SJVN Ltd Initiating Coverage 2022

Equity research initiation covering SJVN Ltd, a diversified power generation company transitioning from single hydropower projects to a portfolio of 55 projects spanning 31,905 MW across multiple countries. Analysts project doubling installed capacity by FY24 with aggressive 25,000 MW target by 2030, recommending purchase at Rs 35.5-36 with base case fair value of Rs 39.