NSE: GRAVITA · BSE: 533282
GRAVITA INDIA LIMITED
Recycles scrap metal — predominantly end-of-life lead-acid batteries — into refined lead, aluminium, plastics and copper products. Lead recycling makes up 88.4% of FY26 segment revenue (Rs 3,771.1 crore) and Rs 454.15 crore of segment EBIT. Aluminium recycling adds 8.5%, plastics 1.7%, copper 1.2%, and turnkey projects and others together 0.2%. Lead metal from the Mundra plant has been listed on the London Metal Exchange under the brand 'Gravita-M', giving access to global battery and industrial OEMs. In March 2026 it acquired 99.44% of Rashtriya Metal Industries for Rs 561.84 crore, opening a copper recycling business in Gujarat. Pilot lithium-ion battery recycling (6,000 MTPA) and rubber recycling (30,000 MT) are also being set up at Mundra. Materials — mainly scrap metal — account for 84% of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lead (88%), Aluminium (9%), Plastics (2%), Copper (1%), Turnkey Projects (0%), Others (0%). Asset-heavy, multi-metal recycling business concentrated in lead
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,216 | 2,801 | 3,161 | 3,869 | 4,265 |
| EBITDA (ex other income) | 211 | 198 | 284 | 324 | 435 |
| margin % | 9.5 | 7.1 | 9.0 | 8.4 | 10.2 |
| Owners' profit | 139 | 201 | 239 | 312 | 379 |
| EPS, as reported (₹) | 20.60 | 29.72 | 34.88 | 45.11 | 52.02 |
| ROE % · ROCE % | 37.0 · 37.5 | 33.9 · 37.4 | 28.5 · 29.1 | 15.1 · 17.8 | 15.4 · 18.1 |
| Debt / equity (x) | 0.97 | 0.57 | 0.64 | 0.14 | 0.30 |
| Cash from operations | 10 | 200 | 42 | 282 | 169 |
| Capex | (73) | (108) | (98) | (107) | (216) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 927 | 996 | 1,037 | 1,040 | 1,036 | 1,017 | 1,173 | 1,475 |
| Profit before tax | 85 | 89 | 115 | 116 | 111 | 115 | 106 | 131 |
| Net profit | 72 | 78 | 95 | 93 | 96 | 97 | 92 | 106 |
| EPS (₹) | 10.66 | 11.35 | 13.04 | 12.81 | 13.18 | 13.41 | 12.62 | 14.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Lead | 3,771 | 88.4 |
| Aluminium | 365 | 8.5 |
| Plastics | 70 | 1.7 |
| Copper | 52 | 1.2 |
| Turnkey Projects | 5 | 0.1 |
| Others | 3 | 0.1 |
| Total, before eliminations | 4,265 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED ◆ | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.9 | 14.5 | 7 of 9 | 25% |
| P/B | 4.0 | 1.7 | 11 of 13 | 17% |
| ROCE | 17.2 | 8.4 | 4 of 14 | 77% |
| ROE | 15.4 | 13.5 | 5 of 13 | 67% |
| Debt / Equity | 0.3 | 0.3 | 6 of 13 | 58% |
| EBITDA margin | 10.7 | 13.8 | 9 of 13 | 33% |
| Revenue growth | 41.8 | 19.2 | 3 of 13 | 83% |
| Profit growth | 14.3 | 9.8 | 7 of 14 | 54% |
| Market cap | 9889 | 1243 | 4 of 14 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Gravita India schedules one-on-one meeting with SBI Funds Management | compliance | minimal | — | — |
| 28 Oct 2026 · Gravita shares audio recording of September 2026 earnings call | investor communications | low | — | — |
| 28 Oct 2026 · Gravita Q2 FY27 revenue up 38%, profit after tax up 6% | compliance | minimal | — | — |
| 27 Oct 2026 · Gravita posts H1 growth, acquires RMIL and sets FY29 capacity target | investor communications | medium | — | — |
| 27 Oct 2026 · Gravita India sets November 3 record date for interim dividend | corporate actions | high | — | — |
| 27 Oct 2026 · Interim dividend of Rs 7.70 per share declared; record date 3 Nov 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · Interim dividend of Rs 7.70 per share declared for FY 2026-27 | corporate actions | high | — | — |
| 27 Oct 2026 · Consolidated September quarter revenue up 38%, profit up 6%; Rs 7.70 dividend | results | high | — | — |
| 27 Oct 2026 · Gravita Q2: standalone profit falls; 385% dividend declared | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Gravita forms wholly owned US subsidiary for scrap trading | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.