Lead, a key base metal, plays a vital role across multiple industries.
Its largest end-use remains lead-acid batteries, which continue to power automobiles, industrial equipment, and backup power systems. It also finds applications in radiation shielding, counterweights, and ammunition for the defence sector.
In recent years, the metal has gained renewed relevance with the rise of electric vehicles (EVs), where it serves as a low-voltage auxiliary power source, supporting essential functions such as lighting, windows, and others.
Unlike many base metals, lead is rarely mined on a standalone basis. Its supply is largely dependent on the production of associated metals such as zinc, silver, and copper, making lead prices closely linked to demand trends in these metals.
Against this backdrop, this editorial explores key lead-related stocks in India.
#1 Gravita India
First on the list is Gravita India.
Gravita India has established a strong foothold in the lead recycling and processing segment, which remains the company’s core business. Lead processing at Gravita involves the smelting of lead battery scrap and lead concentrate to produce secondary lead metal.
This secondary lead is further converted into pure lead, specific lead alloys, lead oxides such as lead sub-oxide, red lead and litharge, as well as value-added lead products including lead sheets, lead powder and lead shots.
The lead business contributes over 88% to the company’s overall revenue, underlining its importance to the business model. Gravita India operates 10 lead recycling plants across India and overseas, giving it a diversified and efficient processing footprint.
The company has delivered nearly 1.74 lakh metric tonnes of lead products and has key OEM and industrial approvals in place, strengthening its credibility and market reach.
Its total lead production capacity stands at approximately 236,559 MTPA, positioning Gravita India as one of the leading organised players in India’s lead recycling ecosystem.
Data Source: Gravita India Annual Report FY25
Going forward, Gravita is increasingly focusing on value-added refined lead and specialised products to improve margins.
On the financial front, over the past five years the company’s revenue has seen a growth of 23.5%, meanwhile, net profit grew at a CAGR of 53.6%.
The company’s five-year average ROE and ROCE stand at 27.6% and 32.1%.
Gravita India Financial Snapshot
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 14,098 | 22,159 | 28,006 | 31,608 | 38,688 |
| Revenue Growth (%) | 4.6 | 57.2 | 26.4 | 12.9 | 22.4 |
| Net Profit (Rs in m) | 568 | 1,485 | 2,041 | 2,423 | 3,129 |
| Net profit margin (%) | 4.0 | 6.7 | 7.3 | 7.7 | 8.1 |
| Return on equity (%) | 21.1 | 38.4 | 34.7 | 28.9 | 15.1 |
| Return on capital employed (%) | 31.8 | 40.8 | 39.9 | 30.0 | 18.1 |
Source: Equitymaster
Over the past three decades, Gravita India has transformed from a single recycling facility in Jaipur into a global recycling platform with operations spanning Asia, Africa, and Europe.
Looking ahead, the company has outlined an aggressive expansion and diversification strategy, with a total capex outlay of around Rs 15 bn planned by FY28.
Of this, nearly Rs 10 bn will be allocated towards expanding existing verticals such as lead, aluminium, plastic, and rubber, strengthening scale and operational efficiency.
The investment will be directed towards new recycling segments, including lithium-ion batteries, paper, and steel, marking a strategic shift towards emerging and high-growth recycling opportunities.
With these initiatives, Gravita aims to increase its total production capacity to over 700,000 MTPA, translating into an estimated annual capacity growth of 25–30% over the next three years.
#2 Pondy Oxides and Chemicals
Next on the list is Pondy Oxides and Chemicals.
Pondy Oxides and Chemicals Ltd (POCL) stands at the forefront of the recycling industry, delivering high-quality lead, copper, plastics, aluminium, and a wide range of value-added products.
Within this portfolio, the lead segment remains a key growth driver and a core pillar of the company’s operations.
The company has a strong presence in the lead recycling and processing space, supported by a finished goods capacity of around 132,000 MTPA.
Raw material sourcing is well diversified, with about 77% of procurement coming from imports and 23% from domestic sources. On the sales front, POCL has a healthy export orientation, with exports contributing nearly 66% of sales, while the domestic market accounts for the remaining 34%.
The company primarily caters to lead-acid battery manufacturers and other battery OEMs. Its product portfolio includes pure lead, lead calcium alloys, lead tin alloys, lead antimony alloys, lead master alloys, and speciality alloys.
Data Source: POCL Annual Report FY25
During FY25, lead production and sales witnessed steady growth, supported by capacity expansion and an improved market reach.
The lead segment now derives over 60% of its segmental revenue from value-added products, and the company aims to increase this share to 70% going forward.
EBITDA per tonne in the lead segment has remained stable, aided by a rising contribution from higher-margin, value-added offerings.
On the financial front, over the past five years the company’s revenue has seen a growth of 11%, meanwhile, net profit grew at a CAGR of 28.9%.
The company’s five-year average ROE and ROCE stand at 15.6% and 23%.
Pondy Oxides and Chemicals Financial Snapshot
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 10,043 | 14,548 | 14,762 | 15,424 | 20,569 |
| Revenue Growth (%) | -17.7 | 44.9 | 1.5 | 4.5 | 33.4 |
| Net Profit (Rs in m) | 108 | 482 | 751 | 319 | 581 |
| Net profit margin (%) | 1.1 | 3.3 | 5.1 | 2.1 | 2.8 |
| Return on equity (%) | 6.7 | 23.2 | 28.4 | 9.5 | 10 |
| Return on capital employed (%) | 10.6 | 33.7 | 37.1 | 18.1 | 15.7 |
Source: Equitymaster
Going forward, the company plans to focus on expanding into high-potential sectors such as Lithium-ion batteries, rubber and e-waste.
#3 Nile
Last on the list is Nile.
Nile Limited operates through two key divisions, Lead and Wind Energy, with the lead business forming a core part of its operations.
The company is an ISO 9001:2015 certified manufacturer, engaged in the secondary production of pure lead and lead alloys, primarily catering to the battery industry.
Nile Limited focuses on the manufacture of lead and lead alloys used largely in lead-acid batteries. Its pure lead and alloy products are supplied to leading manufacturers of lead-acid batteries, as well as customers in related segments such as PVC stabilisers and lead-oxide producers.
The company has built a quality-conscious customer base, backed by consistent product standards and reliable supply.
The company operates two secondary lead recycling plants located at Choutuppal, near Hyderabad, and Tirupati, near Chennai. These facilities have a combined installed capacity of around 107,000 tonnes per annum of lead and lead alloys.
Nile’s product portfolio includes high-purity pure lead (99.97%) along with lead antimony, lead selenium, lead calcium, and lead tin alloys, enabling it to serve diverse industrial requirements within the lead-acid battery value chain.
Data Source: website
On the financial front, over the past five years the company’s revenue has seen a growth of 9.2%, meanwhile, net profit grew at a CAGR of 27.2%.
The company’s five-year average ROE and ROCE stand at 12.2% and 17.2%.
Nile’s Financial Snapshot
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 5,364 | 7,025 | 8,063 | 8,376 | 9,196 |
| Revenue Growth (%) | -9.5 | 31.0 | 14.8 | 3.9 | 9.8 |
| Net Profit (Rs in m) | -9.5 | 31.0 | 14.8 | 3.9 | 9.8 |
| Net profit margin (%) | 2.6 | 3.4 | 2.8 | 3.7 | 4 |
| Return on equity (%) | 8.9 | 13.4 | 11.3 | 13.6 | 13.7 |
| Return on capital employed (%) | 13.9 | 19.2 | 16.0 | 18.0 | 18.9 |
Source: Equitymaster
Going forward, demand for lead-acid batteries is expected to remain steady, supported by their continued use across sectors.
Conclusion
According to Pondy Oxides’ annual report, the global lead-acid battery market is estimated to be valued at US$ 49.37 billion (bn) in 2025 and is projected to grow to US$ 61.23 bn by 2030, registering a CAGR of 4.4%.
This growth is being driven by factors such as stricter government regulations to curb emissions, rising automobile demand, increasing adoption of electric and hybrid vehicles, and continuous technological advancements in battery design and performance.
This favourable industry outlook is expected to support sustained demand for lead and lead-based products.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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