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Godawari Power & Ispat Ltd.
NSE: GPILBasic MaterialsSteel
- Last close
- ₹192.34
- Day change
- −₹7.20 (−3.61%)vs
- Market cap
- ₹13,776 crIndian rupees
- Research updated
- 2 reports
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About Godawari Power & Ispat
Godawari Power & Ispat Ltd. is an integrated steel manufacturing company based in India. The company specializes in producing a variety of products including iron ore pellets, sponge iron, steel billets, and ferro alloys, which are key inputs for various manufacturing processes. The enterprise also operates facilities for power generation, which supports its energy-intensive production processes and enhances operational efficiency by reducing dependency on external power sources. Founded in 1999, Godawari Power & Ispat Ltd. has established a strong presence in the domestic market with its strategic focus on delivering high-quality products. The company serves diverse industries such as construction, infrastructure, and engineering, which are pivotal to India's economic development. It also plays a crucial role in the industrial supply chain, contributing to the robustness of the manufacturing sector. With a commitment to sustainable practices, Godawari Power & Ispat Ltd. continues to innovate and expand its operations. The company's efforts in adopting environmentally responsible production methods underscore its dedication to balancing industrial growth with ecological considerations, making it a significant player in the steel industry and the broader commodity market.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: GPIL
- Employees
- 3,751
- Headquarters
- Raipur, India
- ISIN
- INE177H01039
- Website
- godawaripowerispat.com
Public research · Report of
Business model & financial foundation
Godawari Power & Ispat (NSE: GPIL), Integrated iron ore mining, pellets, steel and ferro alloys: revenue of ₹5,381 crore in FY26 (+0.1% on FY25), an EBITDA margin of 23.3%, net profit of ₹800.8 crore and net cash of ₹752.0 crore.
- Revenue, FY26 (₹ crore)
- 5,381
- consolidated
- Revenue growth, FY26
- +0.1%
- on FY25
- EBITDA margin, FY26
- 23.3%
- EBITDA (revenue less cogs, employee, other expenses; excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 800.8
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -752.0
- Net debt (borrowings - cash & bank - current investments)
- Market capitalisation (₹ crore)
- 13,612
- at the close of 17 Oct 2026
Company profile
Raipur-based integrated iron ore miner and pellet, sponge iron, steel billet, wire and ferro alloy producer with captive power. Captive ore economics, pellet sales and input spreads determine profitability. A 20 GWh BESS and relocated 0.7 MnT cold rolling complex diversify the capex programme; the integrated steel project is in abeyance.
| Item | Value |
|---|---|
| Legal name | Godawari Power and Ispat Limited |
| Exchange and ticker | NSE: GPIL; BSE: 532734 |
| ISIN | INE177H01039 |
| Sector | Basic Materials |
| Industry | Integrated iron ore mining, pellets, steel and ferro alloys |
| Headquarters | Raipur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Singhi & Co. (since FY23) |
| Market capitalisation | ₹13,612 crore (17 Oct 2026) |
| Shares outstanding | 61.38 crore shares (FY26) |
| Price | ₹211.6 (close, 17 Oct 2026) |
| 52-week range | ₹203.8 - ₹320.0 (to 17 Oct 2026) |
| Website | https://www.godawaripowerispat.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Hira Ferro Alloys Limited | 96.03% | Ferro alloys and captive power |
| Alok Ferro Alloys Limited | 100% | Ferro alloys |
| Godawari New Energy Private Limited | 100% | 20 GWh battery energy storage systems project |
| Godawari Education & Research Foundation | 81% | Education and research |
| Godawari Energy Solutions Private Limited | 100% | EPC, turnkey, commissioning and O&M for BESS, renewable-energy, power/electrical and allied infrastructure projects; incorporated 17 Oct 2026 with initial INR0.10 cr subscription. |
Jammu Pigments and Chhattisgarh Ispat Bhumi are associates. Jammu stake reduced to 38.27% in October; annual report holding schedules disagree. Ardent Steel exited in 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.50% | 63.34% | 63.18% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.90% | 5.94% | 6.00% | |
| Domestic institutions | 2.53% | 2.63% | 3.10% | |
| of which mutual funds | 1.84% | 1.78% | 2.35% | |
| Retail | 18.11% | 17.39% | 17.58% | |
| Other | 9.96% | 10.70% | 10.14% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Godawari Power & Ispat (NSE: GPIL) is an integrated iron-ore-to-long-steel producer in Raipur, Chhattisgarh. It mines captive iron ore at Ari Dongri and Boria Tibu, pelletises it (4.7 MnT capacity since the 2 MnT gas-based plant started in Dec-2025), sells about two-thirds of pellets externally and converts the balance into sponge iron, billets, MS rounds, HB wire, ferro alloys, galvanised and structural products. It reports one Steel segment. FY26 revenue was INR5,380.6 cr, EBITDA excluding other income INR1,253.1 cr and owners’ PAT INR800.8 cr.
| Peer | Why the dossier compares them |
|---|---|
| Sarda Energy & Minerals (SARDAEN) | Integrated steel, ferro alloys, mining and captive power. |
| Shyam Metalics and Energy (SHYAMMETL) | Integrated long steel and ferro alloys; similar expansion exposure. |
| Lloyds Metals and Energy (LLOYDSME) | Captive iron ore mining and downstream expansion. |
| NMDC (NMDC) | Merchant iron ore benchmark; upstream cost comparison, not identical business. |
| Jindal Steel (JINDALSTEL) | Integrated steel and captive resources; much larger downstream mix. |
| Jai Balaji Industries (JAIBALAJI) | Integrated DRI, long steel and ferro alloys. |
| Kirloskar Ferrous Industries (KIRLFER) | Ferrous conversion economics; less captive ore exposure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,349 | 5,745 | 5,455 | 5,376 | 5,381 |
| Cost of revenue (vendor classification) * | 2,927 | 4,026 | 3,617 | 3,642 | 3,489 |
| Other operating costs (vendor classification) * | 444.2 | 353.1 | 272.5 | 241.0 | 272.4 |
| EBITDA (vendor classification) * | 1,952 | 1,232 | 1,397 | 1,265 | 1,334 |
| EBIT * | 1,945 | 1,098 | 1,278 | 1,113 | 1,129 |
| Finance costs | 12.1 | 15.3 | 59.6 | 55.4 | 58.5 |
| Profit before tax (incl. share of associates) | 1,933 | 1,083 | 1,256 | 1,092 | 1,098 |
| Total tax expense | 451.2 | 289.2 | 320.4 | 279.0 | 296.6 |
| Profit for the year (PBT less tax; includes associates) | 1,467 | 793.4 | 935.6 | 813.0 | 801.7 |
| Diluted EPS (INR, post 1:5 split basis) | 22.28 | 12.23 | 14.89 | 13.14 | 12.58 |
| Materials consumed + purchases of stock in trade + inventory change | 2,957 | 2,970 | 2,734 | ||
| Employee benefits expense | 224.5 | 293.9 | 337.2 | ||
| Other expenses | 945.5 | 917.8 | 1,057 | ||
| EBITDA (revenue less cogs, employee, other expenses; excl other income) | 1,328 | 1,194 | 1,253 | ||
| Other income | 97.9 | 96.0 | 94.1 | ||
| Depreciation and amortisation | 141.3 | 155.2 | 178.3 | ||
| Exceptional items (sign as reported) | 17.5 | 0.70 | -18.3 | ||
| Share of profit of associates/JVs (reported above PBT) | 13.4 | 12.2 | 6.19 | ||
| Profit attributable to NCI | 0.24 | 1.32 | 0.98 | ||
| Profit attributable to owners | 935.3 | 811.7 | 800.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 3,442 | 3,947 | 4,496 | 4,937 | 5,849 |
| Borrowings, non-current + current incl maturities | 428.5 | 316.7 | 51.6 | 308.8 | 443.5 |
| Cash & equivalents + other bank balances | 11.0 | 507.3 | 870.4 | 329.0 | 306.2 |
| Trade receivables | 349.9 | 295.7 | 211.9 | 132.3 | 131.5 |
| Inventories | 873.6 | 810.8 | 900.3 | 931.8 | 926.4 |
| Trade payables | 543.7 | 535.2 | 529.2 | 475.4 | 469.8 |
| PPE + intangibles + ROU | 1,548 | 2,101 | 2,336 | 2,787 | 3,489 |
| CWIP incl intangibles under development | 665.9 | 483.1 | 432.8 | 487.0 | 693.9 |
| Total assets | 4,890 | 5,159 | 5,545 | 6,157 | 7,296 |
| Net debt (borrowings - cash & bank - current investments) | -752.0 | ||||
| Current investments | 0.00 | ||||
| Non-current investments (other than associates/JVs) | 12.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,291 | 1,176 | 1,044 | 898.3 | 1,157 |
| Free cash flow (vendor definition) * | 717.2 | 537.7 | 621.7 | 357.2 | 68.6 |
| Dividends paid | -65.2 | -114.1 | -51.7 | -79.4 | -63.6 |
| Purchase of PPE incl intangibles and CWIP | -606.3 | -449.1 | -422.7 | -535.1 | -1,042 |
| Buyback incl tax | -302.4 | -371.8 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 65.82 | 64.86 | 62.36 | 61.29 | 61.38 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,268 | 1,298 | 1,468 | 1,323 | 1,308 | 1,139 | 1,610 | 1,750 |
| Cost of revenue (vendor classification) * | 716.7 | 780.3 | 1,483 | 677.6 | 718.1 | 601.4 | 736.7 | 991.4 |
| Other operating costs (vendor classification) * | 231.6 | 225.6 | -494.3 | 240.3 | 246.8 | 220.2 | 349.5 | 333.0 |
| EBITDA (vendor classification) * | 270.1 | 241.5 | 313.4 | 349.7 | 283.1 | 244.9 | 475.8 | 372.2 |
| Operating EBIT excluding other income and associates | 207.2 | 184.1 | 277.9 | 280.2 | 218.8 | 185.1 | 390.6 | 283.7 |
| Finance costs | 13.5 | 12.7 | 15.0 | 15.3 | 11.2 | 12.5 | 19.5 | 20.3 |
| Profit before tax including associates | 217.8 | 191.8 | 295.2 | 290.5 | 230.6 | 187.6 | 389.6 | 301.8 |
| Total current and deferred tax | 58.4 | 46.7 | 73.5 | 74.1 | 68.9 | 44.2 | 109.4 | 79.5 |
| Profit after tax including associates before NCI | 159.4 | 145.0 | 221.7 | 216.4 | 161.7 | 143.5 | 280.2 | 222.4 |
| Diluted EPS, post split basis (₹) | 2.58 | 2.34 | 3.58 | 3.50 | 2.61 | 2.32 | 4.40 | 3.48 |
| Materials consumed + traded purchases + inventory change | 716.7 | 780.3 | 811.6 | 677.6 | 718.1 | 601.4 | 736.7 | 991.4 |
| Employee benefits expense | 72.7 | 70.6 | 81.5 | 81.3 | 82.7 | 88.1 | 85.1 | 92.4 |
| Other expenses | 231.6 | 225.6 | 256.7 | 240.3 | 246.8 | 220.2 | 349.5 | 333.0 |
| Operating EBITDA excluding other income and associates | 246.6 | 221.2 | 318.3 | 324.1 | 260.1 | 229.8 | 439.0 | 333.7 |
| Other income | 22.8 | 18.4 | 24.8 | 22.5 | 19.5 | 27.0 | 25.3 | 33.3 |
| Depreciation and amortisation | 39.5 | 37.0 | 40.5 | 43.9 | 41.3 | 44.8 | 48.4 | 50.1 |
| Profit attributable to owners | 159.1 | 144.8 | 221.3 | 216.0 | n.r. | 143.3 | 280.1 | 221.7 |
| Purchases of traded goods | n.r. | n.r. | 15.9 | 0.00 | 6.06 | 0.00 | 2.70 | 41.6 |
| Cost of materials consumed | 674.4 | 855.8 | 701.5 | 750.5 | 706.6 | 620.4 | 703.0 | 973.6 |
| Changes in finished goods, WIP and traded inventories | 42.2 | -75.6 | 94.1 | -72.9 | 5.42 | -19.0 | 31.0 | -23.8 |
| Exceptional items, income positive | 0.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -18.3 | 0.00 |
| Share of profit/(loss) of associates and JVs | 0.63 | 1.88 | 7.50 | 3.11 | 3.49 | -11.9 | 11.5 | 5.19 |
| Current tax | 49.4 | 37.3 | 59.9 | 66.6 | 53.7 | 34.5 | 87.9 | 73.2 |
| Deferred tax | 9.02 | 9.45 | 13.6 | 7.50 | 15.2 | 9.66 | 21.5 | 6.28 |
| Basic EPS, post split basis (₹) | 2.60 | 2.36 | 3.61 | 3.52 | 2.63 | 2.34 | 4.56 | 3.59 |
| Profit attributable to NCI | 0.25 | 0.26 | 0.41 | 0.45 | n.r. | 0.20 | 0.13 | 0.63 |
| Profit before tax excluding associates | 217.1 | 189.9 | 287.7 | 287.4 | 227.1 | 199.5 | 378.1 | 296.6 |
| Profit after tax excluding associates | 158.7 | 143.2 | 214.2 | 213.3 | 158.2 | 155.4 | 268.7 | 217.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 35.9% | 7.4% | -5.0% | -1.5% | 0.1% |
| EBITDA margin | 24.3% | 22.2% | 23.3% | ||
| Net margin | 17.1% | 15.1% | 14.9% | ||
| Return on equity | 22.2% | 17.2% | 14.8% | ||
| Return on capital employed | 56.6% | 27.0% | 29.0% | 22.7% | 19.6% |
| Return on assets | 17.5% | 13.9% | 11.9% | ||
| Net debt (₹ crore) | -752.0 | ||||
| Net debt / EBITDA | -0.60x | ||||
| Interest cover | 161.4x | 71.8x | 21.4x | 20.1x | 19.3x |
| Asset turnover | 1.28x | 1.14x | 1.02x | 0.92x | 0.80x |
| Receivable days | 24 | 19 | 14 | 9 | 9 |
| Inventory days (on revenue) | 60 | 52 | 60 | 63 | 63 |
| Payable days (on revenue) | 37 | 34 | 35 | 32 | 32 |
| Cash conversion | 1.12x | 1.11x | 1.45x | ||
| Capex intensity | 11.3% | 7.8% | 7.7% | 10.0% | 19.4% |
| Free cash flow (₹ crore) | 684.7 | 727.3 | 621.7 | 363.1 | 115.1 |
| Dividend payout | 5.5% | 9.8% | 7.9% | ||
| EPS, diluted (₹) | 22.28 | 12.23 | 14.89 | 13.14 | 12.58 |
| Book value per share (₹) | 52.29 | 60.84 | 72.09 | 80.56 | 95.30 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses; excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash & bank - current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses; excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, post 1:5 split basis)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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