Gallantt Ispat is an integrated steel manufacturer producing pellets, sponge iron, billets and TMT bars for the construction and housing market, with the quarter playing out against monsoon-muted demand and a sharp August rebound in rebar prices. The print will speak to two things above all: whether EBITDA margin holds the management-guided 17-18% band amid coal and freight cost pressure, and whether pellet volumes normalise after Q1's planned plant shutdown.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,145.67 Cr |
| Previous quarter PAT | Rs. 123.67 Cr |
| Previous quarter EBITDA margin | 18% |
| Market cap | Rs. 13,623.95 Cr |
| CMP | Rs. 564.65 |
The Board of Directors meets on Monday, October 19, 2026, to approve the unaudited financial results for the quarter and half-year ended September 30, 2026, along with the statutory auditor's limited review report. The trading window for designated persons remains closed till October 21, 2026.
The quarter is a test of whether Gallantt's margin band survives cost pressure while its volume recapture story plays out, with management guiding EBITDA margin stable at 17-18% and further improvement expected from solar and mines commissioning. The realisation leg swung sharply within the quarter: primary rebar fell about Rs. 3,020/t from June averages in July, then the BF-route rebar average jumped 8.6% MoM in August to Rs. 53,294/t, though late-September secondary rebar slipped Rs. 500-1,000/t. On the cost side, South African RB2 coal was priced at $140/t in early September while domestic coal supply tightened, extending the 4-5% raw-material inflation flagged in Q1, though NMDC's August 8 iron-ore cut (fines from Rs. 4,700 to Rs. 4,500/t) offered a partial offset. The largest single volume swing is pellet normalisation: Q1 pellet production fell to 112.3 KT (-36% YoY) with nil pellet sales on a planned shutdown, and management has said maintenance is complete with utilisation expected to normalise. The 18 MW Sidhpur solar plant in Gujarat is slated for commissioning in Q2 FY27 per guidance, a small power-cost tailwind to verify, while the 60 MW Prayagraj unit remains on track for Q4 FY27. The call is also the first results with CFO Amit Jalan (appointed July 27, 2026) and statutory auditor Singhi & Co., and may cover the finished-steel import run of ~3.5 MT in April-August (+29.5% YoY) given the safeguard duty covers flat products only.
Performance vs Guidance Tracking: Management's stated goals and where each stands ahead of the call:
Pellet normalisation and margin trajectory
Raw materials and post-monsoon demand
Strategic execution and capex progress
Governance and management transition
Management expects all three mines — two in UP and one in Rajasthan — to be broadly operational in FY28, in line with projections. UP exploration was expected to complete over the next two to three months from July 2026, and Rajasthan in maybe six months.
Asked directly on the Q4 FY26 call whether there is room for margin expansion, Vice Chairman Dindayal Jalan answered 'Absolutely. right.' Management has guided EBITDA margin stable at 17-18%, with further improvement expected from commissioning of solar power and captive mines.
Gallantt is expanding steel capacity from 1 million tonnes to 1.23 million tonnes (~12.3 lakh MT) across its Gorakhpur and Kutch units, with commissioning expected in H2 FY27. The Rs. 3,000 Cr capex program also covers Rs. 1,500 Cr of mines in Sonbhadra (UP) and Todpura (Rajasthan) and Rs. 300 Cr for a 78 MW solar plant, with ~Rs. 800 Cr already spent as of the July 2026 call.
Revenue rose 1.59% YoY to Rs. 1,145.67 Cr in Q1 FY27 but fell 4.91% QoQ, with FY26 revenue at Rs. 4,418.92 Cr up 2.9% YoY on the annual-report disclosure. Growth has been volume-led, with FY26 volume growth of 2.9% and capacity utilisation at 86%.