SJVN : Transcript of conference call held on Monday, November 10, 2025 with Investors and Analysts to discuss the financial results for the quarter and Half year ended September 30, 2025, FY 2025-26

एसजेवीएन लिलिटेड SJVN Limited

(A Joint Venture of Govt. of India & Govt. of H.P.)

A Navratna CPSE

CIN: L40101HP1988GOI008409

SJVN/CS/93/2025- Date: 13/11/2025

NSE Symbol: SJVN-EQ SCRIP CODE: 533206

National Stock Exchange of India Limited,

Exchange Plaza, Bandra Kurla Complex,

Bandra East, Mumbai 400 051, India

BSE Limited,

Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai 400 001, India

SUB: Transcript of conference call held with Investors and Analysts to discuss the financial results for the quarter/half-year ended September 30, 2025

Sir/Madam,

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find attached herein the transcript of conference call held with Investors and Analysts, in the form of group meeting, on Monday, November 10, 2025, to discuss the financial results for the quarter/half-year ended September 30, 2025.

Kindly take the above information on record and oblige.

Thanking you,

SOUM

Yours fDaigitiallytsighned fby uSOUMlElNDyRA D,AS

DN: C=IN, O=Personal, T=7287,

Phone= f77c308884a7da7a6b95a41dee8ba30 6596ab65423166219b5c0013683798

ENDR

328, PostalCode=171009, S= Himachal Pradesh, SERIALNUMBER

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Date: 2025.11.13 14:49:30+05'30'

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पंजीकृत एवं कॉपोरेट कार्ाािर्: एसजेवीएन कॉर्पोरेट ऑफिस कॉम्प्लेक्स, शनान, शशमला - 171006 हिमाचल प्रदेश

Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006, Himachal Pradesh

दूरभाष / Tel No.: 0177-2660075, फ़ैक्स / Fax: [phone], ईिेि / Email: [e-mail], वेबसाइट / Website: https://www.sjvn.nic.in

"SJVN Limited

Q2 & FY26 Earnings Conference Call" November 10, 2025

Management: Mr. Bhupender Gupta, Chairman and Managing Director, SJVN Limited Mr. Ajay Kumar Sharma, Director (Personnel), SJVN Limited Mr. Sipan Kumar Garg, Director (Finance), SJVN Limited Moderator: Mr. Rupesh Sankhe, Elara Securities Private Limited

Moderator: Ladies and gentlemen, good day and welcome to the Q2 FY26 Earnings Conference Call of SJVN Limited hosted by Elara Securities India Private Limited .

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference has been recorded.

I now hand the conference over to Mr. Rupesh Sankhe. Thank you and over to you, sir.

Rupesh Sankhe: Yes, good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY26 conference call of SJVN Limited. I take this opportunity to welcome the management of SJVN Limited represented by Mr. Bhupender Gupta, Chairman and Managing Director, and Mr. Sipan Kumar Garg, Director of Finance.

So we will begin the call with a brief overview by the management, followed by Q&A session. I will now hand over the call to Mr. Bhupender Gupta, sir, for opening remarks. Over to you, sir.

Bhupender Gupta: Thank you, Rupesh. Very good morning to all of you. In fact, afternoon. And I am pleased to be accompanied by my Director-Personnel, Shri Ajay Kumar Sharma, and Director of Finance, Shri Sipan Garg. It gives me immense pleasure to share with you some key highlights and significant developments from the second quarter of FY25-26, along with important milestones achieved during the ongoing quarter.

I am delighted to share that Honourable Prime Minister Shri Narendra Modi virtually inaugurated Unit 1 of 60 MW of our 1320 MW Buxar Thermal Power Project on 22nd August 2025 from Bodh Gaya. Prior to this inauguration, unit had been successfully synchronized with National Grid on 21st of August 2025.

I am further pleased to inform you that we have completed a major milestone of 72 hour continuous full load running. on 5th of November 2025 and this is the you can say the last step towards declaring the unit as commercially open so that is now COD we will be I think declaring within may be today itself may be in the evening itself or may be tomorrow max we will be declaring the commercial operation date for the unit 1 and the second unit definitely that will also be coming very soon, maybe within next 2 to 3 months.

So once this plant is commissioned fully, it will be generating around 9826.72 million units annually, of which 85% will be supplied to state of Bihar and the balance will be supplied to the north-eastern grid.

Another milestone which I just want to share with you, that during this quarter Honorable Prime Minister Shri Narendra Modi ji virtually laid the foundation stone for the 200 megawatt solar power project under Juvenile Phase 17 on 21st September 2025 and this project is located in Khawda Solar Park which is being developed by the GSC in Kutch district of Gujarat. The

project is expected to generate around 505 million units in the first year. The generated power will be supplied to Gujarat Urja Vikas Nigam Limited at a tariff of 2.88 per unit.

We are excited to inform that commercial operation date for cumulative capacity of 680 MW under the 1,000 MW Bikaner solar power project has been successfully achieved in the phases. The project is located in Bikaner district of Rajasthan and being developed under the CPSU scheme for the Ministry of Renewable and Renewable Energy, Government of India.

The project is progressing well and is scheduled for full commissioning in the current calendar year and with this addition in operating assets, the total installed capacity of SJVN Limited now stands at 3,146.52 and after this adding of 320 megawatt may be this month or max by 15th of December next month we will be adding another 320 megawatt so it means around 3500 megawatt will be under operation.

In another significant development PPA has been signed with Uttar Pradesh Power Corporation Limited for supply of power from our one international project 900 megawatt Arun-III and 210 megawatt Luhri Stage-I and 380 megawatt Sunni Dam Hydroelectric Project during this quarter.

Regarding the progress of our ongoing projects, we have achieved some major milestone in the second quarter and ongoing quarter of the FY25-26. Following the successful trial run of Unit 1, the significant progress has been achieved in Unit 2 as I told you and we are targeting the COD of this second unit also during the January or February next year.

Another significant milestone has been achieved in Arun-III Hydroelectric Project in Nepal where we have completed the Unit 1 pit free, one of the major milestones to start the electromechanical activities and the electromechanical activities have been initiated, commenced in this particular unit, Unit 1.

Then regarding our projects which are under operation, I just want to share some highlights for the current, this half year progress of the generation which we, which we have done in our two projects, that is one Nathpa Jhakri 1,500 megawatt, where we have generated 1,785 million units during the quarter, reflecting an improvement over 1,774 million units achieved last year. Similarly, in the Rampur project also, we have generated more power than the previous year.

As on date, the current financial year 2025-2026, the total generation from all the power stations stands at 9,442 million units as compared to 880 million units during the corresponding period of the 2024-2025, reflecting an improvement of around 562 million units or about 6.3% primarily driven by commissioning of Unit 1 of Bikaner Solar Power Project.

To provide the brief of our current projects portfolio, SJVN Limited currently has 13 operational projects with the combined capacity of 3,146 and two transmission lines. We are currently constructing 4 Hydro Projects with a total capacity of 1,558 megawatt, 1 thermal power project of 1,320 and 14 solar projects totalling 2,213 megawatt. This brings our total under-construction portfolio to 5,091 megawatt.

In line with the Government of India vision for energy accessibility, SJVN Limited has been selected to play a pivotal role in the PM-Surya Ghar: Muft Bijli Yojana. The initiative aims to

provide free electricity to 1 crore households across India. SJVN Limited has been entrusted with the responsibility of implementing this scheme across three states that is Himachal Pradesh, Punjab and Arunachal Pradesh.

Additionally, we have also been assigned responsibility of installing rooftop solar system on government buildings covering 18 ministries. The process of embellishment of vendor for government building completed and implementation is in progress. So far, total capacity of 21.1 megawatt has been awarded and execution of work is underway.

You may also be knowing that SJVN Limited has been listed as one of the Renewable Energy Implementing Agency by the Ministry of New and Renewable Energy to contribute towards nation's ambitious 500 gigawatt renewable energy target by 2030. Cumulatively as on date, tenders have been floated for a total capacity of 19.8 gigawatt. Letter of Awards has been issued for 13.74 gigawatt and Power Seal Agreement has been signed for 3.74 gigawatt.

I am also pleased to share that SJVN Limited received the prestigious SCOPE Eminence Award in HR Management from Honorable President Srimati Droupadi Murmu on 29th August 2025 for its progressive employee-centric HR practices. As we continue to build to this success, I would like to reaffirm that SJVN Limited remains committed to sustainable growth and to supporting the nation's clean energy transition. Thank you so much.

Moderator: Thank you. We will now begin the question and answer session. We take the first question from the line of Ragini from Elara Capital, please proceed.

Ragini: Can you please tell the capex term for H1-FY26 and what is the guidance for FY27 and FY28?

Bhupender Gupta: There is a lot of noise in your voice, I think in the background. Can you repeat the question please?

Ragini: I was asking about the capex which has been good for H1-FY26 and the capex earmarked for FY27 and FY28.

Bhupender Gupta: Yes, for this year the total capex which we have kept is around INR7,500 crore and out of that we have already spent in two quarters around INR3,600. So in the balance two quarters we are 100% sure that whatever capex we have given as a MOU target by Government of India, we will achieve very comfortably. As far as next year is concerned, '26-'27, we have kept a capex of around INR8,000 crore for the next year.

Ragini: Okay, and so for FY28 the guidance is in the similar range?

Bhupender Gupta: Yes, it's actually we are just consolidating our present portfolio and our one of the big project is Buxar which was basically capex driven so that is now going to be completed this year. So now we will be focusing on some new projects in Nepal which will be like we will be awarding the contract something maybe in the second quarter of next year.