Goodluck India
Goodluck India
Industrial ProductsKey Fundamentals
MicrocapIron & Steel ProductsIndustrial ProductsTapetide Score
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Key Insights
Strengths
1- Company has delivered good profit growth of 43.1% CAGR over last 5 years
Weaknesses
2- Promoter holding has decreased over last quarter: -2.44%
- Company has a low return on equity of 13.7% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoGoodluck India Ltd is a mid-cap industrials company (market cap ~₹4,947 Cr) trading at a P/E of 27.1x with a 5-year profit CAGR of 43% and ROE averaging 13-14%. Revenue growth has moderated to 4% TTM after a strong 5-year sales CAGR of 21%, while the company is investing heavily in defence capacity expansion with a ₹500 Cr capex plan.
- Strong 5-year profit CAGR of 43% driven by improving operating margins — OPM expanded from 6.99% in FY22 to 9.67% in FY26
- Revenue scaled from ₹2,613 Cr in FY22 to ₹4,100 Cr in FY26, reflecting a 5-year sales CAGR of 21%
- Defence diversification: ₹500 Cr capex to triple artillery shell production from 1,50,000 to 4,00,000 units annually, tapping into a global ammunition demand cycle
- Stock CAGR of 69% over 5 years and 48% over 3 years indicates sustained market re-rating of the business
- FY26 net profit of ₹182.58 Cr, up from ₹165.63 Cr in FY25, representing ~10% YoY PAT growth with EPS rising to ₹54.37
- EBITDA grew 21% YoY from ₹346 Cr in FY25 to ₹418 Cr in FY26, showing operational leverage
- Recent ₹113.83 Cr export order for 14,500 MT galvanized steel towers for a 400 KV power project demonstrates order pipeline visibility
- TTM revenue growth has decelerated sharply to just 4% compared to 10% 3-year CAGR and 21% 5-year CAGR, signalling potential demand slowdown
- Return on equity remains modest at 13-14% over the last 3-5 years, below the 15%+ threshold typically expected for quality industrials
- Interest costs rose 32% YoY from ₹80.33 Cr in FY25 to ₹105.84 Cr in FY26, reflecting rising debt to fund capex
- Secured loans increased from ₹615.66 Cr in FY24 to ₹838.33 Cr in FY25, indicating growing leverage ahead of capex benefits materialising
- P/E of 27.1x is elevated for a steel products company with sub-10% operating margins, leaving limited room for earnings disappointment
- Dividend yield of just 0.2% with a payout ratio of only 7.9-11%, offering negligible income return to shareholders
- P/B ratio of 3.32x prices in significant future growth in a cyclical, capital-intensive industry
- Defence capex of ₹500 Cr carries execution risk — capacity ramp-up and order conversion remain uncertain until production stabilises
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Defence unit wins Rs 255cr order Jun 19
Goodluck Defence and Aerospace secured a Rs 255 crore domestic order for 155mm long range empty shells, to be executed within 10 months.
- Promoters confirm no share encumbrance Jun 20
Goodluck India promoters declared no encumbrance on shares for FY26 under SEBI takeover regulations.
TL;DR: Goodluck India is seeing positive momentum in its defence subsidiary with a sizeable Rs 255 crore order win, signaling growing traction in the defence manufacturing space. No material headwinds emerged this period. The promoter disclosure is routine but reinforces governance hygiene. The trend is mildly positive with defence order flow providing near-term revenue visibility over the next 10 months.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 858 | 886 | 878 | 902 | 913 | 976 | 942 | 1,105 | 983 | 991 | 1,037 | 1,088 | 1,287 |
| Expenses | 788 | 814 | 804 | 836 | 838 | 905 | 862 | 1,020 | 891 | 900 | 936 | 975 | 1,153 |
| Operating Profit | 70 | 72 | 74 | 66 | 75 | 71 | 80 | 85 | 92 | 92 | 101 | 113 | 135 |
| OPM % | 8% | 8% | 8% | 7% | 8% | 7% | 9% | 8% | 9% | 9% | 10% | 10% | 10% |
| Other Income | 1 | 2 | 1 | 9 | 5 | 18 | 4 | 8 | 4 | 6 | 2 | 9 | 5 |
| Interest | 22 | 19 | 21 | 15 | 22 | 17 | 20 | 22 | 28 | 26 | 27 | 25 | 30 |
| Depreciation | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 14 | 15 | 15 | 17 | 20 | 21 |
| PBT | 40 | 46 | 46 | 50 | 48 | 62 | 54 | 57 | 53 | 57 | 59 | 77 | 88 |
| Tax % | 29% | 24% | 31% | 26% | 25% | 25% | 23% | 27% | 25% | 25% | 25% | 27% | 24% |
| Net Profit | 29 | 35 | 32 | 37 | 36 | 47 | 41 | 42 | 40 | 43 | 44 | 56 | 67 |
| EPS in Rs | 3.5 | 4.24 | 3.73 | 3.87 | 3.64 | 4.71 | 4.17 | 4.27 | 4 | 4.25 | 4.38 | 5.47 | 6.38 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,071 | 984 | 1,093 | 1,274 | 1,661 | 1,636 | 1,572 | 2,613 | 3,072 | 3,525 | 3,936 | 4,100 | 4,404 |
| Expenses | 1,011 | 893 | 1,006 | 1,175 | 1,535 | 1,508 | 1,456 | 2,430 | 2,868 | 3,243 | 3,625 | 3,702 | 3,964 |
| Operating Profit | 59 | 91 | 87 | 99 | 127 | 128 | 117 | 183 | 204 | 282 | 311 | 398 | 441 |
| OPM % | 6% | 9% | 8% | 8% | 8% | 8% | 7% | 7% | 7% | 8% | 8% | 10% | 10% |
| Other Income | 27 | 11 | 5 | 4 | 3 | 4 | 6 | 4 | 15 | 13 | 35 | 20 | 21 |
| Interest | 38 | 40 | 48 | 56 | 61 | 60 | 55 | 57 | 66 | 77 | 80 | 106 | 108 |
| Depreciation | 12 | 15 | 18 | 20 | 24 | 26 | 28 | 29 | 33 | 35 | 45 | 67 | 73 |
| PBT | 37 | 47 | 27 | 27 | 45 | 45 | 40 | 101 | 121 | 182 | 221 | 246 | 281 |
| Tax % | 24% | 30% | 26% | 41% | 30% | 25% | 25% | 25% | 27% | 27% | 25% | 26% | — |
| Net Profit | 28 | 33 | 20 | 16 | 31 | 34 | 30 | 75 | 88 | 132 | 166 | 183 | 210 |
| EPS in Rs | 4.22 | 4.97 | 2.99 | 2.32 | 4.56 | 4.91 | 4.09 | 9.62 | 10.73 | 13.88 | 16.87 | 18.13 | 20.48 |
| Div. Payout % | 12% | 10% | 8% | 0% | 0% | 0% | 0% | 12% | 14% | 14% | 8% | 6% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 7 | 7 |
| Reserves | 177 | 206 | 251 | 274 | 305 | 341 | 379 | 461 | 615 | 1,113 | 1,304 | 1,484 |
| Borrowings | 315 | 353 | 411 | 451 | 504 | 510 | 534 | 590 | 598 | 612 | 882 | 1,119 |
| Other Liabilities | 83 | 109 | 132 | 161 | 166 | 143 | 180 | 197 | 253 | 301 | 337 | 436 |
| Total Liabilities | 579 | 672 | 798 | 890 | 979 | 999 | 1,098 | 1,253 | 1,471 | 2,032 | 2,529 | 3,046 |
| Fixed Assets | 203 | 235 | 256 | 252 | 333 | 341 | 325 | 364 | 401 | 522 | 800 | 1,203 |
| CWIP | 4 | 8 | 4 | 57 | 5 | 1 | 12 | 31 | 37 | 76 | 244 | 121 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 14 | 15 |
| Other Assets | 372 | 428 | 538 | 581 | 642 | 657 | 760 | 859 | 1,029 | 1,431 | 1,472 | 1,707 |
| Total Assets | 579 | 672 | 798 | 890 | 979 | 999 | 1,098 | 1,253 | 1,471 | 2,032 | 2,529 | 3,046 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 83 | 57 | 23 | 73 | 57 | 58 | 43 | 78 | 65 | -46 | 158 | 200 |
| Investing | -75 | -52 | -36 | -64 | -50 | -29 | -22 | -85 | -78 | -186 | -473 | -333 |
| Financing | -4 | -6 | 13 | -8 | -8 | -28 | -23 | 6 | 13 | 337 | 212 | 132 |
| Net Cash Flow | 4 | -1 | 0 | 0 | 0 | 1 | -2 | -1 | 0 | 104 | -103 | -1 |
| Free Cash Flow | 11 | 5 | -14 | 6 | 4 | 28 | 20 | -7 | -11 | -241 | -332 | -146 |
| CFO/OP | 152 | 74 | 31 | 82 | 53 | 52 | 47 | 54 | 48 | 0 | 70 | 63 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 51 | 62 | 65 | 58 | 54 | 53 | 55 | 40 | 42 | 36 | 47 | 43 |
| Inventory Days | 67 | 98 | 110 | 93 | 89 | 98 | 115 | 83 | 85 | 86 | 80 | 110 |
| Days Payable | 19 | 31 | 43 | 39 | 29 | 21 | 32 | 20 | 21 | 19 | 15 | 20 |
| Cash Conversion Cycle | 99 | 129 | 132 | 112 | 114 | 130 | 137 | 103 | 106 | 103 | 112 | 132 |
| Working Capital Days | 18 | 28 | 39 | 23 | 23 | 22 | 45 | 29 | 34 | 49 | 42 | 37 |
| ROCE % | 16% | 16% | 12% | 12% | 14% | 13% | 11% | 16% | 16% | 17% | 15% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY10–FY26.
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Company Information
Goodluck India Ltd is an engineering conglomerate engaged in the business of manufacturing and selling engineering products such as sheets, pipes, engineering structures, fabricated structures, forgings, and automobile tubes. [1]
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