Godawari Power & Ispat (GPIL) Q3 24/25 earnings summary

Executive summary

• Stable performance maintained over nine months despite lower realizations and market challenges, with a diversified product portfolio and strong ESG focus.

• Backward integrated steel producer with captive iron ore mines and zero net debt, holding a net cash position of ₹725 crore as of 9MFY25.

• 5-year CAGR: Revenue 10%, EBITDA 11%, PAT 30%.

• Board comprises 50% independent directors; workforce of 3,650.

• Greenfield 2 million ton steel plant and OPVC pipe projects dropped due to high capex and market changes; focus shifted to smaller, value-added steel projects.

Financial highlights

• 9MFY25 revenue flat at ₹3,908 crore; EBITDA ₹875 crore, down 12% YoY; PAT ₹590 crore, down 18% YoY; EBITDA margin at 22%, PAT margin at 15%.

• Q3FY25 revenue ₹1,298 crore, down 1% YoY; EBITDA ₹221 crore, down 33% YoY; PAT ₹145 crore, down 37% YoY.

• EPS for 9MFY25 at ₹9.56, down 18% YoY.

• Net cash balance stands at ₹725 crore, reflecting a healthy balance sheet.

• Total consolidated income for Q3 FY25 was ₹1,316.04 crore; total expenses for Q3 FY25 were ₹1,126.16 crore.

Outlook and guidance

• Pellet plant capacity to increase from 2.7 to 4.7 million tons by Q2 FY 2026; full ramp-up expected by FY 2027.

• FY 2026 guidance: 3–3.2 million tons pellet production; FY 2027: 4–4.5 million tons.

• Capex plan underway to expand mining and pellet capacity; major projects expected to complete by FY26.

• Targeting net zero carbon emissions by 2050; ongoing decarbonization initiatives.

• Share split (from ₹5 to ₹1 face value) completed on 04.10.2024, with EPS adjusted accordingly.