Gallantt Ispat (GALLANTT) Q3 25/26 earnings summary

Executive summary

• 9M FY26 total income reached ₹3,249 Cr (+1% YoY); EBITDA was ₹567 Cr (+10%) and PAT ₹361 Cr (+27%).

• Q3 revenue from operations declined 4% YoY to ₹1,074 Cr as softer realizations weighed on results; TMT sales were 193 KT, down 2.6% YoY.

• Volume growth, cost control and integration benefits supported margin resilience despite weaker steel realizations.

Financial highlights

• Q3 revenue from operations was ₹107,358.03 lakh vs ₹111,832.11 lakh YoY; total income was ₹108,860.96 lakh vs ₹111,908.53 lakh.

• Q3 EBITDA was ₹169 Cr, down 15.6% YoY and up 16.5% QoQ; PAT was ₹10,041.07 lakh vs ₹11,367.32 lakh YoY.

• Q3 PBT was ₹12,304.00 lakh vs ₹16,515.42 lakh YoY; 9M PBT was ₹442 Cr (+8% YoY).

• 9M revenue from operations was ₹321,410.89 lakh vs ₹322,058.34 lakh; PAT was ₹36,143.75 lakh vs ₹28,443.51 lakh.

Outlook and guidance

• Q4 FY26 is expected to benefit from stronger volume growth and strengthening steel prices after the monsoon.

• A ₹3,000 Cr capex program is underway, weighted toward backward integration and phased capacity expansion over the next 2–3 years.

• Capacity expansion targets ~12.3 lakh MT across Gorakhpur and Kutch, including ₹1,200 Cr for steelmaking; ₹1,500 Cr in mine investments targets EBITDA improvement of ~₹2,000 per tonne.

• ₹300 Cr is allocated to a 78 MW solar program for decarbonization and long-term energy efficiency.