NSE: GALLANTT · BSE: 532726
GALLANTT ISPAT LIMITED
Manufactures steel products and runs a captive power business. Steel is the dominant revenue line, contributing 88.1% of segment revenue (₹3,048.7 crore for the period ending 31 December 2023), but operates at a near-breakeven EBIT margin of -0.3%. The power segment contributes 11.7% of segment revenue (₹405.85 crore) at a high EBIT margin of 47.1%, indicating captive use with surplus sale. Steelmaking capacity is being raised from 1 MT to 1.3 MT, with H2 FY27 commissioning targeted. A 78 MW solar capacity (18 MW in Gujarat, 60 MW in UP) is being added to reduce power costs, with ₹30-40 crore in annual savings expected on full commissioning. Captive iron ore mines in Rajasthan and UP are being developed, with FY28 commissioning expected to lift EBITDA per ton by approximately ₹2,000 once integrated. FY26 revenue was ₹4,418.92 crore, EBITDA margin 17.56%, and net profit margin 10.96%. Raw materials are the dominant cost at 72% of revenue. End-market demand drivers cited are infrastructure, construction, automotive, and railways. The balance sheet is near-zero debt, with debt-to-equity of 0.1652. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel (88%), Power (12%), Real Estate (0%), Un-allocated (0%). Cyclical, asset-heavy integrated steelmaker with captive power, currently in a capex-led expansion phase
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 865 | 1,007 | 4,227 | 4,293 | 4,419 |
| EBITDA (ex other income) | 32 | 111 | 448 | 694 | 716 |
| margin % | 3.7 | 11.0 | 10.6 | 16.2 | 16.2 |
| Owners' profit | 0 | 0 | 225 | 0 | 484 |
| EPS, as reported (₹) | 2.76 | 10.01 | 9.34 | 16.61 | 20.07 |
| ROE % · ROCE % | 3.4 · 2.7 | 11.0 · 12.9 | 9.2 · 12.7 | 14.1 · 18.8 | 14.6 · 18.0 |
| Debt / equity (x) | 0.14 | 0.15 | 0.19 | 0.13 | 0.17 |
| Cash from operations | — | 92 | 344 | 579 | 602 |
| Capex | — | (46) | (199) | (242) | (348) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 943 | 1,118 | 1,072 | 1,128 | 1,013 | 1,074 | 1,205 | 1,146 |
| Profit before tax | 65 | 165 | 159 | 216 | 103 | 123 | 162 | 165 |
| Net profit | 49 | 114 | 116 | 174 | 89 | 100 | 123 | 124 |
| EPS (₹) | 2.03 | 4.71 | 4.82 | 7.20 | 3.62 | 4.16 | 5.09 | 5.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED ◆ | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.2 | 15.6 | 76 of 105 | 28% |
| P/B | 4.0 | 1.4 | 85 of 101 | 16% |
| ROCE | 16.8 | 9.1 | 18 of 115 | 85% |
| ROE | 14.6 | 8.6 | 17 of 103 | 84% |
| Debt / Equity | 0.2 | 0.2 | 47 of 101 | 54% |
| EBITDA margin | 17.8 | 11.0 | 31 of 100 | 70% |
| Revenue growth | 1.6 | 13.7 | 68 of 97 | 30% |
| Profit growth | (28.8) | 29.3 | 83 of 105 | 21% |
| Market cap | 13114 | 210 | 7 of 122 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 margins fall as shutdowns hit volumes | investor communications | medium | — | — |
| 27 Oct 2026 · Promoter Smriti Agrawal receives 5 lakh shares as a gift | ownership changes | high | — | — |
| 24 Oct 2026 · Promoter group sells 2.65 lakh shares in block deal | ownership changes | high | — | — |
| 24 Oct 2026 · Promoter Smriti Agrawal acquires 9,198,700 shares by gift | ownership changes | high | — | — |
| 22 Oct 2026 · Gallantt Ispat publishes September 2026 quarterly results | compliance | minimal | — | — |
| 21 Oct 2026 · Earnings call transcript for Q2/H1 FY27 submitted to exchanges | investor communications | medium | — | — |
| 21 Oct 2026 · Gallantt Ispat Q2 FY27 results: revenue up YoY, margins compress QoQ | investor communications | medium | — | — |
| 21 Oct 2026 · Q2 FY27 results approved; PAT down around 30% YoY at Rs 60.5 cr | results | high | — | — |
| 21 Oct 2026 · Gallantt Ispat Q2 FY27: Revenue flat YoY, margins under pressure | investor communications | medium | — | — |
| 20 Oct 2026 · Gallantt Ispat Q2 FY26-27 results: revenue up, profit down YoY | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.