NSE: GOODLUCK · BSE: 530655
GOODLUCK INDIA LIMITED
Manufactures and sells steel products, with FY26 sales volume of 468,161 metric tonnes at roughly 94% capacity utilisation. The core business produces carbon steel, value-added and precision-engineered steel items for industrial customers, with solar mounting structures identified as a specific growing line — solar structure volumes rose 33% year-on-year in Q4 FY26. Through subsidiary Goodluck Defence and Aerospace, it has entered artillery shell manufacturing, with a new facility inaugurated in October 2025 having an annual capacity of 150,000 shells, targeted to scale to 400,000 within 12 months. Defence orders disclosed include a Rs 255 crore contract for 155mm long-range shells (10-month delivery) and a Rs 52.20 crore order for 20,000 155mm shells (3-month delivery). The subsidiary has also received DGQA certification to supply 155mm M107 Ready-to-Fill shells to the Indian government. FY26 total income was Rs 41,205 million, with EBITDA margin at 10.2% and the management attributing margin expansion to a shift toward value-added and precision-engineered products. Materials account for 72.7% of revenue, making raw steel the dominant cost input. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel products, Solar mounting structures, Defence - artillery shells. Asset-heavy steel manufacturer expanding into defence and renewables
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,613 | 3,072 | 3,525 | 3,936 | 4,100 |
| EBITDA (ex other income) | 183 | 204 | 282 | 311 | 398 |
| margin % | 7.0 | 6.7 | 8.0 | 7.9 | 9.7 |
| Owners' profit | 75 | 88 | 132 | 165 | 181 |
| EPS, as reported (₹) | 29.48 | 33.31 | 46.41 | 50.66 | 56.07 |
| ROE % · ROCE % | 16.1 · 25.4 | 14.2 · 24.9 | 11.5 · 20.1 | 12.3 · 19.3 | 11.9 · 19.4 |
| Debt / equity (x) | 1.16 | 0.96 | 0.53 | 0.65 | 0.73 |
| Cash from operations | 78 | 65 | (46) | 158 | 200 |
| Capex | (85) | (78) | (196) | (491) | (348) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 976 | 942 | 1,105 | 983 | 991 | 1,037 | 1,088 | 1,287 |
| Profit before tax | 62 | 54 | 57 | 53 | 57 | 59 | 77 | 88 |
| Net profit | 47 | 41 | 42 | 40 | 43 | 44 | 56 | 67 |
| EPS (₹) | 14.14 | 12.12 | 13.21 | 12.62 | 12.43 | 12.83 | 18.20 | 19.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.8 | 15.4 | 26 of 105 | 76% |
| P/B | 1.2 | 1.5 | 44 of 101 | 57% |
| ROCE | 13.5 | 9.1 | 36 of 115 | 69% |
| ROE | 11.9 | 8.6 | 30 of 103 | 72% |
| Debt / Equity | 0.7 | 0.2 | 86 of 101 | 15% |
| EBITDA margin | 10.8 | 11.0 | 51 of 100 | 50% |
| Revenue growth | 30.9 | 13.7 | 25 of 97 | 75% |
| Profit growth | 67.4 | 29.3 | 37 of 105 | 65% |
| Market cap | 1841 | 216 | 26 of 122 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 and H1 FY27 profit rises; defence expansion and restructuring planned | compliance | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 38%, net profit up 19%; margin and cash flow under pressure | results | high | — | — |
| 27 Oct 2026 · Q2 and first-half FY27 earnings conference call scheduled | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Cost Auditor Surender Rai Kapur dies; replacement planned | management changes | low | — | — |
| 22 Oct 2026 · Board meeting set for October 28 quarterly results | results | low | — | — |
| 13 Oct 2026 · RTA compliance certificate for Q2 FY27 demat confirmations | compliance | minimal | — | — |
| 12 Oct 2026 · Subsidiary qualifies as sole bidder for defence artillery shells supply to MIL | compliance | low | — | — |
| 12 Oct 2026 · Board expands restructuring to merge defence and green energy arms into parent | strategic transactions | high | — | — |
| 5 Oct 2026 · Promoter group inter-se gift transfer of 22.57 lakh shares | ownership changes | medium | — | — |
| 1 Oct 2026 · Goodluck India promoter family reshuffles about 2.26 percent stake via gifts | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.