What exactly did SJVN sign?

SJVN signed power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) to supply electricity from three hydro projects: 66 MW Dhaulasidh, 210 MW Luhri Stage-I, and 382 MW Sunni Dam, totaling **658 MW**.

Why is this PPA significant?

It locks in long-term offtake for the entire output of three large projects, which represent a significant addition to SJVN's existing generation capacity. The contracted capacity could generate revenue exceeding **10%** of SJVN's current annual top line.

When will these projects start generating revenue?

The filing does not specify timelines, but as PPAs are signed, the projects are likely in an advanced stage of development. Actual revenue will begin once each project is commissioned.

Does SJVN have other similar agreements?

Yes, SJVN has been active in signing PPAs for its renewable energy projects. This is one of the larger deals in terms of combined hydro capacity, alongside its solar park agreements like the 1,000 MW Bikaner plant.

Power Generation · Large cap

SJVN locks in 658 MW hydro offtake with Gujarat utility

Long-term PPAs cover entire output of three Himachal projects, securing revenue for a capacity that could add over 10% to current top line.

— 3 earlier stories on SJVN Ltd. →

SJVN By Tipsheet Editorial 29 Jun 2026 · 5:48 PM IST Verify on BSE · NSE

Mkt cap₹28,330 cr

P/E44.12×

ROE5.78%

Debt / eq.1.90

Div yld2.06%

658 MW Total hydro capacity secured under long-term PPAs

What's new

SJVN signs PPAs with GUVNL for three upcoming hydro projects in Himachal.
Contracts cover entire combined capacity of 66 MW Dhaulasidh, 210 MW Luhri-I, and 382 MW Sunni Dam.
Agreements lock in long-term offtake, de-risking revenue for projects under development.

Why this matters

SJVN has been spending heavily: ₹24,700 cr capex over three years and posted a ₹120 cr net loss in its latest quarter. Securing assured offtake for 658 MW of new hydro capacity provides cash-flow visibility at a critical juncture.

What we're watching

Execution timeline for the three hydro projects.
Any tariff details disclosed in subsequent filings.
Impact on SJVN's consolidated order book and revenue projections.

The full read

SJVN has locked in long-term offtake for the entire output of three upcoming hydro projects in Himachal Pradesh. It signed PPAs with GUVNL for a combined 658 MW. The deals cover the 66 MW Dhaulasidh, 210 MW Luhri Stage-I and 382 MW Sunni Dam projects, effectively de-risking revenue for capacity that could add over 10% to current top line. This comes as SJVN pursues aggressive expansion: ₹24,700 cr in capex over FY27-29, yet a ₹120 cr net loss in its latest quarter. Securing assured buyers for new capacity improves cash-flow visibility. Execution remains the open question.

Questions answered

What exactly did SJVN sign?: SJVN signed power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) to supply electricity from three hydro projects: 66 MW Dhaulasidh, 210 MW Luhri Stage-I, and 382 MW Sunni Dam, totaling 658 MW.
Why is this PPA significant?: It locks in long-term offtake for the entire output of three large projects, which represent a significant addition to SJVN's existing generation capacity. The contracted capacity could generate revenue exceeding 10% of SJVN's current annual top line.
When will these projects start generating revenue?: The filing does not specify timelines, but as PPAs are signed, the projects are likely in an advanced stage of development. Actual revenue will begin once each project is commissioned.
Does SJVN have other similar agreements?: Yes, SJVN has been active in signing PPAs for its renewable energy projects. This is one of the larger deals in terms of combined hydro capacity, alongside its solar park agreements like the 1,000 MW Bikaner plant.

Mentioned: GUVNL · 658 MW · Dhaulasidh / Luhri / Sunni Dam

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

SJVN Ltd.

Power

₹28,499 cr

P/E 44.39×

Latest quarter · Mar 2026

Sales₹1,496 cr

Net profit−₹120 cr

Op. margin+60.8%

EPS−₹0.30

Strength & growth

Debt / equity1.90×

Current ratio0.98×

Sales CAGR+6.2%

EPS CAGR−7.2%

Story so far

All notes on SJVN →

29 Jun 2026 · 5:48 PM IST SJVN locks in 658 MW hydro offtake with Gujarat utility
1d ago SJVN commissions 1,000 MW Bikaner solar plant, PM Modi inaugurates
45d ago SJVN concall summary confirms Buxar sync, ₹9,400 cr FY27 capex — no new news
45d ago SJVN commits ₹24,700 cr capex, flags Bikaner solar curtailment