Gravita India Ltd

- Gravita India Limited plans to fund its growth primarily through internal accruals generated as cash flow over the next two to three years. - The company has liquidity from a QIP (Qualified Institutional Placement) raised last year to support expansion. - There may be limited additional debt raised within set limits to support CAPEX and working capital requirements. - Total planned CAPEX over the next 2-3 years is approximately Rs. 1,200 crores, with Rs. 1,500 crores expected for working capital. - The funding strategy is designed to maintain a healthy return on capital employed (ROCE) of around 25% without heavy dependence on external equity or debt. - No specific announcements or plans for new equity fundraising were indicated in the call transcript up to January 2026.

- FY 2026 CAPEX: Rs. 200 crores targeted; Rs. 125 crores incurred in first nine months; expected to cross Rs. 200 crores by Q4. - Capacity expansion: - Mundra lead plant: 80,000 tonnes added by Q4 FY 2026. - Jaipur lead plant: 45,000 tonnes added by Q4 FY 2026. - Total lead capacity expansion: 125,000 tonnes by Q4 FY 2026. - Future expansions: - Aluminum and plastic capacity increases planned for next year (FY 2027). - Mundra rubber project commissioning in Q1 FY 2027; revenues from Q2 FY 2027. - Lithium-ion recycling expected to start soon (license pending). - Strategic investments: - Gravita Netherlands BV increased stake in Gravita Europe S.R.L from 80% to 95% via acquisition. - Total planned CAPEX over next 2-3 years: Rs. 1,200 crores, mainly funded through internal accruals and some debt. - Expansion delays due to government approvals expected to resolve by Q4 FY 2026.

- Gravita targets a volume CAGR of over 25% through FY 2028 and beyond. - FY 2027 and FY 2028 volume growth is expected to improve, supported by capacity expansions coming live in Q4 of FY 2026 and ramp-up by Q2 FY 2027. - Lead volumes are expected to ramp up fully by Q2 FY 2027. - Plastic segment growth anticipated at 8-10% in the near term, with potential acceleration thereafter. - Aluminum volume recovery expected following normalization of scrap availability post price stabilization. - Overall revenue growth may show some volatility year-on-year due to scrap movement between Africa and India. - EBITDA and profitability expected to grow faster, with an anticipated 30-35% increase year-on-year. - New verticals like rubber and lithium-ion segments to contribute to growth starting FY 2027 onwards. - Long-term operational efficiencies and better procurement expected to improve margins by Rs. 0.5 to Rs. 0.75 per kg by FY 2028.

- Gravita targets a volume CAGR of over 25% through FY 2028 with operational scale-up. - Earnings growth expected at 30%-35% CAGR in EBITDA and PAT, driven by margin sustainment and capacity expansion. - Operating margins expected to stabilize around Rs. 19-20 per kg in lead; similar levels anticipated for aluminum and plastic segments. - Long-term margin improvement of Rs. 0.5 to Rs. 0.75 per kg expected by FY 2028 from operational efficiencies and value-added products. - Full ramp-up of new capacities projected by Q2 FY 2027, supporting volume and profit growth. - Sustained ROIC target above 25%, reflecting disciplined CAPEX and strong governance. - Revenue growth might see year-on-year volatility but overall EBITDA and PAT growth will remain strong due to operational leverage and procurement strategies. - EPS expected to benefit proportionally from strong earnings growth and margin improvement over the medium term.

The transcript from the provided pages does not explicitly mention details about the current or expected order book or pending orders of Gravita India Limited. However, some related insights can be summarized: - The company has long-term tie-ups with major OEMs and leading traders internationally, ensuring robust demand. - Current production volumes are fully absorbable by existing OEM clients both in India and overseas, indicating strong order fulfillment capacity. - Capacity expansions planned for Q4 FY 2026 are expected to increase volumes starting Q1/Q2 FY 2027, which will support higher order fulfillment. - No indications of order backlog issues; management emphasized ability to sell produced volumes comfortably without market pressure. - The company focuses on selling primarily to OEMs (around 70%) for higher margins and maintains flexible channels including commodity exchanges (MCX, upcoming LME license). If more precise order book figures are required, they are not provided in the current document excerpts.