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Revenue
₹1,139 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Godawari Power reported a steady Q3 FY26 with EBITDA margin expanding 300bps YoY to 20%, despite softer realizations and a temporary pellet plant shutdown. Iron ore mining production surged 46% YoY, while value-added steel sales grew 15%. The key highlight was receiving environmental clearance to double Arjuni mine capacity to 6MTPA, with commercial operations expected imminently. Management guided for FY27 revenue of ₹6,500-7,000cr from current operations, plus ₹5,000cr from the new BESS plant and ₹2,000cr from CRM complex. Capex of ~₹2,000cr in FY27 is fully funded. A decision on the proposed 1MTPA steel plant (₹5,000cr capex) will be taken by April-May 2026. Risk: potential oversupply in domestic pellet market from new capacities could pressure volumes.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue of ₹6,500-7,000 crore from current steel and mining operations in FY27, assuming full capacity utilization.
- Management guided that the expanded pellet plant will operate at over 90% capacity in FY27, producing more than 4.2 million tons.
- For the new 20GW BESS plant, management expects 40-50% utilization in the first year (FY28), with margins around 7%.
- Management will decide on the proposed 1MTPA steel plant (₹5,000cr capex) by the annual board meeting in April-May 2026.
Risks flagged
- New pellet capacity from competitors (Lloyd, NMDC) could create volume pressure in the domestic market over the next 12 months.
- INR depreciation and potential Indonesian supply disruptions could increase imported coal costs from Q2 FY27 onwards.
- The company is undertaking multiple large projects (solar, BESS, CRM) simultaneously, with total capex of ~₹2,000cr in FY27, which could strain execution capabilities.
Key quotes
- We are looking at a revenue of close to about 6 and a half,000 7,000 KS from the steel complex.
- We have no intentions of entering the export market at the moment because the delta is very huge, the delta is more than $157 at the moment.
- If you don't go ahead with the steel plant then probably from FI28 once all our capexes are done there will be close to about 2500 or 2,000 of cash every year.
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