Goodluck India Ltd (GOODLUCK)
🎯 Key Takeaways
- Goodluck India Ltd is in a strategic transition phase, shifting from a traditional steel and engineering contractor model toward high-margin, defensively anchored engineering with growing export exposure. Management is actively scaling capacity in value-added segments, particularly Defence, supported by a robust order book and margin expansion targets, though execution timelines have slipped.
- Revenue grew 18.3% QoQ to ₹1,287 in Q1FY27.
- ⚠️ 1) Execution delays in Defence capex projects (6-9 month slippage) could pressure near-term margins and order-to-revenue conversion. 2) Input cost vol
- Market Cap
- ₹1,757
- P/E Ratio
- 8.4
- P/B Ratio
- 1.18
- ROE
- 13.7%
- ROCE
- 14.9%
- Debt/Equity
- 0.75
- Div Yield
- 0.57%
- Promoter
- 54.0%
📖 The Story
Goodluck India Ltd is in a strategic transition phase, shifting from a traditional steel and engineering contractor model toward high-margin, defensively anchored engineering with growing export exposure. Management is actively scaling capacity in value-added segments, particularly Defence, supported by a robust order book and margin expansion targets, though execution timelines have slipped. The company is leveraging strong operational momentum to diversify revenue streams and position itself for long-term structural growth.
📰 What's Happening
In Q1 FY27, Goodluck India reported 31% YoY revenue growth to INR1,287.44 crores and 67% PAT growth to INR67.22 crores, driven primarily by Defence and infrastructure segments. Management highlighted a Defence order book of INR300 crores and targeted revenue of INR300-350 crores for FY27, with EBITDA margins expected to reach 30-35%. Capex of INR400 crores is allocated for Defence expansion, with plans to list the subsidiary within 18 months after raising INR285 crores via preferential issue at INR375 per share. The board approved a 2:1 bonus issue, increasing paid-up capital and shares outstanding, while operational capacity is set to expand to 400,000 shells annually.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 983 | 991 | 1,037 | 1,088 | 1,287 |
| Operating Profit | 78 | 77 | 84 | 93 | 114 |
| OPM % | 7.9% | 7.8% | 8.1% | 8.5% | 8.8% |
| Net Profit | 40 | 43 | 44 | 56 | 67 |
| EPS | ₹12.62 | ₹12.43 | ₹12.83 | ₹18.20 | ₹19.13 |
Revenue and profitability have accelerated over the past four quarters, with Q1 FY27 showing the strongest growth: revenue up 31% YoY, EBITDA up 46%, and PAT up 67%, reflecting improved operational leverage and margin expansion. Operating margins rose to 8.8% from 7.8% in the prior quarter, and net profit margins improved from 4.3% to 5.2%, indicating successful product mix shift toward higher-margin Defence offerings. This growth is consistent with management's stated focus on value-added engineering and export demand, despite macroeconomic headwinds.
🔮 Management Outlook & What's Next
Management expects Defence segment revenue to reach INR300-350 crores in FY27, with EBITDA margins expanding to 30-35%, driven by new orders and capacity ramp-up. Volume growth of 15-20% is projected, supported by strong international demand from the U.S. and Europe. The company is prioritizing the listing of its subsidiary within 18 months and plans to maintain capex at INR400 crores for Defence expansion, with additional INR100-150 crores for standalone operations. Margin improvement is contingent on easing input cost pressures, but the order backlog provides visibility into near-term execution.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 |
| Reserves | 1,304 | 1,225 | 1,484 | 1,396 |
| Borrowings | 882 | 664 | 1,119 | 1,009 |
| Total Liabilities | 2,529 | 2,297 | 3,046 | 2,780 |
| Fixed Assets | 799 | 527 | 1,203 | 808 |
| Investments | 14 | 14 | 15 | 15 |
| Total Assets | 2,529 | 2,297 | 3,046 | 2,780 |
The balance sheet shows a stable capital structure with equity of INR7 crores and reserves growing from INR1,297 crores in FY25 to INR1,484 crores in FY26, reflecting retained earnings from strong profitability. Borrowings have increased slightly to INR1,119 crores from INR1,009 crores, but remain manageable with a D/E of 0.68, indicating conservative leverage. The company has raised INR285 crores via preferential issue for subsidiary capitalization, signaling proactive financing for strategic initiatives without diluting the core balance sheet strength.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +158 | +200 |
| Investing | -473 | -333 |
| Financing | +212 | +132 |
| Net Cash Flow | -103 | -1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 56.5% | 56.5% | 56.5% | 54.0% |
| FII | 2.0% | 1.5% | 1.6% | 2.5% |
| DII | 3.2% | 4.4% | 5.0% | 6.5% |
| Public | 32.0% | 31.9% | 31.3% | 29.8% |
| # Shareholders | 36,272 | 37,212 | 35,423 | 38,457 |
Promoter holding has remained stable around 56% over the last four quarters, indicating confidence in long-term prospects. FII ownership has modestly increased from 1.48% to 2.48%, while DII rose from 3.22% to 6.5%, suggesting growing institutional interest. The rising number of shareholders (from 35,423 to 38,457) reflects broadening retail participation, which may support liquidity and market depth as the company progresses with its subsidiary listing.
⚖️ Peer Comparison — Steel
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| JSWSTEEL | 3.10 L Cr | 12.5 | 20.9% | — | 0.95 |
| TATASTEEL | 2.35 L Cr | 21.2 | 12.7% | — | 0.83 |
| JINDALSTEL | 1.15 L Cr | 42.3 | 7.4% | — | 0.43 |
| SAIL | 75,630 | 17.7 | 9.5% | — | 0.36 |
| JSL | 60,974 | 18.8 | 18.0% | — | 0.37 |
| SHYAMMETL | 30,011 | 26.7 | 14.2% | — | 0.09 |
| SARDAEN | 17,635 | 15.6 | 19.2% | — | 0.45 |
| USHAMART | 15,191 | 29.9 | 20.6% | — | 0.04 |
| GPIL | 14,912 | 16.9 | 19.2% | — | 0.07 |
| GALLANTT | 12,998 | 29.9 | 15.4% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution delays in Defence capex projects (6-9 month slippage) could pressure near-term margins and order-to-revenue conversion. 2) Input cost volatility, particularly in raw materials, remains a concern as management flagged margin improvement as conditional on cost normalization. 3) Geopolitical exposure in export markets (U.S. and Europe) introduces demand uncertainty despite current healthy order intake. 4) The subsidiary listing timeline (18 months) is aspirational and subject to regulatory and market conditions, which could delay anticipated value realization.
📋 Recent Filings
- 🔴 Insider Trading2026-09-28Goodluck India Ltd disclosed an inter-se transfer of 1,992,774 shares among promoter group entities on September 25, 2026, representing a 2% change in…
- 🔴 Corporate Action2026-09-27Goodluck India announced its subsidiary Goodluck Defence and Aerospace raised ₹276 crores via preferential issue of 7.36 million shares at ₹375 each, …
- Announcement2026-09-26Goodluck India Ltd announced that its trading window will close on October 1, 2026, for designated persons and their immediate relatives until 48 hour…
- 🔴 Insider Trading2026-09-21On September 19, 2026, promoter Mahesh Chandra Garg announced an off-market inter-se transfer of 2,256,774 equity shares representing 2.26% of Goodluc…
- 🔴 Insider Trading2026-09-19Goodluck India disclosed a proposed inter-se share transfer among promoter group members effective September 25, 2026, involving multiple gifts totali…
- 🔴 annual report2026-09-08
- 🟡 Board Meeting2026-09-08Goodluck India Limited announced its 40th Annual General Meeting scheduled for September 30, 2025, via video conferencing, with e-voting from Septembe…
- 🔴 Corporate Action2026-09-08Goodluck India announced its 40th Annual General Meeting on September 30, 2025, via video conference, with e-voting from September 27-29, 2026. The re…
- 🟡 sustainability report2026-09-08Goodluck India Limited's BRSR report for FY 2025-26 details its ESG performance across 9 principles. Key disclosures include 26% export contribution, …
- 🟡 Board Meeting2026-09-05Goodluck India Ltd announced amendments to its Memorandum and Articles of Association following a board meeting on September 5, 2026. The company alte…
🧠 Analyst's Read
Goodluck India is transitioning into a defensively anchored, high-margin engineering player with strong order visibility and improving profitability, but near-term execution risks and input cost sensitivity require monitoring. The company’s strategic shift is gaining traction, but investors should watch for timely capex execution and margin sustainability amid macro volatility.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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