Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹15653 Cr.
Stock P/E
15.1
P/B
1.7
Current Price
₹552.5
Book Value
₹ 320.2
Face Value
1
52W High
₹739.2
52W Low
₹ 503
Dividend Yield
1.54%

Nava Overview

Business

Nava Ltd. (NAVA) is an Indian company primarily engaged in the manufacturing and sale of Ferro Manganese and Silica Manganese. These are crucial ferroalloys used as deoxidizers, desulfurizers, and alloying agents in the production of steel. The company operates on a business-to-business (B2B) model, supplying these specialized products primarily to steel manufacturers. Its revenue is generated directly from the sales of these ferroalloys to industrial customers.

Revenue Mix

Nava Ltd.'s core business comprises two primary product segments:

Ferro Manganese: A ferroalloy with a high content of manganese, used extensively in steelmaking.

Silica Manganese: An alloy of silicon, manganese, and iron, also vital for steel production, particularly for specific grades.

While specific revenue contributions for each segment are not publicly detailed, these two product categories represent the entirety of the company's manufacturing operations and revenue streams.

Industry

The ferroalloys industry is a capital-intensive, commodity-driven sector directly tied to the performance of the global and domestic steel industry. It is characterized by cyclical demand, price volatility for both finished products and raw materials (manganese ore, power), and intense competition. In India, the industry is home to several players ranging from large integrated producers to smaller, specialized units. Nava Ltd. operates as a specialized manufacturer within this landscape, likely serving the domestic Indian steel market with its focused product portfolio. Its positioning would be influenced by its operational efficiency, scale of production, and relationships with steel manufacturers.

MOAT

As a producer of commodity products like ferroalloys, Nava Ltd. faces challenges in establishing strong, durable competitive advantages.

Operational Efficiency/Cost Leadership: This is often the primary "moat" in commodity businesses. Companies that can produce at the lowest cost due to economies of scale, efficient processes, or advantageous raw material sourcing can gain an edge.

Proximity to Customers/Raw Materials: Strategically located manufacturing units close to either manganese ore mines or major steel production hubs can reduce logistics costs.

Customer Relationships: Long-standing supply agreements and strong relationships with key steel manufacturers can provide some stability.

However, factors like brand loyalty, network effects, or high switching costs are generally not significant moats in this industry.

Growth Drivers

Growth in Indian Steel Production: India's infrastructure development, urbanization, and manufacturing growth are expected to drive robust demand for steel, directly increasing the need for ferroalloys.

Capacity Expansion: Any planned expansion of Nava Ltd.'s manufacturing capacity would directly contribute to higher sales volumes.

Improving Operational Efficiency: Enhancements in production processes leading to better yields and lower costs can boost profitability and allow for competitive pricing.

Global Demand: Opportunities in export markets, contingent on global steel demand and competitive pricing.

Risks

Commodity Price Volatility: Fluctuations in the prices of Ferro Manganese, Silica Manganese, and key raw materials like manganese ore and power can significantly impact profitability.

Economic Downturn: A slowdown in the global or domestic economy would reduce steel demand, consequently lowering demand for ferroalloys.

Regulatory and Environmental Risks: Changes in environmental regulations, power tariffs, or mining policies could increase operational costs or restrict operations.

Intense Competition: Competition from domestic and international players can put pressure on pricing and market share.

Input Cost Inflation: Significant increases in the cost of electricity, manganese ore, or logistics can erode margins.

Management & Ownership

Nava Ltd., typical of many Indian listed companies, is likely promoted and significantly owned by a promoter group. The quality of management is critical for navigating the cyclical nature of the ferroalloys industry, optimizing production, managing raw material procurement, and maintaining strong customer relationships. The promoter group generally has substantial control, and their long-term vision and capital allocation decisions are key to the company's strategic direction and financial health.

Outlook

The outlook for Nava Ltd. is inherently linked to the trajectory of the Indian and global steel industry.

Bull Case: Robust growth in Indian steel production, driven by infrastructure and manufacturing, would provide a strong demand tailwind for Nava's products. Coupled with stable or favorable raw material prices and efficient operations, this could lead to healthy capacity utilization and improved profitability. Strategic capacity expansions or technological upgrades could further enhance its market position.

Bear Case: A significant slowdown in steel demand, either domestically or globally, would negatively impact sales volumes and pricing power. Persistent volatility or sharp increases in input costs (especially power and manganese ore) without a commensurate rise in product prices would pressure margins. Intense competition or adverse regulatory changes could also pose significant challenges.

Overall, Nava Ltd. is positioned in a foundational industry, but its performance will largely depend on the broader economic environment, commodity market dynamics, and its operational resilience in managing costs and market fluctuations.

Nava Share Price

Live · BSE / NSE · Inception: 1972
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Nava Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 924 1222 900 842 1018 1193 964 991 1143 1212
Other Income 28 36 42 36 38 39 26 70 52 57
Total Income 952 1258 943 878 1056 1233 990 1062 1195 1269
Total Expenditure 542 632 487 393 637 605 648 549 772 685
Operating Profit 409 626 456 485 419 628 341 513 423 583
Interest 53 9 7 6 5 1 3 1 7 2
Depreciation 82 86 88 88 90 90 94 116 91 101
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 274 531 361 392 324 536 244 397 325 480
Provision for Tax 19 85 31 35 21 137 66 70 189 146
Profit After Tax 255 446 330 356 303 399 178 326 137 333
Adjustments -49 -91 -79 -106 -69 -91 -48 -104 -9 -56
Profit After Adjustments 206 356 251 250 234 308 129 222 127 277
Adjusted Earnings Per Share 7.1 12.3 8.6 4.3 8.3 10.9 4.6 7.8 4.5 9.8

Nava Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1585 1350 2349 2946 2759 2549 3348 3528 3818 3984 4291 4310
Other Income 87 69 69 89 122 249 298 402 331 297 325 205
Total Income 1672 1420 2418 3035 2881 2798 3645 3930 4150 4280 4616 4516
Total Expenditure 1221 1177 1556 1642 1681 1479 2029 1963 2294 2293 2724 2654
Operating Profit 451 243 862 1393 1200 1318 1617 1968 1856 1987 1891 1860
Interest 88 72 246 362 319 348 338 397 275 26 12 13
Depreciation 84 90 228 276 289 300 295 306 319 352 377 402
Exceptional Income / Expenses 0 79 0 0 0 1 -94 0 116 0 0 0
Profit Before Tax 280 159 388 755 593 672 889 1264 1378 1608 1502 1446
Provision for Tax -17 66 110 418 60 117 323 44 123 173 462 471
Profit After Tax 297 93 278 337 533 554 566 1220 1255 1436 1040 974
Adjustments -13 -6 -40 -61 -138 -131 -48 -292 -312 -344 -253 -217
Profit After Adjustments 284 87 238 276 395 423 518 928 944 1091 787 755
Adjusted Earnings Per Share 7.9 2.4 6.7 7.7 11.2 14.3 17.8 32 32.5 38.6 27.8 26.7

Nava Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 3222 3162 3385 3689 4185 4411 4953 6025 6909 7611 8745
Minority's Interest 275 276 319 376 551 664 723 1082 1412 1800 2019
Borrowings 3235 3576 3324 2807 2556 2243 1856 1575 305 823 2173
Other Non-Current Liabilities 193 64 -108 325 337 507 906 501 361 355 673
Total Current Liabilities 795 1157 1147 1143 1653 1810 2263 1931 682 669 751
Total Liabilities 7721 8235 8066 8340 9283 9636 10701 11114 9668 11262 14365
Fixed Assets 2156 2125 6120 5942 5969 5590 5498 5616 5512 5505 5730
Other Non-Current Assets 4034 4116 103 95 115 1998 2662 1336 721 1736 2905
Total Current Assets 1531 1994 1843 2303 3142 2007 2515 4143 3418 4000 5723
Total Assets 7721 8235 8066 8340 9283 9636 10701 11114 9668 11262 14365

Nava Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 116 626 623 278 226 278 347 328 395 266 989
Cash Flow from Operating Activities -126 39 201 824 527 758 608 1223 3185 2157 2312
Cash Flow from Investing Activities -1390 -678 266 -15 -12 -210 -222 18 -240 -1286 -2014
Cash Flow from Financing Activities 2016 648 -813 -878 -482 -473 -415 -1184 -3077 -163 645
Net Cash Inflow / Outflow 500 8 -346 -68 33 75 -29 57 -133 707 944
Closing Cash & Cash Equivalent 626 623 278 226 278 347 328 395 266 989 2099

Nava Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 7.94 2.44 6.66 7.73 11.22 14.31 17.84 31.97 32.52 38.57 27.8
CEPS(Rs) 10.65 5.13 14.18 17.17 23.32 28.87 29.67 52.6 54.24 63.18 50.08
DPS(Rs) 0.75 0.5 0.75 0.75 0.75 1.25 3 3 2 8 8.5
Book NAV/Share(Rs) 90.23 88.54 94.77 103.29 118.75 149.11 170.68 207.63 238.07 268.95 308.34
Core EBITDA Margin(%) 19.95 12.51 33.78 44.26 39.08 41.96 39.4 44.37 39.92 42.43 36.51
EBIT Margin(%) 20.12 16.67 27 37.92 33.05 40.01 36.65 47.09 43.29 41.03 35.28
Pre Tax Margin(%) 15.32 11.46 16.51 25.63 21.49 26.35 26.55 35.83 36.1 40.38 35
PAT Margin (%) 16.24 6.7 11.84 11.44 19.33 21.76 16.9 34.58 32.88 36.04 24.24
Cash Profit Margin (%) 20.82 13.22 21.57 20.81 29.79 33.52 25.72 43.26 41.23 44.89 33.03
ROA(%) 4.35 1.16 3.41 4.11 6.05 5.86 5.56 11.19 12.08 13.72 8.12
ROE(%) 9.67 2.91 8.49 9.53 13.54 12.9 12.08 22.23 19.41 19.78 12.73
ROCE(%) 6.46 3.19 8.48 15.39 12.32 13.18 15.03 18.85 20.15 20.67 15.55
Receivable days 34.35 49.31 69.32 130.34 236.3 222.54 108.44 176.5 196.22 145.56 100.29
Inventory Days 103.79 106.15 62.5 51.04 54.29 49.97 36.45 54.85 61.73 65.08 63.11
Payable days 214.94 65.36 38.95 51.46 57.4 60.51 31.85 51.8 51.55 50.43 57.83
PER(x) 5.16 25.78 10.09 7.23 1.53 2.43 3.95 3.41 7.5 13.43 19.11
Price/Book(x) 0.45 0.71 0.71 0.54 0.14 0.23 0.41 0.53 1.02 1.93 1.72
Dividend Yield(%) 1.83 0.8 1.11 1.34 4.36 3.59 4.26 2.75 0.82 1.54 1.6
EV/Net Sales(x) 2.84 4.43 2.59 1.76 1.38 1.59 1.58 1.64 1.88 3.64 3.53
EV/Core EBITDA(x) 9.98 24.64 7.06 3.72 3.17 3.08 3.27 2.95 3.87 7.3 8
Net Sales Growth(%) -12.62 -14.8 73.94 25.43 -6.36 -7.62 31.36 5.39 8.22 4.33 7.72
EBIT Growth(%) 6.54 -37.11 174.3 76.21 -18.39 11.85 20.33 35.4 -0.51 -1.12 -7.37
PAT Growth(%) 41.87 -68.69 199.36 21.21 58.25 3.99 2.05 115.64 2.88 14.37 -27.57
EPS Growth(%) 37.66 -69.33 173.58 16.04 45.1 27.5 24.7 79.19 1.73 18.6 -27.93
Debt/Equity(x) 1.15 1.39 1.18 0.93 0.83 0.77 0.72 0.51 0.06 0.12 0.25
Current Ratio(x) 1.93 1.72 1.61 2.01 1.9 1.11 1.11 2.15 5.01 5.98 7.62
Quick Ratio(x) 1.41 1.38 1.25 1.65 1.66 0.94 0.95 1.79 4.13 4.76 6.73
Interest Cover(x) 4.19 3.2 2.57 3.09 2.86 2.93 3.63 4.18 6.02 63.15 126.9
Total Debt/Mcap(x) 2.53 1.96 1.67 1.72 5.76 3.29 1.75 0.97 0.06 0.06 0.15

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +8% +7% +11% +10%
Operating Profit CAGR -5% -1% +7% +15%
PAT CAGR -28% -5% +13% +13%
Share Price CAGR -14% +36% +56% +23%
ROE Average +13% +17% +17% +13%
ROCE Average +16% +19% +18% +14%

Nava Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 50.03 %
FII 10.21 %
DII (MF + Insurance) 0.56 %
Public (retail) 39.2 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 48.8448.8548.8548.8950.1350.1350.1350.150.1150.03
FII 8.859.311.0111.079.7310.2410.3710.3410.610.21
DII 0.170.240.170.170.20.410.470.390.530.56
Public 42.1441.6139.9739.8739.9339.2139.0339.1738.7539.2
Others 0000000000
Total 100100100100100100100100100100

Nava Peer Comparison

Ferro & Silica Manganese Edit Columns

Nava Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Nava Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 50.43 to 57.83days.
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