Synopsis:-Releasing audited results for FY2025-26, Goodluck India Limited posted consolidated revenue of Rs. 4,120.52 crore and a PAT of Rs. 182.58 crore, with EBITDA margins expanding by 141 basis points but a 31.7 percent spike in finance costs and a 36 percent inventory build-up signal that the company’s heavy capex cycle has left a working capital hangover that FY27 must begin to resolve.
Shares of a leading steel engineering and fabrication company came into focus on May 26, 2026, after its Board of Directors approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, alongside a final dividend recommendation of Rs. 3 per share.
With a market capitalization of Rs. 4,387.48 crore, the shares of Goodluck India Limited were trading at Rs. 1,325 per share, down 6.5 percent from its previous closing price of Rs. 1,417.1 apiece. It is trading at a P/E of 27.97.
The headline revenue number for FY2025-26 is Rs. 4,120.52 crore on a consolidated basis, against Rs. 3,957.21 crore in FY2024-25 growth of 4.1 percent. That is a pedestrian figure for a company operating in India’s infrastructure-facing steel products space. But the topline obscures a far more meaningful story at the operating level.
Consolidated EBITDA computed as profit before tax plus finance costs plus depreciation expanded from Rs. 346.16 crore in FY25 to Rs. 418.49 crore in FY26, a rise of 20.9 percent on revenue that grew only 4.1 percent. EBITDA margin improved from 8.75 percent to 10.16 percent, a 1.41 percent increase.
The PAT attributable to owners came in at Rs. 182.58 crore for FY26, up from Rs. 165.63 crore in FY25 a 10.2 percent rise. Net profit margin improved from 4.19 percent to 4.43 percent. The gap between EBITDA growth (21 percent) and PAT growth (10 percent) is explained by two below-the-EBITDA-line items that consumed the gains: depreciation and finance costs.
On a standalone basis, Q4 FY26 revenue from operations came in at Rs. 1,074.88 crore against Rs. 1,055.78 crore in Q4 FY25 modest year-on-year growth of 1.8 percent. However, standalone Q4 PAT grew 15.2 percent to Rs. 48.53 crore from Rs. 42.12 crore in Q4 FY25, and PBT for the quarter was Rs. 66.08 crore. Quarter-on-quarter sequencing shows Q4 as the strongest profit quarter of the year on a standalone basis consistent with the pattern of year-end project deliveries in infrastructure-linked businesses
Depreciation for the consolidated entity rose from Rs. 44.95 crore in FY25 to Rs. 67.03 crore in FY26 a 49.1 percent increase. Finance costs rose from Rs. 80.33 crore to Rs. 105.84 crore, up 31.7 percent. Together, these two charges consumed nearly Rs. 47.59 crore more in FY26 than in FY25, directly suppressing the translation of EBITDA gains into net profit.
Consolidated total borrowings (current plus non-current) increased from Rs. 881.55 crore in FY25 to Rs. 1,079.44 crore in FY26, a 22.4 percent rise or Rs. 197.9 crore in absolute terms. Non-current borrowings alone rose from Rs. 162.22 crore to Rs. 223.91 crore suggestive of fresh long-term debt drawn to fund the ongoing investment programme.
Dividend
The board has recommended a final dividend of Rs. 3.00 per share (150 percent on face value of Rs. 2) for FY2025-26, subject to shareholder approval at the AGM. The total cash outflow on dividend is approximately Rs. 9.97 crore a payout ratio of just 5.5 percent of consolidated PAT.
Business Overview
Goodluck India Limited is a Ghaziabad-based engineering conglomerate manufacturing steel products across four verticals: engineering structures and fabrication (for railways, highways, and power), forgings for defence and aerospace, precision pipes and automobile tubes, and CR sheets and pipes. Its customer base includes Indian Railways, HAL, DRDO, L&T, Tata Motors, and European automakers.
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