Nava
Nava
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Key Insights
Strengths
3- Company has been maintaining a healthy dividend payout of 18.6%
- Debtor days have improved from 126 to 80.7 days.
- Company's working capital requirements have reduced from 163 days to 129 days
Weaknesses
3- The company has delivered a poor sales growth of 11.0% over past five years.
- Company has a low return on equity of 13.7% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Nava Ltd has a market capitalisation of about ₹15,799 crore and trades at a P/E of 16.2x and a P/B of 1.8x, with a dividend yield of 1.53%. Sales have kept growing steadily (9% TTM, 10% 10-year CAGR), but profit has fallen 28% over the trailing twelve months and at a 14% CAGR over three years, and ROE has dropped to 9% last year from a 14% three-year average. The stock is down 19% over one year after a 57% five-year CAGR, and working capital metrics have improved.
- The stock has created substantial long-term wealth, with a 5-year CAGR of 57%, a 3-year CAGR of 35% and a 10-year CAGR of 24%.
- Debtor days have improved sharply from 126 to 80.7, a reduction of about 36%. This points to better collections and a lower risk of stuck receivables.
- Working capital requirements have fallen from 163 days to 129 days, which frees up cash and eases the balance-sheet strain of funding operations.
- Valuation looks undemanding at 16.2x earnings and 1.8x book value, even after the 19% fall in the stock over the past year.
- Revenue growth has been consistent: sales grew 9% TTM, with 10% and 11% CAGRs over 10 and 5 years, showing steady top-line momentum across its diversified businesses.
- The company pays a regular dividend, with a yield of 1.53% and a payout ratio of 18.6%. The low payout leaves room to raise dividends if earnings recover.
- Longer-term profitability has been reasonable, with a 5-year ROE of 15% and a 5-year profit CAGR of 13%. This suggests the recent earnings dip may partly reflect a cycle rather than a structural decline.
- Earnings are contracting sharply: TTM profit growth is -28% and 3-year compounded profit growth is -14%.
- Margins appear to be compressing. Sales grew at a 7% CAGR over 3 years while profit fell at a 14% CAGR, so the top-line growth is not reaching the bottom line.
- Return on equity has slipped to 9% last year, from 14% over 3 years and 15% over 5 years. The 3-year average ROE of 13.7% is modest for a company at 1.8x book.
- The company may be capitalising interest cost. If so, reported profits could be flattered relative to true financing costs, which is a concern for earnings quality given the 28% TTM profit decline already reported.
- The stock has fallen 19% over the past year, a sharp reversal from its 57% 5-year CAGR, as the market prices in the earnings slowdown.
- Sales growth has slowed to a 7% CAGR over 3 years from 11% over 5 years. Sales growth of 11.0% over five years is also described as poor.
- Working capital is still heavy at 129 days despite the improvement, and debtor days of 80.7 are still high. A significant amount of capital remains tied up in operations.
- Key balance-sheet metrics such as debt-to-equity and ROCE are not available in the data. That makes leverage hard to judge, especially alongside the possible interest capitalisation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 60 MW Odisha unit shutdown Sep 4
One of Nava's 60 MW independent power producer units in Odisha will shut for routine maintenance from September 6, 2026, for an expected 55-60 days. This means some lost generation and merchant power revenue across parts of Q2 and Q3 FY27. The shutdown is planned and temporary.
- 100 MW Zambia solar commissioned Sep 24
Subsidiary Maamba Solar Energy Limited has commissioned a 100 MW solar plant in Zambia and started sending power to the Zambian grid. The full output is sold to ZESCO Limited under a 20-year Power Purchase Agreement. Nava Global owns 65% of the plant and ZCCM Investments Holdings PLC owns 35%.
TL;DR: Nava is adding renewable capacity in Zambia. The new 100 MW solar plant comes with a 20-year PPA, which locks in long-term revenue and reduces reliance on thermal power. The main near-term drag is the 55-60 day maintenance shutdown of a 60 MW Odisha unit, which will cut generation for a while but is routine and temporary. Overall the trend is improving, and the next things to watch are how much the Zambian solar asset contributes to earnings and the Odisha unit returning to service by about early November 2026.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,042 | 922 | 930 | 924 | 1,222 | 900 | 842 | 1,018 | 1,193 | 964 | 991 | 1,143 | 1,212 |
| Expenses | 506 | 563 | 520 | 542 | 632 | 487 | 393 | 637 | 605 | 648 | 549 | 772 | 685 |
| Operating Profit | 536 | 359 | 410 | 382 | 590 | 414 | 450 | 382 | 588 | 315 | 443 | 371 | 526 |
| OPM % | 51% | 39% | 44% | 41% | 48% | 46% | 53% | 37% | 49% | 33% | 45% | 32% | 43% |
| Other Income | 37 | 40 | 180 | 27 | 36 | 45 | 32 | 37 | 39 | 26 | 70 | 52 | 57 |
| Interest | 80 | 95 | 46 | 53 | 9 | 7 | 6 | 5 | 1 | 3 | 1 | 7 | 2 |
| Depreciation | 78 | 78 | 81 | 82 | 86 | 88 | 88 | 90 | 90 | 94 | 116 | 91 | 101 |
| PBT | 416 | 226 | 464 | 274 | 531 | 363 | 388 | 324 | 536 | 244 | 396 | 325 | 479 |
| Tax % | 18% | 15% | 0% | 7% | 16% | 9% | 9% | 7% | 25% | 27% | 18% | 58% | 31% |
| Net Profit | 343 | 193 | 465 | 255 | 446 | 332 | 353 | 303 | 399 | 178 | 326 | 136 | 333 |
| EPS in Rs | 9 | 5.11 | 11.31 | 7.11 | 12.26 | 8.65 | 8.63 | 8.28 | 10.88 | 4.58 | 7.84 | 4.49 | 9.79 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,814 | 1,612 | 1,350 | 2,348 | 2,946 | 2,759 | 2,548 | 3,348 | 3,528 | 3,818 | 3,984 | 4,291 | 4,310 |
| Expenses | 1,504 | 1,246 | 1,163 | 1,555 | 1,585 | 1,565 | 1,479 | 2,029 | 1,959 | 2,087 | 2,148 | 2,573 | 2,654 |
| Operating Profit | 310 | 366 | 187 | 793 | 1,361 | 1,194 | 1,070 | 1,319 | 1,569 | 1,731 | 1,835 | 1,718 | 1,656 |
| OPM % | 17% | 23% | 14% | 34% | 46% | 43% | 42% | 39% | 44% | 45% | 46% | 40% | 38% |
| Other Income | 113 | 85 | 135 | 69 | 35 | 10 | 246 | 211 | 400 | 242 | 150 | 186 | 204 |
| Interest | 112 | 88 | 72 | 246 | 362 | 319 | 348 | 338 | 397 | 275 | 26 | 12 | 13 |
| Depreciation | 79 | 84 | 90 | 228 | 276 | 294 | 300 | 295 | 306 | 319 | 352 | 391 | 402 |
| PBT | 233 | 280 | 159 | 388 | 757 | 590 | 668 | 896 | 1,266 | 1,379 | 1,607 | 1,501 | 1,444 |
| Tax % | 10% | -6% | 42% | 28% | 55% | 10% | 18% | 36% | 3% | 9% | 11% | 31% | — |
| Net Profit | 209 | 297 | 93 | 278 | 339 | 531 | 551 | 573 | 1,222 | 1,256 | 1,434 | 1,039 | 972 |
| EPS in Rs | 5.77 | 7.94 | 2.44 | 6.66 | 7.73 | 11.22 | 13.53 | 17.84 | 42.1 | 43.28 | 38.57 | 27.8 | 26.7 |
| Div. Payout % | 22% | 9% | 21% | 11% | 10% | 7% | 9% | 17% | 7% | 5% | 21% | 31% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 36 | 36 | 36 | 35 | 30 | 29 | 29 | 29 | 28 | 28 |
| Reserves | 2,894 | 3,205 | 3,127 | 3,349 | 3,653 | 4,150 | 4,382 | 4,924 | 5,996 | 6,880 | 7,583 | 8,717 |
| Borrowings | 1,538 | 3,708 | 4,389 | 4,008 | 3,438 | 3,492 | 3,392 | 3,587 | 3,074 | 414 | 893 | 2,226 |
| Other Liabilities | 1,463 | 792 | 890 | 838 | 1,213 | 1,605 | 1,832 | 2,161 | 2,014 | 2,346 | 2,758 | 3,393 |
| Total Liabilities | 5,912 | 7,722 | 8,441 | 8,230 | 8,340 | 9,283 | 9,636 | 10,701 | 11,114 | 9,668 | 11,262 | 14,365 |
| Fixed Assets | 2,065 | 2,156 | 2,148 | 6,143 | 5,965 | 6,019 | 5,639 | 5,546 | 5,664 | 5,559 | 5,528 | 5,753 |
| CWIP | 2,247 | 3,574 | 3,969 | 10 | 6 | 17 | 17 | 17 | 47 | 50 | 575 | 2,185 |
| Investments | 106 | 57 | 411 | 175 | 155 | 124 | 314 | 529 | 450 | 514 | 1,042 | 1,408 |
| Other Assets | 1,495 | 1,935 | 1,913 | 1,903 | 2,214 | 3,122 | 3,665 | 4,609 | 4,953 | 3,546 | 4,118 | 5,019 |
| Total Assets | 5,912 | 7,722 | 8,441 | 8,230 | 8,340 | 9,283 | 9,636 | 10,701 | 11,114 | 9,668 | 11,262 | 14,365 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 891 | -126 | 39 | 201 | 824 | 527 | 758 | 608 | 1,223 | 3,174 | 2,157 | 2,312 |
| Investing | -866 | -1,380 | -690 | 267 | 1 | 7 | -216 | -212 | 28 | -237 | -1,270 | -1,848 |
| Financing | -57 | 2,016 | 648 | -813 | -878 | -482 | -473 | -415 | -1,184 | -3,066 | -163 | 645 |
| Net Cash Flow | -32 | 510 | -3 | -345 | -52 | 52 | 69 | -19 | 67 | -129 | 724 | 1,109 |
| Free Cash Flow | -112 | -1,578 | -477 | 126 | 693 | 397 | 725 | 545 | 1,136 | 3,008 | 1,305 | 529 |
| CFO/OP | 313 | -15 | 46 | 34 | 65 | 50 | 78 | 62 | 87 | 191 | 128 | 153 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 47 | 45 | 113 | 171 | 290 | 131 | 117 | 242 | 169 | 129 | 81 |
| Inventory Days | 215 | 181 | 218 | 144 | 160 | 170 | 199 | 148 | 262 | 175 | 244 | 170 |
| Days Payable | 278 | 67 | 49 | 46 | 54 | 45 | 49 | 34 | 71 | 49 | 50 | 73 |
| Cash Conversion Cycle | -36 | 161 | 215 | 211 | 277 | 415 | 281 | 231 | 433 | 294 | 323 | 178 |
| Working Capital Days | -294 | 8 | -55 | 34 | 95 | 151 | -60 | -61 | 143 | 188 | 171 | 129 |
| ROCE % | 7% | 6% | 2% | 8% | 15% | 13% | 12% | 15% | 17% | 16% | 17% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY11–FY27.
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Company Information
Nava Bharat Ventures Ltd was established in 1972 as an Indian ferro alloys manufacturer, Nava Bharat is now a multinational company, operating in India, South East Asia and Africa with businesses in metals manufacturing, power, mining, agribusiness and healthcare. [1] It owns Ferro Alloy facilities which are situated in Paloncha (Telangana) and Kharagprasad (Odisha). It also owns power generation capacity of 434 MW from its 8 thermal power plants located in different states of India. [2] Its 65% owned subsidiary Maamba Collieries Ltd is Zambia’s largest coal mine concessionaire, which also led to the development of a 300 MW power plant in Zambia which represents 10% of Zambia’s total installed power generation capacity. [2]
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