🔍

NAVA LIMITED (NAVA)

₹545.25 +0.74% last close, 16 Oct

📊 NSE: NAVA 🏢 Diversified - Large 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, NAVA's revenue was ₹1,212 Cr (+1.6% year on year, +6.0% on the previous quarter), and net profit ₹333 Cr (-16.6% year on year); the operating margin was 43.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,212	+1.6%	+6.0%
Operating profit	₹527	-10.5%	+41.9%
Net profit	₹333	-16.6%	+144.7%
EPS (₹)	9.80	-10.0%	+118.3%
Operating margin	43.4%	—	—

Full quarterly financials → Results calendar →

NAVA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 53.16% of the NAVA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.37%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

53.16%Delivery, 16 Oct

53.37%Own 20-session average

0.5×Volume vs its average

₹545.25NSE close · +0.74%

Delivery in the last 5 sessions: 52.1% · 52.1% · 52.0% · 65.0% · 53.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

NAVA Commissions 100 MW Solar Project in Zambia, Begins Power Evacuation

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Sep 2026, 01:11 PM

Nava Limited has announced the commissioning of a 100 MW solar power plant in Zambia through its step-down subsidiary, Maamba Solar Energy Limited (MSEL). Power evacuation into the Zambian national grid has commenced under a 20-year Power Purchase Agreement (PPA) with ZESCO Limited. MSEL is held 65% by Nava Global and 35% by ZCCM Investments Holdings PLC. This operational commissioning marks the company's formal entry into utility-scale renewable energy, adding to its existing thermal power and ferro alloys operations.

Commissioned 100 MW solar power plant in Zambia via step-down subsidiary MSEL
Commenced power evacuation to the Zambian grid
Secured a 20-year Power Purchase Agreement (PPA) with national utility ZESCO Limited
Ownership structure: 65% held by Nava Global and 35% by ZCCM Investments Holdings PLC

💡 Track the revenue contribution and generation metrics from this 100 MW solar capacity in upcoming quarterly earnings, along with cash collection updates from off-taker ZESCO.

NAVA Announces 55-60 Day Routine Maintenance Shutdown of 60 MW Odisha Power Unit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 04:21 PM

NAVA Limited has announced a temporary shutdown of one of its 60 MW Independent Power Producer (IPP) units in Odisha starting September 06, 2026. The shutdown is expected to last 55 to 60 days to carry out OEM-recommended routine inspection, maintenance, and overhauling. The Odisha facility has an aggregate capacity of 150 MW across three units (two 60 MW IPP units and one 30 MW CPP unit). The company expects no material adverse impact on business operations, as the shutdown is scheduled during a seasonal window of lower thermal tariffs and high hydel availability.

Planned temporary shutdown of one 60 MW IPP unit in Odisha starting September 06, 2026
Maintenance and overhauling window expected to last approximately 55 to 60 days
Total Odisha operations comprise 150 MW capacity across 3 units (two 60 MW IPP and one 30 MW CPP)
No material adverse financial impact expected due to scheduled timing during lower seasonal thermal demand

💡 Track the timely resumption of operations after the 55-60 day window (around early November 2026) and monitor power generation volumes in Q3 FY27 results.

NAVA Limited Q1 Earnings Call: All-Time High Income of ₹1,269 Cr; Expansion Timelines Updated

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 19 Aug 2026, 05:39 PM

NAVA Limited released the transcript for its Q1 earnings call, highlighting an all-time high consolidated total income of ₹1,269 crore. The 300 MW Maamba Energy Limited (MEL) plant operated at an 89.3% Plant Load Factor (PLF). The company's 100 MW solar power project is scheduled for commissioning by late September, while the Phase 2 thermal expansion has been deferred by 4-5 months to Q2 FY28 due to supply chain and logistical delays.

Consolidated total income reached a record quarterly high of ₹1,269 crore, with standalone total income at ₹689 crore
MEL 300 MW thermal power plant achieved an 89.3% Plant Load Factor (PLF) during the quarter
Phase 2 thermal expansion commissioning shifted to Q2 FY28 due to logistical delays for critical materials
100 MW solar power project set for commissioning by end of September
Orissa ferro alloys unit resumed normal operations on August 1 following planned maintenance shutdown

💡 Track the commissioning of the 100 MW solar project by end of September and monitor progress on the Maamba Phase 2 thermal expansion timeline heading into FY28.

NAVA Allots 57,501 Equity Shares Under RSU Plan, Realizing ₹2.17 Cr

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 05:04 PM

NAVA Limited's Share Allotment Committee approved the allotment of 57,501 equity shares of face value ₹1 each upon the exercise of vested Restricted Stock Units (RSUs). The shares were issued at an exercise price of ₹378 per share (including a premium of ₹377), raising ₹2.17 Cr. Post-allotment, the company's paid-up equity share capital marginally increased to 28,33,12,597 shares (₹28.33 Cr). The resulting equity dilution is negligible at approximately 0.02%.

Allotment of 57,501 equity shares of ₹1 face value pursuant to NAVA RSUs 2023 plan
Shares issued at an exercise price of ₹378 per share (including ₹377 premium)
Total capital raised from the RSU exercise stands at ₹2,17,35,378
Total paid-up shares increased from 28,32,55,096 to 28,33,12,597

💡 This is a routine administrative share allotment resulting from an employee RSU scheme. No immediate investor action is required; continue tracking quarterly earnings performance and ongoing capex execution.

Nava Uploads Audio Recording of Q1 FY27 Investor Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 09:02 PM

Nava Limited has made available the audio recording of its analyst and institutional investor conference call held on August 14, 2026. The call discussed the operational and financial performance of the company for the first quarter ended June 30, 2026. In Q1 FY27 (Jun 2026), the company posted revenue of Rs 1,211.80 Cr and net profit of Rs 332.82 Cr. The web link to the recording has been uploaded on the company's official website in compliance with SEBI LODR regulations.

Audio recording of the investor conference call held on August 14, 2026, at 03:30 pm IST made publicly available
Conference call covered performance for the quarter ended June 30, 2026 (Q1 FY27)
Audio link hosted on the corporate website at https://www.navalimited.com/wp-content/uploads/2026/08/icc_01_mp3_02_14aug2026.mp3
Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors can review the audio recording to track management commentary on power segment PLFs, progress on the USD 750 million capex plan, and recovery updates on the USD 518 million ZESCO receivables.

Nava Grants 6.80 Lakh RSUs at ₹465 Per Share Under RSU Plan 2023

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 07:21 PM

Nava Limited's Nomination & Remuneration Committee approved the grant of 6,80,000 Restricted Stock Units (RSUs) under its RSU Plan 2023 on August 14, 2026. The exercise price has been fixed at ₹465 per RSU, with each RSU converting into one equity share of face value Re. 1. Vesting is staggered across four annual tranches: 20% in August 2027, 20% in August 2028, 25% in August 2029, and 35% in August 2030. The total potential equity addition of 6.80 lakh shares represents minimal dilution to the existing equity base.

Approved grant of 6,80,000 RSUs (Grant-VI) to eligible employees under NAVA RSU Plan 2023
Exercise price set at ₹465/- per RSU vs. CMP of ₹572.6
Vesting schedule spread over 4 tranches: 20% (Aug 2027), 20% (Aug 2028), 25% (Aug 2029), and 35% (Aug 2030)
Exercise window capped at 90 days from the respective vesting date
Reported 98,000 RSUs lapsed under the scheme

💡 Track subsequent quarterly financial statements for the recognition of employee share-based compensation expense and long-term dilution.

NAVA Shareholders Approve All 9 AGM Resolutions Including Dividend and MOA Amendment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 07:12 PM

NAVA Limited concluded its 54th Annual General Meeting (AGM) on August 14, 2026, where shareholders approved all 9 proposed resolutions with requisite majority. Key approvals included the adoption of annual financial statements, declaration of a final dividend, re-appointment of executive and non-executive directors, and an amendment to the Object Clause of the Memorandum of Association (MOA). Across key agenda items, voter turnout stood at approximately 70.9% of voting capital, with over 99.9% voting in favour of the dividend and MOA amendment.

All 9 ordinary and special resolutions approved at the 54th AGM held on August 14, 2026
Declaration of final equity dividend approved with 99.999% votes in favour (200,871,321 votes)
Special resolution to amend the MOA Object Clause passed with 99.999% approval (200,863,657 votes)
Total registered shareholders on the record date of August 7, 2026 stood at 64,010

💡 Track the upcoming dividend disbursement timeline following shareholder approval, and watch future quarterly filings for strategic initiatives tied to the amended MOA object clause.

Nava Limited Concludes 54th AGM; Approves FY26 Accounts, Dividend & MoA Alteration

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 06:43 PM

Nava Limited held its 54th Annual General Meeting (AGM) on August 14, 2026, with 99 shareholders attending via video conference. All 9 agenda items were passed with the requisite majority, including the adoption of FY26 standalone and consolidated financial statements and declaration of the final dividend for FY26. Shareholders also approved special resolutions concerning director re-appointments and an amendment to the Object Clause of the Memorandum of Association.

54th AGM conducted on August 14, 2026, between 10:00 a.m. and 10:40 a.m. IST
99 shareholders participated in the meeting via video conferencing
All 9 ordinary and special resolutions approved with requisite majority
Special resolution passed for amending the Object Clause in the Memorandum of Association

💡 Monitor the upcoming filing of formal Scrutinizer voting results and verify the execution timeline for the FY26 final dividend payout.

Q1 FY27 Total Income at Record ₹1,269 Cr; Consolidated PAT at ₹333 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 05:34 PM

Nava Limited posted a record consolidated total income of ₹1,269 crore for Q1 FY27, with revenue from operations growing 6.0% QoQ to ₹1,212 crore. Consolidated PAT rebounded 144.8% QoQ to ₹333 crore (compared to ₹136 crore in Q4 FY26, but down 16.5% YoY from ₹399 crore). Earnings were bolstered by an 18.3% QoQ rise in energy revenue, a 20.4% QoQ rise in mining revenue, and a US$15 million dividend upstreamed from Nava Global. In addition, MEL realized US$15 million from ZESCO, bringing down pending arrears to US$13.4 million.

Consolidated total income reached an all-time quarterly high of ₹1,269 crore with operating revenue of ₹1,212 crore (+6.0% QoQ).
Consolidated PAT recovered sharply to ₹333 crore from ₹136 crore in Q4 FY26, with EBITDA reaching ₹584 crore.
ZESCO outstanding arrears reduced to US$13.4 million following a US$15 million realization during the quarter.
Maamba Solar 100 MW project is on track for commissioning by September 2026; MEL Phase II 300 MW scheduled in phases by July 2027.

💡 Monitor the commercial revenue commissioning of the 100 MW solar plant in September 2026 and progress on the avocado packhouse operations slated for October 2026.

NAVA Q1FY27: Consolidated PAT Jumps 144% QoQ to ₹332.8 Cr; 100MW Solar Near Completion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 01:39 PM

NAVA reported a strong sequential recovery in Q1 FY27 with consolidated revenue reaching ₹1,268.8 Cr, up 6.2% QoQ. Profitability saw a significant boost with PAT rising 144.2% QoQ to ₹332.8 Cr, driven by higher Plant Load Factors (PLF) in the energy division and reduced coal costs. The Zambian operations (Maamba Energy) continue to see receivable realizations, with arrears down to $13.4 million. Key growth projects like the 100 MW solar plant are on track for September 2026 commissioning.

Consolidated EBITDA margin improved significantly to 46.0% from 35.4% in the previous quarter.
Energy division revenue grew 18.3% QoQ with Odisha operations reaching a high PLF of 93.4%.
Zambian receivable arrears reduced to $13.4 million as of the reporting date from $18.4 million in June.
Maamba Solar 100 MW project is nearing completion with commissioning scheduled for September 2026.
Silico Manganese production decreased 27.1% QoQ to 24,462 tons due to a planned shutdown at Odisha operations.

💡 Monitor the successful commissioning of the 100 MW solar plant in September 2026 and the execution pace of the 300 MW Phase II expansion. Investors should also track the sustainability of the 46% EBITDA margin which was aided by lower coal costs.

₹165 Cr: NAVA Reports Significant Reduction in Overdue Zambian Receivables in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 01:00 PM

NAVA Limited's Q1 FY2027 results highlight a material improvement in liquidity as overdue receivables from its Zambian subsidiary, Maamba Energy Limited (MEL), fell to ₹165.15 Cr from ₹259.90 Cr in the previous quarter. This ₹94.75 Cr recovery (approx. 2.2% of TTM revenue) is supported by a sovereign guarantee from the Government of Zambia. While the core business remains stable, six unreviewed subsidiaries contributed a minor net loss of ₹4.64 Cr. The company continues to pursue its USD 750 million capex strategy across Energy, Agriculture, and Metals.

Overdue receivables from MEL customer reduced by ₹94.75 Cr during the quarter to reach ₹165.15 Cr.
The company is managing a USD 750 million capex plan, which represents approximately 29% of its current market capitalization.
Six unreviewed subsidiaries reported a combined net loss of ₹4.64 Cr on a total revenue of ₹85.29 Lakhs.
Receivables are backed by a sovereign guarantee and a favorable consent award from an Arbitration Tribunal.
Promoter holding remains stable at 50.11% as per the latest available context.

💡 Investors should monitor the pace of the remaining ₹165 Cr receivable recovery and the execution timeline of the USD 750 million capex projects, particularly in the Zambian sugar and solar segments.

₹5.50 Final Dividend: NAVA Limited Issues TDS Guidelines and August 7 Record Date

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 07 Aug 2026, 04:37 PM

NAVA Limited has issued a formal communication to shareholders regarding the Tax Deducted at Source (TDS) for its recommended final dividend of ₹5.50 per equity share for FY 2025-26. The record date for eligibility is August 07, 2026, and the dividend is subject to shareholder approval at the AGM scheduled for August 14, 2026. Shareholders must submit relevant tax exemption forms or declarations by August 13, 2026, to avoid the standard 10% TDS or a higher 20% rate for inoperative PANs. Resident individuals are exempt from TDS if their total dividend income from the company does not exceed ₹10,000 during the tax year.

Final dividend of ₹5.50 per equity share (Face Value ₹1) recommended for FY 2025-26.
Record date for determining dividend eligibility is August 07, 2026.
Standard TDS rate of 10% for resident shareholders with valid PAN; 20% if PAN is missing or not linked to Aadhaar.
TDS exemption threshold of ₹10,000 for resident individuals receiving dividends via electronic mode.
Deadline for submitting tax-related documents (Form 121/15G/15H equivalent) is August 13, 2026.

💡 Shareholders should verify that their PAN is linked with Aadhaar and that bank account details are correctly registered with their Depository Participant to ensure seamless dividend credit and appropriate tax withholding.

NAVA Limited schedules Q1FY27 earnings conference call for August 14, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Aug 2026, 10:15 AM

NAVA Limited has scheduled its Q1FY27 earnings conference call for August 14, 2026, at 15:30 hrs IST. The call, hosted by ICICI Securities, will discuss the company's operational and financial performance for the quarter ended June 30, 2026. Investors will likely seek updates on the USD 750 million capex plan and the status of the USD 518 million (approx. Rs 4,300 Cr) receivable issue with ZESCO in Zambia. The company currently maintains a healthy operating profit margin of 38.5% on a TTM revenue of Rs 4,291 Cr.

Conference call scheduled for August 14, 2026, at 15:30 hrs IST to discuss Q1FY27 results.
Management to provide updates on the USD 750 million capex plan targeting Energy, Agriculture, and Metals.
Focus remains on the resolution of USD 518 million (approx. Rs 4,300 Cr) in receivables from ZESCO.
The call will be coordinated by ICICI Securities with universal access numbers +91 22 6280 1144 and +91 22 7115 8045.

💡 Investors should monitor the post-call transcript or recording for management's commentary on the recovery timeline of Zambian receivables and the utilization of the USD 750 million capex.

NAVA Resumes Operations of Two Ferro Alloy Furnaces at Odisha Works from August 1, 2026

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 31 Jul 2026, 04:24 PM

NAVA Limited has announced the successful completion of scheduled proactive maintenance at its Odisha Ferro Alloy Plant (FAP). The two furnaces, which were shut down on March 30, 2026, are set to resume operations on August 1, 2026. During the four-month outage, the company's 30 MW Captive Power Plant (CPP) remained operational, mitigating the impact by selling power on the merchant market. This resumption restores the company's integrated production capacity in its metals segment.

Resumption of 2 Ferro Alloy Furnaces at the Odisha Works following maintenance completion.
Operations to restart with effect from August 1, 2026, utilizing captive power.
30 MW Captive Power Plant remained operational throughout the shutdown period since March 30, 2026.
Maintenance period lasted approximately 124 days, during which merchant power sales sustained contributions.
Company maintains a TTM revenue base of ₹4,291 Cr, with the Odisha plant being a key contributor.

💡 Watch for the Q2 FY27 results to assess the margin trade-off between merchant power sales during the shutdown versus integrated ferro alloy production post-resumption.

NAVA Limited Submits FY 2025-26 BRSR; Exports Contribute 49.65% of Turnover

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Jul 2026, 08:49 PM

NAVA Limited has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, providing a detailed look at its ESG performance and operational structure. The company reported that 61.34% of its turnover is derived from Ferro Alloy manufacturing, while energy generation contributes 24.41%. A significant 49.65% of total turnover comes from exports across 11 countries, highlighting its global footprint. The report also confirms zero data privacy or cybersecurity breaches during the period, with reasonable assurance obtained for core indicators.

Exports accounted for 49.65% of the total turnover in FY 2025-26
Manufacturing of Ferro Alloys is the largest business segment at 61.34% of turnover
Energy generation through coal contributed 24.41% to the entity's revenue
The company maintains a presence in 8 Indian states and 11 international markets
Total workforce consists of 497 permanent employees and 1,681 workers (including non-permanent)

💡 Investors should treat this as a routine compliance filing; focus should remain on the execution of the previously announced USD 750 million capex plan and the resolution of the USD 518 million receivable issue in Zambia.

View All NAVA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The ferroalloy segment performance was subdued in fiscal 2024 due to lower realizations and plant shutdowns. The power segment performance is driven by Plant Load Factor (PLF) and merchant sales, with a target to maintain operating margins above 20%.

Geographic Revenue Split

Operations are multi-continental, spanning India, Zambia, and Southeast Asia. Specific percentage splits by region are not disclosed in available documents.

Profitability Margins

The company aims for a sustained operating margin over 20%. A decline below 14-16% on a sustained basis is considered a downward rating factor. Consolidated Debtors Turnover ratio improved to 1.96x in March 2025.

EBITDA Margin

Core operating margin target is >20%. Sustenance of this margin is critical for generating material free cash for debt servicing and improving return on capital employed.

Capital Expenditure

Planned calibrated capital expenditure of up to USD 750 million (approx. INR 6,250 Cr) over the next few years for Energy, Agriculture, and Metals. Current equity commitment for the pipeline is approximately USD 200 million (approx. INR 1,660 Cr).

Credit Rating & Borrowing

CRISIL A/Stable for long-term facilities and CRISIL A1 for short-term facilities. Rupee term loans of INR 185 Cr and Letter of Credit limits of INR 122 Cr are utilized. Interest coverage improved due to reduced finance costs and increased profits.

⚙️ Operational Drivers

Raw Materials

Manganese ore (for Silico Manganese), Thermal Coal (for Power and Mining), and Sugarcane (for Agriculture). Specific cost percentages for each are not disclosed.

Import Sources

Thermal coal is sourced locally in Zambia via Maamba Collieries (MCL). Manganese ore and other materials are sourced for Indian operations, though specific import countries are not listed.

Key Suppliers

ZESCO (Zambia Electricity Supply Corporation Ltd) is a key partner and off-taker for the mining and power segment in Zambia. Specific raw material vendor names are not disclosed.

Capacity Expansion

Planned expansion in Energy, Agriculture, and Metals supported by a USD 750 million capex plan. Current installed capacity in MW or MT is not explicitly disclosed in the provided text.

Raw Material Costs

Not disclosed as a specific percentage of revenue. However, lower realizations in the ferroalloy segment impacted fiscal 2024 performance.

Manufacturing Efficiency

Efficiency is measured by Plant Load Factor (PLF) in the power segment. High PLF supported by long-term PPAs or merchant sales is a key upward rating factor.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through a USD 750 million capex plan targeting core capabilities in Energy, Agriculture, and Metals, alongside expansion into adjacencies like Healthcare (Compai Pharma) and high-growth regions.

Products & Services

Silico manganese, Thermal power, Coal, Sugar, Healthcare services, and Operations & Maintenance (O&M) services.

Brand Portfolio

NAVA, Maamba Collieries Limited (MCL).

New Products/Services

Expansion into the Agriculture sector via Kawambwa Sugar Ltd (Zambia) and Healthcare via Compai Pharma Pte Ltd.

Market Expansion

Strategic expansion into Southeast Asia and further growth in Africa (Zambia) across multiple sectors including mining and agri-adjacencies.

Market Share & Ranking

Established leadership in ferro alloys and thermal power generation with a multi-continental footprint.

Strategic Alliances

Joint Venture with ZESCO for Maamba Collieries Limited (MCL) in Zambia.

🌍 External Factors

Industry Trends

The industry is shifting toward diversified, integrated energy and metal portfolios to hedge against commodity cycles. NAVA is positioning itself by expanding into agriculture and healthcare.

Competitive Landscape

Operates as a diversified global conglomerate with established leadership in ferro alloys and thermal power.

Competitive Moat

Moat is built on integrated operations (captive power for alloys), non-recourse debt structures for large projects, and a dominant position in the Zambian power market. These are sustainable due to long-term PPAs.

Macro Economic Sensitivity

Sensitive to global economic resilience and tight monetary conditions which affect commodity demand and debt servicing costs.

Consumer Behavior

Not applicable for B2B and utility-scale power/metal operations.

Geopolitical Risks

Ongoing conflicts in Ukraine and macroeconomic instability are noted as persistent challenges affecting global operations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms and regulatory/judicial orders regarding customer contracts (e.g., ZESCO).

Environmental Compliance

Mitigates community concerns over emissions through CSR initiatives and structured dialogue forums.

Taxation Policy Impact

Statutory liabilities (TDS) payable pertaining to a March 2025 buyback significantly impacted the current ratio.

Legal Contingencies

Successful arbitration against ZESCO for USD 518 million (approx. INR 4,300 Cr). As of November 2024, USD 328 million (approx. INR 2,720 Cr) has been received, with USD 30 million expected quarterly.