Gallantt Ispat will hold its 22nd Annual General Meeting on Wednesday, September 30, 2026. The Board of Directors has recommended a final dividend of ₹2 per equity share of face value ₹10 each for the financial year ended March 31, 2026, subject to member approval.

The company filed the disclosure with stock exchanges on September 7, 2026. The notice was published in Business Standard and Dainik Jagaran newspapers as per regulatory requirements. The Annual Report for FY26 is available on the company’s website and stock exchange portals.

Meeting Details

The AGM is scheduled for 12:30 pm on September 30, 2026. Members can attend the meeting remotely through Video Conferencing or Other Audio Visual Means. This arrangement complies with Ministry of Corporate Affairs circulars and SEBI listing regulations.

Voting and Record Date

Shareholders holding shares as of the record date, September 23, 2026, are eligible to vote. The company is providing remote e-voting facilities through National Securities Depository Limited (NSDL). The register of members and transfer books will remain closed from September 24 to September 30, 2026.

Remote e-voting will commence on Sunday, September 27, 2026, at 9:00 am and end on Tuesday, September 29, 2026, at 5:00 pm. Members who have cast their vote via remote e-voting may join the meeting but cannot vote again during the AGM.

Dividend Information

The proposed dividend of ₹2 (20%) per equity share is subject to approval by members at the AGM. If approved, the dividend will be paid within 30 days from the conclusion of the meeting. Dividend income is taxable in the hands of shareholders as per the Income Tax Act, 1961, and will be paid subject to deduction of income tax at source.

Members holding shares in physical form are requested to update their electronic bank mandates to receive dividends directly. Those holding shares in demat mode should update their details with their Depository Participants.

Gallantt Ispat Limited reported a net profit (PAT) of ₹124 crore for the quarter ended June 30, 2026, sustaining an EBITDA margin of 18% despite elevated raw material costs and a planned shutdown of its pellet plant. The company’s revenue from operations rose 2% year-on-year to ₹1,146 crore, driven by stable demand in its core long products segment. Management highlighted that sequential operating performance remained resilient against seasonal monsoon headwinds and global freight pressures, with the firm remaining debt-free on term loans.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The earnings conference call, held on July 28, 2026, featured Vice Chairman Dindayal Jalan, Chief Executive Officer Mayank Agrawal, and Chief Financial Officer Amit Jalan. The transcript is available on the company’s website, providing detailed insights into the financial outcomes and strategic updates for Q1FY27.

Financial Performance

Gallantt Ispat’s profitability metrics remained broadly in line with the previous quarter but declined year-on-year due to input cost inflation. EBITDA stood at ₹203 crore, down from ₹254 crore in Q1FY26, though comparable to ₹209 crore in Q4FY26. Profit before taxes (PBT) was ₹165 crore, slightly higher than ₹162 crore in the preceding quarter.

Raw material costs increased 9% year-on-year, outpacing revenue growth. This pressure stemmed from higher coal prices, geopolitical tensions affecting global freight, and the need to procure iron ore from the open market during the pellet plant’s annual maintenance shutdown. Employee costs rose 24% year-on-year, primarily due to the full-year impact of the DRI plant commissioned last year and annual salary revisions effective April 2026.

Operational Updates & Expansion

TMT bar sales volumes remained flat year-on-year at approximately 192,000 tonnes, reflecting seasonal softness in construction activity. Billet volumes, however, grew 13% year-on-year and 38% sequentially, exceeding internal plans. The company noted that pellet and sponge iron external sales were lower due to higher captive consumption and the plant shutdown, rather than weak demand.

Capacity utilization varied across units, with the Gorakhpur facility operating at 93% compared to 66% at the Kutch unit. Management identified improving Kutch’s rolling mill utilization as a key focus for Q2FY27. The ongoing capacity expansion from 1 million to 1.23 million tonnes, part of a ₹3,000 crore capital expenditure program, remains on track for commissioning in the second half of FY27.

What the Numbers Show

The stability of Gallantt Ispat’s EBITDA margin at 18% quarter-on-quarter, despite a 9% surge in raw material costs, underscores the protective value of its integrated business model. While revenue growth was modest at 2%, the ability to maintain margins suggests effective cost pass-through mechanisms or operational efficiencies offsetting input inflation. The divergence between flat TMT volumes and strong billet growth indicates a shift in product mix or internal processing dynamics, potentially linked to the pellet plant shutdown redirecting output. Furthermore, the company’s decision to fund its ₹3,000 crore capex entirely through internal accruals, while maintaining a net cash surplus position, highlights significant balance sheet strength and reduces interest rate risk exposure during this expansion phase.

Strategic Outlook

Management reaffirmed its medium-term growth strategy, citing expected domestic steel demand growth of 7% to 9%. Renewable energy initiatives totaling 85 megawatts are progressing as scheduled, with 18 megawatts in Gujarat set for commissioning in Q2FY27 and 67 megawatts in Gorakhpur targeted for Q4FY27. These projects aim to provide structural cost reductions once operational. Additionally, work continues on captive iron ore blocks in Rajasthan and Uttar Pradesh, with FY28 targeted as the operational start date to secure raw material supply chains.