Nava Limited has filed its Annual Report for the financial year ended March 31, 2026, along with the notice of its 54th Annual General Meeting (AGM) scheduled to be held on Friday, August 14, 2026, at 10:00 a.m. (IST) through Video Conferencing / Other Audio-Visual Means. The filing was made pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Record Standalone Financial Performance

FY 2025-26 marked a landmark year for Nava at the standalone level, with the company registering its highest-ever operational income. Standalone Revenue from Operations grew 19.4% to ₹1,92,473 Lakhs, while Total Income — including other income — rose 24.5% to ₹2,24,174 Lakhs. The surge in other income was driven by dividend income of ₹25,406 Lakhs from subsidiaries, compared to ₹11,432 Lakhs in FY25. Standalone EBITDA grew 24.8% to ₹70,278 Lakhs, and Profit After Tax more than doubled by 116.0% to ₹91,093 Lakhs, supported by an exceptional gain of ₹40,395 Lakhs from the buyback of shares by subsidiary Nava Global Pte Ltd. Basic EPS rose from ₹14.54 to ₹32.19.

The following table presents the key standalone and consolidated financial highlights for FY 2025-26:

Consolidated Performance and Context

At the consolidated level, Revenue from Operations grew 7.7% to ₹4,29,091 Lakhs, aided by growth in standalone operations and contributions from Maamba Energy Limited (MEL). Consolidated Total Income increased 8.3% to ₹4,47,866 Lakhs. Consolidated Profit Before Tax declined 6.6% to ₹1,50,202 Lakhs, while Consolidated PAT fell 27.6% to ₹1,03,852 Lakhs. The sharper PAT decline was attributed to two specific items at MEL: the transition to a 15% effective tax rate following the completion of its tax holiday period, and a non-cash deferred tax provision of US$ 29.9 million arising from the approximately 32% appreciation of the Zambian Kwacha. Total Comprehensive Income grew 17.2% to ₹1,872.7 crore, reflecting the full economic value created during the year. Consolidated CAPEX spend stood at ₹1,80,719 Lakhs versus ₹85,190 Lakhs in FY25, primarily directed towards the construction of the 300 MW power plant, 100 MW Solar power plant, Integrated Sugar plant, and Avocado plantation in India and Zambia.

Operational Highlights Across Business Segments

The Metals division navigated a challenging global environment through a deliberate shift in product mix. Silico Manganese production grew 22.4% to 127,486 MT, while sales volumes rose 42.0% to 134,410 MT, with export sales nearly doubling during the year. Ferro Silicon production declined to 5,966 MT from 13,490 MT in FY25, reflecting the impact of US tariffs and EU quota systems. Operational revenue of the Metals division increased 29.3% to ₹1,20,049 Lakhs.

The Indian Energy segment recorded structural improvement. Total merchant power units sold grew to 1,607 million kWh from 1,551 million kWh, with average PLF improving to 71.5% from 69.4%. The conversion of 60 MW at Odisha from CPP to IPP mode in November 2025 and the execution of a five-year Power Purchase Agreement for 50 MW capacity starting February 2026 strengthened revenue visibility. The 114 MW plant at Telangana operated at a PLF of 74.5% versus 66.1% in FY25.

Maamba Energy Limited (MEL) in Zambia maintained robust operational performance, with a Plant Load Factor of 89.6% and power units sold of 2,115 million kWh. MEL fully repaid shareholder loans to both sponsors and paid a dividend of US$ 175 million during the year. Receivables from ZESCO were substantially reduced to US$ 28.0 million from US$ 160.6 million as at March 2025, following the realisation of arrears under the Arbitral Award.

Projects Under Development

Nava's portfolio of under-construction projects made significant progress during the year:

• MEL Phase II – 300 MW Thermal Power Plant (Zambia): Construction is progressing steadily with debt funding of US$ 290 million tied up. Debt drawn as on March 31, 2026 was US$ 214.6 million. Commissioning is targeted for Q4 FY27.
• Maamba Solar Energy Limited – 100 MW Solar Power Plant (Zambia): All major equipment has reached the site and erection works are in progress. Debt of US$ 63 million has been fully tied up, with US$ 13.4 million drawn as on March 31, 2026. Commissioning is expected to begin in July 2026.
• Nava Avocado Limited: The first commercial harvest of over 150 MT of avocados was achieved during FY 2025-26, the majority of which was exported to South Africa. Income earned against seed marketing of Avocado fruit was ₹124 Lakhs (US$ 0.14 million). The state-of-the-art packhouse is under construction with targeted completion by September 2026.
• Kawambwa Sugar Limited – Integrated Sugar Complex (Zambia): The integrated complex comprising sugarcane plantation in 4,500 Ha, 2,500 TCD sugar processing, 30 KLPD distillery and 20 MW co-generation power plant remains on track for commissioning by March 2028.

Dividend and Capital Allocation

The Board recommended a final dividend of ₹5.50 per equity share of ₹1/- each (550%) for FY 2025-26, subject to shareholder approval at the AGM. Together with the interim dividend of ₹3.00 per share already paid, the total dividend for FY 2025-26 stands at ₹8.50 per share — the highest in the company's history. The aggregate final dividend payout amounts to ₹15,565.07 Lakhs. The company carries ₹1,347 crore in liquid investments at the standalone level. A significant milestone during the year was the return of approximately ₹705 crore to the Indian balance sheet by way of dividend and share buyback proceeds from overseas investments.

AGM and Corporate Governance

The 54th AGM is scheduled for August 14, 2026, at 10:00 a.m. (IST) via Video Conferencing. Key agenda items include adoption of financial statements, declaration of the final dividend, and re-appointment of directors retiring by rotation — Mr. P. Trivikrama Prasad and Mr. Nikhil Devineni. Special business includes the re-appointment of Mr. GRK Prasad as Executive Director for two years effective June 28, 2026, re-appointment of Mr. Mwelwa Chibesakunda as Independent Director for a second term of five years effective November 14, 2026, and an amendment to the Object Clause of the Memorandum of Association to broaden the company's energy mandate. The statutory auditors Walker Chandiok & Co LLP issued an unmodified opinion on both standalone and consolidated financial statements. CRISIL reaffirmed the company's Long Term Rating at CRISIL A/Stable and Short Term Rating at CRISIL A1 during FY 2025-26.

Nava Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 to the National Stock Exchange of India Limited and BSE Limited. The filing, made on July 20, 2026, discloses the company's performance on environmental, social, and governance parameters as part of its Annual Report 2025-26. The Board of Nava Limited appointed J. Sundharesan and Associates, Practicing Company Secretaries, to provide reasonable assurance for the BRSR Core indicators.

The company reported that it successfully planted more than 5,000 saplings across its facilities during FY 2025-26, surpassing its initial target of 3,500. This afforestation initiative was undertaken to enhance green cover and support biodiversity conservation. Additionally, the report notes that more than 33% of the land area across operational facilities is maintained under green cover.

Operational and Financial Overview

Nava Limited operates primarily in the manufacturing of ferro alloys and the generation of electric power. The manufacturing segment accounts for 61.34% of the turnover, while power generation contributes 24.41%. The company serves customers across 8 states in India and exports to 11 countries, with exports contributing 49.65% to the total turnover.

The report details the company's workforce, comprising 497 permanent employees and 1,681 workers as of the end of the financial year. The company reported no instances of fines, penalties, or disciplinary actions related to bribery or corruption during the year. It also confirmed compliance with all applicable environmental laws and regulations.

Environmental Performance

Nava Limited disclosed its energy consumption data, reporting a total energy consumption of 3,86,16,101.49 GJ for the current year. The company has been identified as a Designated Consumer under the Perform, Achieve and Trade (PAT) Scheme and has participated in cycles aimed at energy efficiency. It reported total Scope 1 and Scope 2 greenhouse gas emissions of 33,26,762.48 metric tonnes of CO2 equivalent.

Water withdrawal for the year stood at 46,70,646 kilolitres, entirely from surface water sources. The company has implemented a Zero Liquid Discharge (ZLD) system to treat and reuse wastewater for operational applications such as dust suppression and gardening. Total waste generated was reported at 9,07,900.03 metric tonnes, with 12,261 metric tonnes recovered through re-use operations.

Key Sustainability Metrics

Governance and Stakeholder Engagement

The Risk Management Committee oversees sustainability-related matters at Nava Limited. The company has established policies covering all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC). During the year, the company developed and circulated an ESG assessment questionnaire to identified value chain partners to enhance transparency and sustainability alignment.

The report confirms that 100% of permanent employees and workers were paid minimum wages. Nava Limited also reported that it received 12 shareholder complaints during the year, all of which were resolved within the same quarter. There were no pending complaints at the end of the year.