SJVN commits ₹24,700 cr capex, flags Bikaner solar curtailment

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?