Gallantt Ispat Limited makes a corporate announcement

A defensible pro-forma debt-to-equity ratio and net-worth figure cannot be calculated from the cited filings. The available Regulation 52(4) extract reports a debt-to-equity ratio of 15.28x and net worth of 328.41 for the year ended 31 March 2026, but it does not provide the separate pre-appointed-date debt and net-worth figures for both Gallantt Metal Limited and Gallantt Ispat Limited, nor does it preserve the unit for the net-worth figure ^[1].

The required calculation would be:

• Pro-forma net worth = net worth of Gallantt Metal’s transferred steel undertaking + net worth of Gallantt Ispat, adjusted for scheme accounting entries and inter-company balances.
• Pro-forma debt-to-equity = total debt attributable to the combined post-scheme business ÷ pro-forma net worth.

The calculation also cannot simply add the two companies’ reported consolidated figures because the transaction concerns a specific steel undertaking, not necessarily the transfer of Gallantt Metal’s entire balance sheet. The scheme’s asset, liability and reserve-allocation schedules are therefore necessary.

There is an additional basis issue: the latest annual-report extract describes a subsequent amalgamation sanctioned on 22 May 2026, under which Gallantt Ispat Limited ceased to exist and Gallantt Metal Limited changed its name to Gallantt Ispat Limited ^[2]. Post-amalgamation figures should not be substituted for the requested pre-appointed-date demerger analysis.

Conclusion: the direction and magnitude of the pro-forma change in consolidated debt-to-equity and net worth are not quantifiable from the cited evidence without risking an unsupported calculation.

The exact share-swap ratios are not reported in the cited Scheme extracts or news material, so the number of Gallantt Ispat shares to be issued for each share of the amalgamating entity cannot be stated reliably. ^[3]

Confirmed Scheme timeline:

• NCLT approval: The NCLT New Delhi Bench was reported to have pronounced its order approving the Scheme of Amalgamation involving Gallantt Ispat and AAR Commercial Company on 6 December 2025. ^[3]
• Post-approval record date: No confirmed record date for determining shareholders eligible to receive the new equity shares has been reported. ^[3]
• Important distinction: 23 September 2026 is Gallantt Ispat’s record date for the FY2025-26 dividend, not for the Scheme-related share issuance. ^[4]

Accordingly, the confirmed position is: NCLT approval order reported on 6 December 2025; share-swap ratios and the subsequent record date for issuing new equity shares remain unreported.

Capacity: The post-merger entity is reported at approximately 1.0 MMTPA of finished-steel capacity, versus approximately 0.6 MMTPA for Gallantt Ispat’s standalone Gorakhpur platform. That implies an addition of roughly 0.4 MMTPA, or 66.67% relative to the narrower Gorakhpur base. ^[5] The amalgamation was sanctioned on 22 May 2026, with Gallant Metal subsequently renamed Gallantt Ispat Limited. ^[6]

Important scope point: The FY2025-26 annual report presents the combined Gorakhpur and Kutch platform as already having 1.0 MMTPA of finished-steel capacity—6 lakh MTPA at Gorakhpur and 4 lakh MTPA at Kutch. ^[7] Therefore, the 66.67% increase is valid only against the Gorakhpur-only standalone base; it should not be interpreted as a 66.67% increase over Gallantt’s reported two-unit annual-report capacity.

Captive-power efficiency: No quantified post-integration percentage improvement in captive-power consumption efficiency, such as kWh per tonne, has been disclosed. The direction is positive: the company expects its solar programme to reduce conventional-energy dependence and improve energy-cost efficiency, with estimated annual savings of Rs 30-40 Crores once operational. ^[8] Separately, FY26 equipment upgrades were estimated to save 6,616,421 kWh per year across the power plant division. ^[9]

Thus, the defensible conclusion is higher integrated capacity, but no disclosed numerical efficiency uplift. The integration case is supported by lower conventional-power dependence and identified energy savings, rather than by a published post-merger consumption-efficiency target.