Submission of the transcript of Earnings Conference Call with investors/analysts held on May 06, 2026.

Gallantt Ispat held its first earnings call, reporting FY26 revenue of INR 4,419 crore (up 4% YoY) with EBITDA of INR 776 crore at 17.6% margin and PAT of INR 484 crore. EBITDA per ton improved to INR 8,785 from INR 8,300 in FY25. The company is executing a INR 3,000 crore capex program: steel capacity expanding to 1.3 million tons (H2 FY27), 78MW solar capacity (Q2-Q4 FY27), and four captive iron ore mines in UP and Rajasthan (FY28). Management guided revenue to INR 5,300-5,400 crore post-expansion and expects margins to improve from 15-17% to ~20% once mining integration is complete, targeting ~INR 2,000 per ton EBITDA improvement. The company is net cash surplus, debt-free, and plans to fund capex from internal accruals with no equity raise required for current phase. A medium-term growth plan will be presented in Q2 FY27.