Financial Performance FY 2025-26

Nava Limited reported exceptional standalone performance with Profit After Tax surging 116% to ₹910.93 crore, driven by strong metals exports and power performance. However, consolidated PAT declined 27.6% to ₹1,038.52 crore primarily due to transition to 15% effective tax rate at Maamba Energy Limited following completion of tax holiday period and non-cash deferred tax provision of approximately ₹261.79 crore from 32% appreciation of Zambian Kwacha.

Standalone revenue from operations grew 19.4% YoY to ₹1,924.73 crore, while consolidated revenue increased 7.7% to ₹4,290.91 crore. The company declared its highest-ever total dividend of ₹8.50 per share (₹3.00 interim + ₹5.50 final recommended), totaling ₹181.12 crore payout.

Operational Highlights

Metals Business

  • Silico Manganese production: 127,486 MT (22% increase)
  • Silico Manganese sales: 134,410 MT (42% increase)
  • 40% production under long-term contracts with Japanese mills, 30% under quarterly fixed-base contracts

Power Business

  • 114 MW Telangana plant: 74.5% PLF; 150 MW Odisha plant: 77.2% PLF
  • Maamba Energy Limited (Zambia) 300 MW Plant: 89.6% PLF with 90% plant availability
  • Receivables reduction: From US$160.6 million to US$28 million (90% collection)
  • Dividend payment: US$175 million to shareholders

Projects Under Development

Maamba Energy Limited - 300 MW Phase II Thermal Plant

  • Capex: US$400 million; Commissioning target: Q4 FY27
  • Debt funding: US$290 million tied up from Zambian banks

Maamba Solar Energy Limited - 100 MW Solar Plant

  • Capex: US$90 million; Commissioning: July 2026 (Q2 FY27)
  • 20-year PPA at US$0.078 per kWh

Agri Business - Avocado Plantation

  • First commercial harvest: 150 tonnes; Expected FY27 harvest: 1,000 tonnes
  • Peak annual yield target: 25,000 MT; Estimated peak revenue: US$22 million annually

Kawambwa Sugar Project

  • Integrated complex: 2,500 TCD sugar plant, 30 KLPD distillery, 20 MW co-generation
  • Commissioning target: Q4 FY28 (March 2028)

Corporate Actions & Capital Structure

The company received ₹705 crore from overseas investments through dividends and share buybacks. Capital changes included a stock split from ₹2 to ₹1 face value and completion of a buyback of 7.2 million shares in the previous year. Financial position strengthened with cash equivalents at ₹3,031.53 lakh and working capital loans of ₹3,692.79 lakh secured against current assets.

Net debt stood at ₹1,224.065 lakhs with a gearing ratio of 1.38% as of 31 March 2026, while borrowings increased to ₹22,209.240 lakhs. The company disclosed ₹33,568.23 lakhs in investments through intermediaries to overseas subsidiaries.

AGM and Corporate Governance

The 54th Annual General Meeting is scheduled for 14 August 2026 with key agenda items including re-appointment of directors (Mr. P. Trivikrama Prasad, Mr. Nikhil Devineni, Mr. GRK Prasad, and Mr. Mwelwa Chibesakunda), ratification of cost auditor remuneration, and amendment of the Memorandum of Association to include nuclear energy.

The board composition includes Mr. D Ashok as Non-Executive Chairman, Mr. Ashwin Devineni as Managing Director & CEO, and five Independent Directors. The company maintains strong regulatory compliance with audit trail features enabled and no material adverse findings in auditor's report.

Outlook

For FY 2026-27, the company plans Silico Manganese production of ~130,000 MT and expects to maintain high utilization at Zambian operations. Key project timelines include 100 MW solar plant commissioning in July 2026, 300 MW thermal expansion in Q4 FY27, avocado plantation scaling to 1,200+ tonnes harvest, and sugar complex commissioning in March 2028.