Nava Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nava Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nava Limited reported a 116% increase in standalone profit after tax to INR 911 crore for FY26, driven by upstream dividend flows from overseas investments and buyback proceeds. Consolidated profitability was affected by a non-cash deferred tax adjustment at Maamba Energy Limited linked to appreciation of the Zambian Kwacha. Management discussed pricing pressure in ferro alloys due to European safeguard duties, progress on the avocado and solar projects, and outlined capital commitments across the Agri, solar, and Maamba Phase 2 expansions.
Numbers mentioned
Standalone profit after tax: INR 911 crore (FY26)
p. 2
“At the standalone level, we reported 116% increase in profit after tax to INR 911 crore, marking one of the strongest performances in the company's history.”
Ashwin Devineni, page 2 of the filed PDF · View the filing
Dividend per share: INR 8.50 (FY26)
p. 3
“A testament to this is the dividend declared for the year at INR 8.50 per share, which is the highest in the company's history.”
Ashwin Devineni, page 3 of the filed PDF · View the filing
Zambian Kwacha appreciation: approximately 32% (FY26)
p. 2
“the increase in deferred tax expenses, which is a non-cash item, was primarily driven by approximately 32% appreciation of the Zambian Kwacha, resulting in unrealized foreign exchange gains.”
Ashwin Devineni, page 2 of the filed PDF · View the filing
Domestic power realization: INR 5.50 (current year)
p. 3
“Power for the current year, we estimate it around INR 5.50.”
B. Srinivasa Rao, page 3 of the filed PDF · View the filing
Expected credit loss allowance: INR 137 crore (FY26)
p. 4
“Sir, if you could just explain to us the allowance of expected credit loss that we have factored of INR 20 crore for this quarter and an amount of INR137 crore for the entire year.”
Saket Kapoor, page 4 of the filed PDF · View the filing
Receivable collected during year: $15.5 million (FY26)
p. 4
“We have received during the year about $15.5 million.”
B. Srinivasa Rao, page 4 of the filed PDF · View the filing
Remaining receivable amount: $1.3 million (FY27)
p. 4
“We are left with $1.3 million, which will be reversed during the next financial year.”
B. Srinivasa Rao, page 4 of the filed PDF · View the filing
NBEIL revenue: INR 442 crore (FY26)
p. 6
“It's INR 442 crore, and then PBT is INR 80 crore.”
B. Srinivasa Rao, page 6 of the filed PDF · View the filing
NBEIL PAT: INR 59 crore (FY26)
p. 6
“It's INR 442 crore, and then PBT is INR 80 crore. PAT is INR 59 crore.”
B. Srinivasa Rao, page 6 of the filed PDF · View the filing
Solar plant tariff: $0.078
p. 6
“I'm not going to go into the cost of the solar plant now, but in terms of the tariff, it's $0.078.”
Ashwin Devineni, page 6 of the filed PDF · View the filing
Silico manganese volume guidance: 130,000 tons (next year)
p. 8
“I think in total we're looking at about 130,000 tons for the next year.”
Nikhil Devineni, page 8 of the filed PDF · View the filing
Full capacity ferroalloys production: 160,000 metric tons
p. 13
“See, at full capacity utilization, we are able to produce about 160,000 metric tons with the current setup in place.”
Nikhil Devineni, page 13 of the filed PDF · View the filing
Avocado harvest this year: 150 tons (FY26)
p. 3
“Well, on the avocado front, in fact, this year we've had our first commercial harvest of about 150 tons.”
Nikhil Devineni, page 3 of the filed PDF · View the filing
Peak avocado revenue: $22 million
p. 9
“With regard to avocado, when it is in peak, the expected revenue is $22 million.”
B. Srinivasa Rao, page 9 of the filed PDF · View the filing
Maamba solar project top line and bottom line: $20-22 million revenue, $6-7 million bottom line
p. 12
“The top line expected is $20 million to $22 million, and then bottom line expected is $6 million to $7 million.”
B Srinivasa Rao, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Solar project commissioning — commencement of commissioning · July 2026
stated firmly by Ashwin Devineni
p. 3
“Yeah. So, the solar project is due to be -- at least commissioning is supposed to commence in the month of July, 2026.”
Ashwin Devineni, page 3 of the filed PDF · View the filing
Maamba Phase 2 (300 MW) commissioning — commissioning · early January 2027
stated firmly by Ashwin Devineni
p. 3
“And the Phase 2, which is a 300-megawatt expansion at MEL, is to be commissioned during the early part of January 2027.”
Ashwin Devineni, page 3 of the filed PDF · View the filing
Avocado harvest sale — 1,000 tons, doubling every year · next year through 2034
stated as an aspiration by Nikhil Devineni
p. 3
“However, in terms of commercial sale, we are expecting next year there would be a harvest sale of about 1,000 tons. And going from there, every year the quantity would double in nature and up until 2034.”
Nikhil Devineni, page 3 of the filed PDF · View the filing
EBITDA margin trajectory — 35-40% · FY27
stated conditionally by Ashwin Devineni
p. 8
“Yeah. So, you can assume 35-40%.”
Ashwin Devineni, page 8 of the filed PDF · View the filing
Avocado peak revenue timing — $22 million peak · post 2032
stated as an aspiration by Nikhil Devineni
p. 10
“So, I think the peak we can look at post 2032. But until then, you're going to definitely have incremental revenues flowing in every year.”
Nikhil Devineni, page 10 of the filed PDF · View the filing
ZESCO remaining receivables — collection of remaining 10% · next six months
stated conditionally by Ashwin Devineni
p. 12
“Yes, definitely. I'd say in the next six months we should get it.”
Ashwin Devineni, page 12 of the filed PDF · View the filing
Ferro alloys production volumes — next year
stated as an aspiration by Nikhil Devineni
p. 14
“In terms of the production volumes, we are expecting a slight uptick in it.”
Nikhil Devineni, page 14 of the filed PDF · View the filing
Ivory Coast manganese exploitation permit — exploitation permit · next one year
stated as an aspiration by Nikhil Devineni
p. 13
“And I think, hopefully in the next one year we should be able to achieve that.”
Nikhil Devineni, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the decline to lower other income and a planned shutdown at Maamba Energy, and gave a broad annual margin range rather than a QoQ figure.
Answered by B Srinivasa Rao
Asked by Saket Kapoor: What is causing the QoQ decline in consolidated EBITDA margin and what should be expected going ahead?
p. 7
“Yes, sir. There are decreases in the other income by INR 18 crore in Q4. And the other reasons, in Q4 Maamba Energy power plant had a planned shutdown, because of which there is an increase in the manufacturing expenses and replacement maintenance.”
B Srinivasa Rao, page 7 of the filed PDF · View the filing
Management said the Kwacha appreciation mainly affects tax via balance sheet translation, not cash flow, and that coal sales revenue in Kwacha naturally hedges employee cost increases.
Answered by Ashwin Devineni
Asked by Viraj Mahadevia: Is there a structural cross-currency issue from Kwacha appreciation affecting employee costs and consolidated P&L?
p. 12
“Yes. But that is hedged with my coal sales, right? My coal sales today is in Kwacha now. So, while the cost of the employees is kind of going up to a slight extent --”
Ashwin Devineni, page 12 of the filed PDF · View the filing
Management said the manganese exploration in Ivory Coast showed promising results and exploitation permit work is underway, while lithium exploration is on hold pending a license dispute review by the ministry.
Answered by Ashwin Devineni
Asked by Jhalak Jain: What is the status of mining activities in Africa, including manganese and lithium exploration?
p. 13
“And what we have indicated is, until we get clarity and clearance, we won't proceed further. So, it's currently underway, but it's under review by the ministry, to overcome this hurdle.”
Ashwin Devineni, page 13 of the filed PDF · View the filing
Management said they are exploring options including possible joint ventures for the appreciated Nacharam land rather than an outright sale, and plan to engage a third party for guidance.
Answered by Ashwin Devineni
Asked by Viraj Mahadevia: What are the plans for the Nacharam and Dharmavaram land bank?
p. 15
“I mean both options are available, but essentially, we're trying to look at options, and we're probably going to engage a third party to give us options in terms of sales, JV and whatever makes sense, we will take it forward.”
Ashwin Devineni, page 15 of the filed PDF · View the filing
Management indicated silico manganese volume of about 130,000 tons, roughly flat versus the prior year's 134,000, with ferro silicon discontinued in favor of the more favorable silico manganese market.
Answered by Nikhil Devineni
Asked by Saket Kapoor: What is expected for ferroalloys volumes and pricing for the current year?
p. 9
“We've actually discontinued ferro silicon, because the market for silico manganese is more favorable at the moment. So, I'm just talking about silico manganese being at 130,000.”
Nikhil Devineni, page 9 of the filed PDF · View the filing
Risks flagged
European Union safeguard duties on Indian ferro alloy exports
p. 5
“So, over the course of the last year, the European Union has imposed safeguard duties against Indian imports into the country.”
Nikhil Devineni, page 5 of the filed PDF · View the filing
Geopolitical situation in the Middle East affecting export markets
p. 5
“That, coupled with the geopolitical situation going on in the Middle East, has definitely put a strain on Indian exports, and as a result of that, we are seeing a lot of that material being dumped in the domestic market, which is essentially causing the prices to come down.”
Nikhil Devineni, page 5 of the filed PDF · View the filing
Surplus domestic alloy supply causing pricing pressure
p. 14
“Although there is healthy increase in the steel production in India, there is a lot of surplus alloy supply in India too, because of the lack of export markets, which I touched upon earlier.”
Nikhil Devineni, page 14 of the filed PDF · View the filing
Renewable capacity addition acting as a deterrent to power prices
p. 14
“you are also seeing a huge capacity addition in the form of renewable energy, which is serving as a deterrent for prices going up.”
Ashwin Devineni, page 14 of the filed PDF · View the filing
Contested lithium exploration area due to competing license claim
p. 13
“we did come across a certain obstacle, where there was another company, once after seeing our activity, had claimed some of that area for a different license, a tin license.”
Ashwin Devineni, page 13 of the filed PDF · View the filing
Deferred tax liability from Kwacha appreciation affecting consolidated profitability
p. 3
“On the consolidated side, profitability was impacted by a certain accounting-led tax adjustments at MEL, which is Maamba Energy Limited, relating to deferred tax movements.”
Ashwin Devineni, page 3 of the filed PDF · View the filing
Increase in fuel prices affecting Zambia operations
p. 8
“I think the only disruptions is what the rest of the world is facing, which is increase in fuel price.”
Ashwin Devineni, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.