Please find attached herewith the Earning Call Transcript for Con Call held on 20.05.2026.
GPIL · price
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Godawari Power and Ispat delivered stable FY26 results with EBITDA of INR 1,253 crores (23% margin) and PAT of INR 802 crores (15% margin). Q4 saw strong momentum with 41% Q-o-Q revenue growth and 91% Q-o-Q EBITDA growth. Key capacity expansions are on track including the new 2-million-ton gas-based pellet plant (commissioned Dec 2025), Ari Dongri mine expansion to 6 million tons by FY28, and a 20-GW BESS project targeted for March 2027. FY27 guidance indicates revenue exceeding INR 6,000 crores with EBITDA margins of 24-25%. The long-term 2031 vision targets INR 25,000+ crores revenue from BESS, steel plant, and CRM expansions. However, overall margins are expected to compress to ~10% PAT as lower-margin BESS (7-8%) and CRM (7-10%) businesses scale up.
The company's multi-year expansion plans into BESS and high-value steel products signal strong growth ambitions, but investors should note that margin dilution is expected as these lower-margin businesses become significant revenue contributors. The strong cash position of INR 837 crores provides ample flexibility for the ambitious INR 7,000 crore steel plant CAPEX.