Godawari Power & Ispat Limited (NSE: GPIL), an integrated steel producer, released its Q3 and nine months FY26 (9MFY26) financial results on February 5, 2026, alongside strategic investment approvals. While consolidated revenue declined due to softer realizations, profitability held steady, supported by volume growth in key segments and cost efficiencies.
Standalone Financial Resilience
GPIL’s standalone operations showed strength despite a revenue dip. Revenue from operations fell 8.56% year-over-year (YoY) to Rs. 1,001.47 crore in Q3FY26 from Rs. 1,095.26 crore in Q3FY25. Total income declined 8.06% to Rs. 1,027.64 crore.
Net profit rose 9.42% YoY to Rs. 148.54 crore from Rs. 135.75 crore, with basic EPS up 9.05% to Rs. 2.29. For 9MFY26, revenue from operations was Rs. 3,277.97 crore (down from prior year), while net profit climbed to Rs. 597.44 crore from Rs. 565.15 crore. This performance reflects robust margins amid lower realizations in iron ore pellets and finished steel.
Consolidated Performance Snapshot
Consolidated revenue from operations dropped 12.2% YoY to Rs. 1,139.45 crore in Q3FY26 from Rs. 1,297.60 crore, and 13% quarter-on-quarter (q-o-q) from Rs. 1,308 crore in Q2FY26. For 9MFY26, it stood at Rs. 3,770.38 crore versus Rs. 3,907.65 crore last year.
Net profit edged down to Rs. 143.25 crore from Rs. 144.78 crore YoY, with basic EPS at Rs. 2.33 (vs. Rs. 2.36). Operating EBITDA was Rs. 230 crore, up 4% YoY from Rs. 221 crore, with margins improving to 20% from 17%. Profit before tax reached Rs. 187.60 crore.
Strategic Moves and Capacity Expansion
The board approved key investments: Rs. 120 crore for railway wagons, disposal of 37.85% stake in an associate for Rs. 90.87 crore, and Rs. 200 crore in a wholly-owned subsidiary for a Battery Energy Storage System project. GPIL commissioned its 2 MnT Iron Ore Pellet Plant, boosting production volumes in mining, pellets, and value-added steel products.
Earlier Q2FY26 highlights included Rs. 1,308 crore revenue and Rs. 260 crore EBITDA (20% margin), underscoring volume-driven growth despite q-o-q pressures.
Operational and Outlook Drivers
Production and sales volumes rose YoY, offsetting realization declines in pellets and structural products. EBITDA and PAT margins for 9MFY26 held at 22% and 14%, respectively. The investor presentation, filed with NSE/BSE, emphasizes diversification, sustainability, and capex for long-term value.
GPIL’s integrated model and new capacities position it for recovery as steel demand stabilizes.