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Nava Results: Latest Quarterly Results & Analysis

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NAVA Ltd. 07 Nov 2025 15:08 PM
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Q2FY26 Quarterly Result Announced for NAVA Ltd.

Power - Electric Utilities company NAVA announced Q2FY26 results

Consolidated Financial Highlights:

  • Declares interim dividend of 300%
  • Consolidated total income at Rs 989.7 crore, reflecting stable operations across businesses
  • Reports Net profit of Rs 177.5 crore, supported by strong operational efficiency
  • The 60 MW Captive Power Plant (CPP) in Odisha successfully transitioned to an Independent Power Plant (IPP) effective November 1, 2025, enhancing revenue visibility and operational metrics.
  • MEL realised USD 30 million during the quarter, bringing down arrears to USD 55.5 million – underscoring steady cash flow recovery.
  • Robust dividend momentum: Since April 2025, MEL has distributed USD 72.8 million to sponsors. Nava Global has, in turn, maintained its consistent track record, leveraging upon sustained profitability and distribution, declared USD 10 million dividend on November 3, 2025, taking cumulative payout to USD 24 million to date.

Standalone Financial Highlights:

  • Revenue: Rs 555.5 crore, up 28.9% YoY
  • PAT: Rs 156.5 crore, up 7.1% YoY

Ashwin Devineni, MD & CEO, said: “Our performance this quarter reaffirms Nava’s operational strength, disciplined execution, and long-term focus on sustainable value creation. The successful transition of our Odisha power plant to an IPP model and consistent dividend flow underscore our commitment to enhancing shareholder returns. With robust projects underway across energy and agriculture, Nava remains well-positioned for continued growth and global relevance.”

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Power - Electric Utilities company NAVA announced Q1FY26 results

  • Total income: Rs 1,232.6 crore, up 16.7% quarter-on-quarter (QoQ) and marginally lower by 2.0% YoY.
  • Net profit: Rs 399.1 crore, up 31.8% QoQ and lower by 10.5% YoY.
  • The average tax rate is higher, as profits from the power division of MEL are subject to tax at 15% from Q1FY26.
  • Maamba Energy (MEL): Received arrears of USD 75.0 million, reducing outstanding receivables to USD 85.5 million.
  • Sponsors received maiden dividend from MEL, with the Nava group receiving USD 32.5 million as its share.
  • Projects: MEL’s Phase II 300 MW expansion and MSEL’s 100 MW solar project in Zambia are on track for scheduled commissioning in Q2FY27.

Ashwin Devineni, Managing Director & CEO, said: “We are pleased to report our highest-ever quarterly PBT, driven by strong operations across our energy portfolio and improved realisations in the metals business. The 50% tax concession regime applicable to the power division under MEL impacted the PAT for the quarter. The resolution of a substantial portion of MEL’s receivables and the receipt of its maiden dividend are significant steps in further strengthening our cash position.

Our strategic projects from renewable energy in Zambia to commercial agriculture in Africa are progressing as planned, positioning us for sustainable growth. The planned conversion of our captive power assets to IPPs will further enhance operational efficiency.

We remain committed to disciplined capital allocation, operational excellence, and the timely execution of our growth plans to create enduring value for all stakeholders.”

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Power & Electric Utilities company NAVA announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total revenue at Rs 1,055.8 crore, with QoQ growth of 20.2% and YoY growth of 10.9%
  • PAT at Rs 302.8 crore, with QoQ de-growth of 14.3% and YoY growth of 18.8%

FY25 Financial Highlights:

  • Total revenue at Rs 4,135.2 crore – Highest ever : with YoY growth of 4.6%
  • Consolidated PAT at Rs 1,434.0 crore - Highest ever , with YoY growth of 14.2%
  • Recommended Final dividend of Rs 6 per share; this is in addition to interim dividend of Rs 4 per share (paid before share split).

Commenting on the results, Ashwin Devineni, Chief Executive Officer, said, “For FY25, NAVA Group delivered multiple milestones. Our consolidated revenue was Rs 4,135 crore at a YoY growth of 4.6%, and a PAT of Rs 1,434 crore. Our revenue and profit for the year are the highest ever.

All our major segments – Metals, Mining and Energy, have shown robust growth as compared to last year. Our ferro alloys business has significantly turned around and contributed to the improvement in profit in FY25.

We have also seen significant improvement in MEL’s receivables position. Post the close of the financial year, MEL received US$ 55.0 Mn which has helped it repay its shareholder loans in full to the sponsors.

With an objective to improve shareholder value, we completed two corporate actions during the last financial year – a stock split in Q3 and a share buyback for Rs. 360.0 crore in Q4. In addition to these, we continue to maintain our dividend distribution at a healthy rate.

Our new projects under Maamba Solar, Nava Avocado and Kawambwa Sugar are showing encouraging progress. We are progressing on a robust cash and capital allocation plan which sufficiently meets our expansion objectives.

Finally, I would like to extend a warm welcome to Mr. K V S Vithal, who has joined us as Chief Financial Officer (CFO) of NAVA Group with effective from February 8, 2025.”

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Electric Utilities company NAVA announced Q3FY25 results

  • Revenue: Rs 878.1 crore compared to Rs 995.0 crore during Dec'23, change -11.7%.
  • EBITDA: Rs 485.5 crore compared to Rs 475.2 crore during Dec'23, change 2.2%.
  • EBITDA margin: 55.3% for Dec'24.
  • PBT: Rs 391.6 crore compared to Rs 464.1 crore during Dec'23, change -15.6%.
  • PAT: Rs 353.3 crore compared to Rs 465.0 crore during Dec'23, change -24.0%.

Ashwin Devineni, CEO, Nava, said: “Despite challenging market conditions, we have maintained profitability and enhanced operational efficiencies. Our continued focus on business expansion, cost optimization, and strategic investments will drive long-term value creation for our stakeholders. Our commitment to sustainable growth is reflected in our planned diversification strategies, that are expected to take shape in due course of time.”

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Electric Utilities company NAVA announced Q2FY25 results

Standalone Financial Highlights:

  • Total Revenue: Rs 430.5 crore compared to Rs 355.0 crore during Q2FY24, change 21.3% YoY.
  • EBITDA: Rs 173.2 crore compared to Rs 50.6 crore during Q2FY24, change 242.0% YoY.
  • PBT: Rs 164.3 crore compared to Rs 40.4 crore during Q2FY24, change 306.3% YoY.
  • PAT: Rs 146.1 crore compared to Rs 31.4 crore during Q2FY24, change 365.3% YoY.

Consolidated Financial Highlights:

  • Total Revenue: Rs 942.9 crore compared to Rs 961.8 crore during Q2FY24, change -2% YoY.
  • EBITDA: Rs 456.1 crore compared to Rs 398.9 crore during Q2FY24, change 14.3% YoY.
  • PBT: Rs 361.2 crore compared to Rs 225.6 crore during Q2FY24, change 60.0% YoY.
  • PAT: Rs 331.9 crore compared to Rs 193.2 crore during Q2FY24, change 71.7% YoY.

Ashwin Devineni, CEO of NAVA, said: “Our latest financial results showcase Nava Limited’s resilience and strategic direction, while enhancing profitability across sectors. Our diversified portfolio and prudent financial management have not only bolstered our cash flows but have also enabled significant debt reduction, thus enhancing shareholder value. Furthermore, our expansion in Zambia with a new integrated sugar plant and our robust agricultural initiatives position us to tap into high-growth opportunities in Africa.”

“The board’s decision for an equity share split aims to make Nava’s shares more accessible to a broader investor base, underscoring our commitment to sustainable growth and value creation,”

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Electric Utilities company NAVA announced Q4FY24 & FY24 results:

  • Improved free cash flows and consistent financial growth across all business verticals generating substantial reserves for future growth capital and corporate actions to enhance shareholder value.
  • Consolidated financials demonstrated sustained revenue and profitability during the year, achieving total Income of Rs 3,955.0 crore and PAT of Rs 1,256.1 crore for the financial year.
  • The long-term debt at MCL amounting to Rs 2,621.1 crore (USD 314.4 million) has been fully repaid during the current FY. This will enable distribution of future free cashflows to its sponsors, from FY25 onwards.
  • Energy vertical has improved financial performance with the operations of Nava Bharat Energy India Limited’s (NBEIL} 150 MW power plant throughout the year NRFIL has witnessed turnarnund with PBT of Rs 115.8 Crore for FY 2024.
  • Ferro Alloys turnover has improved during the quarter with higher sales quantity and uptick in the realisation prices.
  • Mining division reported a revenue growth of 21.2% and PBT growth of 165% for FY24, driven by improved sales quantities and lower finance costs 
  • Board Declares Final Dividend of 200% (Rs 4 per share) for FY24 

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Electric Utilities company NAVA announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Total Revenue: Rs 962 crore, a 9.3% YoY increase.
    • EBITDA: Rs 399 crore, a slight -2.6% YoY decrease.
    • EBITDA Margin: 41.5%, down by 506 bps YoY.
    • PBT: Rs 226 crore, a marginal -0.8% YoY change.
    • PAT: Rs 193 crore, up by 9.3% YoY.
  • H1FY24:
    • Total Revenue: Rs 2,018 crore, a modest 1.2% YoY growth.
    • EBITDA: Rs 971 crore, a 1.0% YoY increase.
    • EBITDA Margin: 48.1%, a slight -10 bps YoY decrease.
    • PBT: Rs 640 crore, with a 4.2% YoY growth.
    • PAT: Rs 536 crore, showing a 3.6% YoY increase.
  • As of October 2023, the Indian operations of Nava achieved a significant milestone by becoming entirely long-term debt-free reflecting the Company's strengthened financial position

Talking of the results, the CEO of Nava, Ashwin Devineni said, "Our journey at Nava Limited is marked not only by financial growth but also by a significant reduction of long-term debt. Clearing of debt along with sustainable growth positions us for greater success and value creation for our stakeholders."

 

 

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Electric Utilities company NAVA announced FY23 results:

  • Consolidated FY23 vs FY22:
    • Revenue: Rs 3,928.0 crore vs Rs 3,645.4 crore, up 7.8% YoY
    • EBITDA: Rs 1,967.6 crore vs Rs 1,616.6 crore, up 21.7% YoY
    • EBITDA Margin %: 50.1% vs 44.4%, up 574 bps YoY
    • PBT: Rs 1,266.2 crore vs Rs 900.4 crore, up 40.6% YoY
    • PAT: Rs 1,221.7 crore vs Rs 573.3 crore, up 113.1% YoY
    • The Board of Directors considered that the improved cash flow position at MCL merited a higher dividend pay-out for FY23 and recommended dividend of 300% (Rs 6 Per equity share).

Ashwin Devineni, CEO of Nava commented on the results saying, “Nava’s strong performance during FY2023 and improved performance during Q4 reflects resilience in our operations amid volatility in the metals business. We are pleased with the repayment of five overdue loan installments by MCL in the past few months and expect to pay the remaining two overdue installments in 1 month. With the stabilization of Silico Manganese production at Odisha's works and the efforts being put in to reduce the cost of production, the margins from the Ferro Alloys division shall increase going forward. Looking ahead, we remain confident in our ability to capitalize on emerging opportunities and overcome challenges in the industry. We are committed to delivering long-term value to our shareholders while providing innovative solutions and exceptional service to our customers.”

 

 

Result PDF

Electric utilities firm NAVA announced Q3FY23 result:

  • Q3FY23:
    • The Company continued itsrobust growth during Q3FY23 & 9MFY23, backed by the solid performance of MCL. The 300 MW power plant in Zambia reported a record PLF of 99.5% in Q3FY23, boosting overall performance.  
    • MCL reports solid operational and financial performance - a growth aided by record PLF.
    • The International Arbitral Tribunal has issued a Consent Award for US$ 518 million, agreed to be discharged by August 2023, providing a big shot in the arm for MCL against the receivables from ZESCO.
    • Standalone operations remain net Debt-free, whereas consolidated net Debt was reduced by 19% YoY as of 9MFY23.
    • ZESCO is required to discharge the outstanding and overdue arrears aggregating to about US$ 518 million (after a discount of US$ 60 million) as of October 31, 2022, by August 2023. ZESCO has effected the first payment of US$ 10 Million to MCL in Q3FY23 as per the agreed payment plan in the Award, reflecting its commitment.

Mr. Ashwin Devineni, the CEO of the Company, commented on the results, saying, "Our Company has performed remarkably well in 9MFY23 on various fronts. Our Indian and Zambian operations have shown remarkable resilience in the volatile environment. FY23 began with a strong Ferro Alloy segment performance. However, post H1FY23, Zambian operations have further strengthened their performance. MCL in 9MFY23 has already generated units much higher than FY22. Our revised arrangement with ZESCO has been yielding good results. The combination of exceptional operational performance, with the Company receiving regular and timely payments from ZESCO, has further strengthened our cash flows. I am pleased to note that all the power sales to ZESCO since May 2022 are being fully realised. Our balance sheet remains healthier than ever, providing confidence in the long and sustained visibility for the Company. We believe that we're on a good foundation for the long term. Further, MCL repaid debt of US$ 49.5 million during Dec 22 & Jan 23."

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Electric Utilities firm NAVA announced Q1FY23 Result :

  • Registers robust Standalone PAT growth of 286% YoY and 37% QoQ
  • The new Tariff arrangement with MCL paves the way for continuity in the monthly collection from July 2022 onwards
  • The Company continued robust growth in its both standalone & consolidated operations during Q1FY23, backed by solid traction in metals and energy demand. Both export and domestic markets for manganese alloys witnessed firm momentum during the period. Ferrochrome continued its stable performance and provided stability in the overall earnings. The energy division has witnessed a remarkable improvement, backed by the IPPs in Odisha (60MW), NBEIL (150MW) and MCL (300MW}. On the Zambian front, the Company has taken a strategic initiative and reached an agreement for a revised prospective tariff, which will ensure cash flow continuity and allow the Zambian company to sell its surplus energy in the open market.
  • Consolidated Revenue reported an increase of 82.1% YoY for Q1FY23, backed by solid standalone operations I better operating profile of Indian power subsidiary and well rounded performance in coal and energy by MCL, Zambia.

Mr. Ashwin Devineni, the CEO of the Company, commented on the results, saying, "Our Company is flourishing on the strength of a strong foundation laid over years. After robust FY22 performance, we have delivered overall good first quarter results for FY23, thanks mainly to the strong demand momentum for energy and metals. The Company's Standalone operations have been the key pillars of growth and resilience. In our energy segment, we have delivered improved PLF and offtake despite witnessing strong headwinds. On the International Operations front, our Zambian operations regained normalcy after completing maintenance in FY22, and started reporting resilient performance in Q1FY23. Our revised arrangement with ZESCO is expected to bring in better cash flows and certainty to our operations over the long term. The Company is also actively pursuing options to monetise its urban land parcel in Hyderabad post all legal resolutions. We believe that we're on a good foundations for the long term, and, along with our new Identity NAVA Limited, we see a new dawn of continued value creation rising ahead of us."

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