Nava Ltd(NAVA)

NSE: NAVABSE: 513023

₹ 473.5-0.22%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 13,415 crWebsite: www.navalimited.comUpdated: 27 Oct 2026

About

Nava Ltd is an Indian conglomerate with operations in thermal and solar power generation, ferro alloys, coal mining, agribusiness and healthcare across India, Zambia, Côte d'Ivoire, Singapore and Malaysia. Through its subsidiary Maamba Energy Limited (MEL), Nava operates Zambia's only large-scale integrated coal-fired power plant and the country's largest coal mine. Group revenue was Rs 4,290.92 Cr in FY26, with Energy contributing 69.0%.^[1][2]

Business segments

Energy: 69.0% of group revenue (₹3,747.71 Cr) in FY26. Covers thermal IPP and CPP operations in India and Zambia plus coal mining at Maamba.^[2]
Ferro Alloys: 22.1% of group revenue (₹1,200.49 Cr) in FY26. Produces Silico Manganese at plants in Telangana and Odisha.^[2]
Mining: 8.8% of group revenue (₹479.58 Cr) in FY26. Made up of coal sales from MEL's Maamba mine in Zambia.^[2]

Power plants and capacity

Nava has 714 MW of installed power capacity: 114 MW CPP at Paloncha (Telangana), 150 MW (30 MW CPP / 120 MW IPP) at Dhenkanal (Odisha, w.e.f. 01 Nov 2025), 150 MW IPP at Paloncha via NBEIL, and 300 MW IPP at Maamba (Zambia) via MEL.^[3]
MEL's 300 MW Maamba plant is a mine-to-mouth integrated coal-fired IPP. It sells power under a 20-year PPA with ZESCO, Zambia's state utility, and has supplied power since 2016.^[3]
A 100 MW solar project at Maamba, Zambia was commissioned on 24 September 2026. Power evacuation began under a 20-year PPA with ZESCO.^[4]

Ferro alloys operations

All six furnaces were switched to Silico Manganese in FY26. Ferro Silicon output stopped because SiMn market conditions were more favourable.^[5]
SiMn production was 24,462 tons in Q1 FY27, down 13.2% YoY, partly due to a planned maintenance shutdown of the Odisha furnaces in April - June 2026. Operations resumed on 1 August 2026.^[6][3]

Key operating numbers

MEL 300 MW Zambia PLF: 89.3% in Q1 FY27; 89.6% for FY26 vs 89.8% in FY25.^[6]
India power PLFs in Q1 FY27: Telangana 114 MW at 87.3% (vs 78.3% in Q4 FY26), Odisha 150 MW at 93.4% (vs 86.8%), NBEIL 150 MW at 76.0% (vs 74.3%).^[6]
India average PLF: 71.5% across 414 MW in FY26, up from 69.4% in FY25. The Q4 FY26 average was 79.9%.^[7]
India power units sold: 2,274 Mn kWh in FY26 (+4.2% YoY). MEL power units sold: 2,115 Mn kWh in FY26 vs 2,109 Mn kWh in FY25.^[7]
MEL external coal sales: 471,000 MT in FY26 vs 443,000 MT in FY25. Monthly external run-rate was 35,000 - 42,000 MT as of Q3 FY26.^[7]
MEL revenue: USD 256.0 Mn in FY26 vs USD 245.2 Mn in FY25. MEL EBITDA: USD 151.4 Mn in FY26 vs USD 155.4 Mn in FY25.^[7]

Customers and distribution

Ferro alloys sales mix as of FY26: about 40% under long-term annual contracts with Japanese mills, 40 - 50% under quarterly fixed-base contracts with major Indian steel producers, and 10 - 15% on spot markets.^[3]
About 70% of SiMn production in Q1 FY27 was committed under long-term or quarterly contracts.^[6]
The Odisha 150 MW IPP has a 5-year PPA to supply 50 MW to Tamil Nadu at a delivered rate of ₹5.95/unit, starting February 2026.^[8]
Ferro alloys are exported mainly to Europe, the Middle East and Japan. Avocados from the Zambia plantation are exported to South Africa.^[3]

Expansion and capex

MEL Phase II: two 150 MW units under construction at Maamba, which will take MEL from 300 MW to 600 MW. Capex is US$400 Mn; about US$190 Mn was spent as of Q3 FY26. Commissioning was delayed to June - July 2027 because of geopolitical logistics disruptions.^[6][9]
MEL Phase II is expected to generate about US$200 Mn of revenue per year at full operations.^[6]
Kawambwa integrated sugar project in Zambia (about US$200m outlay) is targeted for March 2028. As of the FY26 annual report, debt financing was still being worked on.^[3][9]
Avocado plantation in Zambia: 286,000+ trees on the ground and three-quarters of planting done as of Q1 FY27. Yield is expected at about 1,200+ MT in FY27.^[6][3]
A 360 sq km manganese ore concession in Côte d'Ivoire is under metallurgical study, with an exploitation permit targeted after December 2026, to supply the ferro alloys business.^[3]
Consolidated capital commitments rose to 1,59,873.05 in FY26 from 19,549.17 in FY25.^[3][9]

Recent developments

The company proposed changing its MOA object clause so it can generate electricity through nuclear energy and other existing or future technologies (FY26 annual report).^[3]
ZESCO legacy arrears were US$28 Mn at FY26 year-end, down from US$202.0 Mn at Q4 FY25. The rest is expected to be recovered within six months of the FY26 close.^[7]
The FY26 annual report names ZESCO PPA renegotiation and Zambia's August 2026 elections as risks.^[3]
Singareni Collieries cut coal prices by about ₹740/MT in October 2025, which affects costs for the Telangana power and ferro alloys operations.^[3]
Nava Global completed a US$50 Mn share buyback, with the money received in January 2026. MEL's cumulative dividends to sponsors reached US$137.0 Mn as of Q3 FY26.^[5]

Market Cap

₹13,415 Cr

High / Low

₹739 / 464

Stock P/E

17.8

Price / Book

1.5

Book Value

₹309

EPS

₹27.8

No. of Shares

28.3 Cr

ROCE

13.0%

ROE

9.6%

OPM

33.8%

Debt / Equity

0.25

Sales

₹4,291 Cr

Net Profit

₹1,039 Cr

Promoter holding

50.0%

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Nava Ltd(NAVA)

About

Business segments

Power plants and capacity

Ferro alloys operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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