Total Volume (FY26)
56,286 MT
+5% YoY
Total sales volume for FY26, driven by lead segment growth of 7%.
GRAVITAINDIA
Other
15 May 2026
Gravita India Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Lead EBITDA per ton
₹22,000
flat YoY
Sustainable lead EBITDA per kg guided at ₹19-20/kg, with temporary arbitrage opportunities.
Copper EBITDA per ton (RML)
₹45,000
N/A
Current EBITDA per ton for RML; expected to rise to ₹65,000 with backward integration.
Capacity target (FY29)
800,000 MT
+75% vs current
Total installed capacity target by FY29, up from 457,000 MT currently.
Management Guidance
Volume CAGR of 20-25% over next 3 years
Management expects 20-25% volume CAGR consistently for the next three years, with FY27 slightly higher due to catch-up from FY26.
growthCopper EBITDA per ton to reach ₹65,000
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.
marginsCapex of ₹1,700 crore through FY29
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.
capexLead capacity expansion of 45,000 MT in Q1 FY27
The 45,000 MT lead capacity addition at Jaipur is expected to be commissioned in Q1 FY27, pending government approvals.
expansionKey Risks
Middle East disruption impact on margins
Geopolitical tensions in the Middle East have disrupted value-added product sales and increased logistics costs, pressuring near-term margins.
high · management_commentaryAluminium hedging mechanism delay
The inability to hedge aluminium due to MCX contract delays has led to selective sales and volume decline; no clear timeline for resolution.
medium · analyst_questionCopper sourcing and working capital risk
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.
medium · analyst_questionRegulatory uncertainty in EPR and GST
While EPR reforms are progressing, the 18% GST on battery scrap continues to favor the unorganized sector, slowing domestic material flow.
medium · management_commentaryNotable 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.