Q1 FY27 concall · earnings callNAVA LIMITED
The company reported record quarterly income driven by strong diversified operations and disciplined cost management.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Total Income | ₹1,269 Cr | — | |
| Standalone Total Income | ₹689 Cr | — | |
| MEL Plant Load Factor | 89.3% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹842.49 Cr-9.4% YoY-6.4% QoQ | ₹353.26 Cr-24% YoY+6.4% QoQ | ₹8.73-61.4% YoY-49.1% QoQ |
| Q2 FY25 | ₹900.48 Cr-2.3% YoY-26.3% QoQ | ₹331.97 Cr+71.8% YoY-25.6% QoQ | ₹17.16+68.7% YoY-30% QoQ |
| Q1 FY25 | ₹1,222.37 Cr+17.3% YoY+32.3% QoQ | ₹445.93 Cr+30.1% YoY+74.8% QoQ | ₹24.53+36.9% YoY+72.4% QoQ |
| Q4 FY24 | ₹923.90 Cr+4.8% YoY-0.7% QoQ | ₹255.08 Cr-25.3% YoY-45.1% QoQ | ₹14.23-17% YoY-37.1% QoQ |
| Q3 FY24 | ₹929.95 Cr+5.7% YoY+0.9% QoQ | ₹465.03 Cr+28.2% YoY+140.7% QoQ | ₹22.63+34.5% YoY+122.5% QoQ |
TL;DR
- Consolidated total income reached an all-time quarterly high of INR1,269 crores.
- MEL's 300-megawatt plant operated at a strong 89.3 PLF.
- Thermal, renewable, avocado, and sugar projects in Zambia are in active implementation.
- Phase 2 of MEL commissioning is delayed to Q2 FY27-28 due to logistical delays.
- A 100-megawatt solar power project is set to be commissioned shortly.
Said on the call
“Our diversified portfolio, financial strength and operational resilience should however, position us well to navigate these challenges while remaining focused on long-term value creation.”
From the Q&A
| Topic | What management said |
|---|---|
| Phase 2 Thermal Plant Commissioning | Due to logistical delays from global conflict, complete commissioning of both units is now expected in Q2 FY27-28 (June-July timeframe), a delay of a few months. |
| Phase 2 Project Financials | The project cost is INR400 million, with INR300 million debt and INR100 million equity. Expected revenue from the plant is around INR200 million, with a targeted return on equity of about 15%. |
| Asset Valuation | Land assets are held at historical cost (e.g., INR40 lakhs for Nacharam land). Management has engaged a third-party to study options for these appreciating assets but will not speculate on current market value. |
| Zambia Operations and Ownership | Operations are not linked to political parties. Nava Limited is the 100% ultimate beneficial owner of Nava Global, which holds the Zambia assets (Maamba power plant, solar project, mine). |
| Deferred Tax Expense | Linked to Kwacha-USD exchange rate, which is stabilizing around INR18. If the currency stabilizes, the expense may not recur and could even reverse. |
| Mining Exploration | Manganese and lithium exploration in Zambia is underway. For manganese, based on promising results from 2 sq km, they are working to convert the exploration license into an exploitation one. |
| Business Margins and Outlook | Sustainable EBITDA margin for Zambian energy is estimated at 45% to 50%. Consolidated EBITDA is expected to be between 35% to 40%. Metals business margins are expected to be stable or see a slight increase, with 70% of production committed under contracts. |
Guidance
- Phase 2 of MEL is expected to commence operations in Q2 FY27-28 (around June-July next year).
- A 100-megawatt solar power project is set to be commissioned shortly (by end of September).
- Sugar plant in Zambia is looking at commissioning in Q4 of FY28.
- The company is seriously looking at the renewable space (solar, wind, battery storage) and developments in small modular reactors (SMRs) across all geographies.
Source
Summary written from the transcript filed by NAVA LIMITED for the call held on 14 Aug 2026; published 19 Aug 2026, 20:13 IST.
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