GRAVITA
Large CapGravita India Limited
Metals
Gravita India Limited is a global recycling company specializing in lead, aluminum, plastic, rubber, copper, and lithium. Founded in 1992, it focuses on sustainable growth, eco-friendly innovation, and value-added products, aiming to be a top global recycling company.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -3% YoY · Rev +13% YoY · margin expansion · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,173 Cr | +13.1% | +15.3% |
| EBITDA | ₹113 Cr | +22.8% | -5.8% |
| Operating margin | 10.0% | +100 bps | -200 bps |
| PAT | ₹92 Cr | -3.2% | -5.2% |
| PAT margin | 7.8% | -132 bps | -170 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Gravita reported strong FY26 results with 10% YoY revenue growth and 21% YoY PAT growth, driven by higher value-added products and domestic scrap sourcing. Q4 FY26 saw 13% YoY revenue growth but a 3% YoY PAT decline, indicating some quarterly pressure despite annual strength.
The company demonstrates consistent growth in core segments and strategic diversification into new verticals like copper and lithium-ion battery recycling. Significant capacity expansions and a focus on value-added products support future growth, aligning with Vision 2030 targets for volume and profitability.
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Diversification into New Verticals
Entered copper recycling through RMIL acquisition, commissioned Li-ion battery recycling plant, and added rubber recycling.
Expansion of Core Segments
Expanded Mundra lead recycling capacity by 80,300 MTPA to 1,45,100 MTPA.
Increasing Value-Added Products
Performance supported by a higher share of value-added products; targeting ~45-50% share.
Global Procurement & Operations
Deep-rooted procurement network with 3,30,000 MT+ scrap collection and global operational spread.
Lithium-ion Battery Recycling
Commissioned a 6,000 MTPA lithium-ion battery recycling plant at Mundra in FY26.
Lead Recycling Expansion
Expanded Mundra lead recycling capacity by 80,300 MTPA to 1,45,100 MTPA in FY26.
Copper Recycling Capacity
Acquired 99.44% stake in RMIL, adding 31,200 MTPA capacity in copper and copper alloys.
Overall Capacity Target
Targeting 8,00,000+ MTPA capacity planned by FY29.
Regulatory Support & Formalization
Vehicle Scrappage Policy, EPR, BWMR, and GST are driving a shift from informal to formal sector, improving logistics and domestic scrap availability.
Improving Industry Dynamics
Resultant reduction in working capital and improving demand-supply conditions.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (FY26) results provide a comprehensive view of the year's performance and strategic progress, while quarterly (Q4 FY26) results offer insight into recent operational momentum and profitability trends.
Volumes (FY26 YoY)
Gravita ended FY26 with 5% YoY growth in volumes.
Volumes (Q4 FY26 YoY)
Q4 FY26 volumes grew 5% YoY to 48,889 MT.
Revenue (FY26 YoY)
Gravita reported 10% YoY growth in revenue for FY26.
Revenue (Q4 FY26 YoY)
Q4 FY26 revenue grew 13% YoY to Rs. 1173 Cr.
Vision 2030 Targets
Targets ~20-25% Volume CAGR, ~30-35% profitability growth, and to sustain high ROIC (~25%) by FY29.
Evolving Business Mix
Aims for increasing share of value-added products (~45-50%) and non-lead businesses (~35-40%).
Sustainable Operations
Focus on higher renewable power usage (~25-30%) and improved energy efficiency (~8-10% reduction).
Strategic Port Proximity
Mundra expansion enhances raw material sourcing efficiency and strengthens access to global markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume CAGR | 5% YoY (FY26) | Progress towards ~20-25% Volume CAGR by FY29. |
| ROIC | ~24% (FY26, pre-RMIL) | Sustained ROIC of ~25% or higher. |
| Non-lead Business Contribution | Not explicitly stated as % | Increasing contribution towards ~35-40% of total business. |
| Value-Added Products Share | Not explicitly stated as % | Increasing share towards ~45-50% of product mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48Neutrallabel neutral
Technical chart
GRAVITAweekly · 1Y-9.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 17% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -47.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 88th percentile within Metals. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 55.9%. Key concern: ROCE trend is -5.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 88th pctile, median 68 · Large: 63rd pctile, median 74
133 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.9%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -5.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.10
- P/B
- 4.65
- EV/EBITDA
- 25.62
- Market Cap
- 11406.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 17.00%
- ROA
- 11.06%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 17.40×
- Altman Z
- 8.93
- Book Value
- 332.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 169.00 Cr
- EPS TTM
- 51.32
Shareholding
- Promoter Hold
- 55.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.