Nava Limited (NAVA) · mywealthgrid

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About

Nava Limited is a power-generation company in India's Utilities sector. With a market cap of ₹16,223 Cr and recent annual revenue around ₹1,200 Cr, it operates at notably high operating margins (40%+ range) with a conservative capital structure.

Face value: ₹1

Market cap

₹15,652 Cr

P/E

20.7×

P/B

1.8×

Dividend yield

1.5%

ROE

9.6%

ROCE

12.5%

Debt / equity

0.25

OPM

40%

EPS (TTM)

₹26.7

Book value

₹308.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: quarterly OPM swings from 14.41% to 44.66%, with latest quarter (Jun 2026) at 29.11% well below FY 43.45%; verify whether seasonal, contractual, or one-time factors drive the range and what to expect forward
Modest ROE (9.62%) despite 40%+ operating margins indicates capital may not be deployed efficiently; verify asset turnover, capex intensity, and whether scale or structure limits returns
Power sector exposure to tariff, regulation, and demand cycles; verify contract portfolio (PSA vs. merchant mix), tenure, fuel escalation terms, and customer concentration
Valuation at PE 21.46 has not protected returns (1y −5.71% return despite dividends); verify whether forward headwinds are underpriced or valuation is stretched

Generated analysis · source review pending

Growth drivers

Operating margin expanded 1,000 bps from FY Mar 2026 (32.48% OPM) to FY Jun 2026 (43.45% OPM); verify drivers and sustainability of higher margin profile going forward
FY revenue grew 6% (₹1,142.85 Cr to ₹1,211.8 Cr); verify whether capacity additions, utilization improvements, or tariff escalations account for growth and visibility to continuation
Conservative leverage (D/E 0.25) provides capacity for debt-funded expansion; verify capex pipeline, investment targets, and expected returns to justify balance-sheet use
Regular dividend distributions across recent years demonstrate cash generation; verify dividend payout ratio, coverage ratios, and whether sustainable

Generated analysis · source review pending

1,026 historical price candles were omitted because the exchange source has not been verified.

₹552.5+1.2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 40%
+Comfortable interest coverage of 126.9×
+Dividend payout of 31.9% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 66
Growth: 12
Valuation: 73

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY ENERGY

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—
Clean Max Enviro Energy Solutions LimitedCLEANMAXCLEANMAX	₹15,234 Cr	₹27,644 Cr	₹1,913 Cr	₹1,132 Cr	59.2%	₹94 Cr	4.5%	6.4%	2.6%	-1,192
Vedanta Power LimitedVEDPOWERVEDPOWER	₹12,814 Cr	₹18,646 Cr	₹5,453 Cr	₹1,040 Cr	19.1%	₹-1,713 Cr	-31.4%	11%	-88.4%	76
Jaiprakash Power Ventures LimitedJPPOWERJPPOWER	₹10,143 Cr	₹13,523 Cr	₹5,756 Cr	₹1,525 Cr	24.6%	₹641 Cr	8.1%	6.9%	3.6%	93
Reliance Power LimitedRPOWERRPOWER	₹8,028 Cr	₹22,840 Cr	₹7,690 Cr	₹2,361 Cr	31%	₹-319 Cr	-4.4%	6.1%	-2.1%	139

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,348	3,103	2,759	2,549	3,348	3,528	3,818	3,984	4,291
COGS	1,024	1,046	785	541	911	959	1,746	1,223	1,430
Gross profit	1,324	2,058	1,974	2,008	2,436	2,569	2,072	2,761	2,861
	531	729	896	938	1,117	1,001	353	926	1,144
	793	1,328	1,078	1,069	1,319	1,568	1,719	1,835	1,717
OPM %	33.8%	42.8%	39.1%	42%	39.4%	44.4%	45%	46.1%	40%
Depreciation	228	292	289	300	295	306	319	352	391
Interest	246	351	319	348	338	397	275	26	12
	69	92	120	246	211	401	253	150	186
Profit before tax	388	777	590	668	896	1,266	1,379	1,607	1,501
Tax	110	312	60	117	323	44	123	173	462
Tax %	28.3%	40.2%	10.1%	17.5%	36.1%	3.5%	8.9%	10.8%	30.8%
	278	465	531	551	573	1,222	1,256	1,434	1,039
PAT margin %	11.8%	15%	19.2%	21.6%	17.1%	34.6%	32.9%	36%	24.2%
EPS (₹)	13.5	21.6	24.1	26	35.7	63.9	65	37.6	27.8
EPS adjusted (₹)	6.7	10	11.2	14.3	20.8	32	32.5	38.6	27.8
	11.1%	7%	6.2%	9.6%	16.8%	9.4%	6.2%	26.6%	30.6%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	35	30	29	29	29	28	28
Reserves	2,933	3,105	3,349	3,653	4,150	4,382	4,924	5,996	6,880	7,583	8,717
Minority interest	—	—	—	376	551	664	723	1,082	1,412	1,800	2,019
	425	3,385	3,449	2,939	2,748	3,387	3,580	3,067	409	888	2,221
	2,511	1,117	1,397	1,902	2,299	1,425	1,490	986	969	972	1,387
Total equity & liabilities	5,887	7,626	8,231	8,905	9,782	9,888	10,746	11,160	9,698	11,272	14,372
	2,082	2,136	6,120	5,942	5,962	5,590	5,498	5,616	5,505	5,502	5,730
CWIP	2,247	3,574	10	6	17	17	17	47	50	575	2,185
Investments	107	55	175	178	174	363	577	497	560	1,065	1,431
	1,451	1,861	1,926	2,779	3,629	3,918	4,654	4,999	3,583	4,130	5,027
Total assets	5,887	7,626	8,231	8,905	9,782	9,888	10,746	11,160	9,698	11,272	14,372

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Energy	3,747.71	1,409.37	9,824.94	3,552.33	6,272.61	22.47
Ferro Alloys	1,200.49	31.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.3%	71.6%	78.8%	72.8%	72.8%	54.3%	69.3%	66.7%
EBITDA margin %	42.8%	39.1%	42%	39.4%	44.4%	45%	46.1%	40%
EBIT margin %	33.4%	28.6%	30.2%	30.6%	35.8%	36.7%	37.2%	30.9%
PAT margin %	15%	19.2%	21.6%	17.1%	34.6%	32.9%	36%	24.2%
Working capital
Receivable days	162	290	131	117	242	169	129	81
Inventory days	146	185	199	148	262	126	244	170
Payable days	49	49	49	34	59	35	50	73
NWC days	259	426	281	231	444	260	323	178
Leverage
Current ratio	2.01	1.93	1.13	1.11	2.16	5.01	5.95	7.62
Debt to EBITDA	2.21	2.55	3.17	2.71	1.96	0.24	0.48	1.29
Debt to equity	0.8	0.66	0.77	0.72	0.51	0.06	0.12	0.25
Interest coverage	3.2	2.9	2.9	3.9	4.2	5.6	63.2	126.9
Asset turnover	0.35	0.28	0.26	0.31	0.32	0.39	0.35	0.3
Return ratios
Return on assets %	5.2%	5.4%	5.6%	5.3%	10.9%	13%	12.7%	7.2%
Return on capital employed %	14.5%	11.5%	12.6%	16%	18.8%	16.8%	16.7%	12.5%
Return on equity %	12.6%	12.7%	12.5%	11.6%	20.3%	18.2%	18.8%	11.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	48.84%	48.84%	48.84%	48.85%	48.85%	48.89%	50.13%	50.13%	50.13%	50.1%	50.11%	50.03%
	9.24%	9.17%	8.86%	9.31%	11.02%	11.08%	9.74%	10.25%	10.37%	10.35%	10.61%	10.21%
	0.23%	0.09%	0.16%	0.23%	0.17%	0.16%	0.2%	0.41%	0.47%	0.38%	0.53%	0.56%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	41.69%	41.9%	42.14%	41.61%	39.96%	39.87%	39.93%	39.21%	39.03%	39.17%	38.75%	39.2%
No. of shareholders	—	—	—	—	—	—	—	—	64,712	59,185	56,461	61,856

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.2%

of the company's equity

All mutual funds

0.39%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

27 schemes · 8 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	2.21 L	12.56	0.36%	0.078%	+2,703
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	1.12 L	6.38	0.36%	0.04%	+1,256
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	81,436	4.63	0.36%	0.029%	+739
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	49,556	2.82	0.36%	0.017%	+1,009
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22,112	1.26	0.04%	0.008%	+759
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	17,676	1	0.19%	0.006%	+9
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	15,914	0.9	0.36%	0.006%	-870
IB20-Groww Nifty Smallcap 250 Index Fund	Groww Mutual Fund	8,757	0.5	0.36%	0.003%	+44

1–8 of 27

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

46 announcementsExport CSV

4 Sept 2026, 4:21 pmCompany Update

General Update

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.3%	71.6%	78.8%	72.8%	72.8%	54.3%	69.3%	66.7%
EBITDA margin %	42.8%	39.1%	42%	39.4%	44.4%	45%	46.1%	40%
EBIT margin %	33.4%	28.6%	30.2%	30.6%	35.8%	36.7%	37.2%	30.9%
PAT margin %	15%	19.2%	21.6%	17.1%	34.6%	32.9%	36%	24.2%
Working capital
Receivable days	162	290	131	117	242	169	129	81
Inventory days	146	185	199	148	262	126	244	170
Payable days	49	49	49	34	59	35	50	73
NWC days	259	426	281	231	444	260	323	178
Leverage
Current ratio	2.01	1.93	1.13	1.11	2.16	5.01	5.95	7.62
Debt to EBITDA	2.21	2.55	3.17	2.71	1.96	0.24	0.48	1.29
Debt to equity	0.8	0.66	0.77	0.72	0.51	0.06	0.12	0.25
Interest coverage	3.2	2.9	2.9	3.9	4.2	5.6	63.2	126.9
Asset turnover	0.35	0.28	0.26	0.31	0.32	0.39	0.35	0.3
Return ratios
Return on assets %	5.2%	5.4%	5.6%	5.3%	10.9%	13%	12.7%	7.2%
Return on capital employed %	14.5%	11.5%	12.6%	16%	18.8%	16.8%	16.7%	12.5%
Return on equity %	12.6%	12.7%	12.5%	11.6%	20.3%	18.2%	18.8%	11.9%

4 deals · 29 Mar 2022 – 25 Aug 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Aug 2022	DEVINENI ASHWIN	Bulk	NSE	Sell	10,50,000	₹230.74	₹24.23 Cr
17 Aug 2022	EMPLOYEES RETIREMENT SYSTEM OF TEXAS - SELF MANAGED PORTFOLIO	Bulk	NSE	Buy	10,88,202	₹246.16	₹26.79 Cr
29 Mar 2022	MATHEW CYRIAC	Bulk	BSE	Buy	7,57,000	₹145.95	₹11.05 Cr
29 Mar 2022	ELIZABETH MATHEW	Bulk	BSE	Sell	7,55,547	₹145.95	₹11.03 Cr

1–4 of 4

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
4 Sept 2026, 4:21 pm	Company Update General	General Update	PDF
19 Aug 2026, 5:39 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
19 Aug 2026, 5:04 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
15 Aug 2026, 5:46 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
15 Aug 2026, 5:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 9:02 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 7:21 pm	Company Update General	Announcement Under Regulation 30 - Grant Of Rsus	PDF
14 Aug 2026, 7:12 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-126	39	201	824	527	758	608	1,223	3,174	2,173	2,312
	-1,390	-678	266	-15	-12	-210	-222	18	-240	-1,286	-2,014
	2,016	648	-813	-878	-482	-473	-415	-1,184	-3,066	-163	645
Net cash flow	500	8	-346	-68	33	75	-29	57	-133	724	944
Free cash flow	-1,578	-477	121	693	396	725	545	1,123	3,008	1,321	505
CFO / Operating profit %	—	—	25.3%	62.1%	48.8%	70.9%	46.1%	78%	184.6%	118.4%	134.6%

Nava Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Energy · revenue

Nava Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Energy · revenue

22

1

1