Nava (513023) Q2 25/26 earnings summary

Executive summary

• Achieved strong operational and financial performance, with consolidated Q2 FY26 revenue at ₹989.7 Cr and PAT at ₹177.5 Cr, driven by robust Ferro Alloys sales and energy segment contributions.

• Declared a 300% interim dividend, the highest in company history, at ₹3.00 per share, reflecting robust cash generation and commitment to shareholder returns.

• Transitioned Odisha captive power plant to an independent power plant, and advanced major projects including a 100 MW solar project and 300 MW Maamba expansion.

• Board approved unaudited consolidated and standalone financial results for Q2 and H1 ended 30 September 2025.

• Resignation and re-designation of NGPL's Managing Director to Vice-Chairman for strategic oversight.

Financial highlights

• Consolidated revenue for Q2 FY26: ₹989.7 Cr; PAT: ₹177.5 Cr; PBT: ₹244.2 Cr; EBITDA: ₹341.3 Cr with a margin of 34.5%.

• Standalone revenue for Q2 FY26: ₹439.5 Cr, up 32.9% YoY; standalone net profit: ₹15,646.45 lakhs.

• Energy sales declined YoY due to planned shutdowns and lower demand; employee costs rose to INR 111.6 Cr from INR 65.77 Cr.

• Consolidated total assets as of 30 September 2025: ₹12,49,621.32 lakhs; equity: ₹9,98,204.70 lakhs.

• Net cash from consolidated operating activities for H1 FY26: ₹1,57,378.07 lakhs.

Outlook and guidance

• Odisha IPP secured a five-year PPA at INR 5.95 per kWh, with operations expected to cover 50+ MW annually from February 2026.

• Maamba Solar's 100 MW project construction began in Sep 25; 300 MW Maamba expansion on track for late next year.

• Avocado plantation expects first fruit yield and income in Q3 & Q4 FY26, with full revenue contribution by FY2028.

• Integrated Sugar project progressing with phased sugarcane multiplication and EPC contract works commenced.

• Management remains open to expansion in energy, metals, mining, and agri sectors, evaluating opportunities based on risk-return.