- Home
- Results news
- Gallantt Ispat
- Q2 FY27 results
Gallantt Ispat Q2 FY27 results: net profit down 32.0% to ₹60.51 crore, revenue up 13.1%
Gallantt Ispat Limited reported consolidated Q2 FY27 revenue of ₹1,146 crore, up 13.1% from Q2 FY26 but flat against Q1 FY27. EBITDA fell to ₹109.69 crore and margin to 9.6%, while net profit declined to ₹60.51 crore and EPS to ₹2.51. The company attributed the margin impact to planned and extended plant shutdowns and higher input costs, while expecting expanded Gorakhpur capacity to start operations in November 2026.
Key points
- Consolidated Q2 FY27 revenue was ₹1,146 crore, up 13.1% from ₹1,013 crore in Q2 FY26.
- EBITDA was ₹109.69 crore, down 16.6% year on year, and margin fell 3.4 percentage points to 9.6%.
- Net profit was ₹60.51 crore, down 32.0% from ₹88.93 crore, while basic EPS fell to ₹2.51.
- In H1 FY27, revenue was ₹2,291.56 crore, up 7.1%, but net profit fell 29.9% to ₹184.18 crore.
- Management expects expanded Gorakhpur capacity to become operational in November 2026 and reach 85-90% utilisation by December.
How did Gallantt Ispat perform in Q2 FY27?
Gallantt Ispat reported consolidated revenue of ₹1,146 crore in Q2 FY27, up 13.1% from ₹1,013 crore in Q2 FY26 and broadly unchanged from ₹1,146 crore in Q1 FY27. EBITDA fell 16.6% year on year to ₹109.69 crore and declined 40.7% from ₹185.09 crore in the previous quarter. The EBITDA margin fell 3.4 percentage points year on year to 9.6%, and 6.6 percentage points from Q1 FY27.
Profit before tax was ₹83.17 crore, down 19.3% from ₹103.01 crore a year earlier and 49.5% from ₹164.81 crore in the previous quarter. Net profit was ₹60.51 crore, down 32.0% year on year and 51.1% sequentially. Basic EPS fell to ₹2.51 from ₹3.62 in Q2 FY26 and ₹5.13 in Q1 FY27. On a standalone basis, revenue was ₹1,146 crore and net profit was ₹60.51 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,146 | 1,146 | 1,013 | +13.1% | +0.0% |
| Other income | 18.15 | 18.31 | 13.22 | +37.3% | −0.9% |
| Total expenses | 1,081 | 999.16 | 922.96 | +17.1% | +8.2% |
| EBITDA | 109.69 | 185.09 | 131.54 | −16.6% | −40.7% |
| EBITDA margin | 9.6% | 16.2% | 13.0% | −3.4 pp | −6.6 pp |
| Profit before tax | 83.17 | 164.81 | 103.01 | −19.3% | −49.5% |
| Tax | 22.66 | 41.15 | 15.78 | +43.6% | −44.9% |
| Net profit | 60.51 | 123.67 | 88.93 | −32.0% | −51.1% |
| EPS (₹) | 2.51 | 5.13 | 3.62 | −30.7% | −51.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Gallantt Ispat's costs and profit?
Total expenses increased to ₹1,081 crore in Q2 FY27 from ₹922.96 crore in Q2 FY26, a rise of ₹157.91 crore or 17.1%. Cost of materials rose ₹63.93 crore or 8.8% to ₹794.21 crore, employee cost increased ₹8.06 crore or 24.0% to ₹41.71 crore, and depreciation increased ₹2.84 crore or 8.7% to ₹35.51 crore. Finance costs rose ₹0.09 crore or 1.0% to ₹9.17 crore, while other expenses fell ₹3.34 crore or 3.6% to ₹89.22 crore.
Other income increased ₹4.93 crore or 37.3% to ₹18.15 crore, but tax expense rose ₹6.88 crore or 43.6% to ₹22.66 crore. There was no exceptional item. Management said the quarter included a planned Gorakhpur shutdown to integrate expanded capacity and an unplanned extension of a power plant shutdown; it also cited higher input costs, elevated coal and freight costs, and sharp increases in sponge iron and pig iron prices.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 794.21 | 730.28 | +63.93 | +8.8% |
| Employee cost | 41.71 | 33.65 | +8.06 | +24.0% |
| Finance costs | 9.17 | 9.08 | +0.09 | +1.0% |
| Depreciation | 35.51 | 32.67 | +2.84 | +8.7% |
| Other expenses | 89.22 | 92.56 | −3.34 | −3.6% |
| Total expenses | 1,081 | 922.96 | +157.91 | +17.1% |
| Other income | 18.15 | 13.22 | +4.93 | +37.3% |
| Tax | 22.66 | 15.78 | +6.88 | +43.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹2,291.56 crore, up 7.1% from ₹2,140.53 crore in H1 FY26, while total income rose 7.8% to ₹2,328.02 crore from ₹2,160.57 crore. Profit before tax fell 22.4% to ₹247.99 crore from ₹319.38 crore, and net profit declined 29.9% to ₹184.18 crore from ₹262.72 crore. Basic EPS fell 29.5% to ₹7.63 from ₹10.82.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,292 | 2,141 | +7.1% |
| Profit before tax | 247.99 | 319.38 | −22.4% |
| Net profit | 184.18 | 262.72 | −29.9% |
| EPS (₹) | 7.63 | 10.82 | −29.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,492.97 crore, up from ₹4,269.62 crore at 31 March 2026, while total equity rose to ₹3,486.54 crore from ₹3,316.23 crore. Borrowings increased to ₹591.97 crore from ₹547.69 crore, and cash and cash equivalents fell to ₹1.12 crore from ₹101.65 crore. Inventories increased to ₹668.64 crore from ₹550.75 crore, trade receivables to ₹185.27 crore from ₹177.58 crore, and trade payables to ₹174.69 crore from ₹171.5 crore.
H1 FY27 operating cash flow was ₹90.82 crore, compared with ₹127.71 crore in H1 FY26. Investing cash flow was negative ₹218.54 crore against negative ₹398.17 crore, while financing cash flow was ₹27.17 crore against ₹265.51 crore. Capital expenditure was ₹278.47 crore, compared with ₹100.85 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,493 | 4,270 |
| Total equity | 3,487 | 3,316 |
| Borrowings | 591.97 | 547.69 |
| Cash and equivalents | 1.12 | 101.65 |
| Inventories | 668.64 | 550.75 |
| Trade receivables | 185.27 | 177.58 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 90.82 | 127.71 |
| Cash from investing | −218.54 | −398.17 |
| Cash from financing | 27.17 | 265.51 |
| Capital expenditure | 278.47 | 100.85 |
Source: Company's results filing (XBRL).
How has Gallantt Ispat done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. Across the available quarterly series, revenue reached its high of ₹1,204.81 crore in Q4 FY26 and its low of ₹1,012.75 crore in Q2 FY26. It stood at ₹1,145.89 crore in Q2 FY27, nearly unchanged from ₹1,145.67 crore in Q1 FY27.
Profit moved from its high of ₹173.79 crore in Q1 FY26 to its low of ₹60.51 crore in Q2 FY27. The EBITDA margin peaked at 21.9% in Q1 FY26 and fell to its low of 9.6% in Q2 FY27. The latest quarter therefore shows flat revenue alongside lower profit and margin.
What did Gallantt Ispat's management say?
Management expects the expanded Gorakhpur capacity to become operational in November 2026, with operations proposed to start on 10 November. It expects utilisation to reach 85-90% within one month to one and a half months of commissioning and become stable by the end of December 2026. Chief Executive Officer Mayank Agarwal said: “Ramping up capacity would take around a month to a month and a half to make it reach to the range of 85% to 90% capacity utilization.”
Management identified commissioning or ramp-up delays, volatile coal, freight, sponge iron and pig iron costs, geopolitical cost pressure and unresolved greenfield project parameters as risks. It also noted that iron ore mine benefits remained subject to exploration, environmental and forest clearances. No analyst concerns were recorded.
How did Gallantt Ispat shares react?
The filing appeared after market hours. The stock was up 0.1% after five minutes and 0.2% after 15 minutes, before falling 0.9% after 30 minutes. It closed the reaction day 5.3% below its pre-results close, and by the next day's close it was down 9.5% from that close; by the fifth session, it was down 11.1%.
The Iron & Steel Products sector median fell 2.3% on the reaction day, 4.1% by the next day's close and 4.4% by the fifth session. Gallantt Ispat underperformed the industry median by 3.1 percentage points, 5.3 percentage points and 6.7 percentage points over those respective closes. Earlier reaction-day moves ranged from a 10.6% rise on 29 July 2025 to a 4.8% fall on 5 May 2026.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | +0.2% | |
| 30 minutes | −0.9% | |
| Reaction day | −5.3% | −2.3% |
| Next day | −9.5% | −4.1% |
| 5 days | −11.1% | −4.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | +5.0% |
| 5 May 2026 | −4.8% |
| 4 February 2026 | +1.0% |
| 3 November 2025 | −0.4% |
| 29 July 2025 | +10.6% |
| 21 May 2025 | −1.2% |
| 5 February 2025 | +5.5% |
| 28 October 2024 | +0.6% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 28 other Iron & Steel Products companies that had filed for the quarter, the median revenue growth was 25.5%. Of those peers, 17 grew revenue faster than Gallantt Ispat and 11 grew more slowly. Profit increased at 23 of the 33 peers used for the profit comparison.
| Gallantt Ispat revenue growth (YoY) | +13.1% |
|---|---|
| Median of 28 other Iron & Steel Products companies | +25.5% |
| Companies with slower revenue growth than Gallantt Ispat | 11 of 28 |
| Companies with faster revenue growth than Gallantt Ispat | 17 of 28 |
| Companies whose net profit rose | 23 of 33 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Gallantt Ispat's revenue in Q2 FY27?
Revenue from operations was ₹1,146 crore, up 13.1% from ₹1,013 crore in Q2 FY26 (consolidated).
Did Gallantt Ispat make a profit in Q2 FY27?
Yes. Net profit was ₹60.51 crore, against a net profit of ₹88.93 crore in Q2 FY26.
What was Gallantt Ispat's EPS in Q2 FY27?
Basic earnings per share were ₹2.51, against ₹3.62 in Q2 FY26.
How did Gallantt Ispat shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.3% from the previous close; the median Iron & Steel Products stock moved −2.3%.
When did Gallantt Ispat announce its Q2 FY27 results?
On 19 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Financial Results For The Period 30.09.2026 (BSE, 13 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Approval Of Unaudited Financial Results (BSE, 19 October 2026) · PDF
- Results - Financial Result 30-09-2026 (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 20 October 2026) · PDF
- Board Meeting Outcome for OUTCOME OF BOARD MEETING HELD ON 19TH OCTOBER 2026 (REVISED) (BSE, 21 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.