NAVA Limited Q3FY26 Conference Call Transcript Reveals Strong Growth and Expansion

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.60%	-2.11%	-5.96%	-13.33%	+6.17%	+1,431.16%

Nava Bharat Ventures has reported meaningful progress in its integrated sugar project, highlighting advancement in key operational areas. The company has announced that sugarcane plantation multiplication activities are progressing according to plan, representing a crucial foundation for the project's long-term success.

Project Development Update

The integrated sugar project has reached an important milestone with the company confirming that equipment supplies are set to commence soon. This development indicates the project is transitioning from the initial planning and preparation phase to active implementation and equipment deployment.

Plantation Operations Progress

The sugarcane plantation multiplication component of the project continues to advance, establishing the agricultural foundation necessary for the integrated sugar manufacturing operation. This agricultural component represents a critical element of the company's comprehensive approach to sugar production.

Equipment Supply Commencement

Nava Bharat Ventures has indicated that equipment supplies for the sugar project will begin shortly, marking a significant step forward in the project's execution timeline. The commencement of equipment supplies suggests the project is moving into its active development and installation phase.

This integrated approach to sugar production, combining plantation development with manufacturing capabilities, reflects the company's strategic expansion into the sugar sector through a vertically integrated model.