Godawari Power And Ispat earnings calls.

Godawari Power reported a steady Q3 FY26 with EBITDA margin expanding 300bps YoY to 20%Current 20% vs previous available quarter 19.1%., despite softer realizations and a temporary pellet plant shutdown. Iron ore mining production surged 46% YoYCurrent 46% YoY. Reported change: +46% YoY., while value-added steel sales grew 15%Current 15%. Reported change: +15% YoY.. The key highlight was receiving environmental clearance to double Arjuni mine capacity to 6MTPACurrent 6MTPA. Reported change: +155% vs prior., with commercial operations expected imminently. Management guided for FY27 revenue of ₹6,500-7,000cr from current operations, plus ₹5,000cr from the new BESS plant and ₹2,000cr from CRM complex. Capex of ~₹2,000cr in FY27 is fully funded. A decision on the proposed 1MTPA steel plant (₹5,000cr capex) will be taken by April-May 2026. Risk: potential oversupply in domestic pellet market from new capacities could pressure volumes.