NAVA Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹991 Cr
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Revenue YoY
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EBITDA
Pending
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Where this quarter sits.
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What the record says.
Nava Limited delivered a strong Q3 FY26 with consolidated net profits rising 83.5% QoQ, driven primarily by the Mamba thermal power plant operating at 97% PLF. EBITDA margins expanded sharply to 48.3% from 34.5% in Q2, though this was partly due to favorable operating conditions. Sustainable quarterly income under consolidation is approximately Rs 40 crores. The $490 million Zambia capex program is progressing well with $190 million already deployed on the 300 MW thermal expansion and $10 million on the 100 MW solar project. Management targets $180-200 million annual revenue from the thermal plant and $15-60 million from solar at full utilization. The avocado plantation has produced a pilot crop of 140 MT with 4-5 years projected before becoming a significant segment. Key risks include 12% YoY decline in domestic exchange power pricing and the ferroalloy segment operating near breakeven despite an 8% QoQ price improvement. The Kama sugar complex is slated for mid-2028 completion. Capital allocation remains disciplined with the $50 million Nava Global buyback completed and total group debt at approximately $200 million.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the 300 MW Mamba Phase 2 thermal plant to generate $180-200 million in annual revenue once fully operational for a full year.
- The 100 MW Zambia solar project is expected to contribute $15-60 million annually at full utilization, with payback period of 10-12 years.
- The 300 MW thermal expansion plant in Zambia is targeted for completion in the first half of FY27, with H2 designated for the thermal plant commissioning.
- The Kama sugar processing unit/complex is scheduled for completion around April 2028, requiring approximately 2 years of construction.
Risks flagged
- Exchange-based power sales have dropped approximately 12% YoY, with domestic spot prices under pressure. Management is mitigating through long-term bilateral contracts like the 5-year Tamil Nadu PPA at Rs 5/kWh.
- The ferroalloy segment has dropped from Rs 2 crore EBITDA to near breakeven despite an 8% QoQ price improvement. While ferroalloy provides top-line scale, profitability remains challenged even with recent safeguard duties on steel.
- Mamba Energy owes approximately $30.5 million to Nava, representing a significant outstanding balance that could impact cash flow timing despite the overall positive relationship.
- The Io Gry Coast lithium concession spanning 360 square kilometers remains in exploration stage with no meaningful discovery disclosed. These projects typically have multi-year timelines with no guaranteed commercial viability.
Key quotes
- The major contribution is from ML power plant. This quarter ML power plant operated with 97% PLF so the EBITDA margin expansion from 34.5% to 48.3% is mainly due to high PLF.
- In terms of the mining division I think we average about 35 to 40 to 42,000 tons on a monthly basis. That's what we've been averaging and that's sustainable.
- The sugar complex or the processing unit should be complete by April around April 2028. So I say mid 2028.
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