Nava (513023) Q4 25/26 earnings summary

Executive summary

• Standalone profit after tax rose 116% year-over-year to INR 911 crore, supported by strong operational performance, upstream dividends, and share buyback inflows.

• Consolidated revenue for FY26 reached ₹4,479 crore, up 8.3% year-over-year, with standalone income at ₹2,242 crore, the highest ever.

• Consolidated PAT dropped 27.6% YoY to ₹1,039 crore, impacted by tax under MEL and a notional DTL provision due to Zambian Kwacha appreciation.

• Audited consolidated and standalone financial results for the quarter and year ended March 31, 2026, were approved, with unmodified audit opinions issued by the statutory auditors.

• Board recommended a final dividend of ₹5.50 per equity share for FY26, subject to shareholder approval.

Financial highlights

• Standalone PAT: INR 911 crore, up 116% year-over-year; consolidated net profit for FY26 was ₹103,852.40 lakhs, down from ₹143,400.28 lakhs in FY25.

• Operational revenue increased 7.7% YoY, driven by higher Silico Manganese alloy volumes and incremental energy revenue from Maamba Energy.

• Dividend and share buyback receipts totaled ₹705 crore during the year.

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

• Allowance for expected credit loss reversed: $15.5 million received, $1.3 million to be reversed next year.

Outlook and guidance

• Maamba Solar's 100 MW project is on track for commissioning in July 2026; MEL's Phase II 300 MW expansion is progressing steadily.

• Avocado business expects commercial sales of 1,000 tons next year, doubling annually until 2034; peak revenue of $22 million by 2032.

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

• Power realization for the year estimated at INR 5.55/unit; outlook stable with reliance on bilateral contracts.

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