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Swing Capital

SJVN Ltd

NSE: SJVN BSE: 533206Energy

SJVN(Satluj Jal Vidyut Nigam) is engaged in the business of Electricity generation. The company is also engaged in the business of providing consultancy for hydro-power projects. SJVN was declared Navaratna status in Aug,24.[1]

₹73.2
52W: ₹63 — ₹108
PE 28.6 · Book ₹37.4 · +96% vs book
Market Cap₹28,778 Cr
Stock P/E28.6Price to Earnings
ROCE10%Return on Capital
ROE7.06%Return on Equity
Div. Yield1.98%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 65.2%
  • +Debtor days have improved from 69.9 to 54.6 days.

Weaknesses

  • −The company has delivered a poor sales growth of 7.31% over past five years.
  • −Company has a low return on equity of 6.61% over last 3 years.

Shareholding Pattern

Promoters81.85%
FIIs2.75%
DIIs3.74%
Public11.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters81.85%81.85%81.85%81.85%81.85%81.85%81.85%81.85%
FIIs2.4%2.39%▼0.02.42%▲0.02.49%▲0.12.52%▲0.02.55%▲0.02.69%▲0.12.75%▲0.1
DIIs3.94%4.29%▲0.44.1%▼0.24.2%▲0.14.1%▼0.14.32%▲0.23.99%▼0.33.74%▼0.3
Public11.83%11.48%▼0.311.63%▲0.211.46%▼0.211.54%▲0.111.27%▼0.311.47%▲0.211.65%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales537462832995625446822942846934
Expenses173252217191199210194164227203
Operating Profit363210614804426236628778619731
OPM %68%45%74%81%68%53%76%83%73%78%
Net Profit1356232747313931259372252125
EPS ₹0.340.160.831.20.350.080.660.950.640.32

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,545Cr, up 22.4% YoY. OPM at 79%.

Debt Position

Borrowings at ₹10,382Cr. Debt-to-equity ratio: 0.96x. Moderate leverage.

Capex Cycle

CWIP at ₹3,366Cr (42% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 3.74% (-0.58pp change). FIIs: 2.75% (+1.35pp change). Promoters hold 81.85%.

Margin & Efficiency

ROCE declining from 18% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 28.6x with 10% ROCE. Price is 96% above book value of ₹37.4. Dividend yield: 1.98%.

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