Guidance ledger · Q4 FY26

SJVN Limited SJVN

5 revisions on record · 4 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Buxar Unit 1 COD Q4 FY25 → Q4 FY26

~~15 July 2025 (Q4FY25 firm target)~~ → 14 November 2025 actual (Q4FY26 confirmation)

“We commissioned first unit of 660 Megawatt of 1320 Megawatt Buxar Thermal Power plant, which went for commercial operation on 14th of November 2025”

↓ lowered FY27 CAPEX Q4 FY25 → Q4 FY26

~~INR 12,000 crores (Q4FY25 forward)~~ → INR 9,400 crores (Q4FY26)

“this year we have a CAPEX plan of around 9,400 and for FY '28 and FY '29, we have a plan of 7,800 and 7,500 respectively”

↑ raised Total Installed Capacity Q2 FY25 → Q4 FY26

~~2,466.5 MW (Q2FY25)~~ → 4,196 MW (Q4FY26)

“the total installed capacity of SJVNL stands at 4196 megawatts”

↓ lowered Long-term capacity vision Q2 FY25 → Q4 FY26

~~25,000 MW by 2030 / 50,000 MW by 2040~~ → Under review - new business plan

“the target which you were speaking about 25,000, 50,000, that is that we are reviewing it”

↓ lowered Nepal Arun-III commissioning Q4 FY25 → Q4 FY26

~~Early target FY27 (Q4FY25 narrative)~~ → All four units by December 2028

“we have a plan to commission the entire plant, all the four units, by December '28”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.