Q1 2027 Nava Ltd Earnings Call

August 14, 2026

Speaker #1: Ladies and gentlemen, thank you for your patience. We will be beginning the conference in a short while. Thank you for holding. Ladies and gentlemen, good day, and welcome to the Nava Limited Q1 FY27 earnings conference call.

Operator: Ladies and gentlemen, good day, and welcome to the Nava Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shubham Borade. Thank you, and over to you.

Speaker #1: As a reminder, all participant lines will be in listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touchtone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Shubham Borade. Thank you, and over to you.

Operator: Thank you, and over to you.

Speaker #2: Thank you, Ananya. Good afternoon to all. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 earnings call of Nava Limited.

Kaushik Toshi: Thank you, Ananya. Good afternoon to all. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 Earnings Call of Nava Limited. Today, we have with us from the management, Mr. Ashwin Devineni, Managing Director and CEO; Mr. G.R. Prasad, Executive Director; Mr. Nikhil Devineni, Executive Director; Mr. B. Srinivasa Rao, CFO; and Mr. V.S.N. Raju, Company Secretary. We will begin with the opening remarks from the management, which will be followed by a Q&A. Thank you, and over to you, sir.

Shubham Rabade: Thank you, Ananya. Good afternoon to all. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 Earnings Call of Nava Limited. Today, we have with us from the management, Mr. Ashwin Devineni, Managing Director and CEO; Mr. G.R. Prasad, Executive Director; Mr. Nikhil Devineni, Executive Director; Mr. B. Srinivasa Rao, CFO; and Mr. V.S.N. Raju, Company Secretary. We will begin with the opening remarks from the management, which will be followed by a Q&A. Thank you, and over to you, sir.

Speaker #2: Today we have with us from the management Mr. Ashwin Devinedi, Managing Director and CEO; Mr. G. R. K. Prasad, Executive Director; Mr. Nikhil Devinedi, Executive Director; Mr. B. Srinivas Rao, CFO; and Mr. V. S. N. Raju, Company Secretary.

Speaker #2: We will begin with the opening remarks from the management, which will be followed by a Q&A. Thank you, and over to you, sir.

Speaker #3: Thank you. Good afternoon, everyone, and thank you for joining us. I am pleased to share Nava's performance for the first quarter of FY27. We have started the year on a strong note, with consolidated total income reaching an all-time quarterly high of ₹1,269 crore.

Ashwin Devineni: Thank you. Good afternoon, everyone, and thank you for joining us. I am pleased to share Nava's performance for the first quarter of FY27. We have started the year on a strong note, with consolidated total income reaching an all-time quarterly high of INR 1,269 crore. The quarter reflects the strength of a diversified portfolio and the benefits of disciplined cost management. Our energy and mining business delivered healthy operating performance, with NEL's 300-megawatt plant operating at a strong 89.3% PLF. Our international foray also continued to provide value through dividend flows and to attain financial strength to pursue investments. At the standalone level, the total income reached a record INR 689 crore. Lower coal and manufacturing costs, along with dividend income from Nava Global, supported this improvement. We continue to make measured progress on our next phase of growth in the energy and commercial agriculture segments.

Speaker #3: The quarter reflects the strength of a diversified portfolio and the benefits of disciplined cost management. Our energy and mining business delivered healthy operating performance, with MEL 300 megawatts planned, operating at a strong 89.3% PLS.

Speaker #3: Our international foray also continued to provide value through dividend flows and to attain financial strength to pursue investments. At the standalone level, the total income reached a record ₹689 crore.

Ashwin Devineni: At the standalone level, the total income reached a record INR 689 crore. Lower coal and manufacturing costs, along with dividend income from Nava Global, supported this improvement. We continue to make measured progress on our next phase of growth in the energy and commercial agriculture segments. Our thermal energy, renewable energy, avocado, and sugar projects in Zambia are in active implementation, and some are set to yield revenue shortly. Phase 2 of NEL is expected to commence operations next year, later than originally envisaged owing to certain challenges beyond our control, with no material impact on project CapEx.

Speaker #3: Lower coal and manufacturing costs, along with dividend income from Nava Global, supported this improvement. We continue to make measured progress on our next phase of growth in the energy and commercial agriculture segments.

Speaker #3: Our thermal energy, renewable energy, avocado, and sugar projects in Zambia are in active implementation, and some are set to yield revenue shortly. Phase two of MEL is expected to commence operations next year.

Ashwin Devineni: Our thermal energy, renewable energy, avocado, and sugar projects in Zambia are in active implementation, and some are set to yield revenue shortly. Phase 2 of NEL is expected to commence operations next year, later than originally envisaged owing to certain challenges beyond our control, with no material impact on project CapEx. It is, however, heartening that the 100-megawatt solar power project set to be commissioned shortly would establish a new niche for Nava, prompting further investment in this space. We are cognizant of the significant challenges arising from the geopolitical and supply chain disruptions and are taking appropriate remedial actions. Our diversified portfolio, financial strength, and operational resilience should however position us well to navigate these challenges while remaining focused on long-term value creation. With that, I open the call for political party. We've been through many political parties changes since we've started. We are not affected.

Speaker #3: Later than originally envisaged, owing to certain challenges beyond our control, with no material impact on project capex. It is, however, heartening that the 100-megawatt solar power project set to be commissioned shortly would establish a new niche for Nava, prompting further investment in this space.

Ashwin Devineni: It is, however, heartening that the 100-megawatt solar power project set to be commissioned shortly would establish a new niche for Nava, prompting further investment in this space. We are cognizant of the significant challenges arising from the geopolitical and supply chain disruptions and are taking appropriate remedial actions. Our diversified portfolio, financial strength, and operational resilience should however position us well to navigate these challenges while remaining focused on long-term value creation. With that, I open the call for political party. We've been through many political parties changes since we've started. We are not affected.

Speaker #3: We are cognizant of the significant challenges arising from the geopolitical and supply chain disruptions and are taking appropriate remedial actions. Our diversified portfolio, financial strength, and operational resilience should, however, position us well to navigate these challenges while remaining focused on long-term value creation.

Speaker #3: for.

Speaker #2: Political party. We've been through many, many political parties and changes since we've started. So yeah, we are not affected.

Sai Shreyas V: That's fine. Thanks for that, sir.

Shubham Rabade: That's fine. Thanks for that, sir.

Speaker #1: That's fine. Thanks for that, sir.

Operator: Ladies and gentlemen, please press star and 1 to ask a question. Participants who wish to ask a question, please press star and 1. The next question is from the line of Vansh, an individual investor. Please go ahead. The next question is from the line of Shrigopal Kankani. Please go ahead. This is the follow-up question.

Speaker #3: Ladies and gentlemen, please press star one to ask a question. Participants who wish to ask a question, please press star one. The next question is from the line of one individual investor.

Speaker #3: Please go ahead. The next question is from the line of Sri Gopal Kankani. Please go ahead. This is a follow-up question.

Speaker #1: Good afternoon, sir. My question is, because there was some problem with the connection, I could not hear your last five minutes of speech. I just wanted to know, what is the expected date of commissioning for this 300 megawatt thermal? Because you've been unmuted.

Shrigopal Kankani: Good afternoon, sir. Sir, my question is, because there was some problem in connection, I could not hear your last 5 minutes speech. I just wanted to know what is the expected date of commissioning of this 300 megawatt thermal, because earlier it was one.

Gopal Kankani: Good afternoon, sir. Sir, my question is, because there was some problem in connection, I could not hear your last 5 minutes speech. I just wanted to know what is the expected date of commissioning of this 300 megawatt thermal, because earlier it was one.

Operator: Mr. Shrigopal Kankani, you've been unmuted. Please go ahead.

Speaker #3: Please go ahead.

Speaker #1: Are you—I am speaking, madam. Can you hear me? Hello? Hello.

Shrigopal Kankani: I am speaking, madam. Can you hear me? Hello? Hello?

Gopal Kankani: I am speaking, madam. Can you hear me? Hello? Hello?

Speaker #3: This is Sri Gopal. Please go ahead.

Operator: Mr. Shrigopal Kankani, please go ahead.

Shrigopal Kankani: Are you able to hear me? Hello?

Gopal Kankani: Are you able to hear me? Hello?

Speaker #1: Are you able to hear me? Hello.

Speaker #3: The current participant has been disconnected. We will move on to the next. The next question is from the line of Vijay. Who is an individual investor?

Operator: The current participant has been disconnected. We will move on to the next. The next question is from the line of Vijay, who is an individual investor. Please go ahead.

Speaker #3: Please go ahead.

Speaker #1: Hello. First of all, may I know if I'm audible? I've gotten disconnected several times.

[Company Representative]: Hello. First of all, may I know if I am audible? I have got disconnected several times.

[Shareholder] (Private Investor): Hello. First of all, may I know if I am audible? I have got disconnected several times.

Speaker #3: Yes, you're audible, so please go ahead.

Operator: Yes. Yes, you are audible, sir. Please go ahead.

Speaker #1: Yeah, I do not hear anything from the other side. My first question is regarding the company's assets—how they are taken into the books.

[Company Representative]: Yeah. I do not hear anything from the other side. Yeah. My first question is regarding the company's assets, how they are taken into the books. We have 65 acres of land in Hyderabad. We have some 200 acres in Samalkot and another 20 acres in Tharangambadi, I believe, or it may be the other way around. How are these assets taken in the books?

[Shareholder] (Private Investor): Yeah. I do not hear anything from the other side. Yeah. My first question is regarding the company's assets, how they are taken into the books. We have 65 acres of land in Hyderabad. We have some 200 acres in Samalkot and another 20 acres in Tharangambadi, I believe, or it may be the other way around. How are these assets taken in the books?

Speaker #1: We have 65 acres of land in Hyderabad. We have around 200 acres in Sandalcote and another 20 acres in Karwavaram, I believe—or maybe the other way around.

Speaker #1: How are these assets recorded in the books?

Ashwin Devineni: Mr. Vijay, can you hear us?

Speaker #2: Mr. Vijay, can you hear us?

Speaker #1: Now I can hear you. I don't know if this conference call has been jinxed. I've tried three or four times to get into it.

[Company Representative]: Now I can hear you. I do not know, this conference call has been jinxed. I have tried three or four times to get into it.

[Shareholder] (Private Investor): Now I can hear you. I do not know, this conference call has been jinxed. I have tried three or four times to get into it.

Speaker #2: Okay. You can hear us now, right? Did you hear my prior questions and answers?

Ashwin Devineni: Okay, you can hear us now, right? Did you hear the

[Company Representative]: Yeah

[Shareholder] (Private Investor): Yeah

Ashwin Devineni: prior questions and answers?

Speaker #1: Yeah, now I can hear you very clearly. Can I ask my question again, or did you hear it?

[Company Representative]: Yeah, now I can hear you very clearly. Can I ask my question again, or you heard it?

[Shareholder] (Private Investor): Yeah, now I can hear you very clearly. Can I ask my question again, or you heard it?

Speaker #2: No, no, no. No, we just wanted to make sure we are audible.

Ashwin Devineni: No, we just wanted to make sure we are audible.

Ashwin Devineni: No, we just wanted to make sure we are audible. With regard to your question, all this land is recorded in the books at a historical cost. You have got these real estate assets, the land assets, the land bank, recorded at historical price. What is the reason why they are not being revalued and taken at current value, current market price, or at least the current real estate cost? Because that will change your book value considerably, the book value per share. The book value per share is very much depressed. Yes. The accounting standard allows us to carry at the historical cost. That is why we are carrying at historical cost.

Speaker #1: So with regard to your question, like the and all this land is recorded in the books at like a historical cost. So you have got these real estate assets, the land assets, the land bank recorded and at historical price.

[Company Representative]: With regard to your question, all this land is recorded in the books at a historical cost. You have got these real estate assets, the land assets, the land bank, recorded at historical price. What is the reason why they are not being revalued and taken at current value, current market price, or at least the current real estate cost? Because that will change your book value considerably, the book value per share. The book value per share is very much depressed.

Speaker #1: What is the reason why they are not being revalued and taken at current value—current market price or at least the current realistic cost?

Speaker #1: Because that will change your book value considerably. The book value per share per share is the book value per share is very much depressed.

Speaker #2: Yeah.

Ashwin Devineni: Yes. The accounting standard allows us to carry at the historical cost. That is why we are carrying at historical cost.

Speaker #1: The accounting standard allows us to carry at historical cost. That is why we are carrying at historical cost. I see. And what are management's plans to make these work—to make these assets work to the benefit of the company and the shareholders?

[Company Representative]: I see. What are the management's plans to make these assets work to the benefit of the company and the shareholders?

[Shareholder] (Private Investor): I see. What are the management's plans to make these assets work to the benefit of the company and the shareholders?

Speaker #1: I think, you know,

Ashwin Devineni: I think we have been holding these assets for a while, and I think the fruits of that are kind of showing with valuations really going up. It is good that we did not sell these assets at an earlier stage, otherwise we wouldn't be realizing the greater valuations. What we have done is, just to understand what opportunities we have today, we have engaged a third party to study, investigate with the current asset values, what are the possible options that are available for us in the event we want to do anything today. So that study is currently ongoing.

Speaker #2: We've been holding these assets for a while, and I think the fruits of that are kind of showing, with valuations really going up.

Speaker #2: It's good that we did not sell these assets at an earlier stage. Otherwise, we wouldn't be realizing the greater valuations. But what we have done is, just to understand what opportunities we have today, we have engaged a third party to study, investigate, with the current asset values, what are the possible options.

Speaker #2: ...that are available for us in the event we want to do anything today. So, that study is currently ongoing.

Speaker #1: Yeah, we've been hearing this for quite some time, but we have to make these assets work towards the company's plans. For example, the company has recently changed its memorandum of association.

[Company Representative]: Yeah. We have been hearing this for quite some time, but we have to make these assets work towards company's plans. For example, company has recently changed its memorandum of authorization and brought in lot of additional avenues for power generation, such as solar, wind, nuclear, et cetera. With these, you will need capital, and that capital can come only from these assets rather than borrow.

[Shareholder] (Private Investor): Yeah. We have been hearing this for quite some time, but we have to make these assets work towards company's plans. For example, company has recently changed its memorandum of authorization and brought in lot of additional avenues for power generation, such as solar, wind, nuclear, et cetera. With these, you will need capital, and that capital can come only from these assets rather than borrow.

Speaker #1: And brought in a lot of additional avenues for power generation, such as solar, wind, nuclear, etc. So with these, you will need capital.

Speaker #1: And that capital can come only from these assets rather than borrowing.

Speaker #2: Yes. I don't think we have an issue in terms of capital right now. All the projects that we are, and which are envisaging and that are currently underway, are adequately funded.

Ashwin Devineni: Yes. I don't think we have an issue in terms of capital right now. All the projects that we are envisaging and that are currently underway are adequately funded, and we have enough equity and cash in our books to fund that. We don't need to sell the assets in distress or to basically generate cash at this point. As a company, we feel that, and I think it has paid off, that we have held on to these assets. Yes, we have been saying that. But for example, if we had sold these assets years ago when we were being questioned about the assets, I don't think we would have realized the appreciation of the assets in terms of how they have gone up.

Speaker #2: And we have enough equity and cash on our books to fund that. We don't need to sell the assets in distress or generate cash at this point.

Speaker #2: So, as a company, we feel that—and I think it has paid off—that we have held on to these assets. Yes, we have been saying that.

Speaker #2: But, for example, if we had sold these assets years ago when we were being questioned about the assets, I don't think we would have realized the appreciation the assets have had in terms of how they've gone up.

[Company Representative]: Very true, Mr. Ashwin, but if you had invested that asset value at that time into newer projects, the newer projects would have also generated additional profits.

[Shareholder] (Private Investor): Very true, Mr. Ashwin, but if you had invested that asset value at that time into newer projects, the newer projects would have also generated additional profits.

Speaker #1: Will do, Mr. Ashwin. But if you are interested, that asset value at that time, invested into newer projects—those newer projects would have also generated additional profits.

Speaker #2: Once again, Mr. Vijay, I'd like to state that it's not a situation where we are not undertaking projects because we don't have cash.

Ashwin Devineni: Once again, Mr. Vijay, I would like to state that it is not a situation where we are not undertaking projects because we do not have cash. Whatever projects we deem fit, where we look at the risk and so on, and that we want to undertake, we have adequate cash to fund those projects.

Speaker #2: Whatever projects we deem fit, where we look at the risk and so on, and that we want to undertake, we have adequate cash to fund those projects.

Speaker #1: Thank you. My next question is about the holding of Gambia assets. Initially, the Gambia project was created out of Nava Limited profits — Nava Limited funds.

[Company Representative]: Thank you. My next question is about the holding of Zambia assets. Initially, Zambia project was created through out of Nava Limited profits, Nava Limited funds. Subsequently, Nava Global seems to have taken over these assets, and they are now being shown as profits accruing to Nava Global and Nava Global giving dividends or buying back its own shares from Nava Limited with that money, et cetera. So who is the ultimate owner of the Zambia project? Number one. And number two, is Nava Global, is there any plan for spinning it off the way the foreign projects are going and spinning it off or demerging it and going in for an IPO?

[Shareholder] (Private Investor): Thank you. My next question is about the holding of Zambia assets. Initially, Zambia project was created through out of Nava Limited profits, Nava Limited funds. Subsequently, Nava Global seems to have taken over these assets, and they are now being shown as profits accruing to Nava Global and Nava Global giving dividends or buying back its own shares from Nava Limited with that money, et cetera. So who is the ultimate owner of the Zambia project? Number one. And number two, is Nava Global, is there any plan for spinning it off the way the foreign projects are going and spinning it off or demerging it and going in for an IPO?

Speaker #1: Subsequently, Nava Global seems to have taken over these assets, and they are now being shown as profits accruing to Nava Global, with Nava Global giving dividends or buying back its own shares from Nava Limited with that money, etc.

Speaker #1: So, who is the ultimate owner of the Zambia project, number one? And number two, with Nava Global, is there any plan for spinning it off, given the way these foreign projects are going?

Speaker #1: And spinning it off or demerging it and going in for an IPO.

Speaker #2: So, first and foremost, with regards to the large assets—I mean, and I'm sure you're talking about the Mamba asset—it was always under Nava Global.

Ashwin Devineni: First and foremost, with regards to the large assets, and I am sure you are talking about the Maamba asset, it was always under Nava Global. The only difference was Nava Global was called Nava Bharat Singapore in the past. It was not like it started with Nava and then we moved it to Nava Global or anything of that sort. So we always had Nava Global as the international asset holding company that we wanted to grow. Today, Nava Global has multiple assets. It has got the current Maamba power plant, it has got Maamba Solar Energy as a company, and they have got the mine in the Ivory Coast, and there may be other international assets that could fall under it. So it does operate independently. The ultimate owner, yes, is Nava, because it owns 100% of Nava Global.

Speaker #2: The only difference was, Nava Global was previously called Navbharat Singapore. It was not as if it started with Nava and then we moved it to Nava Global, or anything of that sort.

Speaker #2: So we always had Nava Global as the international asset-holding company that we wanted to grow. Today, Nava Global has multiple assets. It’s got the current Mamba power plant.

Ashwin Devineni: Today, Nava Global has multiple assets. It has got the current Maamba power plant, it has got Maamba Solar Energy as a company, and they have got the mine in the Ivory Coast, and there may be other international assets that could fall under it. So it does operate independently. The ultimate owner, yes, is Nava, because it owns 100% of Nava Global.

Speaker #2: It's got Mamba Solar Energy as a company, and then we have got the mine in the Ivory Coast. There may be other international assets that could fall under it as well.

Speaker #2: So it does operate independently. The ultimate owner, yes, is Nava, because it owns 100% of Nava Global.

Speaker #1: So, you are telling me that Nava Limited is the 100% ultimate owner and beneficial owner of Nava Global.

[Company Representative]: So you are telling me that Nava Limited is 100% ultimate owner, beneficial owner of Nava Global?

[Shareholder] (Private Investor): So you are telling me that Nava Limited is 100% ultimate owner, beneficial owner of Nava Global?

Speaker #2: Yes. That's right.

Ashwin Devineni: Yes, that is right.

Speaker #1: Okay, I'll go back in the queue. Provider admin on the line, because I got disconnected several times.

[Company Representative]: Okay, I will go back in the queue. I remain on the line because I got disconnected several times.

[Shareholder] (Private Investor): Okay, I will go back in the queue. I remain on the line because I got disconnected several times.

Speaker #3: Thank you. The next question is from the line of Kaushik Doshi from ICICI Securities. Please go ahead.

Operator: Thank you. The next question is from the line of Kaushik Toshi from ICICI Securities. Please go ahead.

Speaker #1: Yes. Thank you for the opportunity, sir. My first question is regarding Zambia. How is the situation in Zambia currently? And due to the West Asia crisis, do we have any power reception in Zambia?

Kaushik Toshi: Yeah, thank you for the opportunity, sir. My first question is regarding Zambia. How is the situation in Zambia currently? Due to West Asia crisis, do we have any power disruption in Zambia?

Kaushik Chandra: Yeah, thank you for the opportunity, sir. My first question is regarding Zambia. How is the situation in Zambia currently? Due to West Asia crisis, do we have any power disruption in Zambia?

Speaker #2: Sorry, can you repeat the question? I think a little more slowly.

Ashwin Devineni: Sorry, can you repeat the question? I think a little slowly.

Speaker #1: I'm not audible. Hello?

Kaushik Toshi: Am I audible? Hello.

Kaushik Chandra: Am I audible? Hello.

Speaker #2: Yes, yes. Go a little slow.

Ashwin Devineni: Yes. Just go a little slow.

Speaker #1: Yes. My first question is regarding Zambia currently. How is the situation there right now? And, due to the West Asia crisis, are we facing any power disruptions?

Kaushik Toshi: Yes. My first question is regarding the Zambia currently. How is the situation there right now? Due to West Asia crisis, are we facing any power disruptions? Do we have any power disruptions?

Kaushik Chandra: Yes. My first question is regarding the Zambia currently. How is the situation there right now? Due to West Asia crisis, are we facing any power disruptions? Do we have any power disruptions?

Speaker #1: Do we have any power interruptions?

Speaker #2: Receptions. Hold on. Yeah. So the situation is fine. Currently, there are no power disruptions there.

Ashwin Devineni: Disruptions. Hold on. Yeah, the situation is fine. Currently, there are no power disruptions there.

Speaker #1: Anman, second question: Due to the West Asia crisis, are we anticipating any increase in the supply of coal in Zambia?

Kaushik Toshi: My second question is, due to West Asia crisis, are we anticipating any increase in the supply of coal in Zambia?

Kaushik Chandra: My second question is, due to West Asia crisis, are we anticipating any increase in the supply of coal in Zambia?

Speaker #2: In supply of coal in Zambia? Sorry, can you repeat the question?

Ashwin Devineni: Supply of coal in Zambia? Sorry, can you repeat the question?

Speaker #3: Mr. Kaushik? Mr. Kaushik? Ladies and gentlemen, we will move on to the next participant. Wanch and Individual Investor, please go ahead.

Operator: Mr. Kaushik? Ladies and gentlemen, we will move on the next participant. Vansh, an individual investor, please go ahead.

Speaker #2: Yeah, so one more question I had was about the default tax—default tax expense that you have shown in the books. Is there any scope for stabilizing it, or will the ₹160 to ₹200 crore per year mark always be there as default tax expense?

[Company Representative]: Yeah. So one more question I had was the before tax expense that you have shown in the books. Is there any scope of stabilizing it, or will the INR 160 crore, INR 200 crore per year mark will be always there as before tax expense?

[Analyst 1]: Yeah. So one more question I had was the before tax expense that you have shown in the books. Is there any scope of stabilizing it, or will the INR 160 crore, INR 200 crore per year mark will be always there as before tax expense?

Speaker #1: Are you talking about that console level?

Ashwin Devineni: You are talking about at console level?

Speaker #2: Yeah, on the console level, I'm talking about last year—it was ₹261 crore. And this quarter, you have again shown ₹40 crore. And last quarter, it was ₹163 crore because of the Zambian and USD currency problem.

[Company Representative]: Yeah, on the console level, I am talking about. Last year it was INR 261 crore, and this quarter you have again shown INR 40 crore. The last quarter it was INR 163 crore because of the Zambian and USD currency problem.

[Analyst 1]: Yeah, on the console level, I am talking about. Last year it was INR 261 crore, and this quarter you have again shown INR 40 crore. The last quarter it was INR 163 crore because of the Zambian and USD currency problem.

Speaker #2: So, like, what is the situation over there?

Ashwin Devineni: Yeah.

[Company Representative]: What is the situation over there?

[Analyst 1]: What is the situation over there?

Speaker #1: Now the Jamba like Quattra USD exchange which is around the 18 rupees as on 30th June. So it is stabilizing as on today. We don't like you never know what happens in the future.

Ashwin Devineni: The Zambia kwacha-USD exchange rate is around ₹18 as on 30 June. It is stabilizing as on today. You never know what happens in the future. It depends upon the prevailing exchange rate as on the date of report.

Speaker #1: It depends on the prevailing exchange rate as of the date of the report.

Speaker #2: So, if the currency stabilizes, then this 40 crore will again not be there in the next quarter, right?

[Company Representative]: If the currency stabilizes, then this ₹40 crore will become again the next quarter will not be there, right?

[Analyst 1]: If the currency stabilizes, then this ₹40 crore will become again the next quarter will not be there, right?

Ashwin Devineni: Yes, it may get even reversed also.

Speaker #1: Yes, it may even get reversed also.

Speaker #2: Okay, it can get reversed. Okay, makes sense. And moreover, regarding the previous question about the assets that you have, if I may know, what is the current value of those assets?

[Company Representative]: Okay, it can get reversed. Okay. Makes sense. Moreover, like the previous question about the assets that you have, if I may know, what is the current value of those assets?

[Analyst 1]: Okay, it can get reversed. Okay. Makes sense. Moreover, like the previous question about the assets that you have, if I may know, what is the current value of those assets?

Speaker #1: What assets are you referring to?

Ashwin Devineni: What assets are you referring to?

Speaker #2: The Hyderabad assets—the 200 acres that you have.

[Company Representative]: The Hyderabad assets, the 200 acres that you have.

[Analyst 1]: The Hyderabad assets, the 200 acres that you have.

Speaker #1: Now, the historical cost of Nakaram land is around ₹40 lakh.

Ashwin Devineni: The historical cost of Machavaram land is around ₹40 lakhs.

Speaker #2: And what will be the current value, approximately?

[Company Representative]: What will be the current value approximate?

[Analyst 1]: What will be the current value approximate?

Speaker #1: I think you know that I'm saying that the report we have commissioned to the third party I mentioned will possibly bring out.

Ashwin Devineni: I think that is something that the report that we have commissioned to the third party that I mentioned will possibly bring out. The value is moving. I think every call, it is moving fortunately upwards too. It has appreciated a lot from, I think, the past few years.

Speaker #1: The value is moving. I think every call is moving, fortunately, upwards too. So, it's appreciated a lot from, I think, the past few years.

Speaker #2: Yeah, but if we can get an idea, then it will be great for shareholders, around.

[Company Representative]: Yeah, but if we can get an idea, that will be great for shareholders. Around.

[Analyst 1]: Yeah, but if we can get an idea, that will be great for shareholders. Around.

Ashwin Devineni: Yes, but I do not think we would want to speculate on giving a number because this is a moving. This is real estate at the end of the day.

Speaker #1: Yes, but I don't think we would want to speculate on giving a number, because it is a moving—this is real estate at the end of the day.

Speaker #2: Yeah, yeah. No issues, no issues. And moreover, the mining that you were taking on the exploration part—what is the status on that?

[Company Representative]: Yeah. No issues.

[Analyst 1]: Yeah. No issues.

Ashwin Devineni: Yeah.

[Company Representative]: Moreover, the mining that you were taking on the exploration part, what is the status on that?

[Analyst 1]: Moreover, the mining that you were taking on the exploration part, what is the status on that?

Ashwin Devineni: There are two parts to it. I think you may be referring to the manganese mining or exploration.

Speaker #1: So, there are two parts to it. I think you may be referring to the manganese mining or exploration?

Ashwin Devineni: There are two parts to it. I think you may be referring to the manganese mining or exploration.

Speaker #2: The manganese and the lithium and mining that you were exploring.

[Company Representative]: Manganese and the lithium mining that you were exploring.

[Analyst 1]: Manganese and the lithium mining that you were exploring.

Speaker #1: Yeah. So, in terms of the lithium, it's a very large area. The exploration is currently underway. There's been a slight slowdown because of elections and so on.

Ashwin Devineni: Yeah. So in terms of the lithium, it is a very large area, so the exploration is currently underway. There has been a slight slowdown because of the elections and so on, but the exploration is still underway. On the manganese too, it is a fairly large area. You are talking about 360 square kilometers, which is part of the concession. Out of this, we have done detailed exploration of only 2 square kilometers. Based on those results, I think the cyanosis indications are that it does look promising. So we are currently working on converting the exploration license into an exploitation one.

Speaker #1: But the exploration is still underway. On the manganese too, it's a fairly large area—you're talking about 360 square kilometers, which is part of the concession.

Speaker #1: Out of this, we have done detailed exploration. It's only two square kilometers. Based on those results, I think the cyanothece indications are that it does look promising.

Speaker #1: So, we are currently working on converting the exploration license into an exploitation one.

Speaker #2: So, by when can we expect that, if it's—?

[Company Representative]: So by when can we expect that if it is-

[Analyst 1]: So by when can we expect that if it is-

Operator: Mr. Vansh, I request you to join back in the queue, please.

Speaker #3: Mr. Wanch, I request that you join back in the queue, please.

Speaker #2: Fine. Fine.

[Company Representative]: Fine.

[Analyst 2]: Fine.

Speaker #3: Thank you. Reminder for all participants: please restrict your questions to two per participant. The next question is from the line of Sri Gopal Kankani from SG Kankani and Associates.

Operator: Thank you. Reminder for all participants, please restrict your questions to two per participant. The next question is from the line of Shrigopal Kankani from S G Kankani & Associates. Please go ahead.

Speaker #3: Please go ahead.

Speaker #1: Good afternoon, sir. My question is that I initially was not participating in the discussion because my line was disconnected for five minutes, so I couldn't hear your speech.

Shrigopal Kankani: Good afternoon, sir. Sir, my question, because I was initially not participating in the discussion because my line was disconnected for 5 minutes, so I could not hear your speech. I just wanted to know what is the expected date of commissioning of this 300 megawatt thermal power plant. Because earlier it was, I think, planned for January 2027. So what is now the expected date of commissioning of this plant?

Gopal Kankani: Good afternoon, sir. Sir, my question, because I was initially not participating in the discussion because my line was disconnected for 5 minutes, so I could not hear your speech. I just wanted to know what is the expected date of commissioning of this 300 megawatt thermal power plant. Because earlier it was, I think, planned for January 2027. So what is now the expected date of commissioning of this plant?

Speaker #1: I just wanted to know, what is the expected date of commissioning of this 300-megawatt thermal power plant? Because earlier it was, I think, planned for Q1 '27.

Speaker #1: So, what is now the expected date of commissioning of this plant?

Speaker #2: So, yeah. Right now we're looking at the total commissioning of both the units by Q2 of FY27-28, around the July timeframe of next year.

Ashwin Devineni: Right now we are looking at a total commissioning of both the units by Q2 of FY27, 28, around the July timeframe of next year.

Speaker #1: Okay, sir. And my one question about that—were there any plants shut down in the current quarter for Mamba plants, sir?

Shrigopal Kankani: Okay, sir. My one question was that whether any plant shutdown in the current quarter for Maamba plant, sir?

Gopal Kankani: Okay, sir. My one question was that whether any plant shutdown in the current quarter for Maamba plant, sir?

Speaker #2: We have a biannual shutdown that is scheduled in the current quarter.

Ashwin Devineni: We have a biannual shutdown that is scheduled in the current quarter.

Speaker #1: In the current quarter. Okay.

Shrigopal Kankani: in the current quarter.

Gopal Kankani: in the current quarter.

Speaker #2: Which is biannual maintenance, basically. It's the regular biannual maintenance that we conduct.

Ashwin Devineni: Which is a biannual maintenance, basically. It is the regular biannual maintenance that we conduct.

Shrigopal Kankani: Yes, that I know, sir. Thank you, sir.

Gopal Kankani: Yes, that I know, sir. Thank you, sir.

Speaker #1: Yes, that's fine. No, sir. Okay, thank you.

Speaker #3: Thank you. The next question is from the line of Aditya Shreema from PCS Securities. Please go ahead.

Operator: Thank you. The next question is from the line of Aditya Sharma from PCS Securities. Please go ahead.

Speaker #2: Yeah, my question is regarding the return on equity on the additional 300 megawatts that you have shut down. And what would be the taxation as far as the 300 megawatts is going to be?

Aditya Sharma: My question is regarding the return on equity on the additional 300 megawatts that you have set up. What would be the taxation as far as the 300 megawatts is going to be?

Speaker #1: Give us a second.

Ashwin Devineni: Give us a second.

Speaker #2: Am I audible?

Aditya Sharma: Am I audible?

Speaker #1: Yes.

Operator: Yes, you are audible.

Speaker #2: Hello.

Aditya Sharma: Hello. Yeah, my question was, because the cost entailed in this next 300 megawatts is much lesser than the earlier plan, and even the PPA is also signed, what is the expected return on equity on the investment, and what is the taxation that will be applicable on this?

Speaker #1: Are you audible?

Speaker #2: Yes. So my question was because the cost entered in this next 300 megawatt is much less than the earlier plan, and even the PPA is also signed.

Speaker #2: What is the expected return on equity for the investment? And what taxation will be applicable to this?

Speaker #1: Give us a second, please. Yeah. So the return on equity that we envisage is about 15%. And with regards to the second phase, we currently don't have a tax holiday.

Ashwin Devineni: Give us a second, please. Yeah. The return on equity that we envisaged is about 15%. With regards to the second phase, we currently don't have a tax holiday, but that is something that we are actively pursuing with the government.

Speaker #1: But that is something that we are actively pursuing with the government.

Speaker #2: Thanks.

Aditya Sharma: Thanks.

Speaker #3: Thank you. The next question is from the line of Sai Shreyas from Scientific Investing. Please go ahead.

Operator: Thank you. The next question is from the line of Sai Shreyas from Scientific Investing. Please go ahead.

Speaker #1: Hi, sir. Am I audible?

Sai Shreyas V: Hi, sir. Am I audible?

Sai V: Hi, sir. Am I audible?

Speaker #2: Yes.

Ashwin Devineni: Yes.

Sai Shreyas V: Thank you for the opportunity, sir. My first question is, sir, can you please explain what is the reason behind Maamba Energy EBITDA margin being declined over the years, and what is the sustainable margin going forward for the Maamba Energy?

Sai V: Thank you for the opportunity, sir. My first question is, sir, can you please explain what is the reason behind Maamba Energy EBITDA margin being declined over the years, and what is the sustainable margin going forward for the Maamba Energy?

Speaker #1: Thank you for the opportunity, sir. So, my first question is: sir, can you please explain what is the reason behind Zambia Energy EBITDA margin being declined over the years?

Speaker #1: And what is the sustainable margin going forward for the Zambian energy?

Speaker #2: The reason for the decrease in EBITDA is due to fewer reversible ECL credits.

Ashwin Devineni: The reason for decrease in EBITDA is on account of lesser reversal of ECL credits.

Speaker #1: Okay, what is the sustainable margin going forward, sir, for the Zambian energy segment?

Sai Shreyas V: Okay. What is the sustainable margin going forward, sir, for the Maamba Energy segment?

Sai V: Okay. What is the sustainable margin going forward, sir, for the Maamba Energy segment?

Speaker #2: Around 45 to 50 percent is the EBITDA.

Ashwin Devineni: Around 45% to 50% is the EBITDA.

Speaker #1: 45 to 50 percent. Okay. And my second question is, sir, how do the inter-segment eliminations work? And is there any ratio which we can use to estimate the consolidated EBITDA from segment EBITDA?

Sai Shreyas V: 45% to 50%?

Sai V: 45% to 50%?

Ashwin Devineni: Yes.

Sai Shreyas V: Okay. My second question is, sir, how do the inter-segment eliminations work, and is there any ratio which we can use to estimate the consolidated EBITDA from segment EBITDA? Because there is a lot of inter-segment eliminations.

Sai V: Okay. My second question is, sir, how do the inter-segment eliminations work, and is there any ratio which we can use to estimate the consolidated EBITDA from segment EBITDA? Because there is a lot of inter-segment eliminations.

Speaker #1: Because there are a lot of inter-segment eliminations.

Speaker #2: So, we have some transfer pricing between the power and metal sectors in Indian operations, and also, there—for coal consumed in energy from mines.

Ashwin Devineni: We adopt some transfer pricing between power and metal sector in Indian operations. Also there, for coal consumed in energy from mines, this gets eliminated. The transfer price adopted for transfer gets eliminated. When it comes to consolidated EBITDA, it will be around between 35% to 40%.

Speaker #2: So this gets eliminated. The transfer price adopted for transfer gets eliminated. And when it comes to consolidated EBITDA, it will be around 35% to 40%.

Speaker #1: So, the segment EBITDA of 35 to 40 percent will be considered for the consolidated EBITDA.

Sai Shreyas V: The segment EBITDA, 35% to 40%, will be considered for the consolidated EBITDA?

Sai V: The segment EBITDA, 35% to 40%, will be considered for the consolidated EBITDA?

Speaker #2: That's consolidated. Yes.

Ashwin Devineni: Yes, consolidated. Yes.

Speaker #1: Okay. And one last question, sir. And the reason in the interest cost, how is the interest cost being calculated? Because are we capitalizing it during the construction time?

Sai Shreyas V: Okay. One last question, sir. In the interest cost, how is the interest cost being calculated? Are we capitalizing it during the construction time, and what is the industry practice? There is no big increase in the finance cost despite us having a higher loan.

Sai V: Okay. One last question, sir. In the interest cost, how is the interest cost being calculated? Are we capitalizing it during the construction time, and what is the industry practice? There is no big increase in the finance cost despite us having a higher loan.

Speaker #1: And what is the industry practice? Because there is no big increase in the finance cost, despite having a higher loan.

Speaker #2: So, the finance cost incurred on phase two gets capitalized.

Ashwin Devineni: The finance cost incurred on phase 2 gets capitalized.

Speaker #1: Okay. Is there any industry practice? Is there an industry practice?

Sai Shreyas V: Okay. Is this an industry practice?

Sai V: Okay. Is this an industry practice?

Speaker #2: Yeah, it is required by IFRS under India's AS as well.

Ashwin Devineni: Yeah. It is required by IFRS and Ind AS well.

Speaker #1: Okay, sir. Thank you. I'll get back to the queue.

Sai Shreyas V: Okay, sir. Thank you. I will get back to the queue.

Sai V: Okay, sir. Thank you. I will get back to the queue.

Speaker #3: Thank you. The next question is from the line of Vijay, an individual investor. Please go ahead.

Operator: Thank you. The next question is from the line of Vijay, an individual investor. Please go ahead.

Speaker #1: Yeah, sorry. I might have missed some of your initial comments or initial answers because I was disconnected. Regarding the recent amendment made to the company's memorandum—the new clause about power generation, which I introduced with new avenues such as nuclear and solar, etc.—could you enlighten the shareholders about what the company's plans are for expanding its power generation operations in India in this particular phase?

[Company Representative]: Yeah, sorry. I might have missed some of your initial comments or initial answers because I was disconnected. The recent amendment which is made to the company's memorandum, the new clause about power generation, which I introduced with new avenues of nuclear and solar, et cetera. Could you enlighten the shareholders about what are the company's plans for expanding its power generation operations in India in these particular fields?

[Shareholder] (Private Investor): Yeah, sorry. I might have missed some of your initial comments or initial answers because I was disconnected. The recent amendment which is made to the company's memorandum, the new clause about power generation, which I introduced with new avenues of nuclear and solar, et cetera. Could you enlighten the shareholders about what are the company's plans for expanding its power generation operations in India in these particular fields?

Speaker #2: Yeah, so I think with regards—are you talking particularly with respect to India? Because I'm going to be talking in general, with India and internationally.

Ashwin Devineni: Yeah. I think with regards, at least talking particularly with respect to India, because I am going to be talking in general with India and internationally. We, as a company, are looking seriously at the renewable space. Not just solar. We are looking at solar, we are looking at wind, we are looking with a combination of both of them with battery storage, so you have around the clock power. There are certain opportunities that we are currently investigating and assessing. With regards to nuclear, I think the whole concept of the Small Modular Reactors, which we term as SMRs now, seems to be gaining a lot of attraction. Given that we are in the power space, we have been also looking at that sector in terms of development. But I think the SMR space is very new. It will take a little more time to evolve.

Speaker #2: We, as a company, are looking seriously at the renewable space. I mean, and not just solar. We're looking at solar. We're looking at wind.

Speaker #2: We're looking at a combination of both of them with battery storage, so you have round-the-clock power. There are certain opportunities that we are currently investigating and assessing.

Speaker #2: And with regards to nuclear, I think the whole concept of small modular reactors, which we term as SMRs now, seems to be gaining a lot of traction.

Ashwin Devineni: With regards to nuclear, I think the whole concept of the Small Modular Reactors, which we term as SMRs now, seems to be gaining a lot of attraction. Given that we are in the power space, we have been also looking at that sector in terms of development. But I think the SMR space is very new. It will take a little more time to evolve. We are actively looking at all the developments that are taking place there.

Speaker #2: And given that we are in the power space, we have also been looking at that sector in terms of development. But I think the SMR space is very new.

Speaker #2: And it will take a little more time to evolve, but we are actively looking at all the developments that are taking place there.

Ashwin Devineni: We are actively looking at all the developments that are taking place there.

Speaker #1: So, all these activities are going to be international and not in India?

[Company Representative]: All these activities are going to be international and not in India?

[Shareholder] (Private Investor): All these activities are going to be international and not in India?

Speaker #2: No, I don't think we're saying they'll be international and not in India. We're looking at it in all geographies, including India.

Ashwin Devineni: No, I do not think we are saying that we are international and not in India. We are looking at it in all geographies, including India.

Speaker #1: I think, Mr. Vijay, we are quite location agnostic. I think what we do look for is where we get the best returns for the risk that you're going to be taking.

Nikhil Devineni: I think, Mr. Vijay, we are quite location agnostic. I think what we do look for is where the best returns for the risk that you are going to be taking come from. That could be very well in India or elsewhere.

Speaker #1: That could very well be in India or elsewhere.

Speaker #2: Yeah, I'm sorry if I have misrepresented. But what I meant was, for a long time, we have not expanded any of our Indian operations.

[Company Representative]: No, I am sorry if I have misrepresented. But what I meant was, for a long time, we have not expanded any of our Indian operations. That is why I ask, because in India today, there is a lot of scope for these particular activities.

[Shareholder] (Private Investor): No, I am sorry if I have misrepresented. But what I meant was, for a long time, we have not expanded any of our Indian operations. That is why I ask, because in India today, there is a lot of scope for these particular activities.

Speaker #2: So that's why I asked, because in India today, there's a lot of scope for these particular activities.

Speaker #1: Yes. So, we—I mean, like we said, we look at returns and we look at the risk. In the renewable space, although there's been a lot of expansion in India, sometimes it's been a hit or a miss, given the tariffs and the grid situation.

Ashwin Devineni: Yes. Like we said, we look at returns, and we look at the risk. In the renewables space, although there has been a lot of expansion in India, sometimes it has been a hit or a miss, given the tariffs and the grid situation. So we look at the geographies without being partial to India or international. We are looking at the best returns and risk. That has really played out well for us. If you look at Zambia today, it is generating good revenue and good profits that is helping the growth of our company in various verticals.

Speaker #1: So, we look at the geographies without being partial to India or international. We're looking at the best returns and risk, and that's really played out well for us.

Speaker #1: If you look at Zambia today, it’s generating good revenue and good profits. That’s helping the growth of our company in various verticals.

Speaker #2: Yes, I think our deal with the Zambia operation has been a runaway success. Coming to the Ivory Coast operation, when we were looking for manganese there, we also stated that we are likely to put up a manganese alloy plant there.

[Company Representative]: Yes, I agree with you. The Zambia operation has been a runaway success. Coming to the Ivory Coast operation, when we are looking for manganese there, you had also stated that you are likely to put up a manganese alloy plant there. Is there any progress on that?

[Shareholder] (Private Investor): Yes, I agree with you. The Zambia operation has been a runaway success. Coming to the Ivory Coast operation, when we are looking for manganese there, you had also stated that you are likely to put up a manganese alloy plant there. Is there any progress on that?

Speaker #2: Is there any progress on that?

Speaker #1: So, I think with respect to the mine, we have disclosed that the exploration results have yielded promising returns. So we are in the process of converting that into exploitation.

Ashwin Devineni: I think with respect to the mine, we have disclosed that the exploration results have yielded promising returns. We are in the process of converting that into exploitation. This particular mine that we have worked on is exclusively targeting the Indian operations. In order to set up a factory in Ivory Coast, there is another mine which is right now controlled by the government, for which we are looking to be JV partners. That is still under the approval phase, but once that does come through, then we could evaluate setting it up there.

Speaker #1: But this particular mine that we have worked on is exclusively targeting the Indian operations. In order to set up a factory in Ivory Coast, there is another mine, which is right now controlled by the government, for which we are looking to be JV partners.

Speaker #1: That's still under the approval phase. But once that does come through, then we could gradually set it up there.

Speaker #2: Thank you. So, I will go back in the queue if there is still time.

[Company Representative]: Thank you for the info. I will go back in the queue if there is still time.

[Shareholder] (Private Investor): Thank you for the info. I will go back in the queue if there is still time.

Speaker #3: Thank you. The next question is from the line of Sai Shreyas from Scientific Investing. Please go ahead.

Operator: Thank you. The next question is from the line of Sai Shreyas from Scientific Investing. Please go ahead.

Sai Shreyas V: Sir, does the reported OCF of Nava Limited include 100% of Zambian cash flows, or is it adjusted as per Nava 65% share?

Sai V: Sir, does the reported OCF of Nava Limited include 100% of Zambian cash flows, or is it adjusted as per Nava 65% share?

Speaker #1: Sir, does the reported OCF of Nava Limited include 100% of Zambian cash flows, or is it adjusted as per Nava's 65% share?

Speaker #2: The 100%. 100% consolidation.

Ashwin Devineni: The 100% consolidation.

Speaker #1: Sorry, sir.

Sai Shreyas V: Sorry, sir?

Sai V: Sorry, sir?

Speaker #2: It is 100% consolidation.

Ashwin Devineni: It is 100% consolidation.

Speaker #1: Okay. And one last question, sir. The metals business is struggling in terms of margin. What is the outlook going forward for margins and sales growth?

Sai Shreyas V: Okay. One last question is, sir, the metals business is struggling in terms of margin. What is the outlook for margins and sales growth going forward?

Sai V: Okay. One last question is, sir, the metals business is struggling in terms of margin. What is the outlook for margins and sales growth going forward?

Speaker #2: As you know, the metals business is one that is volume-driven rather than margin-driven. On a quarter-on-quarter basis, we have actually seen a slight improvement in terms of pricing on the spot market, to the extent of about 5 to 10 percent.

Ashwin Devineni: I think the metals business, as you know, it is volume driven rather than margin driven.

Sai Shreyas V: Okay.

Sai V: Okay.

Ashwin Devineni: Quarter on quarter basis, we have seen actually a slight improvement in terms of pricing on the spot market to the extent of about 5% to 10%. Going forward, we are quite well ring-fenced against any volatilities because almost 70% of our production is already committed, either under long-term contracts or quarterly contracts. I think to answer your question with respect to margins, we could probably either see a stability in terms of where we are today, or if not, a slight increase. But I do not see a downward trend, at least until the end of the financial year.

Speaker #2: Going forward, we are quite well ring-fenced against any volatilities because almost 70% of our production is already committed, either under long-term contracts or quarterly contracts.

Speaker #2: So, I think to answer your question with respect to margins, we could probably either see stability in terms of where we are today, or, if not, a slight increase.

Speaker #2: But I don't see a downward trend, at least until the end of the financial year.

Speaker #1: Okay. What about the sales? They are stagnant from last year. That's the reason I'm asking.

Sai Shreyas V: Okay. What about the sales, sir? It is stagnant from last year. That is the reason I am asking.

Sai V: Okay. What about the sales, sir? It is stagnant from last year. That is the reason I am asking.

Speaker #2: Your question was not clear. Can you please repeat it?

Ashwin Devineni: Your question was not clear. Can you please come again?

Speaker #1: Sir, I'm talking about the sales growth. What is the expected sales growth?

Sai Shreyas V: Sir, I am talking about the sales growth. What is the expected sales growth?

Sai V: Sir, I am talking about the sales growth. What is the expected sales growth?

Speaker #2: Sales.

Ashwin Devineni: Sales.

Speaker #1: Hello?

Sai Shreyas V: Hello?

Sai V: Hello?

Speaker #2: Yeah. So, I think this particular quarter, as we disclosed, the Orissa unit was under shutdown for long-term maintenance activities. That's the reason the sales numbers have slightly decreased.

Ashwin Devineni: Yeah. I think this particular quarter, as we disclosed, the Odisha unit was under shutdown for long-term maintenance activities. That is the reason the sales numbers have slightly decreased. But anyhow, that is behind us now. We have resumed operations from Odisha as well on 1 August.

Speaker #2: But anyhow, that is behind us now. We have resumed operations from Orissa as well, on the 1st of August.

Speaker #1: Okay. Okay. So thank you.

Sai Shreyas V: Okay, sir. Thank you.

Sai V: Okay, sir. Thank you.

Speaker #3: Thank you. As there are no further questions from the participants, I now hand the conference over to management for closing remarks. Over to you.

Operator: Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing remarks. Over to you.

Speaker #2: Thank you once again for joining us today and for your continued interest in Nava. We believe the resilience of our core businesses and the progress of our growth platform position us well for sustainable, long-term value creation.

Ashwin Devineni: Thank you once again for joining us today and for your continued interest in Nava. We believe the resilience of our core businesses and the progress of our growth platform position us well for sustainable long-term value creation. If you have any further questions or require additional information, please feel free to reach out to our investor relations team. Thank you and have a pleasant evening.

Speaker #2: If you have any further questions or require additional information, please feel free to reach out to our Investor Relations team. Thank you, and have a pleasant evening.

Operator: On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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Q1 2027 Nava Ltd Earnings Call

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