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Revenue
₹1,037 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹99.72 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Goodluck India reported Q3 FY26 standalone revenue of ₹1,031.58 Cr (+10% YoY) and EBITDA of ₹99.72 Cr (+20.9% YoY), with EBITDA margin expanding ~96 bps to 9.7%. PAT grew 8.4% to ₹43.47 Cr. Growth was driven by volume increase of 8%, better product mix, and operational efficiencies. The defense subsidiary commenced production of 155mm artillery shells (150K annual capacity, expanding to 400K), with initial revenue of ₹60-70 Cr expected in Q4. Management guided for 15-20% revenue growth in FY27, including defense. Key risks include delay in government dispatch permissions for shells and potential margin pressure from rising steel input costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 15-20% revenue growth in FY27, including contribution from defense segment.
- Initial revenue from artillery shells expected in Q4 FY26, subject to government dispatch permission.
- Management guided EBITDA margin of 30-35% for the artillery shell business.
- Revenue from solar tracker tubes and structures expected to grow to ₹600-650 Cr next year.
Risks flagged
- Revenue recognition from defense shells is contingent on final dispatch approval from the government, which could delay Q4 revenue.
- Steel prices have risen ~4% in January 2026, and pass-through to customers in auto tubes has a lag of two quarters, potentially squeezing margins.
- At 92% capacity utilization, standalone volume growth is constrained; future growth depends on value-add mix rather than volume.
- The defense business at full scale will require ₹200-250 Cr in working capital, which could strain cash flows if not managed.
Key quotes
- We are bullish on air space and defense and production which we start in the third quarter. We have 8 months order in hand and two years all with us.
- Our main aim is to be ahead of the curve. Value addition is our main motive.
- Demand is outstripping the supply. There is clearly a gap of this arms and ammunition particularly 155 mm. I see no dearth of demand in next four five years.
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