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Gravita India Q3 FY26: PAT Jumps 32% YoY to ₹97.67 Cr Despite Flat Revenue
Gravita India reported a strong 32% YoY increase in PAT to ₹97.67 crores for Q3 FY26, driven by improved margins and operational efficiencies despite flat revenue of ₹1,017 crores. The company faced temporary delays in capacity expansion at Mundra and Jaipur due to licensing formalities, but expects commissioning in Q4 FY2026. Management maintained a positive outlook with Lead EBITDA at ₹23,000 per MT and a long-term target to reach 7 lakh MTPA capacity by FY2028. Additionally, the company increased its stake in Gravita Europe to 95%, further strengthening its international recycling platform.
Key Highlights
PAT grew 32% YoY to ₹97.67 crores with PAT margins improving to 9.60%.
Adjusted EBITDA rose 13% YoY to ₹116 crores, supported by strong Lead EBITDA of ₹23,000 per MT.
Plastic segment volumes rebounded significantly, increasing 55% QoQ to 3,160 metric tonnes.
Mundra (80,000 MTPA) and Jaipur (45,000 MTPA) lead capacity expansions are slated for Q4 FY2026 completion.
Vision 2029 targets include a volume CAGR of over 25% and ROIC exceeding 25%.
💼 Action for Investors
Investors should monitor the timely commissioning of the Mundra and Jaipur facilities in Q4, as these will be key drivers for volume growth in FY2027. The company's ability to maintain high margins despite flat revenue suggests strong pricing power and efficient scrap sourcing.