BSE: 532015
GRAVITY (INDIA) LTD.
Generates revenue mainly from a business it describes as trading or purchasing of stock in trade, which the company itself values at Rs. 16,118 lakhs in FY26 and which drove total FY26 revenue to Rs. 17,919.10 lakhs versus Rs. 122.30 lakhs in FY25. The exchange classifies it under Textiles & Apparels, with its registered office in Bhiwandi, Thane, Maharashtra and a corporate office in Khoraj, Gandhi Nagar, Gujarat, but the filings state the FY26 revenue step-up came from a new business model rather than textile manufacturing. The statutory auditor (A V K A S & Co.) issued a Disclaimer of Opinion on the FY26 results, citing missing sales and purchase data prior to July 2025, GST returns not filed since December 2025, TDS non-compliances and an unresolved income tax demand from AY 2018. Employee cost of Rs. 0.5692 crore, other opex of Rs. 0.2885 crore and depreciation of Rs. 0.1602 crore together account for about 0.6% of FY26 revenue in the reported cost shape. Net profit for FY26 was Rs. 1,285.03 lakhs, against a loss of Rs. 200.58 lakhs in FY25. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading / purchases of stock in trade. Small BSE-listed entity that, on its own description, shifted to a stock-in-trade trading model in FY26 after a near-dormant prior year; financials carry an auditor Disclaimer of Opinion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 10 | 2 | 1 | 179 |
| EBITDA (ex other income) | 0 | (1) | (8) | (3) | 17 |
| margin % | 1.3 | (7.2) | (344.8) | (223.5) | 9.6 |
| Owners' profit | 0 | (1) | (6) | (2) | 13 |
| EPS, as reported (₹) | 0.18 | (1.11) | (6.85) | (2.23) | 28.56 |
| ROE % · ROCE % | 0.7 · 0.9 | (9.7) · (7.0) | (151.5) · (157.7) | (97.3) · (73.5) | 86.2 · 101.4 |
| Debt / equity (x) | 0.14 | 0.26 | 0.66 | 1.34 | 0.16 |
| Cash from operations | 2 | (1) | (0) | (0) | 0 |
| Capex | (0) | (0) | (0) | 0 | (0) |
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 | 0 | 0 | 0 | 0 | 20 | 60 | 99 | 60 |
| Profit before tax | (1) | 0 | (1) | 0 | 2 | 6 | 9 | 8 |
| Net profit | (1) | 0 | (0) | 0 | 1 | 5 | 7 | 6 |
| EPS (₹) | (1.54) | 0.37 | (0.33) | 0.14 | 1.61 | 5.00 | 15.18 | 6.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.5 | 16.8 | 2 of 179 | 99% |
| P/B | 0.8 | 1.1 | 64 of 185 | 66% |
| ROCE | 100.5 | 4.3 | 1 of 215 | 100% |
| ROE | 86.2 | 4.7 | 1 of 188 | 100% |
| Debt / Equity | 0.2 | 0.4 | 63 of 188 | 67% |
| EBITDA margin | 13.5 | 9.8 | 64 of 198 | 68% |
| Revenue growth | 19336.6 | 6.9 | 3 of 192 | 99% |
| Profit growth | 9000.9 | 20.0 | 2 of 203 | 100% |
| Market cap | 12 | 61 | 191 of 223 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarter results on November 3 | results | low | — | — |
| 9 Oct 2026 · Quarterly Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 26 Sept 2026 · 39th AGM: all 9 resolutions passed, Rs 90 cr QIP approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 39th AGM approves Rs 90cr QIP and entry into IT, semiconductor businesses | board shareholder meetings | low | — | — |
| 21 Sept 2026 · AGM on 25 Sept; e-voting ends 24 Sept; QIP raise up to Rs 90 crore proposed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Correction to e-voting end date in Gravity India Annual Report | compliance | minimal | — | — |
| 2 Sept 2026 · 39th AGM notice published in newspapers; meeting on September 25, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Gravity India 39th AGM on Sept 25, 2026; book closure from Sept 19 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · FY26 Annual Report: Rs 90cr QIP plan and business diversification | compliance | low | — | — |
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.