Nava (513023) Q4 25/26 earnings summary

Executive summary

• FY 2026 saw strong operational and strategic progress, with record standalone profit of ₹911 crore and robust cash generation, supported by upstream dividends, share buybacks, and tax receipts.

• Consolidated revenue for FY26 reached ₹4,479 crore, up 8.3% YoY, while consolidated PAT dropped 27.6% to ₹1,039 crore due to tax and currency impacts, notably at Maamba Energy Limited.

• Audited consolidated and standalone financial results for FY26 were approved with unmodified audit opinions; board recommended a final dividend of ₹5.50 per share, subject to approval.

• Highest-ever dividend of INR 8.55 per share was declared, with total dividend and share buyback receipts of ₹705 crore.

• Key board appointments and reappointments were approved, including independent directors and cost auditors.

Financial highlights

• Standalone profit after tax rose 116% YoY to ₹911 crore, aided by overseas dividend flows and tax receipts.

• Consolidated revenue from operations for FY26 was ₹4,479 crore, up from ₹3,983 crore YoY; standalone revenue reached ₹2,242 crore, the highest ever.

• EBITDA margin stood at 42.5% consolidated and 31.3% standalone; PAT margin at 23.2% for the year.

• Allowance for expected credit loss reversed due to receipt of $15.5 million, with $1.3 million remaining to be reversed.

• Maamba Energy declared a cumulative dividend of US$175 million, with Nava Global's share at US$113.75 million.

Outlook and guidance

• 100 MW Maamba Solar project commissioning set for July 2026; 300 MW MEL thermal expansion to be commissioned in early January 2027.

• Avocado plantations to be fully complete by year-end, with commercial sales expected to reach 1,000 tons next year and peak revenue of $22 million by 2032.

• Integrated sugar project construction has commenced, with major package orders completed.

• EBITDA margin trajectory expected in the 35%-40% range for the coming year.

• Management remains confident in recoverability of significant overdue receivables, supported by sovereign guarantees and arbitration outcomes.