Godawari Power and Ispat Ltd (GPIL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Godawari Power and Ispat (GPIL) is an integrated steel producer spanning captive iron ore mining, pellets, sponge iron, billets and rolled products, now diversifying into captive solar and battery energy storage. The Q2 FY27 print will speak to whether EBITDA margins recover from Q1's input-cost compression toward the guided 24-25% band, and how the suspended Phase-II gas-based pellet plant and heavy project pipeline are tracking.
Read the full Q2 FY27 results analysis →
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,750.47 Cr |
| Previous quarter PAT | Rs. 222.37 Cr |
| Market cap | Rs. 14,945.21 Cr |
| CMP | Rs. 221.9 |
Godawari Power and Ispat Ltd Q2 Results Date and Time
The Board of Directors will meet on November 13, 2026 to approve the Q2/H1 FY27 standalone and consolidated financial results.
The Q2 FY27 analyst call is scheduled for November 16, 2026 at 12:00 IST, organized by Monarch Networth Capital. Abhishek Agrawal (Executive Director), Dinesh Gandhi (Executive Director) and Sanjay Bothra (CFO) are scheduled to participate.
At the September 19, 2026 AGM, shareholders approved a final dividend of Re. 1 per share (face value Re. 1) for FY26, with a record date of September 12, 2026.
What to expect from Godawari Power and Ispat Ltd's Q2 FY27 results
The quarter's central question is whether margins recover from Q1 FY27's 19.36% EBITDA margin — well below the guided 24-25% band — as coal and gas costs stayed hostile through the July-September window while steel realizations firmed. Demand supported volumes: finished steel consumption grew 6.5-8% YoY in each month of the quarter and 7.5% for April-September, and long-product prices rebounded roughly 12-14% off the late-July trough, with rebar at Rs. 56,800-57,000/t and sponge iron at a two-year high of Rs. 29,700/t in August.
Against that, imported coal kept inflating (Australian premium coking coal $260 to $300/t, Indonesian +18-20%), Asian spot LNG more than doubled to about $26/mmBtu, and the Phase-II 2.0 MnT gas-based pellet plant was suspended on July 14, 2026 due to GAIL gas curtailment — putting the FY27 pellet target of 4.0 MnT behind the needed run-rate after Q1 achieved only 16-29% of full-year production targets.
Iron ore offered the one clear input-cost tailwind, with NMDC cutting lump prices from Rs. 5,450 to Rs. 5,250/t and fines from Rs. 4,700 to Rs. 4,500/t on August 8, easing the market-sourced portion of GPIL's ore basket that cost Rs. 6,750/t against captive landed cost of Rs. 3,300/t in Q1. Management guided FY27 revenue above Rs. 6,000 Cr with Q1 already at Rs. 1,750.47 Cr, and the 100 MW solar completion guided for end-September 2026 falls inside the quarter's window.
The November 16 analyst call is expected to cover the margin bridge, the pellet plant restart timeline, and capex and debt milestones against the Rs. 1,500-2,000 Cr FY27 plan.
Key Things To Watch
FY27 guidance scorecard: Q1 FY27 fell short of the full-year run-rate on most lines, making the Q2 update the key check.
- FY27 EBITDA margin ~24-25% — Q1 FY27 printed 19.36% on input costs; ask whether the band is reaffirmed, softened, or re-based to H2 given coal and gas trends
- FY27 revenue above Rs. 6,000 Cr — Q1 FY27 revenue of Rs. 1,750.47 Cr represents 29.17% of the full-year target
- FY27 production targets — Q1 achieved only 16% (mining) to 29% (ferro alloys) of full-year targets; Q2 run-rate and the 85% pellet utilization target are the key checks
- Peak gross debt ~Rs. 1,500 Cr in FY27 — track against Q2 funding actions including JPL sale proceeds of Rs. 20.95 Cr in tranches 2-3 and Rs. 4,99,80,000 received from warrant conversion on Oct 8
Project milestones due in and around the quarter: Several commissioning targets fall inside or adjacent to the July-September window.
- 100 MW solar project — completion guided for end of September 2026; confirm commissioning status
- 45 MWh captive BESS — commissioning targeted Q3 FY27 (timeline shifted from August 2026); equipment was on site as of Q1 FY27
- 20 GWh BESS — commissioning targeted March 2027; FAT expected October 2026, MoEF&CC environmental clearance received Oct 5, and Rs. 50 Cr infused into GNEPL on Sep 28
- CRM Complex — construction from August 2026 and commissioning August 2027; confirm construction start on the AURIC Bidkin land (offer letter Sep 22 for ~31.45 acres) and capex deployment against Rs. 900 Cr
- 1 MnT ISP — construction scheduled from November 2026; confirm ground-breaking and FY27 capex against the Rs. 1,500-2,000 Cr plan
Phase-II pellet plant suspension: The 2.0 MnT gas-based pellet plant was suspended mid-quarter, creating both a volume and cost overhang.
- Restart timeline after the July 14, 2026 GAIL gas curtailment, and the gas cost per tonne being absorbed
- What pellet volume the FY27 4.0 MnT target now implies for H2, with the new plant utilization target at 85% vs 78% in Q4 FY26
Risks and follow-ups from prior calls: Items management has flagged or that remain open from earlier calls.
- Input-cost trajectory: market iron ore sourcing, coal prices and the West Asia crisis, which escalated rather than eased through the quarter
- The ISP return-on-capital question left unanswered on the Q4 FY26 call, after management conceded 'We were wrong on the cost estimation' before defending the Rs. 7,000 Cr figure
- Institutional dissent on the Whole-time Director re-appointment (77.68% of public institution votes against at the Sep 19 AGM) and the HFAL Rs. 20 Cr loan to Deccan Gold Mines extended to Mar 31, 2027
- JPL divestment — completion of the remaining 1,98,700 shares of the approved 16,75,000 (88.14% transferred, stake down to 36.38%)
Ask about this
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Frequently Asked Questions
Why did GPIL's margins fall in Q1 FY27 despite higher revenue?
Management said QoQ EBITDA margins and PAT were impacted by higher input costs, driven by increased market sourcing of iron ore and elevated coal prices amid the West Asia crisis. Market iron ore at Rs. 6,750/ton versus a captive landed cost of Rs. 3,300/ton shows the advantage narrows when market sourcing rises.
What is GPIL's FY27 revenue and margin guidance?
Management has guided FY27 consolidated revenue to exceed Rs. 6,000 Cr with EBITDA margins of approximately 24-25%, based on current market conditions. Q1 FY27 revenue of Rs. 1,750.47 Cr already represents 29.17% of the full-year revenue target.
How much capex is GPIL planning for its new projects?
The 1 MnT Integrated Steel Plant carries Rs. 7,000 Cr of capex, the 20 GWh BESS project Rs. 1,400 Cr, and the 0.7 MnT CRM Complex Rs. 900 Cr. FY27 planned capex is Rs. 1,500 to Rs. 2,000 Cr, which management says is fully internally funded from its Rs. 837 Cr net cash position and Rs. 1,157 Cr operating cash flow.
When will GPIL's new BESS and CRM projects be commissioned?
The 20 GWh BESS is targeted for commissioning in March 2027, while the CRM Complex is targeted for August 2027 with construction from August 2026. The 45 MWh captive BESS is targeted for Q3 FY27 and the 6 MnT beneficiation plant for Q3 FY27.
What does GPIL's Vision 2031 plan target?
Management has set Vision 2031 targets of approximately Rs. 30,000 Cr revenue (5x from FY26), approximately Rs. 5,000 Cr EBITDA and approximately Rs. 3,000 Cr PAT. The company frames the plan as anchored in projects that are approved, land-acquired, equipment-ordered and financing-arranged.
Related
- Godawari Power & Ispat Q2 FY27 Results Analysis: PAT Plunges 48%, Margin Collapses to 12% (GPIL)Q2 FY2026-2027 Results Analysis
- Godawari Power & Ispat Ltd (GPIL) Q1 FY27 Results Analysis: Margin Compresses 537 bps, Revenue Surges 32%Q1 FY2026-2027 Analysis
- Godawari Power And Ispat limited (GPIL) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To WatchQ1 FY2026-2027 Preview
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