CLSA ON GRAVITA INDIA ; OUTPERFORM | TP ₹1,980

• Gravita positioned as an “urban miner” benefiting from India’s recycling boom. • Strong procurement moat aligns with India’s recycling inflection point. • Key beneficiary of accelerating shift toward recycling-led metal supply. • Recycling becoming increasingly strategic as primary metal supply struggles to keep pace. • Deep scrap sourcing network, formalising industry and scalable multi-metal platform support strong earnings growth. • CLSA expects industry-leading returns.

GRAVITA INDIA LIMITED

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