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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -29% YoY · margin compression · Rev +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,146 Cr | +1.6% | -4.9% |
| EBITDA | ₹185 Cr | -25.1% | +0.5% |
| Operating margin | 16.0% | -600 bps | +100 bps |
| PAT | ₹124 Cr | -28.7% | +0.8% |
| PAT margin | 10.8% | -461 bps | +61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Sales by Channel
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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)
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.
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.
Trend score and candlestick chart
41Neutralfull bear SMA stack · SMA20 -5.9% / mo · MACD + · near 52W low · sector +2.7pp vs Nifty (3M)
Technical chart
GALLANTTdaily · 1Y · AUTO+5.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 39% off 52W high · 16% 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.
Relative Strength & Trend Stage
- Price is 11.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -3.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 75th percentile within Metals. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 70%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 75th pctile, median 70 · Large: 56th pctile, median 73
18 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.80
- P/B
- 4.19
- EV/EBITDA
- 18.36
- Market Cap
- 13850.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 18.20%
- ROA
- 10.21%
- Dividend Y
- 0.22%
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
- 18.07
Shareholding
- Promoter Hold
- 70.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.