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Gravita India Ltd.
NSE: GRAVITAIndustrialsMetal Fabrication
- Last close
- ₹1,343.20
- Day change
- −₹18.50 (−1.36%)vs
- Market cap
- ₹10,775 crIndian rupees
- Research updated
- 1 report
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About Gravita India
Gravita India Ltd. is an Indian company specializing in the recycling of non-ferrous metals, prominently lead and aluminum. Established in 1992, its primary function is to provide sustainable recycling solutions and supply high-quality metal products to various industries. The company is distinguished by its integrated business model, which encompasses the collection, processing, and recycling of raw materials to finished goods. Gravita's operations impact several critical sectors, such as automotive, power, and manufacturing, by supplying essential materials like lead-acid battery components and aluminum alloys. The company's global footprint is marked by a robust export presence, delivering products to markets across Asia, Africa, Europe, and the Americas. Additionally, Gravita India Ltd. is known for its engagement in environmentally conscious business practices, ensuring minimized ecological impact through adherence to stringent recycling standards. In the financial markets, Gravita India Ltd. represents a key player in the metal recycling industry, contributing to the circular economy and sustainability initiatives. Its role extends beyond metal recycling, influencing supply chain dynamics and enhancing resource efficiency globally.
- Sector
- Industrials
- Industry
- Metal Fabrication
- Listing
- NSE: GRAVITA
- Next results
- Chief executive
- Dr. Yogesh Malhotra
- Employees
- 3,500
- Headquarters
- Jaipur, India
- ISIN
- INE024L01027
- Website
- gravitaindia.com
Public research · Report of
Business model & financial foundation
Gravita India (NSE: GRAVITA), Non-ferrous metal recycling: revenue of ₹4,265 crore in FY26 (+10.2% on FY25), an EBITDA margin of 10.2%, net profit of ₹378.8 crore and net debt of ₹147.6 crore.
- Revenue, FY26 (₹ crore)
- 4,265
- consolidated
- Revenue growth, FY26
- +10.2%
- on FY25
- EBITDA margin, FY26
- 10.2%
- EBITDA ex other income (computed from statement lines) / revenue
- Net profit, FY26 (₹ crore)
- 378.8
- to owners
- Return on equity, FY26
- 16.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 147.6
- Net debt (borrowings - cash - current investments)
- Market capitalisation (₹ crore)
- 11,819
- at the close of 17 Oct 2026
Company profile
Gravita converts battery, metal and plastic scrap into refined lead, alloys and value-added products through Indian and overseas plants. Scrap sourcing, processing spreads and product mix drive earnings more than metal prices alone. The March 2026 acquisition of RMIL adds copper strips and coils, bringing diversification but a larger working-capital requirement.
| Item | Value |
|---|---|
| Legal name | Gravita India Limited |
| Exchange and ticker | NSE: GRAVITA; BSE: 533282 |
| ISIN | INE024L01027 |
| CIN | L29308RJ1992PLC006870 |
| Sector | Industrials |
| Industry | Non-ferrous metal recycling |
| Headquarters | Jaipur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2024) |
| Market capitalisation | ₹11,819 crore (17 Oct 2026) |
| Shares outstanding | 7.28 crore shares (FY26) |
| Price | ₹1,479 (close, 17 Oct 2026) |
| 52-week range | ₹1,267 - ₹1,914 (to 17 Oct 2026) |
| Website | https://www.gravitaindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Gravita Netherlands B.V. | 100% | Overseas recycling holding company |
| Rashtriya Metal Industries Limited | 99.588% | Copper and copper alloy strips/coils; 31,200 MTPA Sarigam plant |
| Gravita Global Pte Limited | 100% | International trading and subsidiary holding |
| Navam Lanka Limited | 100% | Sri Lanka recycling |
| Gravita Senegal S.A.U | 100% | Lead/aluminium recycling |
| Gravita Mozambique LDA | 100% | Lead recycling |
| Gravita Infotech Limited | 100% | Domestic subsidiary |
RMIL initially acquired at 98.95% in March 2026; subsequent stake 99.588% before October rights subscription. International operations span Africa, Sri Lanka and other markets.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 55.88% | 55.88% | 55.88% | 55.88% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 14.65% | 15.75% | 13.94% | 12.85% |
| Domestic institutions | 4.87% | 4.71% | 5.15% | 5.51% |
| of which mutual funds | 2.79% | 2.64% | 2.86% | 3.07% |
| Retail | 23.26% | 22.33% | 23.71% | 24.44% |
| Other | 1.33% | 1.32% | 1.32% | 1.32% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Gravita converts battery, aluminium, plastic and copper scrap to refined metals and value-added products. Procurement reach, scrap-to-product spreads, customer approvals and hedging matter more than commodity-price beta. Consolidated reporting captures the international network and RMIL copper business acquired in March2026; parent-only statements omit material economics. RMIL rights subscription on17Oct2026 is subsidiary capital funding, not parent share issuance. Initial acquisition98.95% cost559.08crore; October pre-rights stake99.588%.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | segment assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Lead | 3,771 | 88.4% | 454.2 | 94.6% | 1,381 | 55.5% |
| Aluminium | 364.7 | 8.5% | 17.1 | 3.6% | 127.2 | 5.1% |
| Plastics | 70.4 | 1.7% | 8.98 | 1.9% | 64.0 | 2.6% |
| Copper (RMIL, consolidated from 12 Mar 2026) | 51.8 | 1.2% | 2.42 | 0.5% | 833.3 | 33.5% |
| Turnkey Projects | 4.76 | 0.1% | 1.23 | 0.3% | 5.18 | 0.2% |
| Others (incl. rubber, Li-ion) | 2.55 | 0.1% | -3.71 | -0.8% | 79.4 | 3.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Pondy Oxides & Chemicals (POCL) | Closest listed secondary-lead recycler and capacity expansion comparator |
| Nile Limited | Secondary lead recycling, smaller domestic comparator |
| Exide Industries (EXIDEIND) | Integrated battery producer with recycling subsidiary; downstream demand comparator |
| Amara Raja Energy & Mobility (ARE&M) | Lead-acid battery manufacturer and downstream customer economics |
| Hindustan Zinc (HINDZINC) | Primary lead/zinc producer; commodity cycle comparator, not direct recycling peer |
| Hindalco Industries (HINDALCO) | Aluminium/copper and downstream recycling exposure |
| Hindustan Copper (HINDCOPPER) | Copper price exposure; upstream rather than recycling comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,206 | 2,787 | 3,161 | 3,869 | 4,265 |
| Cost of revenue (vendor classification) * | 1,750 | 2,292 | 2,573 | 3,173 | 3,442 |
| Other operating costs (vendor classification) * | 115.5 | 148.2 | 154.3 | 300.1 | 194.7 |
| EBITDA (vendor classification) * | 235.8 | 236.5 | 315.6 | 435.9 | 469.6 |
| EBIT * | 188.5 | 255.3 | 312.9 | 406.8 | 471.6 |
| Finance costs | 23.8 | 27.7 | 49.2 | 43.4 | 24.8 |
| Profit before tax | 164.6 | 227.6 | 274.2 | 363.5 | 448.3 |
| Total tax expense | 16.2 | 23.5 | 31.9 | 50.6 | 69.9 |
| Profit for the year | 148.5 | 204.1 | 242.3 | 312.9 | 378.3 |
| Diluted EPS (INR) | 20.60 | 29.72 | 34.88 | 45.11 | 52.02 |
| COGS (materials + stock-in-trade + inventory change) | 2,561 | 3,173 | 3,418 | ||
| Employee benefits expense | 131.2 | 159.5 | 181.8 | ||
| Other expenses | 184.8 | 212.4 | 230.6 | ||
| EBITDA ex other income (computed from statement lines) | 283.6 | 324.1 | 434.9 | ||
| Other income | 77.8 | 111.8 | 76.9 | ||
| Depreciation and amortisation | 38.0 | 29.1 | 38.8 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 3.09 | 0.51 | -0.47 | ||
| Profit attributable to owners | 239.2 | 312.4 | 378.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 400.9 | 601.7 | 837.4 | 2,070 | 2,452 |
| Borrowings (non-current + current; excludes leases) | 391.5 | 347.7 | 545.1 | 282.3 | 732.3 |
| Cash & equivalents + other bank balances | 23.4 | 30.4 | 98.8 | 407.3 | 201.8 |
| Trade receivables | 109.7 | 137.0 | 264.3 | 275.1 | 430.9 |
| Inventories | 513.5 | 596.5 | 674.6 | 616.8 | 1,023 |
| Trade payables | 32.7 | 89.2 | 67.5 | 39.6 | 67.4 |
| Net property, plant and equipment * | 191.0 | 273.2 | 348.4 | 429.8 | 776.4 |
| Capital work in progress * | 42.5 | 52.0 | 44.4 | 42.6 | 64.0 |
| Total assets * | 997.5 | 1,205 | 1,602 | 2,515 | 3,417 |
| Current investments | 16.5 | 491.1 | 383.0 | ||
| Net debt (borrowings - cash - current investments) | 429.9 | -616.0 | 147.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities (after tax) | 23.2 | 155.6 | 42.4 | 282.2 | 169.3 |
| PPE/intangibles incl CWIP & advances cash capex (negative) | 2.60 | 1.41 | -98.2 | -107.3 | -215.7 |
| Free cash flow (vendor definition) * | -63.2 | 91.9 | -55.8 | 174.9 | -46.4 |
| Dividends paid (negative) | -23.8 | -4.32 | -29.5 | -35.4 | -46.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted-average equity shares (crore) | 6.77 | 6.77 | 6.86 | 6.92 | 7.28 |
| Company-presented adjusted EBITDA | 331.0 | 404.0 | 452.5 | ||
| Company-presented unadjusted EBITDA | n.d. | n.d. | n.d. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 927.4 | 996.4 | 1,037 | 1,040 | 1,036 | 1,017 | 1,173 | 1,475 |
| Cost of revenue (vendor classification) * | 759.8 | 838.7 | 845.7 | 840.9 | 797.3 | 939.0 | 1,221 | |
| Other operating costs (vendor classification) * | 57.8 | 43.1 | 62.7 | 53.9 | 54.1 | 69.5 | 83.1 | |
| EBITDA (vendor classification) * | 103.9 | 109.6 | 127.9 | 130.7 | 131.5 | 121.4 | 157.3 | |
| EBIT * | 96.7 | 102.0 | 120.2 | 122.0 | 121.6 | 110.3 | 142.8 | |
| Finance costs | 12.0 | 12.8 | 5.62 | 6.05 | 7.82 | 6.54 | 4.37 | 11.5 |
| Profit before tax | 84.7 | 89.1 | 114.6 | 115.9 | 111.3 | 115.1 | 106.0 | 131.3 |
| Total tax expense | 12.8 | 11.1 | 19.7 | 22.9 | 15.3 | 17.6 | 14.1 | 24.9 |
| Profit for the period | 71.9 | 78.1 | 94.9 | 93.1 | 96.0 | 97.5 | 91.8 | 106.4 |
| Diluted EPS (INR, not annualised) | 10.66 | 11.35 | 13.04 | 12.81 | 13.18 | 13.41 | 12.62 | 14.60 |
| COGS (materials + stock-in-trade + inventory change) | 759.8 | 838.7 | 845.7 | 840.9 | 840.8 | 797.3 | 939.0 | 1,221 |
| Employee benefits expense | 46.3 | 33.9 | 36.5 | 44.5 | 39.6 | 45.9 | 51.7 | 61.0 |
| Other expenses | 57.8 | 43.1 | 62.7 | 53.9 | 53.1 | 54.1 | 69.5 | 83.1 |
| EBITDA ex other income (computed from statement lines) | 63.5 | 80.7 | 92.2 | 100.6 | 102.0 | 119.8 | 112.5 | 109.7 |
| Other income | 40.4 | 28.9 | 35.8 | 30.1 | 26.3 | 11.7 | 8.86 | 47.5 |
| Depreciation and amortisation | 7.18 | 7.64 | 7.75 | 8.71 | 9.23 | 9.84 | 11.1 | 14.5 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | -0.08 | 0.13 | -0.21 | -0.20 | -0.02 | -0.18 | -0.07 | -0.02 |
| Profit attributable to owners of the parent | 72.0 | 77.9 | 95.1 | 93.3 | 96.0 | 97.7 | 91.9 | 106.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.9% | 26.3% | 13.4% | 22.4% | 10.2% |
| EBITDA margin | 9.0% | 8.4% | 10.2% | ||
| Net margin | 7.6% | 8.1% | 8.9% | ||
| Return on equity | 33.2% | 21.5% | 16.8% | ||
| Return on capital employed | 28.3% | 29.3% | 26.8% | 21.8% | 17.0% |
| Return on assets | 17.0% | 15.2% | 12.8% | ||
| Net debt (₹ crore) | 429.9 | -616.0 | 147.6 | ||
| Net debt / EBITDA | 1.52x | -1.90x | 0.34x | ||
| Interest cover | 7.91x | 9.22x | 6.36x | 9.38x | 19.0x |
| Asset turnover | 2.56x | 2.53x | 2.25x | 1.88x | 1.44x |
| Receivable days | 18 | 18 | 31 | 26 | 37 |
| Inventory days (on revenue) | 85 | 78 | 78 | 58 | 88 |
| Payable days (on revenue) | 5 | 12 | 8 | 4 | 6 |
| Cash conversion | 0.18x | 0.90x | 0.45x | ||
| Capex intensity | 0.1% | 0.1% | 3.1% | 2.8% | 5.1% |
| Free cash flow (₹ crore) | 20.6 | 154.2 | -55.8 | 174.9 | -46.4 |
| Dividend payout | 12.3% | 11.3% | 12.2% | ||
| EPS, diluted (₹) | 20.60 | 29.72 | 34.88 | 45.11 | 52.02 |
| Book value per share (₹) | 59.25 | 88.93 | 122.1 | 298.9 | 336.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA ex other income (computed from statement lines) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash - current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA ex other income (computed from statement lines).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Gravita India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Gravita India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.