Date: November 12, 2026

Financial Results (Standalone & Consolidated)

Consolidated Q2 FY27 Performance (₹ Crores)

  • Revenue from operations: ₹1,252.3, +29.9% YoY (Q2 FY26: ₹963.7)
  • Other income: ₹83.2, +220.3% YoY
  • Total Income: ₹1,335.6, +34.9% YoY
  • EBITDA: ₹560.9, +64.4% YoY; EBITDA Margin: 42.0% (vs 34.5% in Q2 FY26)
  • Profit Before Tax (PBT): ₹453.2, +85.6% YoY; PBT Margin: 33.9%
  • Profit After Tax (PAT): ₹403.5, +127.3% YoY; PAT Margin: 30.2%
  • Earnings Per Share: ₹11.14 (Q2 FY26: ₹4.58)

Consolidated H1 FY27 Performance (₹ Crores)

  • Revenue from operations: ₹2,464.1, +14.2% YoY
  • EBITDA: ₹1,144.3, +18.1% YoY; EBITDA Margin: 43.9%
  • PAT: ₹736.3, +27.7% YoY; PAT Margin: 28.3%
  • Earnings Per Share: ₹20.93

Standalone Q2 FY27 Performance (₹ Crores)

  • Revenue from operations: ₹498.2, +13.4% YoY
  • EBITDA: ₹155.8, -15.8% YoY; EBITDA Margin: 29.8%
  • PAT: ₹111.4, -28.8% YoY; PAT Margin: 21.3%
  • Earnings Per Share: ₹3.94

Standalone H1 FY27 Performance (₹ Crores)

  • Revenue from operations: ₹1,020.5, +5.3% YoY
  • EBITDA: ₹474.4, +27.5% YoY; EBITDA Margin: 39.2%
  • PAT: ₹377.5, +26.9% YoY; PAT Margin: 31.2%
  • Earnings Per Share: ₹13.33

Business Update

Ferro Alloys Segment

  • Silico Manganese Production Q2 FY27: 30,484 tons (+24.6% QoQ)
  • Silico Manganese Sales Q2 FY27: 30,408 tons (+4.4% QoQ)
  • Ferro Silicon Production Q2 FY27: 0 tons (Q1 FY27: 231 tons)
  • Ferro Silicon Sales Q2 FY27: 168 tons (-52.4% QoQ)
  • Odisha operations resumed in August 2026

Energy (India) Segment

  • Power Units Sold Q2 FY27: 514 Mn kWh (-8.7% QoQ)
  • Merchant - Nava: 278 Mn kWh (-20.3% QoQ)
  • Merchant - NBEIL: 236 Mn kWh (+39.2% QoQ)
  • Captive: 150 Mn kWh (+28.1% QoQ)
  • Average PLF: 82.8% (Q1 FY27: 85.4%)
  • Telangana Operations (114 MW): PLF 84.2% vs 87.3% in Q1
  • Odisha Operations: 60 MW unit underwent maintenance shutdown; 150 MW capacity PLF 81.6% vs 93.4% in Q1
  • NBEIL 150 MW unit: PLF 82.9% vs 76.0% in Q1

MEL Zambia Segment (USD)

  • Average PLF Q2 FY27: 91.6% (Q1 FY27: 89.3%)
  • Power Units Sold: 548.1 Mn kWh
  • Coal Outside Sales: 171,600 MT (+41.4% QoQ)
  • Total Revenue: $68.7 Mn (+4.9% QoQ)
  • EBITDA: $33.1 Mn
  • PAT: $26.7 Mn (+60.3% QoQ)
  • Receivables: $70.9 Mn
  • Tariff increased by 4.1% effective September 1, 2026

Other Operational Highlights

Maamba Energy Limited

  • Declared dividend of US$15.0 Mn in October 2026
  • Nava Global's cumulative dividend income during the year: ~US$28.0 Mn
  • Realized US$10.5 Mn from ZESCO in November 2026, reducing receivable arrears to US$2.6 Mn
  • Phase II 300 MW expansion: Mechanical and electrical erections progressing, phase-wise commissioning targeted for July 2027

Other Business Updates

  • Maamba Solar 100 MW: Commissioning announced on September 24, 2026 with power injection into grid
  • Avocado plantation: Received Global G.A.P and SMETA accreditations for Div A and B plantations, allowing exports to European countries
  • First commercial harvest and sales expected during November 2026 - March 2027
  • Integrated Sugar project: Sugarcane plantation progressing, plant & machinery arriving at site, construction activities on track
  • Nava Bharat Projects Limited paid dividend of ₹8.2 Cr during the quarter

Financial Performance Drivers

Positive Factors

  • Energy division revenue up 34.4% YoY with all power plants operating at healthy PLFs
  • Mining revenue higher by 33.10% YoY with increased sales quantity
  • Higher realizations in Indian Energy division coupled with reduced coal prices
  • Tax expense lower due to DTL provision reversal with Zambian Kwacha depreciation
  • Other income increased significantly due to dividend income

Negative Factors

  • Other expenses higher due to forex loss on current assets following Kwacha depreciation in Zambia
  • Increased freight and shutdown costs under MEL
  • Ferro Silicon production and sales declined significantly
  • Standalone performance showed decline in Q2 PAT YoY