Gravita India reported a steady performance in H1 FY26, with revenue of INR 2,75.44 crores, up by 13% year-on-year. Adjusted EBITDA increased to INR 223.51 crores, a 16% increase year-on-year, maintaining a strong EBITDA margin of 10.77%. The company is progressing with its expansion plans, targeting a capacity of over 7 lakh metric tons per annum by FY28. Capex for existing verticals is earmarked at around INR 850 crores.
Financial Performance Highlights
Gravita India delivered a consistent performance in H1 FY26, showcasing strength across operational and financial metrics. Revenue reached INR 2,75.44 crores, marking a 13% year-on-year increase. 47% of this revenue was driven by value-added products. Adjusted EBITDA grew to INR 223.51 crores, a 16% year-on-year increase, with a margin of 10.77%. Profit after tax rose significantly by 36% year-on-year to INR 189.25 crores, resulting in a PAT margin of 9.12%.
Expansion and Capex Plans
The company’s expansion program is on track, with current installed capacity at 3.40 lakh metric tons per annum. Gravita aims to more than double this to over 7 lakh metric tons per annum by FY28. The total capex budget has been realigned to approximately INR1,225 crores by FY28. Around INR850 crores will be allocated to strengthen existing verticals. Capex of around INR105 crores was incurred during H1 FY26, and an additional INR100 crores is expected in H2. The pilot lithium and battery recycling unit at Mundra is slated for operation in Q3 FY26.
Operational Updates
Phase 1 of the Mundra capacity expansion (lead capacity of 30,000 metric tons per annum) is expected to be commissioned by November 2025, with Phase 2 (another 50,000 metric tons per annum) targeted for completion by January 2026. The Phagi lead recycling capacity enhancement of 45,000 metric tons per annum is expected to be completed by December 2026. The Mundra project for rubber is anticipated to be commissioned by Q4 FY26, with revenue contributions expected from FY27.
Volume and Margin Analysis
Total volumes witnessed a 4% year-on-year growth in Q2 FY26. Quarterly EBITDA per ton stood at INR23,196 in lead, INR14,786 in aluminium, and INR10,122 in plastics.
Vision 2029
Gravita is targeting a volume CAGR of over 25% and profitability growth above 35% while maintaining an ROIC of over 25%.
Source: BSE
