Gallantt Ispat Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Gallantt Ispat Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gallantt Ispat reported full year FY26 consolidated revenue of INR 4,418.92 crores, up 3.95% year-on-year, with EBITDA of INR 776.04 crores at a 17.56% margin. Management described FY26 as a period of consolidation with marginal volume growth, while highlighting ongoing capacity expansion, iron ore mine development, and a renewable energy program under an INR 3,000 crores capex plan. The company remained net-debt free with capex funded through internal accruals, and reported Q4 FY26 EBITDA of INR 208.92 crores at a 16.99% margin.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue from operations: INR 4,418.92 crores (FY26)
p. 6
“our consolidated revenue from operations stood at INR 4,418.92 crores, with other income of INR 59.59 crores taking total income to INR 4,478.51 crores.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
EBITDA: INR 776.04 crores (FY26)
p. 6
“EBITDA for the year was INR 776.04 crores with margin of 17.56% and EBITDA per ton of INR 8,785.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
PAT: INR 484.27 crores (FY26)
p. 6
“Profit after tax stood at INR 484.27 crores with PAT margin of 10.81%.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
Q4 revenue from operations: INR 1,204.81 crores (Q4 FY26)
p. 6
“revenue from operation was INR 1,204.81 crores with other income of INR 24.5 crores, taking total income to INR 1,229.34 crores.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
Q4 EBITDA: INR 208.92 crores (Q4 FY26)
p. 6
“EBITDA for Q4 was INR 208.92 crores with margins of 16.99% compared to INR 168.69 crores and 15.5% in Q3.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
Q4 PAT: INR 122.84 crores (Q4 FY26)
p. 6
“Profit after tax for the quarter stood at INR 122.84 crores.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
Capex during the year: INR 320 crores (FY26)
p. 6
“Capex during the year was INR 320 crores, primarily towards capacity of de-bottlenecking integration initiatives and initial work on our renewable energy program.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
EBITDA per ton: INR 8,785 per ton (FY26)
p. 5
“First is our EBITDA per ton, which has already improved meaningfully from INR 8,300 per ton in FY25 to INR 8,785 per ton in FY26.”
Mayank Agrawal, page 5 of the filed PDF · View the filing
Raw material cost as proportion of net realization: approximately 72% (FY24-25 and FY25-26)
p. 4
“we have maintained our raw material cost as a proportion of the net realization at approximately 72%, and this has been consistent across both FY24-25 and FY25-26.”
Mayank Agrawal, page 4 of the filed PDF · View the filing
ROCE: improved from 13% to 23% (past five years)
p. 5
“our ROCE has improved from 13% to 23%, and our debt-to-equity has consistently remained below 0.2x.”
Mayank Agrawal, page 5 of the filed PDF · View the filing
Capex over past five years: about INR 1,200 crores (past five years)
p. 5
“Every rupee of capital expenditure incurred over the past five years, which is about INR 1,200 crores approximately in total, has been funded entirely through internal accruals.”
Mayank Agrawal, page 5 of the filed PDF · View the filing
Pellet production: 819 kilotonnes (FY26)
p. 7
“For FY26, the pellet production is 819 kilotonnes, sponge iron is 915 kilotonnes, billet is 883 kilotonnes and the TMT bar is 788 kilotonnes.”
Amit Jalan, page 7 of the filed PDF · View the filing
TMT bar sales volume: 766 kilotonnes (FY26)
p. 7
“Billet is sold 81 kilotonnes, and the TMT bar is 766 kilotonnes.”
Amit Jalan, page 7 of the filed PDF · View the filing
Capacity utilization: 88% (current)
p. 11
“But we have taken lot of initiatives and now we are at 88%.”
Dindayal Jalan, page 11 of the filed PDF · View the filing
Cash surplus: INR 800 crores (as on 31st March)
p. 9
“we have got somewhere around INR 800 crores surplus as on 31st March, and out of that, the borrowing is INR 440 crores.”
Dindayal Jalan, page 9 of the filed PDF · View the filing
Net cash: almost INR 360 crore (as on 31st March)
p. 9
“So, the net cash is almost INR 360 crore.”
Dindayal Jalan, page 9 of the filed PDF · View the filing
Market share in UP and Gujarat: almost 25%
p. 9
“we have got almost 25% of the market share, and we on top of that, we realize some premium over our peer group because of the branding what we have created for Gallantt.”
Dindayal Jalan, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Steel capacity — 1.3 million ton
stated firmly by Dindayal Jalan
p. 6
“the current expansion plan which is there with INR 3,000 crores, that will increase our capacity to 1.3 million ton production.”
Dindayal Jalan, page 6 of the filed PDF · View the filing
Revenue — INR 5,300 crores, INR 5,400 crores
stated conditionally by Dindayal Jalan
p. 6
“the overall revenue should go up to somewhere around INR 5,300 crores, INR 5,400 crores with that.”
Dindayal Jalan, page 6 of the filed PDF · View the filing
EBITDA margin — around 20%
stated conditionally by Dindayal Jalan
p. 7
“with the completion of the projects and with the mining integration, we should be somewhere around 20%.”
Dindayal Jalan, page 7 of the filed PDF · View the filing
Medium to long-term growth plan disclosure — Q2 FY27
stated firmly by Mayank Agrawal
p. 4
“we are evaluating a medium-term growth plan alongside the ongoing INR 3,000 crores capex program and intend to present this opportunity in Q2 FY27.”
Mayank Agrawal, page 4 of the filed PDF · View the filing
EBITDA per ton improvement from mining — approximately INR 2,000 per ton
stated conditionally by Mayank Agrawal
p. 5
“We expect this to translate into an EBITDA improvement of approximately INR 2,000 per ton, which is a very material step up for us, a business of our scale.”
Mayank Agrawal, page 5 of the filed PDF · View the filing
Solar capacity commissioning - Gujarat — 18 megawatts · Q2 FY27
stated firmly by Mayank Agrawal
p. 5
“we are investing about INR 225 crores in solar capacity, comprising 18 megawatts at Gujarat, which is scheduled to be commissioned in Q2 FY27, and 60 megawatts at Gorakhpur, Uttar Pradesh, expected to commission in Q4 27.”
Mayank Agrawal, page 5 of the filed PDF · View the filing
Leverage — comfortable · FY27
stated firmly by Pradyumna Satpathy
p. 6
“We expect our leverage to remain comfortable through FY27.”
Pradyumna Satpathy, page 6 of the filed PDF · View the filing
Steel capacity expansion commissioning — H2 of this financial year
stated firmly by Dindayal Jalan
p. 8
“One part is the capacity expansion of steel, which is somewhere around INR 1,200 crore, which is underway, and this should commence production sometime in H2 of this financial year.”
Dindayal Jalan, page 8 of the filed PDF · View the filing
Mine development completion — FY28
stated as an aspiration by Dindayal Jalan
p. 8
“That is likely to be completed by FY28. As of now, you know that the opening of mines in India is a little time-taking initiative, but we have taken a very challenging time period with us. Let’s see that how we are able to achieve our internal timeline of FY28.”
Dindayal Jalan, page 8 of the filed PDF · View the filing
Capex funding
stated firmly by Dindayal Jalan
p. 7
“So the current phase of capex funding is largely from internal accruals.”
Dindayal Jalan, page 7 of the filed PDF · View the filing
Power cost savings from solar — INR 30 to INR 40 crores yearly
stated conditionally by Mayank Agrawal
p. 11
“So there would be a total of about INR 30 to INR 40 crores that we are expecting as a saving yearly from these 78 megawatts of total generation.”
Mayank Agrawal, page 11 of the filed PDF · View the filing
Geographic expansion — medium to long term
stated as an aspiration by Mayank Agrawal
p. 12
“But definitely in the medium to long term, we are open for it.”
Mayank Agrawal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the current INR 3,000 crores capex will raise capacity to 1.3 million tons and revenue to around INR 5,300-5,400 crores, with margins expected to reach around 20% after mining integration.
Answered by Dindayal Jalan
Asked by Geetarth Tandon: What is the expected top-line and bottom-line growth over the next two to three years?
p. 6
“the overall revenue should go up to somewhere around INR 5,300 crores, INR 5,400 crores with that.”
Dindayal Jalan, page 6 of the filed PDF · View the filing
Management said the steel capacity expansion should commence production in H2 of the current financial year, the solar plant within the year, and mines by FY28.
Answered by Dindayal Jalan
Asked by Naitik Mohata: What is the timeline for the steel capacity expansion and mine commissioning?
p. 8
“this should commence production sometime in H2 of this financial year.”
Dindayal Jalan, page 8 of the filed PDF · View the filing
Management said exports are only pursued when export realizations are better than domestic, and this is continuously evaluated.
Answered by Dindayal Jalan
Asked by Jinal Shah: Is the company planning to enter export markets?
p. 8
“But sometimes I think seldom we get an opportunity wherein the realization in export market is better than Indian market. So at that point of time, definitely we will, we keep on evaluating and we shall evaluate.”
Dindayal Jalan, page 8 of the filed PDF · View the filing
Management identified execution of the large capex program and funding structure as the main challenge.
Answered by Dindayal Jalan
Asked by Pranav Bastawala: What are the main challenges expected in the next two years?
p. 9
“So though we are going to go through the curve of complete insulated from the external risk, but since it is going to be the project of good economic size, so I think implementation of that project from a balanced funding proposal with equity and external borrowing, that is what I see is the first step opportunity also”
Dindayal Jalan, page 9 of the filed PDF · View the filing
Management outlined three components -- capacity expansion, solar plant, and mine development -- with expected revenue increase and cost reduction from mine integration.
Answered by Dindayal Jalan
Asked by Nayan Gala: How will the INR 3,000 crores capex be deployed and what impact will it have on revenue and margins?
p. 10
“with the mine integration, our cost of production should come down by almost INR 2,000 crores.”
Dindayal Jalan, page 10 of the filed PDF · View the filing
Management estimated INR 30-40 crores in yearly savings from the 78 megawatts of solar generation, used for internal consumption.
Answered by Mayank Agrawal
Asked by Nayan Gala: What savings are expected from the solar power projects?
p. 11
“So there would be a total of about INR 30 to INR 40 crores that we are expecting as a saving yearly from these 78 megawatts of total generation.”
Mayank Agrawal, page 11 of the filed PDF · View the filing
Management described different sourcing patterns for Gorakhpur (Odisha, MP, Maharashtra) and Gujarat (Rajasthan pellets, NMDC long-term offtake, and imports based on viability).
Answered by Mayank Agrawal
Asked by Disha Parikh: How is iron ore sourcing managed across the two plants?
p. 12
“In Gorakhpur, our iron ore fines is being broadly managed in different proportions by Odisha, MP, and also Maharashtra a little bit.”
Mayank Agrawal, page 12 of the filed PDF · View the filing
Risks flagged
Execution risk in implementing the large capex program within timeline and funding it appropriately
p. 9
“but since it is going to be the project of good economic size, so I think implementation of that project from a balanced funding proposal with equity and external borrowing, that is what I see is the first step opportunity also”
Dindayal Jalan, page 9 of the filed PDF · View the filing
Time-taking nature of mine opening approvals in India
p. 8
“As of now, you know that the opening of mines in India is a little time-taking initiative, but we have taken a very challenging time period with us.”
Dindayal Jalan, page 8 of the filed PDF · View the filing
Global steel demand pressure from China's real estate correction and exports
p. 4
“The real estate correction has been deeper than anticipated, and the Chinese exports have kept global prices under pressure.”
Mayank Agrawal, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.