q4 FY26 Results: Key Estimates, Dividend Watch

What investors are tracking ahead of Q4 FY26

SJVN (NSE: SJVN) is preparing to announce its Q4 FY26 financial results for the quarter ended March 31, 2026. The company has indicated that its board of directors is scheduled to meet in May 2026 (expected) to approve the audited financial statements. The same meeting is also expected to consider a recommendation for a final dividend. For investors in the power and hydro segment, the March quarter is often significant because it closes the full-year numbers and sets the starting point for FY27 estimates.

At the market level, the stock context is also important. SJVN was trading around Rs 118 in early April 2026, compared with a 52-week high of Rs 162 and a 52-week low of Rs 92. The stock’s 1-year return was stated as -20%, and the company’s market capitalisation was around Rs 46,500 crore.

Board meeting in May 2026: results and dividend on the agenda

The key near-term trigger is the board meeting expected in May 2026. As per the stated plan, the board will take up approval of audited Q4 FY26 financials and consider a final dividend recommendation. While the exact date in May is not specified in the provided information, the event is positioned as the formal decision point for results and dividend.

For shareholders, this matters because audited March quarter numbers tend to drive both valuation resets and changes in expectations around cash flows. And the final dividend, if declared, can influence near-term sentiment and the broader discussion on capital allocation.

Street estimates: revenue seen at Rs 1,200-1,350 crore

Analyst estimates referenced for Q4 FY26 put revenue in the range of Rs 1,200-1,350 crore. This is being compared with SJVN’s reported Q3 FY26 revenue of Rs 1,064 crore. The same analyst commentary also mentions expectations of 8-12% year-on-year revenue growth heading into the quarter.

The implied sequential improvement from Q3 FY26 to Q4 FY26 is one of the core elements investors are likely to track when the audited numbers are released. In regulated and quasi-regulated power businesses, quarter-to-quarter movements can also reflect seasonality, offtake patterns, and plant operations, so the revenue print tends to be read alongside margin commentary.

PAT expectations: Rs 390-440 crore for Q4 FY26

Along with revenue, analyst estimates for profit after tax (PAT) for Q4 FY26 are stated at Rs 390-440 crore. For comparison, SJVN reported Q3 FY26 PAT of Rs 365 crore.

Investors typically reconcile PAT expectations with two other things: (1) any one-off or exceptional items and (2) operating margin drivers. The inputs provided highlight margin expectations framed around a “regulated equity return” approach for Q4 FY26, versus a reported PLF of 68% in Q3.

Margins and operating lens: regulated return vs PLF commentary

The information provided flags “regulated equity return” as the margin expectation for Q4 FY26, while also noting PLF (plant load factor) of 68% in Q3. These are not directly comparable metrics, but they signal what the market is likely to focus on.

PLF is commonly used as an operational indicator for generation assets, while regulated-return language is typically tied to return frameworks in certain regulated assets and tariff structures. For investors, the practical takeaway is that the commentary around profitability may be read not just as a pure operating efficiency story, but also through the lens of regulatory or contractual return mechanics.

Dividend watch: final dividend expected at Rs 2-3 per share

The board is expected to consider a final dividend of Rs 2-3 per share at the May 2026 (expected) meeting. The narrative provided suggests that the final dividend quantum would be interpreted as a signal of management confidence in free cash flow generation and would shape expectations for FY27 capital allocation.

SJVN has a recent history of interim and final dividends. The provided dividend table lists an interim dividend of Rs 1.15 per share announced on 11 Feb, 2026 (ex-dividend date 20 Feb, 2026). It also lists a final dividend of Rs 0.31 per share announced on 29 May, 2025 (ex-dividend date 18 Sep, 2025), an interim dividend of Rs 1.15 per share on 13 Feb, 2025, and a final dividend of Rs 0.65 per share on 29 May, 2024.

Stock levels and valuation context investors are using

At a CMP of around Rs 118, the stock remains below its 52-week high of Rs 162. The same dataset places analyst targets in a band of Rs 148 to Rs 155, and flags FY27 guidance as the most critical post-results catalyst.

This makes the Q4 FY26 release important not only for the reported numbers, but also for any direction on FY27 assumptions. While guidance details are not provided here, the emphasis suggests investors will be watching management commentary closely after the audited numbers are approved.

What the last audited FY25 cycle showed: a useful reference point

SJVN’s audited results for the quarter and year ended March 31, 2025 provide useful context on how quickly quarterly profitability can shift. For FY25, the company reported standalone revenue from operations of Rs 2,897.25 crore (up from Rs 2,533.59 crore in FY24). Including other income of Rs 355.19 crore, total standalone income was Rs 3,252.44 crore in FY25, compared with Rs 2,833.56 crore in FY24.

Standalone profit for FY25 was reported at Rs 970.18 crore, compared with Rs 908.40 crore in FY24. However, the quarter-to-quarter picture was weaker: standalone revenue from operations fell to Rs 445.99 crore in Q4 FY25 from Rs 625.02 crore in Q3 FY25, and profit for the quarter declined to Rs 30.72 crore from Rs 139.25 crore.

On a consolidated basis, revenue from operations in FY25 was Rs 3,072.01 crore (FY24: Rs 2,579.37 crore), total consolidated income was Rs 3,376.50 crore (FY24: Rs 2,876.96 crore), and consolidated profit for the year was Rs 818.02 crore (FY24: Rs 911.44 crore). The Q4 FY25 consolidated result included a net loss of Rs 127.72 crore versus a profit of Rs 148.75 crore in Q3 FY25.

Key numbers to watch: quick table

Market impact: why this event is treated as pivotal

The combination of three factors makes the May 2026 (expected) board meeting a key event. First, the market has a defined range for Q4 FY26 revenue (Rs 1,200-1,350 crore) and PAT (Rs 390-440 crore), so any deviation can quickly reset expectations. Second, the final dividend decision expected at the same meeting could influence near-term shareholder return assumptions, especially given recent interim and final payouts. Third, with the stock at Rs 118 and a stated 1-year return of -20%, investors are likely to look to audited results and subsequent commentary for clarity on FY27 baseline assumptions.

Conclusion

SJVN’s Q4 FY26 results, expected to be approved in May 2026, are shaping up as a major checkpoint for investors tracking revenue momentum, profitability expectations, and the final dividend call. Analysts are working with revenue estimates of Rs 1,200-1,350 crore and PAT of Rs 390-440 crore, with the dividend expectation pegged at Rs 2-3 per share. After the audited numbers are approved, the next key monitorable will be any FY27-related guidance cues flagged as the most critical post-results catalyst.