Gallantt Ispat FY26 profit rises 21% as ₹3,000 crore expansion advances

Gallantt Ispat Limited is executing a ₹3,000 crore capex programme, including steel expansion, mine development and solar projects.

FY26 consolidated PAT rose 20.8% to ₹484.27 crore, while EBITDA increased 9.3% to ₹776.04 crore.

Reader Takeaway: Strong profitability and zero net debt support expansion, while mine approvals and capex execution remain key watch points.

What just happened

Gallantt Ispat issued a revised Annual Report for FY2025-26 after an inadvertent omission of the Companies Auditor’s Report Order, or CARO, from the standalone auditor’s report.

The correction does not alter the financial numbers disclosed for the year.

Consolidated revenue from operations increased 2.9% to ₹4,418.92 crore from ₹4,292.73 crore. EBITDA rose to ₹776.04 crore from ₹710.05 crore, while PAT climbed to ₹484.27 crore from ₹400.74 crore.

EPS increased to ₹20.07 from ₹16.61.

Why this matters

Profit grew considerably faster than revenue. That indicates stronger operating performance during FY26, with EBITDA growth of 9.3% and PAT growth of 20.8% against revenue growth of only 2.9%.

Gallantt also ended March 31, 2026 net debt-free, giving it balance-sheet flexibility as it enters a heavy investment cycle.

The board has recommended a final dividend of ₹2 per share, equal to 20% of the ₹10 face value. The record date is September 23, 2026, subject to the applicable shareholder approval process.

Promoter and promoter-group shareholders have voluntarily waived their dividend entitlement to retain funds for expansion.

What changes now

Gallantt is pursuing around ₹3,000 crore of capital expenditure. About ₹1,200 crore is allocated to capacity expansion, ₹1,500 crore to mine development and ₹300 crore to solar power projects.

Finished steel capacity is expected to rise from about 1.0 million tonnes to roughly 1.3 million tonnes.

The company is also advancing a 78 MW solar programme, comprising 18 MW for its Gujarat operations and 60 MW for Uttar Pradesh. Management expects annual savings of ₹30-40 crore once the projects are operational.

Mining could change raw-material economics

Gallantt has been declared preferred bidder for two iron ore blocks in Uttar Pradesh: Bharhari Block B, with reserves of 31.71 million tonnes, and Near Sobna-Chakriya Block C, with 18.88 million tonnes.

The two blocks together represent 50.59 million tonnes of stated reserves. Management has indicated captive mining could improve EBITDA by about ₹2,000 per tonne once operational.

Risks to watch

The investment programme is large relative to the company’s current scale. Timely mining approvals, project commissioning and cost control will therefore be critical.

Steel pricing also remains exposed to global conditions, including Chinese demand and broader price pressure.

What to track next

Investors should monitor mine-development approvals, commissioning of the 78 MW solar portfolio, progress toward 1.3 million tonnes of finished-steel capacity and whether the company can preserve its net debt-free position during the ₹3,000 crore investment cycle.