Goodluck Q2 income rose 38% while standalone margin fell

Goodluck India Limited reported standalone total income growth of 37.7% to Rs 1,370.61 crore in Q2 FY27, but EBITDA margin declined to 8.2% from 9.7% a year earlier. Total expenditure rose 39.8%, faster than income, while other expenses increased 66.0%, limiting EBITDA growth to 17.2%.

Why did Goodluck’s Q2 FY27 standalone margin decline?

Goodluck’s standalone EBITDA margin declined by 150 basis points, from 9.7% in Q2 FY26 to 8.2% in Q2 FY27, because expenditure grew faster than total income. EBITDA, or earnings before interest, tax, depreciation and amortisation, increased 17.2% to Rs 112.58 crore, compared with a 37.7% increase in total income.

Standalone total expenditure rose 39.8% to Rs 1,258.03 crore in Q2 FY27 from Rs 899.57 crore a year earlier, exceeding the increase in total income to Rs 1,370.61 crore from Rs 995.67 crore. The difference in growth rates reduced the share of income retained as EBITDA, even though operating profit increased in absolute terms.

Goodluck also reported a sequential reduction in operating margin. Standalone EBITDA margin was 9.1% in Q1 FY27 and 8.2% in Q2 FY27, although EBITDA increased to Rs 112.58 crore from Rs 110.53 crore as total income rose to Rs 1,370.61 crore from Rs 1,215.71 crore.

Which Goodluck costs grew faster than income?

Goodluck’s other expenses increased 66.0% year on year to Rs 230.82 crore in Q2 FY27 from Rs 139.02 crore, the fastest increase among the disclosed standalone cost categories. Income from operations grew 38.1% to Rs 1,351.39 crore from Rs 978.71 crore during the same period.

Cost of goods sold increased 36.7% to Rs 969.96 crore, while employee benefit expenses rose 12.6% to Rs 57.25 crore. The presentation does not provide a line-by-line breakdown of other expenses, but their Rs 91.80 crore year-on-year increase exceeded the Rs 82.49 crore rise in cost of goods sold.

On the consolidated basis, Goodluck said the 9.3% Q2 FY27 EBITDA margin was affected by higher fuel and global freight costs linked to the current geopolitical scenario. Consolidated other expenses rose 66.9% to Rs 232.05 crore, while total expenditure increased 38.6% to Rs 1,246.56 crore; the presentation does not separately quantify fuel or freight costs.

The reporting basis produced different margin outcomes. Standalone EBITDA was Rs 112.58 crore at an 8.2% margin, while consolidated EBITDA was Rs 127.49 crore at a 9.3% margin. Consolidated margin also declined year on year, from 9.8%, but its 50-basis-point fall was smaller than the standalone decline.

How much did Goodluck’s volume and income grow?

Goodluck’s Q2 FY27 sales volume increased 18.1% to 133,374 metric tonnes, or MT, from 112,937 MT in Q2 FY26. In H1 FY27, volume rose 13.5% to 256,093 MT from 225,678 MT, providing the reported sales base for higher income.

Standalone total income rose by Rs 374.94 crore year on year to Rs 1,370.61 crore in Q2 FY27. Income from operations contributed Rs 1,351.39 crore, while other operating income was Rs 14.39 crore and other income was Rs 4.84 crore, compared with Rs 978.71 crore, Rs 12.67 crore and Rs 4.29 crore respectively in Q2 FY26.

For H1 FY27, standalone total income increased 30.5% to Rs 2,586.33 crore, while EBITDA rose 16.3% to Rs 223.11 crore. Standalone EBITDA margin for the half year was 8.6%, compared with 9.7% in H1 FY26, showing that the margin reduction extended beyond the second quarter.

Standalone reported net profit rose 22.8% to Rs 50.71 crore in Q2 FY27 from Rs 41.30 crore, while net profit margin declined to 3.7% from 4.1%. Interest expense increased 13.8% to Rs 29.53 crore and depreciation rose 9.9% to Rs 16.36 crore; reported earnings per share were Rs 5.09, versus restated Rs 3.98 after the August 2026 bonus issue.

What do Goodluck’s consolidated results show?

Goodluck’s consolidated Q2 FY27 total income rose 37.7% to Rs 1,374.05 crore and EBITDA increased 30.1% to Rs 127.49 crore. Consolidated EBITDA growth exceeded the 17.2% standalone increase, and the 9.3% consolidated margin was 110 basis points above the 8.2% standalone margin.

Consolidated quarterly profitability declined from Q1 FY27 despite the year-on-year income increase. EBITDA fell to Rs 127.49 crore in Q2 FY27 from Rs 139.66 crore in Q1 FY27, and the margin declined to 9.3% from 10.8%; reported net profit fell to Rs 50.67 crore from Rs 67.22 crore.

The half-year result differed from the Q2 trend. Consolidated H1 FY27 EBITDA increased 37.8% to Rs 267.15 crore, faster than the 34.4% increase in total income to Rs 2,666.27 crore, lifting the H1 EBITDA margin to 10.0% from 9.8% in H1 FY26.

The source reports the same sales volume under both reporting bases, at 133,374 MT in Q2 FY27 and 256,093 MT in H1 FY27. However, consolidated Q2 EBITDA exceeded standalone EBITDA by Rs 14.91 crore, and the presentation does not provide a segment-level bridge for the difference.

Conclusion

Goodluck’s Q2 FY27 figures show that 18.1% volume growth and 37.7% growth in standalone total income translated into higher EBITDA and net profit, but not into proportional operating profitability. Expenditure increased 39.8%, with other expenses up 66.0%, resulting in a 150-basis-point decline in standalone EBITDA margin and a 40-basis-point decline in net profit margin.

The next period to watch is the later part of FY27, when Goodluck expects revenue contribution from its defence order as production moves beyond the initial validation phase, subject to actual off-takes. The board has also given in-principle approval to amalgamate Goodluck Defence and Aerospace Ltd and Goodluck Green Energy Ltd with Goodluck, a proposed change to the corporate structure.