Asit C Mehta report on Gravita India
Gravita India Ltd is a leading multinational recycling company headquartered in Jaipur, Rajasthan, India. Established in 1992, Gravita has emerged as one of the largest producers of lead and a prominent player in the recycling of aluminium, plastics, and rubber. It operates on a robust business model centered on sustainability and the circular economy, aiming to minimize waste and maximize resource efficiency. Company’s turnkey solutions for Lead Battery Recycling rand non-ferrous metals have set the industry standard, establishing as the world's leading provider. Company is recognized globally for their exceptional customer service and technical expertise. Its manufacturing facilities are located in Jaipur (Rajasthan), Kathua ( J&K), Mundra (Mundra), and Chittoor (AP) in India, as well as in Romania, Ghana, Mozambique, Togo, Senegal, Tanzania, and Sri Lanka.
Outlook
We project Gravita's revenue to grow at an ~25% CAGR from FY25-FY28E, fueled by increasing contributions from non-lead segments, its leading market position, consistent profit improvements, supportive regulations, and expanding product offerings. Accordingly, we recommend an "Accumulate" rating, setting a target price of ₹2,385 based on a 30.5x PE multiple applied to an estimated EPS of ₹78.20, implying a potential upside of around 28%.
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