Gallantt Ispat share price jumps 15% | What’s driving the rally? Key levels to watch
Gallantt Ispat share price jumped over 15% on Monday, 12 October, amid a weak stock market. The surge comes amid a high-volume pullback in the stock, which has been under pressure over the past few months.
Investors are also tracking the company's planned capacity expansion, ₹3,000 crore capital expenditure programme and broader growth ambitions for FY27.
However, technical analysts remain cautious about the stock's broader trend, identifying key support and resistance levels that could determine its next move.
The stock opened at ₹508.50 apiece, which was also its intraday low, before climbing to an intraday high of ₹581.30. Since the beginning of 2026, the shares have gained more than 5%, while they have declined over 13% in the past year. The stock remains 14.6% away from its 52-week low of ₹496.25.
The stock's price band limit was revised from 10% to 20% effective 8 October.
Ruchit Jain, Head of Equity Technical Research, Wealth Management at Motilal Oswal Financial Services, said the stock's broader trend had remained negative over the past few months. However, Monday's pullback was accompanied by high volumes.
Jain identified the 200-day exponential moving average (DEMA), around ₹600, as immediate resistance, while ₹500 remains a key support level.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said Gallantt Ispat had been consolidating in the ₹500– ₹644 range since 20 July. During this period, the stock had found support twice near its 100-week exponential moving average (EMA).
Despite Monday's sharp rebound, Shah said the broader trend remained sideways to bearish. The MACD line continues to trade below the zero line on the weekly chart, indicating a bearish momentum bias.
According to Shah, the ₹510– ₹500 zone is a crucial support area. A decisive break below this range could trigger another leg of decline. On the upside, the ₹640– ₹650 zone is likely to act as strong resistance.
According to media reports, Gallantt Ispat is entering a major growth phase in FY2026–27, supported by plans to expand manufacturing capacity and strengthen its brand presence across India. The company has also appointed Janhvi Kapoor as a brand ambassador for Gallantt TMT Bars, joining Ajay Devgn.
The company operates integrated manufacturing facilities in Gorakhpur, Uttar Pradesh, and Kutch, Gujarat. Its operations span pellets, direct reduced iron (DRI) or sponge iron, billets, TMT bars and captive power generation.
Gallantt currently has an annual finished-steel capacity of around 1 million tonnes, 129.5 MW of captive power capacity and a 7 MW captive solar plant. It employs more than 5,000 people.
As part of its expansion plans, the company aims to increase steel production capacity from approximately 1 million tonnes to 1.3 million tonnes by the second half of 2026. The ₹3,000 crore capital expenditure programme includes capacity expansion, an 85 MW solar power plant and the commissioning of iron ore mines in Uttar Pradesh and Rajasthan.
Gallantt Ispat reported a 29% year-on-year decline in standalone net profit after tax to ₹124 crore in the first quarter of FY27, ended 30 June 2026. The decline was primarily attributed to higher raw material costs and a planned maintenance shutdown at its pellet plant.
Revenue from operations rose 2% year-on-year to ₹1,146 crore, while EBITDA fell 20% to ₹203 crore. Operating margins contracted to 18% from 23% in the corresponding quarter a year earlier.
The company's consolidated net profit also stood at ₹124 crore. Despite the pressure on profitability, Gallantt said it maintained its debt-free status, with its capital expenditure funded through internal accruals.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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HomeMarketsStock MarketsGallantt Ispat share price jumps 15% | What’s driving the rally? Key levels to watch
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