Gravita India Gets A 'Buy' Rating From Axis Securities, Sees 20% Upside; Here's Why

Axis Securities Report

We are initiating coverage on Gravita India Ltd. with a Buy recommendation and a target price of Rs 3,000/share, implying an upside of 20% from the current market price.

Established in 1992, Gravita India is a leading recycling company and one of the largest lead producers in India. The company's business is organized across four specialized verticals: lead recycling (flagship), aluminum recycling, plastic recycling and turnkey projects.

The company is headquartered in Jaipur, India and has multiple scrap collection and recycling facilities within India and at overseas locations. The company generates the majority of its revenues from Lead recycling and is foraying in newer verticals which are likely to benefit from the global push for the adoption of circular economy.

With its planned capacity additions, Gravita appears to be well-positioned to benefit from strong tailwinds in the sector.

We believe Gravita provides a dual opportunity to benefit from the eminent growth of the recycling industry along with the rising preference for sustainability/ESG-focused investments.

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