Nava Ltd

Financial Performance

• Q1 FY27 consolidated total income: INR 1,269 crores (all-time quarterly high).
• Standalone total income: INR 689 crores.
• Energy & Mining MEL 300 MW plant at 89.3% PLF.
• Lower coal/manufacturing costs and Nava Global dividend supported earnings.
• Solar project: 100 MW to be commissioned by end of September.
• Phase 2 MEL commissioning moved to Q2 FY27-28; first unit earlier.
• Phase 2 cost INR 400 million; debt INR 300 million, equity INR 100 million.
• Dividend policy: minimum 30% of PAT paid.
• Sugar plant: commissioning in Q4 FY28; revenue INR 55-60 million per year.
• Intersegment EBITDA: consolidated EBITDA expected in the 35-40% range.

Operational Update

• Zambia operations unaffected by elections; not linked to any political party.
• Zambia energy EBITDA margin declined due to less ECL reversals; sustainable margin 45-50%.
• Maamba assets consolidated 100% in Nava Limited; Nava Global is the owner.
• Nava Global owns Maamba Solar; Nava Limited remains ultimate owner.
• Nacharam land: historical cost ~INR 40 lakhs; current value not disclosed.
• Third-party valuation may reflect appreciation; current value undisclosed.
• Orissa unit maintenance shutdown; resumed August 1.
• Lithium exploration large area; manganese exploration ongoing.
• Manganese exploration: 360 sq km concession; detailed exploration done on 2 sq km; promising.
• Ivory Coast assets: exploration results under review; potential exploitation license conversion; JV option pending.

Projects and Capex

• Solar 100 MW: commissioned by Sep 2026.
• Phase 2 MEL: cost INR 400 million; debt 300 million, equity 100 million.
• Phase 2: interest cost capitalised during construction per IFRS/Ind AS.
• ROE on additional 300 MW around 15%.
• Sugar plant: commissioning Q4 FY28; revenue INR 55-60 million per year.
• Ivory Coast plant: potential JV for factory; approvals pending.

Guidance and Outlook

• Phase 2 commissioning moved; no material impact on project capex.
• Dividend policy remains: minimum 30% of PAT.
• Consolidated EBITDA guidance: 35-40% range.
• Renewables expansion across geographies, location-agnostic; India included.

Q&A Highlights

• Phase 2 MEL online by Q2 FY27-28; solar by Sep 2026.
• MEL Phase 2 revenue around INR 200 million.
• Zambia elections: no impact on operations.
• Land assets: historical cost; valuation not disclosed.
• Lithium/manganese exploration: exploration ongoing; exploitation license conversion under process.
• Orissa unit maintenance: bi-annual shutdown; resumed Aug 1.
• Intersegment eliminations: consolidated EBITDA 35-40%.
• Tax holiday for Phase 2 not available; pursuing with government.
• ROE for 300 MW project around 15%.

RSU allotment details

• Share Allotment Committee approved the 57,501 equity shares on 19-08-2026.
• Exercise price ₹378 per share; premium ₹377; par value ₹1.
• Post-issue paid-up capital rises to ₹28,33,12,597; total shares 28,33,12,597.
• Total money realized from exercise: ₹2,17,35,378.
• Shares allotted rank pari-passu with existing shares; ISIN INE725A01030.

Financial highlights

• Consolidated total income ₹1,269 crore; highest ever.
• Consolidated revenue from operations ₹1,212 crore; +6.0% QoQ.
• Consolidated EBITDA ₹584 crore; PBT ₹480 crore; PAT ₹333 crore.
• Standalone total income ₹689 crore; revenue from operations ₹522 crore.
• Dividend income US$15 million from Nava Global.
• ZESCO arrears reduced to US$13.4 million.

Operational updates

• MEL Phase II 300 MW to be commissioned by July 2027.
• Maamba Solar 100 MW to commission by Sept 2026.
• Manganese exploration in Côte d'Ivoire progressing toward exploitation permit.
• Lithium and tantalum exploration expanding Africa portfolio.
• Nava Avocado packhouse to be commissioned Oct 2026.
• Kawambwa Sugar: commissioning by March 2028; infrastructure progressing.

Consolidated highlights

• Consolidated total income: ₹1,269 crore in Q1 FY27, the highest quarterly level.
• Revenue from operations rose 6.0% QoQ to ₹1,212 crore.
• Energy revenue up 18.3% QoQ, supported by PLFs and bilateral contracts.
• Dividend income: US$15 million from Nava Global.
• ZESCO arrears reduced to US$13.4 million after receiving US$15 million.
• Mining revenue rose 20.4% QoQ.

Standalone performance

• Standalone total income ₹689 crore in Q1 FY27.
• Standalone revenue from operations ₹522 crore in Q1 FY27.
• Standalone EBITDA before exceptional item ₹319 crore; PBT ₹309 crore; PAT ₹266 crore.

Operations & projects

• Phase II MEL 300 MW to be commissioned in phases by July 2027.
• Maamba Solar 100 MW project to commission by September 2026.
• Manganese exploration at Côte d'Ivoire concession progressing toward exploitation permit.
• Lithium and tantalum exploration continuing to diversify Africa portfolio.

Q1FY27 Financial Highlights

• Highest-ever quarterly total income reported.
• Consolidated revenue ₹1,268.8 Cr, +6.2% QoQ.
• Consolidated EBITDA ₹583.5 Cr, +37.9% QoQ; PAT ₹332.8 Cr, +144.2% QoQ.
• Standalone revenue ₹688.9 Cr, +12.1% QoQ.
• Standalone EBITDA ₹318.6 Cr, +87.6% QoQ.
• Standalone PAT ₹266.0 Cr, -44.4% QoQ.

Operational and Corporate Developments

• Nava Global declared dividend of US$15 Mn.
• Maamba Solar 100 MW nearing commissioning; MEL Phase II 300 MW erection progressing.
• Maamba Energy receivables: US$13.4 Mn arrears; US$15.0 Mn realization planned.

Business overview

• Diversified operations across Ferro Alloys, Energy, Mining, and agro ventures.
• Maamba Solar 100 MW nearing commissioning in Sep 2026.
• MEL Phase II 300 MW erection progressing.
• Nava Global declared dividend of US$15 Mn.

Key operational highlights

• Consolidated revenue ₹1,268.8 Cr; QoQ +6.2%; EBITDA ₹583.5 Cr; QoQ +37.9%.
• PAT ₹332.8 Cr; QoQ +144.2%.
• Energy division revenue up 18.3%; all plants operated at higher PLFs.
• Mining revenue up 20.4% QoQ.
• Ferro Alloys revenue declined due to Odisha-Ops shutdown; realisations up ₹3,200/MT.
• Maamba Energy receivables US$13.4 Mn arrears; US$15.0 Mn realization.
• NBEIL coal price reduction fully captured; Maamba Solar commissioning Sep 2026; MEL Phase II progress.
• Avocado plantation: 286,000+ trees; 3/4th planted; commercial fruit in Div A.
• Integrated Sugar project: sugarcane plantation progressing; equipment supplies commenced.

Financial performance

• Consolidated Total Income ₹1,268.8 Cr; QoQ +6.2%.
• Consolidated EBITDA ₹583.5 Cr; QoQ +37.9%; margin 46.0%.
• Consolidated PAT ₹332.8 Cr; QoQ +144.2%; margin 26.2%.
• Tax: DTL provision ₹25.2 Cr; Zambian Kwacha appreciation.
• ECL reversal minimal; arrears from ZESCO nearing 100% realization.
• Standalone Revenue ₹688.9 Cr; QoQ +12.1%; Standalone EBITDA ₹318.6 Cr; QoQ +87.6%.
• Standalone PAT ₹266.0 Cr; QoQ -44.4%.
• EPS: Consolidated ₹9.80; Standalone ₹9.40.

Capital structure & liquidity

• Nava Global declared dividend of US$15 Mn.
• Arbitration receivables: US$18.4 Mn as of 30 Jun 2026; US$13.4 Mn as of date.

Strategic priorities & outlook

• Energy-led growth across Maamba, NBEIL, and MEL with higher PLFs.
• Complete Maamba Solar 100 MW; advance MEL Phase II 300 MW.
• Capture coal-price reductions via Singareni arrangements; sustain export-led growth.

Risks & mitigation

• Ferro Alloys revenue hit by Odisha-Ops shutdown; mitigated by higher export realizations.
• Arbitration-related receivables; ongoing recovery efforts.
• Tax changes (DTL) and currency movements; note appreciation effects.

Governance & leadership

• Dividend declarations indicate capital allocation actions; no governance changes disclosed.

Financial results approved

• Unaudited consolidated and standalone results for quarter ended 30 June 2026 approved.

Disclosures included with results

• Segment results and limited review report for the quarter included.

Auditor emphasis of matter

• Emphasis: ₹16,514.61 Lakh overdue receivables from Maamba Energy; sovereign guarantee.

Litigation and contingent liabilities

• Uncertainty on Brahmani Infratech Private Limited litigation; contingent liabilities/assets noted.

Subsidiaries not material to Group

• Six subsidiaries' unaudited interim results included; not material to the Group.