NAVA · Power
Nava Ltd. reported revenue of ₹1,193 cr for April to June 2025, −2.4% on the year and +17.2% on the quarter. Over the last four quarters revenue comes to ₹3,953 cr, −1.1% on the four before.
Operating profit (EBITDA) was ₹588 cr, a margin of 49.3%, +101 bps on the year and +1,176 bps on the quarter. Over the last 8 quarters the margin has ranged from 37.5% to 53.4%, averaging 44.9%. Operating costs grew −4.3% against revenue growth of −2.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹399 cr, −10.5% on the year and +31.7% on the quarter, with earnings per share of ₹10.88. Profit before other income, one-offs and tax grew faster, at +0.4%; other income, one-offs or tax held the headline back. The tax rate was 25% against an average of 12% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,387 cr, +2.1% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹36.44 over the last four quarters, the stock at ₹534.10 trades at 14.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹922 cr | ₹930 cr | ₹924 cr | ₹1,222 cr | ₹900 cr | ₹842 cr | ₹1,018 cr | ₹1,193 cr | ₹964 cr | ₹991 cr | ₹1,143 cr | ₹1,212 cr |
| YoY | — | — | — | +17% | −2% | −9% | +10% | −2% | +7% | +18% | +12% | +2% |
| EBITDA margin | 38.9% | 44.1% | 41.3% | 48.3% | 46.0% | 53.4% | 37.5% | 49.3% | 32.7% | 44.7% | 32.5% | 43.4% |
| Other income, % of PBT | 18% | 39% | 10% | 7% | 12% | 8% | 11% | 7% | 11% | 18% | 16% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 0% | 7% | 16% | 9% | 9% | 7% | 25% | 27% | 18% | 58% | 31% |
| Net profit | ₹193 cr | ₹465 cr | ₹255 cr | ₹446 cr | ₹332 cr | ₹353 cr | ₹303 cr | ₹399 cr | ₹178 cr | ₹326 cr | ₹136 cr | ₹333 cr |
| YoY | — | — | — | +30% | +72% | −24% | +19% | −11% | −46% | −8% | −55% | −17% |
| Core profit YoY | — | — | — | +31% | +71% | +25% | +16% | +0% | −31% | −8% | −5% | −15% |
| EPS | ₹5.11 | ₹11.31 | ₹7.11 | ₹12.26 | ₹8.65 | ₹8.63 | ₹8.28 | ₹10.88 | ₹4.58 | ₹7.84 | ₹4.49 | ₹9.79 |
| Flags | · | 2 | · | 1 | ✓ | ✓ | 1 | ✓ | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Nava Ltd. reported revenue of ₹1,193 cr (−2.4% on the year) and net profit of ₹399 cr (−10.5% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +0.4% on the year, against −10.5% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.