Gravita India (GRAVITA) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue was ₹2,902.41 crore, EBITDA ₹288 crore and PAT ₹208.40 crore; Q2 revenue, adjusted EBITDA and PAT grew 38%, 28% and 6% YoY.

• Growth priorities include capacity expansion, operational excellence, value-added products and diversification into copper, rubber and steel.

• Scrap availability and logistics disruptions constrained lead volumes; sourcing diversification and capacity expansion remain central to growth plans.

Financial highlights

• Q2 FY27 consolidated revenue was ₹1,427.35 crore versus ₹1,035.50 crore YoY; adjusted EBITDA was ₹143.37 crore, up 28%, with a 10.04% margin.

• Q2 consolidated PAT was ₹102.03 crore versus ₹95.97 crore YoY, with a 7.15% margin; PBT was ₹124.21 crore versus ₹111.28 crore.

• H1 consolidated revenue was ₹2,902.41 crore versus ₹2,075.44 crore; PBT was ₹255.49 crore and PAT ₹208.40 crore.

• Q2 standalone revenue was ₹786.91 crore, PBT ₹59.64 crore and PAT ₹47.34 crore; H1 revenue was ₹1,647.04 crore and PAT ₹115.39 crore.

• RMIL contributed ₹419.83 crore of Q2 copper revenue, at an 8.5% EBITDA margin.

Outlook and guidance

• Vision 2030 targets 20–25% volume CAGR, 30–35% profitability growth and sustained ROIC of ~25%; value-added products target 60%+ of sales and non-lead businesses 50%+.

• Capacity target is 800,000+ MTPA by FY29; the ₹1,680 crore expansion plan remains on track.

• Lead volumes are expected to grow at an 18%–20% CAGR over three years, with improvement expected from Q3 as new sourcing arrives.

• Copper EBITDA guidance is ₹65–70/kg near term, rising to ~₹90/kg over the longer term as recycling integration becomes operational; lithium-ion recycling volumes may start in four to five years.