GODAWARI POW & ISP LTD

Mines iron ore and runs an integrated steel chain covering pellets, DRI and rolled products. In the segment data shown (quarter ended 30 June 2022), Steel accounted for 98.7% of period segment revenue at Rs 1,648.91 crore and Power the remaining 1.3% at Rs 21.46 crore. FY26 revenue stood at Rs 5,380.65 crore on a 24.6981% EBITDA margin. Total pellet-making capacity now stands at 4.7 MT after commissioning a 2 MT natural gas-based grate-kiln plant in December 2025, described by management as India's first such facility; iron ore mining at Ari Dongri is being expanded from 2.35 MT to 6 MT, with full capacity targeted by end-Q3/early-Q4 FY27 and FY27 mining guidance of 4-4.25 MT. A 1 MT blast-furnace integrated steel plant has been approved at Rs 7,000 crore capex with construction starting October 2026. FY27 guidance includes 4 MT of pellet output (3 MT merchant, 0.9-1 MT captive) and ~3.75 lakh tons of rolled products (wire rod 2.2 lakh tons, structural 1.2-1.3 lakh tons). Beyond steel, a 20 GW Battery Energy Storage System project is being set up through subsidiary GNEPL, with EVE Power (LFP cells) and Shanghai Shenyi Roche (BoS) as long-term suppliers, and first line commissioning targeted for end-FY27; solar capacity is rising from 165 MW to 540 MW, and a 350-truck EV fleet has been approved at Rs 350 crore capex. Raw materials at 51.7% of FY26 revenue are the largest cost; iron ore landed cost is guided at Rs 3,000-3,200/ton for FY27 and pellet cost of production at Rs 5,500-5,800/ton post-beneficiation. A 2 MTPA pellet plant at Siltara was temporarily suspended on 14.07.2026 due to curtailed gas supplies, contributing ~5.5% of turnover, while a 6.91 MW Waste Heat Recovery power plant commenced commercial operations there on 23.06.2026.