NAVA LIMITED — Investor Meet, 13-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Nava Limited posted a strong Q2 FY26, declaring its highest-ever 300% interim dividend. While energy sales dipped due to a Maamba shutdown and lower domestic demand, revenues grew overall. EBITDA margins were 34%, with management expecting recovery. Strategically, the Odisha 60MW plant is now an IPP, securing a 5-year PPA at INR 5.95/unit. Major growth projects, including a 100MW solar plant and 300MW Maamba expansion, are progressing well. Management highlighted robust fundamentals, a healthy balance sheet for future growth, and anticipated receipt of $55 million from ZESCO by FY26 end.