External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Value-added Products Driving Growth: The company delivered 12% YoY revenue growth, driven by a 4% YoY increase in volumes and improved realizations.</li><li>Volume growth was supported by a 27% rise in aluminium volumes and a 5% increase in lead volumes, although overall output was partly affected by capacity constraints and deferments linked to GST-related changes.</li><li>The share of value-added products increased to 47% of total revenue, aiding profitability and realizations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Value-added Products Driving Growth: The company delivered 12% YoY revenue growth, driven by a 4% YoY increase in volumes and improved realizations.Volume growth was supported by a 27% rise in aluminium volumes and a 5% increase in lead volumes, although overall output was partly affected by capacity constraints and deferments linked to GST-related changes.The share of value-added products increased to 47% of total revenue, aiding profitability and realizations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gravita India Ltd. - Growth Momentum To Pick Up; Maintain BUY

<ul><li>FY25 was a landmark year for Gravita, delivering record performance across key financial metrics, including Revenue, EBITDA, and PAT.</li><li>Over the last five years, the company has maintained a strong growth trajectory with a revenue CAGR of 23% and a PAT CAGR of 57%.</li><li>During the year, Gravita successfully executed a Qualified Institutional Placement (QIP) of Rs 1,000 Cr, which was oversubscribed by 3.5 times. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY25 was a landmark year for Gravita, delivering record performance across key financial metrics, including Revenue, EBITDA, and PAT.Over the last five years, the company has maintained a strong growth trajectory with a revenue CAGR of 23% and a PAT CAGR of 57%.During the year, Gravita successfully executed a Qualified Institutional Placement (QIP) of Rs 1,000 Cr, which was oversubscribed by 3.5 times. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gravita India Ltd - Strategically Positioned to Capitalise on Emerging Opportunities

<ul><li>Volume Growth in Lead and Aluminium: The company delivered a strong operational performance, with overall volumes rising 12% YoY and revenue increasing by 15% YoY.</li><li>This was primarily led by a substantial 96% YoY jump in aluminium volumes and a 10% YoY increase in lead volumes.</li><li>Value-added products contributed 47% of the revenue mix for the quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume Growth in Lead and Aluminium: The company delivered a strong operational performance, with overall volumes rising 12% YoY and revenue increasing by 15% YoY.This was primarily led by a substantial 96% YoY jump in aluminium volumes and a 10% YoY increase in lead volumes.Value-added products contributed 47% of the revenue mix for the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gravita India Ltd. - Sustained Momentum in Revenue and Profitability; Maintain BUY

<ul><li>A. Conducive Regulatory Environment: The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced scrap, reaching 43%.</li><li>The increase in domestic scrap availability is expected to sustain as automotive battery manufacturers are now mandated to collect and recycle ~90% of the batteries placed by them three years ago in FY26 (up from ~70% in FY25).</li><li>This is likely to further increase the market share of organised players.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A. Conducive Regulatory Environment: The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced scrap, reaching 43%.The increase in domestic scrap availability is expected to sustain as automotive battery manufacturers are now mandated to collect and recycle ~90% of the batteries placed by them three years ago in FY26 (up from ~70% in FY25).This is likely to further increase the market share of organised players.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Gravita India -  05th July, 2025

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Nimish Maheshwari

Market & Forensics Analyst

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Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.</li>
<li>The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.</li>
<li>This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.</li>
</ul>



Gravita India (GRAV IN) faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.
The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.
This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.


A Closer Look at Gravita India's Qualified Audit Opinion

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

Gravita India Ltd. - Growth Momentum To Pick Up; Maintain BUY

Value-added Products Driving Growth: The company delivered 12% YoY revenue growth, driven by a 4% YoY increase in volumes and improved realizations.

Axis Direct

Gravita India Ltd - Strategically Positioned to Capitalise on Emerging Opportunities

FY25 was a landmark year for Gravita, delivering record performance across key financial metrics, including Revenue, EBITDA, and PAT.

Axis Direct

Gravita India Ltd. - Sustained Momentum in Revenue and Profitability; Maintain BUY

Volume Growth in Lead and Aluminium: The company delivered a strong operational performance, with overall volumes rising 12% YoY and revenue...

Axis Direct

Pick of the Week: Gravita India - 05th July, 2025

The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced...

Axis Direct

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

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