Company Update : Gravita India by Motilal Oswal Financial Services Ltd
Operating performance above our estimates
* Consolidated revenue grew 15% YoY to INR10.4b (in line).
* Gross margin contracted 60bp YoY to 19.1%.
* Adjusted EBITDA grew 22.4% YoY to INR1.1b (est. INR 1b).
* Adjusted EBITDA margin contracted 70bp YoY to 10.7% (est. 10.2%).
* Adj. PAT grew 39% YoY to INR933m (in line).
* Consolidated volumes rose 12% YoY to 53KMT in 1QFY26.
Segmental performance
* Lead business revenue grew 12% YoY to INR9.3b, led by 10% YoY volume growth. Volume stood at 46.2KMT in 1QFY26. EBITDA/MT came in at INR21,790 (up 13% YoY) for the quarter.
* Aluminum business revenue jumped 96% YoY to INR944m. Volumes jumped 96% YoY to 4.8KMT, while EBITDA/MT declined 12% YoY to INR17,140.
* Plastic business revenue declined 20% YoY to INR164m, and its volume dipped 24% YoY to 2.4KMT. EBITDA/MT grew 1% YoY to INR10,213.
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