Gallard Steel Limited — Half-year and year ended 31 March 2026
| Sl.No | Particulars | Six months and year ended 31.03.2026 (Audited) | Six months and year ended 30.09.2025 (Unaudited) | Six months and year ended 31.03.2025 (Audited) | For the year ended 31.03.2026 (Audited) | For the year ended 31.03.2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income | |||||
| a) Revenue from operations | 3,171.60 | 2,575.62 | 2,445.32 | 5,747.22 | 4,260.71 | |
| b) Other income | 28.47 | 46.76 | 7.90 | 75.23 | 12.58 | |
| Total income | 3,200.07 | 2,622.38 | 2,453.22 | 5,822.45 | 4,273.29 | |
| 2 | Expenses | |||||
| a) Cost of goods consumed | 1,476.01 | 1,135.18 | 1,199.92 | 2,611.19 | 2,158.85 | |
| b) Changes in inventories of stock in trade | (17.60) | 79.51 | (8.18) | 61.91 | (66.88) | |
| c) Employee benefits expense | 137.27 | 88.44 | 87.30 | 225.70 | 138.92 | |
| d) Finance costs | 46.04 | 54.44 | 57.40 | 100.48 | 114.01 | |
| e) Depreciation and amortisation expense | 95.49 | 93.68 | 64.37 | 189.18 | 124.86 | |
| f) Other expenses | 972.26 | 775.21 | 700.10 | 1,747.47 | 1,147.01 | |
| Total expenses | 2,709.48 | 2,226.45 | 2,100.92 | 4,935.93 | 3,616.78 | |
| 3 | Profit/(loss) before exceptional item & tax (1-2) | 490.59 | 395.93 | 352.30 | 886.52 | 656.51 |
| 4 | Exceptional Items | |||||
| 5 | Profit/(loss) before tax (3-4) | 490.59 | 395.93 | 352.30 | 886.52 | 656.51 |
| 6 | Tax expense | |||||
| 7 | Net Profit/(Loss) after tax (5-6) | 123.00 | 89.53 | 95.27 | 212.53 | 183.98 |
| 8 | Other comprehensive income (OCI) | |||||
| Items that will not be reclassified to profit and loss | 367.59 | 306.40 | 257.03 | 673.99 | 472.53 | |
| Income Tax relating to Items that will not be reclassified to profit and loss | – | – | – | – | – | |
| 9 | Total comprehensive income for the period (7+8) | 367.59 | 306.40 | 257.03 | 673.99 | 472.53 |
| 8 | Paid-up Equity Share Capital (Face value of Rs.10/- each) | 950.00 | 700.00 | 700.00 | 950.00 | 700.00 |
| 9 | Reserve & Surplus (excluding revaluation reserve) | 4,528.38 | 850.29 | |||
| 10 | Earnings per share (of Rs.10/- each) Basic (Rs.) | 4.68 | 4.38 | 3.67 | 8.58 | 6.75 |
| 11 | Earnings per share (of Rs.10/- each) Diluted (Rs.) | 4.68 | 4.38 | 3.67 | 8.58 | 6.75 |
| Particular | Details |
|---|---|
| Name of listed entity | Gallard Steel Limited |
| Mode of Fund Raising | Initial Public Offer |
| Date of Raising Funds | 24-11-2025 |
| Amount Raised | 37.50 Crores |
| Report filed for Year and half year ended | 31-03-2026 |
| Monitoring Agency | NA |
| Monitoring Agency Name, if applicable | NA |
| Is there a Deviation/Variation in use of fund raised | No |
| If yes, whether the same is pursuant to change in terms of a | NA |
| If yes, Date of Unit holders Approval | NA |
| Explanation for the Deviation/Variation | NA |
| Comments of the Audit Committee after review | N.A. |
| Original Object | Modified object, if any | Original Allocation (Rs. Lakhs) | Modified Allocation, if any | Funds Utilised (in lakhs) | Amount of Deviation/Variation | Funds Unutilised (in lakhs)* |
|---|---|---|---|---|---|---|
| Capital Expenditure for Expansion | NA | 2,073.01 | NA | 450.75 | – | 1,622.26 |
| Repayment of Debt | NA | 720.00 | NA | – | – | 720.00 |
| General corporate purposes | NA | 466.11 | NA | 206.87 | – | 259.24 |
| Issue Expenses | NA | 490.88 | NA | 490.88 | – | – |
| Total | 3,750.00 | 1,148.50 | 2,601.50 |
| S. No. | Bank | Amount (in Lakhs) | Start Date | Maturity Date | FD Number |
|---|---|---|---|---|---|
| 1 | Yes Bank Limited | 1,500.00 | 17-01-2026 | 18-04-2026 | 004040300016089 |
| 2 | Yes Bank Limited | 241.50 | 03-12-2025 | 04-12-2026 | 004040600037738 |
| 3 | Yes Bank Limited | 500.00 | 05-12-2025 | 05-12-2026 | 004040600037971 |
| 4 | Yes Bank Limited | 360.00 | 17-02-2026 | 18-02-2027 | 004040600040574 |
| Total | 2,601.50 |
| Particulars | Standalone As at 31.03.2026 | Standalone As at 31.03.2025 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| 1. Shareholders’ funds | ||
| a) Share capital | 950.00 | 700.00 |
| b) Reserves and surplus | 4,528.38 | 850.29 |
| Total Equity | 5,478.38 | 1,550.29 |
| 2. Liabilities | ||
| Non-current liabilities | ||
| a) Long-Term Borrowings | 448.28 | 668.13 |
| b) Deferred tax liability | – | – |
| c) Other long-term liabilities | 5.74 | 5.14 |
| d) Long-term provisions | – | – |
| Total non-current liabilities | 454.02 | 673.27 |
| a) Short-Term Borrowings | 734.41 | 632.51 |
| b) Trade payables | ||
| (i) Total outstanding dues of micro enterprises and small enterprises | 38.10 | 98.88 |
| (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises | 512.52 | 521.10 |
| c) Other current liabilities | 83.42 | 140.68 |
| d) Short-term provisions | 172.49 | 169.75 |
| Total current liabilities | 1,540.93 | 1,562.91 |
| Total equity and liabilities | 7,473.33 | 3,786.47 |
| Assets | ||
| 1. Non-current assets | ||
| a) Property, plant and equipment and Intangible Assets | ||
| (i) Property Plant and Machinery | 1,253.03 | 861.72 |
| (ii) Intangible assets | 12.26 | 2.08 |
| (iii) Work in Progress | 415.45 | 595.16 |
| b) Deferred tax assets | 12.66 | 5.10 |
| c) Non-current investment | 237.20 | 237.20 |
| d) Long-term loans and advances | 549.93 | 219.08 |
| e) Other non-current assets | – | – |
| Total non-current assets | 2,480.53 | 1,920.34 |
| 2. Current assets | ||
| a) Current investment | 507.43 | 462.90 |
| b) Inventories | 1,771.76 | 1,312.75 |
| b) Trade receivables | 2,633.06 | 23.63 |
| c) Cash and bank balances | 74.21 | 59.84 |
| d) Short-term loans and advances | 6.34 | 7.01 |
| e) Other current assets | – | – |
| Total current assets | 4,992.80 | 1,866.13 |
| Total assets | 7,473.33 | 3,786.47 |
| Particulars | For the year ended 31.03.2026 | For the year ended 31.03.2025 |
|---|---|---|
| A. Cash flow from operating activities | ||
| Profit/(loss) before tax | 886.52 | 656.51 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 189.18 | 124.86 |
| Liability no longer required, written back | – | – |
| Bad Debts | 3.29 | – |
| Subsidy received during the year | (49.76) | – |
| Interest expense and finance cost | 100.48 | 114.01 |
| Interest and other income | (22.87) | (12.28) |
| Changes in assets and liabilities | ||
| (Increase) / Decrease in inventories | (44.53) | (60.50) |
| (Increase) / Decrease in trade receivables | (462.29) | (641.98) |
| (Increase) / Decrease in loans and advances | (14.37) | 53.93 |
| (Increase) / Decrease in other assets | (90.88) | 5.53 |
| Increase / (decrease) in trade payables | (69.37) | 113.15 |
| Increase / (decrease) in provisions | (1.04) | (6.08) |
| Increase / (decrease) in other liabilities | (57.26) | 86.35 |
| Cash generated from operating activities | 367.10 | 433.50 |
| Taxes paid (net of refunds) | (220.73) | (46.52) |
| Net cash generated from operating activities | 146.37 | 386.98 |
| B. Cash Flow from Investing Activities | ||
| Purchase of property, plant and equipment | (169.17) | (241.11) |
| Investment in Work In Progress | (356.45) | (110.10) |
| Purchase of Intangible Asset | (12.22) | – |
| Advances for Capital Asset | (239.30) | 40.27 |
| Subsidy received on property, plant and equipment | 176.64 | |
| Interest and other income | 22.87 | 12.28 |
| Net cash generated from/(used in) investing activities | (577.63) | (298.66) |
| C. Cash flows from financing activities | ||
| Proceeds from issues of equity shares | 3,750.00 | – |
| Payment of Issue related expenses | (490.88) | |
| Interest and finance cost | (100.48) | (114.01) |
| Net proceed (repayment) of long term borrowings | (219.85) | (76.14) |
| Net proceed (repayment) of short term borrowings | 101.90 | 72.93 |
| Net cash generated from/(used in) financing activities | 3,040.69 | (117.22) |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 2,609.43 | (28.90) |
| Cash and cash equivalents at the beginning of year | 23.63 | 52.53 |
| Cash and cash equivalents at the end of year | 2,633.06 | 23.63 |
| Particulars | Details |
|---|---|
| Name of Listed Entity | GALLARD STEEL LIMITED |
| CIN: L28113MP2015PLC034065 | |
| Mode of Fund Raising | Initial Public Offer |
| Date of Fund Raising | 24/11/2025 |
| Amount Raised | Rs.37,50,00,000 (Rs. Thirty Seven Crores and Fifty Lakhs only) towards issue of fresh equity of 25,00,000 shares at Rs. 150 each Face Value of Rs. 10 at a premium of Rs.140/- per share. |
| Report filed for Half year/Year ended | 31.03.2026 |
| Monitoring Agency | Not Applicable |
| Monitoring Agency Name, if applicable | Not Applicable |
| Is there a Deviation / Variation in use of No funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | Not Applicable |
| If Yes, Date of shareholder Approval | Not Applicable |
| Explanation for the Deviation/ Variation | Not Applicable |
| Comments of the Audit Committee after review | Not Applicable. |
| Comments of the auditors, if any | Not Applicable. |
| Objects for which funds have been raised and where there has been a deviation, in the following table | The objective of the issue is to strengthen the capital base of the Company and expand its business activities in order to achieve its growth objective through expansion of existing manufacturing facilities, Construction of office building and repayment of certain borrowing of availed by company. Same Shall be carried out at Pithampur Plant. |
| Original Object | Modified object, if any | Original Allocation (Rs. Lakhs) | Modified Allocation, if any | Funds Utilised (in lakhs) | Amount of Deviation /Variation | Funds Unutilised (in lakhs)* |
|---|---|---|---|---|---|---|
| Capital Expenditure for Expansion | NA | 2,073.01 | NA | 450.75 | – | 1,622.26 |
| Repayment of Debt | NA | 720.00 | NA | – | – | 720.00 |
| General corporate purposes | NA | 466.11 | NA | 206.87 | – | 259.24 |
| Issue Expenses | NA | 490.88 | NA | 490.88 | – | – |
| Total | 3,750.00 | 1,148.50 | 2,601.50 |
| S. No. | Bank | Amount (In) | Start Date | Maturity Date | FD Number |
|---|---|---|---|---|---|
| 1 | Yes Bank Limited | 1,500.00 | 17-01-2026 | 18-04-2026 | 004040300016089 |
| 2 | Yes Bank Limited | 241.50 | 03-12-2025 | 04-12-2026 | 004040600037738 |
| 3 | Yes Bank Limited | 500.00 | 05-12-2025 | 05-12-2026 | 004040600037971 |
| 4 | Yes Bank Limited | 360.00 | 17-02-2026 | 18-02-2027 | 004040600040574 |
| Total | 2601.50 |
| Sl.No | Particulars | Six months and year ended 31.03.2026 (Audited) | Six months and year ended 30.09.2025 (Unaudited) | Six months and year ended 31.03.2025 (Audited) | For the year ended 31.03.2026 (Audited) | For the year ended 31.03.2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income |