Godawari PowerQ1 FY27
Godawari Power Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹244P/E: 20.1Market Cap: ₹16.5K CrSector: Industrial Products
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
No
Order
N/A
Capex
Yes
1 of 4 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 3- →Vision 2030 targets a 4x increase in revenue and 3x growth in EBITDA and PAT, driven mainly by CRM and BESS projects (steel plant now considered optional).
- →Pellet capacity expected to operate at 80%-85% utilization in FY’27, with gradual ramp-up as beneficiation plant and mining capacities increase.
- →FY'27 pellet production guidance initially at 4 million tons but may be slightly lower due to one pellet plant shutdown; final guidance to be communicated later.
- →Mining capacity ramp-up expected from Q3 FY'27; full captive mining supply to pellet plants targeted by FY’28, reducing merchant ore procurement.
- →CRM complex commissioning expected by December 2027 (Q3 FY'28) with INR1,100 crores capex.
- →Battery Energy Storage System (BESS) project commissioning scheduled for Q1 FY’28.
- →Expansion of solar capacity underway, moving from 165 MW to 290 MW by September 2026.
Margin guidance
Category 3- →Godawari Power & Ispat Limited aims for a 4x increase in revenue, and 3x growth in EBITDA and PAT by Vision 2030.
- →Earnings growth will be supported by commissioning of the CRM complex (Q3 FY28) and battery storage projects.
- →EBITDA margin improvement expected from Q4 FY27 onwards due to beneficiation plant commissioning and enhanced captive iron ore use.
- →Steel plant project kept optional due to delays; focus shifted to CRM and battery storage.
- →Iron ore and pellet prices expected to remain stable long-term (~INR9,000-10,000/ton).
- →Mineral beneficiation and pellet capacity ramp-up from FY28 will improve cost efficiency and margin.
- →Capital expenditures planned mainly for CRM (~INR1,100 crores) and mining (~INR2,000 crores over FY27 and FY28), funded by internal accruals.
- →Export opportunities for pellets remain, but domestic demand is primary market driver.
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Fundraise plans
No- →No new debt is currently planned for funding ongoing projects, as sufficient free cash flows are available.
- →The large debt that was initially planned for the steel plant has been put on hold since the steel plant project is shelved for the medium term.
- →All upcoming CapEx, including CRM and battery storage projects, will be funded through internal accruals.
- →Cash utilization plans, including deployment of healthy cash reserves and steady-state pellet price cash generation, will be clarified post completion of current CapEx.
- →No mention of any equity fundraising was made in the provided pages.
Order book
The provided transcript and document pages do not contain explicit information regarding the current or expected order book or pending orders for Godawari Power & Ispat Limited as of August 10, 2026. The discussion focused mainly on:
- CapEx revisions for CRM project and its commissioning by December 2027.
- Suspension and evaluation of integrated steel plant project due to pending water allocation approval.
- Updates on pellet plant operations, shutdowns, and production guidance.
- BESS project progress and commercial arrangements initiation.
- Mining capacity ramp-up plans and beneficiation plant coming online in Q3-FY28.
- Financial outlook, cost increases in raw materials.
- No direct mention of order book or pending order status.
If order book details are needed, referencing official company filings or investor presentations would be advisable.
Capex plans
Yes- CRM Complex: Relocated to Maharashtra near Sambhaji Nagar; planned capex of INR 1,100 crores (including INR 550 crores debt); land allotment expected by August 2026; construction starting October 2026; commissioning targeted by December 2027.
- Battery Energy Storage System (BESS): 20 GW base project progressing; scheduled commissioning Q1 FY28; capex incurred INR 501 crores till date; supported by Govt of Maharashtra incentives.
- Beneficiation Plant: Part of Ari Dongri iron ore mine expansion; capex of INR 218 crores incurred till June 2026; full-scale operation targeted FY28.
- Mining Capex: About INR 2,000 crores planned for FY27 and FY28.
- CRM Capex Revised: Increased from INR 950 crores to INR 1,100 crores due to land and infrastructure costs.
- Steel Plant: Project on hold; no capex planned currently.
All CapEx planned to be funded via internal accruals and limited debt.
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