Nava Q2 PAT rises 127% as revenue reaches Rs 1,252 crore

Nava Limited reported its highest quarterly revenue from operations of Rs 1,252 crore in Q2 FY27 ended September 30, 2026, while consolidated profit after tax rose 127% year on year to Rs 403 crore. Nava said energy performance, contributions from other businesses and a positive deferred-tax adjustment supported the profit increase.

How did Nava perform in Q2 FY27?

Nava’s revenue from operations was Rs 1,252 crore in Q2 FY27, up 30% from Rs 964 crore in Q2 FY26 and above Rs 1,212 crore in Q1 FY27. The company described the September 2026-quarter revenue as its highest-ever quarterly revenue in its November 12, 2026 announcement.

Total income increased 35% year on year to Rs 1,336 crore in Q2 FY27 from Rs 990 crore a year earlier. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 64% to Rs 561 crore from Rs 341 crore, while profit before tax increased 86% to Rs 453 crore from Rs 244 crore.

Profit after tax, or PAT, was Rs 403 crore in Q2 FY27, compared with Rs 177 crore in Q2 FY26 and Rs 333 crore in Q1 FY27. PAT increased by Rs 226 crore year on year, while revenue from operations increased by Rs 288 crore; in percentage terms, PAT grew faster than revenue.

Why did Nava’s Q2 FY27 profit rise faster than revenue?

Nava said the 127% year-on-year increase in Q2 FY27 PAT was led by energy, supplemented by contributions from other businesses and a positive deferred-tax adjustment. Revenue from operations increased 30% over the same comparison, making the disclosed deferred-tax adjustment one identified factor behind the different growth rates.

The energy segment was supported by healthy plant load factors, or PLFs, in domestic operations, according to Nava. The company also reported a substantial recovery of arrears from ZESCO, the Zambian utility, which it said improved its financial position and supported continued upstreaming of dividends during the September 2026 quarter.

Managing Director and Chief Executive Officer Ashwin Devineni said the year-on-year profitability increase was supported by Nava’s energy and mining businesses. The release does not disclose segment revenue, segment profit, the amount recovered from ZESCO, or the value of the deferred-tax adjustment.

Sequentially, Q2 FY27 PAT increased to Rs 403 crore from Rs 333 crore in Q1 FY27, although EBITDA declined to Rs 561 crore from Rs 583 crore and profit before tax declined to Rs 453 crore from Rs 480 crore. The stated positive deferred-tax adjustment is relevant to the difference between the quarter-on-quarter movements in pre-tax profit and PAT.

What changed in Nava’s first half of FY27?

Nava generated Rs 2,464 crore of revenue from operations in H1 FY27, a 14% increase from Rs 2,157 crore in H1 FY26. Total income rose 17% to Rs 2,604 crore from Rs 2,222 crore across the six months ended September 30.

H1 FY27 EBITDA was Rs 1,144 crore, up 18% from Rs 969 crore in H1 FY26, while profit before tax increased 20% to Rs 933 crore from Rs 780 crore. PAT rose 28% to Rs 736 crore from Rs 577 crore, an increase of Rs 159 crore from the prior-year half.

The growth rates differed between the half year and the second quarter: H1 FY27 revenue grew 14% and PAT grew 28%, versus Q2 FY27 growth of 30% and 127%, respectively. Nava attributed the quarterly profit outcome to energy, other business contributions and the tax adjustment, without quantifying the contribution of each item to quarterly or half-year earnings.

Which Nava projects reached milestones during the quarter?

Nava completed graduated commissioning of a 100 megawatt, or MW, solar project in Zambia during Q2 FY27. Management said the project marked a renewable-energy milestone, while domestic energy operations were supported by PLFs.

MEL’s Phase II 300 MW power expansion continued to progress, with full commissioning targeted for July 2027. Nava did not disclose the project’s capital cost, construction-completion percentage or expected revenue contribution in the November 12 announcement.

In mining, Nava continued exploration at its 360 square kilometre manganese concession in Côte d’Ivoire and reported promising initial results. Exploration for lithium and other minerals in Zambia was also ongoing in Q2 FY27, without a disclosed resource estimate, exploration budget or development timetable.

Nava Avocado Limited is scheduled to make its first commercial avocado harvest and sales from November 2026 to March 2027. Nava said the project will use its packhouse and has GlobalG.A.P. and SMETA accreditations for international market access, while the Kawambwa Sugar Limited project is on track for commercial operations from FY 2028-29.

Conclusion

The September 2026 quarter showed a wider gap between revenue and profit growth than the first half, with Q2 PAT growth of 127% exceeding revenue growth of 30%, while H1 PAT increased 28% on 14% revenue growth. Nava identified energy performance, other business contributions and the positive deferred-tax adjustment as factors in the quarterly result, and management also cited energy and mining support.

The disclosed milestones to watch are first avocado harvest and sales from November 2026 to March 2027, full commissioning of MEL’s 300 MW expansion targeted for July 2027, and Kawambwa Sugar’s planned commercial operations from FY 2028-29. Nava also continues manganese exploration across its 360 square kilometre Côte d’Ivoire concession and lithium exploration in Zambia.