Nava Bharat Ventures Limited (NBVL) operates in the business of power generation, ferro alloys and agri-business. Sales of power and ferro-alloys (87% of FY16 net revenues) are the main businesses of NBVL and it also operates a sugar plant with a capacity of 4,000 tcd (8% of FY16 net revenues). The company has completed its major capital expenditure cycle and is on the verge of transitioning its cash flow profile by commissioning a 300 MW power plant in Zambia in partnership with government of Zambia. The power plant is backed by a captive coal mine and has an offtake arrangement with Zambian electricity distributor ZESCO. We expect NBVL's EBITDA/PAT to grow at a CAGR of 55%/14% during FY16-FY19E. Further, we estimate NBVL to generate strong free cash flows (over Rs10,000 mn...