Government-owned power generation company SJVN clocked a consolidated revenue from operations of ₹13.94 billion (~$146.2 million) in the first quarter (Q1) of the financial year (FY) 2027, a 52% year-over-year (YoY) increase from ₹9.17 billion (~$96.2 million).

However, its net profit fell 1.2% to ₹2.25 billion (~$23.6 million) from ₹2.28 billion (~$23.9 million) as higher fuel, finance, and depreciation costs offset the revenue growth.

The company’s total income increased 47% YoY to ₹14.29 billion (~$149.8 million) from ₹9.72 billion (~$101.9 million).

Diluted earnings per share (EPS) stood at ₹0.57 (~$0.005), compared to ₹0.58 (~$0.006) in the corresponding quarter of FY26.

The increase in revenue was accompanied by a sharp rise in operating costs.

SJVN’s total expenses nearly doubled to ₹10.84 billion (~$113.6 million) from ₹5.51 billion (~$57.8 million) a year earlier. Fuel costs stood at ₹2.43 billion (~$25.5 million) during the quarter, compared to nil in the corresponding quarter last year.

Finance costs increased 51% to ₹3.26 billion (~$34.2 million) from ₹2.16 billion (~$22.6 million), while depreciation, amortization, and impairment expenses rose 54% to ₹2.47 billion (~$25.9 million) from ₹1.60 billion (~$16.8 million).

Other expenses increased 64% to ₹1.65 billion (~$17.3 million) from ₹1 billion (~$10.5 million).

SJVN said billing for its Nathpa Jhakri Hydro Power Station continues to be carried out on a provisional basis because the Central Electricity Regulatory Commission has yet to issue the tariff order for the 2024 to 2029 control period. The tariff for the Rampur Hydro Power Station has already been approved.

The company also said survey and investigation work for the Devasari Hydro Electric Project in Uttarakhand remains on hold following directions from the Ministry of Power issued in July 2021.

SJVN’s revenue rose 196.7% to ₹14.96 billion (~$156.31 million) in the fourth quarter FY 2026 from ₹5.04 billion (~$52.66 million) due to contributions from newly commissioned solar and thermal assets and the recognition of prior tariff-related income.

In Q3, SJVN’s revenue shot up to ₹10.81 billion (~$119.22 million), marking a 61.3% YoY increase from ₹6.71 billion (~$74.01 million).

SJVN Green Energy was among the Top five utility-scale solar project developers in India for 2025, according to Mercom’s India Solar Market Leaderboard 2026. SJVN Green Energy ranked third, accounting for 4.6% of the yearly capacity additions.

Together, the top five developers accounted for more than 47% of the market share of projects commissioned during calendar year 2025, highlighting strong concentration among industry players and rising competition amongst mid-tier developers.