Your Directors’ are pleased to present the Thirty Eighth Directors’ Report of the Company for
the year ended 31st March, 2026 along with the Audited Statement of Accounts, Report of
Auditors and Comments of the Comptroller and Auditor General of India.

The following financial highlights for the year ended 31st March 2026 briefly encapsulate the
performance of your company: -

1. FINANCIAL HIGHLIGHTS    (' in crore)

2. GENERATION

Gross Energy Generation from various operational power plants of the Company, including
subsidiaries during FY 2025-26 is as under :-

(Million Units (MU)

Generation Records & Milestones achieved during FY 2025-26 include :-

•    Record Power Generation

SJVN achieved its highest-ever annual generation of 13,302 million units (MU) from all
operational power stations (including subsidiaries) during FY 2025-26, setting a new
benchmark in energy generation.

•    Nathpa Jhakri Hydro Power Station (1500 MW)

o Recorded its second-highest gross annual generation since commissioning with
7,506.617 MU.

o Achieved a significant milestone by crossing 150 billion units of cumulative gross
generation in March 2026.

o Registered highest gross monthly generation of 1,123.135 MU in July 2025.
o Achieved design energy (6,612 MU) on 29.11.2025, 122 days ahead of schedule.
o NJHPS achieved a Plant Availability Factor (PAF) of 96.837% during FY 2025-26
against the normative PAF of 87%.

•    Rampur Hydro Power Station (412 MW)

o Achieved highest-ever annual generation of 2,108.034 MU, surpassing the previous
record of 2,098.031 MU (FY 2019-20).
o First time crossing the 2,100 MU mark in its operational history.
o Achieved design energy (1,878.08 MU) on 08.12.2025, 113 days ahead of schedule.
o Recorded highest monthly generation of 309.547 MU in July 2025.
o Achieved highest-ever Q3 generation of 333.835 MU, exceeding the previous best of
322.950 MU (FY 2021-22).

o Registered highest-ever November generation of 95.313 MU, surpassing 91.232 MU
(November 2021).

o RHPS achieved a Plant Availability Factor (PAF) of 97.285 % during FY 2025-26
against the normative PAF of 83%.

•    Naitwar Mori Hydro Power Station (60 MW)

o Achieved design energy (265.5 MU) on 29.11.2025, 122 days ahead of schedule.
o Generated 310.366 MU during FY 2025-26 (2nd year of O&M).
o Generation exceeded design energy by 44.86 MU (17% higher), reflecting strong
operational performance.

•    Solar Power Developments

o 1,000 MW Bikaner Solar Power Station (SPS) achieved full capacity commissioning on

24.12.2025.

o Bikaner SPS Achieved 1 billion units of cumulative generation on 19.03.2026.
o 70 MW Dhubri Solar Power Plant (Assam) commissioned on 05.02.2026.

•    Thermal Power Development

o One unit (660 MW) of the Buxar Thermal Power Project commissioned on 14
November 2025.

3.    REVENUE AND PROFITS

The standalone revenue from operation increased by '647.27 crore to '3,544.52 crore during
the financial year 2025-26 compared to '2,897.25 crore during the previous year. The
standalone Profit After Tax (PAT) increased by '37.72 crore to '1,007.90 crore against
'970.18 crore for the previous year.

The Company has five subsidiary companies, of which four are wholly owned subsidiaries.
Three subsidiaries are presently in the construction phase. The remaining two subsidiaries,
namely SJVN Green Energy Limited (SGEL) and SJVN Thermal Private Limited, are in the
operational stage. SGEL has seven operational renewable energy projects with an aggregate
installed capacity of 1,460 MW, while one unit of 660 MW of the 1,320 MW Buxar Thermal
Power Project in Bihar being developed by SJVN Thermal Private Limited commenced
commercial operation during the third quarter of FY 2025-26. The company has one joint
venture entity, CPTC Limited which is in operation stage. Consolidation has resulted in
decrease in profit of consolidated group by '366.05 crore (P.Y. decrease of '152.16 crore) as
compared to standalone financial statements mainly due to losses in Subsidiary Companies
and Joint Venture Company.

4.    TRANSFER TO RESERVES

During the year '7,101.83 crore (P.Y.- Nil) was transferred to General Reserve of the
Company.

5.    DIVIDEND

During the year, an interim dividend of '1.15 per share has been declared in the month of
February 2026. In addition, your Board has recommended a final dividend of '0.35/- per
Share. Thus, subject to your approval, a total dividend of '1.50 per share ('589.47 crore) is
proposed to be paid for FY 2025-26 against '1.46 per share ('573.75 crore) paid during the
previous year.

6.    PROGRESS OF PROJECTS (HYDRO, THERMAL & SJVN RENEWABLE
PROJECTS)

The progress of the projects of the Company and its subsidiaries are as follows: -

A) PROJECTS UNDER CONSTRUCTION1) Arun-3 HEP (900 MW):

Arun-3 Hydro Electric Project (4 x 225 MW) is located on River Arun in District
Sankhuwasabha of Eastern Nepal. The Project is run-of-the-river scheme with 4 hours
peaking and is designed to generate 3924 MU energy annually in a 90% dependable year.
SJVN bagged the Project through International Competitive Bidding. Memorandum of
Understanding for the execution of this Project was signed with Government of Nepal (GoN)
on 02.03.2008. The Project was allotted to SJVN on BOOT basis, to be operated by SJVN for
25 years after the commissioning and thereafter it will be handed over to the Government of
Nepal. SJVN Arun-3 Power Development Company Pvt. Ltd (SAPDC) was registered on
25.04.2013 under Companies Act of Nepal, 2063 with an aim to plan, promote and execute the
Project.

Techno-Economic approval of the Project was accorded by CEA, Government of India (Gol)
on 09.06.2014. Project Development Agreement (PDA) was signed with Investment Board of
Nepal (IBN), GoN on 25.11.2014. Financial Closure was achieved on 06.02.2020 for
6,333.48 Crores through consortium of five Indian and two Nepalese banks with SBI as the
lead.

Environment Impact Assessment report of the Project was approved by Ministry of Science,
Technology & Environment, GoN on 12.08.2015. Private land required for the Project has
been registered in the name of SAPDC. Lease agreement for diversion of 96.97 ha forest land
was signed on 23.08.2017 and for balance 26.25 ha land lease agreement was signed on
06.02.2018.

Government of India has accorded investment approval for the Generation component of the
Project at an estimated cost of 5,723.72 Crores at May, 2015 price level. Government of
Nepal has issued Generation license on 04.05.2018.

Hon’ble Prime Ministers of India and Nepal jointly laid the foundation stone of this Project on

11.05.2018. Major works of the Project are divided into four main packages which have
already been awarded and the progress of works is discussed as under.

Civil works:

C1 Package comprising Civil Works in Dam complex area and 3.7 km Head Race Tunnel
(HRT) was awarded to M/s Jaiprakash Associates Ltd. on 22.09.2017. Work is in progress at
all the fronts. Diversion of River was completed on 01.02.2021. Intake works and HRT works
have been completed. Dam concreting is in progress and 49% concreting has been
completed till date.

C2 Package comprising Civil Works in Power House and 8.1 km Head Race Tunnel (HRT)
was awarded on 19.03.2018 to M/s Patel Engineering Ltd. All access adits to HRT, Power
House, Pressure Shafts, Machine Hall, Transformer Hall and Butterfly Valve House have been
completed. Excavation of Machine Hall, Transformer Hall, Butterfly Valve House, Collection
Gallery and Head Race Tunnel has also been completed. Excavation and concrete lining of
Surge Shaft is complete. Lining of Head Race Tunnel, Grouting of Surge Shaft and excavation
of TRT Outfall is in Progress.

HM works:

HM Package- was awarded to M/s OM Infra Ltd. on 11.04.2018. Fabrication of major
components has been completed. Supply and erection of Draft Tube Gates, Bulkhead for Main
Intake Gate, Main Intake Gates and Intake Trash Rack Panels has been completed. Supply of
other major components has been completed.

Pressure Shaft Steel Liner (PS-1 & PS-2): Work of Pressure Shaft steel liners was awarded
to M/S TEXMACO-SSFMPL(JV) on 27.07.2023. Approx. 96% of total Steel plates have been
supplied. Erection of Pressure Shaft ferrules is in progress and 38% ferrules have been
erected.

EM works:

EM Package was awarded to M/s BHEL on 30.04.2018. Design and drawings of all major EM
components have been approved and fabrication and supply of components is in progress.
Unit-1, Unit -2 and Unit-3 Pit-free has been achieved and Barrel Concreting of Unit-4 has been
completed on 30.03.2026. Rotor & stator assembly of Unit-1 & 2 has been completed. Supply
of all other major components is in progress.

Construction Power: Construction of 33 kV Transmission Line (46 km) for construction
Power has been completed, line charged and construction power made available at site.

Power Evacuation System of Arun-3 HEP: Power Evacuation system consists of 253 km
long 400 kV DC Transmission Line from Diding (Project area) in Nepal through Dhalkebar to
Sitamarhi Substation, India. Nepal portion of 217 km from Arun-3 Power House (Diding) to
Bathnaha (Nepal Border) is being constructed by SAPDC. Government of India accorded
investment approval amounting to 1,236.13 Crores at June, 2017 price level on 08.03.2019
for the Nepal portion of Transmission Line to be constructed by SAPDC. Government of Nepal
has issued Transmission license on 12.02.2019.

Indian portion of Transmission Line from Bathnaha-Sitamarhi has been completed by PGCIL
and charging upto border area as anti-theft measure has also been done.

MoU has been signed with PGCIL for Project Management consultancy for execution of
Transmission Line stretch in Nepal. Construction work is being carried out through five
packages. 77% Tower foundations & 68% erection of Towers have been completed and
balance work is in progress. Conductor stringing in 77.6 km out of 217 km has been completed.

2) Buxar Thermal Power Project (1320 MW):

MOU was signed between SJVN, Bihar State Power Holding Company Limited and Bihar
Power Infrastructure Company for the development of 1320 MW Thermal Power Project at
village Chausa in District Buxar of Bihar on 17.01.2013. SJVN acquired the Project executing
Company Buxar Bijlee Company Private Limited on 04.07.2013. The name of Buxar Bijlee
Company Private Limited was changed to SJVN Thermal Private Limited (STPL), a wholly
owned subsidiary company of SJVN Limited on 17.10.2013.

Investment approval for carrying out pre-construction activities of the Project amounting to
436.68 Crores was accorded by GoI on 26.05.2015. MoEF&CC accorded Environment
Clearance on 28.02.2017. 1058.33-acre private land for Project components was transferred
in the name of STPL on 12.12.2017. Consent to Establish (NOC) was granted by Bihar State
Pollution Control Board on 03.09.2019.

CCEA accorded investment approval of Main Plant works on 08.03.2019, amounting to
Rs.10,439.09 Crores. Foundation stone for the Project was laid by Hon’ble Prime Minister of
India on 09.03.2019.

Main Plant works were awarded to M/s Larsen & Toubro Ltd. on 22.06.2019. Hon’ble Prime
Minister Shri Narendra Modi inaugurated the Unit-1 on 22.08.2025. COD of Unit-1 of Buxar
TPP (660 MW) has been declared on 14.11.2025 and works for Unit-2 are under progress. As
on date, the project has achieved 95% physical progress. Major construction milestones for
Unit-2 i.e. Hydro test & Steam Blowing for Boiler-2, Boxing-up of STG-2, readiness of ESP-2,
Chimney works etc have been completed and Unit-2 has been Synchronization with National
Grid on 08.05.2026. Commissioning is under progress.

Coal arrangement: Long-term coal linkage has been tied up through CCL and Fuel Supply
Agreement (FSA) has been signed. For coal transportation, land acquisition for the original
railway corridor faced resistance and is under adjudication in LARRA Court. An alternate coal
transportation arrangement has been devised. Under alternate coal logistics, MoU with ECR

(Danapur) was signed for construction of Multi modal Gati Shakti Cargo terminal and work of
Phase-I has been completed on 24.04.2025. Work of Phase-II of Gati Shakti Cargo Terminal
was awarded to M/s RVNL and same has been completed.

Water Corridor: Approval for alternate water arrangement has been received from Water
Resource Department and Lease agreement for 35 years signed with Irrigation Deptt., GoB.
Pipe laying work has been completed and filling of raw water reservoir started w.e.f.

22.07.2025.

Power Evacuation: Power Purchase Agreement (PPA) for the Project was signed with Bihar
State Electricity Board (later Bihar State Power Holding Company Limited, BSPHCL) for 85%
share of Power at bus bar rate. PPA (supplementary agreement) signed with BSPHCL on
09.04.2021 for construction of Transmission Lines for Power evacuation. Transmission line
works have been completed in all respects and Buxar-Naubatpur Line (400kV), 20KV
Karmnasha Line#2, GIS 400 kV as well as 220 kV charged.

Unit-2 is anticipated to be commissioned in FY 2026-27.

3)    Luhri HEP Stage-1 (210 MW):

Luhri Hydro Electric Project Stage-1 is a Run-of-the-River (RoR) scheme with installed
capacity of 210 MW, located on river Satluj, near village Nirath spread over Shimla and Kullu
Districts of Himachal Pradesh. The project will generate 758 MU of electric energy in a 90%
dependable year. MOU for execution of the project was signed with Govt. of Himachal
Pradesh on 25.09.2019.

Investment approval amounting to Rs. 1810.56 Cr for main works accorded on 20.11.2020
with completion period of 62 months from date of investment approval. Foundation stone laid
by Hon’ble Prime Minister on 27.12.2021. Financial closure of the project has been achieved
on 28.02.2022 and agreement signed with State Bank of India.

Main Civil & HM works package was awarded on 24.11.2020 to M/s Luhri Hydro Power
Consortium. Permanent steel truss bridge (84m) to cross river has been commissioned. River
was diverted on 25.06.2022. 91% Dam excavation completed so far. Excavation of power
house up to pit for 3 units out 4 has been completed. Concreting of columns and beams in
Service Bay has been completed and 1st stage concreting for Unit-1 & 2 was in progress.
Work at all major fronts i.e. Dam and Power house were held up since 18.05.2024 due to
overtopping of coffer dam and cavity formed in diversion tunnel on 10.06.2024. After
completing the rectification works of Diversion Tunnel, the river has been diverted on

06.02.2026.    Re-construction of Coffer dam has been completed and slope stabilization works
are under progress.

EM package was awarded to M/s Voith Hydro Pvt. Ltd. on 16.07.2021. Manufacturing of all
four draft tube liners has been completed and delivered at site. EOT crane, Stator bars, pit
liners, rotor poles and rotor hub for all units have also been received at site. Manufacturing of
spiral case and other EM components is in progress.

Power from the project shall be evacuated from 400/ 220 kV common pooling station
proposed to be constructed at Village Ogli by CTU. Accordingly, work for construction of 220
kV transmission line from switchyard to common pooling station (ISTS network) awarded on

06.07.2022. Forest clearance Stage-1 accorded by MOEF&CC on 27.05.2025 and approval
for execution of work in Forest land has been received on 25.02.2026. Proposal for private
land compensation and RoW for transmission line has been approved. Foundation work for
1st tower in project area has been completed.

4)    Dhaulasidh HEP (69.5 MW):

Dhaulasidh Hydro Electric Project with installed capacity of 69.5 MW (66 + 3.5 MW) is located
on river Beas, in Hamirpur and Kangra districts of Himachal Pradesh. The Project is a run-of-
the-river scheme and will generate 325 MU of electric energy in a 90% dependable year. MOU
was signed with Govt. of Himachal Pradesh on 25.09.2019.

Investment approval amounting to Rs. 687.97 Cr for main works accorded on 01.10.2020 with
completion period of 54 months from date of commencement of construction works.
Foundation stone laid by Hon’ble Prime Minister on 27.12.2021. Financial closure of the
project was achieved on 18.04.2022 and agreement signed with H.P. State Cooperative bank.

Main Civil & HM works package was awarded to M/s Rithwik Projects Pvt. Ltd., Hyderabad
on 06.05.2021. River has been diverted on 15.02.2022. Excavation for all the project
components i.e. Dam, Power House and Tail Race Channel has been completed in all respect.
Dam concreting is in full swing and 92% concreting completed. In Power house area,
concreting of columns and beams in machine hall area has been completed and further,
concreting is in progress. Cumulative 81% concreting completed in Power house area.
Installation of draft tube gates of main units were completed on 04.06.2025. Penstock erection
in Unit-1 & Unit-2 is in progress and cumulative, 97% erection completed. Erection of 2 nos.
radial gates in dam block no. 4 and intake gates for all units are also in progress.

EM package for main works awarded to M/s Voith Hydro Pvt. Ltd. on 19.01.2022. Erection of
Draft tube liners for both units completed on 13.05.2024. Civil fronts have been handed over
for erection of spiral casing for unit - I & II and erection works are under progress. Generator
transformers for main units have been shifted to transformer yard. Erection of EOT crane in
service bay completed on 15.11.2024 and further, extension of rail in machine hall has also
been completed.

Power evacuation system: Power from the project shall be evacuated from 220 kV network/
substation of HPPTCL. Work of construction of 220 kV Transmission line from switchyard to
HPPTCL network awarded to M/s KEC International Pvt. Ltd on 14.06.2022. Forest clearance
Stage-1 accorded by MoEF&CC on 29.05.2025 and approval for execution of work in Forest
land has been accorded on 06.10.2025. Signing of agreements for purchase of private land is
in progress. Work of tower foundation and tower erection is in progress.

5)    Sunni Dam HEP (382 MW):

Sunni Dam HEP is a run-of-the-river (RoR) scheme on river Satluj located near Khaira village
in Shimla and Mandi districts of Himachal Pradesh. The Project will generate 1382 MU of
energy in a 90% dependable year. Govt. of H.P. re-allotted the project on "Stand Alone Basis”
to SJVN on 29.08.2017. MoU was signed with Govt. of Himachal Pradesh on 25.09.2019.
Ground breaking ceremony of the Project was presided over by Hon’ble Prime Minister on
27.12.2021.

After obtaining all statutory clearances, investment approval amounting to Rs. 2614.51 Cr
accorded by GoI on 12.01.2023 with completion period of 63 months from date of CCEA
approval.

Civil Works: Main Civil & HM works package was awarded to M/s Rithwik Projects Private
Limited on 14.01.2023. Double-Lane Steel Truss Bridge work has been completed in all
respect on 31.01.2026. All the approach roads to the Project components have also been
completed. After completion of 510 m long diversion tunnel, river diverted on 13.01.2024 within
schedule. Construction of upstream and downstream Coffer Dams have been completed.
Excavation of Dam upto EL. 632 m has been completed. Stilling basin excavation and Intake
excavation is in progress.

Underground works are also going on in full swing at all the fronts. Excavation of Adit to
powerhouse, Adit to Transformer Hall, Adit to Pressure Shaft bottom, Adit to TRT and Main
Access Tunnel have been completed. Excavation of powerhouse cavern and Transformer Hall
cavern is in progress. 85% excavation of Power House upto Service Bay level and 66% works
of Transformer Hall Crown has been completed. Further, excavation of TRT and Pot-head yard
are also in progress.

HM Works: Diversion Tunnel (DT) gate along with hoisting arrangement has been received at
site. Fabrication of other HM components is in progress.

EM Works: EM works awarded to M/s BHEL on 01.01.2026. Contract Agreement signed with
BHEL on 05.02.2026.

Construction Power: Construction power for initial requirement has been made available at
site, while for peak requirement, work of 22 kV line from HPSEB’s substation at Gumma to
Dam site through HPSEB Ltd. has also been completed. All major components including
double pole structures, structure hardware (angle, cross-arm, insulators), span, sag &
tensioning have been completed.

Power evacuation system for Sunni Dam HEP: Power from the Project shall be evacuated
through 200kV Transmission line (Twin Moose Conductors) between Sunni Dam HEP
switchyard to Ogli ISTS pooling station.

6)    GUVNL Phase XXI- Khavda Solar Power Project (500MW)

SJVN secured a 500 MW solar power project under GUVNL Phase XXI at GIPCL RE Park,
Khavda, Gujarat. PPA at 2.54/kWh was signed with GUVNL on 09.07.2024 by SGEL and
financial closure has been achieved. Pursuant to transfer of the Project to SJVN, the PPA has
been transferred from SGEL to SJVN w.e.f. 01.06.2026.

The Implementation & Support Agreement and Land Lease Agreement have been executed
with GIPCL, Upfront Development Charges of 116 crore has been paid and Plots 1,3, 4, 5 and
6 have been allotted at the GIPCL RE Park.

EPC works have been awarded to three contractors:

Project 1 - 200 MW (M/s Sterling & Wilson Renewable Energy Ltd.):

EPC contract awarded on 16.10.2025 and the Contract Agreement signed on 11.11.2025, with
commissioning targeted for 20.11.2026.

Project 2 - 200 MW (M/s KPI Green Energy Ltd.):

EPC contract was awarded on 16.10.2025 and Contract agreement signed on 11.11.2025,
with commissioning targeted for 20.11.2026.

Project 3 - 100 MW (M/s Larsen & Toubro Ltd.):

EPC contract was awarded on 16.10.2025 and contract agreement signed on 14.11.2025 with
commissioning planned for 20.11.2026.

7)    GUVNL Phase XXII-SJVN Solar Power Project (150MW)

SJVN has secured a 200 MW solar power project under GUVNL Phase-XXII to be developed
in Gujarat. PPA at 2.63/kWh was signed with GUVNL on 09.04.2024 by SGEL and financial
closure has also been achieved as per PPA. Pursuant to transfer of the Project to SJVN, the
PPA has been transferred from SGEL to SJVN w.e.f. 01.06.2026.

The land acquisition milestone due on 08.10.2025 could not be met, and has sought extension
up to the SCSD without levy of time-extension charges.

EPC awards have been placed for 150 MW. 100 MW to M/s Prozeal Green Energy Ltd. and 50
MW to M/s Oriana Power Ltd. with LoAs issued on 17.10.2025 and contract agreements
signed on 10.11.2025 and 04.11.2025, respectively. The remaining 50 MW capacity under
Phase-XXII is yet to be awarded.

8)    GUVNL Phase XXIII- Khavda Solar Power Project (200 MW)

SJVN secured a 200 MW solar power project under GUVNL Phase XXIII at GSECL RE Park,
Khavda, Gujarat. PPA at 2.66/kWh was signed with GUVNL on 09.07.2024 by SGEL and
financial closure has been achieved. Pursuant to transfer of the Project to SJVN, the PPA has
been transferred from SGEL to SJVN w.e.f. 01.06.2026.

Works have been awarded to two (02) contractors:

Project 1- 100 MW (M/s Bridge and Roof Co. (I) Ltd.)

EPC contract was awarded on 17.10.2025 and contract agreement signed on 12.11.2025 with
commissioning planned for 21.11.2026.

Project 2- 100 MW (M/s Dineshchandra R. Agrawal Infracon Pvt. Ltd.)

EPC contract was awarded on 16.10.2025 and contract agreement signed on 14.11.2025 with
commissioning planned for 20.11.2026.

B) PROJECTS UNDER PRE-CONSTRUCTION, SURVEY & INVESTIGATION
STAGES:1. Hydro power Projects in Nepal

i)    Lower Arun HEP (669 MW)

Lower Arun HEP was allotted to SJVN by Govt. of Nepal on 04.02.2021 with an installed
capacity of 669 MW with an annual generation of 2901 MU. The project is located in the
Sankhuwasabha and Bhojpur districts of Eastern Nepal on river Arun, d/s of existing Arun-3
HEP (900 MW) which is under construction by SAPDC (wholly owned subsidiary of SJVN).
The Project is envisaged to be operated in Tandem with Arun-3 HEP

Investment approval for Rs. 74.60 Cr for pre-construction activities of the project was
accorded by GoI on 02.03.2022. DPR of the Project was approved by IBN, GoN on

31.03.2022.    Techno-Economic Appraisal of the Project has also been accorded by CEA on

31.10.2022.

Project Development Agreement signed with GoN on 01.06.2023. Investment approval of Rs.
5792.36 Cr. recommended by PIB on 18.05.2023. CCEA approval accorded on 02.08.2024.
NIT for Civil and HM Works Packages P1 & P2 floated on 01.11.2024; Pre- bid meeting held on

29.11.2024.    After the bid opening, techno-commercial bid evaluation report in respect of
Package P1 & P2 has been completed. Price bids of package P-1 & P-2 opened on

17.04.2026.

ii)    Upper Karnali HEP (900 MW):

Upper Karnali Hydro Electric Project is a run-of-the-river project located in Nepal.
SJVN has partnered with GMR and IREDA for the development of this cross-border
project.

The Ministry of Power, Government of India, approved the proposal of SJVN and IREDA for
joining the Special Purpose Vehicles for Generation and Transmission Companies on

23.08.2024.    Subsequently, MoU was signed between SJVN, GMR, and IREDA on
09.09.2024 for the development of the project. The updated Detailed Project Report was
submitted to the CEA on 15.09.2024.

The Investment Board of Nepal (IBN) accorded approval on 01.12.2024 for the induction of
SJVN and IREDA as equity partners in the Project. The Board structures of both SPVs
(Generation Company & Transmission Company) has been approved, incorporating
additional independent directors in line with Nepali regulations. The project will be
implemented through two Special Purpose Vehicles:

GMR Upper Karnali Hydropower Limited (GUKHL) for generation, with shareholding of
34% each by SJVN and GMR, 5% by IREDA and 27% as free equity to Nepal Electricity
Authority (NEA)

Karnali Transmission Company Pvt. Limited (KTCPL) for transmission, with shareholding
of 47.5% each by SJVN and GMR, and 5% by IREDA.

The total project cost is estimated at INR 9145 crore, with a debt requirement of INR 6402
crore based on a debt-to-equity ratio of 70:30.

CEA approved the Detailed Project Report for development of Upper Karnali HEP (900 MW)
vide office memorandum dated 12.09.2025. The final drafted Amended and Restated JV
Agreement (ARJVA) submitted to Nepal Electricity Authority (NEA). The project is a strategic
step in expanding SJVN’s international hydropower portfolio.

2.    Hydro power projects in Arunachal Pradesh:

i)    Attunli HEP (680MW):

Project allotted by GoAP on 21.07.2023 and MoA signed with GoAP on 12.08.2023. Transfer
of concurrence and extension of validity of DPR upto 31.12.2025 accorded by CEA on

09.11.2023. Further, re-validated by CEA upto 30.06.2027 on 09.02.2026.

Case for diversion of 261.53 ha forest land was submitted on 15.02.2024 and forwarded to
MoEF&CC, New Delhi on 11.01.2025. Stage-1 Forest

Clearance accorded by MoEF&CC on 09.06.2026. Further, FRA certificate/ consent from
Gram Sabha is being obtained.

For Environment Clearance, Fresh TOR accorded by MoEF&CC on 05.03.2024. EIA/ EMP
report submitted to State Pollution Control Board on 29.12.2025. Public hearing held on

01.04.2026    and minutes received on 04.05.2026.

EIA/ EMP report updated and application for EC has been submitted on Parivesh Portal on

17.06.2026.

For Private land acquisition, SIA report approved by GoAP on 05.09.2024 and notification
under Section-11 of LARR Act issued by GoAP on 08.10.2024. Final declaration under
Section-19 issued on 10.06.2026 and notice U/S- 21 issued on 11.06.2026. Draft award for
compensation and R&R Plan is under preparation by District Administration.

3.    SJVN Renewable Project:

i) GUVNL Phase XXII- SJVN Solar Power Project (50 MW)

SJVN has secured a 200 MW solar power project under GUVNL Phase-XXII to be developed
in Gujarat. PPA at 2.63/kWh was signed with GUVNL on 09.04.2024 by SGEL and financial
closure has also been achieved as per PPA.

EPC awards have been placed for 150 MW. The remaining 50 MW capacity under Phase-XXII
is under tendering stage and yet to be awarded.

C) PROJECTS UNDER LONG-TERM PIPELINE:

Projects with an aggregate capacity of 5,693 MW, spread across India and Nepal are under
the Company's long-term development pipeline.

7.    PROGRESS OF PROJECTS (RENEWABLE ENERGY)

The Renewable Energy Projects of SJVN are being developed through its wholly owned
subsidiary SJVN Green Energy Limited (SGEL).

A. PROJECTS UNDER OPERATION (1460 MW)1.    Parasan Solar Power Project (75 MW)

The Parasan Solar Power Station, with a capacity of 75 MW, is located in a solar park and
was awarded through Tariff-Based Competitive Bidding conducted by the Uttar Pradesh
New & Renewable Energy Development Agency (UPNEDA) on 17.05.2021. The Power
Purchase Agreement (PpA) was signed with UpPcL on 16.06.2021 at a tariff of '2.68 per
unit. Developed by M/s Solar World under EPC mode, the project was commissioned
in September 2022 and achieved its Commercial Operation Date (COD) on 22.11.2022.
The plant generated 136.619 MU in FY 2025-26. Consolidated generation from COD till

31.03.2026    is 492.107 MU.

2.    Gurhah Solar Power Project (75 MW)

The Gurhah Solar Power Station, with an installed capacity of 75 MW, was awarded through
Tariff-Based Competitive Bidding conducted by the Uttar Pradesh New & Renewable Energy
Development Agency (UPNEDA) on 05.01.2022. The Power Purchase Agreement (PPA) was
signed with UPPCL on 03.02.2022 at a tariff of '2.98 per unit. Situated in a solar park, the
project was developed by M/s Solar World under EPC mode. The project was commissioned
and became operational on 29.12.2023 & has generated 146.521 MU in 2025-26.
Consolidated generation from COD till 31.03.2026 is 332.585 MU.

3.    Gujrai Solar Power Project (50 MW)

The Gujrai Solar Power Station, with a capacity of 50 MW, was awarded through Tariff-Based
Competitive Bidding conducted by the Uttar Pradesh New & Renewable Energy Development
Agency (UPNEDA) on 05.01.2022. The Power Purchase Agreement (PPA) was signed with
UPPCL on 03.02.2022 at a tariff of '2.98 per unit. The project, developed by M/s Solar World
under EPC mode. The project has Commissioned and operational since 22.02.2024 &
generated 92.413 MU in FY 2025-26. Consolidated generation from COD till 31.03.2026 is
198.423 MU.

4.    Raghanesda Solar Power Project (100 MW)

The Raghanesda Solar Power Station, with a capacity of 100 MW, was secured through Tariff-
Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) on
11.10.2021, with the Power Purchase Agreement (PPA) signed at a tariff of '2.64 per unit with
GUVNL on 13.01.2022. The project, developed by M/s TPREL under EPC mode. It was
commissioned on 29.02.2024, and its Commercial Operation Date (COD) achieved on

02.04.2024. The project has generated 239.632 MU in FY 2025-2026. Consolidated
generation from COD till 31.03.2026 is 438.135 MU.

5.    Omkareshwar Floating Solar Power Project (90 MW)

SJVN secured the 90 MW Floating Solar Power Project at Indira Sagar Dam, Omkareshwar,
Madhya Pradesh, through Open Competitive Bidding conducted by Rewa Ultra Mega Solar
Ltd. (RUMSL) with LOA dated 30.06.2022. The Power Purchase Agreement (PPA) was signed
with MPPMCL on 04.08.2022 at a tariff of '3.26 per unit. Developed within a solar park, the
project was awarded to M/s Larsen & Toubro Limited on 29.11.2022. It achieved Commercial
Operation Date (COD) in two phases—45 MW on 07.10.2024 and the remaining capacity on
30.10.2024 and generated 174.578 MU in FY 2025-2026. Consolidated generation from COD
till 31.03.2026 is 255.934 MU.

6.    1000 MW Bikaner Solar Power Project under CPSU Scheme (Tranche III)

The 1000 MW Bikaner Solar Power Project, awarded to SJVN under the CPSU Scheme
(Tranche III) in September 2021, has developed in Bikaner, Rajasthan, at a tariff of '2.57/unit
with a Viability Gap Funding (VGF) support of '44.72 lakh/MW. The Letter of Award (LoA) was
issued on 04.10.2021, and Power Usage Agreements (PUAs) have been signed with
Uttarakhand Power Corporation Limited (UPCL) for 200 MW, Jammu & Kashmir Power
Corporation Limited (JKPCL) for 300 MW, and Rajasthan Urja Vikas and IT Services Limited
(RUVITL) for 500 MW. M/s Tata Power Solar Systems Limited has been engaged as the EPC
contractor. Project commissioned in phase manner with first COD on 02.04.2025 of capacity
241.77MW and project got full commissioned on 24.12.2025 and generated cumulative
energy of 1085.512 MU in FY 2025-26.

7.    APDCL SPP (70 MW) - Dhubri, Assam

SJVN bagged a 70 MW Solar Power Project through Tariff-Based Competitive Bidding
conducted by Assam Power Distribution Company Limited (APDCL) on 28.08.2023, with the
Power Purchase Agreement (PPA) signed on 07.02.2024 at a tariff of '3.92 per unit. The
Engineering, Procurement, and Construction (EPC) contract was awarded to M/s Rays Power
Infra Private Limited on 20.02.2024. It was commissioned on 31.01.2026, and its Commercial
Operation Date (COD) achieved on 05.02.2026. The project has generated 16.016 MU in FY
2025-26.

B. UNDER-CONSTRUCTION & PRE-CONSTRCUTION PROJECT

8. BUSINESS DEVELOPMENT PLAN AND FUTURE BUSINESS STRATEGY

I.    Introduction and Strategic Vision

SJVN, a leading Central Public Sector Undertaking (CPSU) under the Ministry of Power,
Government of India, is committed to becoming a key contributor to India’s sustainable energy
transition. With a strong foundation in hydroelectric generation and an ambitious growth
roadmap in solar, wind, and green hydrogen, SJVN’s strategic vision is to emerge as a
50,000+ MW company by 2040. This Business Development Plan for 2025-2030 outlines the
initiatives required to build a diversified, digitally enabled, and environmentally responsible
energy enterprise aligned with national goals.

II.    Industry Landscape and Strategic Fit

India’s power sector is at an inflection point. The country has pledged to install 500 GW of non¬
fossil capacity by 2030 and attain net zero by 2070. Hydropower is being repositioned as a key
enabler of grid stability and renewable integration. SJVN’s core strength in large and run-of-
the-river hydro projects, particularly in Himachal Pradesh, Uttarakhand, and Arunachal
Pradesh, places it in a strategic position to contribute to this transition. Further, government
support for pumped storage, green open access, and RE integration offers new business
avenues.

III.    Organizational Mission and Goals

SJVN’s mission is to generate reliable and affordable power through environmentally
sustainable and economically viable projects. The company aims to scale its installed
capacity of 25,000 MW by 2030, 50,000+ Mw company by 2040 with a strong mix of hydro,
solar, wind, and storage. The development plan envisions a balanced portfolio that
supports base load (hydro), peak load (pumped storage), and variable demand (solar/wind
+ storage).

IV.    Growth Strategy and Core Focus Areas

•    Hydro Power Expansion

Hydropower remains the backbone of SJVN’s portfolio. The plan includes fast-tracking the
execution of major under-construction projects such as the 210 MW Luhri Stage-I, 66 MW
Dhaulasidh, and 382 MW Sunni Dam, MoU signed for development of 680 MW Attunli HEP in
State of Arunachal Pradesh which are under different stages of clearances. among others.
Strategic tie-ups with state governments will unlock stalled projects, while international
ventures in Nepal and Bhutan will be explored to leverage SJVN’s hydro expertise. In addition,
the company will diversify into pumped hydro storage, critical for balancing intermittent
renewables.

Further, SJVN signed MoU for the development of 1800 MW Kotpali Pump Storage Project
(PSP) in State of Chhattisgarh. SJVN is in process for taking over Hydro projects on Arun River
and other valley. Draft JVA i.r.o. 900 MW GMR Upper Karnali HEP in Nepal is under finalization
with Nepal Electricity Authority, Govt of Nepal.

•    Solar and Wind Capacity Addition

SJVN aims to add 10-12 GW of solar and wind capacity by 2030. It will develop ultra-mega
solar parks (UMREPPs), participate in SECI and state RE auctions, and set up hybrid and
floating solar projects. Focus will be on high-sunlight zones such as Rajasthan, Gujarat, and
Maharashtra. Wind projects, including wind-solar hybrids, will be established in Tamil Nadu,
Karnataka, and Andhra Pradesh. Captive solar for internal consumption and third-party sale
under green OA will also be pursued.

•    Green Hydrogen Pilots

In alignment with the National Green Hydrogen Mission, SJVN will establish pilot-scale
hydrogen production using dedicated solar power, especially in arid regions. A 10-20 TPD
green hydrogen facility set up as a demonstration project, with future scaling based on
commercial viability. Ministry of Power (GOI) has nominated SJVN as nodal agency for
development of green hydrogen project in Nepal. SJVN is in process with Government of
Nepal for the development of green hydrogen projects.

•    Cross-Border and Global Expansion

SJVN will capitalize on India’s cross-border energy diplomacy by developing hydro projects in
Nepal (Arun-3: 900 MW) and evaluating opportunities in Bhutan. The plan includes exporting
surplus power and setting up O&M joint ventures or consultancy services in neighboring
countries. Support from Indian EXIM Bank and bilateral funding will be leveraged to minimize
project risk.

V.    Strategic Partnerships and Technology Integration

SJVN will form strategic alliances with:

•    Technology providers for hydrogen, battery storage, and smart grids.

•    EPC partners and OEMs for faster execution of RE projects.

•    Research institutions like IIT Roorkee and CPRI for hydro safety and innovation.

•    Private sector players and startups through PPP models and innovation funds.

These collaborations will enable faster adaptation to new technologies and foster co¬
creation of high-impact energy solutions.

VI.    Digitalization and Operational Excellence

To enhance plant efficiency and reduce downtime, SJVN will deploy advanced SCADA
systems, digital twins for large hydro stations, and predictive maintenance tools using IoT and
AI. Project management will be digitized using BIM (Building Information Modeling) and ERP-
based dashboards. All new solar and wind plants will be fully automated, with centralized
performance monitoring through a Renewable Energy Command Centre.

VII.    ESG and Sustainability Commitments

As a responsible PSU, SJVN will integrate ESG at the core of its operations:

•    Environment: Adopt zero-water discharge in RE plants, biodiversity restoration near
hydro sites, and carbon offset programs.

•    Social: Focus CSR on health, education, and skill development for host communities.
Local hiring and livelihood support will be emphasized.

•    Governance: Strengthen procurement transparency, grievance redressal, and BRSR-
aligned ESG reporting.By 2030, SJVN will aim to reduce carbon intensity by at least
25% and strive toward partial carbon neutrality for new plants.

VIII.    Financial Planning and Investment Strategy

SJVN’s estimated capital investment requirement is approximately 75,000 crore over the
2025-2030 period. The funding mix will include:

•    Equity through IPO/FPO of subsidiaries (e.g., SJVN Green Energy Ltd.).

•    Long-term debt from PFC/REC/IREDA at concessional green finance rates.

•    Green bonds and sovereign climate funds.

•    Asset monetization via InvITs (especially for solar).

The target is to maintain a healthy debt-equity ratio of 70:30, while ensuring timely returns
from commissioned assets to fund future growth organically.

IX.    Organizational Resilience and Talent Development

The energy transition requires new skills, processes, and leadership competencies.
SJVN will:

•    Upskill employees in RE, digital operations, and project management.

•    Restructure business verticals for faster RE execution.

•    Create an internal innovation hub for pilot projects and idea incubation.

•    Foster a performance-driven culture with KPIs linked to business targets.

X.    Monitoring, Risk Management, and Governance

Project execution will be monitored via an integrated control room linked to the CMD’s
dashboard. Third-party audits, regular reviews, and satellite-based monitoring will be
implemented for hydro and RE project sites. Risk management plans will cover financial,
environmental, and stakeholder-related issues, with special attention to land acquisition, cost
escalation, and force majeure.

XI.    Conclusion

SJVN stands at a strategic crossroads, equipped with a legacy of reliable hydropower
generation and a clear mandate for green energy leadership. This Business Development
Plan provides a bold but realistic roadmap to scale, diversify, and modernize its operations.
With supportive policies, committed leadership, and an agile approach to innovation, SJVN

can emerge as a national and regional champion in the clean energy sector, delivering both
shareholder value and sustainable development outcomes for the country.

8.2 Future Business Strategy

Introduction

SJVN Limited, a Navratna Central Public Sector Undertaking under the Ministry of Power, has
evolved from a hydropower-centric utility into a diversified energy company. With India’s
ambitious targets of 500 GW non-fossil fuel capacity and net-zero emissions by 2070, SJVN’s
role is transitioning from being a power producer to becoming a renewable infrastructure
integrator, regional developer, and clean energy exporter. Its future business opportunities lie
not only in generation but across the entire value chain—from production to transmission,
trading, and energy storage—with a deepening focus on technological innovation, geopolitical
strategy, and cross-sector collaboration.

1. Hydropower: Strategic Expansion & Geopolitical Leverage

a)    Traditional and Pumped Storage Hydro

SJVN’s legacy in hydropower is its strongest foundation. India’s economically exploitable
hydro potential remains largely untapped—especially in Himalayan states and northeast
India. Key opportunities:

•    New Hydro Projects: Develop remaining potential in Himachal Pradesh, Uttarakhand,
Sikkim, Arunachal Pradesh, and Ladakh, targeting both run-of-the-river and reservoir-
based systems.

•    Pumped Storage Hydro (PSH): With the grid requiring balancing services to
accommodate renewable variability, PSH is becoming essential. SJVN can capitalize
on hilly terrain to build daily and seasonal storage plants and offer ancillary and
balancing services.

b)    Projects in Chenab Basin (Lahaul & Spiti, Chamba)

The current developments around Indus Waters Treaty are deeply troubling. Following
the heinous attack on tourists in Pehelgam, India has announced that Indus Waters
Treaty, the only water sharing mechanism between India and Pakistan put in place in
1960, has been put in abeyance. SJVN has been allotted multiple strategic hydro
projects in the Chenab Basin, aimed at asserting India’s rights under the Indus Waters
Treaty (IWT). These include:

these projects are vital for India’s geopolitical and hydrological assertion over its share of the
western rivers and contribute to long-term energy sovereignty and regional stability.

c) Cross-Border Hydro Development

Nepal: Beyond Arun-3 (900 MW) SJVN is developing Lower Arun and Arun-4, potentially
totaling 1,800-2,000 MW. SJVN is in process for taking over Hydro projects on Arun River and
other valley.

•    These projects support regional energy trade with Nepal and Bangladesh. Further,
SJVN signed MoU with GMR, IREDA for the development of Upper Karnali (900 MW).
The JVA is under finalization with Nepal Electricity Authority, Govt of Nepal.

•    Bhutan: Engagements are underway to partner in upcoming hydro projects under India-
Bhutan cooperation.

Strategic Opportunity: Strengthen India’s position in water diplomacy and clean energy
trade, while expanding SJVN’s role as a transnational utility.

2. Solar Energy: Scalable, Modular, and Diversified Deployment

SJVN targets 10,000 MW of solar energy by 2030 across central schemes, state allocations,
and market-based bids.Key Business Areas:

a) Utility-Scale Solar Parks

•    Develop large-scale solar parks in Rajasthan, Gujarat, Maharashtra, MP, and Odisha,
where high solar irradiance and land availability offer lower LCOE (Levelized Cost of
Electricity).

•    SJVN can act as both developer and EPC aggregator, earning margin from capacity
development and trading.

b)    Floating Solar

•    Install solar PV systems on existing hydro reservoirs and lakes, optimizing water use
and reducing land footprint.

•    Locations: Gobind Sagar (HP), Digha Dam (Bihar), Barapani (Meghalaya) etc.

•    Potential capacity: ~300—500 MW.

c)    Rooftop and Distributed Solar

•    Expand under schemes like PM Surya Ghar, CPSU Phase-II, and PM-KUSUM for
solarizing agriculture and urban buildings.

•    Collaborate with states to install rooftop solar on government buildings, schools, and
health centers.

d)    Solar-Wind Hybrid + RTC Power

•    Bundle solar with wind and storage to create Round-the-Clock renewable power plants.

•    Market demand from large DISCOMs, Railways, and corporates seeking 24x7
green energy.

Revenue Model: Secure long-term PPAs (25 years), leverage VGF/subsidy schemes, and
reduce capital cost through economies of scale.

3.    Wind Energy: Onshore and Offshore Markets

Wind complements solar by supplying power at different hours. SJVN aims to build 1,500+
MW of wind projects by 2030.Business Opportunities:

a.    Onshore Wind

•    Target windy regions in Karnataka, Tamil Nadu, Gujarat, and Maharashtra through:

•    Open access projects for commercial clients.

•    Participation in SECI wind tenders.

•    Development of in-house EPC or JV platforms with turbine manufacturers.

b.    Offshore Wind

•    Collaborate with MNRE for pilot projects off Gujarat coast.

•    India plans to tender 4 GW of offshore wind by 2026, backed by international financing.
Opportunity: Add dispatch diversity to RE portfolio, qualify for hybrid power schemes,
and create a resilient asset base across geography and weather patterns.

4.    Energy Storage: BESS and Grid Flexibility

As grid flexibility becomes critical, Battery Energy Storage Systems (BESS) offer SJVN new
business lines:

Use Cases:

•    Co-located storage at solar/wind sites to shift excess generation.

•    Standalone grid-scale storage to participate in future capacity markets.

•    Urban/industrial behind-the-meter storage for peak shaving and backup.

Market Support:

•    India’s storage tender pipeline: ~13 GWh by 2030.

•    SJVN can use storage to offer firm renewable power, enhancing tariff realization in RTC
bids.

Revenue Model: Capacity payments, arbitrage trading, ancillary services.

5.    Green Hydrogen.

India targets 5 MMT of green hydrogen production by 2030. SJVN can pioneer green
hydrogen in high-potential areas. Ministry of Power (GOI) has nominated SJVN as nodal
agency for development of green hydrogen project in Nepal. SJVN is in process with
Government of Nepal for the development of green hydrogen projects.

Opportunity Areas:

•    Use excess solar/hydro power for electrolyzer-based hydrogen production.

•    Set up ammonia synthesis units near ports (e.g., Kandla, Pipavav) for export.

•    Supply green hydrogen for refineries, fertilizers, and heavy transport.

Project Models:

•    Develop plants in HP or Rajasthan.

•    Partner with NTPC, GAIL, or private players for scale-up.

•    Participate in MNRE’s PLI scheme for green hydrogen.

Strategic Value: Future-proof diversification and alignment with global green energy export
markets.

6.    Transmission and Grid Infrastructure

Transmission is a bottleneck for renewable expansion. SJVN can expand into:

•    Developing transmission lines under tariff-based competitive bidding (TBCB).

•    Building dedicated green energy corridors for its RE assets.

•    Collaborating with PGCIL and state transcos via joint ventures.

Opportunity: Become a fully integrated power utility handling generation, transmission, and
trading.

7.    Power Trading and Energy Market Integration

With a Category-I license, SJVN can act as a RE aggregator and trader.

Business Scope:

•    Sell surplus or merchant power via IEX and PXIL.

•    Provide balancing and forecasting services to third-party generators.

•    Export clean energy to Bangladesh, Nepal, Bhutan under SAARC electricity trade.
Growth Frontier: Regional power pool operator for South Asia.

Conclusion

SJVN is poised to transform from a regional hydro utility into a national and cross-border clean
energy conglomerate. Its future business lies in:

•    Clean energy generation (hydro, solar, wind)

•    Firm dispatchable power (RTC, BESS, PSP)

•    Green fuels (hydrogen, ammonia)

•    Energy infrastructure (transmission, trading)

•    Regional leadership (Indus Basin, SAARC region)

By aligning with India’s climate goals, strategic imperatives, and global clean energy shift,
SJVN has the potential to play a defining role in shaping South Asia’s low-carbon future.

9.    SJVN IN POWER TRADING BUSINESS

Besides power generation, SJVN has diversified into power trading business also. SJVN has
been granted Category I Trading License for Inter-State Trading in Electricity in whole of India
by Central Electricity Regulatory Commission vide Office Order dated 10th January 2022.

Further, we also have Memberships at all 3 Power Trading Exchanges of India i.e IEX, PXIL
and HPX. SJVN has also set up trading desk with an aim to provide short term, medium term
and long-term solution to the electricity customers. SJVN is actively engaged in discussions
with the Nepal Electricity Authority (NEA) to explore and facilitate cross-border power trading
opportunities.

Power trading department has signed a PPA with STPL, which is SJVN'S wholly owned
subsidiary, for the sale of 15% of unallocated power to Power Exchanges/bilateral. A Letter of
Award (LoA) has also been received from NTPC Vidyut Vyapar Nigam Limited (NVVN) for the
procurement of up to 200 MW of power through SJVN Power Trading Department.

From the commencement of Power Trading Business up to 31st Mar 2026, SJVN has traded a
cumulative volume of 230 MU.

10.    SJVN AS RENEWABLE ENERGY IMPLEMENTING AGENCY (REIA)

In line with the Government of India's ambitious target to achieve 50% of the country's
electricity demands from renewable energy sources by 2030 and reach net zero emissions by
2070, SJVN Limited has been designated as Renewable Energy Implementing Agency
(REIA) by the Ministry of New and Renewable Energy (MNRE) on 24 April, 2023.

As REIA, SJVN has been entrusted with the responsibility to select Renewable Energy Power
Developers (RPDs) through Tendering Process, for setting up and supply of various forms of
renewable energy, including solar power, wind power, wind-solar hybrid power, and firm and
dispatchable RE power etc.

The selection process is conducted through a tariff-based competitive bidding procedure
complying with the tariff based competitive bidding (TBCB) guidelines issued by the MoP, GoI.

During the Financial Year 2025-26 in line with the directions of the Ministry of Power, MNRE
and consent received from various DISCOMs SJVN floated tenders for the selection of
developers for implementation of RE Projects for a cumulative capacity of 3.45 GW.Further,
Letters of Award (LoAs) have been issued to successful developers for a cumulative capacity
of 4.373 GW during the FY 2025-26.

Till date, SJVN has floated tenders for a total capacity of 22.425 GW, out of which LoAs have
been issued for a total capacity of 16.023 GW. Further, a cumulative capacity of 2.6 GW is
currently under the tendering process and is expected to be concluded by July 2026.

SJVN has executed Power Sale Agreements (PSAs) with DISCOMs/States for an awarded
capacity of 5.915 GW across FDRE, solar, wind power, and Battery Energy Storage Systems
(BESS) to date, out of which 2.177 GW of PSAs were signed during the Financial Year
2025-26. PSAs for the remaining awarded capacity of 10.108 GW are expected to be signed
shortly.

11.    SJVN AS NODAL AGENCY FOR ROOF TOP SOLAR (RTS) SCHEME

SJVN Limited is playing a strategic role as the Scheme Implementation Partner under PM
Surya Ghar: Muft Bijli Yojana for deployment of rooftop solar projects across Government
buildings of allocated union Ministries, residential sectors as well as State Government
buildings in the states of Himachal Pradesh, Punjab, and Arunachal Pradesh.

During FY 2025-26, the Company achieved substantial progress in scaling up rooftop solar
(RTS) capacity through a structured approach encompassing assessment, tendering,
contracting, and project execution.

SJVN successfully completed baseline assessments and tendering for 29.2 MW capacity
across Union Government buildings on a PAN-India basis under the Renewable Energy
Service Company (RESCO) model through tariff-based competitive bidding and 1 MW in state
of Arunachal Pradesh under CAPEX model.

The Company operationalized project execution through the signing of 17 Power Purchase
Agreements aggregating 2.49 MW, with projects currently under implementation in Madhya
Pradesh, Uttar Pradesh, Chhattisgarh, and Gujarat. The Rooftop project at State Government
Secretariat building of Govt. ofArunachal Pradesh is also under implementation.

Further strengthening its project pipeline, SJVN issued Letters of Award for 15.99 MW across
a wide geographical footprint including Delhi, Maharashtra, West Bengal, Karnataka,
Himachal Pradesh, Uttarakhand, Assam, and Odisha, in addition to ongoing states. Another
5.26 MW capacity is under advanced stages of techno-commercial evaluation, indicating a
strong near-term execution pipeline.

Through these initiatives, SJVN is significantly contributing to the Government of India’s vision
of promoting clean and affordable energy, reducing carbon footprint of public buildings, and
accelerating progress towards national renewable energy targets.

12.    SUBSIDIARIES AND JOINT VENTURE COMPANIES
A) SUBSIDIARY COMPANIES:

Company has five subsidiaries of which four are wholly owned subsidiary companies as on

31.03.2026. The details of the subsidiaries are as under:

1.    SJVN Thermal Pvt. Ltd.

SJVN Thermal Pvt. Ltd (STPL) (earlier, Buxar Bijlee Company Private Limited) has been
acquired as 100% subsidiary company of SJVN Ltd on 04.07.2013. The Company has taken
up the development of 1320 MW Coal-based Thermal Power Project located near village
Chausa in District Buxar of Bihar.

2.    SJVN Arun-3 Power Development Company Pvt. Ltd.

SJVN Arun-3 Power Development Company Pvt. Ltd. (SAPDC) was incorporated in Nepal as
a wholly owned subsidiary company of SJVN Ltd on 25.04.2013. The company has been
formed to execute the 900 MW Arun-3 Hydro Electric Project in Nepal. This project is situated
on river Arun in Sankhuwasabha District of Nepal.

3.    SJVN Green Energy Limited (SGEL)

SJVN Green Energy Limited (SGEL) has been incorporated as a wholly owned subsidiary
company of SJVN Ltd on 30.03.2022 with its registered office at Shimla, Himachal Pradesh.
SGEL shall work in the verticals of power generation from renewable sources such as Solar,
Wind & Hybrid Projects, Battery Energy Storage system, Biomass, small Hydro and Green
Hydrogen based business ventures.

4.    SJVN Lower Arun Power Development Company Private Limited (SLAPDC)

SJVN Lower Arun Power Development Company Private Limited (SLAPDC) was
incorporated in Nepal as a wholly owned subsidiary company of SJVN Ltd. on 26.05.2023.

The company has been formed to execute the 669 MW Lower Arun Hydro Electric Project in
Nepal.

5. SGEL Assam Renewable Energy Limited

SJVN Green Energy Limited has incorporated a Joint Venture Company with Assam Power
Distribution Company Limited named “SGEL Assam Renewable Energy Limited” on

18.04.2024. SJVN Green Energy Limited holds 51% equity in SGEL Assam Renewable
Energy Limited.

B) JOINT VENTURES:1.    Cross Border Power Transmission Company Limited

Cross Border Power Transmission Company Limited (CPTC) is a joint venture of SJVN Ltd.
with Power Grid Corporation of India Ltd. (PGCIL) and Nepal Electricity Authority (NEA) for
implementation of Indian portion of the transmission line from Nepal. Equity contributions by
SJVN, PGCIL & NEA are 41.94%, 41.94%, & 16.13% respectively in the Joint Venture
Company.

13. ENVIRONMENT

SJVN is fully committed to conserving and protecting the environment. SJVN endeavors to
align its initiatives with India’s national vision of achieving net-zero carbon emissions by 2070.
We actively integrate sustainable practices across all projects and operations. Through
stakeholder engagement and capacity building, we foster a culture of environmental
stewardship at every level. SJVN has a well laid Environment Policy approved by Board of
Directors and is reviewed and updated periodically. The policy encourages continuous
improvement in our systems, the adoption of innovative measures to prevent pollution, and
the promotion of environmental awareness.

SJVN strictly adheres to all policies and guidelines of the Ministry of Environment, Forest and
Climate Change (MoEF&CC) concerning identification and mitigation of environmental
impacts of projects, which are a part of the Comprehensive Environmental Impact
Assessment (CEIA) Study of projects, carried out through reputed organizations/NABET
accredited-consultants. All environmental aspects are suitably addressed in the CEIA study.
Accordingly, Management Plans are prepared and suitable measures are adopted to negate
any adverse impact on the environment and ecology during construction and operation
stages of project cycle.

SJVN has also been in consonance with "Mission Life” launched by MoEF&CC and is striving
to achieve its aims. SJVN commits to saving energy and water, reducing waste, e-waste,
plastic waste and avoiding single-use plastics, and encouraging employees for adopting
healthy lifestyles. Along with this, SJVN has been actively contributing towards the “Ek pedh
maa ke naam campaign” launched by hon’ble Prime Minister, under which around 3000 trees
were planted by SJVN up to March 2026 effectively contributing towards the green cover of
the country.

SJVN has three hydro power stations under operation, viz. 1500 MW Nathpa Jhakri HPS
(NJHPS) and 412 MW Rampur HPS (RHPS) in Himachal Pradesh and 60 MW Naitwar Mori
HPS in Uttrakhand, wherein environmental management measures such as Catchment Area
Treatment (CAT), Compensatory Afforestation (CA), Muck Management, Restoration of Muck
Disposal sites and Quarry Sites, Green Belt Development, Fisheries Management, Reservoir
Rim Treatment, etc. were successfully undertaken. Regular environmental monitoring is done
at SJVN projects and six-monthly compliance reports of Environment Clearance conditions
are sent to MoEF&CC and other concerned authorities.

Naitwar Mori Hydroelectric Project, on Tons river in Uttarkashi District of Uttarakhand was
commissioned in December 2023. A sum of Rs.45.64 crores has been spent against a
financial provision of Rs. 32.48 crore on implementation of environmental management
measures, which was appreciated by the Government officials during Multidisciplinary
Committee (MDC) meeting. Some of the initiatives are below:

i.    For implementation of CAT plan, Rs.12.96 crore have been deposited

ii.    An amount of Rs.1.84 crore was deposited in CAMPA for CA over 80.00 ha of civil
soyam and forest land.

iii.    43 lakhs has been deposited for Biodiversity Conservation and Management Plan
prepared by State Forest Department.

iv.    Under Fisheries Management Plan (FMP), the fish pass for migratory fish species is
under operation. Central Inland Fisheries Research Institute, Barrakpore, West Bengal
had vetted the design parameters for effective and sustainable fish pass.

v.    To avoid landslides and soil erosion, Reservoir Rim Treatment Plan is being
implemented.

vi.    Rain water harvesting system along with a 60 KLD STP has been setup at project
colony.

vii.    Bio composter & Plastic waste bailing machine have been procured for treatment of
solid waste of project affected villages and project colony.

viii.    AAC bricks having fly ash content about 68% were used in the construction of township
and office buildings, resulting in recycling of Waste product.

ix.    For energy conservation, energy efficient BEE 5 Star rating electrical appliances have
been procured.

At NJHPS, all clearance conditions applicable to the project complied in a timely and
satisfactory manner. The project has implemented key environment conservation measures
including Catchment Area Treatment, compensatory afforestation, green belt development,
muck/quarry site restoration, biodiversity management, soil stabilization, etc. The project
promotes awareness initiatives through employee and public participation, along with
activities under Swachh Bharat Mission and Mission LiFE. In addition, the project has planted
500 saplings under the “Ek Ped Maa Ke Naam” campaign.

At RHPS, the initiatives taken for environmental considerations are as under:

i.    A 1000 KG/day capacity automatic organic waste converter has been installed,
supplementing the existing 25 KG/day capacity converter. Compost pits are also being
used for making organic compost.

ii.    The Direct On-Line (DOL) starters for pump-motor sets were replaced with VFD cum
motor control panels in three units. This transition cuts annual energy consumption of
the pump-motor sets by 25%, enhancing unit and plant efficiency.

iii.    30kWp Mono-Crystalline based PV Power Plant on Rooftop of Project Hospital
Building, Bayal has been installed. This will reduce carbon emissions in the range of 24¬
45 ton per year.

SJVN has three hydroelectric projects, which are under construction- 210 MW Luhri Stage-I
HEP & 382 MW Sunni Dam HEP on River Satluj and 66 MW Dhaulasidh HEP on river Beas in
Himachal Pradesh.

At Luhri Stage-I HEP, the implementation status of Environment Management Plan (EMP)
was examined by a multidisciplinary committee. EMP amounting to Rs.148.60 crore along
with a Corporate Environment Responsibility (CER) plan amounting to Rs.8.6 crore are being
implemented at the project, the current status of which was apprised to the committee. Some
measures taken at the project site are as follows:

i.    Construction of stage at Government Senior Secondary School, Nither-GP- Dehra, by
funding an amount of Rs. 12.49 lakh under CER.

ii.    An amount of Rs 7.16 lakhs has been spent on ambulance, first aid boxes,
medicines, etc.

iii.    Environment Lab has also been set up at project site for which Rs. 0.76 lakhs were
spent on chemicals, equipment, etc.

Sunni Dam HEP is in early stages of construction. An amount of Rs. 305.46 crore has been
kept for implementation of various measures proposed in Environment Management Plan.

To conserve rare, endangered and threatened faunal species and to preserve wildlife
in/around the project areas, the project has deposited Rs.105 Lakhs with the state forest
department to implement the Wildlife management and conservation plan.

At Dhaulasidh HEP, EMP amounting to Rs. 34.14 crore is being implemented. Some
measures are as follows:

i.    For Fisheries Management Plan (FMP), an amount of Rs.70 Lakh was deposited to HP
Fisheries Department of which Rs. 19.15 lakh has been utilized till date.

ii.    Early Warning system for floods has been installed.

iii.    2 STPs in the project site and 1 STP near office building have been installed.

iv.    Roof Top solar panel system (50 KW) has been established.

v.    Financial assistance provided to local administration (BDO, SDM, Panchayat) of
Kangra, Hamirpur and Chamba, for procurement of 460 solar llights.

SJVN Corporate Headquarters (CHQ) is designed and constructed with green building
concept equipped with STP of 90 KLD per day capacity for waste water recycling, rain water
harvesting system with capacity of 50 KL, natural lighting with provision of sky light glasses,
centralized HVAC system, intelligent/automatic sensor-controlled illumination system for

conservation of electricity, etc. Owing to these efforts, CHQ Building has obtained four-star
GRIHA rating. Various aspects are as follows:

i.    140 kWP On-Grid Solar Power Plant has been installed.

ii.    Water Solar Heating System of 5000 Ltr. Capacity has been installed.

iii.    A recycling plant is installed to convert kitchen waste into compost.

iv.    AAC blocks are being used in construction of Auditorium Block and Guest House.

v.    Bio-Diversity Park has been developed near CHQ in association with Municipal
Corporation, Shimla.

SJVN has various Hydroelectric and Pumped Storage projects under Survey and
Investigation, of which Attunli HEP (680 MW) in Arunachal Pradesh is at an advanced stage of
environment and forest clearance.

SJVN celebrated World Environment Day on 5th June 2025 and organized "Swachhta
Pakhwara" in October 2025 to create awareness amongst employees and locals. Pledge for
environment protection/conservation and talks on environmental aspects were delivered. In
addition, Quiz, Drawing, Origami, awareness programs, etc. were also organized and
environmental awareness films were screened. To discourage the single-use plastic, steel
bottles were distributed amongst employees and labour at various projects and corporate
headquarters. Large scale plantation programs were also undertaken to raise awareness
about environmental issues and inculcating a sense of responsibility and stewardship towards
our planet.

14.    CSRAND SUSTAINABILITY

An annual report of Corporate Social Responsibility, highlighting the Company’s CSR Policy,
details of expenditure on CSR and overview of projects/ programs/ activities undertaken by
the Company during FY 2025-26 and Summary of Impact Assessment in format prescribed
under Companies (CSR Policy) Rules 2014 is annexed as Annexure-V and forms an integral
part of this Directors’ Report.

15.    REHABILITATION AND RESETTLEMENT

SJVN, being conscious of its responsibilities towards society, is committed to executing and
operating power projects in a socially responsible manner by adopting generous
Rehabilitation & Resettlement (R&R) measures for the benefit of Project Affected Families
(PAFs) by investing in the socio-economic development of communities to continually
minimize potential negative impacts as well as to establish the sustainable positive impact of
projects on them.

Well before any project is taken up for execution, a Social Impact Assessment (SIA) study is
carried out to ensure that the potential socio-economic benefits accrued from the project
outweigh the likely social costs and adverse social impact. Public consultation meetings with
the stakeholders are held by the project authorities to make local communities aware of
developmental facilities to be created in the fields of health, education, sanitation, drinking
water, approach roads and other community assets of the project and their benefits to the
society. Subsequently, the R&R plan is devised based on conclusive findings derived from the
socio-economic survey carried out by an independent expert agency. The R&R plan thus
devised and approved essentially prescribes mitigation measures for the reconstruction and
regeneration of economies of the PAFs. During the implementation stage of the R&R plan,
regular monitoring of R&R activities is conducted through an external independent agency to
ensure the timely extension of R&R benefits to the PAFs. Subsequently on completion and
implementation of the R&R plan, social impact evaluation is carried out by an independent
external agency to assess various tangible and intangible benefits accrued in the area of
socio-economic development. To have constant interaction with local people, a Project
Information Centre is set up at project level.

SJVN has implemented or is implementing R&R Plans in 07 Power Stations/ Projects:

1.    Nathpa Jhakri Hydro Power Station (NJHPS, 1500 MW)

2.    Rampur Hydro Power Station (RHPS, 412 MW)

3.    Naitwar Mori Hydro Power Station (NMHPS, 60 MW)

4.    Luhri Hydro Electric Project Stage-I (LHEP, Stage-1,210 MW)

5.    Sunni Dam Hydro Electric Project (SDHEP, 382 MW)

6.    Dhaulasidh Hydro Electric Project (DSHEP, 66 MW)

7.    Buxar Thermal Power Project (BTPP, 1320 MW)

The details of R&R benefits extended to PAFs in above Power Station/ Power Project are
given as under :

Besides the above 07 power projects, the following projects are under survey and
investigation stage and their R&R status is as under:1.    Attunli Hydroelectric Project, Arunachal Pradesh (Attunli HEP, 680 MW): The SIA

report has been accepted and approved by the Govt. of Arunachal Pradesh.
The preliminary notification under section-11 of RFCTLARR Act, 2013 has been issued.
Land survey completed and assessment of properties on the land under acquisition
has been completed. The calculation of compensation for properties and land is
under process.

2.    Emni Hydroelectric Project (Emni HEP, 500 MW), Amulin Hydroelectric Project
(Amulin HEP, 420 MW) and Mihundon Hydroelectric Project (Mihundon HEP, 400
MW), Arunachal Pradesh: The projects are under survey & investigation stage.

Social Impact Evaluation (SIA): The SIA studies of R&R project implementation are carried
out by the specialized agencies. Also, the SIA reports reveal that R&R implementation in the
project-affected areas has substantially enhanced the socio-economic standards of the local
population across various development parameters, such as the economy, health, and
education. The World Bank Mission has monitored the R&R activities carried out in NJHPS
and RHPS and recognised SJVN’s R&R activities as under:

‘The success of the resettlement activities undertaken in this project are quite rare
for India and can be considered as one of the best examples of resettlement
implementation in bank-assisted projects in India. It should be considered as an
example for other projects.’

16. RESEARCH AND DEVELOPMENT

SJVN has been continuously striving for excellence in its core area of power generation by
showing commitment towards research and development, innovation, technology up-

gradation, and product development.

Specific areas in which R&D/Innovations undertaken during FY 2025-26, including

collaborations with various academic institutions, are detailed below.

a.    IIT Madras: Development of Alternative material for improved Silt and Cavitation erosion
resistance coatings of hydro turbine components.

b.    IIT Delhi:

•    R&D studies on High performance concrete for high sluice spillways of dams and
barrages.

•    Establishment of a research facility to analyse the sediment erosion on the uncoated and
coated guide vanes of hydro turbines.

c.    IIT Roorkee: Development of prototype Hydrokinetic Turbine based on lab scaled model.

d.    IIT Patna: Development of Advanced Geological Predictive Model in Tunnelling Projects
by Integrating Geo-technical data and predictive analytics at SJVNL site (Sunni Dam) in
Himachal Pradesh.

e.    HPU, Shimla: Developing an advanced solar PV research ecosystem for improved
performance and reliability, promoting innovation, and predictive diagnostics using AI
framework.

Apart from above R&D, 17 no. innovative/ technological upgradation measures
were also taken at Project sites & Corporate Headquarter of SJVN to enhance
the operational efficiency of the organization. The total expenditure by SJVN for
R&D/ Innovations initiative works for the FY 2025-26 was INR 29.63 Cr. (including
taxes).

17. HUMAN RESOURCES

(I) Employees and Workers including differently abled:

(ii) Differently abled Employees and Workers:

SJVN adheres to the Government of India’s guidelines on reservation in employment for
Scheduled Caste (SC), Scheduled Tribe (ST), Other Backward Classes (OBC), Persons with
Benchmark Disabilities (PwBD), Ex-servicemen (ESM) and Economically Weaker Sections
(EWS) thereby promoting inclusivity and diversity in workforce.

With a strong commitment towards continuous growth and capacity building, SJVN accords
utmost importance to the enhancement of employee skills and knowledge. During the
Financial Year 2025-26, a total of 194 training programs were conducted, comprising 03
foreign study visits/trainings, 04 online programs, 53 in-house programs, and 134 external
trainings within India.

These programmes were delivered through institutions of national and international repute,
including premier organizations such as LBSNAA Mussoorie, IIMs, IITs, CVC, NPTI,
Administrative Staff College of India, CIGRE, CBIP, DPE, THDC, ESCI, INCOLD, SCOPE,
GSI Training Institute, Rashtriya Raksha University, Dam Safety Society, Rajbhasha
Academy, BIS, Indian Institute of Corporate Affairs, Central Water & Power Research Station,
NPC, and ECI, among others.

The training interventions covered a wide spectrum of domains, including preventive
vigilance, artificial intelligence, corporate governance, labour codes, women leadership
development, coaching & mentorship, inspection and investigation practices, procurement,
regulatory and policy frameworks in the power sector, cyber security, electrical safety,
pumped storage projects, welding certification, AutoCAD, dam safety, emerging technologies
for net-zero transition, financial trends, emotional intelligence, CDA rules, ethics, governance,
RFCTLARR Act 2013, Primavera, POSH, and gender sensitization.

To prepare employees for role transitions and future leadership responsibilities, a series of
specialized programs under the banner “Kayantran - Future Fit” were conducted for
executives in collaboration with IIMs and NPTI.

Further, induction and orientation programs for newly inducted employees were organized at
Corporate Headquarters, Shimla. In addition, a mandatory three-week training program for
power sector executives was conducted at NPTI, Faridabad (HR) in February 2026.

SJVN also actively participated in digital capacity-building initiatives such as the “iGOT”
platform, an initiative of the Capacity Building Commission, Government of India.

On the occasion of International Women’s Day 2026, a special training program was
organized at Shimla on 8th March 2026. Capt. (Retd.) Yashika Tyagi was invited as the
motivational speaker. The program witnessed enthusiastic participation from women
employees across various SJVN projects and offices.

The Company is complying with all the provisions of the Maternity Benefit Act, 1961, and no
instances of contravention have been reported to date.

18.    INDUSTRIAL RELATIONS

Regular meetings are being held with representatives of various associations/ unions/ Labour
Commissioner & other authorities (Central Government & State Government) to address local
issues as well as policy-related matters. In addition, recreational, cultural, and sports functions
have been organised on various occasions. These initiatives have contributed to fostering
better employee-employer relations, and cordial & harmonious industrial relations have been
maintained during the year.

19.    STATUTORY AND OTHER INFORMATIONS

The information required to be furnished as per the Companies Act 2013, SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015, Government Guidelines, and
Code of Corporate Governance of your Company, on the following matters is placed at
respective annexures and form integral part of Directors Report: -

a.    Management Discussion and Analysis - Annexure - I

b.    Report on Corporate Governance - Annexure - II

c.    Compliance Certificate on Corporate Governance from Practicing Company Secretary -
Annexure - III

d.    Information on Conservation of Energy, Technology Absorption and Foreign Exchange
earnings and outgo - Annexure - IV

e.    Annual Report on Corporate Social Responsibility & Sustainability - Annexure - V

f.    Business Responsibility and Sustainability Report & Independent Assurance Statement
- BRSR Core - Annexure - VI

g. Certificate regarding Non-Disqualification of Directors - Annexure - VII

h. Secretarial Audit Report - Annexure - VIII

i.    Board's Replies to the observations of Secretarial Auditor - Annexure - IX

20.    DIRECTORS' RESPONSIBILITY STATEMENT

The Directors’ state that:

•    in the preparation of the annual accounts for the year ended March 31,2026, the applicable
Accounting Standards read with requirements set out under Schedule III to the Act, have
been followed along with proper explanation relating to material departures, if any;

•    the Directors have selected such accounting policies and applied them consistently
except as disclosed in the Notes on Accounts and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at March 31,2026 and of the profit of the Company for the year ended on
that date;

•    the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;

•    the Directors have prepared the annual accounts on a ‘going concern’ basis;

•    the Directors have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and are operating effectively; and

•    the Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.

21.    DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS

Your Company has received declarations from all the Independent Directors confirming that
they meet the criteria of independence as provided under Section 149(6) of the Companies
Act, 2013 and under Regulation 16(1)(b) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

22.    SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards during the Financial
Year ended 31.03.2026.

23.    SEXUAL HARASSMENT PREVENTION

SJVN has implemented the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 in its entirety.

Internal Complaints’ Committees as per the provisions of the act have been constituted at
Corporate Office and Projects sites of SJVN.

Summary of Sexual harassment issues raised, attended and dispensed during the year 2025¬
26 has been disclosed in Report on Corporate Governance.

24.    RISK MANAGEMENT FRAMEWORK

Risk management framework assists SJVN in integrating risk management into significant
activities and functions of the organization. It entails formulation of a Risk Matrix to assign the
likelihood of occurrence to the assigned risks viz., controllable, uncontrollable and partly
controllable, suggesting mitigation mechanism and lead responsibility centre. SJVN has
implemented Risk Management Framework as per ISO 31000:2018 consisting of the
following:

1.    Risk Identification and Assessment: This includes identification of potential risks that
could impact the organization’s objectives and assessment processes across its projects
and departments based on their likelihood and potential impact. This entails evaluating
both internal factors (such as operational risks, financial risks, and compliance risks) and
external factors (such as market risks, regulatory risks, and environmental risks).

2.    Risk Mitigation Plan: Once risks are identified, risk mitigation plan are developed to
address identified risks. These plans involve implementing preventive measures,
establishing control mechanisms, and implementing best practices to minimize the
likelihood and impact of risks. For opportunities, SJVN devises action plans to maximize
their potential benefits and value.

3.    Regular Risk Review and Reporting: Periodic reviews of risks are conducted by
organising meetings at project & corporate level and opportunities to ensure their
relevance and effectiveness. Frequency of Project Level Risk Steering Committee
meeting is on quarterly basis and for Corporate Level Risk Steering Committee meeting
is half yearly basis. Besides above, the Board Level Risk Management Committee
meetings are held once in six months.

4.    Preventive Actions and Continuous Improvement: SJVN emphasizes the
implementation of preventive actions to address potential risks proactively. This involves
conducting risk assessments, identifying control gaps, and implementing measures to
strengthen controls and reduce the likelihood of risks occurring. The organization also
fosters a culture of continuous improvement, regularly evaluating and enhancing risk
management practices. For continuous improvement, Risk Audit is also conducted
annually from external auditor to check the compliance of ISO 31000:2018.

5.    Training and Awareness: SJVN provides training and awareness programs to its
employees to enhance risk identification, assessment and control capabilities. This
ensures that employees across the organization understand their roles and
responsibilities for protecting organisational assets, operations & reputation from
potential harm and capitalizing on opportunities.

25.    SECRETARIAL AUDIT

The Board appointed M/s Akhil Rohatgi & Co., Practicing Company Secretaries, to conduct
Secretarial Audit for the Financial Year 2025-26. The Report of the Secretarial Auditors for the
year ended 31.03.2026 is placed at Annexure-VIII. Reply of Board to observations of
Secretarial Auditor is placed at Annexure-IX.

In compliance to Regulation 24A of SEBI Listing Regulations, Secretarial Audit Report of
SJVN Thermal Private Limited (STPL) and SJVN Green Energy Limited (SGEL) which are
material unlisted subsidiary of SJVN, incorporated in India, are also given along with
Secretarial Audit Report of the Company.

26.    STATUTORYAUDIT

M/s Charanjit Singh & Associates, Chartered Accountants, were appointed by Comptroller &
Auditor General as Statutory Auditors of the Company for the financial year 2025-26.

The Report of the Statutory Auditors to the Members on the Standalone and Consolidated
Accounts for the year ended 31.03.2026 is placed at Annexure-X and Annexure-XII
respectively. Observations/ Comments of the Comptroller and Auditor General (C&AG) of
India on the Standalone and Consolidated Accounts for the year ended 31.03.2026 are placed
at Annexure-XI and Annexure-XIII respectively. Comments of C&AG being NIL the reply by
the Board thereto is not applicable.

27.    ANNUAL RETURN

The Draft Annual Return in Form MGT-7 as required under Section 92(3) of
the Companies Act, 2013 can be accessed at Investor Relation Section on SJVN website
https://sjvn.nic.in/.

28.    COST RECORDS AND AUDIT

Pursuant to the Central Government directions to audit Cost Accounting Records as
maintained by the Company, your Company appointed M/s Balwinder & Associates, Cost

Accountants, as Cost Auditor for the financial year 2025-26. The Cost Audit Report for the year
ended 31st March 2025 was filed with MCA on 27.09.2025.

29.    INTERNAL FINANCIAL CONTROL SYSTEM

Internal controls are the mechanisms, rules, and procedures implemented by a company to
ensure the integrity of financial and accounting information, promote accountability and
prevent fraud. Financial controls are processes, policies, and procedures that are
implemented to manage finances.

The company has adequate internal control system and the transactions/ processes are
guided by delegation of powers, policies, rules, guidelines and manuals framed in compliance
with relevant laws and regulations. The organizational structure is well defined in terms of
structured authority/ responsibility involved at each particular hierarchy/level.

The company has sufficient internal control over financial reporting to ensure assurance
regarding the reliability of financial reporting and in the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles.

In order to ensure adequacy of internal control system, internal audit is conducted by the
independent Chartered Accountants firms in close co-ordination with company's own internal
Audit Department. The internal Audit process includes review and evaluation of effectiveness
of existing processes, controls and compliances. It also ensures adherence to rules,
procedures, policies and systems and mitigation of the operational risks perceived for each
area under audit.

It is also informed that significant Audit observations and Action Taken reports are placed
before the Audit Committee headed by Independent Directors. The recommendation and
directions of the Audit Committee are carried out and complied with.

30.    RELATED PARTY TRANSACTIONS & POLICY

In compliance with the provisions of Regulation 23 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Section 188 of Companies Act 2013, the company has
formulated a Policy on Materiality of Related Party Transactions and dealing with Related
Party T ransaction, duly approved by the Board of Directors.

All contracts/ arrangements/ transactions entered by the company during the financial year
with related parties were in the ordinary course of business and on arm’s length basis. During
the year, the company had not entered into any contract/ arrangement/ transaction with
related parties, which could be considered material in accordance with the policy of the
company on materiality of related party transactions or provisions of SEBI (LODR)
Regulations, 2015. Your attention is drawn to the Financial Statements, which sets out the
Related Party Disclosures under Note no. 2.46.

The Policy on Materiality of Related Party Transactions and dealing with
Related Party Transaction has been disclosed on website of the Company and
may be accessed at https://sjvn.nic.in/sites/default/files/2025-
10/264031039_PageDocument_RPT_POLICY.pdf.

31.    CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Indian Accounting Standard (Ind AS)-110 on Consolidated Financial
Statements read with Ind AS-111 on Joint Agreements and Ind AS-112 on Disclosure of
Interest in other entities, the Audited Consolidated Financial Statements are provided in the
Annual Report. The audited financial statements of subsidiary companies in terms of Section
136 of the Companies Act, 2013, are placed on the website of the company i.e.,
https://sjvn.nic.in/en/Financial-Statements-of-Subsidiary-Companies-of-SJVN-
Limited .

Statement containing salient features of the financial statements of Subsidiaries/ Joint
Ventures of SJVN Ltd. pursuant to first proviso to sub-section (3) of Section 129 read with Rule
5 of Companies (Accounts) Rules, 2014, in form AOC-I forms part of the Consolidated
Financial Statements.

32.    DETAILS OF DIRECTORS OR KMPAPPOINTED/ RESIGNED

During the FY 2025-26, the following changes took place in the composition of the Board of
Directors and KMP of the Company: -

1.    Dr. Udeeta Tyagi was re-appointed as an Independent Director on the Board of the
Company for a period of one-year w.e.f. 17.04.2025.

2.    Shri Raj Kumar Chaudhary ceased to hold the additional charge of the post of
Chairman and Managing Director of the Company on 30.04.2025 on account of his
superannuation.

3.    Shri Bhupender Gupta, Chairman and Managing Director, NHPC Limited, is entrusted
with an additional charge of the post of the Chairman and Managing Director of the
Company w.e.f. 01.05.2025.

4.    Shri Sushil Sharma ceased as Director (Projects) of the Company on 31.07.2025
pursuant to completion of his tenure as Director (Projects).

5.    Shri Sanjay Kumar ceased to be the Chief Financial Officer of the Company on account
of his superannuation on 31.07.2025.

6.    Shri Arindam Chaudhary ceased to be the Government of Himachal Pradesh Nominee
Director on 01.08.2025 consequent to his transfer.

7.    Shri Sipan Kumar Garg was entrusted with the additional charge of the post of Director
(Finance) of the Company, w.e.f. 01.09.2025 vide Ministry of Power Order dated

29.08.2025.    01.12.2025 and 26.02.2026. He was also appointed as Chief Financial
Officer of the Company w.e.f. 10.11.2025. Further, he ceased to be Director (Finance)
and Chief Financial Officer of the Company on 19.03.2026 pursuant to appointment of
regular incumbent to the post of Director (Finance).

8.    Shri Rajendra Prasad Goyal ceased to hold the additional charge of the post of Director
(Finance)of the Company on 31.08.2025.

9.    Shri Shubh Karan Singh, Special Secretary (Power), Government of Himachal
Pradesh has been appointed as Government of Himachal Pradesh Nominee Director on
the Board of the Company w.e.f. 12.09.2025.

10.    Dr. Shashikant Jagannath Wani ceased on account of completion of his tenure as
Independent Director on 12.03.2026.

11.    Shri Parthajit De has been appointed as Whole-time Director (Finance) on the Board of
the Company for a period of five years w.e.f. the date of assumption of charge i.e.,

19.03.2026.

The following changes took place during the current financial year 2026-27 till the date of the
Director’s Report:

1.    Shri Parthajit De, Director (Finance) of the Company has been appointed as Chief
Financial Officer of the Company w.e.f. 10.04.2026.

2.    Dr. Udeeta Tyagi, ceased as Independent Director on the Board of the Company
pursuant to completion of her tenure on April 16, 2026.

3.    Shri Mohammad Afzal ceased as Government of India Nominee Director w.e.f.

30.04.2026    on account his joining as Joint Secretary (Ministry of Minority Affairs).

4.    Shri Suprakash Adhikari, Director (Technical), NHPC Limited has been entrusted with
the additional charge of Director (Projects) of SJVN Limited w.e.f. 01.08.2025, for a
period of one year or till full-time incumbent is appointed or until further orders, whichever
is earlier. Subsequently, he ceased to be the Director (Projects) of the Company w.e.f.

11.06.2026    pursuant to appointment of regular incumbent to the position of Director
(Projects).

5.    Shri Diwakar Nath Misra, Additional Secretary (Hydro), Ministry of Power, Government
of India has been appointed as Government of India Nominee Director on the Board of
the Company with effect from 14.05.2026.

6.    Shri Rajesh Kumar Chandel has been appointed as Whole-time Director (Projects) on
the Board of the Company for a period of five years w.e.f. the date of assumption of
charge i.e., 11.06.2026.

7.    Smt. Arti Kujur has been appointed as Part-time Non-Official Director (Independent
Director) on the Board of the Company for a period of three years w.e.f. the date of
notification i.e., 15.07.2026.

8.    Shri Shubh Karan Singh ceased as Govt of Himachal Pradesh Nominee Director on

20.07.2026.

None of the Directors are inter-se related to each other.

The Board Meetings held during the Financial Year 2025-26 and the attendance of the
Directors therein is mentioned in the Report on Corporate Governance.

33.    BOARD LEVEL COMMITTEES

The composition of the Statutory Committees constituted as per the Companies Act 2013 and
the SEBI Listing Regulations and the meetings held therein are mentioned in the Corporate
Governance Report.

34.    KEY MANAGERIAL PERSONNEL

In compliance with Section 203 of the Companies Act, 2013, presently following are the
designated Key Managerial Personnel of the Company:-

1. Shri Bhupender Gupta, Chairman & Managing Director (Additional Charge);

2.    Shri Ajay Kumar Sharma, Director (Personnel);

3.    Shri Parthajit De, Director (Finance) cum Chief Financial Officer;

4.    Shri Rajesh Kumar Chandel, Director (Projects);

5.    Shri Soumendra Das, Company Secretary (CS).

35.    IMPLEMENTATION OF OFFICIAL LANGUAGE

In order to ensure the implementation of the Official Language Policy of the Govt. of India, all
possible efforts have been made by the company to achieve the targets as specified by the
Department of Official Language.

Under section 3.3(i) of Official Language Act cent percent documents were issued bilingually &
all the letters received in Hindi were replied to in Hindi. Company’s website is in bilingual form
and it is updated from time to time.

To encourage executives and non-executives to do their entire work in Hindi, number of
incentive schemes are under implementation namely Payment of increment of three months
during the year, for doing his/her whole office work in Hindi and during the year and under this
scheme a total 207 Employees/Officers were awarded cash prizes amounting to
Rs.14,43,960/- (Approx.).

During the review year 17 Hindi workshops/seminars have been organised and 353 no. of
executives and non-executives have been trained. Organising of Hindi quiz competitions on
national/important occasions and other competitions (i.e. Nibhand (Essay writing), Chitra
Adharit Kahani, Noting-drafting, Sulekh, Kavy Gosti, Rajbhasha Niti Prasnouttri Competition)
is a regular feature and besides this number of competitions were also organised during “Hindi
fortnight”. In these competitions 304 no. of employees were participated and awarded cash
prizes amounting to 4,02,600/-

To popularise Hindi in a big way a ‘Rajbhasha Sangoshit’ was organised on 26.12.2025 at
Corporate Headquarter, Shimla and at 'Kavya Ghosti' was organised on 23.09.2025 at
Corporate Headquarter, Shimla.

SJVN has been conferred with "Rajbhasha Prabha (Shield) Puraskar” by the Ministry of Power
for the excellent implementation of the Official Language Policy during the year 2023-24. This
award was presented by Hon'ble Minister of Power and Housing & Urban Affairs, Sh.
Manohar Lal to Chairman & Managing Director,SJVN, Shri Bhupendra Gupta, on June 19,
2025, during the Hindi Salahkar Samiti Baithak held in New Delhi. In addition, the corporation
has been also awarded with "NARAKAS Protshan Puraskar" for its “Excellent” performance in
the activities of NARAKAS (Karyalya-2) during the year 2024-25. This award was presented
by Secretary, Department of Official Language, Smt. Anshuli Arya to Shri Ashish Pant, General
Manager (Official Language) of the corporation on 15 September,2025.

The awards of TOLIC Rajbhasha Shield were given to the members of TOLIC, Shimla (Office-
2), on 08.12.2025 for the best performance in Official Language Hindi. Apart from this, the
Corporation was awarded the first prize of NARAKAS Official Language Shield on 08.12.2025
by the Joint Director (Official Language), Department of Official Language, Ministry of Home
Affairs, Government of India.

Half yearly meetings of the Town Official Language Implementation Committee, Shimla
(Office-2) constituted for the CPSUs & Banks etc. were held on 30.07.2025 & 08.12.2025.

To give impetus to the multi-facet talent of employees an in-house bi-annual Hindi magazine
"Himshakti " and on Annual basis issues of TOLIC in-house magazine 'Himsamvad' was
published and circulated. During review year out of total expenditure on purchase of books,
90.46% of amount was spent on purchase of Hindi books.

36.    AWARDS & ACHIEVEMENTS

1.    19th June 2025 : SJVN honored with Rajbhasha Prabha Award by MoP, GoI for excellent
work in promotion of Official Language Policy in year 2023-24.

2.    29th August 2025 : SJVN conferred with SCOPE Eminence Award in Human Resource
Management.

3.    29th September 2025 : SJVN awarded Second prize in prestigious Swachhta
Pakhwada Awards 2025 by MoP, GoI.

4. 13th November 2025 : SJVN conferred with SHRM India HR Awards 2025 in Excellence
in Managing Employees Performance category (First Runner up).

5.    27th February, 2026 : SJVN conferred with Swachhta Hi Sewa Pakhwada Awards
2024-25 (Third Prize) by MoP, GoI.

37.    OTHER MAJOR DEVELOPMENTS

1.    22nd May 2025 : Hon’ble Prime Minister Sh. Narendra Modi virtually laid foundation
stone of 100 MW Nawa Solar Power Project, Rajasthan.

2.    23rd May 2025 : SJVN signed Power Sale Agreement with DVC for supply of power from
900 MW Arun-III HEP.

3.    1st July 2025 : SJVN signed Power Sale Agreement for supply of power from 900 MW
Arun-Ill HEP and Power Purchase Agreement for supply of power from 210 MW Luhri
Stage-I HEP and 382 MW Sunni Dam HEP with UPPCL.

4.    1st July 2025 : SJVN signed Power Purchase Agreement with NDMC for supply of
power from 382 MW Sunni Dam HEP at NDMC Headquarters New Delhi.

5.    20th September 2025 : Hon’ble Prime Minister Sh. Narendra Modi virtually laid
foundation stone of 200 MW Solar Power Project (GUVNL Phase - XVII, Khavda Solar
Park), Gujarat.

6.    14th November 2025 : SJVN successfully commissioned Unit-1 (660 MW) of the 1320
MW Buxar Thermal Power Project, Bihar.

7.    24th December 2025 : SJVN successfully commissioned the 1000 MW Bikaner Solar
Power Project, Rajasthan.

8.    5th February, 2026 : SJVN signed a Contract Agreement amounting to Rs. 837.43
Crores with M/s BHEL for Electro-Mechanical Works of 382 MW Sunni Dam HEP, HP.

9.    5th February, 2026 : SJVN successfully commissioned the 70 MW Dhubri Solar Power
Project, Assam.

10.    9th March, 2026 : SJVN’s 1500 MW Nathpa Jhakri Hydro Power Station achieved
historic milestone of 150 billion units cumulative power generation.

38. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE GUARANTEES GIVEN
AND SECURITIES PROVIDED UNDER SECTION 186 OF COMPANIES ACT, 2013

Particulars of loans given, investments made, guarantees given and securities provided
along with the purpose for which the loan or guarantee or security is proposed to be
utilized by the recipient are as under :-

6. The company has not made any buyback of shares during the year under review.

7. There have been no changes in the nature of business of the company during the year.

8.    No application was made or any proceeding was pending against SJVN Limited under
the Insolvency and Bankruptcy Code, 2016 during the financial year 2025-26.

42. ACKNOWLEDGEMENT

The Board of Directors acknowledge with deep appreciation, the co-operation and guidance
extended by various Ministries/Departments of the Government of India, particularly, Ministry
of Power, Ministry of New & Renewable Energy, Ministry of Finance, Ministry of External
Affairs, Ministry of Environment & Forest, Central Electricity Authority, Central Water
Commission, Geological Survey of India, the Government of Nepal, the Government of
Himachal Pradesh, State Governments of Bihar, Uttarakhand, Gujarat, Uttar Pradesh,
Maharashtra, Assam, Arunachal Pradesh, Rajasthan, Punjab, Madhya Pradesh, the State
Electricity Boards and the World Bank.

Your Directors also convey their gratitude to the shareholders, various international and Indian
banks and financial institutions for the confidence reposed by them in the Company. The
Board also acknowledges and appreciates the contribution made by Contractors, Vendors,
Consultants and others for achieving the planned goals of the Company.

The Board also places on record its deep appreciation of valued cooperation extended by the
Office of the Comptroller and Auditor General of India and the Auditors. Last but not least, the
Board commends the hard work and dedicated efforts put in by the employees of the
Corporation including the employees on deputation at all levels.

For and on behalf of Board of Directors

Sd/-

(Bhupender Gupta)
Chairman & Managing Director
DIN: 06940941

Date: 31.07.2026
Place: New Delhi39.    DETAILS OF NON-CONVERTIBLE SECURITIES ISSUED

In FY 2021-22 Company has raised the fund of Rs. 1000 Cr. through private placement of Non¬
Convertible, Redeemable Debenture at a coupon rate of 6.10% p.a having maturity at 5-year
tenor. No new NCD was raised in the FY 2025-26.

40.    DETAILS OF EXTERNAL COMMERCIAL BORROWINGS (ECB)

SJVN has tied up USD 500 Million from PNB Dubai/Gift City in FY 2021-2022 and
subsequently revised the sanction to USD 300 Million and the same has been disbursed and
utilised towards capital expenditure in the ongoing projects. The total outstanding borrowings
of PNB Gift City was '2839.50 Crores as on 31.03.2026 (Previous year ' 2578.50 Crores).

SJVN has also tied-up the ECB amounting to JPY 15 Billion. The entire ECB has been utilized
to meet out the Capital Expenditure of 100 MW Raghanesda Solar Power Project in the state
of Gujarat and 90 MW Omkareshwar Floating Solar Power Project in the state of Madhya
Pradesh, executed by SJVN Green Energy Limited (Wholly Owned Subsidiary of SJVN Ltd).
The Total Outstanding Borrowings of ECB-JBIC was '758.17 Crores as on 31.03.2026
(Previous Year '816.22 Crores).

The Outstanding foreign currency loan from World Bank for Financing RHPS was '708.98
Crores as on 31.03.2026 (Previous Year ' 939.32 Cr).

41.    GENERAL

Directors of your Company state that no disclosure or reporting is required in respect of the
following items as there were no transactions/ events on these items/ matters during the year
under review:

1.    The Company has not accepted any deposits during the year under review.

2.    Issue of equity shares with differential rights as to dividend, voting or otherwise.

3.    Neither the Managing Director nor the Whole-time Directors of the Company receive any
remuneration or commission from any of its subsidiaries.

4.    No significant or material orders were passed by the Regulators or Courts or Tribunals
which impact the going concern status and Company’s operations in future.

5.    There have been no Material Changes and Commitments affecting the financial position
of the company which have occurred between the end of the financial year 2025-26 and
the date of this report.