Gravita India (GRAVITA) Q3 25/26 earnings summary

Executive summary

• Achieved consistent operational and financial performance in Q3 and nine months FY26, with consolidated revenue at ₹1,017.07 crore for Q3 and ₹3,092.51 crore for nine months, and net profit at ₹97.49 crore for Q3 and ₹286.52 crore for nine months, reflecting strong year-on-year growth in revenue and PAT.

• Year-on-year growth for nine months FY26: revenue up 9%, EBITDA up 15%, PAT up 32%, and ROIC maintained at 25%.

• Focused on scaling capacities in lead, aluminum, plastics, rubber, and turnkey solutions, with installed capacity at 3.40 lakh metric tons per annum and a medium-term target to exceed 7 lakh metric tons by FY28.

• Increasing value-added products and non-lead business contributions, supported by a strong ESG framework.

• Regulatory environment remains favorable, supporting organized recyclers and improving domestic scrap availability.

Financial highlights

• Q3 FY26 consolidated revenue at ₹1,017.07 crore, up from ₹996.42 crore in Q3 FY25; EBITDA at ₹116 crore, EBITDA margin at 11.41%.

• PAT for Q3 FY26 at ₹97.67 crore, PAT margin at 9.60%; nine-month PAT at ₹286.52 crore.

• 5-year revenue CAGR of 23% and PAT CAGR of 57%.

• Lead, aluminum, and plastic EBITDA per ton at ₹14,215 and ₹10,462 respectively.

• Basic and diluted EPS for Q3 FY26 were ₹13.41 (consolidated); nine-month EPS was ₹39.41.

Outlook and guidance

• Targeting volume CAGR above 25%, profitability growth above 35%, and ROIC exceeding 25%.

• Capacity expansion to over 7 lakh metric tons by FY28, with ongoing capex and entry into lithium-ion, paper, and steel recycling.

• Non-lead segment contribution to rise to 30% of revenue; renewable energy usage to reach 30%.

• Margin guidance for lead remains at ₹19–₹20/kg, with current performance above guidance due to arbitrage opportunities.

• Management monitoring Labour Code changes and Ghana operations ceased hyperinflationary accounting from October 2025.