Nava (513023) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue from operations rose 29.9% YoY to ₹1,252.32 Cr; EBITDA increased 64.4% to ₹560.9 Cr and PAT rose 127.3% to ₹403.45 Cr.

• H1 FY27 revenue rose 14.2% to ₹2,464.1 Cr, EBITDA grew 18.1% to ₹1,144.3 Cr and PAT increased 27.7% to ₹736.3 Cr.

Financial highlights

• Q2 consolidated EBITDA margin was 42.0% versus 34.5% YoY; PAT margin was 30.2% versus 17.9%.

• Q2 total income increased 34.9% YoY to ₹1,335.6 Cr; other expenses rose 63.5% to ₹173.2 Cr, reflecting forex losses, higher freight and MEL shutdown costs.

• Standalone Q2 revenue rose 13.4% YoY to ₹498.24 Cr, while EBITDA fell 15.8% to ₹155.8 Cr and PAT fell 28.8% to ₹111.53 Cr.

• H1 standalone revenue rose 5.3% to ₹1,020.5 Cr, EBITDA increased 27.5% to ₹474.4 Cr and PAT rose 26.9% to ₹377.5 Cr.

• Q2 other income included a ₹45 Cr fair-value gain related to restructured downstream subsidiaries; management said the gain may fluctuate.

Outlook and guidance

• MEL Phase II 300 MW construction is progressing, with phase-wise commissioning targeted for July 2027; management expects Phase I-like EBITDA and PLF above 80% within two to three months of startup.

• Phase I unit overhauls are expected to start around May; each shutdown takes about three months and will overlap with Phase II ramp-up.

• Avocado operations target first commercial harvest and sales during Nov 2026–Mar 2027 following Global G.A.P and SMETA accreditations.

• Kawambwa integrated sugar complex targets commissioning in March 2028; the estimated $200 million project is funded 50% by debt and 50% by equity.