Nava (513023) Q4 25/26 earnings summary

Executive summary

• Consolidated and standalone financial results for FY26 were approved with unmodified audit opinions, and a final dividend of ₹5.50 per share was recommended, subject to shareholder approval.

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

• Consolidated EBITDA declined 4.1% YoY to ₹1,905 crore, while standalone EBITDA rose 24.8%.

• 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.

• Standalone PAT reached a record ₹911 crore, supported by strong operations, dividend, and share buyback inflows, aided by a one-time exceptional gain.

Financial highlights

• Consolidated revenue from operations for FY26 was ₹429,091.72 lakhs, up from ₹398,354.74 lakhs YoY.

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

• Consolidated net profit for FY26 was ₹103,852.40 lakhs, compared to ₹143,400.28 lakhs in FY25.

• 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.

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.

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

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

• The company continues to monitor regulatory changes, such as new labour codes, and their impact on employee benefit liabilities.