Goodluck India Q2 FY27 Results (NSE: GOODLUCK)
Signal: Growth reaccelerated
The read
The trajectory remains volume-led: Q2 total income rose 37.7% to ₹13,740.5 million on 18.1% volume growth, but EBITDA margin contracted 55bps to 9.3% and PAT growth lagged at 18.8%; H1 margin was better at 10.0%, up 25bps YoY, so the key inflection to monitor is whether Q2's fuel and freight pressure reverses while value-added and defence volumes scale.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,374.05 Cr | 37.7% | N/A |
| Net profit | ₹50.67 Cr | 18.8% | |
| EBIT margin | 9.3% |
P&L walk
Consolidated total income increased 37.7% YoY to ₹13,740.5 million, led by 18.1% volume growth and higher value-added product sales; EBITDA grew 30.7% to ₹1,274.9 million but EBITDA margin contracted 55bps to 9.3%, while PAT rose 18.8% to ₹506.7 million.
Key positives
- Q2 volume rose 18.1% to 1,33,374, with management attributing growth to higher sales of value-added products.
- H1 export revenue contributed approximately 28% of total revenue, with export revenue growing approximately 38% YoY across more than 100 countries.
- H1 EBITDA grew 37.8% to ₹2,671.5 million and EBITDA margin expanded 25bps YoY to 10.0%, indicating that the Q2 margin compression has not yet erased the half-year improvement.
- Goodluck Defence and Aerospace emerged as the sole technically qualified bidder for specialised 155 mm artillery shells, although production is currently in trial, testing and validation.
Key concerns
- Q2 EBITDA margin fell 55bps YoY to 9.3% and PAT margin fell 59bps to 3.7%, showing that 37.7% revenue growth is not yet converting proportionately into profit.
- Management stated that higher fuel and global freight costs affected standalone EBITDA, with geopolitical conditions creating a near-term margin risk.
- Defence revenue contribution is expected only in the latter part of FY27 because the order is still undergoing trial runs, testing and validation.
Research and educational content only. Not investment advice.