SJVN Limited’s board on 30 October 2026 gave in-principle approval to start the merger of SJVN Thermal Private Limited (STPL), which operates the 1,320 MW Buxar Thermal Power Plant in Bihar, into the parent company. The Shimla-based public sector generator also reported consolidated profit of ₹657.72 crore for the quarter ended 30 September 2026, against ₹307.80 crore a year earlier. The merger needs Government of India approval, and SJVN expects it to consolidate operations and cut overlapping costs.
Key Details of the Merger
According to SJVN’s Regulation 30 filing:
- Transferor: SJVN Thermal Private Limited, a wholly owned subsidiary and a Government company
- Transferee: SJVN Limited
- STPL paid-up capital: ₹3,131.72 crore on 31 March 2026
- STPL turnover: ₹520.78 crore
- SJVN paid-up capital: ₹3,929.80 crore
- SJVN turnover: ₹3,544.52 crore
- Consideration: none, and no share exchange ratio applies
- Shareholding: no change, because SJVN already owns 100% of STPL
The board gave in-principle approval. SJVN described the details as tentative, subject to Government and other approvals and to the finalisation of a Scheme of Amalgamation. It has not given a timetable. The filing says keeping STPL as a separate entity offers no significant incremental benefit and duplicates administrative work and statutory compliance. SJVN expects the merger to reduce compliance and administrative costs and to improve operational efficiency.
September Quarter Results
Consolidated revenue from operations was ₹2,244.32 crore, against ₹1,032.40 crore a year earlier. Consolidated profit before tax was ₹882.03 crore, against ₹421.90 crore. For the half year, consolidated revenue from operations was ₹3,638.70 crore and profit was ₹882.46 crore, against ₹1,949.85 crore and ₹535.38 crore. On a standalone basis, quarterly profit was ₹736.73 crore, against ₹372.28 crore, on revenue from operations of ₹1,416.99 crore, against ₹942.03 crore. Total equity stood at ₹14,983.17 crore on a consolidated basis and ₹15,553.85 crore on a standalone basis.
Two tariff items relating to earlier periods lifted the quarter. Standalone revenue includes ₹242.59 crore relating to earlier years, recognised after a provisional tariff order for the 2024-29 period for the Nathpa Jhakri Hydro Power Station. Revenue also includes ₹40.42 crore relating to earlier periods under a Central Electricity Regulatory Commission (CERC) order dated 12 October 2026. That order allows Buxar an interim tariff from 14 November 2025 to 31 March 2029, subject to final determination.
The parent has opted for taxation under Section 200 of the Income-tax Act, 2025, from tax year 2026-27. It used no Minimum Alternate Tax credit in the half year, against ₹123.78 crore a year earlier. SJVN also notes that its results may vary from quarter to quarter because of the seasonal nature of the business.
Project Items Flagged by Auditors
The auditors drew attention to several hydro projects. The largest exposure is in Himachal Pradesh, covering the 210 MW Luhri Stage-I, 382 MW Sunni Dam and 66 MW Dhaulasidh projects. No Implementation Agreement has been signed for them, although SJVN has started work. The state said on 22 April 2025 that it intends to consider taking the projects back, and the High Court has barred coercive action while the case is pending. SJVN carries ₹864.62 crore and ₹3,350.66 crore of spending on them.
Separately, the Ministry of Power has reassigned the 3,097 MW Etalin hydro project in Arunachal Pradesh to NHPC Limited, and the state government’s agreement with SJVN has been terminated. SJVN has therefore classified ₹738.52 crore of Etalin assets as held for sale.
Survey and investigation work on the Devasari project in Uttarakhand remains on hold under a Ministry of Power direction dated 6 July 2021. Expenditure of ₹251.50 crore has been incurred on it up to 30 September 2026. Management has taken the matter up with the Ministry and the state government, and it expects the hold to be withdrawn.
About Buxar and SJVN
The Buxar plant is at Chausa in Bihar and has two 660 MW supercritical units. SJVN said 85% of its power is allocated to Bihar under a long-term power purchase agreement, and that it will generate 9,828.72 million units a year. Unit-2 completed its 72-hour trial run on 31 August 2026, and SJVN scheduled its commercial operation for 12 September 2026.
SJVN is a Navratna central public sector enterprise and a joint venture of the Government of India and the Government of Himachal Pradesh. Its results note describes one business segment, the generation and sale of power. Shareholders approved a final dividend of ₹0.35 per share at the Annual General Meeting on 31 August 2026, and it was paid in September 2026.
The Company’s Recent Pipeline
According to SJVN’s stock exchange filings in 2026:
- July 2026: The Prime Minister inaugurated SJVN’s 1,000 MW Bikaner Solar Power Project from Pachpadra in Rajasthan.
- August 2026: SJVN Green Energy Limited achieved commercial operation of the 75 MW Jamui Solar Power Project in Bihar, built on about 300 acres at an estimated cost of ₹342 crore. The tariff is ₹2.96 per unit, and the project is expected to generate about 90 million units in its first year.
- September 2026: Unit-2 of the Buxar project was scheduled to enter commercial operation.
Outlook
The merger still needs Government of India and other approvals and a finalised Scheme of Amalgamation. Final tariff determination by CERC for Buxar remains pending, so the interim tariff is not final. Results for the December quarter should give a clearer view of earnings without the earlier-period items. The High Court case over the three Himachal Pradesh projects and the disposal of the Etalin assets are the other items to follow.
Official Sources
- SJVN Limited – Merger/Amalgamation of SJVN Thermal Private Limited with SJVN Limited (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/SJVN_30102026152058_stock_exchange_intimation_-_merger.pdf
- SJVN Limited – Financial results for the quarter ended 30 September 2026 (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/SJVN_30102026151326_fr.pdf
- SJVN Limited – Commercial Operation of Unit-II (660 MW) of Buxar Thermal Power Project (NSE, 11 September 2026): https://nsearchives.nseindia.com/corporate/SJVN_11092026174237_1.pdf
- SJVN Limited – Press release: 72-hour trial run of Unit-2 at Buxar (NSE, 31 August 2026): https://nsearchives.nseindia.com/corporate/SJVN_31082026191614_2.pdf
- SJVN Limited – Press release: COD of 75 MW Jamui Solar Power Project (NSE, 12 August 2026): https://nsearchives.nseindia.com/corporate/SJVN_12082026112024_1.pdf
- SJVN Limited – Press release: 1,000 MW Bikaner Solar Power Project (NSE, 4 July 2026): https://nsearchives.nseindia.com/corporate/SJVN_04072026202700_1.pdf
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