Nava Ltd.

“Nava's captive-power cost advantage in ferro alloys is genuine and durable, but the business lacks a compelling reinvestment runway, Zambia sovereign receivables represent real permanent-impairment risk rather than mere uncertainty, and the current price embeds Zambia windfall earnings that have already been partially harvested — leaving normalized forward P/E at 34–38x for a commodity producer with limited pricing power. The India business merits monitoring; the current entry point does not.”