Gallantt Ispat Limited Reports Resilient Performance with FY26 EBITDA Margin at 17.6%
Gallantt Ispat Limited, the largest producer of Rebars in Uttar Pradesh with a 25% market share in its addressable geographies, has announced its Q4 and full year (FY26) financial results. The company reported a resilient performance in FY2026, maintaining profitability despite softer steel realisations, which management attributed to the structural cost advantages of its integrated manufacturing model and progressive benefits from backward integration investments.Q4 FY26 and FY26 Financial Overview
The company saw significant growth across key financial metrics for the quarter and the full year.For Q4 FY26, the Revenue from Operations stood at ₹ 1204.8 Cr, marking a 12.4% year-on-year (YoY) increase from ₹1072.1 Cr in Q4 FY25. EBITDA for the quarter was ₹ 208.9 Cr, leading to an EBITDA margin of 17.3%. Profit After Tax (PAT) for Q4 FY26 was ₹ 122.8 Cr, resulting in a PAT margin of 10.2%.
By the close of FY26, the Revenue from Operations reached ₹ 4418.9 Cr, up from ₹ 4292.7 Cr in FY25, reflecting a 2.9% volume growth YoY. EBITDA for FY26 stood at ₹ 776.0 Cr, demonstrating a healthy EBITDA margin of 17.6%. PAT for FY26 saw a 20.8% growth, reaching ₹ 484.3 Cr, with a PAT margin of 11.0%.
The following table summarizes the key financial performance indicators across quarters and the full year:
| Particulars (₹ Cr) | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 1204.8 | 1072.1 | 12.4% | 1073.6 | 12.2% | 4418.9 | 4292.7 | 2.9% |
| EBITDA | 208.9 | 194.7 | 7.3% | 168.7 | 23.8% | 776.0 | 710.0 | 9.3% |
| EBITDA Margin (%) | 17.3% | 18.2% | 15.7% | 17.6% | 16.5% | |||
| EBITDA per Tonne (₹) | 8882.2 | 9066.1 | -2.0% | 7842.9 | 13.3% | 8784.7 | 8308.2 | 5.7% |
| Profit After Tax (PAT) | 122.8 | 116.3 | 5.6% | 100.4 | 22.3% | 484.3 | 400.7 | 20.8% |
| PAT Margin (%) | 10.2% | 10.8% | 9.4% | 11.0% | 9.3% |
Operational Progress
Operational updates highlighted scaling in core production areas. Production volumes showed significant growth in Pellet and DRI-Sponge Iron, while TMT Bar volumes remained stable.| Product | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Power (million Units) | 224 | 196 | 14% | 854 | 805 | 6% |
| Pellet (KT) | 222 | 140 | 59% | 819 | 599 | 37% |
| DRI - Sponge Iron (KT) | 245 | 177 | 38% | 915 | 754 | 21% |
| Billets - Steel Melt Shop (KT) | 235 | 215 | 9% | 883 | 855 | 3% |
| TMT Bars - Rolling Mills (KT) | 210 | 193 | 9% | 788 | 765 | 3% |
Sales volumes demonstrated robust growth in DRI - Sponge Iron, which saw a 670% YoY increase in Q4.
| Product | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Pellet (KT) | 8 | 30 | -75% | 49 | 85 | -42% |
| DRI - Sponge Iron (KT) | 36 | 5 | 670% | 125 | 22 | 476% |
| Billets - Steel Melt Shop (KT) | 19 | 15 | 30% | 81 | 69 | 18% |
| TMT Bars - Rolling Mills (KT) | 208 | 193 | 8% | 766 | 753 | 2% |
Key Operational Observations noted that the scaling of Pellet and DRI production was supported by backward integration investments and capacity additions during FY2025. The company’s strategy involves capturing greater value by channeling more of the pellet and DRI output internally rather than selling it as semi-finished material, a shift that directly supports margin improvement.
Management Commentary
Mr. CP Agrawal, Chairman & Managing Director of Gallantt Ispat Limited, stated that FY2026 represented a year of disciplined execution and structural progress. He noted that in an environment of pressure on steel realisations, the integrated model, built on captive pellet capacity, power security, and a strong distribution backbone, enabled the company to preserve margins and deliver consistent profitability.Agrawal highlighted that the EBITDA per tonne improvement in FY26 resulted from integration, efficient cost management, and operating efficiencies, distinct from price tailwinds.
Looking ahead, the company has ongoing capex of ₹3000 Crore towards expanding capacity from 1.00 MMTPA to 1.29 MMTPA, set to be commissioned in H2 FY2027. Furthermore, operationalizing iron ore mines by FY2028 is expected to progressively enhance the EBITDA margin over the next two years. The expansion of finished steel by approximately 2930% is scheduled for progressive commissioning through H1 FY2027, with volume impact expected in H2 FY2027.
GALLANTT Stock Price Movement
Shares of Gallantt Ispat Limited on Wednesday slipped by 4.35%, closing at ₹843.5. Trading activity was moderate, with the stock moving on a volume of 614,928 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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