NAVA
Large CapNAVA LIMITED
Power
NAVA LIMITED is an Indian company with operations in Ferro Alloys, Energy (India and Zambia), and Mining. It is also developing a solar project, expanding its Zambian power plant, and progressing an integrated sugar project and avocado plantation.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -55% YoY · margin compression · Rev +12% YoY · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,143 Cr | +12.3% | +15.3% |
| EBITDA | ₹371 Cr | -2.9% | -16.3% |
| Operating margin | 32.0% | -500 bps | -1300 bps |
| PAT | ₹136 Cr | -55.1% | -58.3% |
| PAT margin | 11.9% | -1786 bps | -2100 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Revenue up 8.3% YoY to ₹4,479 Cr, but PAT declined 27.6% YoY to ₹1,039 Cr due to reduced realizations and DTL provision. Standalone PAT surged 116% YoY to ₹911 Cr, highest ever.
Consolidated PAT declined significantly YoY due to lower Ferro Alloys & Indian Energy realizations and a large notional DTL provision from Zambian Kwacha appreciation. Standalone performance was strong, aided by operational efficiency, dividends, and buyback cashflows. Key projects are progressing.
Si Mn Alloys Volume Growth
Higher Si Mn alloys volumes by 39,724 MT YoY with production shift from Ferro Silicon.
Incremental Energy Revenue (MEL)
Incremental energy revenue under Maamba Energy Ltd.
Indian Energy Operational Improvements
Odisha Ops 150 MW plant witnessed healthy PLF of 77.2% and improved operational parameters with medium term PPA.
Maamba Solar 100 MW
Construction progressing well with planned commissioning in July 26.
MEL Phase II 300 MW
Mechanical and electrical erections progressing steadily.
Integrated Sugar Project
Ordering for all major packages completed & construction activities have commenced.
MEL Dividend Realization
Cumulative dividend declared for the year is US$ 175 Mn; Nava Global’s share is US$ 113.75 Mn.
MEL Arrears Reduction
Arrears have come down to US$ 28.0 Mn with US$ 7.5 Mn realization during the quarter.
Indian Energy PPA
Availability of medium term PPA improved operational parameters for Odisha Ops.
Reduced Ferro Alloys Realizations
Consolidated EBITDA declined because of reduced realizations of Ferro Alloys.
Reduced Indian Energy Realizations/Tariffs
Indian Energy business revenue declined with tariff softness; reduced realizations impacted consolidated EBITDA.
Increased Fixed Costs
Consolidated EBITDA declined because of increased fixed costs.
Zambian Kwacha Appreciation (PAT Impact)
Consolidated PAT down with notional DTL provision of ₹261 cr due to Zambian Kwacha appreciation.
Commodity Price Volatility
Reduced realizations of Ferro Alloys impacted consolidated EBITDA.
Power Tariff Softness
Indian Energy business revenue declined with tariff softness.
Currency Fluctuation Impact on PAT
Notional DTL provision of ₹261 cr due to Zambian Kwacha appreciation impacted consolidated PAT.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 (sequential momentum, operational changes) and FY (annual performance, overall trends) data. YoY is crucial for annual performance and seasonal businesses like power, while QoQ shows recent operational shifts and project execution.
Silico Manganese Production (FY26)
127,486 tons, up 22.4% YoY
Silico Manganese Sales (FY26)
134,410 tons, up 42.0% YoY
Indian Energy Power Units Sold (FY26)
2,274 Mn kWh, up 4.2% YoY
Indian Energy Telangana PLF (FY26)
74.6% vs 66.1% for FY25
Focus on Si Mn Production
Production shift from Ferro Silicon to Si Mn Alloys aided growth.
Energy Conservation Measures
Reduction in auxiliary consumption at MEL due to energy conservative measures.
Strategic Project Execution
Maamba Solar and MEL Phase II are progressing, and Integrated Sugar project construction has commenced.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ferro Alloys Realizations | Reduced | Improvement in realizations for Ferro Alloys. |
| Indian Energy Tariffs | Softness | Stabilization or improvement in Indian Energy tariffs. |
| Maamba Solar Commissioning | Construction progressing well | Timely commissioning in July 26. |
| MEL Receivables | US$ 28.0 Mn | Further reduction in Maamba Energy Ltd. arrears. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +11.3% / mo
Technical chart
NAVAdaily · 5Y+6.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 41.
- SMA20 falling (~10.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 35.0%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 51st percentile within Power. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 51st pctile, median 67 · Large: 30th pctile, median 74
112 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.3%.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 21%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.40
- P/B
- 1.93
- EV/EBITDA
- 9.04
- Market Cap
- 16820.00Cr
Profitability
- ROE
- 9.63%
- ROCE
- 13.00%
- ROA
- 7.23%
- Dividend Y
- 1.35%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -13.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 143.08×
- Altman Z
- 3.55
- Book Value
- 309.00
Cash Flow
- FCF Yield
- 1.77%
- FCF Positive Y
- 10/5
- OCF
- 2312.00 Cr
- EPS TTM
- 27.80
Shareholding
- Promoter Hold
- 50.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.