Gravita India Limited (GRAVITA) share price
₹1482.30 on NSE as of 2026-10-08. -0.92% on the day. market cap ₹10,941 Cr. P/E 27.5. 52-week range ₹1295.10 to ₹1875.40. Metals & Mining.
What the company does
Incorporated in 1992, GIL is engaged in recycling of non-ferrous metals such as used lead acid batteries, lead scrap, cable scrap/other lead scrap, aluminium scrap, plastic scrap, rubber scrap, copper and lithium. GIL also provides turnkey solutions for lead acid battery recycling processes. The company carries out smelting of lead battery scrap/lead concentrate to produce secondary lead metal, which is further transformed into pure lead, specific lead alloy, lead oxides (lead sub oxide, red lead and litharge), aluminium alloys, plastic granules, pet flakes and value-added products such as lead sheets, lead powder, lead shot and other such products. The company has a presence in over 70 countries with headquarters in Jaipur and recycling plants across Asia, Africa and Central America with over 2,200 global touch points and 39 own scrap yards. GIL has recycling facilities in multiple countries such as India, Africa and Sri Lanka, among others. As of March 2026, GIL had an aggregate capacity of over 4,00,000 tonnes per annum recycling capacity for across business verticals. GIL is listed on the BSE Ltd and the National Stock of Exchange of India Limited.
Filed by India Ratings, page 5.
Gravita India Q1 FY27: Revenue Up 42%, PAT Up 14%, and a Fifth of the Scrap Stuck Somewhere in the Gulf
At a glance
Gravita India recycles metal. It buys scrap, melts it down and sells refined lead, aluminium, plastic and copper. Revenue for the three months to June 2026 was ₹1,475 crore. The same quarter a year earlier brought ₹1,040 crore, a rise of 42%. Profit attributable to owners was ₹106.39 crore, up 14%. The year-ago figure was ₹93.26 crore. Operating profit reached ₹110 crore, against ₹101 crore a year earlier. Operating margin came to roughly 7% of sales, against 10% in the earlier quarter.
Copper is the new arrival. The March 2026 purchase of Rashtriya Metal Industries added a segment worth ₹376 crore of revenue in its first full quarter. That vertical contributed nothing in the same quarter a year earlier. Management said total volumes across all verticals rose 4%, to 55,455 tonnes.
Management also described a disruption to supply. By their account, 15% to 20% of scrap imports come from the Gulf, and much of the rest passes through it. Management said material is currently stuck in transit. Group capacity utilisation ran at roughly 50% to 52% during the quarter.
The Mundra plant received a London Metal Exchange brand listing for lead, under the name GRAVITA M. Lead recycling capacity at Phagi was expanded by 40,500 tonnes a year, to 75,819 tonnes a year. The capital spend on that was about ₹30 crore. ICRA, a credit-rating agency, upgraded its long-term rating to AA (Stable) from AA-. Other income was ₹47.54 crore in the quarter, against ₹30.06 crore a year earlier.
Introduction
Gravita India was incorporated in 1992 and promoted by Rajat Agrawal. It began with a lead recycling facility at Phagi, near Jaipur. What counts as scrap here has widened steadily ever since. The first overseas unit opened in Sri Lanka in 2000, and Ghana followed in 2006. The shares were listed on NSE and BSE in 2010. Value-added lead products started in 2013, plastic recycling in 2015 and aluminium in 2016. The Mundra port facility opened in 2021 and rubber recycling began in Europe in 2025. Lithium-ion battery recycling and copper value-added products both arrived in 2026.
The copper entry was the largest single move. In February 2026 the company signed a binding term sheet to acquire up to all of Rashtriya Metal Industries. The stated ceiling was ₹565 crore. On 12 March 2026 it acquired 98.95% for ₹559.08 crore, taking control from that date. During the June quarter it bought a further 0.62% for ₹3.48 crore. That took the holding to 99.57%. Rashtriya Metal was founded in 1946 and runs a plant at Sarigam in Gujarat. The plant is built for 31,200 tonnes a year. Its revenue for the year to March 2026 was ₹1,040 crore, with earnings before interest, tax and depreciation of ₹82 crore.
There is also a turnkey business selling recycling technology, technical consultancy and control systems run by programmable controllers. More than 70 such projects have been executed worldwide, including in Qatar, the UAE and Saudi Arabia. Poland and Chile are on the list as well. In the three months to June 2026 that segment produced ₹4.68 crore of revenue, which is roughly the rounding error on lead.
The corporate housekeeping has been busy. Executive Director Vijay Kumar Pareek resigned with effect from 31 March 2026, and Yogesh Mohan Kharbanda took over the duties. An exchange filing on 10 March 2026 intimated the death of promoter Dr Mahavir P. Agarwal. Deloitte was appointed internal auditor in May 2026, and Recycling Infotech LLP was closed. A copper recycling plant at Mandvi in Gujarat was sanctioned at ₹160 crore. It is designed for 29,400 tonnes a year, with operations targeted within twelve months.
Business model
Gravita buys things people have thrown away, melts them, and sells them back at a markup. That is the entire pitch. Sales have compounded at 26% a year over ten years, which says something about how much the world discards.
Lead is the flagship. Dead car batteries and cable scrap go in. Out come pure lead, lead alloys, lead sheets and lead bricks. Red lead and lead oxide come out as well. In the three months to June 2026, lead was ₹954.75 crore of the ₹1,475.06 crore of revenue. Copper, the newcomer, brought ₹376.05 crore from sheets, brass cups and foils. Aluminium contributed ₹110.52 crore of customised alloys. Plastics added ₹26.63 crore of granules and food-grade flakes of PET, the plastic used in drinks bottles. Turnkey projects were ₹4.68 crore and other items ₹2.43 crore. Together those two are under half a percent of revenue and a third of the vertical count.
The map is odd for a company headquartered in Jaipur. Indian plants sit at Kathua, Jaipur, Jaipur SEZ and Chittoor. Mundra and Sarigam carry the other two. Overseas plants run in Sri Lanka, Ghana, Senegal and Mozambique. Tanzania, Togo, Romania and the Dominican Republic hold the rest. Procurement runs through 39 owned yards and more than 2,200 collection points. Those span five continents and gather over 3.30 lakh tonnes of scrap. Africa alone accounts for 32 of the yards and more than 900 collection points. Gravita has built a global logistics operation and files it under manufacturing.
Margins hang on value-added products, meaning customised alloys and specialty forms rather than plain ingots. These were 63% of revenue in the quarter. Management noted that copper is by definition entirely value-added content. Excluding copper, management said the mix rose from the 40% to 42% range to 50%.
The lead business is hedged back to back, with sales and core inventory both under forward cover. Forward cover means the price is fixed in advance rather than left to the market. ICRA, a credit-rating agency, says that is what keeps margins stable rather than tracking the London price tick by tick. Aluminium and plastic are alloyed products with no hedging currently available, so both ride the commodity. Management said the formalities for listing aluminium alloy ADC12 on MCX, the Indian commodity exchange, are complete. The decision now sits with the exchange. Six verticals, fourteen plants and 4.76 lakh tonnes of capacity, roughly half of it idle in June.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Gravita India Limited.
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