GRAVITA - Gravita India
📢 Recent Corporate Announcements
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
Gravita India Limited held a one-on-one meeting with institutional investors on February 26, 2026. This interaction followed a prior disclosure made by the company on February 21, 2026. The company's executives participated in the session to discuss business updates, though no unpublished price sensitive information was shared. The investor presentation used during the meeting has been made available on the company's official website.
- One-on-one meeting with institutional investors conducted on February 26, 2026
- Follow-up to the previous regulatory disclosure made on February 21, 2026
- Company confirmed that no unpublished price sensitive information (UPSI) was shared
- Investor presentation is accessible via the company's website for public review
Gravita India Limited participated in a one-on-one meeting with institutional investors on February 26, 2026. The company confirmed that no unpublished price sensitive information (UPSI) was discussed during the interaction. This meeting follows a prior disclosure made by the company on February 21, 2026. Investors are encouraged to review the presentation materials available on the company's official website for insights into their current operational strategy.
- One-on-one institutional investor meeting held on February 26, 2026
- Company explicitly stated that no unpublished price sensitive information was shared
- Investor presentation has been made available on the company's website for public review
- The meeting is a follow-up to the regulatory disclosure made on February 21, 2026
Gravita India Limited has announced a major capacity expansion at its existing recycling facility in Mundra, Gujarat. The company is adding 80,300 MTPA to its current capacity of 64,800 MTPA, effectively more than doubling the site's output to meet rising demand. The expansion requires an investment of approximately Rs. 49.00 Crores, which will be entirely funded through internal accruals. This strategic move is slated for completion within the current financial year 2025-26.
- Adding 80,300 MTPA capacity to the existing 64,800 MTPA at the Mundra unit
- Total investment of approximately Rs. 49.00 Crores for the expansion project
- Expansion is fully funded through internal accruals, showcasing strong cash flow
- Project completion targeted within the Financial Year 2025-26
- Existing capacity was near full utilization, necessitating this immediate scale-up
Gravita India has significantly increased the lead recycling capacity at its Mundra facility in Gujarat by 80,300 MTPA, bringing the unit's total capacity to 1,45,100 MTPA. The expansion involved an investment of approximately ₹49.00 crores, which was funded entirely through the company's internal accruals. This move boosts Gravita's total global recycling capacity to 4,25,959 MTPA across its 13 manufacturing facilities. The strategic location near Mundra port is expected to optimize logistics and enhance the company's ability to serve international export markets.
- Lead recycling capacity at Mundra plant increased by 80,300 MTPA to a total of 1,45,100 MTPA
- Investment of ~₹49.00 crores funded through internal accruals without external debt
- Total global installed recycling capacity reaches 4,25,959 MTPA post-expansion
- Strategic proximity to Mundra port to improve operational efficiencies and export capabilities
Gravita India Limited participated in a one-on-one meeting with institutional investors on February 23, 2026. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the session. This meeting follows a prior disclosure made on February 17, 2026, regarding the scheduled interaction. The presentation used for this meeting is available on the company's website for public access.
- One-on-one institutional investor meeting held on February 23, 2026
- Company confirmed zero disclosure of unpublished price sensitive information (UPSI)
- Investor presentation made available on the official company website
- Follow-up to the initial disclosure dated February 17, 2026
Gravita India Limited has announced a physical one-on-one meeting with TCG Asset Management scheduled for February 26, 2026, in Mumbai. This meeting is part of the company's regular engagement with institutional investors under SEBI regulations. The management has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during the session. Investors can refer to the company's website for the latest investor presentation which will serve as the basis for discussion.
- One-on-one physical meeting scheduled with TCG Asset Management in Mumbai.
- The meeting is set to take place on February 26, 2026.
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared.
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
NSE Sustainability Ratings & Analytics Limited has independently assigned an ESG (Environmental, Social, and Governance) rating of 65 to Gravita India Limited. The rating was assigned voluntarily by the agency based on publicly available information, rather than through a formal engagement by the company. This disclosure, made on February 20, 2026, highlights the company's standing in sustainability metrics as perceived by external analysts. Such ratings are increasingly important for institutional investors and ESG-focused funds.
- NSE Sustainability Ratings assigned an ESG score of 65 to the company
- The rating was assigned independently and voluntarily based on public domain data
- Gravita India did not formally engage the agency for this specific rating process
- Disclosure made under Regulation 30 of SEBI Listing Regulations
Gravita India Limited successfully conducted a one-on-one meeting with institutional investors on February 20, 2026. This interaction follows the company's prior disclosure made on February 16, 2026, regarding scheduled investor engagements. The management confirmed that no unpublished price sensitive information (UPSI) was shared during the discussions. The presentation used during the meeting has been made available on the company's official website for public access.
- One-on-one institutional investor meeting held on February 20, 2026
- Follow-up to the initial meeting notification dated February 16, 2026
- Company confirmed that no unpublished price sensitive information was discussed
- Investor presentation is accessible via the company's official website
- Meeting conducted in compliance with SEBI Listing Obligations and Disclosure Requirements
Gravita India Limited has scheduled a physical one-on-one meeting with Kotak Securities Ltd on February 23, 2026. The meeting is part of the 'Chasing Growth 2026' event being held in Mumbai. The company has officially stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction. This is a standard investor relations activity aimed at institutional engagement.
- One-on-one physical meeting scheduled with Kotak Securities Ltd.
- The meeting is set to take place on February 23, 2026, in Mumbai.
- Interaction is part of the 'Chasing Growth 2026' investor conference.
- Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed.
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.