Gallantt Ispat (GALLANTT) Q4 25/26 earnings summary

Executive summary

• FY26 was a consolidation year with 1.7% volume growth; expansions are expected to drive a meaningful volume scale-up in FY27.

• Structural Indian demand from infrastructure, construction, housing, automotive and railways supports the medium-term outlook, with focus on integrated steel operations.

Financial highlights

• FY26 revenue from operations was ₹4,418.92 crore, up 2.94% YoY; total income was ₹4,478.52 crore, up 3.95%.

• FY26 EBITDA was ₹776.04 crore, up 9.3%, at a 17.56% margin; EBITDA per tonne was ₹8,784.7, up 5.7%, and PAT was ₹484.27 crore, up 20.84%, at a 10.81% margin.

• Q4 FY26 revenue from operations was ₹1,204.81 crore, up 12.4% YoY; EBITDA was ₹208.92 crore and PAT was ₹122.84 crore, up 5.6% YoY.

• Q4 total income was ₹1,229.34 crore, up 12.93% QoQ; EBITDA margin was 16.99% versus 15.5% in Q3, and PAT margin was 10.2%.

• FY26 consolidated PBT was ₹604.03 crore versus ₹568.09 crore; no exceptional items were reported.

Outlook and guidance

• A ₹3,000 crore expansion program targets capacity growth from 1.0 million to 1.3 million tonnes and revenue potential of ₹5,300–5,400 crore.

• The program includes ₹1,200 crore for steel capacity, ₹300 crore for solar and ₹1,500 crore for mine development; medium-term installed steel capacity target is ~12.3 lakh MT.

• Management sees margins reaching ~20% as projects complete and mine integration advances; current margins have ranged 15%–17%.

• Steel expansion is targeted to enter production in H2 FY27; solar additions are planned for FY27, and mine development is targeted for FY28, subject to approvals.