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Goodluck India Q2 FY27 results: net profit up 18.8% to ₹50.66 crore, revenue up 37.5%
Goodluck India Limited reported consolidated revenue of ₹1,363 crore for Q2 FY27, up 37.5% from ₹991.38 crore in Q2 FY26. EBITDA rose to ₹116.24 crore but the margin fell 0.8 percentage points to 8.5%, while profit after tax of ₹50.66 crore was up 18.8% year on year and lower than the previous quarter. On a standalone basis, revenue was ₹1,365.78 crore and profit after tax was ₹50.71 crore.
Key points
- Consolidated revenue was ₹1,363 crore in Q2 FY27, up 37.5% from ₹991.38 crore in Q2 FY26 and 5.9% from ₹1,287 crore in Q1 FY27.
- EBITDA was ₹116.24 crore, up 26.6% year on year, while the EBITDA margin fell to 8.5% from 9.3% in Q2 FY26 and 10.5% in Q1 FY27.
- Profit after tax was ₹50.66 crore, up 18.8% from ₹42.64 crore a year earlier but down 24.6% from ₹67.22 crore in Q1 FY27.
- Basic EPS was ₹4.90, against ₹12.43 in Q2 FY26 and ₹19.13 in Q1 FY27.
- For H1 FY27, revenue was ₹2,650.23 crore, up 34.2%, and profit after tax was ₹117.88 crore, up 42.4%.
How did Goodluck India perform in Q2 FY27?
Goodluck India reported consolidated revenue of ₹1,363 crore for Q2 FY27, up 37.5% from ₹991.38 crore in Q2 FY26 and 5.9% from ₹1,287 crore in Q1 FY27. EBITDA was ₹116.24 crore, up 26.6% year on year but down 13.8% from ₹134.87 crore in the previous quarter, and the EBITDA margin was 8.5%.
Profit before tax was ₹66.55 crore, up 16.7% from ₹57.05 crore a year earlier and down 24.6% from ₹88.31 crore in Q1 FY27. After tax of ₹15.88 crore, profit after tax was ₹50.66 crore, up 18.8% from ₹42.64 crore in Q2 FY26 and down 24.6% from ₹67.22 crore in the previous quarter. Basic EPS was ₹4.90, against ₹12.43 and ₹19.13 in the two earlier quarters.
On a standalone basis, revenue was ₹1,365.78 crore, up 37.8%, and profit after tax was ₹50.71 crore, with profit before tax of ₹41.3 crore. The Board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 at its meeting on 28 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,363 | 1,287 | 991.38 | +37.5% | +5.9% |
| Other income | 11.25 | 4.78 | 6.21 | +81.2% | +135.4% |
| Total expenses | 1,308 | 1,204 | 940.53 | +39.0% | +8.6% |
| EBITDA | 116.24 | 134.87 | 91.81 | +26.6% | −13.8% |
| EBITDA margin | 8.5% | 10.5% | 9.3% | −0.8 pp | −2.0 pp |
| Profit before tax | 66.55 | 88.31 | 57.05 | +16.7% | −24.6% |
| Tax | 15.88 | 21.09 | 14.41 | +10.2% | −24.7% |
| Net profit | 50.66 | 67.22 | 42.64 | +18.8% | −24.6% |
| EPS (₹) | 4.90 | 19.13 | 12.43 | −60.6% | −74.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Goodluck India's costs and profit?
Cost of materials consumed rose to ₹1,022 crore from ₹717.65 crore in Q2 FY26, an increase of ₹304.67 crore, while total expenses were ₹1,308 crore against ₹940.53 crore. Employee cost was ₹62.20 crore, up ₹11.36 crore, finance costs were ₹40 crore, up ₹13.91 crore, and depreciation was ₹20.94 crore, up ₹6.06 crore.
Other expenses rose to ₹232.05 crore from ₹139.02 crore, a difference of ₹93.03 crore. Other income was ₹11.25 crore, up ₹5.04 crore from ₹6.21 crore, and there was no exceptional item. Tax was ₹15.88 crore, up ₹1.47 crore from ₹14.41 crore in Q2 FY26.
Management said international freight and fuel or gas costs reduced the Q2 FY27 EBITDA margin by nearly 150 bps. The consolidated EBITDA margin was 8.5%, against 9.3% in Q2 FY26, and profit after tax margin was 3.7% against 4.3%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,022 | 717.65 | +304.67 | +42.5% |
| Employee cost | 62.20 | 50.84 | +11.36 | +22.3% |
| Finance costs | 40 | 26.09 | +13.91 | +53.3% |
| Depreciation | 20.94 | 14.88 | +6.06 | +40.7% |
| Other expenses | 232.05 | 139.02 | +93.03 | +66.9% |
| Total expenses | 1,308 | 940.53 | +366.97 | +39.0% |
| Other income | 11.25 | 6.21 | +5.04 | +81.2% |
| Tax | 15.88 | 14.41 | +1.47 | +10.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹2,650.23 crore, up 34.2% from ₹1,974.67 crore in H1 FY26, and total income was ₹2,666.27 crore, up 34.4% from ₹1,984.43 crore.
Profit before tax was ₹154.85 crore, up 40.3% from ₹110.39 crore, and profit after tax was ₹117.88 crore, up 42.4% from ₹82.79 crore. EPS for the half year was ₹11.28, against ₹25.05 in H1 FY26. The Board also approved the unaudited results for the half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,650 | 1,975 | +34.2% |
| Profit before tax | 154.85 | 110.39 | +40.3% |
| Net profit | 117.88 | 82.79 | +42.4% |
| EPS (₹) | 11.28 | 25.05 | −55.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹3,770.32 crore on 30 September 2026 against ₹3,046.18 crore on 31 March 2026, and total equity was ₹1,882.42 crore against ₹1,528.61 crore. Borrowings were ₹1,351 crore compared with ₹1,119.45 crore, while cash and cash equivalents were ₹255.45 crore against ₹0.84 crore.
Inventories were ₹1,061.76 crore against ₹856.17 crore, trade receivables were ₹575.50 crore against ₹478.49 crore, and trade payables were ₹248.41 crore against ₹158.11 crore. In H1 FY27, operating cash flow was negative ₹19.72 crore against ₹57.08 crore a year earlier, while investing cash flow was negative ₹132.68 crore against negative ₹140.02 crore.
Financing cash flow for H1 FY27 was ₹407.01 crore compared with ₹82.36 crore in H1 FY26, and capital expenditure was ₹143.62 crore against ₹147.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,770 | 3,046 |
| Total equity | 1,882 | 1,529 |
| Borrowings | 1,351 | 1,119 |
| Cash and equivalents | 255.45 | 0.84 |
| Inventories | 1,062 | 856.17 |
| Trade receivables | 575.50 | 478.49 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −19.72 | 57.08 |
| Cash from investing | −132.68 | −140.02 |
| Cash from financing | 407.01 | 82.36 |
| Capital expenditure | 143.62 | 147.17 |
Source: Company's results filing (XBRL).
How has Goodluck India done over the last 8 quarters?
Revenue rose in each of the last two quarters on a year-on-year basis, and profit rose year on year in each of the last four quarters. Revenue reached ₹1,362.8 crore in Q2 FY27, its highest in the series shown, after ₹1,287.44 crore in Q1 FY27, while the earlier low was ₹941.98 crore in Q3 FY25.
Profit after tax reached ₹67.22 crore in Q1 FY27 before easing to ₹50.66 crore in Q2 FY27, having been ₹40.15 crore in Q1 FY26. The EBITDA margin peaked at 10.5% in Q1 FY27 and fell to 8.5% in Q2 FY27, equal to the 8.5% recorded in Q3 FY25 and below the 9.3% of Q2 FY26.
What did Goodluck India's management say?
Management maintained FY27 consolidated EBITDA margin guidance of 10-12% and standalone guidance of 9-10%. It kept the FY27 defence revenue target at INR300 crores with a defence EBITDA margin of 30-35%, and said non-defence revenue and volume growth of 15-20% year on year is expected in H2 FY27 and FY28 despite freight and fuel cost pressure.
Management said defence capacity is targeted at 4 lakh shells in FY28, with potential revenue above INR1,000 crores by FY29, and non-defence capacity is targeted to rise from 5 lakh to 6 lakh in 12-18 months. Aerospace plans include INR80 crores of investment with an expected INR180 crores business within 4-5 years.
The CEO said, "Already we have given the stock exchange filing for INR350 crores orders, but more orders are also there. But we normally only announce when the advance is received." The Group CFO said, "Yes, it's on a little on higher side. As we pursue growth, we plan to have our debt level within 2.5x of our EBITDA."
The Chairman said the detailed terms and financial implications of the proposed amalgamation are currently under evaluation. Management also said the defence revenue timing is exposed to validation, inspections, government clearances and geopolitical decisions, and that the proposed amalgamation depends on SEBI and NCLT approvals.
How did Goodluck India shares react?
The results were announced after market on 28 October 2026. From the price when the filing appeared, the stock was down 4.2% after 5 minutes, 4.2% after 15 minutes and 4.3% after 30 minutes. On the reaction day it closed 8.0% below its previous close of ₹553.75.
By the next day's close the stock was down 11.5% from its pre-results close. The median move for other Iron & Steel Products stocks was 0.0% on the reaction day and -1.0% by the next day's close, leaving Goodluck India behind the industry median by 8.0 percentage points and 10.5 percentage points respectively.
Earlier reaction-day moves were 3.0% on 6 August 2026, -5.8% on 26 May 2026, -3.8% on 13 February 2026, -3.4% on 8 November 2025 and -8.8% on 22 July 2025.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | −4.2% | |
| 15 minutes | −4.2% | |
| 30 minutes | −4.3% | |
| Reaction day | −8.0% | +0.0% |
| Next day | −11.5% | −1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 August 2026 | +3.0% |
| 26 May 2026 | −5.8% |
| 13 February 2026 | −3.8% |
| 8 November 2025 | −3.4% |
| 22 July 2025 | −8.8% |
| 22 May 2025 | −4.4% |
| 6 February 2025 | −1.3% |
| 11 November 2024 | +6.8% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 26 Iron & Steel Products companies that have filed this quarter, the median revenue growth was 23.5%. Goodluck India's revenue growth of 37.5% was higher than the median, with 18 peers growing slower than the company and 8 growing faster than the company.
Of the 31 peers compared for profit, 20 reported higher profit.
| Goodluck India revenue growth (YoY) | +37.5% |
|---|---|
| Median of 26 other Iron & Steel Products companies | +23.5% |
| Companies with slower revenue growth than Goodluck India | 18 of 26 |
| Companies with faster revenue growth than Goodluck India | 8 of 26 |
| Companies whose net profit rose | 20 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Goodluck India's revenue in Q2 FY27?
Revenue from operations was ₹1,363 crore, up 37.5% from ₹991.38 crore in Q2 FY26 (consolidated).
Did Goodluck India make a profit in Q2 FY27?
Yes. Net profit was ₹50.66 crore, against a net profit of ₹42.64 crore in Q2 FY26.
What was Goodluck India's EPS in Q2 FY27?
Basic earnings per share were ₹4.90, against ₹12.43 in Q2 FY26.
How did Goodluck India shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.0% from the previous close; the median Iron & Steel Products stock moved +0.0%.
When did Goodluck India announce its Q2 FY27 results?
On 28 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results For The Quarter Ended On 30Th September, 2026. (BSE, 22 October 2026) · PDF
- Outcome of Board Meeting (NSE, 28 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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