In , Goodluck India Ltd (Steel - Tubes/Pipes) is outperforming Nifty 500 with +25.3% relative strength. Fundamentals: Average. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Defense License: 155mm Artillery Shells
Impact: ₹800 Cr peak revenue
“Now that we have received the license for artillery shells... the combined revenue should be in the range of Rs. 1,000 cores.”
What: Value-added mix %: 60% to 65%
Impact: 100 bps margin expansion
“Right now, it extends from 56% to 60%. And in the coming year, we hope it should go from 60% to 65%.”
What: Order Visibility: 8 months orders + 2 years LOI
“We have eight months order in hand and two years LOI with us... we are bullish on defense and aerospace.”
What: Subsidiary IPO: Goodluck Defense
“This defense business. We will bring an IPO at the appropriate time. And we will inform you.”
What: Capacity Utilisation: 92%
“Our annually capacity utilization remains strong at 92% reflecting demand resilience and efficiency production.”
What: EBITDA Margin at 9.7%
“EBITDA margins have improved to INR291.6 crores with 9.7% of sales as against 8.74% during 9 months of previous year.”
Earnings deceleration risks from management commentary
Trigger: The company is waiting for final dispatch clearance from the government for its artillery shells.
Impact: PAT impact: ₹40 Cr revenue deferral
Management view: Management expects permissions to come through in Q4, allowing for ₹60 Cr revenue in FY26.
Monitor: regulatory
Trigger: Steel prices fell to a 5-year low in Oct '25 before recovering in Dec '25, creating inventory and pricing havoc.
Management view: Pass-through mechanisms exist in infrastructure and auto-tubes, though with a 2-quarter lag in auto.
Monitor: commodity
Trigger: Global trade flows are influenced by the Russia-Ukraine conflict and shifting US trade policies.
Management view: Adaptability in market and product reshuffling to pivot toward alternative markets.
Monitor: geopolitical
Key quotes from recent conference calls
“As we have already told that we are for a long-term growth of 15% - 20% and in long term we are going to maintain it. [Previous Long-term Revenue Growth guidance]”
“In FY ‘26, we are expecting only Rs. 100 crore per revenue and in the next year, we are expecting the full revenue. [Previous Defense Revenue FY26 guidance]”
“And with the augmented capacity, the revenue will be almost INR900 crores and the EBITDA margins will be almost 30%. [Initiative: Defense Capacity Augmentation]”
“As far as EBITDA margins are concerned, they are 28% to 32% -- they are what we expect right now. [Initiative: Aerospace Forging Line]”
Headline numbers from the latest earnings call
Revenue
₹1,031.58 Cr
Why: Growth was driven by a revival in post-monsoon demand in construction and improved buying sentiment across the dealer ecosystem.
Revenue growth accelerated from 2% in Q2 to 10% in Q3 as steel prices stabilized and demand recovered.
EBITDA
₹99.72 Cr
Why: Margin expansion was driven by a better product mix, operational efficiencies, and a higher share of value-added products.
EBITDA margins remained stable at 9.7% sequentially but improved significantly from 8.74% in the 9-month prior period.
PAT
₹43.47 Cr
Why: Profit growth followed the increase in sales volume and EBITDA, partially offset by marginally higher interest costs.
PAT growth lagged EBITDA growth due to increased depreciation from the auto-tube and defense subsidiary investments.
Other Highlights
• Sales volume increased by 8% YoY in Q3 FY26.
• 9M FY26 EBITDA margins improved to 9.7% from 8.74% YoY.
• Interest costs rose due to an increase in current assets compared to the previous year.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Standalone Capacity Utilisation
92%
Why: High demand for core engineering products and efficient production planning.
Value-Added Product Mix
60%
Why: Strategic shift toward precision tubes and specialized engineering products.
Artillery Shell Capacity
1,50,000 units
Why: Commencement of production in the defense subsidiary.
Hydraulic Tube Utilisation
45%
Why: Ramp-up was delayed by a quarter due to geopolitical factors and tariff uncertainties.
Infrastructure Order Visibility
1.5 years
Why: Strong government spending on bullet trains and rail corridors.
Solar Tracker Tube Revenue
₹400 Cr
Why: Increased supply of transmission tubes and solar structures for the national solar mission.
Annual Export Revenue
₹1,000 Cr
Why: Focus on global markets for industrial engineering products.
Defense Working Capital Cycle
60 days
Why: Standard cycle for aerospace and shell business components.
Forward-looking targets from management for FY27
Revenue Growth Target
15%
OPM Guidance
30–35%
Capex Plan
₹400 Cr
15% to 20% growth
REAFFIRMED
₹400 Cr - ₹500 Cr
Defense capacity augmentation from 1.5 lakh to 4 lakh shells and aerospace forging lines.
REAFFIRMED
Guidance Changes
FY26 Defense Revenue: ₹100 Cr → ₹60 Cr
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +10% | +15% | Stable |
| PAT (Net Profit) | +7% | +30% | Stable |
| OPM | 10.0% | +100 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Goodluck India Ltd's latest quarterly results (Dec 2025) show
Goodluck India Ltd's profit is growing with an stable trend.
Goodluck India Ltd's revenue growth trend is stable.
Goodluck India Ltd's operating margin is expanding.
Goodluck India Ltd's long-term compounding rates
Goodluck India Ltd's earnings growth is stable with mixed signals on a sequential basis.
Goodluck India Ltd's trailing twelve month (TTM) performance
Goodluck India Ltd appears significantly undervalued based on our fair value analysis.
Goodluck India Ltd's current PE ratio is 28.2x.
Goodluck India Ltd's current PE is 28.2x.
Goodluck India Ltd's price-to-book ratio is 3.4x.
Goodluck India Ltd is rated Average with a fundamental score of 56.5/100. This score is calculated from objective financial metrics
Goodluck India Ltd has a debt-to-equity ratio of N/A.
Goodluck India Ltd's return ratios over recent years
Goodluck India Ltd's operating cash flow is positive (FY2025).
Goodluck India Ltd's current dividend yield is 0.28%.
Goodluck India Ltd's shareholding pattern (Mar 2026)
Goodluck India Ltd's promoter holding has remained stable recently.
Goodluck India Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Goodluck India Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
Goodluck India Ltd has 6 key growth catalysts identified from recent earnings analysis
Goodluck India Ltd has 3 key risks worth monitoring
In Q3 FY26, Goodluck India Ltd's management highlighted
Goodluck India Ltd's management has provided the following forward guidance for FY27
Goodluck India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Goodluck India Ltd may be worth studying
Goodluck India Ltd investment thesis summary:
Goodluck India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
