Gallantt Ispat Directors Resign Effective May 05, 2026

Gallantt Ispat Limited has officially communicated to the stock exchanges the resignation of two Independent Directors, Mrs. Smita Modi and Mr. Pankaj Khanna. The resignations are effective from the close of business hours on May 05, 2026. The company disclosed this information in a regulatory filing submitted on May 05, 2026, pursuant to Regulation 30 and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

Both directors submitted their resignation letters on April 30, 2026. The disclosures were made in compliance with the SEBI Master Circular dated November 11, 2024, updated as on January 30, 2026. The Board of Directors took note of the resignations and expressed appreciation for the services rendered by the outgoing directors.

Parameter	Mrs. Smita Modi	Mr. Pankaj Khanna
DIN	01141396	10377030
Designation	Independent Director	Independent Director
Effective Date	May 05, 2026	May 05, 2026
Reason	Work pressure, pre-occupation, lack of time, other engagements	Work pressure, pre-occupation, lack of time, other engagements
Directorships in other listed entities	Nil	Nil

Reasons for Resignation

In their respective letters addressed to the Board, both Mrs. Smita Modi and Mr. Pankaj Khanna cited identical reasons for stepping down. They stated that sudden heavy work pressure, pre-occupation, lack of time, and other engagements made it difficult for them to devote adequate time to their directorial responsibilities. Both directors confirmed that there are no other material reasons beyond those stated in their resignation letters. The company confirmed that neither director holds any directorships in other listed entities.

Regulatory Disclosures

The filing included Annexure I, detailing the specific information required under Regulation 30. This annexure confirmed that the resignations were due to personal constraints rather than any material disagreement with the company's operations or policies. The intimation was signed by Nitesh Kumar, Company Secretary (M. No. F7496), on behalf of Gallantt Ispat Limited and was communicated to BSE Limited and the National Stock Exchange of India Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.32%	+0.86%	+35.37%	+57.23%	+96.62%	+1,363.38%

Gallantt Ispat Limited has released its audited financial results for the quarter and fiscal year ended March 31, 2026. The company reported a resilient performance for FY26, achieving a revenue from operations of ₹4,418.9 Cr and a net profit of ₹484.3 Cr, representing a 20.8% growth over the previous year. The board has recommended a final dividend of ₹2.00 per equity share for the fiscal year, subject to shareholder approval.

Financial Performance Overview

For the full fiscal year 2026, the company recorded an EBITDA of ₹776.0 Cr with a healthy margin of 17.6%. The Profit After Tax (PAT) margin stood at 11.0%, reflecting strong cost management and operational efficiencies despite softer steel realizations. In Q4 FY26, revenue reached ₹1,204.8 Cr, a 12.4% increase year-over-year, while PAT for the quarter stood at ₹122.8 Cr with a margin of 10.2%.

Particulars (₹ Cr)	Q4 FY26	Q4 FY25	YoY	FY26	FY25	YoY
Revenue from Operations	1204.8	1072.1	12.4%	4418.9	4292.7	2.9%
EBITDA	208.9	194.7	7.3%	776.0	710.0	9.3%
EBITDA Margin (%)	17.3%	18.2%		17.6%	16.5%
Profit After Tax (PAT)	122.8	116.3	5.6%	484.3	400.7	20.8%
PAT Margin (%)	10.2%	10.8%		11.0%	9.3%

Operational Highlights

The company reported significant growth in production volumes for backward-integrated products. Pellet production for FY26 increased by 37% year-over-year to 819 KT, while DRI production rose by 21% to 915 KT. TMT Bar sales volumes remained stable at 766 KT for the year. The strategic shift to channeling more pellet and DRI output internally supported margin improvements during the year.

Product (Production in KT)	FY26	FY25	YoY
Pellet	819	599	37%
DRI – Sponge Iron	915	754	21%
Billets – Steel Melt Shop	883	855	3%
TMT Bars – Rolling Mills	788	765	3%

Strategic Outlook and Capex

Gallantt Ispat remains a net cash, zero term-debt company. An ongoing capex programme of ₹3,000 Cr is on track, focusing on capacity expansion, mine development, and renewable energy. Management noted that the expansion of finished steel capacity from 1.00 MMTPA to 1.29 MMTPA will be commissioned in H2 FY2027. Additionally, the operationalisation of iron ore mines in Rajasthan and Uttar Pradesh by FY2028 is expected to improve EBITDA margins by approximately ₹2,000 per tonne.

Board Reconstitution and Dividend

The Board of Directors approved the audited financial results and recommended a final dividend of 20%, or ₹2.00 per equity share, for FY26. Notably, some Promoter Group shareholders voluntarily waived their right to receive the dividend to retain funds for ongoing expansion. The Board also accepted the resignations of Mrs. Smita Modi and Mr. Pankaj Khanna as Independent Directors effective May 5, 2026, citing work pressure and pre-occupation. Consequently, Mr. Sanjay Kumar Jain and Mr. Kishore Pariyar were appointed as Additional Directors (Non-Executive Independent) for a term of five years subject to shareholder approval. The Audit, Nomination and Remuneration, Stakeholders Relationship, and Corporate Social Responsibility Committees were reconstituted to reflect these changes.