SJVN Q2 2026 09:00 UTC Earnings Report

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एसजेवीएन लिलिटेड SJVN Limited (A Joint Venture of Govt. of India & Govt. of H.P.) A Navratna CPSE CIN: L40101HP1988GOI008409 _______________________________________________________________________________________________________________ पंजीकृत एवं कॉपोरेट कार्ाािर्: एसजेवीएन कॉर्पोरेट ऑफिस कॉम्प्लेक्स, शनान, शशमला – 171006 हिमाचल प्रदेश Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla – 171006, Himachal Pradesh दूरभाष / Tel No.: 0177-2660075, फ़ैक्स / Fax: 0177-2660071, ईिेि / Email: cs.sjvn@sjvn.nic.in, वेबसाइट / Website: www.sjvn.nic.in SJVN/CS/93/2025- Date: 10/11/2025 NSE Symbol: SJVN-EQ National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra East, Mumbai 400 051, India SCRIP CODE: 533206 BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001, India SUB: Outcome of Meeting of the Board of Directors Sir/Madam, In compliance with Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) the Board of Directors of the Company in its Meeting held today i.e., November 10, 2025, approved the following: 1. Approval of Financial Results: Standalone and Consolidated Financial Results for the quarter ended September 30, 2025. The copy of both Standalone and Consolidated Financial Results, along with the Auditor’s Report are attached at Annexure – A. 2. Disclosure as per Regulation 52(7) and 52(7A) of the SEBI Listing Regulations: In compliance with Regulation 52(7) & (7A) of the SEBI Listing Regulations, details of Utilization of issue proceeds/ material deviation in the use of proceeds in respect of Non-Convertible Debt Securities issued by the Company is attached at Annexure - B. 3. Disclosure as per Regulation 54 of the SEBI Listing Regulations: In compliance with Regulation 54 of the SEBI Listing Regulations, Security Cover details in respect of Non -Convertible Debt Securities issued by the Company is attached at Annexure - C. 4. Raising of Funds Raising of funds up to ₹1,000 Crores through securitisation of balance future Revenue/Return on Equity (ROE) of Natpha Jhakri Hydro Electric Project (1 ,500 MW) for achievement of target for FY 2025 -26 under the National Monetization Pipelines.

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CA IN DIA Charanjit Singh & Associates Off : Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Cross Bhawan, Mall Road Ludhiana-141001. Ph.: 0161-2442080 (M) 094644-23041, 095016-66550 E-mail : cacharanjit2@gmail.com Chartered Accountants Independent Auditor's Limited Review Report on Unaudited Standalone Financial Results for the Quarter and Six Months Ended September 30, 2025 To, The Board of Directors SJVN Limited Shim la 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of SJVN Limited ('the Company') for the quarter and six months ended 30 September 2025 ("the statement) being submitted by the company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("the Regulations") as amended. 2. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Accompanying Statement read with notes thereon, prepared in accordance with applicable Indian Accounting Standards Specified under Section 133 of Companies Act, 2013 read with relevant rules issued thereunder and other recognised accounting practices and policies, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. HEAD OFFICE: #1779, PHASE-3-8-2, MOHALl-160055 E-mail: cacharanjit@Ymail.com Annexure - A

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5. Emphasis of Matter: a) We draw attention to the Note 2 of the statement regarding the CERC notification of the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 vide order dated 15th March, 2024 (Regulations, 2024) for determination of tariff for the period 2024-29. Pending issue of provisional/ final tariff orders with effect from ist April 2024, billing to beneficiaries is done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per the above regulations except for Naitwar Mori Hydro Power Station (NMHPS) which is sold through Power Exchange & Bilateral agreement with the customer. b) Attention is invited to the Note 5 regarding Survey and Investigation work of Devasari Hydro Electric Project in the State of Uttarakhand which has been put on ·hold as per the directions of Ministry of Power, Government of India vide letter dated 6th July 2021. Cost (incl. Capital work in progress) incurred on the project up to 30th September 2025 is ~ 250.98 crore (incl. ~ 199.74 crore as CWIP) (up to the end of the previous year 31st March 2025, it was~ 249.88 crore incl.~ 198.42 crore as CWIP). The company has taken up the matter with Ministry of Power, Government of India and Govt. of Uttarakhand for allowing the activities of the Project and the Management of SJVN Ltd. is of the view that the hold shall be removed. c) Attention is invited to the Note 6 regarding the Three hydro power projects-210 MW Luhri Hydro Electric Project Stage-1, 382 MW Sunni Dam Hydro Electric Project and 66 MW Dhaulasidh Hydro Electric Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). Now, GoHP seeks to renegotiate the previously agreed terms & conditions and relaxations in respect of these projects before signing of Implementation Agreement. SJVN has submitted the replies to the above notice and also filed a petition in the Hon'ble High Court of Himachal Pradesh to address the issue. The Hon'ble High Court has directed GoHP that no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the company is actively engaged in resolving the matter. However, vide a letter dated 22.04.2025, GoHP has indicated its intention to consider taking back these projects, along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects upto 30th September 2025 amounting to ~749.79 crore and ~2715.01 crore under Property, Plant and Equipment/ Intangible assets and Capital Work-in-Progress, continues to be recognized in the financial statements respectively. Place: New Delhi Date: 10th November, 2025 UDIN: 25526217BMIUIR8263

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SJVN Limited CIN :L40101HP1988GOI008409 SJVN Corporate Office Complex, Shanan, Shimla -171 006 (H.P.) Statement of Standalone Unaudited Financial Results for the Quarter and Half Year Ended 30th September 2025 (~in Crore) Quarter ended Half Year ended Year ended Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 (Unaudited) Unaudited (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income a) Revenue from Operations 942.03 822.44 994.51 1,764.47 1,826.24 2,897.25 b) Other Income 90.65 84.95 82.43 175.60 153.58 355.19 Total Income 1,032.68 907.39 1,076.94 1,940.07 1,979.82 3,252.44 2. Expenses a) Electricity purchased for trading . - 18.34 . 37.61 75.16 b) Employees benefit expenses 78.57 73.63 72.57 152.20 152.49 304.61 c) Finance cost 269.45 182.63 166.33 452.08 315.24 726.48 d) Depreciation , amortization & impairment expenses 114.88 113.65 116.19 228.53 230.63 454.49 e) Other expenses 85.67 94.15 92.45 179.82 182.57 395.60 Total Expenses 548.57 464.06 465.88 1,012.63 918.54 1,956.34 3.Profit before exceptional items ,net movement in 484.11 443.33 611.06 927.44 1,061.28 1,296.10 reaulatorv deferral account balances and tax (1-2) 4.Exceptional Items . - - - . . 5. Profit before net movement in regulatory deferral account 484.11 443.33 611.06 927.44 1,061.28 1,296.10 balances and tax (3-4) 6. Tax expense: a) Current Tax 84.57 77.47 105.37 162.04 182.62 226.46 b) Tax expense pertaining to earlier years . . 7.26 - 7.26 - c) Deferred Tax 58.04 81.08 34.49 139.12 59.12 86.65 7 .Profit before regulatory deferral account balances (5-6) 341.50 284.78 463.94 626.28 812.28 982.99 8.Net movement in regulatory deferral account balances(net 30.78 (26.27) 9.12 4.51 (12.07) (12.81) of tax\ 9. Profit for the period 17+8\ 372.28 258.51 473.06 630.79 800.21 970.18 10. Other Comprehensive lncome/(expense) (net of tax expenses) Items that will not be reclassified subsequently to profit or loss (2.96) (2.90) (1.14) (5.86) (2.28) (10.99) 11. Total Comprehensive Income for the period 369.32 255.61 471.92 624.93 797.93 959.19 (after tax) (9+10) 12.Paid-up equity share capital (Face Value '10/-) 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 13. Other equitv excludinq Revaluation Reserve 10.855.41 10,607.91 10,642..97 10,855.41 10,642.97 10,352.30 14.Earnings Per Share for continuing operations (including net movement in regulatory deferral account balance) (of' 10/- each) (not annualised) (in') - Basic & Diluted 0.95 0.66 1.21 1.61 2,()4 2.47 15. Earnings Per Share for continuing operations(excluding net movement in regulatory deferral account balance) (of· 10/- eachl (not annualised) (in') - Basic & Diluted 0.87 0.72 1.19 1.59 2.07 2.50 16. Net worth 14,785.21 14,537.71 14,572.77 14,785.21 14,572.77 14,282.10 17. Paid up debt capital 10,386.78 10,451.12 ~!a ~1 0,386.78 10,517.79 10,557.16 ~~' - '"l'J'~ :$' ~ ~ <f I ~ FRN.0 5328N ~ I f, (~) [};' * * luDHIP..~~

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18. Debt Equity Ratio (Paid up debt capial I Shareholders 0.70 0.72 0.72 0.70 0.72 0.74 Equity) 19. Debt Service Coverage Ratio (DSCR) [(Profit for the 0.76 2.45 3.34 0.74 3.01 2.04 period before tax+ Interest+ Depreciation + Exceptional items) I ( Interest+ Scheduled principal repayments of long term borrowinas durina the oeriodll 20. Interest Service Coverage Ratio (ISCR) [(Profit for the 4.99 4.67 6.14 4.83 5.48 3.85 period before tax+ Interest+ Depreciation + Exceptional items) I ( Interest )] 21. Capital Redemption Reserve 206.83 206.83 206.83 206.83 206.83 206.83 22. Debeture redemption reserve - - - - - - 23. Current Ratio (Current Assets I Current Liabilities) 0.84 1.87 2.39 0.84 2.39 1.82 24. Long term debt to working capital ratio [ Long term (13.50) 6.09 3.58 (13.50) 3.58 6.53 borrowings including current maturity of long term borrowings I (working capital)] 25. Bad debts to account receivable ratio ( Bad debts I - - - - - - Average trade receivables) 26. Current liability ratio ( Current liabilities I Total liabilities ) 0.38 0.16 0.16 0.38 0.16 0.15 27. Total debts to total assets ratio ( Paid up debt capital I 0.38 0.39 0.38 0.38 0.38 0.39 Total assets\ 28. Debtors turnover ratio ( Revenue from operations I 5.10 4.74 4.95 4.78 4.55 5.07 Averaoe trade receivabes l - annualised 29. Inventory turnover ratio ( Revenue from operations I 45.99 40.30 46.61 43.08 42.79 35.10 Average inventorv \ - a11nualised 30. Operating margin (%) ( Earnings before interest,tax and 67.33% 72.37% 74.95% 69.68% 73.12% 65.92% exceptional items I Revenue from operations ) 31. Net profit margin (%) ( Profit for the period I Revenue from 39.52% 31.43% 47.57% 35.75% 43.82% 33.49% operations ) See accompanying notes to the financial results.

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Sr. No. A 1 2 B 1 2 3 SJVN Limited CIN:L40101HP1988601008409 SJVN Corporate office complex,Shanan,Shimla -171006 (H.P.) Standalone Statement of Assets & Liabilities as at 30th September 2025 (f In Crore) Particulars As at As at September 30, 2025 March 31, 2025 !Unaudited) {Audited) ASSETS Non-current Assets al Prooertv Plant & Equipment 7801 .70 7978.63 bl Caolta l Work- in- Proaress 3365.64 3110 .66 cl lntanaible Assets 0.6'4 0.95 d) Intangible assets under development 252.50 252 .50 el Financ ial assets i) Investments 91 66.22 8881.18 ii) Loans 824.78 812.96 iii) Other financial assets 135.57 296.80 fl Deferred Tax Assets(Netl 203.73 342 .85 n \ Other Non- current Assets 853.39 907.72 Sub Total - Non- current Ass ets 22604.17 22584.25 Cu rren t Assets a) Inventories 80.58 83.27 bl Financial Assets il Trade Receivables 946.12 530.18 ill Cash & Cash Eauiva lents 425 .73 59.98 1111 Bank Balances other than cash & cash eauivalents 1231.67 1584.46 iv) Loans 129.52 131.91 v) Other financial assets 1076.73 1038 .00 c) Other Current Assets 81.57 105.71 Sub Total - Current Assets 3971.92 3533.51 Regulatory Deferral Account Debit Balance 774.30 768 .83 TOTAL - ASSETS 27350.39 26886.59 EQUITY AND LIABILITIES EQUITY al Eauitv Share Caoltal 3929 .80 3929.80 b) Other Equity 10855.41 10352 .30 Sub Total - Equity 14785.21 14282.10 Liabilities Non-current Liabilities a) Financial Liabilities ll Borrowlnas 7014.79 9840 .25 Ii) Lease Liabilities 8.73 10.67 b) Provisions 147.51 139.92 c) Other non-current Liabilities 654.55 670.83 Sub Tota l - Non- current Llabtlltles 7825.58 1066 1.67 Current Liabilltles a) Financial Liabilities i) Borrowings 3352.16 663.49 ii} Lease Liabilities 5.84 4.91 iii) Trade Payables Total outstand ing dues of Micro and Small Enterprises 6.83 6.55 Total outstanding dues of creditors other than Micro 29.39 37.84 iv) Other Flnanc jal Liabilities 688.48 610.71 b) Other Current Liabilities 50.60 46.26 cl Provis ions 606.30 573.06 Sub Total - Current Liabilities 4739.60 1942.82 TOTAL - EQUITY AND LIABILITIES 27350.39 26886.59

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SJVN Limited STANDALONE STATEMENT OF CASH FLOWS For the Half Year Ended 30th September 2025 Cash flow from operating activities Profit before net movement in regulatory deferral account balance and tax Add: Net movement in regulatory deferral account balances (net of Add: Tax on net movement in regulatory deferral account balances Profit before tax including movement in regulatory deferral account balances Adjustment for: Depreciation, amortisation & impairment expense Interest income Dividend from Subsidiary I Associate I Joint Venture Finance cost Loss on disposal/ write off of fixed assets Late Payment Surcharge From Beneficiaries Profit on sale of fixed assets Adjustment for assets and liabilities Inventories Trade receivable and unbilled revenue Loans, other financial assets and other assets Trade payable Other financial liabilities and other liabilities Regulatory deferral account debit balance Provisions Cash generated from operating activities Income tax paid Net cash generated from operating activities (A) Cash flow from investing activities: Net expenditure on Property, Plant & Equipment and CWIP including advances for capital works Term deposits with bank (having maturity more than three months) Interest income Late Payment Surcharge From Beneficiaries Dividend from subsidiary I associate I joint venture Investment in subsidiaries and joint ventures including share application money) Loans to subsidiaries Net cash generated from investing activities (B) Cash flow from financing activities: Repayment of borrowings Proceed from borrowings Payment of lease liabilities Interest and finance charges Dividend Paid Cash used in financing activities (C) Net increase in cash and cash equivalents (A+B+C) Opening balance of cash & cash equivalents (refer note 1 & 2 below) Closing balance of cash & cash equivalents (refer note 1 & 2 below) 228.53 (159.56) 452.08 0.61 (2.13) 2.69 (415.94) (31.45) (8.17) (12.60) (5.47) 22.21 (206.04) 349.02 167.15 2.14 (120.04) (6.12) (369.14) 84.61 (3.66) (393.89) (0.04) For the Half Year Ended September 30 2025 927.44 4.51 0.95 932.90 519.53 (448.73) 1003.70 (122.47) 881.23 186.11 (682.12) 385.22 40.51 425.73 (~in Crore For the Year Ended March 31 2025 1296.10 (12.81) (2.71) 1280.58 454.49 (277.26) (3.15) 697.96 2.26 (22.54) (0.19) 851.57 (1.46) 82.85 214.07 (20.29) (92.75) 15.52 12.03 209.97 2342.12 (166.41) 2175.71 (986.00) 175.94 281.68 22.53 3.15 (1014.73) (201.62) (1719.05) (387.52) 1151.43 (7.21) (722.34) (707.24) (672.88) (216.22) 256.73 40.51 Note 1: Cash and Cash equivalents consist of Cash in hand, cheques/drafts in hand, Bank Balances including Short Term Deposits having original maturity upto three months and bank overdraft. Note 2: Reconciliation of Cash and Cash Equivalents: Cash and Cash equivalents as per Statement of Assets & Lia bi lites Less: Bank overdraft Cash & Cash Equivalents as per statement of cash flows 425.73 425.73 59.98 19.47 40.51

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SJVN Limited CIN :L40101HP1988GOI008409 Notes to Unaudited Standalone Financial Results: 1 The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 10th November 2025. A limited review of these results has been carried out by the Statutory Auditors of the Company, as required under Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 (i) The CERC has notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 vide Order dated 15th March 2024 (Regulations 2024) for determination of tariff for the period 2024-2029. Pending issue of provisional/ final tariff orders with effect from 1st April, 2024, billing to beneficiaries has been done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per above regulations except for Naitwar Mori Hydro Power Station (NMHPS). Power generated by NMHPS is sold through Power Exchange and bilateral agreement with customers. Accordingly, revenue from operations amounting to f908.48 crore and f1709.53 crore has been recognized from hydro power for the quarter and half year ended 30th September 2025, respectively (f953.36 crore and f1748.51 crore for the corresponding quarter and half year ended 30th September 2024, respectively). (ii) Revenue from operations includes f16.21 crore and f35.33 crore from renewable energy (wind and solar power) for the quarter and half year ended 30th September 2025, respectively (f20.42 crore and f36.10 crore for the corresponding quarter and half year ended 30th September 2024, respectively). (iii) Revenue from operations includes Nil and f0.78 crore on account of sale of power through trading for the quarter and half year ended 30th September 2025, respectively {f 18.46 crore and f37.85 crore for the corresponding quarter and half year ended 30th September 2024, respectively). 3 Other income amounting to f90.65 crore and f175.60 crore for the quarter and half year ended 30th September 2025, respectively (f82.43 crore and f153.58 crore for the corresponding quarter and half year ended 30th September 2024, respectively) is mainly on account of interest from banks, subsidiaries, and late payment surcharge from beneficiaries. 4 As the company is primarily engaged in only one segment viz. 'Generation and sale of power', there are no reportable segments as per Ind AS - 108.The operations of the company are mainly carried out within the country and therefore geographical segments are not applicable. 5 The Survey and Investigation works of the Devasari Hydro Electric Project in the State of Uttarakhand have been put on hold in accordance with the directions of the Ministry of Power, Government of India, vide letter dated 6th July 2021. The Company has taken up the matter with the Ministry of Power and the Government of Uttarakhand for resumption of project activities. The management is of the view that the hold will be withdrawn. Expenditure amounting to f 250.98 crore (including Capital work in progress amounting f199.74 crore) has been incurred upto 30th September 2025 [f 249.88 crore upto 31st March 2025 (including Capital work in progress amounting f198.42 crore)].

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SJVN Limited CIN :L40101HP1988GOI008409 6 Three hydro power projects-210 MW Luhri Hydro Electric Project Stage-1, 382 MW Sunni Dam Hydro Electric Project and 66 MW Dhaulasidh Hydro Electric Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). As per clause 6 of the MoU, the detailed terms and conditions of Implementation Agreement shall be formulated with the mutual consent of GoHP and SJVN. GoHP vide letter dated 06.08.2022 forwarded mutually agreed lmplement;:ition Agreement to be signed between GoHP and SJVN. However, Implementation Agreement for these projects is yet to be signed. Pending signing of mutually Agreed implementation agreement between GoHP and SJVN for these projects, SJVN has commenced work on these projects to avoid time and cost overruns. The Government of Himachal Pradesh has issued a notice with regard to commencement of work on these project in absence of implementation agreement. GoHP seeks to re negotiate the previously agreed terms & conditions and relaxations in respect of these projects before signing of Implementation Agreement. SJVN has submitted the replies to the above notice and also filed a petition in the Hon'ble High Court of Himachal Pradesh to address the issue. The Hon'ble High Court has directed GoHP that no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the company is actively engaged in resolving the matter. On 22.04.2025, Government of Himachal Pradesh has indicated the Government's intention to consider taking back these projects, along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects up to 30th September 2025 amounting to U49.79 crore and ~2715.01 crore under Property, Plant and Equipment/Intangible Assets and Capital Work-in Progress, respectively, continues to be recognised in the Statement of Assets and Liabilities. 7 The Shareholders of the Company, in the Annual General Meeting held on 25th September 2025, approved a final dividend of ~0.31 per share (on a face value of ~10 each), which was paid in October 2025, in addition to the interim dividend of ~1.15 per share (on a face value of ~10 each) already paid for the financial year 2024-25. 8 In view of the seasonal nature of business, the financial results for the quarter may not be comparable with the previous quarters. 9 Figures for the previous periods have been reclassified/ regrouped/ rearranged/ restated, wherever considered necessary. The Company has changed its rounding-off basis from lakhs to crores from this quarter; accordingly, figures for the previous periods have been presented in ~ crores, rounded off to two decimal places. Place: New Delhi Dated: 10.11.2025 Sipan Kumar Garg Director (Finance) DIN: 107 46205

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IND IA Charanjit Singh & Associates Off : Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Cross Bhawan, Mall Road Ludhiana-141001. Ph.: 0161-2442080 (M} 094644-23041, 095016-66550 E-mail : cacharanjit2@gmail.com Chartered Accountants Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the Quarter and Six Months Ended September 30, 2025 To The Board of Directors SJVN Limited Shim la 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of SJVN Limited ("the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and six months ended 30th September 2025 attached herewith ("the Statement"), being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("the Regulations") as amended. 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Institute of Chartered Accountants of India and also considering the requirement of Standard on Auditing (SA 600) on 'Using the work of Another Auditor'. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Circular issued by :the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable. HEAD OFFICE: #1779, PHASE-3-8-2, MOHALl-160055 E-mail: cacharanjit@Ymail.com

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4. The Statement includes the results of the followings entities : Sr. No. Name of the entities A Holding Company 1 SJVN Limited B Subsidiary Companies 1 SJVN Thermal Private Limited (incorporated in India) 2 SJVN Arun-3 Power Development Company Private Limited (incorporated in Nepal) 3 SJVN Green Energy Limited (incorporated in India) 4 SJVN Lower Arun Power Development Company Private Limited (incorporated in Nepal) 5 SGEL Assam Renewal Energy Limited (incorporated in India) c Joint Venture 1 Cross Border Power Transmission Company Limited (incorporated in India) 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7{a) below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard specified under Section 133 of the Companies Act, 2013, as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Emphasis of Matter: a) We draw attention to the Note 3 of the statement regarding the CERC notification of the Central Electricity Regulatory Commission {Terms and Conditions of Tariff) Regulations, 2024 vide order dated 15th March, 2024 {Regulations, 2024) for determination of tariff for the period 2024-29. Pending issue of provisional/ final tariff orders with effect from pt April 2024, billing to beneficiaries is done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per the above regulations except for Naitwar Mori Hydro Power Station {NMHPS) which is sold through Power Exchange & Bilateral agreement with the customer. b) Attention is invited to the Note 7 regarding Survey and Investigation work of Devasari Hydro Electric Project in the State of Uttarakhand which has been put on hold as per the directions of Ministry of Power, Government of India vide letter dated 6th July 2021. Cost {incl. Capital work in progress) incurred on the project up to 30th September 2025 is El; 250.98 crore {incl. El; 199.74 crore as CWIP) {up to the end of the previous year 3pt March 2025, it was El; 249.88 crore incl. ;i; 198.42 crore as CWIP). The company has taken up the matter with Ministry of Power, Government of India and Govt. of Uttarakhand for allowing the activities of the Project and the Management of SJVN Ltd. is of the view that the hold shall be removed.

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c) Attention is invited to the Note 8 regarding the Three hydro power projects-210 MW Luhri Hydro Electric Project Stage-1, 382 MW Sunni Dam Hydro Electric Project and 66 MW Dhaulasidh Hydro Electric Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). Now, GoHP seeks to renegotiate the previously agreed terms & conditions and relaxations in respect of these projects before signing of Implementation Agreement. SJVN has submitted the replies to the above notice and also filed a petition in the Hon'ble High Court of Himachal Pradesh to address the issue. The Hon'ble High Court has directed GoHP that no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the company is actively engaged in resolving the matter. However, vide a letter dated 22.04.2025, GoHP has indicated its intention to consider taking back these projects, along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects upto 30th September 2025 amounting to ~749.79 crore and ~2715.01 crore under Property, Plant and Equipment/ Intangible assets and Capital Work-in-Progress, continues to be recognized in the financial statements respectively. Our conclusion is not modified in respect of these matters. 7. Other Matters: a) The statement includes the interim financial results I information of 2 Subsidiaries i.e. SJVN Green Energy Limited & SJVN Thermal Power Limited (STPL) which have been reviewed by their auditors, whose interim financial results/information reflect total revenues (incl. other income) of~ 96.20 crore and~ 208.07 crore, total net profit after tax of~ (65.66) crore and~ (86.31) crore and total comprehensive income of~ (65.66) crore and ~ (86.31) crore, for the quarter and half year ended 30th September, 2025 as considered in the consolidated unaudited financial results. These Interim financial results financial information have been reviewed by other auditors who's reports have been furnished to us by the management and our conclusion on the statement in so far as it relates to the amounts and disclosures included in respect of the subsidiaries is based solely on the reports of other auditors and procedure performed by us as stated in paragraph 3 above. b) The statement includes the interim financial results / information of 2 subsidiaries i.e SJVN Arun-3 Power Development Company Private Limited, SJVN Lower Arun Power Development Company Private Limited, and one step-down subsidiary SGEL Assam Renewal Energy Limited, which have not been reviewed by their auditors, whose interim financial results/information reflect total revenues of ~ 0.24 crore and ~ 0.64 crore, total net profit after tax of ~ (0.16) crore and ~ (0.18) crore and total comprehensive income of~ (0.16) crore and ~ (0.18) crore, for the quarter and half year ended 30th September, 2025 as considered in the consolidated unaudited financial results which have not been reviewed by their auditors. c) consolidated unaudited financial results in respect of 1 Joint Venture, based on their in financial result/information, which have not been reviewed by their auditors.

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d) These un-reviewed Interim Financial results I information furnished to us by the Holding Company's management and our conclusion on the statement in so far as it relates to the amounts and disclosures included in respect of aforesaid subsidies and joint venture, is based solely on such un-reviewed interim financial results/ financial information. According to the information and explanations given to us by the Holding Company's management, this un-reviewed interim financial results/ financial information of the aforesaid subsidiaries and joint venture included in these unaudited consolidated financial results, are not material to the Group and have not been reviewed and audited by us. Our conclusion on the statement is not modified in respect of the above matters. For Charanjit Singh Chartered FRN: OlS Place: New Delhi Date: 10th November, 2025 UDIN: 25526217BMIUIS9437

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SJVN Limited CIN:L40101HP1988GOI008409 SJVN Corporate Office Complex, Shanan, Shimla -171006 (H.P.) Statement of Consolidated Unaudited Financial Results for the Quarter and Half Year Ended 30th September 2025 Quarter ended Half Year ended Particulars 30.09.2025 30.06.2026 30.09.2024 30.09.2025 30.09.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 1. Income a) Revenue from Operations 1,032.40 917.45 1,026.25 1,949.85 1,896.62 b) Other Income 45.89 54.14 82.18 100.03 170.28 Total Income 1,078.29 971.59 1,108.43 2,049.88 2,066.90 2.Expenses a) Electricity purchased for trading - - 18.34 - 37.61 b) Employees benefit expenses 78.40 74.83 72.48 153.23 152.64 c) Finance Cost 315.10 215.97 205.51 531.07 354.97 d) Depreciation, amortization & impairment expenses 170.93 160.40 132.80 331 .33 263.69 e) Other expenses 94.04 100.29 99.75 194.33 196.36 Total Expenses 658.47 551.49 528.88 1,209.96 1,005.27 3.Profit before exceptional items ,net movement in regulatory 419.82 420.10 579.55 839.92 1,061.63 deferral account balances.Share of net profit of joint ventures accounted for using equity method and tax (1-2) 4. Share of Net Profit of Joint Ventures accounted for using equity 2.08 (9.31) 1.02 (7.23) 1.92 method 5.Profit before exceptional items ,net movement in regulatory 421.90 410.79 580.57 832.69 1,063.55 deferra l account balanc es and tax 13+41 6.Exceptional Items - - - - - 7. Profit before net movement in regulatory deferral account balances 421.90 410.79 580.57 832.69 1,063.55 and tu lS-81 8. Tax expense: a) Current Tax 84.58 77.48 100.69 162.06 184.13 b) Tax expense pertaining to earlier years - - 7.26 - 7.26 c) Deferred Tax 60.30 79.46 41.84 139.76 63.10 9.Profit before re11ulatorv deferral account balances 17-8) 277.02 253.85 430.78 530.87 809.06 10.Net movement In regulatory deferral account balances(net of tax) 30.78 (26.27) 9.12 4.51 (12.07) 11. Prof"rt for the period (9+1 DJ 307.80 227.58 439.90 535.38 796.99 12. Other Comprehensive lncome/(expense) (net of tax expenses) Items that will not be reclassified subsequently to profit or loss (2.94) (2.92) (1.13) (5.86) (2.27) 13. Total Comprehensive Income for the period 304.86 224.66 438.77 529.52 794.72 (after tax) (11+12) 14.Profit Attributable to Owners of the Parent Company 307.91 227.77 441.14 535.68 798.23 Non-controlling interests (0.11) (0.19) (1 .24) (0.30) (1.24) 15.0ther comprehensive income attributable to: Owners of the Parent Company (2.95) (2.91 ) (1.1 3) (5.86) (2.27) Non-controlling interests 0.01 (0.01) - - - 16.Total comprehensive income attributable to: Owners of the Parent Company 304.96 224.86 440.01 529.82 795.96 Non-controlling interests (0.10) (0.20) (1.24) (0.30) (1.24) 17.Paid-up equity share capital (Face Value' 10/-) 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 18.0ther equitv excludin11. Revaluation Reserve 10.656.85 10.472.71 10681.57 10.656.85 10 681.!i7 If-In Crore) Year ended 31 .03.2025 (Audited) 3,072.01 304.49 3,376.50 75.16 304.88 743.37 676.21 470.89 2,270.51 1,105.99 5.70 1,111.69 - 1,111.69 226.80 (1.25) 55.31 830.83 (12.81) 818.02 (11 .03) 806.99 819.66 (1.64) (11 .03) - 808.63 (1.64) 3,929.80 10.248.85

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19.Earnings Per Share for continuing operations (Including net movement In regulatory deferral account balance) (off 10/- each)' (not annualised) (In ii!') - Basic & Diluted 0,78 0.58 1.12 1.36 2.03 2.08 20. Earnings Per Share for continuing operations( excluding net movement in regulatory deferral account balance) (of ii!' 10/- each) (not annualised) (in 'I - Basic & Diluted 0.70 0.65 1.10 1.35 2.06 2.11 21. Net Worth 14,586.65 14,402.51 ,4,611.37 14,586.65 14,611.37 14,178.65 22. Paid up debt capital 29,538.62 28,125.32 23,839.80 29,538.62 23,839.80 27,036.40 23.Debt Equity Ratio (Paid up debt capial I Shareholders Equity) 2.03 1.95 1.63 2.03 1.63 1.91 24. Debt Service Coverage Ratio (DSCR) [(Profit for the period before 0.76 1.99 2.99 0.75 2.93 2.05 tax+ Interest+ Depreciation +Exceptional items) I ( Interest+ Scheduled principal repayments of long term borrowings during the period)] 25. Interest Service Coverage Ratio (ISCR) [ (Profit for the period 4.35 3.44 4.95 4.19 5.05 3.79 before tax+ Interest+ Depreciation+ Exceptional Items) I (Interest)] 26. Capital Redemption Reserve 206.83 206.83 206.83 206.83 206.83 206.83 27 .Debenture Redemtion Reserve - . . - . 28. Current Ratio (Current Assets I Current Liabilities) 0.65 0.93 1.37 0.65 1.37 0.98 29. Long term debt to working capital ratio [Long term borrowings (11.80) (93.74) 15.87 (11.80) 15.87 (385.65) Including current maturity of long term borrowings I (working capital)] 30. Bad debts to account receivable ratio ( Bad debts I Average trade - - - - - - receivables) 31. Current liability ratio (Current liabilities I Total liabilities ) 0.21 0.13 0.14 0.21 0.14 0.14 32. Total debts to total assets ratio (Paid up debt capital I Total 0.61 0.60 0.55 0.61 0.55 0.59 assets\ 33. Debtors turnover ratio ( Revenue from operations I Average trade 5.32 5.17 5.02 5.02 4.64 5.20 recelvabes I - annualised 34. Inventory turnover ratio (Revenue from operations I Average 50.41 44.95 48.09 47.60 44.44 37.22 Inventory) - annualised 35. Operating margin (%) (Earnings before interest.tax and 58.02% 65.26% 73.48% 61.43% 72.62% 57.02% exceptional Items I Revenue from operations ) 36. Nat profit margin (%) ( Profit for the period I Revenue from 29.81% 24.81% 42.86% 27.46% 42.02% 26.63% operations ) See accompany ing notes to ttie financial results.

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SJVN Limited CIN: L40101HP1988G01008409 SJVN Corporate office complex,Shanan,Shimla -171 006 (H.P.) Consolidated Statement of Assets & Liabilities as at 30th September 2025 (f In Crore) Sr. As at As at No. Particulars September 30 2025 March 31, 2025 (Unaudited) (Audited) A ASSETS 1 Non-current Assets a) Property Plant & Eauipment 15504.02 11609.01 bl Caoital Work- in- Proaress 25430.36 26161.61 c) Other lntanQible Assets 0.74 1.09 d) Intangible Assets under Development 252.50 252.50 d) Investments accounted for using the equity method 51.72 58.95 el Financial assets i) Investments 1.75 1.75 ii) Loans 87.36 87.12 iii) Other financial assets 419.84 710.95 fl Deferred Tax AssetslNet) 222.97 362.72 al Other Non- current Assets 1519.13 1582.19 Sub Total - Non- current Assets 43490.39 40827.89 2 Current Assets a) Inventories 80.58 83.27 bl Financial Assets i)Trade Receivables 998.14 554.16 ii)Cash & Cash Equivalents 917.04 356.49 iii) Bank Balances other than cash & cash equivalents 2141.03 3014.98 ivl Loans 26.24 23.33 v)Other financial assets 263.15 304.15 c) Other Current Assets 122.70 129.98 Sub Total - Current Assets 4548.88 4466.36 Regulatory Deferral Account Debit Balance 774.30 768.83 TOTAL-ASSETS 48813.57 46063.08 B EQUITY AND LIABILITIES 1 EQUITY a) Equity Share Capital 3929.80 3929.80 bl Other Eauitv 10656.85 10248.85 Total eauitv attributable to the owners of the parent 14586.65 14178.65 Non controlling interest 10.31 10.61 Sub total -Total Equity 14596.96 14189.26 Liabilities 2 Non-current Liabilities a) Financial Liabilities i) Borrowings 26066.15 26220.00 ii) Lease Liabilities 83.28 83.71 bl Provisions 147.51 139.92 c) Other non-current Liabilities 878.15 894.43 Sub Total - Non- current Liabilities 27175.09 27338.06 Current Liabilities 3 a) Financial Liabilities i) Borrowings 3400.29 705.37 ii) Lease Liabilities 17.30 16.11 iii\ Trade Pavables Total outstandina dues of Micro and Small Enterorises 6.87 6.70 Total outstandina dues of creditors other than Micro 58.10 192.19 iii) Other Financial Liabilities 2875.70 2968.19 bl Other Current Liabilities 69.29 65.88 c) Provisions 613.97 581.32 Sub Total - Current Liabilities 7041.52 4535.76 TOTAL - EQUITY AND LIABILITIES 48813.57 46063.08

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SJVN Limited CONSOLIDATED STATEMENT OF CASH FLOWS For the Half Year Ended 30th September 2025 Cash flow from operating activities Profit before net movement in regulatory deferral account balance and tax Add : Net movement in regulatory deferral account balances (net of tax} Add : Tax on net movement in regulatory deferral account balances Profit before tax including movement In regulatory deferral account balances Adjustment for: Depreciation, amortisation & impairment expense interest income Share in profit of Joint Venture Finance cost Loss on disposal/ write off of fixed assets Interest on Income Tax refund Late Payment Surcharge From Beneficiaries Profit on sale of fixed assets Adjustment for assets and liabilities Inventories Trade receivable and unbilled revenue Loans, other financial assets and other assets Trade payable Other financial liabilities and other liabilities Regulatory deferral account debit balance Provisions Cash generated from operating activities Income tax paid Net cash generated from operating activities (A) Cash flow from investing activities: Net expenditure on Property, Plant & Equipment and CWIP including advances for capital works Term deposits with bank (having maturity more than three months} Interest income Late Payment Surcharge From Beneficiaries Dividend from joint venture Investment in joint ventures Interest on Income Tax refund Net cash used in investing activities (B) Cash flow from financing activities: Non-Controlling Interest Repayment of borrowings Proceed from borrowings Payment of lease liabilities Interest and finance charges Dividend Paid Cash used in financing activities (C) Net Increase in cash and cash equivalents (A+B+C) Opening balance of cash & cash equivalents (refer note 1 and 2 below) Closing balance of cash & cash equivalents (refer note 1 and 2 below) 331.33 (129.12) 7.23 576.29 0.61 (0.09) (2.13) 2.69 (444.11) (41.91) (138.84) 158.72 (5.47) 22.50 (2941.36) 1173.47 141.82 2.14 0.09 (369.14) 2694.17 (5.47) (1164.97) (0.04) For the Half Year Ended September 30, 2025 832.69 4.51 0.95 838.15 784.12 (446.42) 1175.85 (126.54) 1049.31 (1623.84) 1154.55 580.02 337.02 917.04 (fin Crore) For the Year Ended March 31, 2025 1111.69 (12.81) (2.71) 1096.17 676.21 (232.33) (5.70) 686.31 2.40 (22.53) (0.19) 1104.17 (1.46) 66.84 176.27 88.90 82.84 15.52 9.41 438.32 2638.66 (172.06) 2466.60 (6668 .76) 12.74 231.79 22.53 3.15 (14.73) (6413.28) 12.25 (387.52) 6843.47 (9.52) (1812.44) (707.24) 3939.00 (7.68) 344.70 337.02 Note 1. Cash and Cash equivalents consist of Cash in hand, cheques/drafts in hand, Bank Balances including Short Term Deposits having original maturity upto three months and bank overdraft. Note 2 . Reconciliation of Cash and Cash Equivalents : Cash and Cash equivalents as per Statement of Assets and Liabilities Less: Bank overdraft Cash & Cash Equivalents as per statement of cash flows 917.04 917.04 356.49 19.47 337.02

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SJVN Limited CIN :L40101HP1988GOI008409 Notes to Unaudited Consolidated Financial Results: The above consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 10th Novemeber 2025. A limited review of these results has been carried out by the Statutory Auditors of the Company, as required under Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 Subsidiaries and Joint Ventures companies considered in the Consolidated Financial Results are as follows: Sr. Name Holding No. (%) Subsidiaries: 1 SJVN Thermal Pvt Ltd (incorporated in India) 100 2 SJVN Green EnerQV Limited (incorporated in India) 100 3 SJVN Arun-3 Power Development Company Pvt Limited (incorporated in Nepal) 100 4 SJVN Lower Arun Power Development Company Pvt. Limited (incorporated in Nepal) 100 5 SGEL Assam Renewal Energy Limited (a step down subsidiary of SJVN Green Energy Limited- 51 incorporated in India). Joint Venture Company: 1 Cross Border Power Transmission Company Limited (incorporated in India). 41.94 3 (i) The CERC has notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 vide Order dated 15th March 2024 (Regulations 2024) for determination of tariff for the period 2024-2029 . Pending issue of provisional/ final tariff orders with effect from 1st April, 2024, billing to beneficiaries has been done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per above regulations except for Naitwar Mori Hydro Power Station (NMHPS). Power generated by NMHPS is sold through Power Exchange and bilateral agreement with customers. Accordingly, revenue from operations amounting to ~908.48 crore and ~1709.53 crore has been recognized from hydro power for the quarter and half year ended 30th September 2025, respectively (~953.36 crore and ~1748.51 crore for the corresponding quarter and half year ended 30th September 2024, respectively). (ii) Revenue from operations includes ~108.63 crore and ~224 . 25 crore from renewable energy (wind and solar power) for the quarter and half year ended 30th September 2025, respectively (~53 . 20 crore and ~109.03 crore for the corresponding quarter and half year ended 30th September 2024, respectively) . (iii) Revenue from operations includes Nil and ~0 . 78 crore on account of sale of power through trading for the quarter and half year ended 30th September 2025, respectively(~ 18.46 crore and ~37 . 85 crore for the corresponding quarter and half year ended 30th September 2024, respectively) . 4 During the half year ended 30th September 2025, 629.90 MW out of the 1000 MW capacity of the Bikaner Solar Power Project of SJVN Green Energy Limited (a subsidiary company) commenced commercial operations in phases (i.e., 241.77 MW on 2nd April 2025, 78.23 MW on 15th May 2025, 80.77 MW on 19th June 2025, 100.25 MW on 30th June 2025 and 128.88 MW on 30th September 2025). Accordingly, Revenue from Operations for the quarter and half year ended 30th September 2025 includes an amount of N7.91 crore and ~80.90 crore respectively on account of energy generated from this project. 5 Other income amounting to N5.89 crore and ~100 . 03 crore for the quarter and half year ended 30th September 2025, respectively (~82 . 18 crore and ~170 . 28 crore for the corresponding quarter and half year ended 30th September 2024 , respectively) is mainly on account of interest from banks and late payment surcharge from beneficiaries .

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SJVN Limited CIN :L40101HP1988GOI008409 6 As the group is primarily engaged in only one segment viz. ' Generation and sale of power', there are no reportable segments as per Ind AS - 108.The operations of the company are mainly carried out within the country and therefore geographical segments are not applicable . 7 The Survey and Investigation works of the Devasari Hydro Electric Project in the State of Uttarakhand have been put on hold in accordance with the directions of the Ministry of Power, Government of India, vide letter dated 6th July 2021 . The Company has taken up the matter with the Ministry of Power and the Government of Uttarakhand for resumption of project activities . The management is of the view that the hold will be withdrawn. Expenditure amounting to ~ 250.98 crore (including Capital work in progress amounting ~199 . 74 crore) has been incurred upto 30th September 2025 [~ 249.88 crore upto 31st March 2025 (including Capital work in progress amounting ~198.42 crore)]. 8 Three hydro power projects-21 O MW Luhri Hydro Electric Project Stage-1, 382 MW Sunni Dam Hydro Electric Project and 66 MW Dhaulasidh Hydro Electric Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). As per clause 6 of the MoU, the detailed terms and conditions of Implementation Agreement shall be formulated with the mutual consent of GoHP and SJVN . GoHP vide letter dated 06.08.2022 forwarded mutually agreed Implementation Agreement to be signed between GoHP and SJVN. However, Implementation Agreement for these projects is yet to be signed . Pending signing of mutually Agreed implementation agreement between GoHP and SJVN for these projects , SJVN has commenced work on these projects to avoid time and cost overruns .The Government of Himachal Pradesh has issued a notice with regard to commencement of work on these project in absence of implementation agreement. GoHP seeks to re-negotiate the previously agreed terms & conditions and relaxations in respect of these projects before signing of Implementation Agreement. SJVN has submitted the replies to the above notice and also filed a petition in the Hon'ble High Court of Himachal Pradesh to address the issue. The Hon'ble High Court has directed GoHP that no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the company is actively engaged in resolving the matter. On 22.04.2025, Government of Himachal Pradesh has indicated the Government's intention to consider taking back these projects , along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects up to 30th September 2025 amounting to ~749.79 crore and ~2715 . 01 crore under Property , Plant and Equipment/Intangible Assets and Capital Work-in-Progress, respectively , continues to be recognised in the Statement of Assets and Liabilities . 9 The Shareholders of the holding company, in the Annual General Meeting held on 25th September 2025, approved a final dividend of ~0.31 per share (on a face value of ~10 each), which was paid in October 2025 , in addition to the interim dividend of ~1.15 per share (on a face value of ~10 each) already paid for the financial year 2024-25. 10 In view of the seasonal nature of business, the financial results for the quarter may not be comparable with the previous quarters. 11 Figures for the previous periods have been reclassified/ regrouped/ rearranged/ restated, wherever considered necessary. The Company has changed its rounding-off basis from lakhs to crores from this quarter ; accordingly, figures for the previous periods have been presented in ~ crores , rounded off to two decimal places . Place: New Delhi Dated: 10.11.2025 Sipan Kumar Garg Director (Finance) DIN: 10746205

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SI. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 ~ SJVN Limited CIN:L40101HP1988GOI008409 SJVN Corporate office complex,Shanan, Shimla -171006 (H.P.) Extract of the Unaudited Financial Results for the Quarter and Half Year Ended 30th September 2025 Standalone Consolidated Particulars Quarter ended Half Year ended Year ended Quarter ended Half Year ended Year ended 30.09.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 30.09.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total income from operations 942.03 994.51 1,764.47 1,826.24 2,897.25 1.032.40 1,026.25 1,949.85 1,896.62 3,072.01 Net profit before tax and exceptional items 484.11 611 .06 927.44 1.061.28 1,296.10 421.90 580.57 832.69 1.063.55 1.111.69 Net profit before tax (after exceptional items) 484.11 611.06 927.44 1,061.28 1,296.10 421.90 580.57 832.69 1,063.55 1.111.69 Net Profit after tax for the period 372.28 473.06 630.79 800.21 970.18 307.80 439.90 535.38 796.99 818.02 Total comorehensive income after tax for the period 369.32 471.92 624.93 797.93 959.19 304.86 438.77 529.52 794.72 806.99 Paid-up equity share capital 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 3,929.80 (Face value of share ~10/- each) Other eauitv excludina revaluation Reserve 10,855.41 10,642.97 10,855.41 10,642.97 10,352.30 10,656.85 10.681.57 10.656.85 10.681.57 10,248.85 Securities Premium Account - - - - - - - - - - Net worth 14,785.21 14,572.77 14,785.21 14,572.77 14,282.10 14.586.65 14.611.37 14,586.65 14,611.37 14, 178.65 Paid up debt capital 10,386.78 10,517.79 10.386.78 10 .. 517.79 10,557.16 29.538.62 23,839.80 29,538.62 23,839.80 27.036.40 Redeemable Preference Shares - - - - - - - - - - Earnings Per Share (of~ 10/- each) (not annualised) - Basic & Diluted (in ~) : -Excluding net movement in regulatory deferral 0.87 1.19 1.59 2.07 2.50 0.70 1.10 1.35 2.06 2.11 account balance -Including net movement in regulatory deferral 0.95 1.21 1.61 2.04 2.47 0.78 1.12 1.36 2.03 2.08 account balance Caoital redemotion reserve 206.83 206.83 206.83 206.83 206.83 206.83 206.83 206.83 206.83 206.83 Debeture redemotion reserve - - - - - - - - - - Debt eauitv ratio 0.70 0.72 0.70 0.72 0.74 2.03 1.63 2.03 1.63 1.91 Debt service coveraoe ratio 0.76 3.34 0.74 3.01 2.04 0.76 2.99 0.75 2.93 2.05 Interest service coveraoe ratio 4.99 6.14 4.83 5.48 3.85 4.35 4.95 4.19 5.05 3.79 Note: 1. The above is an extract of the Financial Results filed with the Stock Exchanges under Regulation 33 and 52 of the SEBI (Listing Obligations and Dislosure Requirements) Regulations,2015. The full format of the these financial results is available on the investor section of our website https://www.sjvn.nic.in and under Corporate Section of BSE Limited and National Stock Exchange of India Limited at https://www.bseindia .com and https//www .nseindia .com respectively . 2.Figures for the previous periods have been reclassified/ regrouped/ rearranged/ restated , wherever considered necessary . Place: New Delhi Dated: 10.11.2025 ~ Sipan Kumar Garg Director (Finance) DIN: 10746205

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IND IA Charanjit Singh & Associates Off: Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Cross Bhawan, Mall Road Ludhiana-141001. Ph.: 0161-2442080 (M) 094644-23041, 095016-66550 E-mai I : cacharanjit2@gmail.com Chartered Accountants To, IDBI Trusteeship Services Ltd., Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001 Re: End Use of fund for SJVN NCD-2026 amounting to Rs. 1,000 Crores Based on the records produced and the information provided to us by M/s SJVN Limited having its registered office at SJVN Corporate Office Complex, Shakti Sadan, Shanan, Shimla- 171006 (HP) We hereby certify that M/s SJVN Limited has issued NCO for a total face value of Rs. 1,000 Crores and received fund on 29th September, 2021 from the issue and the same has already been parked with different bank as fixed deposit. Further it is also informed that proceeds of NCO amounting to Rs. 1000.00 Crores has been utilized till 30th September2025. Place: New Delhi Date: 10-11-2025 HEAD OFFICE: #1779, PHASE-3-8-2, MOHALl-160055 E-mail: cacharanjit@Ymail.com Annexure - B

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CIN: L4010 lHPl 988GOI008409 A. Statement of utilization of issue proceeds: Name ISIN Mode of Type of Date of of the Fund instrument raising Issuer Raising funds (Public issues/Pri vate placment) . 1 2 3 4 5 SJVN INE002 Private Non- 29/09/2021 Limited L08010 Placement Convertible Debentures B. Statement of Deviation or Variation Particulars Name oflisted entity Mode of fund raising Type of instrument Date of raising funds Amount raised Report filed for quarter ended Is there a deviation/ variation m use of funds raised? Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? If yes, details of the approval so required? Date of approval Explanation for the deviation/ variation Comments of the audit committee after review Comments of the auditors , if any S.IVN Limited (A Joint Venture of GOI & GOHP) A Navratna CPSE (Amount in< Crore) Amount Funds Any If 8 is Remarks Raised utilized deviatio Yes, , if any n (Yes/ then No) specif ythe purpo se of for which the funds were utilize d 6 7 8 9 10 1,000 1000 No NA NA Remarks SJVN Limited Private Placement Non-Convertible Securities 29th September, 2021 n,000 Crores 30.09.2025 No NA NA NA NA Nil Nil Objects for which funds have been raised and wherethere has been a deviation, in the following table

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CIN: L4010 lHPl 988GOI008409 Original Object Modified Original Modified Funds Object, if Allocation allocation ,if Utilised any any NA SJVN Limited (A Joint Venture of GOI & GOHP) A Navratna CPSE Amount of deviation/variati on for the quarter according to applicable object (in Rs. crore and in%) Remarks, any ~~~~: Q"t"h5'ci'iQG'1 ifi'ftjfu;~Cfl'(JOcJl<tti, ~TG'11af, ~- 171006 ~~T Registered & Corporate Office : SJVN Corporate Office Complex , Shanan, Shim la - 171006 Himachal Pradesh ~/Tel No.0177 -2660075, ~/Fax: 0177-2660071, ~/ Email: cs.sjvn@sjvn . nic . in , ~I Website : www.sjvn .nic .in

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I ND IA Charanjit Singh & Associates Off : Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Cross Bhawan, Mall Road Ludhiana-141001. Ph.: 0161-2442080 (M) 094644-23041, 095016-66550 E-mail : cacharanjit2@gmail.com Chartered Accountants To The Board or Directors, SJVN Limited, Shim la INDEPENDENT STATUTORY AUDITOR'S CERTIFICATE FOR ASSET COVER IN RESPECT OF LISTED DEBT SECURITIES OF SJVN LIMITED We understand that SJVN Limited ("the Company") having its registered office at SJVN Corporate Office Complex Shanan, Shimla, HP-171006, is required to obtain a certificate with respect to asset cover in respect of listed debt securities of the Company as on 30th September 2025 in terms of Requirements or Regulation 54 read with regulation 56 {I) (d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("LODR Regulations") in the format notified by SEBI vide circular no. SEBl/HO/MIRSD/MIRSD_CRADT/CIR/P/67 dated 19th May,2022 and SEBI (Debenture Trustees) Regulations, 1993 as amended ("'DT Regulations"). Management's Responsibility The Company's Management is responsible for ensuring that the company complies with the LODR Regulations and DT Regulations. Further the company is also responsible to comply with the requirements of Bond Trust Deed executed with respective bond trust. Auditor's Responsibility Our responsibility is to certify the book value of the assets provided as security in respect of Listed Debt Securities of the company as on 30-09-2025 based on the audited financial statements and compliance with respect to financial covenants of the listed debt securities for the quarter ending 30th September 2025, a specified in SEBI Circular No. SEBl/HO/MIRSD_CRADT/CIR/P/2022/67 circular dated 19 May 2022. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) Other Assurance and Related Services Engagements. HEAD OFFICE: #1779, PHASE-3-B-2, MOHALl-160055 E-mail: cacharanjit@Ymail.com Annexure - C

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Opinion Based on Examination of books of accounts and other relevant records/document, we hereby certify that: a) As per Annexure-1 b) Compliance of all covenants/terms of the issue in respect of listed debt securities of the listed entity We have examined the compliances made by SJVN Limited in respect of covenants/terms of the issue in respect of listed debt securities (NCD's) and certify that such covenants/terms of the issue have been complied by SJVN Limited. The above certificate has been given on the basis of information provided by the Management and the records produced before us for verification. Restriction on Use This certificate has been issued to the management of SJVN Limited to comply with requirements of LODR Regulations. Our certificate should not be used for any other purpose or by any person other than the company. Accordingly, we do not accept or assume any liability or duty of care to any other person to whom this certificate is shown or into whose hands it may come save where express agreed by our prior consent in writing. Place: New Delhi Date: 10-11-2025

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(Annexure-1) To, IDBI Trusteeship Service Limited Please find below security Cover Certificate as on 30.09.2025 as per format specified vide SEBI Circular No. SEBl/CIR/P/2022/67 dated 19 May 2022: ~I l'.!olumnA CoJi,1.mn B <;_oluml}G .ColumnD ~lumnE ~Cci_l11 iniiF ColumnG Colvmn•fl Golum n,I Golunfii_J column .K , CC!1!1m'rl l .Columri. M GoJU-mlt~ - 'CoJl!mo o Description of Ell ml natl asset for Exclusive Exclusive Pari- Passu Pari- Passu Parl- Passu Assets not on Particulars which this Charge Charge Charge Charge Charge offered as (amount (Total C to HJ Related to only those items covered by this certificate certificate Security In relate ne.1>ativel Debtfor Other Debtfor Assets Other assets Debt Market Carrying Market Carrying Total which this Secured which this shared by on which amount Value for /book value Value for value/book Value(=K+ certificate Debt certificate pari passu there is parl- cons Ide re Assets for exclusive Pari passu value for l+M+N) being issued being debt holder Passu charge d more charged on charge assets charge pari passu Issued (includes (excluding than once Exclusive where Assets charge debt for items (due to basis market value assets which this covered in exclusive is not where certificate Is column F) plus pari ascertainable market Issued & passu or applicable value is not other debt charge) (For Eg. ascertainabl with parl- Bank e or passu Balance, applicable charge) DSRA market (For Eg. value is not Bank applicable) Balance, DSRA market <Oft;, .. Book Value Boole Value Yes/ No Book Value Boak Value Relating to Column F ASSETS Property, Plant and EQuipment 749.70 - - - 7,05200 7,80L70 749.70 - - - - Capital Work-in-Pmeress 2 714.95 - - - 650.69 3,365.64 2,714.95 - - - - Right of Use Assets - - - - - - - - - - - - Goodwill - - - - - lntDJJ11ible .Assets 0.07 - - - 0.57 0.64 0.07 - - - Intangible Assets under Development - - - - 252.50 252.50 - - - - Investments - - - - 9,166.22 - 9166.22 - - - Loans - - - - 954.30 - 954-30 - - - - Inventories - - 80.58 80.58 - - - - Trade ReceivabJe's - - 946.12 - 946.12 - - - - Cash and Cash Equivalents 2.20 - - - 423.53 425.73 uo - - Bank Balances other than Cash and Cash 0.01 1,231.66 - 1,231.67 0.01 - - - -- -Eouival.ents Others 319.60 - - - 1.827.86 - 2147 .46 319.60 - - - - Total 3 786.53 - 22,586.03 26 372.56 3 786.53 - - -

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Column A Cofumne C!olumn c C!olum.n.o Colum11.E Columnr CoJumnG t!Olumh H t!Olumn I C olumnJ Col11mn1Ci C:Otumn_L l!otumi)M Colu111n N :lfofumn·o 4 Description of Eliminati asset for Exclusive Exclusive Pari- Passu Pari- Passu Assets not on Particulars which this Pari- Passu offered as (amount (Total C to HJ Related to only those items covered by this certificate certificate Charge Charge Charge Charge Charge Security in relate noa~+;vel Debtfor Other Debt for Assets Other assets Debt Market Carrying Market Carrying Total which this Secured which this shared by on which amount Value for /book value Value for value/book Value(=K+ certificate Debt certificate pari passu there is pari- considere Assets for exclusive Parl passu value for l+M+ NJ being issued being debt holder Passu charge d more charged on charge assets charge pari passu issued (includes (excluding than once Exclusive where Assets charge debtfor items (due to basis market value assets which this covered In exclusive is not where certificate is column F) plus pari ascertainable market issued & passu or applicable value is not other debt charge) (For Eg. ascertainabl with pari- Bank eor passu Balance, applicable charge) DSRA market (For Eg. value is not Bank applicable) Balance, DSRA market ---•--- ; .. - _ .... ILIABILITIES Debt securities to which this certificate pertains Other debt sharing pari-passu charge with above debt Other Debt 1.331.71 - - - 8,034.91 - 9,366.62 1,331.71 - - - - Subordinated debt . . . . - . - . . - Short Term ~ oan and Borrowings Working . - - . - - - - . - - Capital fo ri/ities BOJ1k - - - - - . - - Non not to be Convertible filled Debt Securities Debt - - - 1,000 .33 - 1,000.33 - - - - Securities (Refer Note(i}) 01/Jers - - - - . - - - Trade oavobles F - - - 36.22 - 36.22 - - - - Lease liabilities 5.71 . - - 8.86 - 14.57 5.71 - - - Provisions 77.37 - - - 676.44 - 753.81 77.37 - - /t>o.. . Others 143.44 - - - 1.250.19 - 1,393.63 143.44 - - - "' - Total 1558.23 - - - 11,006.9S u 565.18 1,558.23 - - - ' Cover on Book 2.05 \ Value Cover on Market f\ .. ~~ ~Hf>-Value 1Exclusive Pari-Passu 0 "' ~ y ~ ~ :Security Security N.A '~I / ---~ ,.,., .. 8N ~ 'Cover Ratio Cover Ratio I 'ft"'I' _, Note : { ~~· 11 "A;-J / 11 v·· -· ,. i) Includes interest accrued on NCD amounting to INR 0.33 Crores. - ~~ * ii) Since the securities issued are unsecured, there is no charge created on any of the assets for these securities. Hence, security cover ratio is not applicable lDHIA~t- '

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Shri Sipan Kumar Garg DIN: 10746205 Shri Sipan Kumar Garg has been serving as the Director (Finance) of THDC India Limited since August 17, 2024. He is also designated as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company, as appointed by the Board of THDC. A distinguished finance professional, he holds a degree in Bachelor of Commerce (Hons.) and is a member of the Institute of Chartered Accountants of India (CA), the Institute of Cost Accountants of India (CMA), and the Institute of Company Secretaries of India (CS). Additionally, he has done LL.B. and was a rank holder in the Company Secretary examination. With over 23 years of extensive experience in Finance, Accounts, Taxation, and Commercial aspects within the power sector, he brings deep expertise to his role at SJVN Limited. His prior experience includes serving as the Chief Financial Officer (CFO) at Aravali Power Company Private Limited and Patratu Vidyut Utpadan Nigam Limited, both Group Companies of NTPC Limited. He has also contributed to NTPC Limited in various capacities, including strategic roles in the Corporate Accounts Group and the Koldam Hydro Power Project. During his tenure at NTPC, he ascended the professional ladder through his strong sense of responsibility, ethics, and unwavering dedication to the Company. Recognized as an outstanding finance professional, he excelled in every role he undertook at NTPC. Under his leadership in Finance, Aravali Power Company Private Limited received its highest credit ratings and realized significant savings of interest on long-term loans. He has enhanced his expertise by participating in numerous workshops and seminars at prestigious institutions both in India and abroad. As a seasoned speaker on Accounting Standards and Ind AS, he has shared his insights widely over the years. He has also been an active member of several committees of the Institute of Chartered Accountants of India, including the ‘Committee on Public Finance and Government Accounting,’ the ‘Accounting Standards Study Group,’ and the ‘Members in Industry Group (PSU).’ In recognition of his visionary leadership, Shri Garg was honoured as the Visionary CFO of India at the National Economic Growth Summit 2024. He also received a Certificate of Appreciation from ICMAI for his dedicated contributions to the growth of THDCIL and for for his efforts in advancing the CMA profession. Annexure - D

Interim report