SJVN Q4FY25: Revenue Up, Net Loss ₹128 Cr; Shares Fall

Why SJVN is in focus

SJVN Ltd, a PSU power company engaged in hydroelectric power generation and transmission, came under market focus after reporting a quarterly loss even as operating revenue grew year-on-year. The company was originally set up as a joint venture between the Government of India and the Government of Himachal Pradesh to develop and operate the Nathpa Jhakri Hydro Power Station (NJHPS). Recent updates on results, generation, and trading levels show a stock that has seen sharp swings across different time windows.

Share price snapshots show volatility

SJVN’s share price was reported at ₹76.93 on 14 May 2026. Another reported data point put the stock at ₹77.18 on 14 May 2026 at 10:29 AM IST, stating it was up 1.96% at that time. Separate market snapshots in the provided data also show SJVN at ₹67.53 (down 0.24% on the day) with an intraday range of ₹66.90 to ₹68.48.

These conflicting levels reflect how the stock can appear very different depending on the source, the timestamp, and the market session referenced. What is consistent is that SJVN’s price action has remained sensitive to quarterly earnings updates and broader market sentiment.

Q4FY25 result: revenue grew, profit swung to loss

SJVN reported that revenue from operations rose 4.4% year-on-year to ₹504.40 crore in Q4FY25, from ₹482.91 crore in Q4FY24. On a quarter-on-quarter basis, revenue fell 25% from ₹670.99 crore in Q3FY25 to ₹504.40 crore in Q4FY25.

The bigger change was in profitability. Net profit moved from a profit of ₹61.08 crore in Q4FY24 to a loss of ₹127.72 crore in Q4FY25. Sequentially, the company shifted from a profit of ₹148.75 crore in Q3FY25 to a loss of ₹127.72 crore in Q4FY25. Earnings per share (EPS) for the quarter was reported at -₹0.32, versus ₹0.38 in the previous quarter.

How the market reacted to the numbers

Following the Q4 update, SJVN shares were reported to have declined by up to 5.1%, hitting ₹96.89 compared with the previous close of ₹102.16 in that snapshot. A separate Hindi report described a sharper fall of up to 6% to ₹96.10 after the March quarter results were released after market hours.

In another market context shared in the provided text, the Nifty traded below the 25,900 mark, while IT stocks saw selling pressure for a second session after stronger-than-expected US jobs data dampened hopes of a Fed rate cut. This broader risk-off tone can amplify price moves in mid-cap and PSU names during earnings reactions.

Operating profitability: EBITDA and margin points

Another summary in the provided text said SJVN’s operational revenue rose about 4.5% year-on-year to roughly ₹500 crore from about ₹480 crore. It also reported EBITDA of about ₹240 crore in Q4FY25 versus about ₹230 crore a year earlier, while the EBITDA margin was reported to have declined by 47.8% from 49.6% in the same quarter last year.

The same summary said SJVN reported a net loss of about ₹130 crore (₹1.3 billion) in Q4FY25 compared with a net profit of about ₹60 crore (₹0.6 billion) in the same quarter last year. While these numbers broadly align with the detailed Q4FY25 loss figure of ₹127.72 crore, they highlight how market write-ups may present rounded figures.

Generation update and operational constraints

A “SJVN Stock Summary” dated November 2025 stated that SJVN reported a 6.3% increase in total generation to 9,442 million units, driven by commissioning of new projects. The same note flagged challenges around grid connectivity and transmission line shortages, stating these issues were constraining further growth.

It also mentioned a stable capital expenditure plan of ₹7,500 crore for the current year, while pointing to stagnant revenue performance due to underutilisation of capacity and rising operational costs, including higher depreciation and tax expenses.

Cost structure and leverage indicators

For the year ending 31 March 2025 (consolidated financials, as stated), the company spent 24.2% of its operating revenues towards interest expenses and 9.92% towards employee cost. These ratios matter for a capital-intensive generator because they indicate how much of operating income is absorbed by financing and fixed costs.

Separately, a technical and fundamentals note in the provided text described elevated leverage among the factors weighing on investor confidence, alongside subdued earnings and limited growth.

Technical signals and past returns cited

One market note said SJVN was trading below key moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day marks, describing a sustained weakness across time horizons. Another snippet stated “technical analysis shows sell today” and “its 1 week rating is sell.”

In the returns data shared, SJVN’s past performance was listed as: 1 week -4.49%, 1 month 3.81%, 3 months 0.34%, 6 months -7.80%, 1 year -22.05%, and 3 years 109.90%.

Other reported financial datapoints and calendar items

One snippet stated that SJVN reported a 50.6% jump in consolidated net profit to ₹224.38 crore in Q3 FY26, compared with ₹149.03 crore in Q3 FY25. Another market data block listed quarterly revenue at ₹918 crore (₹9.18 billion) versus an estimate of ₹935 crore (₹9.35 billion), and a next-quarter revenue expectation of ₹1,036 crore (₹10.36 billion). The same block listed quarterly net income of ₹228 crore (₹2.28 billion), versus -₹128 crore (₹-1.28 billion) in the prior quarter.

The provided text also included a line stating the next earnings report date as “Nov 7, 2025,” indicating that different platforms may carry different event calendars.

Key facts table

Price levels and 52-week ranges cited (as reported)

What investors will track next

The immediate market focus remains on how SJVN manages the mix of commissioning-led generation growth and constraints such as grid connectivity and transmission availability, which were explicitly flagged as bottlenecks. Investors will also track whether the company can stabilise profitability after the Q4FY25 swing to a loss, especially given the noted pressures from depreciation, tax expenses, and interest cost intensity.

SJVN’s reported numbers show that revenue can grow year-on-year while earnings volatility still drives sharp share price reactions. Future updates around transmission readiness, capacity utilisation, and quarterly profitability will likely remain key drivers of sentiment, alongside the company’s stated capex trajectory.