Gallard Steel Limited

Makes precision engineering components for the railway, defence, power and industrial sectors from its base in Indore, Madhya Pradesh. FY26 consolidated revenue from operations was ₹6,804.49 Lakhs with PAT of ₹910.48 Lakhs, a 27.62% year-on-year revenue increase and 50.08% PAT growth. The cost structure is dominated by raw materials at 51.4% of revenue, with employee costs at 7.3% and other operating expenses at 17.5%; capex was 10.2% of revenue in FY26. Manufacturing facilities ran at approximately 98% capacity utilisation in FY26, and a major capacity expansion is underway. Casting capacity is being lifted from 2,400 MT to 6,100 MT per annum, with the new plant expected to start operations by June 2026 and reach 70-80% utilisation by March 2027. The expansion is supported by a 30,700 sq metre lease hold industrial plot acquired at Pithampur Sector-7, Indore from MPIDC for about ₹7.02 crore. The company completed an IPO in November 2025 on the BSE SME platform, raising ₹37.50 crore through 25 lakh fresh equity shares at ₹150 each.