Gallantt Q2 FY27 Revenue Flat at ₹1,164 Crore

Profit and Loss Statement (₹ crore)

Revenue from operations: ₹1,146 crore (Q2 FY27) vs ₹1,146 crore (Q2 FY26) | 0% YoY change | vs ₹1,013 crore (Q1 FY27) | 13% QoQ change
Other income: ₹18 crore (Q2 FY27) vs ₹18 crore (Q2 FY26) | -1% YoY change | vs ₹13 crore (Q1 FY27) | 37% QoQ change
Total income: ₹1,164 crore (Q2 FY27) vs ₹1,164 crore (Q2 FY26) | 0% YoY change | vs ₹1,026 crore (Q1 FY27) | 13% QoQ change
Cost of raw materials consumed: ₹794 crore
Purchases of stock: ₹82 crore
Change in inventories: ₹12 crore vs (₹59) crore (Q2 FY26) | -121% YoY change | vs ₹20 crore (Q1 FY27) | -38% QoQ change
Employee benefits expense: ₹42 crore vs ₹39 crore (Q2 FY26) | 8% YoY change | vs ₹34 crore (Q1 FY27) | 24% QoQ change
Finance cost: ₹36 crore vs ₹30 crore (Q2 FY26) | 8% YoY change | vs ₹33 crore (Q1 FY27) | 1% QoQ change
Depreciation and amortization: ₹89 crore vs ₹90 crore (Q2 FY26) | 0% YoY change | vs ₹93 crore (Q1 FY27) | -4% QoQ change
Other expenses: ₹1081 crore vs ₹1000 crore (Q2 FY26) | 8% YoY change | vs ₹923 crore (Q1 FY27) | 17% QoQ change
Total expenses: Not explicitly quantified in disclosure
Profit before tax: ₹83 crore vs ₹165 crore (Q2 FY26) | -50% YoY change | vs ₹103 crore (Q1 FY27) | -19% QoQ change
Tax expense: ₹23 crore vs ₹41 crore (Q2 FY26) | -45% YoY change | vs ₹16 crore (Q1 FY27) | 44% QoQ change
Profit after tax: ₹60 crore (implied)

Key Metrics

ROCE: 7.09% (as of September 2026)
Debt/Equity: 0.289
Market capitalization: ₹12,978 crore (BSE share price: ₹537.90) | ₹16,664 crore (previous period)

Production Volumes - Q2 FY27

Power generation: 518.3 million units (Gorakhpur) | 336.0 million units (Kutch) | Total: 854.3 million units
Pellets: 818.9 KT (Gorakhpur only)
DRI - Sponge Iron: 577.6 KT (Gorakhpur) | 337.1 KT (Kutch) | Total: 914.8 KT
Billets - Steel Melt Shop: 514.3 KT (Gorakhpur) | 369.1 KT (Kutch) | Total: 883.4 KT
TMT Bars - Rolling Mills: 497.5 KT (Gorakhpur) | 290.1 KT (Kutch) | Total: 787.6 KT

Sales Volumes - Q2 FY27

Pellets: 49.2 KT (Gorakhpur only) | -42.0% YoY
DRI - Sponge Iron: 110.4 KT (Gorakhpur) | 14.3 KT (Kutch) | Total: 124.7 KT | +476.1% YoY
Billets - Steel Melt Shop: 14.1 KT (Gorakhpur) | 67.1 KT (Kutch) | Total: 81.2 KT | +18.4% YoY
TMT Bars - Rolling Mills: 472.5 KT (Gorakhpur) | 293.3 KT (Kutch) | Total: 765.8 KT | +1.6% YoY

Market Position

Capex Program Status (as of 30 Sept 2026)

Gorakhpur Unit Capex Breakdown

Steelmaking capacity: ₹318.62 crore spent of ₹330.00 crore plan | ₹11.38 crore balance
Raw-material deepening: ₹8.25 crore spent of ₹249.00 crore plan | ₹240.75 crore balance
Solar: ₹3.74 crore spent of ₹175.00 crore plan | ₹171.26 crore balance
Thermal: ₹107.99 crore spent of ₹106.00 crore plan | (₹1.99) crore overrun
Total Gorakhpur: ₹438.60 crore spent of ₹860.00 crore plan | ₹421.40 crore balance

Kutch Unit Capex Breakdown

Steelmaking capacity: ₹127.00 crore spent of ₹236.00 crore plan | ₹109.00 crore balance
Solar: ₹39.58 crore spent of ₹50.00 crore plan | ₹10.42 crore balance
Thermal: ₹47.36 crore spent of ₹45.00 crore plan | (₹2.36) crore overrun
Total Kutch: ₹213.94 crore spent of ₹331.00 crore plan | ₹117.06 crore balance

Capacity Enhancement Timeline

Current capacity: 9,93,300 MT finished steel | 129 MW captive power
Post-enhancement target: 12,29,000 MT finished steel (debottlenecking) | 160 MW captive power | 85 MW solar
Solar 18 MW at Sidhpur: Commissioned in July 2026
Solar 60 MW at Prayagraj: Targeted Q4 FY27
Capacity to ~12.3 lakh MT: Targeted Q3 FY27

Sonbhadra (UP) iron ore mine: 431 hectares (~51 MT reserves) | Preferred bidder status achieved 2024-25 | Targeted operational by FY30
Todpura (Rajasthan) iron ore mine: 260 hectares (~85 MT reserves)
Targeted cost saving: ~₹2,000 per tonne from mine operationalization

Technology Initiatives

ESG Performance

Market Context

Company Outlook