Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Nava Ltd.
NSE: NAVAIndustrialsConglomerates
- Last close
- ₹474.65
- Day change
- −₹24.75 (−4.96%)vs
- Market cap
- ₹15,448 crIndian rupees
- Research updated
- 1 report
Follow Nava
Create an account, then follow this company for weekday briefs. You will return to Nava after signing in.
About Nava
Nava Ltd. is a dynamic company specializing in environmental engineering and sustainable infrastructure solutions. Its core purpose is to provide innovative systems for water purification, waste management, and renewable energy projects, addressing the growing global demand for eco-friendly and sustainable technological solutions. Nava Ltd.'s services are pivotal across various sectors such as municipal infrastructure, commercial and industrial facilities, and residential developments. With a commitment to sustainability, Nava Ltd. heavily invests in cutting-edge technologies to enhance the efficiency and effectiveness of its solutions. The company plays a significant role in shaping the future of green technology by collaborating with governmental bodies and private sectors to implement projects that mitigate environmental impact while enhancing resource management. In the financial markets, Nava Ltd. is recognized for its robust business model focused on long-term environmental benefits and technological advancement, appealing to stakeholders interested in sustainable economic growth and corporate responsibility.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: NAVA
- Chief executive
- Mr. Ashwin Devineni
- Employees
- 1,249
- Headquarters
- Hyderabad, India
- ISIN
- INE725A01030
- Website
- navalimited.com
Public research · Report of
Business model & financial foundation
Nava (NSE: NAVA), Integrated power generation (Zambia IPP and coal mine, Indian merchant thermal power) and ferro alloys: revenue of ₹4,291 crore in FY26 (+7.7% on FY25), an EBITDA margin of 44.4%, net profit of ₹786.7 crore and net cash of ₹1,242 crore.
- Revenue, FY26 (₹ crore)
- 4,291
- consolidated
- Revenue growth, FY26
- +7.7%
- on FY25
- EBITDA margin, FY26
- 44.4%
- EBITDA (Company EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- 786.7
- to owners
- Return on equity, FY26
- 7.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,242
- Net debt / (net cash), including current investments
- Market capitalisation (₹ crore)
- 15,534
- at the close of 17 Oct 2026
Company profile
Nava Limited (formerly Nava Bharat Ventures) is a Hyderabad-based group whose earnings come mainly from Maamba Energy Ltd in Zambia, a 65%-owned integrated coal mine and 300 MW thermal power plant selling to the state utility ZESCO under a long-term PPA, now doubling to 600 MW with a 100 MW solar addition. In India it runs about 414 MW of thermal power (merchant, medium-term PPA and captive) and silico-manganese ferro alloy smelters in Telangana and Odisha. Smaller ventures include healthcare services in Singapore/Malaysia, an avocado plantation and an integrated sugar project in Zambia, and manganese exploration in Cote d'Ivoire.
| Item | Value |
|---|---|
| Legal name | Nava Limited (formerly Nava Bharat Ventures Limited, Nava Bharat Ferro Alloys Limited) |
| Exchange and ticker | NSE: NAVA; BSE: 513023 |
| ISIN | INE725A01030 |
| CIN | L27101TG1972PLC001549 |
| Sector | Utilities / Metals |
| Industry | Integrated power generation (Zambia IPP and coal mine, Indian merchant thermal power) and ferro alloys |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹15,534 crore (17 Oct 2026) |
| Shares outstanding | 28.30 crore shares (FY26) |
| Price | ₹545.3 (close, 17 Oct 2026) |
| 52-week range | ₹501.6 - ₹739.4 (to 17 Oct 2026) |
| Website | https://www.navalimited.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Maamba Energy Limited (formerly Maamba Collieries Limited), Zambia | 65% | 300 MW (Phase I) coal-fired IPP selling to ZESCO under a long-term PPA, integrated coal mine; Phase II 300 MW under construction |
| Maamba Solar Energy Limited, Zambia | 65% | 100 MW solar plant under construction (planned commissioning July 2026) |
| Nava Global Pte. Limited (formerly Nava Bharat (Singapore) Pte.), Singapore | 100% | Overseas investment holding company holding the MEL stake |
| Nava Bharat Energy India Limited | 100% | 150 MW merchant thermal power plant in Telangana |
| Nava Energy Pte. Limited, Singapore | 100% | O&M services to MEL power plant |
| Nava Bharat Projects Limited | 100% | Projects / engineering services |
| Brahmani Infratech Private Limited | 86.53% | SEZ/infrastructure entity under litigation (emphasis of matter) |
| Kawambwa Sugar Limited, Zambia | 100% | Integrated sugar project under construction |
| Nava Avocado Limited, Zambia | 100% | Avocado plantation, first export yield FY26 |
| Nava Healthcare Pte. Limited and subsidiaries (Integrative Healthcare Services, Compai Pharma, Compai Healthcare Sdn Bhd, The Iron Suites) | 100% | Healthcare-enabled services in Singapore and Malaysia |
| Nava Resources CI / Nava Alloy CI, Cote d'Ivoire | 100% | Manganese ore exploration and alloy project |
| Kinnera Power Company Private Limited (associate) | 26% | Associate held as specified by NHAI |
18 subsidiaries per FY26 annual report; ZCCM Investments Holdings (Government of Zambia) holds 35% of MEL.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.10% | 50.11% | 50.03% | 50.03% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.36% | 10.61% | 10.22% | 9.73% |
| Domestic institutions | 0.38% | 0.52% | 0.56% | 0.47% |
| of which mutual funds | 0.31% | 0.36% | 0.39% | 0.38% |
| Retail | 39.16% | 38.75% | 39.18% | 39.76% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Nava Limited (NSE: NAVA, BSE 513023) is a holding-and-operating group. The core is Maamba Energy Ltd (MEL, Zambia), held 65% through Nava Global Pte, with ZCCM-IH holding 35%. MEL runs a 300 MW pithead coal plant selling to ZESCO under a long-term PPA, with outside coal sales of about 471 kt in FY26. In India the group runs about 414 MW of thermal capacity (Telangana 114 MW, Odisha 150 MW, NBEIL 150 MW) selling merchant power, medium-term PPA and captive power. It also has silico-manganese smelters (134 kt sold in FY26). On statutory segments, Energy carried Rs1,409 cr of the Rs1,525 cr segment result in FY26. Under construction: MEL Phase II 300 MW (US$400m), 100 MW Maamba Solar (first power 24 Sep 2026) and an integrated sugar project at Kawambwa (March 2028).
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Ferro Alloys | 1,200 | 22.1% | 31.1 | 2.0% |
| Mining (statutory MEL Zambia) | 479.6 | 8.8% | 109.6 | 7.2% |
| Other statutory segment (not corporate unallocated) | 4.13 | 0.1% | -25.2 | -1.6% |
| Energy (statutory India and Zambia combined) | 3,748 | 69.0% | 1,409 | 92.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indian Metals & Ferro Alloys (IMFA) | Integrated ferro alloy producer with captive power and mining, nearest Indian analogue for the ferro alloy plus captive power model |
| Maithan Alloys (MAITHANALL) | Manganese alloy (SiMn/FeMn) producer exposed to the same alloy realisations and steel cycle |
| NLC India (NLCINDIA) | Integrated mine-to-power generator, closest listed analogue to MEL's pithead coal-plus-IPP model |
| Jaiprakash Power Ventures (JPPOWER) | Thermal IPP with captive coal and merchant exposure; appears in the exchange peer set |
| Gujarat Industries Power Co (GIPCL) | Mid-size lignite mine-to-power generator; appears in the exchange peer set |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,315 | 3,508 | 3,818 | 3,984 | 4,291 |
| Cost of revenue (vendor classification) * | 1,246 | 1,417 | 1,746 | 1,691 | 1,945 |
| Other operating costs (vendor classification) * | 583.1 | 324.0 | 107.1 | 199.1 | 247.6 |
| EBITDA (vendor classification) * | 1,501 | 1,894 | 1,832 | 1,935 | 1,839 |
| EBIT | 1,220 | 1,653 | 1,653 | 1,634 | 1,514 |
| Finance costs | 330.9 | 388.4 | 274.6 | 25.9 | 11.9 |
| Profit before tax from continuing operations | 889.0 | 1,264 | 1,378 | 1,608 | 1,502 |
| Tax expense (expense positive) | 323.1 | 44.0 | 123.0 | 172.8 | 462.1 |
| Profit for the period including NCI | 573.3 | 1,222 | 1,256 | 1,434 | 1,039 |
| Diluted EPS, continuing and discontinued operations (INR per share) | 17.83 | 31.97 | 32.52 | 37.63 | 27.80 |
| Other income | 136.9 | 151.6 | 187.7 | ||
| Materials consumed and inventory change | 1,260 | 1,223 | 1,430 | ||
| Manufacturing expenses | 485.9 | 468.4 | 514.7 | ||
| Employee costs | 225.1 | 253.1 | 377.6 | ||
| Expected credit loss (negative = reversal) | -194.6 | -144.9 | -137.1 | ||
| Other expenses | 322.7 | 349.0 | 388.4 | ||
| Company EBITDA including other income | 1,856 | 1,987 | 1,905 | ||
| Depreciation, amortisation and impairment | 318.7 | 352.4 | 391.2 | ||
| Exceptional income | 115.8 | 0.00 | 0.00 | ||
| Profit/(loss) from discontinued operations | 0.76 | -1.72 | -1.43 | ||
| Profit attributable to non-controlling interests | 312.3 | 342.5 | 251.9 | ||
| Profit attributable to owners of parent | 943.7 | 1,091 | 786.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 5,676 | 7,108 | 8,321 | 9,412 | 10,764 |
| Current and non-current borrowings | 3,587 | 3,074 | 408.6 | 888.4 | 2,221 |
| Cash and cash equivalents | 327.6 | 394.7 | 265.8 | 989.4 | 2,099 |
| Trade receivables, current and non-current | 1,075 | 2,337 | 2,310 | 1,747 | 948.7 |
| Inventories | 370.7 | 688.4 | 602.7 | 817.7 | 666.2 |
| Trade payables | 85.9 | 186.3 | 169.6 | 168.3 | 284.8 |
| Consolidated net property, plant and equipment | 236.7 | 250.3 | 5,040 | 5,012 | 5,186 |
| Consolidated capital work in progress | 16.6 | 47.5 | 50.0 | 575.2 | 2,185 |
| Consolidated total assets | 10,746 | 11,160 | 9,698 | 11,272 | 14,372 |
| Non-controlling interests in equity | 1,412 | 1,800 | 2,019 | ||
| Other bank balances | 41.1 | 55.4 | 16.3 | ||
| Current investments | 478.8 | 444.4 | 1,348 | ||
| Net debt / (net cash), including current investments | -377.2 | -600.8 | -1,242 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 283.4 | 1,073 | 3,185 | 2,157 | 2,312 |
| Free cash flow (vendor definition) * | 545.5 | 1,123 | 3,008 | 1,305 | 505.1 |
| Dividends paid (outflow) | -36.1 | -86.4 | -86.4 | -114.6 | -253.9 |
| Purchase of property, plant and equipment (outflow) | -62.7 | -87.5 | -165.5 | -851.9 | -1,807 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares outstanding, year-end | 29.05 | 29.02 | 14.51 | 28.30 | 28.30 |
| Split-adjusted weighted average diluted shares (crore shares) | 29.02 | 29.00 | 28.30 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 900.5 | 842.5 | 1,018 | 1,193 | 963.7 | 991.1 | 1,143 | 1,212 |
| Cost of revenue (vendor classification) * | 354.8 | 306.4 | 529.2 | 516.3 | 456.3 | 393.5 | 578.5 | 507.6 |
| Other operating costs (vendor classification) * | 59.0 | 33.1 | -84.1 | 22.8 | 80.5 | 64.4 | 83.6 | 84.2 |
| EBITDA (vendor classification) * | 456.1 | 485.5 | 367.8 | 627.7 | 341.3 | 513.0 | 423.2 | 583.5 |
| EBIT | 367.8 | 397.7 | 324.6 | 537.2 | 247.0 | 397.3 | 332.4 | 482.1 |
| Finance costs | 6.53 | 6.00 | 4.70 | 1.31 | 2.79 | 0.76 | 7.08 | 2.49 |
| Profit before tax from continuing operations | 361.3 | 391.6 | 324.3 | 535.9 | 244.2 | 396.6 | 325.3 | 479.6 |
| Tax expense (expense positive) | 31.4 | 35.2 | 21.1 | 136.5 | 66.3 | 70.5 | 188.8 | 146.4 |
| Profit for the period including NCI | 332.0 | 353.3 | 302.8 | 399.1 | 177.5 | 325.7 | 136.2 | 332.8 |
| Diluted EPS (₹) | 8.65 | 8.62 | 8.10 | 10.89 | 4.57 | 7.84 | 4.49 | 9.80 |
| Other income | 42.0 | 35.6 | 37.5 | 39.3 | 26.0 | 70.4 | 52.0 | 57.0 |
| Materials consumed and inventory change | 234.3 | 188.4 | 411.5 | 409.7 | 331.2 | 269.3 | 419.7 | 342.9 |
| Manufacturing expenses | 120.4 | 118.0 | 117.7 | 106.6 | 125.1 | 124.2 | 158.8 | 164.7 |
| Employee costs | 73.0 | 53.2 | 61.2 | 65.8 | 111.6 | 90.6 | 109.5 | 93.5 |
| Expected credit loss (negative = reversal) | -29.7 | -50.3 | -47.5 | -74.1 | -25.5 | -17.7 | -19.9 | -4.40 |
| Other expenses | 88.7 | 83.4 | 93.7 | 96.9 | 106.0 | 82.0 | 103.6 | 88.5 |
| Company EBITDA including other income | 456.2 | 485.5 | 419.2 | 627.7 | 341.2 | 513.0 | 423.2 | 583.5 |
| Depreciation, amortisation and impairment | 88.4 | 87.8 | 90.1 | 90.5 | 94.3 | 115.7 | 90.8 | 101.3 |
| Profit/(loss) from discontinued operations | 2.08 | -3.10 | -0.30 | -0.32 | -0.40 | -0.42 | -0.30 | -0.41 |
| Profit attributable to owners | 251.1 | 250.3 | 234.4 | 308.0 | 129.5 | 222.0 | 127.1 | 277.3 |
| Profit attributable to non-controlling interests | 80.9 | 102.9 | 68.4 | 91.1 | 48.0 | 103.7 | 9.10 | 55.5 |
| Exceptional income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 31.0% | 5.8% | 8.8% | 4.3% | 7.7% |
| EBITDA margin | 48.6% | 49.9% | 44.4% | ||
| Net margin | 24.7% | 27.4% | 18.3% | ||
| Return on equity | 12.2% | 12.3% | 7.8% | ||
| Return on capital employed | 13.8% | 17.0% | 17.5% | 17.2% | 13.0% |
| Return on assets | 9.0% | 10.4% | 6.1% | ||
| Net debt (₹ crore) | -377.2 | -600.8 | -1,242 | ||
| Net debt / EBITDA | -0.20x | -0.30x | -0.65x | ||
| Interest cover | 3.69x | 4.26x | 6.02x | 63.2x | 126.9x |
| Asset turnover | 0.32x | 0.32x | 0.37x | 0.38x | 0.33x |
| Receivable days | 118 | 243 | 221 | 160 | 81 |
| Inventory days (on revenue) | 41 | 72 | 58 | 75 | 57 |
| Payable days (on revenue) | 9 | 19 | 16 | 15 | 24 |
| Cash conversion | 3.37x | 1.98x | 2.94x | ||
| Capex intensity | 1.9% | 2.5% | 4.3% | 21.4% | 42.1% |
| Free cash flow (₹ crore) | 220.7 | 985.8 | 3,019 | 1,305 | 505.1 |
| Dividend payout | 9.2% | 10.5% | 32.3% | ||
| EPS, diluted (₹) | 17.83 | 31.97 | 32.52 | 37.63 | 27.80 |
| Book value per share (₹) | 195.4 | 244.9 | 573.4 | 332.6 | 380.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt / (net cash), including current investments.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Nava includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Nava
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,702.70 last close on 23 Oct 2026 −2.70%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,725.00 last close on 23 Oct 2026 −3.08%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹362.00 last close on 23 Oct 2026 −0.69%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,549.00 last close on 23 Oct 2026 −1.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.50 last close on 23 Oct 2026 −2.86%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.