NSE: NAVA · BSE: 513023
NAVA LIMITED
Operates across power generation, ferro alloys, and mining, with the Energy segment generating 69.0% of FY26 segment revenue (₹3,747.71 crore) and EBIT of ₹1,409.37 crore. Power assets include a 100 MW solar project scheduled to commission in July 2026 (expected $20-22 million top-line and $6-7 million bottom-line) and a 300 MW Phase 2 expansion at Maamba Energy in Zambia targeted for January 2027. The Ferro Alloys segment contributes 22.1% of segment revenue (₹1,200.49 crore) and EBIT of ₹31.14 crore, with planned silico manganese production of ~130,000 tons for FY27, of which 40% is exported to Japanese mills under long-term contracts. The Mining segment accounts for 8.8% of revenue (₹479.58 crore) with EBIT of ₹109.6 crore. Newer ventures include avocado farming, with a first commercial harvest of 150 MT in FY26 and a peak revenue target of $22 million post-2032. Costs are led by materials at 31.6% of revenue, with depreciation at 9.1% and other operating expenses at 17.9%. Operations span 8 Indian states and 11 countries, with exports at 49.65% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Energy (69%), Ferro Alloys (22%), Mining (9%), Other (0%). Asset-heavy power and metals business with international operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,348 | 3,528 | 3,818 | 3,984 | 4,291 |
| EBITDA (ex other income) | 1,225 | 1,568 | 1,835 | 1,835 | 1,717 |
| margin % | 36.6 | 44.4 | 48.1 | 46.1 | 40.0 |
| Owners' profit | 602 | 928 | 944 | 1,091 | 787 |
| EPS, as reported (₹) | 35.65 | 63.93 | 65.04 | 37.63 | 27.80 |
| ROE % · ROCE % | 10.1 · 14.5 | 17.2 · 18.0 | 15.1 · 18.3 | 15.2 · 15.4 | 9.6 · 11.1 |
| Debt / equity (x) | 0.63 | 0.43 | 0.05 | 0.09 | 0.21 |
| Cash from operations | 608 | 1,223 | 3,174 | 2,173 | 2,312 |
| Capex | (63) | (100) | (166) | (852) | (1,807) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 900 | 842 | 1,018 | 1,193 | 964 | 991 | 1,143 | 1,212 |
| Profit before tax | 361 | 392 | 324 | 536 | 244 | 397 | 325 | 480 |
| Net profit | 332 | 353 | 303 | 399 | 177 | 326 | 136 | 333 |
| EPS (₹) | 17.30 | 8.62 | 8.10 | 10.89 | 4.57 | 7.84 | 4.49 | 9.80 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ferro Alloys | 1,200 | 22.1 |
| Energy | 3,748 | 69.0 |
| Mining | 480 | 8.8 |
| Other | 3 | 0.1 |
| Others | 1 | 0.0 |
| Total, before eliminations | 5,432 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.8 | 19.2 | 11 of 22 | 52% |
| P/B | 1.3 | 1.4 | 12 of 26 | 56% |
| ROCE | 11.0 | 2.7 | 2 of 29 | 96% |
| ROE | 9.7 | 5.3 | 9 of 26 | 68% |
| Debt / Equity | 0.2 | 0.8 | 7 of 26 | 76% |
| EBITDA margin | 48.1 | 53.8 | 14 of 24 | 44% |
| Revenue growth | 1.6 | 10.0 | 16 of 24 | 35% |
| Profit growth | (16.6) | 4.2 | 20 of 25 | 21% |
| Market cap | 14240 | 3356 | 10 of 29 | 68% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Nava Limited allots 23,550 shares on RSU exercise | capital market events | low | — | — |
| 5 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · Nava commissions 100MW solar plant in Zambia, power evacuation begins | business updates | high | — | — |
| 4 Sept 2026 · Temporary shutdown of 60 MW Odisha power plant for maintenance | capex operations | medium | — | — |
| 19 Aug 2026 · NAVA Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 19 Aug 2026 · Nava Limited allots 57,501 shares to employees under RSU 2023 plan | capital market events | low | — | — |
| 14 Aug 2026 · Nava Limited Q1FY27 Investor Presentation | investor communications | medium | — | — |
| 14 Aug 2026 · Nava Q1 FY27 sales rise 1.6%, consolidated profit falls 16.6% | results | high | — | — |
| 7 Aug 2026 · NAVA Limited informs shareholders about TDS on final dividend of Rs 5.50 per share | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.