Q2 FY27 results analysis · November 12, 2026
Nava Ltd Q2 FY27 Results Analysis: PAT Surges 144%, EBITDA Margin Tops Guidance
+143.6%PAT year on year, Rs. 315.42 Cr
Source: Quarterly results filing (BSE)
Quick summary
Nava Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,252.32 Cr (+29.95% YoY) and PAT growth of +143.59% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,252.32 Cr (+29.95% YoY) |
| PAT (Q2) | Rs. 315.42 Cr (+143.59% YoY) |
| EBITDA margin | 44.76% (+935 bps YoY) |
| EPS (Q2) | Rs. 11.15 (+142.92% YoY) |
Quarter Snapshot
Q2 FY27 delivered 29.95% YoY revenue growth and 143.59% YoY PAT growth, with EBITDA margin of 44.76% running above management's 35-40% FY27 guidance band. Maamba Solar was commissioned on schedule and the ZESCO receivable overhang is effectively closed at US$2.62 Mn residual. Watch items are QoQ Energy margin compression of 416 bps on firming coal costs, a 95.63% QoQ jump in unexplained other expenses, and a Rs.87.36 Cr deferred-tax credit that flatters reported PAT.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Indian power demand "Up YoY — tailwind"; merchant-heavy fleet benefits ("all-India thermal PLF 68.34% Sep-26 vs 61.79% Sep-25") | Energy revenue +34.41% YoY, result +50.90% YoY despite the Odisha unit shutdown from 6 Sep | Played out |
| Si Mn volumes "should recover… toward the 130,000 t FY27 target" | FA revenue +3.54% QoQ but −3.87% YoY; result −42.01% QoQ; volumes not disclosed | Partially |
| Margins "flat-to-compressing at the margin" (coal premium risk) | EBITDA margin 44.76% vs 48.15% Q1 — compressed ~339 bps QoQ yet far above the 35–40% guide — direction; level far above guide | Played out |
| Deferred tax a "coin-flip the CFO himself tied to Kwacha stability" | Deferred-tax credit Rs.87.36 Cr; ETR 10.90% | Played out |
| Kwacha stable through Sep-30; the 6 Oct slide "does not change the Q2 read but is a live Q3 risk" | No Q2 distortion visible; Q3 risk not addressable in this filing | Played out for Q2; open for Q3 |
| EU safeguard "a headwind to export pull" for ferro | FA revenue −3.87% YoY, thin margin; export split not disclosed | Partially |
| ZESCO residual recovery as a watch item | Residual US$2.62 Mn after US$576.01 Mn cumulative recovery | Played out |
| Phase 2 commissioning / Maamba Solar first partial quarter / Si Mn run-rate / Odisha shutdown impact as call watch items | Not addressed in the filing (CWIP build is the only trace) — remains open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated EBITDA margin 35–40% | guided on the Q4 FY26 earnings call | Q2 44.76%; H1 46.43% — above band | On Track |
| Maamba Solar: $20–22 Mn revenue, $6–7 Mn EBITDA p.a. | guided on the Q4 FY26 call | Commissioned 24 Sep 2026; no contribution disclosed | Too Early |
| Maamba Solar commissioning by end-Sep 2026 | guided from Q4 FY26 | Commissioned 24 September 2026 | Met |
| MEL Phase 2 commissioning Q2 FY27-28 | guided at the Q1 FY27 call | No update in the filing; CWIP +Rs.1,078.60 Cr QTD | Too Early |
| ZESCO residual ~10% recovered within six months of FY27 | guided on the Q4 FY26 call | US$576.01 Mn recovered incl. US$10.50 Mn in Nov 2026; residual US$2.62 Mn | Met |
| Q1's Rs.40.15 Cr deferred-tax charge "might not be present in the next quarter and could even be reversed" (CFO, Q1 FY27 call) | Q1 FY27 call | Q2 deferred-tax credit of Rs.87.36 Cr | Met |
| Other income sustainable ~Rs.40 Cr/quarter | framed at the Q3 FY26 call | Rs.83.24 Cr in Q2 (Rs.56.97 Cr in Q1), incl. investment FV gains (H1 Rs.70.91 Cr, split undisclosed) — running ~2× the stated sustainable level | Missed |
| Metals margins: "stability… or a slight increase… no downward trend until the end of the financial year" | Q1 FY27 earnings call | FA result margin 3.88% vs 6.93% QoQ (though up from 1.03% YoY); realization data not in filing — QoQ prints against the claim, YoY supports it | Too Early / Partially |
| Q2 FY26 margin dip (34.5%) was a one-off with "a bounce back" expected | Q2 FY26 earnings call | Q2 FY27 margin 44.76%, +935 bps YoY | Confirmed |
| MEL margin decline is "on account of less reversal of ECL credit" | Q&A, prior calls | ECL line now a small Rs.2.23 Cr credit in Q2 (vs Rs.25.46 Cr year-ago) — consistent | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| India PLF % | n/a | n/a | 79.9 | 85.4 | not disclosed in filing |
| MEL PLF % | 80.4 | 96.6 | 86.0 | 89.3 | not disclosed |
| Si Mn production (t) | 31,770 | 33,537 | 33,547 | 24,462 | not disclosed |
| MEL EBITDA margin % | 44.91 | 64.23 | 47.04 | 52.07 | not disclosed |
Key Investment Insights
Key Positives
- Revenue grew 29.95% YoY to Rs.1,252.32 Cr; Energy segment revenue +34.41% YoY and Mining +33.02% YoY
- PAT attributable to owners grew 143.59% YoY to Rs.315.42 Cr; EPS Rs.11.15 vs Rs.4.59
- EBITDA margin 44.76%, up 935 bps YoY and above the guided FY27 band of 35-40%
- H1 CFO/PAT of 1.17x with trade receivables down Rs.95.50 Cr and inventories down Rs.69.00 Cr QTD
- Maamba Solar commissioned 24 September 2026, meeting the end-Sep 2026 guidance; ZESCO receivables recovered to a residual US$2.62 Mn against US$576.01 Mn cumulative
- Net-cash position of Rs.347.60 Cr maintained despite Rs.779 Cr of borrowings drawn for Phase 2 construction
- Ferro Alloys segment result up 264.08% YoY with margin improving to 3.88% from 1.03%
Risk Factors
- EBITDA fell 3.93% QoQ with Energy segment margin down 416 bps QoQ to 41.85%
- Cost of materials rose 14.05% QoQ vs 3.34% revenue growth, consistent with firming coal e-auction premiums
- Ferro Alloys revenue declined 3.87% YoY and segment result halved QoQ (Rs.17.83 Cr to Rs.10.34 Cr) at a 3.88% margin
- Other expenses nearly doubled QoQ (+95.63%) to Rs.173.23 Cr with no driver disclosed
- Normalized PAT (stripping the Rs.87.36 Cr deferred-tax credit) fell 15.25% QoQ to Rs.316.09 Cr
- Odisha 60 MW unit shut from 6 September 2026 for ~55-60 days
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