Nava Limited , a prominent Indian company, has initiated a postal ballot process to seek shareholder approval for the re-designation of Ashwin Devineni as Vice Chairman of its wholly-owned Singapore subsidiary, Nava Global Pte. Ltd. (NGPL). This strategic move, set to take effect from November 8, 2025, marks a significant shift in the company's global leadership structure.

Key Details of the Re-designation

• Current Position: Ashwin Devineni is presently the Managing Director of both Nava Limited and NGPL.
• New Role: Director & Vice Chairman of NGPL (designated as Vice Chairman).
• Effective Date: November 8, 2025.
• Term: Until March 31, 2029.

Remuneration and Terms

The re-designation comes with no changes to Mr. Devineni's existing remuneration package, which includes:

Rationale for the Change

The re-designation reflects a strategic shift in Mr. Devineni's role:

1. Transition from operational management to strategic oversight.
2. Focus on long-term strategic guidance for NGPL.
3. Emphasis on governance and policy formulation for the subsidiary.
4. Support and guidance for the senior leadership team, including the acting CEO & CFO and COO.

Shareholder Approval Process

Nava Limited has initiated a postal ballot for this re-designation:

• E-voting Period: November 15 to December 14, 2025.
• Result Declaration: Expected by December 16, 2025.

Corporate Governance Implications

This move is considered a related party transaction under Section 188 of the Companies Act, 2013, as Mr. Devineni is a key managerial person of Nava Limited and related to other board members. The re-designation has been reviewed and recommended by the Nomination and Remuneration Committee and approved by the Audit Committee and the Board of Nava Limited.

Company's Perspective

Nava Limited views this re-designation as a step towards strengthening its global governance framework and aligning management hierarchy with future growth and succession planning. The company expects this change to enhance strategic oversight of its international businesses.

Shareholders will play a crucial role in this corporate action, with their votes determining the approval of this significant leadership transition in Nava Limited's global operations.

Nava has reported strong financial results for the second quarter and half year ended September 30, 2025, along with a significant dividend declaration and key leadership changes.

Financial Highlights

Nava Limited reported consolidated revenue growth in Q2FY26, primarily driven by higher Ferroalloys sales of 32,760 MT compared to 19,337 MT in the same period last year. The Energy division maintained revenue levels despite early monsoon and prolonged rains affecting power demand and tariffs.

For Q2FY26:

• Consolidated profit before tax: ₹244.20 crores
• Profit after tax: ₹177.50 crores

The company's consolidated results for the half year show:

Dividend Declaration

Nava's Board has approved an interim dividend of 300% (₹3.00 per equity share of ₹1 each). The record date for this dividend is set for November 14, 2025.

Leadership Changes

Significant management changes include:

• Mr. Ashwin Devineni has resigned from his position as Managing Director at the subsidiary Nava Global Pte. Limited, while continuing as a director.
• Mr. Devineni has been re-designated as Vice-Chairman, effective November 8, 2025, for the remainder of his term until March 31, 2029.

Business Segments and Operations

Nava operates across three main segments:

1. Ferro alloys
2. Energy
3. Mining

The consolidated financial statement includes results from 18 subsidiaries.

Key operational highlights include:

• Conversion of 60MW Odisha operations into Independent Power Plant
• Progress on MEL's Phase II 300MW expansion project
• Commencement of Maamba Solar's 100MW solar project construction
• Advancement of integrated sugar project with sugarcane plantation multiplication

Financial Updates

• The Ferroalloys division faced lower realizations in export markets.
• Maamba Energy received US$30.00 million during the quarter, reducing outstanding receivables to US$55.50 million.
• The company received dividends of US$10.00 million from Nava Global and ₹13.00 crores from Nava Bharat Energy India Limited.

Conclusion

Nava's strong financial results, substantial dividend declaration, and operational progress across various projects reflect the company's robust performance in Q2FY26. The recent leadership changes and the company's diversified operations across multiple segments position it for potential future growth and profitability.