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Execution risk on large capex program
View Risks →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.
bullish
high
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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.
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Steel Production (FY26)
883 kilotonnes
+7.8% YoY
Total steel production for FY26, including sponge iron, billet, and TMT bar.
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.
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Guidance and risk preview
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.
The ₹3,000 crore capex, especially mine development, faces regulatory and implementation challenges; management acknowledged time-taking approvals.
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