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Diverse Businesses. Unified Vision. Annual Report 2025-26 Diverse Businesses. Unified Vision ANNUAL REPORT 2025-26 1 Contents Corporate Information 04 The Map that Grew 24 Message from the MD & CEO 26 Message from the Executive Director 28 Building Today Delivering Tomorrow 30 Excellence Recognised 34 Corporate Social Responsibility 37 Directors’ Report 60 Management Discussion and Analysis 95 Report on Corporate Governance 115 Standalone Financial Statements 133 Consolidated Financial Statements 201 Notice 285 Corporate Information BOARD OF DIRECTORS Directors Mr D Ashok – Non-Executive Chairman Mr P Trivikrama Prasad – Non-Executive Director Mr Ashwin Devineni – Managing Director & CEO Mr GRK Prasad – Executive Director Mr Nikhil Devineni – Executive Director Independent Directors Mr K Durga Prasad Mr GP Kundargi Dr A Indra Kumar CA (Mrs) B Shanti Sree Mr Mwelwa Chibesakunda BOARD COMMITTEES Audit Mr K Durga Prasad (Chairman of the Committee) Dr A Indra Kumar CA (Mrs) B Shanti Sree Nomination and Remuneration Mr K Durga Prasad (Chairman of the Committee) Dr A Indra Kumar Mr GP Kundargi Corporate Social Responsibility Mr D Ashok (Chairman of the Committee) Mr K Durga Prasad CA (Mrs) B Shanti Sree 4 OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS NOTICE Stakeholders Relationship CORPORATE OFFICE Mr K Durga Prasad Silicon House (Chairman of the Committee) 8-3-318/1, Plot 78 Mr P Trivikrama Prasad Road 14, Banjara Hills Mr GP Kundargi Hyderabad - 500 034, Telangana, India. Risk Management REGISTERED OFFICE Mr Ashwin Devineni 6-3-1109/1, (Chairman of the Committee) ‘Nava Bharat Chambers’ Mr GRK Prasad Raj Bhavan Road Mr Nikhil Devineni Hyderabad - 500 082 CA (Mrs) B Shanti Sree Telangana, India Chief Financial Officer BUSINESS UNITS Mr Srinivasa Rao Battula Telangana Operations Ferro Alloy & Power Plants Company Secretary Paloncha - 507 154 Mr VSN Raju Bhadradri Kothagudem District, Telangana Statutory Auditors Odisha Operations M/s Walker Chandiok & Co LLP Ferro Alloy & Power Plants Chartered Accountants, Kharagprasad Village - 759 121 Hyderabad Dhenkanal District, Odisha Cost Auditors BANKERS M/s. Sagar & Associates Cost Accountants, State Bank of India Hyderabad Union Bank of India Bank of India Internal Auditors ICICI Bank Limited M/s K S Rao & Co Chartered Accountants, REGISTRARS & SHARE TRANSFER AGENTS Hyderabad KFin Technologies Limited Selenium Tower B, Plot 31-32 Secretarial Auditors Financial District, Nanakramguda, M/s P S Rao & Associates Serilingampally Mandal Company Secretaries, Hyderabad - 500032, Telangana, India Hyderabad Diverse Businesses. Unified Vision ANNUAL REPORT 2025-26 5 In landscapes reimagined through sunlight and sustainable resources. In the glow of molten metal. In the movement of energy. In fertile ground preparing for seasons yet to come. In ideas that evolve into new possibilities for health, industry and communities. Different geographies. Different industries. One shared intent – purposeful growth, responsible stewardship, and the transformation of opportunity into lasting impact. ANNUAL REPORT 2025-26 7 ...Five businesses ...Five decades ...Two continents and a single unbroken thread of intent. More than five decades ago, the founders of this Company set in motion something whose full dimensions only time could reveal. They had the vision to begin. The enterprise had the ambition to outgrow it. Today, that vision has evolved into a diversified organisation of significant scale and impact. From powering a nation through coal operations in Zambia to pioneering commercial avocado cultivation on the African plateau, NAVA has consistently created value across borders and sectors. With consolidated revenues surpassing `4,290 crore and a continued trajectory of expansion, NAVA remains committed to sustainable growth and long-term value creation. That genuine value is often found precisely where others refuse to go. That patience is not the absence of ambition – it is its highest, most disciplined expression. That an institution built to last is worth the time it takes to build. Look closely at the geography of our execution. A single ferroalloy furnace in Telangana has evolved into a 300-megawatt power plant in Zambia’s Southern Province. A captive power unit in Odisha pulses alongside a crucial five-year bilateral agreement lighting up homes. Wild, untouched African bushland has transformed into the quiet triumph of a first commercial harvest. From a single market to long- term export relationships in Japan and enduring partnerships with India’s leading steel producers. 8 OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS NOTICE At first glance, these businesses may appear distinct from one another. Yet beneath them lies a common strategic thread – the ability to identify long-term opportunities early, build patiently through cycles, and create enterprises capable of generating sustainable value over time. Guided by disciplined capital allocation, operational resilience, prudent risk management, and the conviction that long-gestation investments, tended with care, to become the most enduring sources of value. • Metals • Energy • Mining • Agri Business • Emerging Businesses ...Distinct industries ...One underlying philosophy. Unified Vision. Thriving across a diverse world. Diverse Businesses. Unified Vision ANNUAL REPORT 2025-26 9 Across a multi-continental platform, operational discipline translated into resilient, tangible performance. CONSOLIDATED PERFORMANCE TOTAL COMPREHENSIVE REVENUES INCOME RESERVES `4,29,092 `1,87,274 `8,71,698 LAKHS LAKHS LAKHS $485.91* $212.07* $920.93* MILLION MILLION MILLION 8% 17% 15% GROWTH GROWTH GROWTH STANDALONE PERFORMANCE REVENUES PAT EPS (`) (AFTER EXCEPTION ITEMS) `32.19 `14.54 `1,92,473 `91,093 FY 25 FY 26 LAKHS LAKHS 19% 116% 121% GROWTH GROWTH GAIN IN A SINGLE YEAR *P&L items - FY 2025-26 average dollar rate. - Balance sheet items - Conversion rate as on 31st March 2026. - Percentages have been rounded for ease of presentation. 10 OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS NOTICE CREATING VALUE FOR SHAREHOLDERS TOTAL FY26 DIVIDENDS TOTAL INTERIM 8.50 FINAL DIVIDEND ` DIVIDEND `3.00 PER SHARE `5.50 PER SHARE PER SHARE FY 2025-26 was a year of arrival. These numbers did not arrive important: this was not a weakening of the underlying business, by accident. but a known tax transition and accounting-led movement in a profitable, long-duration asset. Maamba Energy Limited power They arrived because plant, maintained plant availability of 90%, selling 2,115 million Indian power demand units to the national grid. The reduction of receivable arrears softened in the monsoon from US$160.6 million in March 2025 to US$28 million as in quarter, Maamba Energy ran March 2026, represent over 90% of longstanding arrears being at 96.6% plant load factor. collected, maiden dividend of US$32.5 million, and Phase II Because global ferroalloy progressing towards targeted commissioning in Q4 2027 tell us pricing was subdued, long- the more important story. term Japanese contracts held realisations firm. Because one And what comes next is already underway. vertical faced a headwind, ...300 megawatts of new thermal capacity. another was the anchor. Commissioning H2 FY 2026-27. That is what a unified vision ...100 megawatts of solar. delivers across diverse Commissioning H1 FY 2026-27. businesses. ...An avocado plantation scaling to full production by FY28. ...A sugar complex rising in Kawambwa. Mineral exploration Not protection from volatility. across two African nations. But resilience through it. ...USD 490 million committed to new capacity – while `8.50 per share was returned to shareholders. The year had its complexity. The lapse of Maamba A company that plants while it harvests is a company that Energy’s Zambian tax intends to be here for the next generation of investors. The exemption – a known, next generation of communities. The next chapter of a story the disclosed and time- founders beg [Showing first 8,000 characters — download PDF for full document]