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View Promises →Goodluck India Limited — Q4 FY26
Goodluck India reported Q4 FY26 consolidated revenue of ~₹1,097 crore, with PAT up 34% YoY to ₹56 crore.
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Goodluck India reported Q4 FY26 consolidated revenue of ~₹1,097 crore, with PAT up 34% YoY to ₹56 crore. EBITDA margins expanded to 10.2%, driven by a higher share of value-added products like defense shells and hydraulic tubes. For FY26, consolidated revenue was ₹4,100 crore (up 4.2% YoY) and PAT grew 10.2% to ₹182.58 crore. Management guided for 14-15% revenue growth in FY27, supported by defense revenue of ₹250-300 crore (75-80% capacity utilization of 1.5 lakh shells) and capacity expansion to 6 lakh tonnes. However, near-term risks include supply chain disruptions from the West Asia crisis and elevated working capital due to inventory buildup. The company remains confident of sustaining EBITDA margins above 10%.
गुडलक इंडिया ने चौथी तिमाही में ₹1,097 करोड़ की कमाई की। मुनाफा पिछले साल से 34% बढ़कर ₹56 करोड़ हो गया। कंपनी ने सेना के गोले और हाइड्रोलिक पाइप जैसे खास उत्पाद बेचे, जिससे मुनाफा बढ़ा। पूरे साल की कमाई ₹4,100 करोड़ और मुनाफा ₹182.58 करोड़ रहा। अगले साल कमाई 14-15% बढ़ने का अनुमान है, क्योंकि सेना को ₹250-300 करोड़ के गोले बेचे जाएंगे। कंपनी अपनी उत्पादन क्षमता 6 लाख टन कर रही है। लेकिन पश्चिम एशिया संकट से आपूर्ति में रुकावट और ज्यादा कर्ज का खतरा है। फिर भी कंपनी को मुनाफा 10% से ऊपर रहने का भरोसा है।
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West Asia crisis supply chain disruption
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Defense shell capacity
150,000
+167% YoY
Current capacity of 1.5 lakh shells; augmenting to 4 lakh shells. Expect 75-80% utilization in FY27.
Hydraulic tube capacity utilization
50%
+0pp YoY
Exited FY26 at 50% utilization; targeting 65-70% in FY27.
Overall capacity utilization
94%
flat YoY
Legacy steel business at 94% utilization; new capacities will moderate this.
Defense EBITDA margin guidance
30-35%
N/A
Sustainable margin for defense segment; Q4 spike to ~68% was due to low base and cost mismatch.
What Changed vs Last Quarter
NEW
Defense revenue of ₹250-300 crore in FY27
With 75-80% utilization of current 1.5 lakh shell capacity, defense revenue is expected to be ₹250-300 crore.
NEW
Capacity expansion to 6 lakh tonnes
Adding 40,000-45,000 tonnes capacity in GI conduit pipes and fork tubes within 9-12 months.
UPDATED
FY27 revenue growth of 14-15%
Management expects consolidated revenue growth of 14-15% in FY27, driven by defense and value-added products.
UPDATED
Defense EBITDA margin of 30-35% sustainable
Management reiterated that normalized defense EBITDA margins will be 30-35%, not the elevated Q4 level.
DROPPED
Defense shell revenue of ₹60-70 Cr in Q4 FY26
Initial revenue from artillery shells expected in Q4 FY26, subject to government dispatch permission.
DROPPED
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.
NEW RISK
West Asia crisis supply chain disruption
Geopolitical tensions have delayed dispatches and increased inventory, impacting working capital and near-term margins.
NEW RISK
Elevated debt and working capital
Net debt stood at ~₹1,000 crore (₹800 crore working capital + ₹200 crore term loans) due to inventory buildup; management aims to reduce but no clear timeline.
NEW RISK
Uncertainty in defense pricing and order flow
Management declined to provide shell realizations or order book details, citing dynamic demand-supply; competitors are adding capacity aggressively.
NEW RISK
Capex execution risk for 4 lakh shell capacity
The ₹400 crore defense capex plan may spill into FY28; management gave no firm timeline.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management expects consolidated revenue growth of 14-15% in FY27, driven by defense and value-added products.
Geopolitical tensions have delayed dispatches and increased inventory, impacting working capital and near-term margins.
View Risks →