AI-generated · cited to primary sources · not investment advice
Gravita India (533282) Nov 2025 Filing Analysis
Does management do what it says?
The company expanded its Mundra lead recycling capacity by 80,300 MTPA, slightly exceeding the original 80,000 MTPA target, bringing total Mundra capacity to 1,45,100 MTPA. (2 exceeded, 1 met, 2 revised across 5 tracked commitments)
“Gravita aims to more than double this to over 7 lakh metric ton per annum by FY '28, reflecting its commitment to scalable, sustainable growth.”
Management confirmed lead margins are sustainable at INR 19-20 per kg, despite achieving a higher INR 23 in the current quarter due to temporary arbitrage. Aluminum margins are guided at INR 12-14 per kg. (1 met, 1 exceeded, 1 missed across 3 tracked commitments)
“Earlier, it was around INR18 to INR19, so we now foresee that on a sustainable basis, we would be able to achieve around INR19 to INR20 in lead.”
The commissioning of the pilot lithium battery recycling unit at Mundra has been shifted from Q2 FY '26 to Q3 FY '26, representing a minor one-quarter delay. (3 revised, 1 met across 4 tracked commitments)
“The capex budget has been realigned to approximately INR1,225 crores by FY '28, considering current business opportunities, strategic initiatives in existing verticals and expansion into new recycling domains such as lithium ion, paper and steel.”
Targeting to reach around 50% of total volume from value-added products in the future. — target: 50%
“Currently, around 46% of our total volume comes from value-added product... but our ideal -- I mean, target is to reach to around 50% of value-added content in future.”
Expect rubber business revenue contribution of INR 70 crores to INR 80 crores by FY '27. — target: INR 70-80 crores (+1 more commitment)
“Hopefully, we should have a rubber business of around INR70 crores to INR80 crores by FY '27.”
See the full cited Management analysis of Gravita India
How durable is the business?
The company is expanding its value-added product mix, which now accounts for 47% of revenue, providing a 2.5% to 3% gross margin boost over standard products. (3 expanding)
“47% of this was driven by value-added products, reaffirming progress toward our Vision 2029 target of 50% contribution.”
See the full cited Business Model analysis of Gravita India
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