Company Update : Gravita India Ltd by Motilal Oswal Financial Services Ltd
Operating performance above our estimates
* Consolidated revenue grew 11.7% YoY to INR10.4b (est. in line).
* Gross margin expanded 70bp YoY to 18.8%.
* Adjusted EBITDA grew 10.1% YoY to INR1.1b (est. INR 1.2b).
* Adjusted EBITDA margin contracted ~20bp YoY to 10.8% (est. 11%).
* Adj. PAT grew 33% YoY to INR960m (est. in line).
* 1HFY26, Revenue/Adj. EBITDA/Adj. PAT grew 13%/16%/36% to INR20.8b/INR2.2b/INR1.9b.
Segmental performance
* Lead business revenue grew 11% YoY to INR9.3b, led by a 5% YoY volume growth. Volume stood at 44.2KMT in 2QFY26. EBITDA/MT stood at INR23,196 (up 7% YoY) for the quarter.
* Aluminum business revenue jumped 37% YoY to INR942m. Volumes stood at 4.5KMT, up 27% YoY, while EBITDA/MT declined 20% YoY to INR14,785.
* Plastic business revenue declined 32% YoY to INR130m, and its volume dipped 32% YoY to 2KMT. EBITDA/MT declined 4% YoY to INR10,122.
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