Goodluck India Ltd Q2 FY26: ₹9,976 Mn Revenue, ₹980 Mn EBITDA, Defence Licence, ₹5,000 Mn Capex — When Steel Meets Strategic Warfare

1. At a Glance

If engineering dreams had a swagger, they’d probably look likeGoodluck India Ltdright now — ₹9,976 million in quarterly revenue, ₹980 million EBITDA, and ₹426 million profit in Q2 FY26, all while quietly bagging adefence manufacturing licence. That’s right — this once-humble tube and forging maker from Bulandshahr has gone full-on“Make in India: Missile Edition.”

At ₹1,186 per share, the company sports a market cap of ₹3,943 crore, a P/E of 23.8x, and a book value of ₹422 — not bad for a firm whose clients range fromDRDO and HALtoVolkswagen and BMW. The latest quarter saw9.5% volume growthand a30% jump in EBITDA, backed by strong auto tube demand and trial runs from the newdefence & aerospace facility.

While the rest of the steel world debates China’s mood swings, Goodluck India’s boardroom is busy planning ₹5,000 million in new investments and expanding its empty-shell (artillery, not corporate) capacity from 150,000 to 400,000 units.

A 16% return in the last 3 months and 49% in six months — looks like the market’s finally giving this engineering player itsGoodluck charm.

2. Introduction

There are two types of engineering companies in India.One: who make pipes.Two: who make pipes andmissiles.

Goodluck India seems to have found the cheat code to industrial diversification — a perfect blend of tubes, forgings, structures, and now,ballistic ammunition. From supplying hollow sections to bridges and automotive tubes to BMW, the company has moved into defence manufacturing faster than bureaucrats could print the licence.

Withsix manufacturing plantsacross UP and Gujarat and a capacity of500,000 MTPA, it has scaled from a local steel processor into an export-savvy, multi-sector engineering player with 25% global revenues.

The newDefence & Aerospace subsidiary, meanwhile, isn’t here to play around — trial production for 150,000 artillery shells began in Q1 FY26 with a ₹216 crore capex, while expansion to 400,000 shells/year is already under process.

Goodluck India is that rare hybrid in India’s industrial landscape — part old-school engineering, part defence-tech unicorn, minus the hoodie.

3. Business Model – WTF Do They Even Do?

Goodluck India operates like a mechanical buffet — four plates loaded with steel delicacies.

1️⃣ Engineering Structures & Fabrication (23%)This is where they play Lego with metal. Thinkbridges, girders, turbine frames, solar mounts, andtech infrastructure skeletons. Clients include NTPC, PowerGrid, L&T, and Indian Railways.

2️⃣ Forgings (16%)If it moves, rotates, or explodes, chances are Goodluck forged it. Aerospace, defence, and automotive components — from flanges to gear rings to missile parts. Clients likeISRO, HAL, and DRDOdon’t buy from just anyone.

3️⃣ Precision Pipes & Automobile Tubes (25%)Their “tube talk” includes CDW, ERW, and hydraulic tubes. Serving OEMs likeVolkswagen, Audi, BMW, and Tata Motors, this segment is the cash cow with steady demand.

4️⃣ CR Sheets & Pipes (36%)Cold-rolled coils, corrugated sheets, and hollow sections — basically, anything that holds up bridges or industrial sheds.

Now sprinkle ona global footprint spanning 14+ countries,R&D accreditation (ISO/IEC 17025), and ahydraulic tube facility running at 40% utilization— and you get a business model that runs from highways to hypersonic missiles.

Who else sells to bothAshok LeylandandISROin the same quarter?

4. Financials Overview

Annualised EPS = ₹12.75 × 4 = ₹51.0 → P/E ≈ 23.2x at CMP ₹1,186.

Commentary:Revenue just shy of ₹1,000 crore, with 30% EBITDA growth — that’s the kind of “defensive” performance markets like. Margins steady at 9%, debt under control (D/E 0.72x), and consistent volume growth make