SJVN Ltd, formerly known as Satluj Jal Vidyut Nigam, is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Power, Government of India. Established in 1988, it is a leading hydroelectric power generator and has successfully diversified into solar and wind energy to align with India’s clean energy goals. With a strong project pipeline that includes the recently commissioned 1,000 MW Bikaner Solar Power Project—the largest single-location solar plant in the country—SJVN is well-positioned for long-term growth. This article provides a clear, fact-based analysis of its business model, financial health, and future outlook to establish realistic share price targets from 2026 through 2030
SJVN Ltd: Company Overview
- Business Model: Primarily engaged in hydroelectric power generation, with a rapidly growing portfolio in solar and wind energy. It also offers consultancy services for hydro projects.
- Geography: Operates across India, with major hydro assets in Himachal Pradesh and large solar projects in Rajasthan.
- Key Developments: Achieved Commercial Operation Date (COD) for the 1,000 MW Bikaner Solar project in December 2025 at a record-low tariff of ₹2.57 per unit. The company aims to reach a total installed capacity of 10 GW by 2030.
SJVN Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹80.70 |
| Market Capitalization | ₹31,717 Crore |
| 52-Week High/Low | ₹108 / ₹69.8 |
| P/E (TTM) | 39.8 |
| P/B (TTM) | 2.15 |
| ROE (FY2025) | 6.85% |
| ROCE (FY2025) | 8.30% |
| Debt/Equity (Mar 2025) | 1.34 |
| FY2025 Revenue | ₹3,072 Crore |
| FY2025 Net Profit | ₹818 Crore |
SJVN Ltd Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹88 – ₹105 |
| 2027 | ₹100 – ₹120 |
| 2028 | ₹115 – ₹140 |
| 2029 | ₹130 – ₹160 |
| 2030 | ₹150 – ₹185 |
Note: These targets are derived from a synthesis of credible analyst discussions and projections found in the public domain, adjusted for a neutral, educational perspective.
SJVN Ltd Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹88 | ₹105 |
- The company reported solid FY2025 results with 14.35% sales growth and a net profit of ₹818 crore, demonstrating its successful diversification beyond hydro.
- The commissioning of the massive 1,000 MW Bikaner Solar project provides a significant boost to its revenue and asset base.
- However, modest return metrics (ROE of 6.85%) and a high P/E ratio of 39.8 suggest limited near-term upside.
SJVN Ltd Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹100 | ₹120 |
- Growth will be driven by the full-year contribution of the Bikaner project and the ramp-up of other renewable assets in its pipeline.
- As a government-owned Navratna, it benefits from policy support and secure offtake agreements, reducing counterparty risk.
- Investor sentiment should remain stable due to its strategic role in India’s 500 GW non-fossil fuel target by 2030.
SJVN Ltd Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹115 | ₹140 |
- By this stage, contributions from new hydro and solar projects should lead to a more balanced and scalable earnings profile.
- Its expertise in large-scale project execution, proven by the Bikaner project, positions it as a key player in India’s energy transition.
- Market valuation could see modest support if it can improve its return ratios as its asset base scales.
SJVN Ltd Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹130 | ₹160 |
- Long-term investors will be watching for the company to make significant progress toward its 10 GW capacity target.
- Its dual focus on flexible hydro and low-cost solar makes it a unique and strategically important utility.
- Sustained high dividend payouts (current yield of 1.89%) and a clean balance sheet will continue to attract conservative funds.
SJVN Ltd Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹150 | ₹185 |
- Sentiment will depend on SJVN achieving major milestones in its green energy roadmap and demonstrating leadership in sustainable power.
- If it can maintain its status as a reliable, low-volatility PSU with a growing clean energy footprint, it could command a premium over its historical valuation multiples.
- Its position as a national champion in both hydro and solar ensures its long-term relevance in India’s power security.
SJVN Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (Government of India) | 81.85% |
| Foreign Institutions (FII/FPI) | 2.69% |
| Domestic Institutions (DII) | 4.00% |
| Public (Retail & Others) | 11.47% |
The Government of India holds a commanding 81.85% stake, providing immense stability and an implicit sovereign guarantee. There is no pledging of promoter shares, ensuring strong governance.
SJVN Ltd: Strengths vs Risks
- Strengths:
- Sovereign Backing: As a Navratna CPSE, it enjoys strong government support and policy tailwinds.
- Strategic Asset Base: Owns some of India’s largest hydro assets and is now a leader in utility-scale solar.
- Consistent Dividends: Offers a reliable dividend yield of 1.89%, with a healthy payout ratio.
- Proven Execution: Successfully commissioned the world’s largest single-location solar project, showcasing its project management prowess.
- Risks:
- Moderate Profitability: ROE of 6.85% and ROCE of 8.30% are modest for a capital-intensive utility.
- High Leverage: Total debt of over ₹10,500 crore results in a high debt-to-equity ratio of 1.34, leading to significant interest expenses.
- Execution Risk: Large hydro projects are prone to delays due to environmental clearances and geological challenges.
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Low to Moderate (PSU with stable earnings but high debt) |
| Time Horizon | Long-term (5+ years) – quality income and growth story |
| Volatility | Low – one of the more stable stocks in the power sector |
| Dividend/Income | Yes – offers a steady dividend yield of 1.89%. |
| Ideal Investor | Conservative to moderate-risk investors seeking a government-backed stock with a reliable dividend income stream and exposure to India’s long-term power demand growth. |
SJVN is best suited for investors who prioritize capital preservation and regular income over high growth.
FAQs
Is SJVN a good stock?
Yes, SJVN is a good stock for conservative, long-term investors. It is a government-owned company with a strong track record, a clear growth path in renewables, and a consistent dividend history.
What is the future of SJVN?
The future of SJVN is tied to its ambitious plan to reach 10 GW of installed capacity by 2030, with a mix of hydro, solar, and wind. Its recent success with the Bikaner Solar project bodes well for its execution capabilities.
Is SJVN a Government stock?
Yes, SJVN is a Central Public Sector Enterprise (CPSE) owned by the Government of India, which holds an 81.85% stake. It was granted Navratna status in August 2024.
What does the SJVN company do?
SJVN generates electricity primarily from hydroelectric power plants and is rapidly expanding into solar and wind energy. It is India’s largest hydro power developer and now a major solar IPP.
Which is better, SJVN or NHPC?
Both are government-owned hydro giants. NHPC is larger and more established in hydro, while SJVN has shown greater agility in scaling up solar (e.g., the 1,000 MW Bikaner project). SJVN may offer higher growth potential, while NHPC offers more scale and stability.
Is SJVN a Government company?
Yes, SJVN Ltd is a Government of India enterprise under the administrative control of the Ministry of Power.
Final Verdict
SJVN Ltd stands as a dynamic and strategically vital player in India’s power sector. Its successful pivot from a pure-play hydro company to a diversified renewable energy leader, exemplified by the landmark Bikaner Solar project, makes it a compelling choice for long-term, income-focused investors. While its profitability metrics are modest and its balance sheet is leveraged, these are offset by its sovereign backing, strategic importance, and clear growth roadmap. Our 2026–2030 price targets (₹88–₹185) reflect a path of steady, compounding value driven by dividends and gradual earnings growth, not speculative hype.
Sources
- Screener.in – SJVN Ltd. Consolidated Financials (FY2025)
- Finology Ticker – SJVN Company Profile & Ratios
- Groww – SJVN Ltd Fundamental Data
- Value Research Online – SJVN Stock Analysis
- SJVN Annual Report FY2025 & BSE Announcements (Dec 2025)
