SJVN commits ₹24,700 cr capex, flags Bikaner solar curtailment
Q4 transcript confirms 25% generation growth, Buxar milestones, and deep subsidiary losses. Long-term capacity targets under review.
— 1 earlier story on SJVN Ltd. →What's new
- 25% YoY generation growth confirmed; Buxar Unit 2 and solar projects commissioned.
- Subsidiary SGEL lost ₹257 cr, Buxar ₹92 cr; management sees improvement ahead.
- Curtailment at Bikaner solar plant addressed; long-term capacity targets being reviewed.
Why it matters
SJVN is spending big on thermal and solar, but the expansion comes with bleeding subsidiaries. The ₹24,700 crore capex is a bet on execution, while the curtailment issue at Bikaner and the target revision signal that growth isn't linear. The market now watches whether losses narrow as capacity comes online.
What we're watching
- Whether subsidiary losses indeed shrink in FY27 as projected.
- The final outcome of the capacity target review — could reset the growth narrative.
- How quickly Bikaner curtailment is resolved; recurring issue impacts revenue.
The full read
SJVN's Q4 FY26 transcript adds operational colour to already-disclosed results. Generation grew 25% year-on-year, Buxar thermal's second unit hit commissioning, and multiple solar projects were declared operational — all signs of a utility in build-out mode. The headline number is the ₹24,700 crore capex planned over the next three years, which management positioned as the backbone of a 15 GW-plus target. But the same call revealed two drags: subsidiary SGEL lost ₹257 crore, Buxar another ₹92 crore, and solar curtailment at Bikaner remains a problem. Management expects losses to ease as new plants stabilise, and acknowledged the long-term capacity target is under formal review — a rare admission that previous ambitions may slip. For investors, the transcript confirms strong operational momentum but also raises a question: how much of the capex will be absorbed by loss-making subsidiaries before the earnings show through?