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Revenue
₹1,205 Cr
verified against source
Revenue YoY
3.95%
reported change
EBITDA
₹770.44 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gallantt Ispat reported FY26 revenue of ₹4,419 crore (+3.95% YoY) with EBITDA margin of 17.56% and PAT of ₹484 crore. Volume growth was modest at 1.7%, but EBITDA per tonne improved to ₹8,785 from ₹8,300 in FY25, driven by integration benefits and cost discipline. The company is executing a ₹3,000 crore capex plan to expand steel capacity from 1.0 to 1.3 million tonnes, develop captive iron ore mines, and add 78 MW solar capacity. Management guided for revenue to reach ₹5,300-5,400 crore post-expansion and EBITDA margin to improve to ~20% with mine integration. Key risk: execution delays in mine development or cost overruns on the large capex program.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to increase from current ~₹4,500 crore to ₹5,300-5,400 crore after the 1.3 mtpa capacity expansion is fully operational.
- With completion of projects and mine integration, EBITDA margin is expected to reach around 20%.
- Includes ₹1,200 crore for steel capacity expansion (commissioning H2 FY27), ₹300 crore for solar (commissioning by Q4 FY27), and ₹1,500 crore for mine development (target FY28).
- Management is evaluating a medium-term growth plan beyond the current ₹3,000 crore capex and intends to present it in Q2 FY27.
Risks flagged
- The ₹3,000 crore capex, especially mine development, faces regulatory and implementation challenges; management acknowledged time-taking approvals.
- Company deployed surplus cash in intercorporate deposits at 12% interest; analyst raised concern about counterparty risk, management expressed confidence but risk remains.
- Global steel prices remain under pressure from Chinese exports; raw material cost ratio held at 72% but any sharp increase could impact margins.
Key quotes
- Our clear objective is to progressively reduce these proportions by deepening integration and channeling more of our upstream products into finished TMT thereby capturing the full value addition at every stage of the chain.
- Despite significant volatility in input prices, particularly coal and iron ore and the impact of currency movements on import cost, we have maintained our raw material cost as a proportion of the net realization at approximately 72%.
- Gallant is a net cash surplus generating company. We carry no term loans and our borrowings are limited to working capital facilities deployed in the normal course of operations.
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