Nava Limited reports strong Q2 FY'26, boosts dividend

Nava Limited reported consistent operational performance and strategic progress for the second quarter ended September 30, 2025. The company declared a 300% interim dividend, its highest ever, underscoring a strong balance sheet and commitment to shareholder value. Revenues saw steady growth, primarily driven by strong performance in the Metals segment and continued momentum in the Energy business.

A significant milestone this quarter was the successful transition of the Odisha captive power plant into an independent power plant. New projects, including a 100-megawatt solar power project and a 300-megawatt expansion at Maamba, are progressing well. The 60-megawatt Odisha power plant, which commenced operation on November 1, 2025, has secured a five-year long-term PPA with the state of Tamil Nadu, starting February 2026, for 50 megawatts at INR 5.95 per unit.

Employee costs increased to INR 111.6 crores from INR 65.77 crores, attributed to salary increments and fair valuation of RSUs. Total energy sales for Q2 decreased from INR 1,045 crores to INR 877 crores due to a semi-annual shutdown in Maamba and lower demand in India. The company anticipates the 300-megawatt power expansion in Zambia to be commissioned by the later part of next year.