Gravita India (GRAVITA) Q3 25/26 earnings summary

Executive summary

• Delivered consistent operational and financial performance in Q3 and nine months FY26, with year-on-year growth in revenue, EBITDA, and PAT, and a 25%+ ROIC.

• Revenue for Q3 FY26 was ₹1,017.07 crore, up from ₹996.42 crore in Q3 FY25; nine-month revenue reached ₹3,092.51 crore, up from ₹2,831.70 crore year-over-year.

• Net profit for Q3 FY26 was ₹97.49 crore, up from ₹78.06 crore in Q3 FY25; nine-month net profit was ₹286.52 crore, up from ₹217.98 crore year-over-year.

• Ongoing expansion plans target scaling core business, expanding into new recycling segments, and increasing non-lead segment revenue share, with ambitions to exceed 7 LTPA by FY28.

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

Financial highlights

• Q3 FY26 revenue flat to slightly up year-on-year at ₹1,017–₹1,036 crore; EBITDA at ₹116 crore, EBITDA margin at 11.41%.

• PAT for Q3 FY26 at ₹97.67 crore, PAT margin at 9.60%.

• 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.

• Capital employed at ₹2,375 crore as of FY25.

Outlook and guidance

• Targeting over 7 lakh metric tons per annum capacity by FY28, with ongoing capex and expansion into lithium-ion, paper, and steel recycling.

• CapEx of ₹1,225 crore planned through FY28, with ₹850 crore for existing businesses and the rest for new verticals.

• Volume CAGR targeted above 25%, profitability growth above 35%, and ROIC exceeding 25%.

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

• Management monitoring impact of new Labour Codes and Ghana operations' accounting changes.