1. At a Glance
Let’s get this out of the way first. Gallantt Ispat Ltd is not your boring one-product steel mill. This is a steel + agro + power + real estate cocktail served straight out of Eastern Uttar Pradesh, garnished with Ajay Devgn flexing TMT bars on hoardings.
Market cap is sitting at ₹14,278 Cr, the stock is at ₹592, down 21% over six months but still up a spicy ~80% over one year. FY25 sales clocked ₹4,286 Cr, PAT ₹479 Cr, ROCE 19.2%, ROE 15.1%, and debt is a very civilised ₹657 Cr with 0.21 D/E.
Latest quarter? Q3 FY26 (Dec 2025) revenues at ₹1,074 Cr, PAT ₹100 Cr, with margins cooling off sequentially. No panic, but the market noticed.
This is a company where 90% revenue comes from TMT bars, yet it also sells atta, owns railway rakes, bids for iron ore mines, builds housing projects, and gets raided by the IT department.
Confused already? Good. Let’s dig.
2. Introduction – Steel with Side Dishes
Gallantt Ispat started life in 2005, quietly setting up shop in Gorakhpur when Eastern UP was better known for sugar mills and politics than steel EBITDA. Fast forward two decades, and Gallantt has stitched together a fully integrated steel setup—pellets → sponge iron → billets → TMT bars—plus flour mills, captive power, railway logistics, and a real estate JV in Lucknow.
This is not a “startup growth story.” This is a family-run, asset-heavy, scale-first Indian manufacturing story. The kind that doesn’t do fancy PowerPoint jargon but buys railway rakes worth ₹55 Cr and builds a private siding because logistics is where margins go to die.
But Gallantt is also a walking contradiction:
- Strong profit CAGR (78% over 5 years)
- ROCE improving, but still below top-tier steel peers
- Valuation at ~30× earnings in a cyclical sector
- A clean balance sheet… and then an IT search
- in FY24
So is this a disciplined compounder hiding in plain sight, or a cyclical steel play dressed up as a consumer brand? Keep reading.
3. Business Model – WTF Do They Even Do?
Think of Gallantt as “Steel first, everything else for margin insurance.”
Steel Division (The Real Boss)
The steel business contributes ~90% of revenue, driven almost entirely by TMT bars. These are sold under the Gallantt and Gallantt Advanced brands, endorsed by Ajay Devgn—because nothing says tensile strength like Singham.
Integrated operations mean:
- Pellet capacity: 7.92 lakh MT
- Sponge iron: 9.18 lakh MT
- Steel melt shop: 9.57 lakh MT
- Rolling mill: 9.50 lakh MT
- Power plant: 129 MW
Operating at ~80% utilisation, aiming for 95%. Translation: fixed costs are already absorbed, incremental volumes are margin-accretive.
Agro Division – Atta with Attitude
Yes, they also sell atta, maida, suji, bran across North and East India. No, this is not turning Gallantt into ITC. But it provides:
- Stable cash flows
- Working capital discipline
- Some diversification when steel prices sulk
Power & Logistics – The Silent Margin Boosters
Captive power + railway rakes + wagon tipplers = cost control porn.
The 10% freight rebate for 15 years under GPWIS alone saves ₹7–8 Cr annually.
Real Estate – Because Why Not?
A JV housing project in
