Future growth expectations in sales/revenue/volumes?

FY'26 revenue growth guidance remains at 15%-20%, expected to improve in FY'27. Solar tracker tubes revenue projected to increase from INR400 crores this year to INR600-650 crores next financial year. Defense artillery shells capacity expansion from 150,000 to 400,000 shells per annum, with revenues expected to start from Q1 FY'27, contributing around INR300-350 crores by FY'27. Combined defense and aerospace business projected to generate INR900-1,000 crores revenue at full capacity, with artillery shells around INR800 crores and aerospace INR200 crores. Standalone business expected t

Future growth expectations in earnings/operating earnings/profits/EPS?

FY'27 growth expected to be 15% to 20% including defense business. Defense artillery shells project revenue to start from Q1 FY'27; full capacity revenue potential of INR800 crores (shells) + INR200 crores (aerospace) planned by FY'28. EBITDA margins in aerospace expected at 28% to 32%, potentially improving. Standalone EBITDA margin expected to increase due to improved product and market mix; defense addition to further boost consolidated EBITDA. INR60-70 crores revenue expected from shell business in Q4 FY'26, contributing positively to EBITDA and PAT. Pass-through for steel price

Current/ Expected Orderbook/ Pending Orders?

The company has order visibility for the next 1 to 1.5 years in its infrastructure division. For the automobile division, order visibility extends for the next two quarters, with the final two quarters generally being strong. The defense and aerospace segment has strong structural demand with confirmed orders and Letters of Intent (LOIs) available for the next two years. The defense subsidiary is currently booked for the next financial year with eight months of orders secured and LOIs for two years. The company is confident about capturing emerging opportunities domestically and in exp

Any current/future new fundraising through debt or equity?

For the defense artillery shells capacity augmentation (INR400 crores capex), the financing mix will be approximately: - 60% equity (including internal accruals) - 40% bank loans (debt) The company plans to finance part of the INR400 crores capex through a mix of internal accruals (equity) and debt. No specific mention of raising fresh equity beyond this or any new fundraising announcement. Management intends to continue investing significantly in defense and aerospace segments but has not disclosed additional fundraising plans as of now.

Any current/future capex/capital investment/strategic investment?

Capex incurred till December 31, FY'26: INR186 crores; expected capex in Q4 FY'26: ~INR30 crores. Total capex for augmenting defense artillery shell capacity from 150,000 to 400,000 shells: ~INR400-500 crores. Financing mix for this capex: ~60% equity (internal accruals) and 40% loan. Additional capex planned for aerospace critical forging parts (timeline under working). No specific capex figures announced for FY'27 and FY'28; maintenance capex and new plant capacity augmentations under evaluation. Management prioritizes defense and aerospace expansion, alongside strengthening high-margin valu

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Goodluck India LtdQ4 FY27Industrial Products

Goodluck India Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,405P/E: 24.8Market Cap: ₹4.2K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY'26 revenue growth guidance remains at 15%-20%, expected to improve in FY'27.
→Solar tracker tubes revenue projected to increase from INR400 crores this year to INR600-650 crores next financial year.
→Defense artillery shells capacity expansion from 150,000 to 400,000 shells per annum, with revenues expected to start from Q1 FY'27, contributing around INR300-350 crores by FY'27.
→Combined defense and aerospace business projected to generate INR900-1,000 crores revenue at full capacity, with artillery shells around INR800 crores and aerospace INR200 crores.
→Standalone business expected to grow at 15%-20% in FY'27, including defense revenues.
→Value-added product mix targeted to increase from 56-60% currently to 60-65% in the near future.
→Capacity utilization for hydraulic tubes expected to rise from 40-45% to 60-65% over next two quarters.
→Focus on high-margin, value-added products and defense to drive margin expansion and sustainable growth.

Margin guidance

Category 3

→FY'27 growth expected to be 15% to 20% including defense business.
→Defense artillery shells project revenue to start from Q1 FY'27; full capacity revenue potential of INR800 crores (shells) + INR200 crores (aerospace) planned by FY'28.
→EBITDA margins in aerospace expected at 28% to 32%, potentially improving.
→Standalone EBITDA margin expected to increase due to improved product and market mix; defense addition to further boost consolidated EBITDA.
→INR60-70 crores revenue expected from shell business in Q4 FY'26, contributing positively to EBITDA and PAT.
→Pass-through for steel price increases with lag in conventional segments; defense segment less impacted.
→Company aims at bottom-line growth over volume; higher value-added product mix to improve margins.
→Earnings per share for 9 months FY'26 at INR37.40, showing growth momentum.

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Fundraise plans

Yes

→For the defense artillery shells capacity augmentation (INR400 crores capex), the financing mix will be approximately:
→ - 60% equity (including internal accruals)
→ - 40% bank loans (debt)
→The company plans to finance part of the INR400 crores capex through a mix of internal accruals (equity) and debt.
→No specific mention of raising fresh equity beyond this or any new fundraising announcement.
→Management intends to continue investing significantly in defense and aerospace segments but has not disclosed additional fundraising plans as of now.

Order book

Yes

→The company has order visibility for the next 1 to 1.5 years in its infrastructure division.
→For the automobile division, order visibility extends for the next two quarters, with the final two quarters generally being strong.
→The defense and aerospace segment has strong structural demand with confirmed orders and Letters of Intent (LOIs) available for the next two years.
→The defense subsidiary is currently booked for the next financial year with eight months of orders secured and LOIs for two years.
→The company is confident about capturing emerging opportunities domestically and in exports, supported by healthy fiscal support and recovering market sentiment.

Capex plans

Yes

→Capex incurred till December 31, FY'26: INR186 crores; expected capex in Q4 FY'26: ~INR30 crores.
→Total capex for augmenting defense artillery shell capacity from 150,000 to 400,000 shells: ~INR400-500 crores.
→Financing mix for this capex: ~60% equity (internal accruals) and 40% loan.
→Additional capex planned for aerospace critical forging parts (timeline under working).
→No specific capex figures announced for FY'27 and FY'28; maintenance capex and new plant capacity augmentations under evaluation.
→Management prioritizes defense and aerospace expansion, alongside strengthening high-margin value-added products.
→Capex focused on scaling defense operations, increasing value addition, and expanding capacity in sunrise sectors like defense and solar structures.

How does Goodluck India Ltd rank vs peers in Industrial Products?

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1Goodluck India Ltd

Rev 3Mar 3

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