Enclosed

SJVN Limited (A Joint Venture of Govt. of India & Govt. of H.P.) A Navratna CPSE CIN: L40101HP1988GOI008409 SJVN/CS/93/2026- Date: 06/08/2026 NSE Symbol: SJVN-EQ SCRIP CODE: 533206 National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra East, Mumbai 400 051, India Mumbai 400 001, India SUB: Annual Report for the FY 2025-26 Sir/Madam, In compliance with Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith a Copy of the Annual Report for the proposed 38th Annual General Meeting of the Company for the FY 2025-26 which will be circulated to the shareholders through electronic mode. The Annual Report is also hosted on the website of the company i.e., https://sjvn.nic.in/ under the Investor Relations section. Kindly take the above information on record and oblige. Thanking you, Yours faithfully, (Soumendra Das) Company Secretary Encl: As stated above Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla – 171006, Himachal Pradesh दरू भाष / Tel No.: 0177-2660075, फ़ैक्स / Fax: 0177-2660071, ईिेि / Email: cs.sjvn@sjvn.nic.in, वेबसाइट / Website: www.sjvn.nic.in NNUAL EPORT 2025-26 BOARD OF DIRECTORS BHUPENDER GUPTA Chairman and Managing Director FUNCTIONAL DIRECTORS AJAY KUMAR SHARMA PARTHAJIT DE RAJESH KUMAR CHANDEL Director (Personnel) Director (Finance) Director (Projects) GOVT. NOMINEE DIRECTOR INDEPENDENT DIRECTOR DIWAKAR NATH MISRA ARTI KUJUR Nominee Director (GoI) Independent Director Annual Report 2025-26 CONTENTS 1. Profile of Directors 2-4 2. Project Portfolio 5-6 3. Selected Financial Information 7 4. Notice for 38th Annual General Meeting 8-17 5. Chairman’s Statement 19-24 6. Directors' Report 2025-26 25-40 7. Annexures to Directors Report a. Management Discussion and Analysis – Annexure–I 41-48 b. Report on Corporate Governance – Annexure–II 49-58 c. Compliance Certificate on Corporate Governance – Annexure–III 59 d. Information on Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo – Annexure–IV 59-61 e. Annual Report on Corporate Social Responsibility & Sustainability – Annexure–V 62-67 f. Business Responsibility and Sustainability Report & Independent Assurance Statement – BRSR Core – Annexure–VI 68-102 g. Certificate regarding Non-Disqualification of Directors – Annexure–VII 102 h. Secretarial Audit Report – Annexure–VIII 103-109 i. Board’s Replies to the observations of Secretarial Auditor – Annexure–IX 110 j. Standalone Financial Statements, Independent Auditors Report & Comments of the C&AG 111 a. Independent Auditors Report on Standalone Financial Statements - Annexure-X 113-119 b. Comments of the C&AG of India on the Standalone Financial Statements- Annexure-XI 120 c. Standalone Financial Statements 2025-26 121-177 k. Consolidated Financial Statements, Independent Auditors Report & Comments of the C&AG 179 a. Independent Auditors’ Report on Consolidated Financial Statements - Annexure-XII 181-186 b. Comments of the C&AG of India on the Consolidated Financial Statements - Annexure-XIII 187 c. Consolidated Financial Statements 2025-26 188-246 8. Dividend Reminder 247 REFERENCE INFORMATION Company Secretary : Shri Soumendra Das Statutory Auditors : M/s Charanjit Singh & Associates, Chartered Accountants Cost Auditors : M/s Balwinder & Associates, Cost Accountants Secretarial Auditors : M/s Akhil Rohatgi & Co., Practicing Company Secretaries Registered & Corporate Office : SJVN Corporate Office Complex, Shanan, Shimla - 171006 Shares Listed at : Bombay Stock Exchange Limited (BSE) National Stock Exchange Limited (NSE) Non-Convertible Debentures Listed at : Bombay Stock Exchange Limited (BSE) Depositories : National Securities Depository Limited Central Depository Services (India) Limited Debenture Trustee : IDBI Trusteeship Services Limited Bankers : • Bank of Baroda • State Bank of India • Axis Bank • Punjab National Bank • Yes Bank • IDBI Bank Ltd • Indian Bank • Bank of India • Indusind Bank • Deutsche Bank • MUFG Bank • ICICI Bank • Union Bank of India • Canara Bank • HP State Co-Operative Bank Limited THE BOARD OF DIRECTORS - BRIEF PROFILES CHAIRMAN & MANAGING DIRECTOR Shri Bhupender Gupta (DIN 06940941) has been entrusted with an additional charge of the post of Chairman and Managing Director, SJVN Limited with effect from 01.05.2025. Shri Bhupender Gupta has also taken over the charge of the post of Chairman & Managing Director of NHPC Limited, India’s premier hydropower Company and a Navratna Enterprise of Government of India w.e.f. 04.09.2025. Shri Bhupender Gupta holds a bachelor’s degree in electrical engineering and an MBA in Operations Management. He began his professional career with ACC Ltd in 1991 and started his CPSU career by joining SJVN in 1995, where he served for 12 years in various positions. During this period, he was responsible for the planning, erection and commissioning as well as O&M of the electromechanical equipment of the 1500 MW Nathpa Jhakri Hydro Power Plant, the largest operational hydroelectric project in India. He also served on deputation in Bhutan with the 1020 MW Tala Hydroelectric Power Project for around three years (2002–2005). Subsequently, he joined REC Ltd. in March 2007 and was associated with project financing of Hydro, Thermal projects for approximately 6 years. Thereafter, he worked as Additional Chief Executive Officer (CEO) in two subsidiaries of REC i.e. REC Transmission Projects Co. Ltd. and REC Power Distribution Co. Ltd. as the Operational Head. During his tenure, he oversaw execution, project management, contract management and consultancy for power sector projects across Pan India & successfully completed Govt. of India Flagship scheme assigned to REC i.e. Saubhagya, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), PMDP etc. Shri Gupta later joined as Director (Technical) at the Punatsangchhu Hydroelectric Project Authority, in Bhutan in December 2020 on deputation and spearheaded on-going construction activities and resolved long pending contractual & pending issues. Thereafter, Shri Gupta joined THDCIL as Director (Technical) on 9th June 2023. Shri Gupta provided strategic leadership in addressing commissioning challenges and Covid-19 impacts, facilitating THDCIL in successfully achieving CoD of Unit-1 (660 MW) of Khurja STPP. Unit-2 is also scheduled to be commissioned shortly. Shri Gupta guided Civil, HM and EM teams in resolving major civil challenges, pump-turbine operational issues, and commissioning hurdles due to implementing advanced technology (VSI) in Tehri PSP, leading to successful CoD of Unit-1 & 2 (250 MW each) of Tehri PSP; balance units are schedule to be commissioned shortly. With an illustrious career spanning more than 34 years including 31 years in Power CPSUs, Shri Gupta has contributed significantly to the Indian power sector across hydro, thermal, renewable energy, transmission and distribution domains. His contribution encompassed planning, design, execution, contract and project management and O&M of large hydro projects as well as transmission and distribution projects. Shri Gupta’s future vision focuses on addressing India’s growing power demand through non-fossil fuel-based resources, with the aim of making our country self-reliant in energy security. The vision also emphasizes meeting sustainable energy targets through the integration of Artificial Intelligence (AI), along with the adoption of other new and emerging technologies such as: EV integration into the grid, cybersecurity and digital protection, green hydrogen, bioenergy and energy storage. FUNCTIONAL DIRECTORS Shri Ajay Kumar Sharma (DIN 01964014) has been appointed as Director (Personnel) w.e.f. 26th September, 2024. Born on April 8, 1974, Sh. Ajay Kumar Sharma hails from village Khargat in Sihunta tehsil of District Chamba, Himachal Pradesh. He holds a [Showing first 8,000 characters — download PDF for full document]