Revenue and Profit Growth
Over the seven-year period ending March 2025, Nava’s net sales have shown a commendable increase, rising from ₹3,103.46 crores in 2019 to ₹3,983.55 crores in 2025. This steady growth reflects the company’s ability to expand its market presence and enhance operational efficiency. The total operating income mirrors this trend, with no other operating income reported, indicating that core business activities have driven revenue expansion.
Operating profit before depreciation and interest (PBDIT) excluding other income has also improved significantly, climbing from ₹1,328.07 crores in 2019 to ₹1,835.16 crores in 2025. When factoring in other income, operating profit reached ₹1,986.78 crores in 2025, underscoring the company’s robust earnings capacity. Profit before tax surged from ₹776.85 crores in 2019 to ₹1,608.49 crores in 2025, while profit after tax more than tripled from ₹464.79 crores to ₹1,435.72 crores in the same timeframe.
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Margins and Efficiency
Nava’s operating profit margin, excluding other income, has improved from 42.79% in 2019 to 46.07% in 2025, reflecting enhanced cost management and operational leverage. Gross profit margin also increased notably, reaching 49.22% in 2025 compared to 34.44% in 2019. The profit after tax margin has more than doubled over the period, rising from 14.98% to 36.04%, signalling stronger bottom-line performance and effective tax management.
Employee costs and manufacturing expenses have risen in line with business expansion, yet the company has maintained a disciplined approach to expenditure, as total operating expenditure excluding depreciation increased moderately relative to revenue growth.
Balance Sheet Strength and Capital Structure
Shareholders’ funds have grown substantially from ₹4,411.46 crores in 2021 to ₹7,611.24 crores in 2025, supported by rising reserves which stood at ₹7,582.93 crores in 2025. The company’s net block of fixed assets has remained relatively stable, indicating steady capital investment and asset utilisation. Capital work in progress saw a significant increase in 2025, suggesting ongoing expansion or modernisation initiatives.
Long-term borrowings have decreased sharply from over ₹3,300 crores in 2021 to ₹859.56 crores in 2025, reflecting a strategic reduction in debt and improved financial leverage. Short-term borrowings have also been curtailed significantly. Total debt has fallen from ₹2,324.62 crores in 2021 to ₹852.22 crores in 2025, enhancing the company’s balance sheet resilience.
Cash Flow and Liquidity
Cash flow from operating activities has shown a strong upward trend, reaching ₹2,157 crores in 2025 from ₹526 crores in 2020. Despite increased investing activities, which saw a cash outflow of ₹1,270 crores in 2025, the company has maintained positive net cash inflows, with ₹723 crores recorded in 2025. Closing cash and bank balances surged to ₹989 crores in 2025, a significant improvement from ₹278 crores in 2020, indicating robust liquidity management.
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Shareholder Returns and Valuation Metrics
Earnings per share (EPS) have generally trended upwards, with some volatility, reaching ₹38.55 in 2025 from ₹20.01 in 2019. Diluted EPS followed a similar pattern. Book value per share, adjusted for changes in equity capital and reserves, rose from ₹237.41 in 2020 to ₹268.83 in 2025, reflecting enhanced net asset value per share and shareholder wealth creation.
Minority interest has increased over the years, indicating growing participation of minority shareholders in the company’s consolidated results. The company has maintained zero public shareholding and pledged promoter holdings throughout the period, suggesting a closely held ownership structure.
Summary
Overall, Nava’s historical performance reveals a company that has steadily expanded its revenue base, improved profitability margins, and strengthened its financial position. The reduction in debt levels alongside rising cash reserves and operating cash flows points to prudent financial management. While capital expenditure and working capital requirements have increased, these investments appear aligned with growth objectives. Investors may find Nava’s consistent earnings growth and improving margins indicative of a resilient business model within its sector.
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