On a consolidated basis, the company's net profit for Q1 FY26 stood at Rs 399.1 crore, down 10.5% year-on-year, though up 31.8% sequentially. The YoY decline was partly due to higher tax outgo, with profits from Maamba Energy's power division now taxed at 15% versus nil earlier.

Revenue from operations fell 2.4% YoY to Rs 1,193.2 crore in Q1 FY26, but rose 17.2% QoQ. This included strong contributions from the metals and energy segments.

Profit before tax stood at Rs 535.9 crore in Q1 FY26, up 65.3% versus Q4 but up only 0.9% versus Q1 FY25.

EBITDA came in at Rs 627.7 crore in Q1 FY26, almost flat YoY, but up 49.7% from Rs 419.2 crore in Q4 FY25. EBITDA margin expanded to 50.9% from 49.7% last year and 39.7% in the previous quarter.

Estimated credit loss surged 325.6% YoY to Rs 74.1 crore during the quarter.

Operationally, ferro alloys sales volumes rose 31.9% YoY to 33,130 MT, aided by better export realizations in Ferro Silicon. The energy business delivered strong performance across India and Zambia, with Maamba Energy achieving a high PLF of 95.2%, while Indian plants averaged 86.6%. Mining operations remained stable and profitable. In commercial agriculture, avocado plantations are on track for a first commercial harvest (~250 MT) in late 2025, while the integrated sugar project in Zambia has commenced with a capex outlay estimated at $200 million.

Maamba Energy received arrears of $75 million during the quarter, reducing receivables to $85.5 million. Sponsors, including Nava, received a maiden dividend from MEL, with Nava's share at $32.5 million. MEL's 300 MW expansion and 100 MW solar project in Zambia are on track for Q2 FY27 commissioning.

Nava is a publicly listed multinational corporation with interests in metals, energy, mining, healthcare, and commercial agriculture. As one of India's leading ferroalloy producers, Nava also operates Zambia's largest mine-to-mouth power plant. Expanding its global presence, Nava is investing in commercial agriculture in Zambia and in healthcare in Southeast Asia.