Godawari Power and Ispat Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Godawari Power and Ispat Ltd filed with BSE on 22 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
Godawari Power & Ispat reported FY26 consolidated EBITDA of INR 1,253 crores and PAT of INR 802 crores, both described as stable versus the prior year, while Q4 FY26 revenue grew 41% quarter-on-quarter with EBITDA rising 91% Q-o-Q to INR 439 crores. Management discussed capacity expansion across iron ore mining, pellets, the CRM complex, a BESS project and a new integrated steel plant, along with commentary on iron ore, coal and pellet pricing trends. The company also addressed the divergence between standalone and consolidated results arising from the Ardent Steel stake sale.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
EBITDA: INR 1,253 crores (FY26)
p. 4
“FY '26 EBITDA stood stable at INR 1,253 crores whereas Q4 FY '26 EBITDA increased by 38% Y-o-Y basis and 91% Q-o-Q basis to INR 439 crores.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
PAT: INR 802 crores (FY26)
p. 4
“FY '26 PAT also remained stable at INR 802 crores with Q4 FY '26 PAT rising to INR 280 crores.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
Cash flow from operating activities: INR 1,157 crores (FY26)
p. 4
“Cash flow from operating activities improved by 29% to INR 1,157 crores, driven by a strong operational performance and efficient working capital management.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
Cash position: INR 837 crores
p. 4
“GPIL continues to maintain a healthy balance sheet with a cash position of INR 837 crores.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
Standalone PAT growth: 19% (FY26)
p. 4
“The standalone PAT growth of 19% represents dividend income from Ardent Steel and exceptional income on sale of stake in Ardent Steel.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
EBITDA and PAT margin: 23% and 15% (FY26)
p. 3
“Despite softer realization, GPIL delivered good set of numbers with revenues remaining steady and EBITDA and PAT margin strong at 23% and 15% respectively.”
Sanjay Bothra, page 3 of the filed PDF · View the filing
Inventory gain: INR 20 crores (Q4 FY26)
p. 16
“We have roughly gained INR 20 crores on account of unsold pellet stock carrying from last quarter and sold during the quarter.”
Sanjay Bothra, page 16 of the filed PDF · View the filing
Dividend income from Ardent Steel: INR 91 crore
p. 13
“in other income, there is a INR 91 crore item of dividends from Ardent Steel Limited, associate company, and there is around INR 73 crores profit on sale of stake of Ardent Steel, which is appearing in the exceptional item standalone results.”
Sanjay Bothra, page 13 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.
Revenue — 6,000 plus crores · FY27
stated conditionally by Abhishek Agrawal
p. 13
“See, revenue, we should, top line should be 6,000 plus with our new pellet plant operating at close to 80%, 90% capacity.”
Abhishek Agrawal, page 13 of the filed PDF · View the filing
EBITDA margin — 24%-25% · FY27
stated conditionally by Abhishek Agrawal
p. 13
“And FY '27 guidance, see at current market level, we should be able to do somewhere about 24%-25% at EBITDA levels, at current market levels.”
Abhishek Agrawal, page 13 of the filed PDF · View the filing
Pellet plant commissioning — beneficiation plant commissioning · Q3 FY27
stated firmly by Sanjay Bothra
p. 4
“The iron ore beneficiation plant capacity expansion at the Ari Dongri Mines increasing capacity 10-fold to 6 million tons is targeted for commissioning by Q3 FY '27.”
Sanjay Bothra, page 4 of the filed PDF · View the filing
CRM Complex commissioning — commissioning · March FY27
stated firmly by Sanjay Bothra
p. 5
“The project is targeted for commissioning by March FY '27.”
Sanjay Bothra, page 5 of the filed PDF · View the filing
BESS project commissioning — commissioning · March '27
stated firmly by Sanjay Bothra
p. 5
“BESS project is expected to commission from March ‘27.”
Sanjay Bothra, page 5 of the filed PDF · View the filing
Integrated steel plant construction start — construction start · October '26
stated firmly by Sanjay Bothra
p. 5
“Discussion with equipment suppliers and project engineering are underway with construction expected to begin in October ‘26.”
Sanjay Bothra, page 5 of the filed PDF · View the filing
Solar power capacity addition — additional 100 Megawatt · July '26
stated firmly by Sanjay Bothra
p. 5
“In addition to current 165 Megawatt, the company has commissioned solar power capacity of 25 Megawatt yesterday only and additional 100 Megawatt is expected to be commissioned by July ‘26.”
Sanjay Bothra, page 5 of the filed PDF · View the filing
Iron ore mining capacity — 6 million tons · FY28
stated firmly by Abhishek Agrawal
p. 7
“And from FY '28, we should be able to mine 6 million and the actual output concentrated usable for pellet plant will be about 4.5 million tons.”
Abhishek Agrawal, page 7 of the filed PDF · View the filing
BESS output — 5 to 6 Gigawatt · FY28
stated conditionally by Abhishek Agrawal
p. 9
“So, first year, FY '28, we expect to do a 5 to 6 Gigawatt of output, which is hardly at about 30%-40%.”
Abhishek Agrawal, page 9 of the filed PDF · View the filing
BESS output — 90% capacity · next two to three years
stated as an aspiration by Abhishek Agrawal
p. 9
“So, next two to three years, we should be able to reach to a 90% capacity.”
Abhishek Agrawal, page 9 of the filed PDF · View the filing
CRM complex utilization — 50%, 3-3.5 lakh tons · FY28
stated conditionally by Abhishek Agrawal
p. 19
“And that is why we have taken a very conservative guidance of 50%, which is at about 3-3.5 lakh tons of CRM complex for FY '28.”
Abhishek Agrawal, page 19 of the filed PDF · View the filing
CRM complex utilization — 90% capacity · FY29
stated as an aspiration by Abhishek Agrawal
p. 19
“So, from FY '29, we should be at about 90% capacity for sure.”
Abhishek Agrawal, page 19 of the filed PDF · View the filing
2031 top line — close to INR 3,000 crores · next four to five years
stated as an aspiration by Abhishek Agrawal
p. 8
“And with the pellet capacity crossing 4 million this year, so put together the current complex and the projects we have already announced, we see a top line reaching close to about INR 3,000 crores in the next four to five years.”
Abhishek Agrawal, page 8 of the filed PDF · View the filing
Steel plant EBITDA margin — more than 20% · once at full capacity
stated as an aspiration by Abhishek Agrawal
p. 18
“We expect EBITDA of more than 20% once the plant is operating at full capacity, because we are into value-added steel and currently there is not much competition from the Indian market.”
Abhishek Agrawal, page 18 of the filed PDF · View the filing
CAPEX — INR 1,500 crores to INR 2,000 crores · FY27
stated firmly by Abhishek Agrawal
p. 22
“Yes, including the balance of CRM, balance of your battery storage and little bit of solar, you can consider CAPEX of close to about INR 1,500 crores to INR 2,000 crores for FY '27.”
Abhishek Agrawal, page 22 of the filed PDF · View the filing
CAPEX — about INR 3,000 crores · FY28 and FY29
stated firmly by Abhishek Agrawal
p. 23
“Yes, about INR 3,000 crores. About INR 3,000 crores for FY '28 and INR 3,000 crores for FY '29.”
Abhishek Agrawal, page 23 of the filed PDF · View the filing
Pellet volume — 4 million tons · FY27
stated firmly by Abhishek Agrawal
p. 23
“So, pellet guidance for this year is 4 million tons.”
Abhishek Agrawal, page 23 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 clarified the 3.4 million tons figure refers to net usable iron ore after beneficiation, while actual mining will be around 4-4.25 million tons.
Answered by Abhishek Agrawal
Asked by Manav Gogia: Why has the iron ore mining guidance for FY27 come down from the earlier 4.5-5 million tons to 3.4 million tons?
p. 7
“So, the actual iron ore mining production will be about 4 million to 4.25 million tons. But the guidance we have given is the net usable iron ore coming to the plant for making pellets, which is about 3.4 million tons.”
Abhishek Agrawal, page 7 of the filed PDF · View the filing
Prices were similar to Q4 initially but softened by about 10% across the supply chain from late April.
Answered by Abhishek Agrawal
Asked by Manav Gogia: How is pricing trending in Q1 versus Q4?
p. 8
“So, Q1, the prices have softened by almost 10% across the supply chain, post end of April onwards.”
Abhishek Agrawal, page 8 of the filed PDF · View the filing
Management attributed the growth to carryover inventory sales, new pellet plant ramp-up, and additional mining from the EC approval.
Answered by Abhishek Agrawal
Asked by Sunil Jain: Why did EBITDA grow so much quarter-on-quarter when pellet prices were largely unchanged?
p. 8
“There was a carryover inventory of iron ore pellets of about 89,000 tons in Q3, which got sold in Q4.”
Abhishek Agrawal, page 8 of the filed PDF · View the filing
Management said margins were conceived at 7-8% but have risen to 12-13% currently, though they model conservatively.
Answered by Abhishek Agrawal
Asked by Sunil Jain: What margin is expected in the BESS business?
p. 9
“So today, if you see, today, the price of one container is close to about INR 80 lakh per Megawatt hour, which is about INR 4 crore per container.”
Abhishek Agrawal, page 9 of the filed PDF · View the filing
Management confirmed they built export readiness and may start exporting depending on domestic market conditions.
Answered by Abhishek Agrawal
Asked by Aman Kothari: Will Godawari look at exporting pellets given softer domestic demand?
p. 10
“So, whenever we see domestic demand is on the, for example, today the domestic demand is on the weak side, you might hear where Godawari start exporting pellets from the next quarter.”
Abhishek Agrawal, page 10 of the filed PDF · View the filing
Management said imported coal costs have risen due to higher sea freight and dollar appreciation, with an impact of 15-20% expected from Q2.
Answered by Abhishek Agrawal
Asked by Aman Kothari: How have imported coal prices been trending given the war impact?
p. 11
“So, there is a substantial impact on the imported coal price from Q2 onwards, at least by 15%-20%.”
Abhishek Agrawal, page 11 of the filed PDF · View the filing
CFO quantified an approximately INR 20 crore gain from unsold pellet stock carried from the prior quarter.
Answered by Sanjay Bothra
Asked by Vandana Rathi: How much was the inventory gain in Q4?
p. 16
“We have roughly gained INR 20 crores on account of unsold pellet stock carrying from last quarter and sold during the quarter.”
Sanjay Bothra, page 16 of the filed PDF · View the filing
Management admitted an earlier miscalculation and cited a new coke oven plant and value-added product mix as reasons for the higher cost.
Answered by Abhishek Agrawal
Asked by Varun Mehta: Why has the steel plant CAPEX risen from an earlier estimate of INR 4,000 crores to INR 7,000 crores?
p. 18
“We were wrong on the cost estimation. The current CAPEX given as INR 7,000 crores is very much on the practical side.”
Abhishek Agrawal, page 18 of the filed PDF · View the filing
Management said there is a lull in steel demand and finished product prices corrected, prompting export exploration, and clarified Lloyd's capacity has not yet impacted the Chhattisgarh market.
Answered by Abhishek Agrawal
Asked by Rohan Mehta: What is causing weak domestic pellet demand and prompting exploration of exports?
p. 20
“But there is an overall, there is a demand, there is a lull in the steel demand. There is no selling in the finish side.”
Abhishek Agrawal, page 20 of the filed PDF · View the filing
Management estimated transportation costs could rise from about INR 900 to INR 1,150-1,200 in the near term.
Answered by Abhishek Agrawal
Asked by Aman Kothari: How much could mining transportation costs rise due to diesel price increases?
p. 23
“So, currently that transportation is about INR 900. We foresee it can go up to INR 1,150, INR 1,200 if the diesel prices continue to rise in the near future.”
Abhishek Agrawal, page 23 of the filed PDF · View the filing
Risks flagged
Rising diesel and transportation costs due to war-related disruption
p. 7
“so because of the diesel escalation and the shortage all over because of the war, so our transportation cost is already up by 200-250 bucks.”
Abhishek Agrawal, page 7 of the filed PDF · View the filing
Softening steel and pellet prices post-April due to war effect or seasonal demand
p. 8
“It might be a war effect, it might be the summer season or the heat wave, which is across the India right now.”
Abhishek Agrawal, page 8 of the filed PDF · View the filing
Rising lithium cell prices affecting BESS input costs
p. 9
“if you see, six months back, the prices of lithium cells were about $37, $38 per watt, which is now at about $55 per watt.”
Abhishek Agrawal, page 9 of the filed PDF · View the filing
Margin pressure for merchant pellet players dependent on market iron ore purchases
p. 17
“But there will be a challenge to merchant pellet players who are solely dependent on market for purchase of iron ore. We can definitely see a squeeze in margins for them.”
Abhishek Agrawal, page 17 of the filed PDF · View the filing
Weak domestic steel demand sentiment
p. 20
“So, the overall sentiment is weak. Basis that we have started exploring the export market. No other reason.”
Abhishek Agrawal, page 20 of the filed PDF · View the filing
Wrong cost estimation on steel plant CAPEX requiring correction
p. 18
“There was a wrong estimation done by us on the CAPEX side.”
Abhishek Agrawal, page 18 of the filed PDF · View the filing
Government restrictions on coke imports increasing project scope and cost
p. 18
“last year, to support the local domestic coke industry, government of India had imposed restrictions on import of cokes, because of which now we are investing heavily in the coke oven plant, one.”
Abhishek Agrawal, page 18 of the filed PDF · View the filing
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