Mumbai: The Dalal Street spotlight is firmly on two Navratna powerhouses today: SJVN Limited and IRCON International. As both companies convene their board meetings today, the data released over the next few hours will dictate the momentum for the PSU sector for the rest of the quarter.
For investors, the focus isn't just on the "Beat or Miss" but on the Interim Dividend and Order Book Health.
1. SJVN Limited: The Dividend & Recovery Play
SJVN had a challenging Q2 due to seasonal hydro factors, making this Q3 result a critical "turnaround" quarter.
Key Investor Watchpoints (Today):
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Net Profit Target: Watch for a figure above ₹450 Crore. A recovery toward this level would mark a significant jump from the ₹308 Crore reported in the previous quarter (Q2 FY26).
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Interim Dividend Expectation: The market has baked in a dividend of ₹1.15 to ₹1.50 per share. Any announcement above ₹1.60 will likely trigger a massive short-term breakout.
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Revenue Growth: Projected to hit ₹650–₹700 Crore. Investors must check if the new solar capacities are finally offsetting the seasonal volatility of hydro power.
Investor Strategy: If SJVN maintains an EBITDA margin above 80%, it remains a "Strong Buy" for long-term renewable portfolios.
2. IRCON International: Execution & Margin Sustainability
IRCON has been a momentum favorite, but investors are now demanding higher profitability from its massive order pipeline.
Key Investor Watchpoints (Today):
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Net Profit Benchmark: The street estimate is ₹215–₹230 Crore. In Q2, IRCON reported ₹206 Crore; anything less than a 5% QoQ growth might lead to profit booking.
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Order Book Valuation: Look for the magic number—₹26,000 Crore. If the management announces new project wins in the renewable infra or international railway segments, the stock's valuation multiple could re-rate.
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Margin Compression: High raw material costs have been a concern. If EBITDA margins dip below 8%, it may indicate pressure on project profitability.
Investor Strategy: IRCON is a "Growth Play." Investors should focus on the Management Commentary regarding the "Payment Milestones" of international projects.
Comparative Snapshot: Q2 Actual vs. Q3 Projections
| Financial Metric | SJVN (Previous Q2) | SJVN (Q3 Estimate) | IRCON (Previous Q2) | IRCON (Q3 Estimate) |
| Net Profit (PAT) | ₹308.12 Cr | ₹460 Cr | ₹206.04 Cr | ₹225 Cr |
| Dividend per Share | Nil | ₹1.25 (Expected) | Nil | N/A |
| Market Sentiment | Recovery Watch | Bullish | Growth Focus | Neutral-Positive |
Final Investor Outlook: Why You Should Watch Today
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Passive Income: SJVN is the primary target for dividend seekers. A high payout today secures the yield for the fiscal year.
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Infrastructure Momentum: IRCON's results will act as a proxy for the entire Railway and Road construction sector.
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Technical Levels: Keep an eye on the closing price today. A close above the 20-day EMA following the result announcement will confirm a "Bullish Trend" for both stocks