Goodluck India Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,923 Cr
- P/E
- 24.11
- ROE
- 13.01%
- PEG
- 0.86
- Price to sales
- 1.13
- Debt to equity
- 0.75
- 52W high / low
- ₹1,629 / ₹433
- Sales growth (5Y)
- 21.13%
- EBITDA margin
- 10.01%
- Net profit margin
- 4.44%
- Promoter holding
- 54.00%
- Sales (last year)
- ₹4,404 Cr
Goodluck India Ltd is an engineering conglomerate engaged in the business of manufacturing and selling engineering products such as sheets, pipes, engineering structures, fabricated structures, forgings, and automobile tubes. [1]
Guidance scorecard · Q2 FY27 call
What Goodluck India Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- Company maintains FY27 revenue growth guidance of 15% to 20%.
- Q1 volume growth was 8.8% YoY; expected to further improve if geopolitical conditions stabilize.
- Standalone annualized capacity utilization remains strong at 98%.
- Defence sector revenue expected between INR 300-350 crores for the current year; future growth depends on capacity expansion delays.
- Defence expansion expected to start by Q4 FY27 with commercialization by Q4 FY28; expanded capacity to 350,000 shells per annum achievable.
- Infrastructure and value-added sectors (GI tubes, precision tubes, forgings) capacity addition of 40,000-45,000 metric tons during FY27 being ramped up.
- Exports showing growth (~53% for the quarter), with positive outlook dependent on geopolitical stability.
2 more points from Goodluck India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Goodluck India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Defence sector capex planned at approximately INR 400 crores over the next couple of years.
- Standalone division capex expected to be around INR 100 to 150 crores.
- Capacity addition is ongoing primarily in the value-added sector (precision tubes, forgings, infrastructure) with new capacities for GI tubes, DOM tubes, and tube capacities expected within 6-12 months.
- Defence plant expansion delayed by 6 to 9 months, with expected commercialization by Q4 FY28, expanding capacity from 150,000 to approximately 350,000 shells annually.
- Aerospace capacity expansion includes new rolling mill for aerospace components linked to Indian defense projects like C-295, AMCA, and Rafale production, enabling manufacture of new parts not previously produced.
2 more points from Goodluck India Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Goodluck India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Defence segment currently has an order book of around INR 300 crores to be executed in the next 10 months.
- Received a confirmed Defence order worth INR 255 crores for 50,000 shells, to be executed over 10 months.
- Additional Defence order of INR 52 crores for 20,000 shells, execution over 3 months.
- Management states there is a healthy and good visibility of Defence order pipeline with more orders expected.
- Orders are in pipeline for Defence products, indicating capacity utilization and future production plans.
- For FY27, Defence turnover expected between INR 300 crores to INR 350 crores considering current and upcoming orders.
2 more points from Goodluck India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingGoodluck India Ltd announcements
All announcements →- Acquisition / mergerNotableGoodluck India board gives in-principle nod to add Goodluck Defence into merger plan
Financials of Goodluck India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Goodluck India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 56.45% | 54.44% | 55.78% | 55.78% | 55.78% | 55.78% | 56.44% | 56.44% | 56.44% | 56.44% | 54.00% | 54.00% |
| FIIs + | 1.24% | 5.20% | 3.93% | 2.61% | 1.72% | 1.64% | 1.20% | 1.97% | 1.48% | 1.56% | 2.48% | 1.91% |
| DIIs + | 1.18% | 1.85% | 1.81% | 1.82% | 1.97% | 2.06% | 2.06% | 3.22% | 4.42% | 4.99% | 6.50% | 6.35% |
| Public + | 41.12% | 38.51% | 38.47% | 39.77% | 40.53% | 40.51% | 40.29% | 38.35% | 37.65% | 37.01% | 37.02% | 37.74% |
| No. of Shareholders | 30,161 | 33,246 | 36,313 | 38,258 | 41,028 | 36,763 | 36,261 | 36,272 | 37,212 | 35,423 | 38,457 | 45,974 |
Financials of Goodluck India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 886 | 878 | 902 | 913 | 976 | 942 | 1,105 | 983 | 991 | 1,037 | 1,088 | 1,287 | 1,363 |
| Expenses + | 814 | 804 | 836 | 838 | 905 | 862 | 1,020 | 891 | 900 | 936 | 975 | 1,153 | 1,247 |
| Operating Profit | 72 | 74 | 66 | 75 | 71 | 80 | 85 | 92 | 92 | 101 | 113 | 135 | 116 |
| OPM % | 8% | 8% | 7% | 8% | 7% | 9% | 8% | 9% | 9% | 10% | 10% | 10% | 9% |
| Other Income + | 2 | 1 | 9 | 5 | 18 | 4 | 8 | 4 | 6 | 2 | 9 | 5 | 11 |
| Interest | 19 | 21 | 15 | 22 | 17 | 20 | 22 | 28 | 26 | 27 | 25 | 30 | 40 |
| Depreciation | 9 | 9 | 9 | 10 | 10 | 10 | 14 | 15 | 15 | 17 | 20 | 21 | 21 |
| Profit before tax | 46 | 46 | 50 | 48 | 62 | 54 | 57 | 53 | 57 | 59 | 77 | 88 | 67 |
| Tax % | 24% | 31% | 26% | 25% | 25% | 23% | 27% | 25% | 25% | 25% | 27% | 24% | 24% |
| Net Profit + | 35 | 32 | 37 | 36 | 47 | 41 | 42 | 40 | 43 | 44 | 56 | 67 | 51 |
| EPS in Rs | 4.24 | 3.73 | 3.87 | 3.64 | 4.71 | 4.17 | 4.27 | 4.00 | 4.25 | 4.38 | 5.47 | 6.38 | 4.90 |
Financials of Goodluck India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,071 | 984 | 1,093 | 1,274 | 1,661 | 1,636 | 1,572 | 2,613 | 3,072 | 3,525 | 3,936 | 4,100 | 4,776 |
| Expenses + | 1,011 | 893 | 1,006 | 1,175 | 1,535 | 1,508 | 1,456 | 2,430 | 2,868 | 3,243 | 3,625 | 3,702 | 4,311 |
| Operating Profit | 59 | 91 | 87 | 99 | 127 | 128 | 117 | 183 | 204 | 282 | 311 | 398 | 465 |
| OPM % | 6% | 9% | 8% | 8% | 8% | 8% | 7% | 7% | 7% | 8% | 8% | 10% | 10% |
| Other Income + | 27 | 11 | 5 | 4 | 3 | 4 | 6 | 4 | 15 | 13 | 35 | 20 | 26 |
| Interest | 38 | 40 | 48 | 56 | 61 | 60 | 55 | 57 | 66 | 77 | 80 | 106 | 122 |
| Depreciation | 12 | 15 | 18 | 20 | 24 | 26 | 28 | 29 | 33 | 35 | 45 | 67 | 80 |
| Profit before tax | 37 | 47 | 27 | 27 | 45 | 45 | 40 | 101 | 121 | 182 | 221 | 246 | 290 |
| Tax % | 24% | 30% | 26% | 41% | 30% | 25% | 25% | 25% | 27% | 27% | 25% | 26% | |
| Net Profit + | 28 | 33 | 20 | 16 | 31 | 34 | 30 | 75 | 88 | 132 | 166 | 183 | 218 |
| EPS in Rs | 4.22 | 4.97 | 2.99 | 2.32 | 4.56 | 4.91 | 4.09 | 9.62 | 10.73 | 13.88 | 16.87 | 18.31 | 21.13 |
| Dividend Payout % | 12% | 10% | 8% | 0% | 0% | 0% | 0% | 12% | 14% | 14% | 8% | 5% |
Financials of Goodluck India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 7 | 7 | 20 |
| Reserves | 177 | 206 | 251 | 274 | 305 | 341 | 379 | 461 | 615 | 1,113 | 1,304 | 1,484 | 1,724 |
| Borrowings + | 315 | 353 | 411 | 451 | 504 | 510 | 534 | 590 | 598 | 612 | 882 | 1,119 | 1,351 |
| Other Liabilities + | 83 | 109 | 132 | 161 | 166 | 143 | 180 | 197 | 253 | 301 | 337 | 436 | 675 |
| Total Liabilities | 579 | 672 | 798 | 890 | 979 | 999 | 1,098 | 1,253 | 1,471 | 2,032 | 2,529 | 3,046 | 3,770 |
| Fixed Assets + | 203 | 235 | 256 | 252 | 333 | 341 | 325 | 364 | 401 | 522 | 800 | 1,203 | 1,287 |
| CWIP | 4 | 8 | 4 | 57 | 5 | 1 | 12 | 31 | 37 | 76 | 244 | 121 | 138 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 14 | 15 | 15 |
| Other Assets + | 372 | 428 | 538 | 581 | 642 | 657 | 760 | 859 | 1,029 | 1,431 | 1,472 | 1,707 | 2,330 |
| Total Assets | 579 | 672 | 798 | 890 | 979 | 999 | 1,098 | 1,253 | 1,471 | 2,032 | 2,529 | 3,046 | 3,770 |
Financials of Goodluck India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 83 | 57 | 23 | 73 | 57 | 58 | 43 | 78 | 65 | -46 | 158 | 200 |
| Cash from Investing Activity + | -75 | -52 | -36 | -64 | -50 | -29 | -22 | -85 | -78 | -186 | -473 | -333 |
| Cash from Financing Activity + | -4 | -6 | 13 | -8 | -8 | -28 | -23 | 6 | 13 | 337 | 212 | 132 |
| Net Cash Flow | 4 | -1 | -0 | 0 | -0 | 1 | -2 | -1 | 0 | 104 | -103 | -1 |
| Free Cash Flow | 11 | 5 | -14 | 6 | 4 | 28 | 20 | -7 | -11 | -241 | -332 | -146 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 152% | 74% | 31% | 82% | 53% | 52% | 47% | 54% | 48% | -0% | 70% | 63% |
Financials of Goodluck India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 51 | 62 | 65 | 58 | 54 | 53 | 55 | 40 | 42 | 36 | 47 | 43 |
| Inventory Days | 67 | 98 | 110 | 93 | 89 | 98 | 115 | 83 | 85 | 86 | 80 | 110 |
| Days Payable | 19 | 31 | 43 | 39 | 29 | 21 | 32 | 20 | 21 | 19 | 15 | 20 |
| Cash Conversion Cycle | 99 | 129 | 132 | 112 | 114 | 130 | 137 | 103 | 106 | 103 | 112 | 132 |
| Working Capital Days | 18 | 28 | 39 | 23 | 23 | 22 | 45 | 29 | 34 | 49 | 42 | 37 |
| ROCE % | 16% | 16% | 12% | 12% | 14% | 13% | 11% | 16% | 16% | 17% | 15% | 14% |
Guidance history
How Goodluck India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 10–20% | — | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
85 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +37.5% | 81% |
| Last 6 months | +44.8% | 88% |
| Last 3 months | +15.0% | 86% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Goodluck India Ltd: 0.4 × 81 + 0.4 × 88 + 0.2 × 86 = 85.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Goodluck India Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY22 earnings call →
- Q3 FY22 earnings call →
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