Gravita India Ltd

- No specific mention of new equity fundraising; earlier equity raised via QIP used for CAPEX, internal equity, and acquisition. - Debt increased significantly from INR 286 crores in March 2025 to INR 736 crores in March 2026 due to acquisition. - Interest cost expected around INR 4-5 crores per quarter for FY27 based on current debt of INR 736 crores. - Management expects working capital debt to increase to around INR 800-900 crores with the start of the copper recycling business next year. - Peak net debt is projected to rise by approximately INR 600-700 crores due to copper business working capital needs. - CAPEX of INR 1,700 crores planned over next 3 years to be primarily funded from internal accruals, but working capital requirements will be funded by debt. - No formal mention of additional fundraising beyond working capital debt increase.

- Total CAPEX planned over next 3-4 years: INR 1,700 crores (increased from earlier INR 1,200 crores due to copper addition). - Copper-specific CAPEX: Approx. INR 700 crores for recycling capacity and value-added products. - Capacity targets: - Copper capacity to grow from 30,000 tons to 60,000 tons by FY ‘29, with plans up to 100,000 tons after further expansions. - Lead capacity to increase from 700,000 tons to 800,000 tons by FY ‘29. - Rubber capacity planned at 30,000 tons, with phased expansions including Mundra and Romania plants. - Mundra lead expansion commissioned; Phagi lead expansion (~45,000 tons) expected in Q1 FY ‘27. - Copper recycling plant at Mundra to be commissioned within 12 months. - Working capital requirement estimated around INR 1,200 crores due to copper business, with peak working capital debt expected around INR 800-900 crores post copper start. - Steel recycling under consideration but deferred.

- Gravita aims to scale total installed capacity to around 800,000 tons by FY 2029 with 60%-65% utilization, resulting in approx. 500,000 tons volumes by FY 2029. - The company is targeting a consistent volume CAGR of 20%-25% over the next three years. - Copper segment volumes are expected to grow 40%-50% in the current year. - Expansion includes scaling lead recycling to 800,000 tons, adding 30,000 tons copper recycling capacity, and ramping up value-added products. - Backward integration in copper recycling to improve EBITDA per ton from INR 45,000 to INR 65,000-70,000 in the future. - Working capital days expected to remain around 85-90 days despite added copper imports. - Revenue growth in FY 2026 was 10% YoY; the medium-term target includes increasing value-added product contribution to 50% of revenues.

- Gravita India targets a volume capacity of around 800,000 tons by FY '29 with expected utilization of 60-65%, equating to approximately 500,000 tons (Page 19). - EBITDA per ton is expected to remain stable across segments, with aluminum EBITDA sustainable at INR 14-15 per kg and plastic EBITDA around INR 10-12 per ton (Page 18, 14). - The company aims for a revenue CAGR of 20%-25% over the next three years driven by capacity expansions and operational efficiencies (Page 10). - Expansion includes lead capacity growth to 800,000 tons and significant copper business scaling via acquisitions and new recycling plants, expected to improve margins from 8% to 9-10% over 2-3 years (Pages 6, 11). - Adjusted consolidated EBITDA grew 12% YoY to INR 452.48 crores in FY '26 with margins at 10.6%, and PAT grew 21% YoY with PAT margins at 8.88% (Page 5). - Blended tax rate expected around 17%-18% going forward (Page 10). - Interest costs expected to remain stable at INR 4-5 crores per quarter barring increased working capital debt when copper recycling scales (Page 20).

- No explicit mention of current or expected order book/pending orders in the transcript. - Management highlighted strong interest and volume growth, especially with capacity expansions at Mundra, Phagi, and newly acquired RMIL in copper business. - Q4 volume growth guidance: 20-25% growth overall; 40-50% growth specifically in copper segment for FY ‘27. - Discussions indicate ongoing demand from OEMs and other customers but no quantified order book size shared. - The company expects steady revenue growth driven by capacity utilization improvements and new business additions. - Expansion in lithium-ion battery and copper recycling plants is underway, indicating a growing pipeline. - Importantly, no specific numbers on confirmed orders or backlog reported during the call.