Capacity Utilization
92%
Flat YoY
Overall capacity utilization across six facilities remains strong at 92%.
GOODLUCKINDIA
Other
10 Feb 2026
Goodluck India Ltd — Q3 FY26
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%.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Value-Added Product Mix
56-60%
+4pp YoY
Share of value-added products in revenue mix increased from 56% to 60%.
Defense Shell Capacity
150,000 shells
+166% planned
Current capacity of 150K shells per annum being expanded to 400K.
Solar Segment Revenue
₹400 Cr
+60% YoY
Revenue from solar tracker tubes and structures expected to reach ₹400 Cr in FY26.
Management Guidance
FY27 revenue growth of 15-20%
Management expects 15-20% revenue growth in FY27, including contribution from defense segment.
Management guidance revenueDefense shell revenue of ₹60-70 Cr in Q4 FY26
Initial revenue from artillery shells expected in Q4 FY26, subject to government dispatch permission.
Management guidance revenueDefense shell EBITDA margin of 30-35%
Management guided EBITDA margin of 30-35% for the artillery shell business.
Management guidance marginsSolar segment revenue target of ₹600-650 Cr in FY27
Revenue from solar tracker tubes and structures expected to grow to ₹600-650 Cr next year.
Management guidance revenueKey Risks
Delay in government dispatch permission for shells
Revenue recognition from defense shells is contingent on final dispatch approval from the government, which could delay Q4 revenue.
high · management_commentaryRising steel input costs and pass-through lag
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.
medium · analyst_questionHigh capacity utilization limits volume growth
At 92% capacity utilization, standalone volume growth is constrained; future growth depends on value-add mix rather than volume.
medium · analyst_questionWorking capital requirement for defense expansion
The defense business at full scale will require ₹200-250 Cr in working capital, which could strain cash flows if not managed.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Goodluck India's revenue in Q3 FY26?
Goodluck India reported revenue of ₹1,037 Cr in Q3 FY26, representing a +10% change compared to the same quarter last year.
What guidance did Goodluck India management give for FY27?
FY27 revenue growth of 15-20%: Management expects 15-20% revenue growth in FY27, including contribution from defense segment. Defense shell revenue of ₹60-70 Cr in Q4 FY26: Initial revenue from artillery shells expected in Q4 FY26, subject to government dispatch permission. Defense shell EBITDA margin of 30-35%: Management guided EBITDA margin of 30-35% for the artillery shell business. Solar segment revenue target of ₹600-650 Cr in FY27: Revenue from solar tracker tubes and structures expected to grow to ₹600-650 Cr next year.
What are the key risks for Goodluck India in FY27?
Key risks include Delay in government dispatch permission for shells — Revenue recognition from defense shells is contingent on final dispatch approval from the government, which could delay Q4 revenue.; Rising steel input costs and pass-through lag — 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.; High capacity utilization limits volume growth — At 92% capacity utilization, standalone volume growth is constrained; future growth depends on value-add mix rather than volume.; Working capital requirement for defense expansion — The defense business at full scale will require ₹200-250 Cr in working capital, which could strain cash flows if not managed..
Did Goodluck India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Goodluck India Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.