Gallantt Ispat Ltd.

“Gallantt Ispat is a commoditized secondary steel manufacturer with no durable competitive advantage, trading at 67-76x normalized earnings — a valuation that demands exceptional business quality it cannot deliver. With 11% through-cycle ROE, rising debt during peak-margin expansion, simultaneous departure of three board members, near-zero institutional oversight, and better-quality peers available at half the multiple, there is no scenario where current risk/reward favours a long-term investor. This is capital at risk.”