Annual report
Reg. 34 (1) Annual Report. 20 Sep - Revised FY2025-26 annual report filed after standalone CARO report omission; earlier report replaced.
Source: Bse
Gallantt Ispat Limited (GALLANTT)
Large CapMetals stocks · Large cap · NSE
Gallantt Ispat is the largest producer of Rebars in Uttar Pradesh, holding 25% market share in its addressable geographies. It operates 1.0 MMTPA finished steel capacity and 129 MW captive power across units in Kutch (Gujarat) and Gorakhpur (UP), with backward integration into pellets and secured iron ore mines.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:01 pm ISTDetails
Quote21 Oct, 02:01 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result20 Oct, 12:16 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 -1.5% / mo · MACD +
Stock trend: 59
Sector RS: 44
Sector 3M: -6.0% vs Nifty 500 -6.1%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GALLANTTD candles · FIT view-31.7%TODAY · PROVISIONALLatest price ₹582.35 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.8%
RSI
53
MACD hist
9.59
52W pos
19%
2026-10-21O ₹599.00H ₹614.00L ₹575.10C ₹582.35Vol 29.4L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GALLANTTNifty MetalNifty 500
- GALLANTT
- +1.0%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- +6.6 pp
Chart stats
19 Oct 2026- From 52W high
- -33.9%
- 52W range position
- 29%
- ATR (14)
- 5.6%
- Volume vs 20D
- 5.63x
- Avg traded value
- ₹241 Cr
- 20D price channel
- ₹500 - ₹678.9
₹948
₹496.3 - ₹948
₹34.9
Latest completed session
20-session average
75.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +13.1% · PAT -32.0% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model+0.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100PAT -32% YoY · margin compression · Rev +13% YoY
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,145.9 Cr | +13.1% | +0.0% |
| EBITDA | ₹109.7 Cr | -16.9% | -40.7% |
| Operating margin | 9.6% | -343 bps | -659 bps |
| PAT | ₹60.5 Cr | -32.0% | -51.1% |
| PAT margin | 5.3% | -351 bps | -551 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 37.08
- P/B
- 4.12
- EV/EBITDA
- 18.06
- Market Cap
- 15109.02Cr
Profitability
- ROE
- 15.60%
- ROCE
- 18.20%
- ROA
- 10.21%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 14.89×
- Altman Z
- 8.83
- Book Value
- 137.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 602.00 Cr
- EPS TTM
- 16.89
Shareholding
- Promoter Hold
- 70.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,146+0.0% vs prev
Net Profit
₹ CrLatest: 60.5-51.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 53.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 53 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 39% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 1 Base / Transition
1M return
+14.4%
3M return
+1.0%
6M return
-28.1%
1Y return
+17.1%
RS 1D
+5
RS 20D
+50
Sector rank
#11
Industry rank
#13
Stage evidence
- Price is within 3.2% of the 30-week proxy.
- The 30-week proxy changed +0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 96.93+3.82%
RS vs Nifty 50097
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth21/25
Quality12/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
37.1
PB
4.1
EV/EBITDA
18.1
ROE
15.6%
ROCE
18.2%
FCF Yield
—
Debt/Equity
0.2
MoS
+0.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 53 (+2)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+0.9%
Previous: -6.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
57
57
57
59
57
57
57
57
57
53
53
Factor attribution
Valuation
2+2
was 0
Modelled fair value
Graham Number
₹228.17
-155.2% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹587.77
+0.9% MoS
PEG
0.80
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASHOKAMET
Small
Ashoka Metcast Limited
Steel
match 74
50
2.9
8.4%
+92%
FAIR VALUE
BEEKAY
Small
Beekay Steel Industries Limited
Steel
match 73
39
17.9
1.4%
-1035%
WATCHLIST
KAMDHENU
Small
Kamdhenu Limited
Steel
match 73
36
34.0
14.7%
-9%
WATCHLIST
SHAH
Small
Shah Metacorp Limited
Steel
match 73
40
23.1
5.2%
+40%
WATCHLIST
NMSTEEL
SME
Newmalayalam Steel Ltd.
Steel
match 73
37
7.1
6.6%
+4%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:34:12.686Z
Management commentary snapshot
FY26 PAT grew 20.8% YoY to ₹484.3 Cr on 2.9% revenue growth to ₹4418.9 Cr, driven by volume increase. EBITDA per tonne improved to ₹8784.7. Q4 FY26 revenue rose 12.4% YoY to ₹1204.8 Cr, with PAT up 5.6% YoY to ₹122.8 Cr.
Gallantt demonstrates structural margin expansion and robust operating leverage, supported by backward integration and debt-free capacity additions. Strong demand in India's steel market and strategic locational advantages underpin its growth trajectory, positioning it well for sustained profitability.
Current business mix
Sales by Channel
Latest issuer-disclosed distribution across 2 reported categories.
Dealer Distributor Network80.0%
Other Channels20.0%
Growth engines
Backward Integration
Secured long-life captive mining reserves for over two decades (Rajasthan & UP), pellet plant, and upcoming solar plants.
Capacity Expansion
Phased expansion to 12.3 lakh MT total installed capacity across Gorakhpur & Kutch units.
Locational Advantage
Kutch plant near Kandla Port for exports; Gorakhpur plant aligned with India's fastest-growing consumption markets.
Value-Added Product Mix
Shift toward premium grades (Fe 550D, Fe 600) and corrosion-resistant solutions supporting higher realizations.
Capacity and execution
Steel Capacity Expansion
Phased expansion to 12.3 lakh MT total installed capacity across Gorakhpur & Kutch units.
Iron Ore Mines Development
₹1,500 Cr capex in Sonbhadra (UP) and Todpura (Rajasthan) mines for raw material deepening.
Solar Power Plants
₹300 Cr capex for 78MW solar plant (Prayagraj, UP - Oct 2026) and 18MW solar plant (Sidhpur, Gujarat - Jul 2026).
Additional DRI Kiln & Furnace
Additional DRI kiln (0.165 MTPA) commissioned at Gorakhpur and new 30-ton furnace installed for steel making in 2025.
Tailwinds
India Steel Demand Growth
India is the world's fastest-growing major steel market, with 7.4% demand growth in CY2026 and 9.2% in CY2027.
Government-backed Infrastructure Supercycle
Construction investment up ~50% over next 5 years, driving demand for roads, railways, ports, and airports.
Housing & Urbanization Wave
PM Awas Yojana and Tier 2/3 city urbanization driving decade-long rebar demand; per-capita consumption is low.
Manufacturing Renaissance
Make in India and PLI schemes boosting steel-intensive sectors like automotive and capital goods.
Risk radar
Commodity Price Volatility
Disclaimer states 'fluctuations in earnings' and 'commodity price corrections' as potential risks.
Competition
Disclaimer mentions 'competition (both domestic and international)' as a factor that could cause actual results to differ.
Regulatory Changes
Disclaimer notes 'changes in government policies and regulations' as a risk factor.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY provides a view on annual growth and structural changes, while QoQ highlights sequential momentum in operational efficiency, realizations, and capacity ramp-ups in the steel sector.
Sector KPIs management disclosed
Finished Steel Production Volume (Total)
FY26: 787.6 KT (+3.0% YoY); Q4 FY26: 210.2 KT (+8.7% YoY)
DRI – Sponge Iron Production Volume (Total)
FY26: 914.8 KT (+21.4% YoY); Q4 FY26: 244.6 KT (+38.1% YoY)
EBITDA per Tonne
FY26: ₹8784.7 (+5.7% YoY); Q4 FY26: ₹8882.0 (+7.3% YoY)
EBITDA Margin
FY26: 17.6% (+102 bps YoY); Q4 FY26: 17.3% (-82 bps YoY)
Management forward view
Structural Margin Improvement
EBITDA trajectory reflects structural margin improvement per tonne, not cyclical steel price tailwinds, positioning for profitability during corrections.
Debt-Free Growth Strategy
Ongoing growth financed through internal accruals and operating cash flows; ₹1200 Cr capex incurred without external borrowing over 5 years.
Mines-to-Mill Advantage
Developing three virgin iron ore mines to move from secondary to quasi-primary producer, boosting EBITDA/tonne.
Total Capex Program
₹3000 Cr capex being deployed, allocated to backward integration of raw materials and phased capacity expansion over 2-3 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Steel Capacity | 1.0 MMTPA | Ramp-up to ~12.3 lakh MT across Gorakhpur & Kutch units. |
| EBITDA per Tonne | ₹8784.7 (FY26) | Sustained improvement from backward integration and operating leverage, especially during commodity price corrections. |
| Iron Ore Mine Development | Declared Preferred Bidder for Todupura (Rajasthan) and UP mines. | Timely commissioning and operationalization of captive mines to secure raw material linkage. |
| Solar Power Plant Commissioning | 60 MW (Prayagraj) and 18 MW (Sidhpur) planned. | Timely commissioning in Oct 2026 and Jul 2026 to enhance energy self-sufficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 52nd percentile within Metals. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
19 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Metals: 52nd pctile, median 70 · Large: 40th pctile, median 73
Evidence depth
Financial-only
19 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gallantt Ispat Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Submission of newspaper cuttings for publication of Notice of Annual General Meeting.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 7 Sep - Gallantt Ispat submitted FY2025-26 BRSR as part of annual report.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jun - Submission of newspaper cuttings for publication of Notice to Shareholders regarding "Saksham Niveshak" - second 100 days campaign launched by IEPF Authority, Ministry of Corporate …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.