Gallantt Ispat announced its unaudited financial results for the Quarter and Nine Months ended December 31, 2025. Q3 FY26 saw Revenue reach ₹1,089 Cr, with EBITDA at ₹169 Cr and a margin of 15.7%. For the 9M FY26 period, Revenue was ₹3,249 Cr and PAT grew by 27.0% CPLY to ₹361 Cr. The company emphasizes structural margin improvement despite softer steel realizations.
Financial Highlights: Q3 and 9M FY26 Performance
Gallantt Ispat Limited released its performance update for the quarter ending December 31, 2025 (Q3 FY26), highlighting robust operational efficiency that protected profitability across key metrics.
Q3 FY26 Snapshot
The company reported the following key results for the third quarter:
- Revenue stood at ₹1,089 Cr, showing a 6.1% growth QoQ, though down 2.7% YoY.
- EBITDA increased by 16.5% QoQ to reach ₹169 Cr.
- EBITDA Margin was reported at 15.7%, expanding by 139 bps QoQ.
- PAT for the quarter was ₹100 Cr, marking a 15.1% growth QoQ.
Management commentary indicated that Q3 topline was affected by softer steel realizations, but Q4 FY26 is expected to improve with stronger volume growth and strengthening steel prices.
Nine Months Ended FY26 Snapshot
Performance over the first nine months demonstrated resilience:
- Revenue totaled ₹3,249 Cr, showing a marginal increase of 0.8% CPLY, driven by a 2% volume increase.
- EBITDA grew by 10.0% CPLY to ₹567 Cr, resulting in an EBITDA Margin of 17.45% (up 150 bps CPLY).
- PAT saw significant bottom-line growth, rising 27.0% CPLY to ₹361 Cr.
- EBITDA per tonne improved by 8.6% CPLY to ₹8,749, reflecting better realization and operating efficiency.
Operational Performance Update
Production volumes largely increased year-over-year, showcasing enhanced capacity utilization. Total Pellet production grew 35.6% YoY in Q3 FY26, and total DRI – Sponge Iron production grew 19.0% YoY.
For the 9M FY26 period, total Pellet production surged by 30.0% CPLY. DRI production increased by 16.3% CPLY. The company continues to leverage its backward integration benefits, as seen in the strong EBITDA bridge improvement of ₹968 per tonne attributed to Raw Material benefits.
Investment Thesis and Growth Strategy
Gallantt Ispat continues to focus on its core strengths, including a Locational Advantage in Kutch and Gorakhpur, Cost Efficiency Levers through captive logistics, and a commitment to Capital-Efficient, Self-Funded Growth. The company maintains significant installed capacities, including 1.0 MTPA Steel Capacity and 129 MW Captive Power.
The medium-term growth trajectory involves a ₹3,000 Cr Capex program focused on:
- Capacity Expansion: Phased expansion to ~12.3 lakh MT installed capacity.
- Raw Material Deepening: Capex of ₹1,500 Cr in its Sonbhadra and Todpura mines to secure linkage and achieve an EBITDA improvement of ~₹2,000/tonne.
- Renewable Shift: Deployment of ₹300 Cr for a 78MW solar plant to support decarbonization.
Market Position and Governance
The company highlights its strong market presence, holding a 25% Serviceable Market Share and leveraging a distribution network of over 3,000 Active Dealers. Furthermore, the company reinforces its commitment to ESG, detailing strong metrics in Environmental stewardship, significant Social investment totaling ₹30 Cr CSR Spend over 5 years, and a robust Governance structure featuring multiple Independent Directors.
Source: BSE
