Nava Ltd.Record income ₹1,269 Cr; Zambia Phase 2 slips to FY28

Nava reported record consolidated total income of ₹1,269 Cr for Q1 FY27 and record standalone total income of ₹689 Cr, helped by lower coal and manufacturing costs and dividend income from Nava Global.

The 300 megawatt MEL plant in Zambia ran at an 89.3 PLF. The call gave no EBITDA or profit figures. Management said the Phase 2 thermal expansion in Zambia is now due by Q2 of FY28, around July 2027, after shipment delays tied to the West Asia conflict, with no material capex impact and a targeted return on equity of about 15%, while a 100 megawatt solar plant is due by the end of September. Consolidated EBITDA margin was put at 35% to 40% after eliminations, Zambia energy EBITDA margin at 45% to 50%, and about 70% of metals output is contracted.

Deferred tax of ₹40 Cr reflects the Zambian kwacha and may reverse. Management is studying options for its land bank through a third party and said it does not need to sell assets to fund projects.