Any current/future capex/capital investment/strategic investment?

Current focus is on expansion in rubber business and setting up the first lithium-ion battery recycling plant in India (Mundra) in FY24. Paper and steel verticals are planned for FY26 and FY27; due diligence to complete by Q2 FY25, followed by CAPEX initiation for these verticals. Aluminum recycling capacity expansion was delayed due to lack of hedging mechanisms; with new hedging live, capacity expansion may resume. Overseas expansion of aluminum recycling capacities is ongoing. Capacity increased to over 3 lakh metric tons in FY24 (29% growth), targeting over 5 lakh metric tons by FY27. New

Future growth expectations in sales/revenue/volumes?

Gravita targets a revenue CAGR exceeding 25% over the next 4 years, aligned with Vision 2028. For FY25, a sales growth of around 25% is expected, potentially even reaching 30%. Quarterly growth rate guidance is 20% to 30%, anticipated to start from Q1 FY25 itself. Aluminum business volumes expected to grow 60%-70% YoY due to capacity additions and improved hedging mechanisms. Expansion focus on rubber and lithium-ion battery recycling with new plants planned in India by FY26 and FY27. Capacity expansion aiming to reach 5 lakh+ metric tons per annum by FY27 from 3 lakh+ in FY24. Overseas capaci

Future growth expectations in earnings/operating earnings/profits/EPS?

Gravita aims for a revenue CAGR exceeding 25% and a PAT growth surpassing 35% as part of Vision 2028. Management is optimistic about achieving higher than 25% growth in FY’25, with a minimum expected growth rate of 25% annually over the next 4 years. EBITDA margins are expected to stabilize around 9% to 10% on a sustainable basis. Aluminum segment EBITDA per ton is expected to be Rs. 15-16 per kg, with potential improvement as capacity utilization rises. Volume growth in aluminum business is expected to grow by 60%-70% due to capacity expansion and hedging mechanisms. Capacity utilization for

Gravita India LtdQ4 FY24Minerals & Mining

Gravita India Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,479P/E: 27.9Market Cap: ₹10.9K CrSector: Minerals & Mining

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

Gravita targets a revenue CAGR exceeding 25% over the next 4 years, aligned with Vision 2028.
For FY25, a sales growth of around 25% is expected, potentially even reaching 30%.
Quarterly growth rate guidance is 20% to 30%, anticipated to start from Q1 FY25 itself.
Aluminum business volumes expected to grow 60%-70% YoY due to capacity additions and improved hedging mechanisms.
Expansion focus on rubber and lithium-ion battery recycling with new plants planned in India by FY26 and FY27.
Capacity expansion aiming to reach 5 lakh+ metric tons per annum by FY27 from 3 lakh+ in FY24.
Overseas capacity additions, e.g., Ghana plant operational from Q2 FY25, expected to boost volumes.
Value-added products to contribute over 50% of revenue, with non-lead business crossing 30%.

Margin guidance

Category 3

Gravita aims for a revenue CAGR exceeding 25% and a PAT growth surpassing 35% as part of Vision 2028.
Management is optimistic about achieving higher than 25% growth in FY’25, with a minimum expected growth rate of 25% annually over the next 4 years.
EBITDA margins are expected to stabilize around 9% to 10% on a sustainable basis.
Aluminum segment EBITDA per ton is expected to be Rs. 15-16 per kg, with potential improvement as capacity utilization rises.
Volume growth in aluminum business is expected to grow by 60%-70% due to capacity expansion and hedging mechanisms.
Capacity utilization for aluminum India operations is projected to reach 65%-70% by FY’25 exit.
Growth will be driven by expansion in rubber, new lithium-ion plant, and new verticals like paper and steel by FY ‘26 and ‘27.

See what Gravita India Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

- No explicit mention of any current or planned fundraising through debt or equity in the provided transcript. - The company has been funding capacity expansions (e.g., Rs. 3.5 crore for Tanzania plant expansion) through internal accruals, indicating internal cash generation is supporting growth. - Discussions on CAPEX strategy reflect delays or rescheduling for certain projects but no mention of external funding requirements or plans. - Management focused on organic growth and capacity expansion without indicating any equity or debt issuance plans. - There is ongoing emphasis on optimizing and expanding operations (lithium-ion plant, aluminum recycling overseas), but funding is internally derived as per available info. Overall, based on the provided details up to May 2024, Gravita India Limited appears not to be pursuing new debt or equity fundraising at this time.

Order book

The provided transcript/pages from the Gravita India Limited Q4 FY’24 earnings call do not explicitly mention details about the company's current or expected order book or pending orders. The discussion primarily focuses on: - Capacity expansion and production volumes. - CAPEX plans and delays, especially in lithium-ion battery recycling and aluminum recycling. - Revenue growth guidance of 20-30% quarter-on-quarter and for FY’25. - Hedging strategies and commodity price risk management. - Market opportunities and expansion into new sourcing geographies like Australia. - Impact of regulatory changes and logistics challenges. If you need detailed figures or specific commentary on order book status, that information is not available in the provided pages of this document.

See what Gravita India Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Current focus is on expansion in rubber business and setting up the first lithium-ion battery recycling plant in India (Mundra) in FY24.
Paper and steel verticals are planned for FY26 and FY27; due diligence to complete by Q2 FY25, followed by CAPEX initiation for these verticals.
Aluminum recycling capacity expansion was delayed due to lack of hedging mechanisms; with new hedging live, capacity expansion may resume.
Overseas expansion of aluminum recycling capacities is ongoing.
Capacity increased to over 3 lakh metric tons in FY24 (29% growth), targeting over 5 lakh metric tons by FY27.
New battery recycling capacity added in Tanzania (5,000 tons) through Rs. 3.5 crore CAPEX funded by internal accruals.
Strategic investments include expanding supplier network in Australia and potential setup of yards there.

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