Gallantt Ispat Q2 Results October 19, 2026: Profit Falls 32% to ₹60.5 Crore as Costs Outrun 13% Revenue Growth

Gallantt Ispat Q2 results came out late on Monday, October 19, 2026, and they tell a simple story: the TMT bar maker sold more, but kept a lot less of it. Consolidated revenue from operations rose 13.1% year-on-year to ₹1,145.89 crore, while net profit fell about 32% to ₹60.51 crore. The board meeting ran from 4:30 pm to 11 pm, so the numbers hit the exchanges just after midnight.

All figures here are consolidated and come from the company’s results filing on NSE and the matching BSE results data. The filing reports in lakh, which we’ve converted to crore.

Gallantt Ispat Q2 results in numbers

• Revenue from operations: ₹1,145.89 crore, up from ₹1,012.78 crore in the September 2025 quarter. Against the June quarter (₹1,145.67 crore) it was flat.
• Net profit: ₹60.51 crore, against ₹88.93 crore a year ago (a 32% fall) and ₹123.67 crore in the June quarter (a 51% fall).
• Profit before tax: ₹83.17 crore, against ₹103.01 crore a year ago and ₹164.81 crore in the June quarter.
• Earnings per share: ₹2.51, against ₹3.62 a year ago and ₹5.13 in the June quarter.

One small detail on the year-ago profit. The ₹88.93 crore figure includes ₹1.69 crore of profit from an associate. Strip that out and the comparable profit was ₹87.23 crore, so the fall on that basis is closer to 31%. Either way, it’s a big drop.

Where the margin went

Total expenses climbed 17% to ₹1,080.87 crore from ₹922.96 crore, which is faster than sales grew. That gap is the whole quarter in one line.

Two items stand out. Raw materials consumed rose to ₹794.21 crore from ₹730.28 crore. And purchases of stock-in-trade, meaning finished goods bought from others and resold, jumped to ₹98.87 crore from just ₹5.10 crore a year earlier. Traded goods usually carry thinner margins than steel a company makes itself, so a bigger share of them pulls the blended margin down.

CNBC-TV18 puts EBITDA at ₹109.6 crore, down 16.6% from ₹131.5 crore, with the margin narrowing to 9.57% from 13%. Our own working from the filing (pre-tax profit plus finance costs and depreciation, minus other income) lands at about the same figure. If you want a refresher on that calculation, our explainer on what EBITDA is and how it’s calculated walks through it.

Other income helped a little, rising to ₹18.15 crore from ₹13.22 crore. It wasn’t nearly enough to offset the cost squeeze.

The half-year view and the expansion

For the six months to September, revenue was ₹2,291.56 crore, up about 7% from ₹2,140.53 crore. Profit was ₹184.18 crore against ₹262.72 crore, down roughly 30%. So this isn’t just one bad quarter; the first half as a whole earned less on more sales.

The balance sheet shows where the money is going. Capital work in progress stood at ₹598.37 crore on September 30, up from ₹349.05 crore on March 31, 2026. According to CNBC-TV18, the company is taking steelmaking capacity from 1 million tonnes to 1.29 million tonnes, with commissioning targeted for the second half of FY27, and is developing captive iron ore mines to secure raw material.

Context on the stock matters too. CNBC-TV18 notes the shares jumped about 18% on October 12, so the market had already run up ahead of these numbers.

What we’d watch next is whether the expanded capacity arrives on time and whether in-house ore can bring raw material costs down. Until then, margins look tied to steel prices and input costs. For a framework on reading a results sheet like this one, see our guide on how to analyse quarterly results of a company, and for another steel name’s recent news, our report on the JSW Steel Orissa High Court ruling.

Disclaimer: This article is for information only and is not investment advice. Figures are taken from Gallantt Ispat’s exchange filings and the CNBC-TV18 report linked above. Please do your own research or consult a SEBI-registered adviser before investing.