1. Opening Hook
While markets were busy panicking over metal prices and geopolitical drama, Gravita calmly walked into Q3FY26 saying, “Relax, margins are still smiling.” Revenue stayed frozen like a WhatsApp forward, but profits quietly did a bhangra in the background. Capacity approvals got stuck because “Vibrant Gujarat” officials were apparently too vibrant to come to office, yet management sounds unbothered.
Scrap dealers played hard-to-get, aluminum volumes sulked, and plastics suddenly woke up from a long nap. Meanwhile, Gravita kept repeating one sentence in different accents: ROCE > 25% or no party.
Read on, because behind the boring “flat topline” headline lies a company planning to double capacity, enter lithium-ion, rubber, steel, paper—and still lecture peers on margin discipline. Things get spicy later. 😏
2. At a Glance
- Revenue flat at ₹1,017 cr – Growth took a tea break, margins didn’t.
- EBITDA up 13% YoY – Profitability flexing while topline naps.
- PAT up 32% YoY – Flat sales, flying profits. Finance bros confused.
- EBITDA margin ~11.4% – Guidance said ₹19–20/kg, reality said ₹23.
- Plastic volumes +55% QoQ – Plastic finally chose violence (in a good way).
- Aluminum volumes down – Scrap dealers hoarding like it’s Bitcoin 2021.
3. Management’s Key Commentary
“We delivered consistent performance across all verticals.”
(Translation: Ignore topline, look at margins 😏)
“Installed capacity is ~3.4 lakh MTPA, targeting 7 lakh MTPA by FY28.”
(Translation: This is just the trailer, movie starts next year)
“CAPEX of ₹1,225 cr planned till FY28.”
(Translation: We’re not stopping at lead anymore 😈)
“Licenses are delayed due to Vibrant Gujarat.”
(Translation: Bureaucracy doing bureaucracy things)
“Plastic volumes rebounded 55% QoQ.”
(Translation: Someone finally used recycled plastic)
“Aluminum volumes declined due to high prices.”
(Translation: Scrap guys became long-term investors)
“We sacrifice revenue to protect margins.”
(Translation: We’re allergic to low-quality growth)
“ROCE target remains above 25% for every new vertical.”
(Translation: No ROCE, no entry)
4. Numbers Decoded
Metric Q3FY26 YoY Trend
--------------------------------------------------
Revenue ₹1,017 cr Flat
EBITDA ₹116 cr +13%
PAT ₹97.7 cr +32%
EBITDA Margin 11.4% ↑
Lead EBITDA/tonne ₹23,000 Strong
Aluminum EBITDA/tonne ₹14,215 Stable
Plastic EBITDA/tonne ₹10,462 Improving
Volumes (Total) ~53,000 t Flat-ish
- Flat revenue hides strong cost control
