Godawari Power & Ispat Ltd. - Excellent performance - Company Update
21 May 2026
Companies Updates
4QFY26 performance with a miss on revenue but strong beat on margins due to higher pellet contribution, price hikes across all products and increased captive iron ore usage. The long-awaited pellet story has now started reflecting in the financials as the new 2mntpa pellet plant completed its first quarter of operations in Q4FY26 while Ari Dongri mining expansion commenced post receipt of CTO in Feb’26. We continue to remain positive on GPIL’s integrated pellet-led growth strategy supported by higher captive mining, improvement in pellet grade mix, reduction in outsourced iron ore and structural steel along with large diversification non-commodity businesses (CRM and BESS). The management has also approved 1mmt integrated steel plant, which should materially strengthen forward integration over the medium term. The management has lowered its pellet production and captive iron ore guidance for FY27E, leading to reduction in our EBITDA estimates by 16%. However, the FY28E guidance of full ramp up of pellet plant and start of the new projects of BESS and CRM remains intact, resulting in moderate upward revision in EBITDA estimates (+2.3%) . We increase TP to Rs350 (Rs300 previously), led by increase in valuation multiple and maintain BUY rating.
Godawari Power & Ispat Ltd. Stock Price Chart
Strong pellet volumes and price hikes drive robust quarter:
GPIL reported 10% yoy growth in revenue at Rs 16.1bn in 4QFY26, largely driven by strong pellet offtake from the newly commissioned pellet plant along with improved realizations across the steel value chain. For FY26, revenue was flat at Rs 53.8bn.
Margins expand sharply led by improved spreads and mining integration:
EBITDA margins expanded by 558bps yoy and 709bps qoq to 27.3%, leading to EBITDA of Rs 4.4bn; +38% yoy; +91% qoq. Margin expansion was driven by improved spreads, higher share of pellet sales and increased use of captive iron ore post mining expansion approvals. Q4FY26 also benefitted from liquidation of pellet inventory carried from Q3FY26. PAT increased 35% yoy to Rs3bn. For FY26, EBITDA grew by 5% yoy to Rs 12.5bn, translating into margins of 23.3%; +110bps. Adj. PAT was flat at Rs 8.2bn.
Gradual ramp up in pellet story; other growth projects on track:
GPIL has received the EC for mining expansion to 6mntpa from 2.35mntpa in Feb’26, which along with the already started new pellet plant should result in strong pellet sales at optimum margins. GPIL has also approved capex on purchase of wagons to ensure security in logistics for the volume ramp up. Across new businesses, land acquisition is complete for BESS and the new steel plant, while both CRM and BESS are on track for commercial production from Apr’27. The new 250MW solar plant (Q4FY27 commissioning) will supply low-cost power to CRM and later to the Boria Tibu mine, aiding long-term cost competitiveness. However, the management has lowered its pellet production and captive iron ore guidance for FY27E, leading to reduction in our EBITDA estimates by 16%. Nevertheless, the FY28E guidance of full ramp up of pellet plant and start of the new projects of BESS and CRM remains intact, resulting in moderate revision in our EBITDA estimates (+2.3%). We now expect a 62%/ 42%/ 39% CAGR in Rev/ EBITDA/ PAT over FY25-28E on our proforma nos (incl. BESS and CRM estimates). Remain positive on GPIL.
Valuation and risks:
We value GPIL at 9x FY28e EV/EBITDA (8x earlier) to arrive at TP of Rs 350 (Rs 300 previously) and maintain BUY rating. The upward revision in multiple is to account for the addition of non-commodity business i.e. BESS and CRM. Increase in TP is driven by increase in valuation multiple and rollover. At CMP, stock trades at 11.5x/ 7.9x FY27/ FY28E EV/EBITDA. Risks: Commodity price risk, delay in start of BESS and CRM projects.
Company website: https://www.godawaripowerispat.com/
| Rating | BUY |
|---|---|
| CMP* | INR 305 |
| Target Price | INR 350 |
| Upside | 15% |
*CMP is as per report published date
Click to download the full Godawari Power & Ispat Ltd. Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on Godawari Power & Ispat Ltd. Q4FY26 Company Update
Here are quick answers to common investor queries about the Godawari Power & Ispat Ltd. swing trading opportunity, including entry strategy, targets and key risks.
What drove Godawari Power & Ispat’s Q4FY26 earnings growth?
Growth was driven by higher pellet sales, improved steel realizations, increased captive iron ore usage and strong margin expansion following the ramp-up of the new pellet plant.
Why is the pellet business important for GPIL?
The pellet business improves profitability through better spreads, operational integration and higher captive mining utilization, strengthening GPIL’s long-term earnings visibility.
What are GPIL’s major future growth projects?
Key projects include the integrated steel plant, battery energy storage system (BESS), CRM project, solar power expansion and mining capacity enhancement.
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IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
