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Motilal Oswal Report
Gravita India Ltd. is one of the key players within the burgeoning recycling industry in India. Going forward, we expect the company to report robust earnings growth on the back of:
strong growth within the Lead recycling segment fueled by favorable regulatory changes;
faster growth from the new segments (aluminum and plastic) and addition of the steel and paper segments;
robust capacity addition across segments; and
an improvement in the mix of value added products.
We increase our earnings per share estimates by 5%/7% for FY26/FY27E. We expect a revenue/Ebitda/profit after tax compound annual growth rate of 30%/32%/34% over FY24-27.
We value the stock at 40 times Sep'26E earnings per share to arrive at our target price of Rs 2,900. We reiterate our Buy rating on the stock.
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