BSE: 544616
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Precision engineering components, Railway sector components, Defence sector components, Power and industrial sector components. Capex-heavy precision engineering and casting, currently mid-expansion
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 68 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 11.59 |
| ROE % · ROCE % | — · 20.8 |
| Debt / equity (x) | — |
| Cash from operations | 4 |
| Capex | (7) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 36 |
| Profit before tax | 7 |
| Net profit | — |
| EPS (₹) | 6.12 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 25.0 | 58 of 119 | 52% |
| ROCE | 18.5 | 12.6 | 33 of 125 | 74% |
| Market cap | 143 | 1455 | 102 of 126 | 19% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Subsidiary statutory auditor resigns before term ends | management changes | medium | — | — |
| 16 Oct 2026 · Gallard Steel files quarterly compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 3 Oct 2026 · Two independent directors and statutory auditor appointed at 11th AGM | management changes | medium | — | — |
| 3 Oct 2026 · Gallard Steel approves 2 independent directors and statutory auditor at 11th AGM | management changes | medium | — | — |
| 3 Oct 2026 · AGM approves 2 independent directors and statutory auditor appointment | management changes | medium | — | — |
| 3 Oct 2026 · 11th AGM held Sept 30, 2026 - all 6 resolutions passed unanimously | results | high | — | — |
| 3 Oct 2026 · All 6 resolutions passed unanimously at 11th AGM | compliance | minimal | — | — |
| 30 Sept 2026 · 11th AGM of Gallard Steel held on 30 Sep 2026; 6 resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of H2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Gallard Steel cancels investor meet scheduled for 30 September 2026 | board shareholder meetings | low | — | — |
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.