Goodluck India Q2 FY27: Revenue Surges 38%, EBITDA Up 31%, Amalgamation Plan Unveiled
Goodluck India reported a 38% YoY increase in consolidated total income to ₹13.7 billion for Q2 FY27. EBITDA rose 31% to ₹1.27 billion. The company plans to amalgamate its defence and green energy subsidiaries with the parent company, a process expected to take 12-16 months. Defence business is poised for significant growth, with potential revenue exceeding ₹1,000 crore from artillery shells.
The substantial revenue growth, positive outlook for core and emerging businesses (defence, aerospace, green energy), and the strategic amalgamation of subsidiaries are significant developments that are expected to have a high impact on the company's future performance and valuation.
The company reported strong financial growth in Q2 FY27, with significant increases in revenue and profit. The proposed amalgamation of subsidiaries is viewed positively for streamlining operations and creating value. Positive outlook on defence business and export growth further contributes to the positive sentiment.
Goodluck India Limited held an earnings conference call on October 31, 2026, to discuss its unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported a strong performance, with consolidated total income growing by approximately 38% year-on-year in Q2 FY27, and EBITDA increasing by 31%. For the first half of FY27, total income grew by 34%, EBITDA by 38%, and net profit by 42% year-on-year. Export revenue saw a significant growth of 38% in H1 FY27.
The company is also proposing the amalgamation of its subsidiaries, Goodluck Defence and Aerospace India Limited and Goodluck Green Energy, with Goodluck India Limited. This strategic move aims to consolidate its engineering, defence, and green energy businesses under a single corporate umbrella for better strategic alignment and operational efficiency. The detailed terms and financial implications are under evaluation, with the merger expected to take 12-16 months to complete.
In terms of operational performance, consolidated sales volume in Q2 FY27 reached 1,33,374 tons, an 18.1% year-on-year increase. For H1 FY27, sales volume was 2,56,093 tons, a 13.5% growth. The company highlighted opportunities in infrastructure, power transmission, railways, renewable energy, automotive, and manufacturing sectors. The defence and aerospace business is a key focus, with the subsidiary emerging as the sole technically qualified bidder for specialized 155mm HE M1A4 ready-to-fill artillery shells. This segment is expected to contribute revenue in the latter part of the current financial year, with an estimated investment of ₹80 crores for aerospace components potentially generating business benefits of ₹180 crores.
Financially, consolidated total income in Q2 FY27 stood at ₹13.7 billion, up from ₹9.9 billion in the previous year. EBITDA was ₹1.27 billion, and PAT was ₹506 million, a 19% increase. The slight moderation in EBITDA margin was attributed to increased international freight and fuel costs, impacting margins by approximately 150 basis points. For H1 FY27, revenue was ₹26.6 billion, EBITDA increased by 38% to ₹2.67 billion, and PAT grew by 42.4% to ₹1.2 billion. The company emphasized maintaining working capital discipline and prudent capital allocation, aiming to keep debt levels within 2.5x of EBITDA.
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