Goodluck Defence and Aerospace Ltd
Goodluck India's 155 mm artillery-shell subsidiary, with a new Sikandrabad plant, a ₹255 Cr order and FY27 revenue guidance of ₹250–300 Cr.
Market cap
₹2,180 Cr
4.91 Cr shares
P/E ratio
198.21
Sector average 55
Book value
₹37.61
P/B 11.81
1-year return
+27.25%
52w ₹304 – ₹493
Currently 74% of the way through its 52-week range.
Indicative price history
1Y change
+27.25% ₹349 → ₹444
52-week band in this window: ₹348.92 – ₹492.80. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 81.47% subsidiary of Goodluck India; ₹40 Cr seed equity plus ₹136.5 Cr raised at ₹150 per share in a preferential round.
- Sikandrabad plant inaugurated in October 2025; FY26 defence revenue ₹46 Cr with ₹29 Cr EBITDA.
- ₹255 Cr order for 155 mm long-range shells won in June 2026; FY27 guidance ₹250–300 Cr.
About Goodluck Defence
Goodluck Defence and Aerospace Limited is the defence arm of the NSE/BSE-listed engineering group Goodluck India Limited. Incorporated on 31 August 2023 in Ghaziabad, it was set up to manufacture 155 mm artillery shells (empty shells in ready-to-fill condition, high-explosive and long-range variants), defence-grade forged steel products and precision aerospace components.
The company built a greenfield plant at Sikandrabad, Uttar Pradesh, which was inaugurated in October 2025 with a designed capacity of about 1.5 lakh precision shells a year. Goodluck India funded the initial ₹40 Cr of equity and a later preferential issue of 91 lakh shares at ₹150 raised ₹136.5 Cr from other investors, taking the parent's holding to 81.47%. Paid-up capital is about ₹49.11 Cr (4.91 Cr shares of ₹10).
Revenue is only just starting: the defence vertical contributed about ₹46 Cr of revenue and ₹29 Cr of EBITDA in FY26 as the plant ramped up. In June 2026 the company won a domestic order of about ₹255 Cr for 155 mm long-range empty shells to be executed within ten months, and management guides for ₹250–300 Cr of defence revenue in FY27 at 75–80% capacity utilisation. No IPO timeline has been announced.
Registry data come from Tofler and InstaFinancials snippets; price data from dealer pages. The company has only three financial years and was pre-revenue until FY26, so line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- 155 mm artillery shells80%
Empty shells in ready-to-fill condition, HE and long-range variants for the Indian Army and exports
- Defence-grade forgings & components15%
Forged steel products and precision components for defence and aerospace
- Other income5%
Interest on unutilised funds
Products & services
155 mm empty artillery shells
Ready-to-fill forged shells for 155 mm howitzers supplied to the Indian Army and ordnance fillers.
High-explosive and long-range shells
HE and extended-range 155 mm variants under development and order.
Defence-grade forgings
Forged and machined steel components for defence and aerospace applications.
What works
- • Backed by Goodluck India (81.47% holding), a profitable listed group with ₹4,100 Cr of FY26 income, which funded the plant and provides steel and forging expertise.
- • Operating in 155 mm ammunition, a segment where the Indian Army is pushing indigenous supply and where the company already holds a ₹255 Cr order plus a ₹52 Cr confidential order.
- • Zero-debt equity base of roughly ₹175 Cr from the parent and a ₹150-per-share preferential round; the plant is commissioned, so capex is largely behind it.
What to watch
- • Execution risk: FY26 revenue was only ₹46 Cr and the FY27 guidance of ₹250–300 Cr depends on order flow and qualification with the Army and export buyers.
- • At ₹444 the share values the company at roughly ₹2,200 Cr, a high multiple of current earnings and about three times the ₹150 preferential price.
- • Minority holders depend on the parent for strategy and any listing; no IPO has been formally announced.