Godawari Power Q3 FY26 Call Transcript Released; Expansion Plans Detailed
Godawari Power & Ispat released its Q3 FY26 earnings call transcript, detailing strong operational performance and significant expansion plans. Key developments include receiving environmental clearance to more than double iron ore mining capacity to 6 million tons and commissioning a new 2 million ton pellet plant. The company is also expanding solar capacity to 540 MW and entering BESS manufacturing with a ₹1,025 crore capex. Disinvestment of stake in Ardent Steel for ₹91 crores is expected by March 2026.
The substantial increase in iron ore mining capacity, expansion of pellet production, and entry into new business areas like BESS manufacturing represent major strategic moves that will significantly impact the company's future revenue, profitability, and market position.
The announcement details significant capacity expansions, environmental clearances, and new ventures into BESS manufacturing, all of which are positive developments for future growth. The company also highlighted strong operational performance and a clear strategy for backward integration and renewable energy adoption.
Godawari Power & Ispat Limited (GPIL) has submitted the transcript of its conference call held on February 9, 2026, to discuss the Q3 and 9M FY26 results. During the call, management highlighted a steady performance for the first 9 months of FY26, with stable revenue despite softer realizations. EBITDA and PAT margins remained strong at 22% and 14% respectively.
Operational momentum in Q3 FY26 saw a 46% year-on-year increase in iron ore mining production. However, pellet sales temporarily declined due to an accident in September 2025 impacting production. Value-added steel products sales grew by 15% year-on-year.
A significant development is the receipt of environmental clearance from the Ministry of Environment for the Ari Dongri iron ore mine, allowing for more than double the capacity from 2.35 million tons to 6 million tons. Consent to operate is expected shortly, with commercial operations anticipated to begin in February 2026. Additionally, clearance for a 5.4 million ton crushing and beneficiation plant has been received, with completion expected by Q2 FY27. An additional 2 million ton iron ore pellet plant was commissioned in December 2025, increasing total pellet manufacturing capacity to 4.7 million tons.
GPIL is also expanding its captive solar capacity from 165 MW to 540 MW, with projects expected to be completed in phases from March 2026 to March 2027. To optimize operations, a 45 MWh battery energy storage system is being set up. The company is venturing into battery energy storage system (BESS) manufacturing with an initial capacity of 20 GW and a capex of ₹1,025 crores, targeting commissioning by Q4 FY27.
In a move to streamline its group structure, the Board approved the disinvestment of its 37.85% stake in Ardent Steel for approximately ₹91 crores, expected to be completed by March 2026. On the ESG front, the company achieved a score of 76.6 from CARE Edge and is progressing towards its net-zero carbon emission goal by 2050.
Market outlook suggests iron ore prices are expected to remain range-bound around $100 in 2026. Domestic steel demand is projected for steady growth, supported by infrastructure spending. Management anticipates revenues between ₹12,000 to ₹15,000 crores from FY28 onwards, with a projected peak debt of around ₹1,500 crores.
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Godawari Power And Ispat limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Godawari Power And Ispat limited. Read the original for the full detail.