This Market Leader Stock, engaged in recycling lead, aluminum, plastic, and rubber, providing turnkey recycling solutions and technical consultancy globally, is in focus after the company announced robust capex plans, Vision of 2029, Order book, and strong earnings guidance.
With a market capitalization of Rs. 11,745 crore, the shares of Gravita India Limited were currently trading at Rs. 1,594 per equity share, rising nearly 2 percent from its previous day’s close price of Rs. 1,559.50.
Management Guidance
Gravita India’s management has shared a strong growth outlook for the next few years. They are targeting more than 25 percent annual growth in volumes over the next three years. The company’s profit growth is expected to be even stronger, with a target of over 35 percent annually.
For FY26, the company expects volumes to grow between 22-28 percent, with 15-16 percent coming from existing plants and another 7-8 percent from new plants, most of which will contribute more in the second half of the year. Management has also expressed full confidence in meeting its expansion timelines, supported by strong scrap availability and well-prepared projects.
Company Overview
Gravita India Limited was founded in 1992 by Rajat Agrawal and is headquartered in Jaipur, Rajasthan. The company is a leading global recycling company specializing in lead, aluminium, plastic, and rubber recycling with environmentally friendly processes.
The company operates 12 state-of-the-art manufacturing facilities. Gravita serves a global customer base in over 70 countries and offers turnkey recycling solutions and technical consultancy across various recycling sectors.
Capacity Expansion
Gravita India Limited currently has a total capacity of about 333,659 tons per year. By FY26, the company plans to add another 100,000 tons, mainly in India, with some expansion in rubber and lithium-ion recycling.
In FY27, another 125,000–150,000 tons are planned to be added. With these expansions, the company is targeting a total capacity of around 728,459 tons per year by FY28, effectively doubling its current capacity.
Capex Plans
Gravita India has planned a capex of around Rs. 350-375 crores for FY26, out of which about Rs. 60 crores was already spent in the June Quarter of 2025. Over the longer term, the company is targeting a total investment of about Rs. 1,500 crores till FY28. Of this, around Rs. 1,000 crores will be focused on strengthening its core business, while the remainder will be invested in developing new verticals like rubber and lithium-ion recycling.
Mergers and Acquisitions Plans
Gravita India Limited is actively pursuing acquisitions in its existing verticals across Eastern Europe, Africa, the Middle East, and APAC, with a major deal expected within 12–18 months. Additionally, the company plans a new lead plant in East India and a greenfield expansion in the Dominican Republic for FY27, with licensing expected by Q4FY26.
Diversification and New Verticals
Gravita India Limited is stepping into lithium-ion battery recycling with its pilot unit at Mundra, expected to start operations in Q2FY26. This marks an important foundation for long-term growth in a high-potential segment.
The company is also scaling its rubber recycling business, with the Romania plant stabilizing and a new Indian facility coming up in FY26. This vertical is expected to deliver Rs. 300-400 crore revenue by FY27-28. Meanwhile, paper, steel, and other recycling businesses will focus on strengthening existing operations, where management sees strong growth visibility.
Vision 2029
Gravita India Limited’s Vision 2029 aims to drive growth through diversification and value creation. The company targets over 50 percent of revenue from value-added products and expects non-lead segments like rubber, lithium-ion, paper, and steel to contribute more than 30 percent.
The company is targeting over 25 percent volume CAGR, more than 35 percent profitability growth, using over 30 percent renewable power, and more than 10 percent reduction in energy consumption. With this shift, Gravita also plans to sustain a strong Return on Invested Capital of above 25 percent, ensuring profitable expansion.
Client Base
Gravita India Limited proudly partners with top brands like Amara Raja, Tata, Exide, Panasonic, and Hitachi, showcasing its strong global network. Companies like Clarios, Luminous, and TVS trust Gravita for recycling solutions. With Korea Zinc, Sandhar, and Philips, Gravita leads in sustainable innovation across industries.
Order Book and Key Vertical
Gravita India showcases a strong order book surpassing 60,000 MT, highlighting robust demand. With more than 1,900 touchpoints worldwide, its vast network fuels growth and reinforces its recycling leadership.
Gravita India Limited operates through four key verticals, such as lead recycling, which is its core business, along with aluminium recycling, plastic recycling, and turnkey recycling projects. The company also recycles used batteries, cable scrap, and other metals, with a strong focus on sustainable, eco-friendly processes that promote waste reduction and support a circular economy.
Recent quarter results
Coming into financial highlights, Gravita India Limited’s revenue has increased from Rs. 908 crore in Q1 FY25 to Rs. 1,040 crore in Q1 FY26, which has grown by 14.54 percent. The net profit has also grown by 36.76 percent from Rs. 68 crore in Q1 FY25 to Rs. 93 crore in Q1 FY26. Gravita India Limited’s revenue and net profit have grown at a CAGR of 23.48 percent and 53.27 percent, respectively, over the last five years.
In terms of return ratios, the company’s ROCE and ROE stand at 21.5 percent and 21.2 percent, respectively. Gravita India Limited has an earnings per share (EPS) of Rs. 42.32, and its debt-to-equity ratio is 0.14x.
Written By – Nikhil Naik
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