Godawari Power & Ispat (GPIL) Q3 25/26 earnings summary

Executive summary

• 9M FY26 saw resilient operational performance with EBITDA and PAT margins at 22% and 14%, despite softer realizations and a slight revenue decline.

• Q3 FY26 iron ore mining production rose 46% YoY; value-added steel product sales grew 15% YoY, while pellet sales declined due to a plant accident.

• Major capacity expansions underway: iron ore mining, pellet plant, CRM complex, solar power, and BESS projects, with significant progress on land acquisition and funding.

• Approved disposal of 37.85% stake in Ardent Steels for Rs 90.87 Crores, with ASPL to cease as an associate post-transaction.

• Strong net cash position and ongoing expansions support sustainable value creation.

Financial highlights

• Q3 FY26 consolidated revenue was Rs 1,139.45 Crores, down 13% QoQ and 12% YoY; 9M FY26 revenue was Rs 3,770 Crores, down 4% YoY.

• Q3 FY26 EBITDA was Rs 230 Crores (20% margin), up 4% YoY; 9M FY26 EBITDA was Rs 814 Crores (22% margin), down 7% YoY.

• Q3 FY26 PAT was Rs 143.45 Crores (13% margin), nearly flat YoY; 9M FY26 PAT was Rs 521.51 Crores (14% margin), down 12% YoY.

• Standalone Q3 FY26 PAT was Rs 148.54 Crores (15% margin), up 9% YoY; 9M FY26 PAT was Rs 597 Crores, up 6% YoY.

• EPS for 9M FY26: Rs 8.17 (consolidated, diluted), down 15% YoY.

Outlook and guidance

• FY27 CapEx expected at INR 2,000 crore ± 200 crore, with strong cash reserves and debt tie-ups in place.

• Mining capacity to ramp up to 5 million tons in FY27 and 6 million tons from October 2026.

• Pellet plant utilization expected above 90%, targeting over 4.2 million tons production from next year.

• Revenue guidance for FY28: INR 12,000-15,000 crore, with BESS and CRM contributing significantly.

• Additional investment in GNEPL targets BESS plant setup, indicating a strategic focus on energy storage and diversification.