Nava (513023) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 4,135.2 crore for FY25, up 4.6% year-over-year, with highest-ever PAT of INR 1,434 crore and strong performance across all major segments.

• Q4 FY25 revenue grew 20.9% sequentially and 10.2% year-over-year to INR 1,018.2 crore, with PAT up 18.8% year-over-year despite a sequential decline.

• Power business turnaround and robust energy and mining profitability drove overall profit improvement.

• Board recommended a final dividend of ₹6.00 per share for FY25, completed a share split and a buyback of INR 360 crore, and maintained healthy dividend distribution.

• New projects in Maamba Solar, Nava Avocado, and Kawambwa Sugar are progressing well.

Financial highlights

• Consolidated revenue for FY25 reached INR 4,135 crore, a 4.6% increase year-over-year; PAT was INR 1,434 crore, the highest in company history.

• FY25 consolidated EBITDA reached INR 1,986.8 crore (up 7.1% YoY), with a margin of 48.0%; PAT margin at 34.7%.

• Standalone FY25 revenue grew 9.8% YoY to INR 1,612 crore, with PAT up 92.5% YoY to INR 421.7 crore.

• Other income in standalone business rose from INR 79 crore to INR 188 crore, mainly due to dividends from subsidiaries.

• Net debt as of March 2025 was primarily $94 million for Phase Two Maamba, with no other significant debt at the group level.

Outlook and guidance

• Solar plant in Zambia targeted for commissioning by July 2026; 300 MW power expansion on schedule for August 2026.

• Avocado project to yield first commercial crop by end of 2025; sugar plant expected to commission by March 2028.

• Management expects continued operational strength and incremental revenue from new projects over the next 2–3 years.

• Ferroalloys division expected to perform better in FY26 due to product diversification and favorable export markets.

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