SJVN: the single-project power supplier that wants to become a giant utility

The hydropower producer saw its stock jump 113% this year on the back of its plans to double down on solar and wind energy. But concerns around execution remain.

SJVN is on a roll.

The state-owned company, mostly known for its hydropower projects, has become the best performing power utility stock, beating the country’s largest power producer, NTPC, and other behemoths like Adani Power, Tata Power and JSW Energy. The stock’s 113% jump this year is on the back of a slew of orders, which hit a new high. 

Last year, the public sector company, which had long sold only hydropower, set up a subsidiary called SJVN Green Energy. The idea was to expand the renewable energy footprint, mostly solar and wind energy, ensuring a robust supply and demand …