Gravita India (GRAVITA) Q3 24/25 earnings summary

Executive summary

• Achieved strong financial and operational performance in Q3 and nine-month FY25, with significant volume and profitability growth across lead, plastic, and aluminum segments, progressing toward Vision 2028 with ambitious targets for volume, profitability, ROIC, and diversification.

• Commenced commercial production at Ghana aluminum recycling facility and expanded global operations, with plans for further capacity increases.

• Raised INR 1,000 crore via QIP to fund growth, capacity expansion, and diversification into new recycling verticals, supporting global leadership ambitions.

• Focused on sustainability, ESG integration, and stakeholder value creation, aiming for over 5 lakh MT capacity by FY27.

• Consolidated revenue for Q3 FY25 was ₹996.42 crore, up from ₹757.77 crore YoY; nine-month revenue reached ₹2,831.70 crore, up from ₹2,297.34 crore.

Financial highlights

• Q3 FY25 consolidated revenue rose 31% YoY and 7% QoQ to INR 996 crore; adjusted EBITDA increased 14% YoY to INR 102 crore; PAT up 29% YoY to INR 78 crore.

• Nine-month FY25 revenue up 23% YoY to INR 2,832 crore; adjusted EBITDA up 18% to INR 295 crore; PAT up 28% to INR 217 crore.

• Overseas business contributed 32% of revenue and 53% of profit in Q3 FY25.

• Value-added products accounted for 46% of revenue in FY25 and 50% in FY24, progressing toward Vision 2028 target of 50%.

• 5-year revenue CAGR at 21% and PAT CAGR at 74%; consistent EBITDA margins of 9-10%.

Outlook and guidance

• Targeting 25%+ volume growth, 35%+ profitability growth, and ROIC above 25%, with Vision 2028 aiming for 500,000+ MTPA capacity and 50%+ value-added products.

• Sustainable consolidated EBITDA margin expected at INR 18–19 per kg; aluminum at INR 14 per kg, plastic at INR 10 per kg.

• Next major capacity expansions in Mundra and Romania expected in H1 FY26.

• Guidance for 25% annual volume growth and 30–35% profitability CAGR over next three years.