SJVN Limited Receives Unmodified FY2026 Audit Opinion Amid Major Hydropower and Renewable Energy Expansion in India and Nepal

SJVN Limited has received an unmodified audit opinion on its consolidated financial results for the financial year ended March 31, 2026, according to the independent auditor’s report issued by Charanjit Singh & Associates.

The audit report stated that the consolidated financial statements present a true and fair view of the financial performance of SJVN and its subsidiaries and joint ventures in compliance with SEBI Listing Regulations and Indian Accounting Standards.

The consolidated financial results include subsidiaries such as SJVN Thermal Private Limited, SJVN Green Energy Limited, and SJVN’s Nepal-based hydropower subsidiaries, along with joint venture Cross Border Power Transmission Company Limited.

The auditors highlighted several key matters in the report, including pending tariff approvals for the Nathpa Jhakri Hydro Power Station and approved tariff revisions for the Rampur Hydro Power Station. Revenue recognition for FY2026 included ₹670.98 crore linked to tariff truing-up and provisional tariff orders related to these hydropower projects.

The report also noted developments related to the reassignment of the 3,097-MW Etalin Hydroelectric Project to NHPC Limited by the Ministry of Power, while SJVN continues discussions with authorities regarding the matter. Expenditure of approximately ₹251.38 crore has been incurred on the project up to March 31, 2026.

Additionally, the auditors referred to three hydropower projects allocated by the Government of Himachal Pradesh for which implementation agreements are still pending. Despite indications from the state government regarding a possible review of these projects, SJVN has continued development activities, with cumulative expenditure exceeding ₹3,900 crore recognised under property, plant, equipment, intangible assets, and capital work-in-progress.

SJVN also recognised an impairment loss of ₹235.86 crore during FY2026 following an assessment of its cash-generating units under Ind AS 36.

Separately, the auditors issued an independent statutory certificate confirming compliance with asset cover requirements and financial covenants related to SJVN’s listed debt securities in accordance with SEBI regulations.