SJVN's Q1 Revenue Surges 52% YoY, But Profit Margins Narrow Sharply
SJVN posted a strong 52% year-on-year revenue jump, yet profitability weakened, with net profit margin falling by 870 basis points.
SJVN's Q1 FY27 results show a powerful 52% revenue surge compared to last year, but profit growth did not keep pace, leading to a significant contraction in net profit margins.
SJVN's first-quarter results for FY27 present a mixed picture. While the power utility's revenue surged impressively, its profitability came under significant pressure, highlighting a divergence between top-line growth and bottom-line performance.
The company's revenue for the quarter ended June 2026 reached ₹1,394.38 crore, a robust 52% increase from the same period last year. However, profit after tax (PAT) of ₹224.74 crore was nearly flat, showing a slight 1.2% decline year-on-year. This decoupling resulted in a sharp 870 basis point drop in the net profit margin, which fell to 16.1% from 24.8% in Q1 FY26. Sequentially, revenue dipped 6.8% from the previous quarter, while profit swung back into positive territory from a loss of ₹117.84 crore in Q4 FY26.
The performance over the last five quarters reveals a volatile earnings trajectory, with profitability swinging widely even as revenue has trended upward.
Revenue (₹ Cr.)
Profit (₹ Cr.)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Revenue (₹ Cr.) | 1,394.38YoY +52% | 1,496.47 | 917.45 |
| Profit (₹ Cr.) | 224.74YoY -1.2% | -117.84 | 227.58 |
| Net Profit Margin (%) | 16.1YoY -35% | -7.9 | 24.8 |
On a trailing twelve-month (TTM) basis, revenue stands at ₹5,005.22 crore with a profit of ₹639.01 crore, yielding a net profit margin of 12.8%.
Key Points
- The stock has declined 26% over the past year, closing at ₹69.11 on the results date.
- The company trades at a P/E of 38.8, a significant 60% premium to its industry average.
- Key financial health indicators show a debt-to-equity ratio of 2.25 and a return on equity (ROE) of 4.52%.
The key question for SJVN is whether it can stabilize its profitability to match its impressive revenue momentum in the quarters ahead.
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· SJVN
(BSE)
ISIN: INE002L01015
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