Nava Limited 's Board of Directors has approved the incorporation of two wholly owned subsidiaries in GIFT City IFSC, Gujarat, marking a strategic expansion into specialized investment holding activities. The decision was taken during the board meeting held on March 10, 2026, which commenced at 11:00 a.m. (IST) and concluded at 12:30 p.m. (IST).

Subsidiary Details and Structure

The company will establish two distinct investment holding entities with specific operational mandates:

Investment Framework and Capital Structure

Both subsidiaries will receive identical initial funding arrangements from Nava Limited's internal accruals:

The incorporation process will involve an initial investment of ₹1,00,000 for each entity, with the remaining investment amount to be deployed upon receipt of required IFSC approvals.

Business Objectives and Operations

Nava Agrivest (IFSC) Private Limited will function as an investment holding company focused on commercial agricultural investments across regions. The entity will hold investments in step-down subsidiaries engaged in commercial agriculture and facilitate structured overseas agricultural investments under the IFSC framework.

Nava Holdings (IFSC) Private Limited will serve as an investment holding company for investments in group businesses excluding commercial agriculture activities.

Regulatory Compliance and Approvals

The incorporation process requires approvals from multiple regulatory authorities:

• Ministry of Corporate Affairs (MCA)
• International Financial Services Centres Authority (IFSCA)
• Other applicable authorities as required

The company has disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with mandatory disclosure requirements for material events.

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.

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.

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.

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.

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.