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Revenue
₹1,172.76 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹112.91 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Gravita India reported a strong Q4 FY26 with revenue of ₹1,172.76 crore (+13% YoY) and EBITDA of ₹112.91 crore (+4% YoY), though margins compressed to 9.63% due to Middle East disruptions impacting value-added product sales. Full-year revenue grew 10% to ₹4,265 crore and PAT rose 21% to ₹378.80 crore, driven by capacity additions and operational efficiencies. The company is aggressively expanding into copper, lithium-ion, and rubber recycling, with a total capex plan of ₹1,700 crore through FY29. Management guided for 20-25% volume CAGR over the next three years, with copper EBITDA per ton expected to rise from ₹45,000 to ₹65,000 post-backward integration. Key risk: Middle East tensions could continue to pressure near-term margins and delay volume recovery in value-added segments.
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Guidance to track
- Management expects 20-25% volume CAGR consistently for the next three years, with FY27 slightly higher due to catch-up from FY26.
- With backward integration from the new recycling plant, copper EBITDA per ton is expected to rise from current ₹45,000 to ₹65,000 over 2-3 years.
- Total capex plan of ₹1,700 crore, with ₹600 crore in FY27, ₹700 crore in FY28, and ₹400 crore in FY29, funded through internal accruals.
- The 45,000 MT lead capacity addition at Jaipur is expected to be commissioned in Q1 FY27, pending government approvals.
Risks flagged
- Geopolitical tensions in the Middle East have disrupted value-added product sales and increased logistics costs, pressuring near-term margins.
- The inability to hedge aluminium due to MCX contract delays has led to selective sales and volume decline; no clear timeline for resolution.
- Copper scrap sourcing from developed markets requires new procurement networks, and working capital is expected to increase to ~90 days, with peak debt of ₹800-900 crore.
- While EPR reforms are progressing, the 18% GST on battery scrap continues to favor the unorganized sector, slowing domestic material flow.
Key quotes
- We are very confident of getting a CAGR of 20 to 25% in volume terms consistently over the next three years.
- The overall margins definitely we would plan to increase... from current around 8% to around 9 to 10% in next two to three years.
- We are not expecting any major revenue in this year from lithium-ion battery recycling... if something comes that would be over and above the guidance.
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