The approved expansions will increase the company's steel billet capacity from 528,000 metric tons (MT) to 800,250 MT, rolling mill capacity from 528,000 MT to 805,200 MT, sponge iron capacity from 544,500 MT to 560,000 MT, and pellet capacity from 792,000 MT to 990,000 MT.

Additionally, the company plans to expand its captive power plant (thermal and waste heat recovery boiler) capacity from 78 MW to 100 MW. Gallantt Ispat also intends to establish a new 100 MW captive solar power plant.

A total of Rs 1,014.98 crore of capex for the above expansion and captive solar power plant have been approved by the board of directors. Further, the total project capex shall be funded by the company through internal accruals without borrowing any debt.

"Since expansion in capacities of above units are brown field expansion projects company has scheduled the completion of the Project tenure by March 2026,” Gallantt Ispat said in a statement.

Gallantt Ispat is engaged in the manufacturing of steel and steel products. To support its operations, the company has established captive power plants at both its Gorakhpur and Kutch units to meet internal power requirements. Its manufacturing facilities are located in Village Samakhyali, District Kutch, Gujarat (Gujarat Unit), and Sahjanwa, Gorakhpur, Uttar Pradesh (Gorakhpur Unit).

On a consolidated basis, Gallantt Ispat's net profit surged 118.68% to Rs 113.67 crore on 5.24% increase in net sales to Rs 1,118.32 crore in Q3 December 2024 over Q3 December 2023.