GPIL
Small CapGodawari Power And Ispat limited
Industrials
Godawari Power And Ispat Limited (GPIL) is an integrated steel producer with operations spanning iron ore mining, pellets, sponge iron, steel, ferro alloys, and captive power generation. The company is expanding into value-added steel products and clean energy infrastructure.
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.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
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 31 Mar 2026
Excellent · 80/100Rev +10% YoY · PAT +26% YoY · margin expansion · +41% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,610 Cr | +9.7% | +41.4% |
| EBITDA | ₹439 Cr | +38.1% | +101.4% |
| Operating margin | 27.0% | +500 bps | +800 bps |
| PAT | ₹280 Cr | +26.1% | +95.8% |
| PAT margin | 17.4% | +227 bps | +484 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GPIL delivered resilient FY26 performance with stable revenue and strong 23% EBITDA, 15% PAT margins despite softer realizations. Q4FY26 saw robust 41% QoQ revenue growth, 91% QoQ EBITDA, and 95% QoQ PAT improvement, driven by production ramp-up and better realizations.
The company demonstrated resilient FY26 performance with stable revenue and strong margins, supported by captive iron ore and ongoing capacity expansions. Q4FY26 showed significant sequential momentum in revenue, EBITDA, and PAT, driven by operational ramp-up and improved realizations. Strategic projects are progressing.
Expanded Captive Mining Capacity
Secured Consent To Operate for Ari Dongri mines at an enhanced capacity of 6 MnT, more than doubling capacity.
Pellet Plant Expansion
Commissioned new 2.0 MnT pellet plant in Dec'25, increasing total pellet capacity by 74% to 4.7 MnT.
Integrated Steel Plant (ISP)
Setting up a 1 MnT Integrated Steel Plant for structural steel & wire rods, scaling capacity to 3x.
Cold Rolling Mill (CRM) Complex
Approved establishment of 0.7 MnT CRM Complex for the manufacture of Cold Rolled Steel products.
Ari Dongri Mines Capacity Enhancement
CTO received in Feb'26 for capacity enhancement from 2.35 MnT to 6 MnT. Phased ramp-up beginning FY27, full-scale operations targeted from FY28.
Iron Ore Pellet Plant Commissioning
2.0 MnT Iron Ore Pellet Plant commissioned in Dec'25, increasing total pellet capacity from 2.7 MnT to 4.7 MnT.
Sponge Iron & HB Wire Division Expansion
CTO received for capacity expansion of Sponge Iron Division from 0.594 MnT to 0.65 MnT, and HB Wire Division from 0.1 MnT to 0.115 MnT.
Waste Heat Recovery-Based Power Plant
CTO received for a 7 MW Waste Heat Recovery-Based Power Plant, taking total WHRP capacity to 49 MW.
Captive Iron Ore Security
100% captive iron ore security backed by two magnetite mines with 165 MnT proven reserves, 6.7 MnT capacity, and 35+ years of mine life.
Premium Pellet Economics
Premium pellet economics driven by high-grade ~65% Fe iron ore, enabling GPIL to realize a Rs. 1,000–1,500/ton premium over market prices.
India's Iron Ore Deficit
India's iron ore production is lagging steel capacity addition, turning India into a net importer of iron ore.
Government Incentives for BESS
Maharashtra Government approved multiple incentives for the BESS project, including electricity duty and stamp duty exemptions, power tariff subsidy, interest and capital subsidies.
Softer Realizations
FY26 realizations remained softer across key products, impacting overall revenue despite strong volumes.
Market Realizations
Softer realizations in FY26 indicate sensitivity to market pricing, which could impact future profitability.
Project Execution and Funding
Large capex projects (ISP, CRM, BESS, Solar) require timely execution and securing planned debt-equity funding.
Regulatory Approvals
Consent to set up for the 1 MnT Integrated Steel Plant is awaited, which could delay project timelines.
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.
FY26 results provide a full-year view of stability and margin strength. Q4FY26 shows strong sequential momentum in revenue, EBITDA, and PAT, driven by production ramp-up and better realizations, indicating improving operational execution and market conditions.
Revenue
FY26: Rs. 5,381 Cr (stable vs FY25 Rs. 5,376 Cr). Q4FY26: Rs. 1,610 Cr (+41% QoQ, +10% YoY).
EBITDA
FY26: Rs. 1,253 Cr (stable vs FY25 Rs. 1,194 Cr). Q4FY26: Rs. 439 Cr (+91% QoQ, +38% YoY).
PAT
FY26: Rs. 802 Cr (stable vs FY25 Rs. 813 Cr). Q4FY26: Rs. 280 Cr (+95% QoQ, +26% YoY).
EBITDA Margin
FY26: 23% (vs FY25 22%). Q4FY26: 27% (vs Q3FY26 20%, Q4FY25 22%).
Sustainable Value Creation
Management remains well-positioned for sustainable value creation through operational efficiency, solar-led cost optimisation, and stakeholder support.
Net-Zero Carbon Emissions Target
Undertaking initiatives to achieve Net-Zero Carbon Emissions by 2050, including fuel switch to natural gas and carbon capture.
Green Diversification
Expanding into non-ferrous metals recycling through Jammu Pigments Ltd. as part of green diversification strategy.
FY27 Growth Guidance
Strong FY27 guidance for Iron Ore Mining (3.4 MnT), Iron Ore Pellets (4.0 MnT), and Steel Billets (0.525 MnT).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pellet Plant Capacity Utilization | 78% in Q4FY26 | Ramp-up to 85% in FY27 as guided by management. |
| CRM Complex Commissioning | Expected March'27 | On-site construction starting by July '26 and completion of equipment drawing approvals by June '26. |
| Integrated Steel Plant (ISP) Construction | Construction to start from Oct'2026 | Progress on negotiations with equipment suppliers and project engineering, along with receipt of consent to set up. |
| BESS Project Commissioning | Expected March'27 | BESS assembly equipment FAT by August-end and continued progress on compound wall construction and supply chain finalization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +14.1% / mo
Technical chart
GPILweekly · 6M+15.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 49.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 24% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Fair-value margin of safety is negative at -67.4%.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; 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
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 73rd percentile of the scored universe and 70th percentile within Industrials. Main check: results consistency is weak at 50/100.
Healthy Trust Lite: Promoter holding is 63.3%. Key concern: ROCE trend is -3.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 70th pctile, median 68 · Small: 77th pctile, median 65
154 documents indexed, 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 63.3%.
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸ROCE trend is -3.6%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.10
- P/B
- 3.23
- EV/EBITDA
- 13.43
- Market Cap
- 18779.00Cr
Profitability
- ROE
- 15.20%
- ROCE
- 20.40%
- ROA
- 10.99%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 1.95%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 21.60×
- Altman Z
- 8.69
- Book Value
- 86.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 1157.00 Cr
- EPS TTM
- 11.93
Shareholding
- Promoter Hold
- 63.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — 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.