Godawari Power & Ispat Ltd, a fully integrated steel producer, has announced its financial results for Q2 and H1 FY26, reporting stable performance supported by higher pellet and galvanised product volumes and continued progress on major expansion projects. Q2 FY26 – Key Financial Highlights Revenue, EBITDA and PAT recorded slight year-on-year growth, driven by increased sales volumes of pellets and rolled structural products. Sequentially, sales, EBITDA and PAT were lower due to reduced realisations in iron ore pellets and finished steel. EBITDA and PAT margins remained strong at 20 per cent and 12 per cent, respectively. H1 FY26 – Key Financial Highlights Sales turnover remained largely stable, supported by higher production and sales of pellets and galvanised fabricated products. EBITDA and PAT were lower year-on-year due to softer sales realisations. Margins remained healthy, with EBITDA at 22 per cent and PAT at 14 per cent. Q2 & H1 FY26 – Key Operational Updates Mining expansion: Public hearing for expanding the Ari Dongri Iron Ore Mine from 2.35 MTPA to 6 MTPA has been completed. Environmental approval is expected by December 2025. Volume performance: GPIL is on track to meet its FY26 production targets, with strong progress in ferro alloys (55 per cent), rolled products (54 per cent), and sponge iron (53 per cent). Iron ore mining, pellet production and steel billets have all crossed 43 per cent of full-year targets. Land acquisition: 452 acres secured for the Integrated Steel Plant (ISP) and CRM complex. 112 acres acquired for the Battery Energy Storage System (BESS) project. CRM complex: Work is progressing on the 0.7 MnT cold-rolled steel complex; land is acquired and major equipment orders are placed. Battery storage: Godawari New Energy Pvt Ltd, a wholly owned subsidiary, is developing a BESS facility in Maharashtra; land acquisition is complete. Solar power: The Board has approved an additional 250 MW solar project, supplementing the earlier 125 MW for captive use at the ISP and CRM complex. PGCIL approval: GPIL has received approval to supply steel billets to all manufacturers of galvanised steel structures for transmission projects, supporting margin enhancement in value-added products. Boria Tibu Mine: Operations resumed in May 2025 following approval of the updated five-year mining plan by the Indian Bureau of Mines. Management Commentary Mr B.L. Agrawal, Chairman and Managing Director, said H1 FY26 reflected steady performance and strong operational progress. Revenues remained stable, supported by higher pellet and galvanised-product volumes, while margins remained healthy despite softer realisations. He highlighted major strategic progress, including the Ari Dongri mine expansion, the approval of an additional 250 MW solar project, advancement of the 0.7 MnT CRM complex, and movement on the battery energy storage project with required land already secured. Backed by a strong net-cash position, ongoing capacity expansion and a firm ESG commitment, GPIL is well positioned for sustainable, long-term value creation driven by efficiency gains, solar-led cost savings and the advantages of captive iron ore resources.