News Earnings NAVA Limited Q3FY26 Conference Call Transcript Reveals Strong Growth and ExpansionNAVA Limited Q3FY26 Conference Call Transcript Reveals Strong Growth and Expansion
NAVA Limited conducted its Q3FY26 earnings conference call on February 5, 2026, showcasing impressive financial results with 83.5% quarter-on-quarter net profit growth and EBITDA margin expansion to 48.3%. The management highlighted the successful completion of Nava Global's $50 million buyback and provided comprehensive updates on major expansion projects, including the $400 million MEL Phase II thermal plant and $90 million solar project in Zambia, with commissioning expected in FY27.
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NAVA Limited submitted its Q3FY26 earnings conference call transcript to the National Stock Exchange of India Limited and BSE Limited on February 11, 2026, under Regulation 30 of SEBI Listing Regulations. The conference call, held on February 05, 2026, was hosted by ICICI Securities and featured comprehensive discussions on the company's operational and financial performance for the third quarter ended December 31, 2025.
Management Participation and Key Announcements
The earnings call was led by Managing Director and CEO Ashwin Devineni, along with Executive Directors GRK Prasad and Nikhil Devineni. The management highlighted the successful completion of Nava Global's $50 million buyback, supported by strong dividend flows from Maamba Energy Limited, demonstrating the company's commitment to shareholder value and disciplined capital allocation.
| Leadership Team: | Designation |
|---|---|
| Ashwin Devineni: | Managing Director and CEO |
| GRK Prasad: | Executive Director |
| Nikhil Devineni: | Executive Director |
| VSN Raju: | Company Secretary |
| B. Srinivasa Rao: | Financial Controller |
| P. Karthik: | AGM (Projects & Finance) |
Q3FY26 Financial Performance Highlights
The conference call revealed impressive consolidated financial results with significant quarter-on-quarter improvements. The company reported consolidated net profit rising 83.5% quarter-on-quarter, with EBITDA margins expanding sharply to 48.3% from 34.5% in the previous quarter. Other income jumped to ₹70.4 crore in Q3 compared to ₹26 crore in Q2, primarily due to foreign currency fluctuations.
| Financial Metrics: | Q3FY26 Performance | Growth/Details |
|---|---|---|
| Net Profit Growth: | 83.5% QoQ | Strong quarter-on-quarter improvement |
| EBITDA Margin: | 48.3% | Expanded from 34.5% QoQ |
| Other Income: | ₹70.4 crore | Up from ₹26 crore in Q2 |
| Sustainable Other Income: | ₹40 crore per quarter | Recurring income level |
| Mining Revenue Growth: | 16.6% QoQ | Higher volume driven |
Operational Performance and Business Segments
The energy division demonstrated robust performance with MEL achieving 97% Plant Load Factor (PLF) during Q3FY26. The mining division showed strong momentum with monthly sales averaging 35,000 to 42,000 tons, which management confirmed as sustainable. The ferro alloys segment experienced pricing improvements of approximately 8% from Q3 to Q4, though profitability remained challenging.
| Business Segment: | Q3FY26 Performance | Operational Metrics |
|---|---|---|
| MEL Power Plant: | 97% PLF | High availability maintained |
| Mining Sales: | 35,000-42,000 tons/month | Sustainable volume levels |
| Ferro Alloys Pricing: | 8% improvement Q3-Q4 | Market recovery signs |
| Tamil Nadu PPA: | ₹5.2 per kWh | 5-year bilateral contract |
Major Project Developments and Capital Expenditure
The management provided detailed updates on ongoing expansion projects, including the 300 MW MEL Phase II thermal expansion with a total capex of $400 million and the 100 MW solar project requiring $90 million investment. As of December 31, 2025, approximately $190 million had been spent on the thermal plant and $10 million on the solar project, with debt-equity ratio maintained at 70:30.
| Project Updates: | Total Capex | Spent (Dec 2025) | Timeline |
|---|---|---|---|
| MEL Phase II (300 MW): | $400 million | $190 million | H2 FY27 commissioning |
| Solar Project (100 MW): | $90 million | $10 million | H1 FY27 commissioning |
| Avocado Plantation: | $55 million | $8 million | 4-5 years for significance |
| Kawambwa Sugar: | $100 million | $8 million | April 2028 completion |
Future Revenue Projections and Strategic Outlook
Management shared revenue expectations for the new projects, with the 300 MW thermal plant expected to generate $180-200 million annually and the 100 MW solar project contributing $15-16 million per year at full operations from FY28. The company maintains outstanding receivables of $30.5 million from Maamba Energy while continuing to explore additional renewable energy opportunities in Zambia and lithium exploration in Ivory Coast.
Historical Stock Returns for Nava
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.97% | +4.48% | +9.88% | -13.19% | +45.09% | +1,676.42% |
