GRAVITA - Gravita India
📢 Recent Corporate Announcements
Gravita India Limited has further consolidated its ownership in its subsidiary, Rashtriya Metal Industries Limited (RMIL). The company acquired an additional 20,400 shares, representing a 0.49% stake in RMIL. This transaction increases Gravita's total shareholding in the subsidiary from 98.95% to 99.44%. The move follows a previous disclosure made in March 2026 and signifies the company's intent to move toward full ownership of the entity.
- Acquired 20,400 additional equity shares of Rashtriya Metal Industries Limited (RMIL).
- The acquisition represents an incremental 0.49% stake in the subsidiary.
- Total shareholding in RMIL has increased from 98.95% to 99.44%.
- The transaction is a continuation of the acquisition process initiated in March 2026.
Gravita India Limited has finalized the voluntary dissolution of its step-down subsidiary, Recyclers South Africa (PTY) Ltd., effective April 14, 2026. The subsidiary, held through Gravita Netherlands B.V., was non-operational and had no business activity. Financially, the impact is negligible as the entity contributed zero revenue and only Rs. 1.03 Lakhs (0.00%) to the company's net worth. This move is part of the company's efforts to streamline its global corporate structure.
- Voluntary dissolution of Recyclers South Africa (PTY) Ltd. completed on April 14, 2026.
- The subsidiary contributed NIL revenue to the company's total income in the last financial year.
- Contribution to the company's net worth was minimal at Rs. 1.03 Lakhs (0.00%).
- The entity was a step-down subsidiary under Gravita Netherlands B.V. with no active business operations.
Gravita India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended March 31, 2026. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized have been furnished to the stock exchanges. This is a standard regulatory filing required to ensure that the company's share records are accurately maintained with depositories like NSDL and CDSL. The announcement indicates no material change in the company's operations or financial standing.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Issued by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018 regarding share dematerialization.
Gravita India Limited successfully conducted a one-on-one meeting with institutional investors on March 31, 2026. This interaction followed a prior disclosure made by the company on March 24, 2026. The management confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting. The presentation used during the session is available for public viewing on the company's official website.
- One-on-one institutional investor meeting held on March 31, 2026.
- Follow-up to the initial disclosure made on March 24, 2026.
- Company confirmed that no unpublished price sensitive information (UPSI) was discussed.
- Investor presentation is accessible via the company's website for transparency.
Gravita India Limited conducted a one-on-one meeting with institutional investors on March 30, 2026, as per their prior disclosure on March 24, 2026. The company confirmed that the discussions were based on publicly available information and no unpublished price sensitive information (UPSI) was shared. The presentation used during the meeting is available on the company's website for public review. Such meetings are part of the company's regular investor relations engagement to discuss business outlook and strategy.
- One-on-one institutional investor meeting successfully held on March 30, 2026
- Follow-up to the previous regulatory disclosure made on March 24, 2026
- Management confirmed no unpublished price sensitive information (UPSI) was disclosed
- Investor presentation made available on the company's official website for transparency
Gravita India Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the approval of audited financial results for the quarter and year ending March 31, 2026. The closure applies to all designated persons and their immediate relatives. The window is expected to reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure to commence from April 1, 2026.
- Closure is for the consideration of audited financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the public declaration of the financial results.
- The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Gravita India Limited has announced a schedule for one-on-one meetings with institutional investors on March 31, 2026. The company will host TCG Asset Management for a physical meeting in Jaipur and Shatrunjaya Investment Managers LLP for a virtual session. These meetings are part of the company's regular investor engagement program under SEBI (LODR) Regulations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- One-on-one physical meeting scheduled with TCG Asset Management in Jaipur on March 31, 2026.
- Virtual one-on-one meeting scheduled with Shatrunjaya Investment Managers LLP on March 31, 2026.
- Company confirms that no Unpublished Price Sensitive Information (UPSI) is proposed to be shared.
- The existing Investor Presentation is available on the company's website for public review.
Gravita India Limited has announced a schedule for virtual one-on-one meetings with institutional investors on March 30, 2026. The company will be meeting with Tata AIA Life Insurance Co and MS Capital to discuss business updates. These meetings are part of the company's routine engagement with the investor community under SEBI Listing Obligations. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during these sessions.
- Two one-on-one virtual meetings scheduled for March 30, 2026.
- Participating institutions include Tata AIA Life Insurance Co and MS Capital.
- Meetings are conducted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
- Investor presentation remains available on the company's official website for public access.
Gravita India Limited has announced the resignation of Mr. Vijay Kumar Pareek from his role as Executive Director (Non-Board Member) and Senior Managerial Personnel. The resignation is effective from the close of business hours on March 31, 2026, with the official reason cited as personal commitments. To maintain operational continuity, the company has designated Mr. Yogesh Mohan Kharbanda, another Executive Director (Non-Board Member), to assume all responsibilities previously held by Mr. Pareek. This transition appears planned with a clear internal successor identified immediately.
- Mr. Vijay Kumar Pareek to step down as Executive Director (Non-Board Member) on March 31, 2026.
- The resignation is attributed to personal commitments, with no other material reasons reported.
- Mr. Yogesh Mohan Kharbanda will take over the duties and responsibilities of the outgoing director.
- The announcement was made on March 19, 2026, allowing for a short transition period before the effective date.
Gravita India has signed definitive agreements to acquire a 98.95% stake in Rashtriya Metal Industries Limited (RMIL) for a total consideration of Rs 559.08 Crores. RMIL is a specialized manufacturer of copper and copper alloy products with an annual production capacity of 31,200 MTPA at its Gujarat facility. This acquisition marks Gravita's strategic entry into the copper recycling segment, complementing its existing lead, aluminum, and plastic recycling businesses. The deal is expected to close by March 31, 2026, and will leverage RMIL's strong export base, which accounts for 40% of its revenue.
- Acquisition of 98.95% stake in Rashtriya Metal Industries for Rs 559.08 Crores
- RMIL brings an installed production capacity of 31,200 MTPA from its 15-acre Gujarat facility
- Approximately 40% of RMIL's revenue is derived from exports to markets including the USA, UAE, and Thailand
- Strategic diversification into copper and copper alloy recycling to enhance margin profiles
- Transaction completion targeted on or before March 31, 2026
Gravita India has signed definitive documents to acquire a 98.95% stake in Rashtriya Metal Industries Limited (RMIL) for a total cash consideration of ₹559.08 Crores. RMIL is a manufacturer of copper and copper alloy products with a strong turnover of ₹910 Crores in FY 2024-25. This acquisition is a strategic move to expand Gravita's presence in the copper segment and leverage RMIL's export network across the USA, UAE, and other regions. The transaction is expected to be completed by March 31, 2026.
- Acquisition of 41,08,639 equity shares representing ~98.95% of RMIL's paid-up capital.
- Total cash consideration for the acquisition is ₹559.08 Crores.
- RMIL reported a significant turnover growth from ₹598 Crores in FY23 to ₹910 Crores in FY25.
- RMIL has a net worth of ₹300 Crores and total assets of ₹558 Crores as of March 31, 2025.
- Target entity has a global footprint with exports to countries like USA, UAE, Thailand, and Saudi Arabia.
Gravita India Limited has informed the exchanges about the demise of Dr. Mahavir Prasad Agarwal, who was part of the promoter group. Although he held no direct shares, he was a trustee of the Agrawal Family Private Trust, which maintains a significant 23.50% stake in the company. Per SEBI regulations, he will cease to be classified as a promoter. This event is expected to have no immediate impact on the company's operations or the trust's underlying shareholding.
- Demise of promoter Dr. Mahavir Prasad Agarwal reported on March 10, 2026
- Dr. Agarwal held 0% direct equity in Gravita India Limited
- Agrawal Family Private Trust, where he was a trustee, holds 23.50% shareholding
- Cessation of promoter status in accordance with SEBI Regulation 31A(6)(c)
Gravita India Limited has announced the successful passage of a special resolution to appoint Mr. Bhupendra Kumar Dak as a Non-Executive Independent Director. The resolution was approved with an overwhelming majority of 99.47% of the total votes cast via a postal ballot process. A total of 50,969,957 votes were in favor, while only 270,455 votes were against the proposal. This appointment is part of the company's routine board maintenance and corporate governance compliance.
- Appointment of Mr. Bhupendra Kumar Dak as Non-Executive Independent Director approved via special resolution.
- The resolution received 50,969,957 votes in favor, representing 99.4722% of the total valid votes cast.
- Minimal opposition recorded with only 270,455 votes (0.5278%) cast against the appointment.
- The remote e-voting process was conducted from February 5, 2026, to March 6, 2026, following SEBI and MCA guidelines.
Gravita India Limited has announced the successful passage of a special resolution via postal ballot for the appointment of Mr. Bhupendra Kumar Dak as a Non-Executive Independent Director. The resolution received overwhelming support, with 99.47% of the votes cast in favor of the appointment. The voting process was conducted through remote e-voting between February 5 and March 6, 2026. This appointment strengthens the company's board governance and ensures compliance with regulatory requirements.
- Appointment of Mr. Bhupendra Kumar Dak as a Non-Executive Independent Director approved via special resolution.
- A total of 50,969,957 votes (99.4722%) were cast in favor of the resolution.
- Only 270,455 votes (0.5278%) were cast against the proposal.
- The remote e-voting period concluded on March 6, 2026, with results verified by an independent scrutinizer.
Gravita India Limited successfully conducted a one-on-one meeting with institutional investors on March 6, 2026. This interaction followed a prior disclosure made by the company on February 26, 2026. The company confirmed that the presentation shared during the meeting is accessible via their official website. Crucially, management stated that no unpublished price sensitive information (UPSI) was disclosed during the session.
- One-on-one institutional investor meeting held on March 6, 2026
- Follow-up to the previous regulatory disclosure dated February 26, 2026
- Investor presentation made available on the company's website for public review
- Formal confirmation that no unpublished price sensitive information was shared
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 22.4% in FY25 to INR 3,868.77 Cr from INR 3,160.75 Cr in FY24. H1 FY26 revenue grew 13% YoY to INR 2,075.44 Cr. The lead segment remains the core driver, while non-lead segments are targeted to reach 30% of total revenue by FY29.
Geographic Revenue Split
Gravita has a diversified global presence across India, Sri Lanka, Ghana, Senegal, Mozambique, Tanzania, Togo, Romania, USA, and Singapore. African operations have significantly increased due to new plant commencements and capacity expansions.
Profitability Margins
PAT margin was maintained at 9.27% in Q2 FY26, with PAT rising 33% YoY to INR 95.9 Cr. FY25 Return on Net Worth decreased to 12.17% from 39.35% in FY24 due to the equity infusion from a INR 1,000 Cr QIP.
EBITDA Margin
Adjusted EBITDA margin stood at 10.80% in Q2 FY26, supported by operational efficiencies and a favorable product mix. H1 FY26 Adjusted EBITDA grew 16% YoY to INR 223.51 Cr with a 10.77% margin.
Capital Expenditure
The company has realigned its capex budget to approximately INR 1,225 Cr by FY28 to support its goal of doubling capacity. Liquidity of INR 890 Cr as of March 2025 is earmarked for future capex and acquisitions.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]AA- (Stable) and [ICRA]A1+ ratings in September 2025. Total debt declined from INR 599 Cr in March 2024 to INR 314.25 Cr by February 2025 following a INR 1,000 Cr QIP used for deleveraging.
Operational Drivers
Raw Materials
Key raw materials include Lead scrap, Aluminum scrap, Plastic scrap, and Rubber scrap. Lead scrap represents the largest cost component for the core lead division.
Import Sources
Raw materials are sourced globally from Africa (Ghana, Senegal, Mozambique, Tanzania, Togo), Sri Lanka, Romania, USA, and Central America (Nicaragua, Costa Rica).
Key Suppliers
Not disclosed in available documents; however, the company maintains an extensive procurement network and a diversified supplier base to mitigate vendor dependency.
Capacity Expansion
Current installed capacity is 3.40 Lakh MTPA. The company plans to more than double this to over 7 Lakh MTPA by FY28 across lead, aluminium, plastic, and rubber verticals.
Raw Material Costs
Operational expenditure was INR 3,544.69 Cr in FY25, representing approximately 91.6% of revenue. Procurement strategies focus on domestic scrap sourcing and an integrated model to drive efficiency gains.
Manufacturing Efficiency
Efficiency is driven by 13 state-of-the-art facilities strategically located to reduce freight costs and improve client connectivity. EBITDA margins of 10.8% reflect high operational efficiency.
Logistics & Distribution
Manufacturing facilities are strategically located near key customers and ports, resulting in significant freight cost savings and better client engagement.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved by doubling capacity to 7 LTPA by FY28, diversifying into new recycling verticals (Lithium-ion, Steel, Paper), and increasing the share of value-added products to over 50% of revenue.
Products & Services
Specific products include Lead Ingots, Lead Alloys, Aluminium Ingots, Plastic Granules, Rubber Crumbs, and Turnkey recycling solutions.
Brand Portfolio
Gravita
New Products/Services
New growth avenues include Lithium-ion battery recycling, Steel recycling, and Paper recycling, aimed at increasing the non-lead segment share to 30% of revenue.
Market Expansion
Expansion plans target Africa, Europe (Romania), and Southeast Asia, focusing on scalable and sustainable growth in environmentally responsible facilities.
Market Share & Ranking
Gravita aims to emerge among the top five global recycling companies by 2026.
Strategic Alliances
Key subsidiaries and JVs include Navam Lanka Limited (Sri Lanka), Gravita Netherlands B.V., and Gravita Europe S.R.L. (Romania).
External Factors
Industry Trends
The industry is shifting toward a circular economy driven by ESG mandates and sustainability goals. Gravita is positioning itself by expanding into lithium and steel recycling.
Competitive Landscape
Faces rising global competition for quality scrap and evolving ESG expectations from customers and regulators.
Competitive Moat
Durable advantages include an extensive global procurement network, 100% lead inventory hedging, and strategic plant locations that provide cost leadership in freight.
Macro Economic Sensitivity
Sensitive to global LME prices and scrap availability. GDP growth and industrial activity drive demand for recycled lead and aluminium.
Consumer Behavior
Increasing demand from industrial customers for sustainable and recycled raw materials to meet global carbon reduction targets.
Geopolitical Risks
Expanded footprint in Africa (Ghana, Senegal, Mozambique) exposes the company to regional volatility and potential trade barrier impacts.
Regulatory & Governance
Industry Regulations
Operations are subject to hazardous waste management rules, pollution control board norms, and international scrap import/export restrictions.
Environmental Compliance
Lead recycling is a highly polluting process; GIL must comply with strict pollution norms. The company is investing in cleaner technologies to meet evolving ESG mandates.
Risk Analysis
Key Uncertainties
Scrap availability and regulatory changes in hazardous waste management are the primary risks, with potential impact on volume growth targets.
Geographic Concentration Risk
Revenue is diversified across India and international markets, with Africa being a major contributor to overseas growth.
Third Party Dependencies
Low dependency due to a highly diversified supplier base and an extensive global procurement network.
Technology Obsolescence Risk
The company continuously upgrades to cleaner technologies and state-of-the-art facilities to mitigate technology risks and meet sustainability mandates.