India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

Godawari Power and Ispat / Equity Bottom-Up

<ul>
<li>GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.</li>
<li>Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base. </li>
<li>FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned</li>
</ul>


GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base. 
FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned


Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling

<ul>
<li>GPIL met or exceeded FY25 volume guidance, completed key project commissioning like a new rolling mill, and made significant progress on major capex.</li>
<li>These expansions, coupled with GPIL's backward integration and ESG focus, are expected to drive revenue growth and maintain margin resilience despite prevailing raw material and finished product price volatility.</li>
<li>GPIL also commissioning most of its plant in FY26 along with better commodity environment will drive growth for the company.</li>
</ul>


GPIL met or exceeded FY25 volume guidance, completed key project commissioning like a new rolling mill, and made significant progress on major capex.
These expansions, coupled with GPIL's backward integration and ESG focus, are expected to drive revenue growth and maintain margin resilience despite prevailing raw material and finished product price volatility.
GPIL also commissioning most of its plant in FY26 along with better commodity environment will drive growth for the company.


Godawari Power and Ispat Limited: Capacity Expansion and ESG Focus Drive Future Growth

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Iron ore mining capacity expansion from 2.35 MTPA to 6 MTPA and pellet capacity from 2.7 MTPA to 4.7 MTPA expected by 3QFY26 with full ramp-up by Q4 FY26.</li>
<li>4QFY25 consolidated revenues of ₹1,468 crore, with EBITDA at ₹318 crore and PAT at ₹221 crore, reflecting a slight decline year-on-year due to lower realizations.</li>
<li>Valuations appear reasonable driven by steady earnings growth backed by capacity addition, mine expansion and operational efficiencies.</li>
</ul>


Iron ore mining capacity expansion from 2.35 MTPA to 6 MTPA and pellet capacity from 2.7 MTPA to 4.7 MTPA expected by 3QFY26 with full ramp-up by Q4 FY26.
4QFY25 consolidated revenues of ₹1,468 crore, with EBITDA at ₹318 crore and PAT at ₹221 crore, reflecting a slight decline year-on-year due to lower realizations.
Valuations appear reasonable driven by steady earnings growth backed by capacity addition, mine expansion and operational efficiencies.


Godawari Power: Expansion Led Growth Ahead Despite Near-Term Delays

<ul>
<li>GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.</li>
<li>Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.</li>
<li>Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.</li>
</ul>


GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/godawari-power-and-ispat-limited" target="_blank" data-smartkarma-citation="entities:5939:1" rel="noopener">Godawari Power and Ispat (GODPI IN)</a> Q3 FY25 results show revenue and EBITDA declines due to lower iron ore and pellet production, despite improved volumes in HB wires and fabricated products.</li>
<li>These declines highlight operational challenges affecting profitability, emphasizing the need for capacity expansion and enhanced cost controls in a competitive global steel market.</li>
<li>The company dropped the plan to set up a greenfield integrated steel plant of 2 million tons. Instead, GPIL is evaluating alternative projects with lower capacity and capex.</li>
</ul>



Godawari Power and Ispat (GODPI IN) Q3 FY25 results show revenue and EBITDA declines due to lower iron ore and pellet production, despite improved volumes in HB wires and fabricated products.
These declines highlight operational challenges affecting profitability, emphasizing the need for capacity expansion and enhanced cost controls in a competitive global steel market.
The company dropped the plan to set up a greenfield integrated steel plant of 2 million tons. Instead, GPIL is evaluating alternative projects with lower capacity and capex.


Godawari Power & Ispat Limited Q3 FY25 Update: De-Growth Due to Lower Iron Ore and Pellet Production

India

Godawari Power and Ispat Ltd. manufactures steel.  The Company produces steel billets.

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Godawari Power and Ispat (GODPI IN)

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling

GPIL is evolving from a commodity-focused steel company to a value-added steel and battery energy storage manufacturer, with upcoming capex and...

Sudarshan Bhandari

Godawari Power and Ispat Limited: Capacity Expansion and ESG Focus Drive Future Growth

GPIL exceeded volume guidance, completed key projects, and focused on ESG initiatives to drive revenue growth and maintain margin resilience...

Sudarshan Bhandari

Godawari Power: Expansion Led Growth Ahead Despite Near-Term Delays

Iron ore mining and pellet capacity expansion expected by 3QFY26. Valuations reasonable with steady earnings growth anticipated.

Rahul Jain

GPIL: Mining to Recycling

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Godawari Power & Ispat Limited Q3 FY25 Update: De-Growth Due to Lower Iron Ore and Pellet Production

Godawari Power and Ispat Q3 FY25 results show revenue and EBITDA declines, highlighting operational challenges and the need for capacity expansion...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling

​GPIL is evolving from a commodity-focused steel company to a value-added steel and battery energy storage manufacturer, with upcoming capex and...

Sudarshan Bhandari

Godawari Power and Ispat Limited: Capacity Expansion and ESG Focus Drive Future Growth

​GPIL exceeded volume guidance, completed key projects, and focused on ESG initiatives to drive revenue growth and maintain margin resilience...

Sudarshan Bhandari

Godawari Power: Expansion Led Growth Ahead Despite Near-Term Delays

​Iron ore mining and pellet capacity expansion expected by 3QFY26. Valuations reasonable with steady earnings growth anticipated.

Rahul Jain

GPIL: Mining to Recycling

​GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Godawari Power & Ispat Limited Q3 FY25 Update: De-Growth Due to Lower Iron Ore and Pellet Production

​Godawari Power and Ispat Q3 FY25 results show revenue and EBITDA declines, highlighting operational challenges and the need for capacity expansion...

Sudarshan Bhandari

GPIL is evolving from a commodity-focused steel company to a value-added steel and battery energy storage manufacturer, with upcoming capex and...

GPIL exceeded volume guidance, completed key projects, and focused on ESG initiatives to drive revenue growth and maintain margin resilience...

Iron ore mining and pellet capacity expansion expected by 3QFY26. Valuations reasonable with steady earnings growth anticipated.

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Godawari Power and Ispat Q3 FY25 results show revenue and EBITDA declines, highlighting operational challenges and the need for capacity expansion...