Steel Production (FY26)
883 kilotonnes
+7.8% YoY
Total steel production for FY26, including sponge iron, billet, and TMT bar.
GALLANTTISPAT
Other
15 May 2026
Gallantt Ispat Ltd — Q4 FY26
Gallantt Ispat reported FY26 revenue of ₹4,419 crore (+3.95% YoY) with EBITDA margin of 17.56% and PAT of ₹484 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
TMT Bar Sales (FY26)
766 kilotonnes
+2.7% YoY
TMT bar sales volume for FY26, reflecting steady demand in core markets.
EBITDA per Tonne (FY26)
₹8,785
+5.8% YoY
Improved from ₹8,300 in FY25, driven by integration and cost efficiencies.
Capacity Utilization (FY26)
88%
+8pp YoY
Improved from 80% in FY25, targeting 90-92% going forward.
Management Guidance
Revenue target of ₹5,300-5,400 crore post-expansion
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.
Management guidance revenueEBITDA margin improvement to ~20%
With completion of projects and mine integration, EBITDA margin is expected to reach around 20%.
Management guidance marginsCapex of ₹3,000 crore over next 2-3 years
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 guidance capexMedium-term growth plan to be presented in Q2 FY27
Management is evaluating a medium-term growth plan beyond the current ₹3,000 crore capex and intends to present it in Q2 FY27.
Management guidance growthKey Risks
Execution risk on large capex program
The ₹3,000 crore capex, especially mine development, faces regulatory and implementation challenges; management acknowledged time-taking approvals.
high · management_commentaryCounterparty risk on intercorporate deposits
Company deployed surplus cash in intercorporate deposits at 12% interest; analyst raised concern about counterparty risk, management expressed confidence but risk remains.
medium · analyst_questionSteel price volatility and input cost pressure
Global steel prices remain under pressure from Chinese exports; raw material cost ratio held at 72% but any sharp increase could impact margins.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Gallantt Ispat's revenue in Q4 FY26?
Gallantt Ispat reported revenue of ₹1,205 Cr in Q4 FY26, representing a +3.95% change compared to the same quarter last year.
What guidance did Gallantt Ispat management give for FY27?
Revenue target of ₹5,300-5,400 crore post-expansion: 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. EBITDA margin improvement to ~20%: With completion of projects and mine integration, EBITDA margin is expected to reach around 20%. Capex of ₹3,000 crore over next 2-3 years: 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). Medium-term growth plan to be presented in Q2 FY27: Management is evaluating a medium-term growth plan beyond the current ₹3,000 crore capex and intends to present it in Q2 FY27.
What are the key risks for Gallantt Ispat in FY27?
Key risks include Execution risk on large capex program — The ₹3,000 crore capex, especially mine development, faces regulatory and implementation challenges; management acknowledged time-taking approvals.; Counterparty risk on intercorporate deposits — Company deployed surplus cash in intercorporate deposits at 12% interest; analyst raised concern about counterparty risk, management expressed confidence but risk remains.; Steel price volatility and input cost pressure — Global steel prices remain under pressure from Chinese exports; raw material cost ratio held at 72% but any sharp increase could impact margins..
Did Gallantt Ispat meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Gallantt Ispat Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.