Thank You Power and Ispat Ltd (GPIL) on Tuesday (August 5) reported a disappointing quarter with all parameters showing a downtrend. Net profit for the April-June quarter of FY26 slipped 24.4% at ₹216 crore over ₹286 crore in the year-ago period.
Revenue from operations was down 2% to ₹1,345 crore in the first quarter against ₹1,372 crore last year, mainly due to a drop in realisations.
At the operating level, EBITDA fell 20.8% to ₹346 crore over ₹437.2 crore year-on-year. The EBITDA margin took a significant hit — 25.7% versus 31.8% in Q1FY25.
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The company achieved 25% of its FY26 production volume guidance for rolled products and 30% for ferro alloys by the end of Q1. For the remaining product categories, the company has reached between 20-23% of their respective annual targets.
New projects
The board has approved a total capital expenditure of ₹1,600 crore for two new projects. The funding for these projects will follow a 40:60 split between equity and debt.
One of the proposed projects is the establishment of a 0.7-million tonne cold rolled mill (CRM) complex, with a total capital outlay of ₹900 crore. This includes pre-operative expenses, inter-corporate deposits (ICDs), and margin for working capital.
The second project involves setting up a 10 GW storage battery plant through GPIL’s wholly-owned subsidiary, Godawari New Energy Private Ltd. The proposed capital expenditure for this project stands at ₹700 crore.
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In terms of ongoing expansion, GPIL expects mining expansion approvals to be in place by Q3FY26, with operations scheduled to begin in Q4FY26. The pellet plant expansion is progressing as planned, with trial production expected to commence in October 2025.
The company also received approval from Power Grid Corporation of India Ltd (PGCIL) for the supply of steel billets to all manufacturers of galvanised steel structures for their transmission projects. Additionally, operations at the Boria Tibu mines resumed in May 2025 after GPIL received approval for the updated five-year mining plan from the Indian Bureau of Mines.
The results came after the close of the market hours. Shares of Godawari Power and Ispat Limited ended at ₹199.90, up by ₹3.50 or 1.78%, on the BSE today (August 5).
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