Nava Limited: Forging New Paths with Strong Q2 FY26 Performance

Nava Limited, a diversified Indian multinational with interests spanning metals, mining, energy, commercial agriculture, and emerging businesses, has announced its consolidated financial results for the quarter ended September 30, 2025. The company reported a resilient performance, marked by sustained growth in key segments and a continued commitment to shareholder value creation through consistent dividend distributions. The quarter saw a consolidated total income of ₹989.7 crore and a net profit of ₹177.5 crore, reflecting stable operations and strong operational efficiency.

Operational Highlights and Segment Performance

The company's operational performance in Q2 FY26 was a mixed bag of robust growth and strategic adaptations. The Metals segment, particularly Ferro Alloys, demonstrated strong momentum, with sales surging to 32,760 MT, a significant increase from 19,337 MT in the corresponding period last year. This growth was driven by solid demand and increased throughput, underscoring the segment's resilience and market position. However, the Ferro Alloys division did experience lower realizations in the export market, which impacted overall profitability despite the higher sales volumes.

The Energy division, while sustaining its revenue, faced challenges. A planned semi-annual shutdown at Maamba Energy in Zambia and prolonged monsoon rains in India affected power demand and tariffs. Despite these headwinds, the division managed to maintain its revenue, showcasing its operational stability. A key strategic move was the successful transition of the 60 MW Captive Power Plant (CPP) in Odisha into an Independent Power Plant (IPP) effective November 1, 2025. This conversion is expected to enhance revenue visibility and operational metrics, with a 5-year Power Purchase Agreement (PPA) secured for the state of Tamil Nadu at a delivered rate of INR 5.95 per unit. The Mining operations continued steadily, contributing positive margins to the company's overall performance.

Strategic Growth and Future Outlook

Nava Limited is actively pursuing several strategic initiatives to drive future growth and diversification. In Zambia, Maamba Energy Limited's (MEL) Phase II 300 MW expansion project is progressing well on all fronts, reinforcing Nava's position in the region's energy landscape. This project is on schedule, with both units expected to be commissioned by the later part of next year. Complementing this, Maamba Solar's 100 MW solar project commenced construction in September 2025 and is on track for commissioning in H2 FY27, with a power purchase agreement tariff of 7.8 cents per kilowatt hour. These energy projects underscore the company's commitment to expanding its power generation capacity and diversifying into renewable sources.

In agribusiness, Nava is making significant strides with its avocado plantations in Zambia. The first commercial fruit yield and associated income are projected for Q3 & Q4 FY26, with full production anticipated by FY28. This venture, along with the integrated sugar project, where sugarcane plantation multiplication is progressing and EPC contract works have commenced, supports the group's agribusiness diversification strategy. The company is also actively exploring new mining opportunities, including lithium and manganese in Ivory Coast and other regions, signaling a forward-looking approach to resource acquisition.

Management's Vision and Shareholder Value

Mr. Ashwin Devineni, MD & CEO, emphasized the company's operational strength, disciplined execution, and long-term focus on sustainable value creation. He highlighted the successful transition of the Odisha power plant to an IPP model and consistent dividend flow as key indicators of their commitment to enhancing shareholder returns. The company's strong balance sheet and disciplined capital management, coupled with a clear dividend policy of distributing 30% of Nava Global's PAT, reinforce investor confidence. Management also noted their very limited debt, which positions them favorably to seize new profitable opportunities as they arise, whether through greenfield projects or mergers and acquisitions.

Nava Limited's Q2 FY26 performance reflects a company that is not only navigating market challenges effectively but also strategically investing in diversified growth avenues. With robust projects underway across energy and agriculture, and a clear vision for expansion, Nava remains well-positioned for continued growth and global relevance, reinforcing investor trust through consistent performance and transparent communication.