NAVA Q1FY27: Record Income, Strong Margins, and a Clear Buildout Pipeline

Consolidated total income was INR 1,268.8 crore, EBITDA was INR 583.5 crore (46.0% margin), and PAT was INR 332.8 crore (26.2% margin).

The company attributed lower silico manganese production and sales to a planned shutdown at its Odisha operations.

Management stated the 100 MW Maamba Solar project is set to be commissioned by the end of September 2026.

Management guided that full commissioning of both units is expected by Q2 of FY27-28, around June-July 2027, due to logistics delays in equipment shipments.

The CFO indicated sustainable EBITDA margins around 45% to 50% for Zambian energy, and disclosed MEL receivables of USD 67.9 million as of June 30, 2026, with arbitration award receivables also noted.

Management guided commissioning in Q4 FY28, and the CFO stated expected revenue of INR 55 to INR 60 million per annum.