EU safeguard duties on alloy exports
European Union imposed safeguard duties on Indian manganese alloy imports, pressuring domestic prices as export volumes are diverted locally.
NAVA / Q4-FY26 / risks
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Material risks this quarter
medium
Contested lithium exploration license
Lithium exploration in Zambia is stalled due to a competing claim by another company; progress depends on ministry resolution.
Deferred tax volatility from currency movements
Zambian kwacha appreciation created a non-cash deferred tax liability; future exchange rate swings could impact reported earnings.
Power price decline from renewable capacity addition
Exchange-based power tariffs dropped 13% YoY due to renewable capacity additions; management relies on bilateral contracts to mitigate.