Godawari Power & Ispat Ltd(GPIL)

NSE: GPILBSE: 532734

₹ 190.1-4.81%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,798 crWebsite: www.godawaripowerispat.comUpdated: 24 Oct 2026

About

Godawari Power & Ispat Ltd (GPIL) is a vertically integrated Indian steel and iron ore company headquartered in Chhattisgarh, producing iron ore pellets, sponge iron, billets, rolled products, and ferro alloys. In FY26 the company reported revenue of Rs.5,380.65 Cr and is now diversifying into cold-rolled steel (CRM complex) and battery energy storage system (BESS) manufacturing. GPIL's single steel segment accounted for 98.6% of revenue in FY22, reflecting a highly concentrated business.^[1][2]

Business segments

Steel segment contributed 98.6% of consolidated revenue in FY22, covering iron ore mining, pellet making, sponge iron, billets, rolled products, and ferro alloys.^[2]

Products and capacity

Total iron ore pellet capacity is 4.7 MnT per annum after a new 2 MnT natural gas-based grate-kiln pellet plant was commissioned in December 2025, up from 2.7 MnT.^[3]
FY27 volume guidance (as of Q4 FY26 call): iron ore (net usable) 3.4 MT; pellets 4 MT; sponge iron 0.65 MT; billets 0.525 MT; rolled products 0.44 MT; ferro alloys 95,000 T.^[4]
Rolled structural product production rose 319% YoY in FY26 to 90,095 MT (vs 21,499 MT in FY25) after mill modification completed end-Q3 FY26 at RR Ispat.^[4]
GPIL received PGCIL approval for supply of steel billets to galvanized steel structure manufacturers (as of Q2 FY26).^[5]

Operations and mines

Ari Dongri iron ore mine received environment clearance and CTO from CECB in February 2026 to expand capacity from 2.35 MT to 6 MT per annum.^[4]
Q1 FY27 iron ore mining was 537,832 MT, down 16% YoY and 20% QoQ, due to pending tree-cutting permissions for overburden dumping on government-allotted land.^[6]
452 acres of land secured covering the CRM complex and integrated steel plant sites in Chhattisgarh (as of Q2 FY26).^[5]

Key operating numbers

Q1 FY27 pellet production was 903,900 MT (+34% YoY); pellet sales volume was 633,103 MT (+36% YoY); pellet plant utilization was 77%.^[6]
Q1 FY27 pellet realization was Rs.10,340/ton, up 5% YoY.^[6]
Q1 FY27 captive ore landed cost was approximately Rs.2,900/ton; management targets mining cost below Rs.2,700/ton from FY28 via beneficiation and EV truck deployment.^[6]
In Q1 FY27, imported coal prices rose from ~Rs.10,500 to ~Rs.13,000/ton (+25%), and higher market iron ore procurement accounted for 75% of the cost increase.^[6]
CO2 emission intensity on CBAM basis was 3.180 tCO2/ton of steel in Q1 FY27, down 4.2% YoY.^[6]

Customers and distribution

BF-grade pellet exports commenced with two vessels dispatched in June - July 2026; DR-grade pellet exports to the Middle East planned once 100% captive ore supply is achieved in FY28.^[6]
Pellet export realisations were weak in FY25 due to subdued global demand, especially from China.^[7]
RR Ispat (rolled products subsidiary) had a six-month order book secured as of Q4 FY26.^[4]

Expansion and capex

5.4 MnT crushing and beneficiation plant at Ari Dongri mines on track for Q3 FY27 commissioning; Rs.218 Cr incurred of total Rs.325 Cr (as of Q1 FY27); full captive ore supply targeted FY28.^[6]
0.7 MnT CRM complex relocated from Chhattisgarh to AURIC Bidkin, Sambhajinagar, Maharashtra; capex revised to Rs.1,100 Cr; commissioning targeted December 2027.^[6]
20 GWh BESS plant (Godawari New Energy Pvt Ltd) under construction at AURIC, Maharashtra; Rs.501 Cr incurred of Rs.1,425 Cr total at 1:1 debt-equity; machine delivery from December 2026; first container rollout Q1 FY28.^[6]
1 MnT Integrated Steel Plant indefinitely deferred (as of Q1 FY27) due to delays in water allocation (9.4 MCM LOI not confirmed); no restart timeline provided.^[6]
FY26 annual report lists solar capacity expansion within the group and a residential school project through a subsidiary as part of CSR.^[8]
Vision 2030 targets (ISP excluded): Revenue ~Rs.24,000 Cr, EBITDA ~Rs.3,500 Cr, PAT ~Rs.2,500 Cr, approximately 4x, 3x and 3x FY26 levels.^[6]

Recent developments

GPIL incorporated wholly owned subsidiary Godawari Energy Solutions Private Limited around 1 October 2026 for EPC and renewable energy projects in Maharashtra; initial contribution Rs.10 lakh for 1 lakh shares.^[9]
GPIL received an offer letter dated 22 September 2026 for allotment of a 127,285.98 sq metre industrial plot at AURIC Bidkin, Chhatrapati Sambhajinagar, Maharashtra for the CRM project.^[10]
New 2 MnT pellet plant shut in early July 2026 as economics became unviable (gas prices up 40 - 45% under new PNGRB guidelines); Q2 FY27 pellet production guided at ~500 kt.^[6]
250 MW solar project put in abeyance after CRM relocation and land allotment delays; captive solar capacity target revised to 290 MW from 540 MW (Q1 FY27).^[6]
GPIL exited its 37.85% stake in Ardent Steel to simplify group structure; BESS subsidiary began quoting containers in the market from August 2026.^[6]
Final dividend of Re 1 per share recommended for FY26 on 673,097,430 shares.^[8]

Market Cap

₹12,798 Cr

High / Low

₹320 / 189

Stock P/E

15.8

Price / Book

2.2

Book Value

₹87

EPS

₹11.9

No. of Shares

67.14 Cr

ROCE

20.4%

ROE

14.9%

OPM

21.3%

Debt / Equity

0.07

Sales

₹5,381 Cr

Net Profit

₹802 Cr

Promoter holding

63.2%

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Godawari Power & Ispat Ltd(GPIL)

About

Business segments

Products and capacity

Operations and mines

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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