NSE: GPIL · BSE: 532734
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (99%), Power (1%). Cyclical, asset-heavy integrated iron and steel producer diversifying into battery energy storage and solar.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,399 | 5,753 | 5,455 | 5,376 | 5,381 |
| EBITDA (ex other income) | 1,963 | 1,118 | 1,346 | 1,194 | 1,235 |
| margin % | 36.4 | 19.4 | 24.7 | 22.2 | 22.9 |
| Owners' profit | 1,481 | 793 | 937 | 812 | 801 |
| EPS, as reported (₹) | 111.41 | 30.88 | 75.09 | 13.24 | 13.05 |
| ROE % · ROCE % | 42.6 · 51.6 | 20.1 · 26.1 | 20.5 · 27.1 | 16.5 · 21.8 | 13.7 · 17.9 |
| Debt / equity (x) | 0.12 | 0.08 | 0.01 | 0.06 | 0.07 |
| Cash from operations | 1,330 | 962 | 1,044 | 895 | 1,157 |
| Capex | (613) | (456) | (423) | (535) | (1,042) |
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 | 1,268 | 1,298 | 1,468 | 1,323 | 1,308 | 1,139 | 1,610 | 1,750 |
| Profit before tax | 217 | 190 | 288 | 287 | 227 | 200 | 378 | 297 |
| Net profit | 159 | 145 | 222 | 216 | 162 | 143 | 280 | 222 |
| EPS (₹) | 12.98 | 2.36 | 3.61 | 3.52 | 2.63 | 2.33 | 4.56 | 3.59 |
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 | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD ◆ | 12,751 | 14.9 | 2.18 | 9.7 | 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) | 14.9 | 15.4 | 50 of 105 | 53% |
| P/B | 2.2 | 1.5 | 69 of 101 | 32% |
| ROCE | 17.0 | 9.1 | 17 of 115 | 86% |
| ROE | 13.7 | 8.6 | 23 of 103 | 78% |
| Debt / Equity | 0.1 | 0.2 | 36 of 101 | 65% |
| EBITDA margin | 21.0 | 11.0 | 23 of 100 | 78% |
| Revenue growth | 32.3 | 13.7 | 22 of 97 | 78% |
| Profit growth | 2.8 | 29.3 | 70 of 105 | 34% |
| Market cap | 12751 | 216 | 8 of 122 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Steel melting capacity raised to 5.75 lakh MTPA; operations begin | capex operations | high | — | — |
| 17 Oct 2026 · Godawari Energy Solutions incorporated as wholly owned subsidiary | strategic transactions | medium | — | — |
| 14 Oct 2026 · GPIL transfers second tranche of JPL shares, stake falls to 38.27 percent | strategic transactions | high | — | — |
| 14 Oct 2026 · Submission of demat remat certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 8 Oct 2026 · GPIL allots 2.72 lakh shares on warrant conversion | fund raising | high | — | — |
| 6 Oct 2026 · Subsidiary gets EC for 20 GWh BESS plant in Maharashtra | capex operations | high | — | — |
| 1 Oct 2026 · GPIL to form wholly owned energy solutions subsidiary in Maharashtra | strategic transactions | medium | — | — |
| 29 Sept 2026 · Management participated in GIA Metal Day on 29 Sep 2026 | investor communications | low | — | — |
| 29 Sept 2026 · GPIL virtually attended GIA Metals Day investor meet on 29 Sept 2026 | investor communications | low | — | — |
| 29 Sept 2026 · Newspaper notice on SEBI special window for physical share re-lodgement | compliance | minimal | — | — |
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.