Nava Ltd

NAVA LIMITED: Trading Window Closure from October 01, 2026 until expiry of 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ended September 30, 2026 (Q2FY2027).

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.

Grant of RSUs under NAVA RSU 2023

• Grant-VI of 6,80,000 RSUs approved for eligible employees under Nava RSU 2023.
• Exercise price fixed at ₹465 per RSU.
• Total shares covered: 6,80,000 equity shares of Re.1 each.
• Vesting calendar: not earlier than 1 year from grant.
• Vesting schedule: 20% on 14-Aug-2027; 20% on 14-Aug-2028; 25% on 14-Aug-2029; 35% on 14-Aug-2030.
• Exercise window: up to 90 days post-vesting; changes allowed if not detrimental.
• RSUs lapsed: 98,000.
• Grant date: 14 August 2026.

RSU Grant Details

• Grant of 680,000 RSUs approved under NAVA RSU 2023 for eligible employees.
• Total shares covered: 680,000; each RSU entitles one equity share.
• Exercise price fixed at ₹465 per RSU.
• Vesting not earlier than 1 year; four tranches: 20% (2027), 20% (2028), 25% (2029), 35% (2030).
• Exercise period up to 90 days from vesting, subject to applicable laws.
• RSUs lapsed: 98,000.
• Scheme complies with SEBI SBEB Regulations 2021.
• Grant approved by Nomination & Remuneration Committee on Aug 14, 2026.

AGM Details

• Date: August 14, 2026; Start 10:00, end 10:40; mode: physical with video conferencing.
• Record date: August 7, 2026; 54th AGM.

Key Resolutions

• Adoption of financial statements approved.
• Remuneration to Cost Auditors for the year approved.
• Directors retiring by rotation and re-appointment approved.
• Continuation/appointment of executive director with remuneration approved.
• Continuation of a non-executive director approved.
• Re-appointment of independent director approved.
• Dividend on equity shares approved.
• Amendment to Object Clause in Memorandum of Association approved.

Voting Results

• All ordinary and special resolutions passed by the required majority.

Dividend

• Dividend on equity shares approved (per-share amount not disclosed in filing).

Director Changes

• Directors retiring by rotation were re-appointed or continued as applicable.

Auditor Appointments

• Remuneration payable to Cost Auditors for the year approved.

Material Related Party Transactions

• Material related party transactions: not disclosed in results.

Other Material Approvals

• Special resolution for amendments to Memorandum of Association (Object Clause) approved.