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Gravita India Q4FY2026

8 May 2026, 12:41PM

Revenue saw a strong sequential recovery in Q4 (+15% QoQ) driven by volume growth of 5% YoY for the full year.
Full-year PAT grew ~21% YoY, outpacing revenue growth of ~10%. Q4 PAT margin compressed sequentially due to higher finance costs (RMIL acquisition debt) and elevated other expenses. RMIL acquisition (copper segment) consolidated from March 12, 2026, adding ~₹52 Cr to Q4 revenue. EBITDA margins held steady in the 9–10% band, consistent with the company's historical track record.
The company have announced plans to set up a new Copper Recycling Plant at Mandvi, Gujarat.
View: Overall FY26 topline growth was relatively modest, the underlying volume momentum, geographic mix improvement, and the RMIL addition set up a materially stronger revenue trajectory for FY27 and beyond. We will review our estimates and will come out with a detailed note. Currently, we have a buy rating on the stock.

Results (consolidated) Rs crore

Particulars	Q4FY26	Q4FY25	YoY (%)	Q3FY26	QoQ (%)
Net Sales	1,172.76	1,037.07	13.08	1,017.07	15.31
Total Expenditure	1,060.25	944.88	12.21	897.29	18.16
Adjusted operating profit	111.42	88.97	25.23	106.41	4.71
Other Income	8.86	35.75	-75.22	11.69	-24.21
Depreciation	11.05	7.75	42.58	9.84	12.30
Interest	4.37	5.62	-22.24	6.54	-33.18
PBT	105.95	114.57	-7.52	115.09	-7.94
Tax	14.14	19.65	-28.04	17.60	-19.66
Share of Minority Interest	-0.07	-0.21	-66.67	-0.18	-61.11
PAT	91.88	95.13	-3.42	97.67	-5.93
Equity Shares (cr)	7.28	7.28		7.28
Reported EPS (Rs)	12.62	13.04	-3.22	13.41	-5.89
*Margins(%)*			BPS		BPS
OPM	9.50	8.58	92.16	10.46	-96.18
NPM	7.83	9.17	-133.84	9.60	-176.86
Tax rate	13.35	17.15	-380.52	15.29	-194.65