Nava

The 300 MW Maamba Phase 2 expansion is the company's primary growth lever, with a total outlay of $400 million. As of Q2, $226 million has already been deployed, and the project is on track for commissioning in the latter half of 2026. Management is funding this through a mix of phased bank borrowings and internal accruals, explaining the recent rise in consolidated debt to ₹1,559 crores.

Energy revenue dipped to ₹877 crores from ₹1,045 crores YoY, impacted by a planned two-month semi-annual maintenance shutdown at the Zambia plant. Additionally, a prolonged monsoon in India dampened domestic demand and price realization. However, the transition of the Odisha plant to an IPP with a secured 5-year PPA at ₹5.95 per unit (starting Feb 2026) provides long-term revenue visibility.

EBITDA margins saw a significant drop from 48% to 34% YoY. Management identified adverse foreign exchange movements as a primary culprit, alongside lower demand conditions. While the drop is sharp, the CFO expressed confidence that these are largely 'one-off^📎s' and that margins should bounce back to higher levels in subsequent quarters as forex pressures ease.

Nava is scaling its avocado plantation in Zambia, with 100,000 trees currently planted. While initial small-scale production has begun, management expects a gradual ramp-up with full production and revenue contribution slated for FY28. The company is currently evaluating distribution models, including direct sales and distributor partnerships, to optimize margins.

The company demonstrated strong commitment to shareholders by declaring a record 300% interim dividend. This is supported by a robust cash balance of ₹1,800 crores and a disciplined dividend policy at the Nava Global level, which mandates a 30% PAT payout. This strategy ensures that cash generated from international operations like Maamba is consistently repatriated to reward Indian shareholders.