Nava targets July 2027 for Maamba Energy’s 300 MW Phase II

Nava Limited targets phase-wise commissioning of Maamba Energy’s 300 MW Phase II in July 2027, while its 100 MW Maamba Solar project began injecting power into the grid after commissioning was announced on September 24, 2026. The presentation therefore records one grid-connected solar milestone and a larger capacity project still under construction.

When will Nava commission Maamba Energy Phase II?

Nava targets July 2027 for phase-wise commissioning of Maamba Energy’s 300 MW Phase II. The company said mechanical and electrical erections were progressing steadily at the project, making the July 2027 date a stated target rather than a completed commissioning event.

The supplied presentation does not disclose the project’s capital cost, financing structure, fuel arrangement or individual commissioning dates for the 300 MW capacity. It also does not state how many phases are planned, how much capacity each phase will contain, or whether the entire 300 MW will be available in July 2027.

The planned 300 MW Phase II capacity is three times the 100 MW capacity of Maamba Solar, a difference of 200 MW. The projects are also at different stages: Maamba Solar had reached commissioning and grid injection by September 24, 2026, while Phase II remained in the mechanical and electrical erection stage with a July 2027 target.

The phrase “phase-wise commissioning” indicates that Nava intends to bring the 300 MW project into service in stages rather than necessarily through one event. However, the presentation gives no phase-level MW split or sequence, leaving the timing of individual capacity additions unresolved.

Has Nava’s Maamba Solar project started injecting power?

Yes, Nava said commissioning of the 100 MW Maamba Solar project was announced on September 24, 2026, with power injection into the grid. Grid injection is the operating milestone explicitly disclosed for the solar project in the company’s update.

Nava did not report electricity generation, plant load factor, tariff, revenue or the commercial-operation date for the 100 MW solar asset. As a result, the presentation confirms grid injection but does not quantify the project’s financial or generation contribution during Q2 FY27.

The solar project is 200 MW smaller than the proposed 300 MW Phase II, yet it is at a more advanced point in Nava’s disclosure. The September 2026 milestone places the solar project ahead of the Phase II schedule, for which Nava identified July 2027 as the commissioning target.

Nava said all its power plants operated at healthy plant load factors, or PLFs, during the period covered by the Q2 and H1 FY27 highlights. The company did not provide a separate PLF, dispatch figure or availability percentage for Maamba Solar, so the wider operational statement cannot be used to measure this specific 100 MW asset.

How did energy operations affect Nava’s Q2 FY27 results?

Nava reported that energy division revenue rose 34.4% year on year in Q2 FY27, attributing the increase to healthy PLFs across its power plants and increased plant availability under Maamba Energy. The presentation does not disclose the energy division’s revenue in rupees for either Q2 FY27 or Q2 FY26.

Consolidated revenue from operations reached Rs 1,252.3 crore in Q2 FY27, up 29.9% from Rs 963.7 crore in Q2 FY26. This means the disclosed 34.4% energy-revenue increase outpaced the company’s consolidated revenue growth, although Nava did not provide enough segment data to calculate energy’s share of revenue.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 560.9 crore in Q2 FY27 from Rs 341.3 crore a year earlier. Nava said higher realisations in its Indian energy division and reduced coal prices contributed to the increase in consolidated EBITDA.

The EBITDA margin was 42.0% in Q2 FY27, compared with 34.5% in Q2 FY26 and 46.0% in Q1 FY27. Thus, the margin improved by 7.5 percentage points year on year but declined by 4.0 percentage points sequentially from the preceding quarter.

For 6M FY27, consolidated revenue from operations was Rs 2,464.1 crore, up 14.2% from Rs 2,157.0 crore in 6M FY26, while EBITDA rose 18.1% to Rs 1,144.3 crore. Those consolidated figures cover businesses beyond energy and cannot be treated as direct measures of the 100 MW solar project or the 300 MW Phase II development.

What Maamba Energy cash-flow updates did Nava disclose?

Nava said Maamba Energy declared a dividend of US$15.0 million in October 2026, and Nava Global’s cumulative dividend income during the year was about US$28.0 million. The presentation does not disclose Nava Global’s ownership interest, the dividend receipt date or whether the entire declared amount is included in the cumulative income figure.

In November 2026, Nava realised US$10.5 million from ZESCO, reducing receivable arrears to US$2.6 million. Based solely on those two figures, arrears immediately before the payment were US$13.1 million, calculated by adding the receipt to the reported balance remaining after payment.

The company did not state that the US$10.5 million ZESCO realisation would fund the 300 MW Phase II project. It also did not disclose the total receivable balance, payment terms, a future collection schedule or the project’s financing requirements, limiting what can be concluded about funding from the arrears update.

Other expenses rose 63.5% to Rs 173.2 crore in Q2 FY27 from Rs 106.0 crore in Q2 FY26. Nava attributed the increase to foreign-exchange loss on current assets following Zambian kwacha depreciation, along with higher freight and shutdown costs under Maamba Energy.

Nava also reported that Nava Bharat Projects Limited paid a Rs 8.2 crore dividend during the quarter. That payment was listed separately from the Maamba Energy dividend and was not presented as financing for either the 100 MW solar project or the 300 MW Phase II project.

Conclusion

Nava’s update sets out two distinct energy milestones: Maamba Solar’s 100 MW project had begun grid injection after its September 24, 2026 commissioning announcement, while Maamba Energy’s 300 MW Phase II was progressing through mechanical and electrical erection. The Phase II project represents an additional 200 MW over the solar project and carries a stated July 2027 phase-wise commissioning target.

The next disclosed event to watch is progress against the July 2027 Phase II timetable, particularly any update on the capacity and timing of individual commissioning phases. Nava has not yet disclosed phase-level capacity, project cost, financing or a commissioning sequence, while future disclosures on Maamba Solar generation, Maamba Energy availability and ZESCO arrears would provide additional operating detail.