NAVA LIMITED (NAVA) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Nava Limited is a diversified group spanning thermal and solar power, ferroalloys, mining and Zambian agribusiness projects, reporting into a quarter where Indian power demand ran well above year-ago levels. The print will speak to whether consolidated EBITDA margins hold above the FY27 guidance band of 35-40% after Q1's 46.0%, and how the newly commissioned 100 MW Maamba Solar plant and the deferred MEL Phase 2 timeline shape the growth story.

NAVA LIMITED Q2 Results Date and Time

The board of Nava Limited will meet on November 12, 2026, to approve the unaudited consolidated and standalone financial results for Q2 and the half year ended September 30, 2026. The trading window has been closed since October 1, 2026, until November 14, 2026 (both days inclusive).

An analyst/investor call is scheduled for Thursday, November 12, 2026, at 16:00 hrs IST, organized by ICICI Securities, to discuss performance for the quarter and half year ended September 30, 2026. Senior management will represent Nava on the call.

What to expect from NAVA LIMITED's Q2 FY27 results

The quarter's central test is whether consolidated EBITDA margin stays above the FY27 guidance band of 35-40% after Q1 FY27 printed 46.0% on an all-time-high total income of Rs. 1,268.8 Cr. System demand ran in the guidance's favour: all-India thermal PLF was 68.25% in July 2026 vs 62.71% a year earlier and 68.34% in September vs 61.79%, with thermal power demand up 11-12% YoY in July-August, though the Odisha 60 MW IPP unit was shut from September 6, 2026 for about 55-60 days.

On costs, coal e-auction premiums surged from 41% in July to 59% in August and 94% in September amid 9-day plant coal stocks, putting Q1's lower coal-cost tailwind at risk for any spot or e-auction-linked purchases. The Kwacha held the 18.3-18.5/USD zone through the quarter, consistent with the CFO's statement that the Rs. 40 Cr Q1 deferred-tax charge might not recur and could even reverse, though the Kwacha's 6% single-day fall to around 19.8-21/USD on October 6 came after quarter-close and is a Q3 risk.

Maamba Solar, commissioned on September 24, 2026 under a 20-year PPA with ZESCO, contributes its first partial quarter against guidance of $20-22 million annual revenue and $6-7 million EBITDA, while Si Mn volumes should recover from Q1's 24,462 tons toward the 130,000-ton FY27 target with no planned shutdown this quarter. The upcoming call is likely to cover the margin bridge, the deferred-tax line, MEL Phase 2's Q2 FY27-28 commissioning timeline and the final 10% of ZESCO receivables due within six months of FY27.

Key Things To Watch

Consolidated EBITDA margin vs 35-40% FY27 guidance: Q1 FY27 printed 46.0%, above the band.

• Watch whether H1 FY27 sustains above the 35-40% guidance and how management reconciles the gap
• Coal cost direction vs Q1's Rs. 314.3 Cr cost of materials, with e-auction premiums at 94% in September
• Other income vs the ~Rs. 40 Cr per quarter sustainable marker and the ECL line

Maamba Solar first full quarter and MEL Phase 2 timeline

• Maamba Solar (100 MW, commissioned Sep 24, 2026) initial generation and revenue vs $20-22 Mn revenue and $6-7 Mn EBITDA guidance
• Whether MEL Phase 2 (300 MW) commissioning holds at Q2 FY27-28 (both units around June-July of FY27-28) after slips from Jan 2027 and H2 FY27
• Capex drawdown vs the $400 Mn total outlay for MEL Phase 2

Si Mn volumes and metals margin stance

• Si Mn production run-rate vs the 130,000-ton FY27 target after Q1's 24,462 tons on the planned Odisha shutdown
• Realisation trend vs the +Rs. 3,200/MT gain from higher export sales in Q1
• Management's call of stability or a slight increase in metals margins, no downward trend until end of FY27, with ~70% of production under long-term/quarterly contracts

Deferred tax and ZESCO receivables

• Whether the Rs. 40 Cr Q1 FY27 deferred tax reverses or recurs, per the CFO's conditional statement tied to Kwacha stability
• Final 10% of ZESCO receivables due within six months of FY27; overdue balances stood at Rs. 165.15 Cr at June 30, 2026, down 36.46% from Rs. 259.90 Cr at March 31, 2026, with US$17.46 Mn remaining

Shutdown impact and capital returns

• Actual volume impact of the Odisha 60 MW IPP unit shutdown (from Sep 6, 2026, ~55-60 days), where management expects no material adverse impact; the Paloncha 150 MW shutdown from Nov 2 (~30 days) affects Q3 FY27
• Updates on the second 100 MW solar project, SMR/renewables ventures, and Ivory Coast exploitation-license conversion and alloy-plant JV approval