Gallantt Ispat Ltd.(GALLANTT)

NSE: GALLANTTBSE: 532726

₹ 541-1.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 13,053 crWebsite: www.gallantt.comUpdated: 24 Oct 2026

About

Gallantt Ispat Ltd is an integrated steel manufacturer producing TMT rebars, billets, pellets and sponge iron at plants in Gorakhpur (Uttar Pradesh) and Kutch (Gujarat). It reported revenue of ₹4,418.92 Cr in FY26 and is the largest rebar producer in Uttar Pradesh, holding more than 25% addressable market share in UP.^[1]

Business segments

The company reports a single segment, Iron and Steel (FY25 annual report).^[2]
Steel was 87.6% of revenue (₹1,007.05 Cr) in FY21; Power contributed 12.2% (₹140.65 Cr). Segment mix data covers FY2018-FY2021.^[3]
Steel segment EBIT margin was 6.1% vs 24.3% for Power in FY21; Steel's revenue share rose 2.9 percentage points and Power's fell 2.6 pp over that window.^[3]

Products

Main finished product is TMT rebars sold under the Gallantt brand, including premium grades Fe 550D and Fe 600 ('Gallantt Advance'), with a 2-3% realisation premium over unbranded peers.^[4]
Iron ore pellets, sponge iron (DRI) and steel billets are made captively; surplus billets are sold externally, with more upstream output going into finished TMT.^[5]

Operations

Two rolling mill units, Gorakhpur (UP) and Kutch (Gujarat). Gorakhpur ran at 93% capacity utilisation in Q1 FY27; Kutch at 66%.^[6]
Installed steelmaking capacity is 1.0 MMTPA as of Q1 FY27, with overall capacity utilisation of 85.7% in FY26.^[5]
A pellet plant of 7,92,000 MT capacity was set up, which the FY25 report says reduces raw material cost.^[2]
FY26 production: TMT bars 787.6 KT (+3.0% YoY), pellets 818.9 KT (+36.7% YoY), sponge iron/DRI 914.8 KT (+21.4% YoY), billets 883 KT.^[5]
Composite licence for the Todupura iron ore block in Karauli, Rajasthan, with a total deposit of 85.42 million tonnes, for captive mining over 20-25 years (FY25).^[2]
Two own railway rakes purchased to cut freight cost (FY25).^[2]
The company draws on related party Gallantt Industry Pvt Ltd (cement and allied products) for mining and related services expertise, per the FY26 annual report.^[7]

Key operating numbers

TMT bar sales: ~192,000 tonnes in Q1 FY27, broadly flat YoY and down ~8% QoQ. FY26 TMT bar sales: 765.8 KT (+1.6% YoY).^[6]
Billet sales volume: 26,700 KT in Q1 FY27, up 13% YoY and 38% QoQ.^[6]
EBITDA per tonne: ₹8,787/t in Q1 FY27 vs ₹11,068/t a year earlier; ₹8,785/t in FY26 vs ₹8,308/t in FY25.^[6]
Raw material cost held at about 72% of net realisation in both FY25 and FY26.^[5]
Pellet production fell to 112.3 KT in Q1 FY27 (-36% YoY; -49% QoQ) due to a planned annual pellet plant shutdown.^[6]

Customers and distribution

Largest rebar producer in Uttar Pradesh with more than 25% addressable market share in UP; also present in Gujarat.^[6]
Distribution network of 3,000+ active dealers and 34 distributors, concentrated in UP and Gujarat.^[4]
Ajay Devgn is brand ambassador; Janhvi Kapoor was added as a second ambassador in Q1 FY27.^[6]

Expansion and capex

₹3,000 Cr capex programme: ~₹1,200 Cr steel capacity, ~₹300 Cr for 78 MW solar, ~₹1,500 Cr mine development; funded from internal accruals with no term debt planned.^[5]
Board approved ₹1,014.98 crore capex for the Gorakhpur brownfield expansion including captive solar, funded by internal accruals (FY25 annual report).^[2]
Gorakhpur steel capacity expansion from 1.0 MMTPA to 1.23 MMTPA on track for H2 FY27; ₹775 Cr cumulative capex incurred through Q1 FY27 (₹137 Cr in the quarter).^[6]
18 MW solar plant at Sidhpur (Gujarat) targeted for Q2 FY27 and 60 MW at Gorakhpur for Q4 FY27; combined 78 MW expected to save ₹30-40 Cr a year.^[5]
Three captive iron ore mines (two in Sonbhadra, UP; one in Rajasthan) targeted for commissioning by FY28, with an estimated EBITDA benefit of ~₹2,000/tonne.^[6]
The FY25 report lists plans for an integrated steel complex near Mirzapur, UP, and a real estate and infra venture (hotels and mall) with Shalimar Group.^[2]
A Phase 2 growth plan beyond the ₹3,000 Cr programme was to be presented in Q2 FY27.^[6]

Recent developments

FY26 annual report seeks shareholder approval for FY27 related-party transactions of up to Rs 900 crore each with GIPL (cement) and GLDPL (real estate), including loans of Rs 200 cr and guarantees of Rs 200 cr.^[7]
The FY26 annual report states DSCR would fall from 1.36 to 1.18 after the GLDPL transaction; the proposed lending rate to related parties is 8.50-16.00% vs a borrowing rate of 6.50-12.00%.^[7]
India turned a net importer of steel in Q1 FY27; industry and government are seeking anti-dumping measures alongside existing safeguard duties.^[6]
Five new independent directors were added in FY26, including former UP Chief Secretary Atul Kumar Gupta, a retired Chief Commissioner of Income Tax and a former RBI CGM/Regional Director.^[5]

Market Cap

₹13,053 Cr

High / Low

₹947 / 471

Stock P/E

32.0

Price / Book

3.7

Book Value

₹137

EPS

₹20.1

No. of Shares

24.13 Cr

ROCE

18.2%

ROE

15.7%

OPM

14.4%

Debt / Equity

0.17

Sales

₹4,419 Cr

Net Profit

₹484 Cr

Promoter holding

71.0%

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Gallantt Ispat Ltd.(GALLANTT)

About

Business segments

Products

Operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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