Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Oct - Disclosure pertaining to Allotment of Equity Shares pursuant to exercise of RSUs
Source: Bse
NAVA LIMITED (NAVA)
Large CapPower stocks · Large cap · NSE
NAVA LIMITED is an Indian company with operations in Ferro Alloys, Energy (India and Zambia), and Mining. It is also developing a solar project, expanding its Zambian power plant, and progressing an integrated sugar project and avocado plantation.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -1.6% / mo · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NAVAD candles · FIT view-21.8%Latest close ₹522.40 on 2026-10-21
Bar
-2.6%
RSI
36
MACD hist
-2.34
52W pos
9%
2026-10-21O ₹536.20H ₹536.20L ₹517.00C ₹522.40Vol 1.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NAVANifty PowerNifty 500
- NAVA
- -10.8%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -4.3 pp
Chart stats
21 Oct 2026- From 52W high
- -29.3%
- 52W range position
- 9%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹15.2 Cr
- 20D price channel
- ₹517 - ₹583.9
₹739.4
₹501.7 - ₹739.4
₹14.9
Latest completed session
20-session average
26.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +1.6% · PAT -16.5% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model+35.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -17% YoY · margin compression · Rev +2% YoY · +6% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,212 Cr | +1.6% | +6.0% |
| EBITDA | ₹526 Cr | -10.5% | +41.8% |
| Operating margin | 43.0% | -600 bps | +1100 bps |
| PAT | ₹333 Cr | -16.5% | +144.8% |
| PAT margin | 27.5% | -597 bps | +1558 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.40
- P/B
- 1.76
- EV/EBITDA
- 8.58
- Market Cap
- 15433.00Cr
Profitability
- ROE
- 9.33%
- ROCE
- 12.80%
- ROA
- 6.77%
- Dividend Y
- 1.56%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 127.38×
- Altman Z
- 3.40
- Book Value
- 309.00
Cash Flow
- FCF Yield
- 3.01%
- FCF Positive Y
- 10/5
- OCF
- 2312.00 Cr
- EPS TTM
- 26.70
Shareholding
- Promoter Hold
- 50.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,212+6.0% vs prev
Net Profit
₹ CrLatest: 333+144.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 1 Base / Transition
1M return
-5.8%
3M return
-10.8%
6M return
-23.8%
1Y return
-16.4%
RS 1D
-2
RS 20D
+5
Sector rank
#17
Industry rank
#26
Stage evidence
- Price is 11.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 81.62-1.66%
RS vs Nifty 50082
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation7/30
Growth13/25
Quality1/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.0%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 35.1%.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
20.4
PB
1.8
EV/EBITDA
8.6
ROE
9.3%
ROCE
12.8%
FCF Yield
3.0%
Debt/Equity
0.3
MoS
+35.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+35.1%
Previous: +33.4%
Score history
12 stored score snapshots. Latest stored move: -1 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
45
45
45
45
45
45
45
45
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹430.85
-21.2% MoS
Growth-justified P/E
30.1
Growth-justified Value
₹805.01
+35.1% MoS
PEG
1.57
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 140
42
32.3
3.6%
-29%
WATCHLIST
SJVN
Large
SJVN Limited
Power Generation
match 135
17
31.4
4.6%
-1167%
OVERVALUED
CESC
Small
CESC Limited
Power Generation
match 132
35
11.4
12.0%
-29%
WATCHLIST
GMRP&UI
Micro
GMR Power and Urban Infra Limited
Power Generation
match 129
40
—
-42.8%
+59%
WATCHLIST
POWERICA
Small
Powerica Limited
Power Generation
match 128
51
26.4
17.4%
+8%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T07:39:51.166Z
Management commentary snapshot
Consolidated Revenue up 8.3% YoY to ₹4,479 Cr, but PAT declined 27.6% YoY to ₹1,039 Cr due to reduced realizations and DTL provision. Standalone PAT surged 116% YoY to ₹911 Cr, highest ever.
Consolidated PAT declined significantly YoY due to lower Ferro Alloys & Indian Energy realizations and a large notional DTL provision from Zambian Kwacha appreciation. Standalone performance was strong, aided by operational efficiency, dividends, and buyback cashflows. Key projects are progressing.
Growth engines
Si Mn Alloys Volume Growth
Higher Si Mn alloys volumes by 39,724 MT YoY with production shift from Ferro Silicon.
Incremental Energy Revenue (MEL)
Incremental energy revenue under Maamba Energy Ltd.
Indian Energy Operational Improvements
Odisha Ops 150 MW plant witnessed healthy PLF of 77.2% and improved operational parameters with medium term PPA.
Capacity and execution
Maamba Solar 100 MW
Construction progressing well with planned commissioning in July 26.
MEL Phase II 300 MW
Mechanical and electrical erections progressing steadily.
Integrated Sugar Project
Ordering for all major packages completed & construction activities have commenced.
Tailwinds
MEL Dividend Realization
Cumulative dividend declared for the year is US$ 175 Mn; Nava Global’s share is US$ 113.75 Mn.
MEL Arrears Reduction
Arrears have come down to US$ 28.0 Mn with US$ 7.5 Mn realization during the quarter.
Indian Energy PPA
Availability of medium term PPA improved operational parameters for Odisha Ops.
Headwinds
Reduced Ferro Alloys Realizations
Consolidated EBITDA declined because of reduced realizations of Ferro Alloys.
Reduced Indian Energy Realizations/Tariffs
Indian Energy business revenue declined with tariff softness; reduced realizations impacted consolidated EBITDA.
Increased Fixed Costs
Consolidated EBITDA declined because of increased fixed costs.
Zambian Kwacha Appreciation (PAT Impact)
Consolidated PAT down with notional DTL provision of ₹261 cr due to Zambian Kwacha appreciation.
Risk radar
Commodity Price Volatility
Reduced realizations of Ferro Alloys impacted consolidated EBITDA.
Power Tariff Softness
Indian Energy business revenue declined with tariff softness.
Currency Fluctuation Impact on PAT
Notional DTL provision of ₹261 cr due to Zambian Kwacha appreciation impacted consolidated PAT.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both Q4 (sequential momentum, operational changes) and FY (annual performance, overall trends) data. YoY is crucial for annual performance and seasonal businesses like power, while QoQ shows recent operational shifts and project execution.
Sector KPIs management disclosed
Silico Manganese Production (FY26)
127,486 tons, up 22.4% YoY
Silico Manganese Sales (FY26)
134,410 tons, up 42.0% YoY
Indian Energy Power Units Sold (FY26)
2,274 Mn kWh, up 4.2% YoY
Indian Energy Telangana PLF (FY26)
74.6% vs 66.1% for FY25
Management forward view
Focus on Si Mn Production
Production shift from Ferro Silicon to Si Mn Alloys aided growth.
Energy Conservation Measures
Reduction in auxiliary consumption at MEL due to energy conservative measures.
Strategic Project Execution
Maamba Solar and MEL Phase II are progressing, and Integrated Sugar project construction has commenced.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ferro Alloys Realizations | Reduced | Improvement in realizations for Ferro Alloys. |
| Indian Energy Tariffs | Softness | Stabilization or improvement in Indian Energy tariffs. |
| Maamba Solar Commissioning | Construction progressing well | Timely commissioning in July 26. |
| MEL Receivables | US$ 28.0 Mn | Further reduction in Maamba Energy Ltd. arrears. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 62nd percentile within Power. Main check: results consistency is weak at 29/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
102 docs text-extracted · 74 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Power: 62nd pctile, median 65 · Large: 29th pctile, median 73
Evidence depth
Financial-only
102 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.5%.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 21%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching NAVA LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Nava commissions 100MW solar plant in Zambia; power evacuation begins under 20-year PPA.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Regulation 30 - Grant Of Rsus 14 Aug - Nava approved grant of 6,80,000 RSUs to employees on August 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement Under Regulation 30 22 Jun - Board approved amalgamation of two Singapore WOS, Nava Healthcare Pte. Ltd. into Nava Global Pte. Ltd. on June 22, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Jun - Allotment of 2,53,820 Equity Shares pursuant to exercise of RSUs
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.