Produces value-added steel grades used in automotive, agri-machinery, and industrial applications from a base in Ludhiana, Punjab, operating at 100% capacity utilization as of Q2 FY26. Consolidated FY26 revenue stood at Rs 29,460.97 lakh, with profit after tax of Rs 1,059.01 lakh and an EBITDA margin of 4.67%, making it a small-scale steelmaker by industry standards. In August 2025 the company acquired a 51.22% stake in Vaneera Industries Limited, now a subsidiary that is setting up a new alloy steel facility to broaden the product mix; FY26 was the first year of consolidation. The product strategy emphasises chemistry-led innovation in value-added grades rather than commodity steel. Quarterly performance swung sharply — Q3 FY26 standalone revenue rose ~47% YoY to Rs 9,239 lakh with PAT up ~79% YoY to Rs 367.82 lakh — while operating cash flow was negative for the year at Rs -3,503.47 lakh on a consolidated basis. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel products for automotive, agri-machinery and industrial applications. Small-cap, asset-heavy steel manufacturer focused on value-added grades
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 295 |
| EBITDA (ex other income) | 13 |
| margin % | 4.5 |
| Owners' profit | 10 |
| EPS, as reported (₹) | 16.60 |
| ROE % · ROCE % | 8.1 · 8.3 |
| Debt / equity (x) | 0.13 |
| Cash from operations | (14) |
| Capex | (35) |
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 62 | 94 | 78 |
| Profit before tax | 3 | 4 | 3 |
| Net profit | 3 | 4 | 3 |
| EPS (₹) | 4.83 | 6.15 | 4.20 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · GFL investor presentation outlines Vaneera expansion and multi-year growth plan | investor communications | medium | — | — |
| 1 Sept 2026 · 53rd AGM: All 5 resolutions passed including preferential warrant issue | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Garg Furnace clarifies on share price movement query from BSE | compliance | minimal | — | — |
| 29 Aug 2026 · 53rd AGM held; preferential issue of convertible warrants approved | board shareholder meetings | low | — | — |
| 28 Aug 2026 · BSE seeks clarification from Garg Furnace on price movement | regulatory legal | high | — | — |
| 25 Aug 2026 · Subsidiary Vaneera commissions Phase-1 alloy steel billets facility | compliance | low | — | — |
| 19 Aug 2026 · Corrigendum to AGM Notice - Preferential Issue of 13,98,000 Warrants | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Newspaper ad filed for Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 11 Aug 2026 · Board meeting on Aug 14 to consider Q1 FY27 results | results | low | — | — |
| 6 Aug 2026 · Newspaper publication of 53rd AGM notice and e-voting info | compliance | minimal | — | — |
| 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 |
| 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 16.2 | 38 of 118 | 68% |
| P/B | 0.9 | 1.7 | 23 of 99 | 78% |
| ROCE | 8.0 | 8.7 | 62 of 120 | 49% |
| ROE | 8.1 | 8.6 | 61 of 114 | 47% |
| Debt / Equity | 0.1 | 0.1 | 56 of 114 | 51% |
| EBITDA margin | 5.5 | 11.0 | 70 of 100 | 30% |
| Market cap | 117 | 247 | 73 of 120 | 40% |
| 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 |
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.
