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Company Overview
Goodluck Defence and Aerospace Pvt. Ltd., incorporated on August 31, 2023, is a wholly owned subsidiary of Good Luck India Limited (est. 1986, ISO 9001:2008 certified). The company specializes in forging, machining, treatment, and coating of metals for defense applications using advanced manufacturing techniques like open forging, die forging, and robotic forging.
It plans to invest ₹250 crore to establish a production facility with a capacity of 150,000 units annually, primarily focused on 155 mm artillery shells. An initial ₹40 crore investment has been raised via preferential issue from the parent company, with additional funds secured from institutional investors.
Product Portfolio
Goodluck Defence will manufacture 155 mm artillery shells with a firing range of 24–32 km, offering variants such as high explosive (HE), precision-guided, armor-piercing, fragmentation, smoke, and illumination. Premium shells like 155 mm HE, BB AISI 9260 are priced between USD 1000–1200.
Market Strategy & Positioning
Initial Demand: Adani Defence & Aerospace has shown interest in acquiring 33% of annual output.
Sales Strategy: Remaining inventory will be sold in the open market (domestic & international).
Key Competitors: Bharat Forge, CHW Forge, Starwire.
Export Opportunities: Partnerships under consideration with Nexter (France), Rosoboronexport (Russia), and Elbit Systems (Israel).
Financial Overview
CapEx Requirement: ₹250 Cr for plant setup and machinery.
Revenue Potential: Strong, due to high-value product and scalable output.
Economies of Scale: Targeting efficient production at 150,000 units/year.
Funding: ₹40 Cr from parent; remaining from external investors.
Risk Factors
| Risk Area | Level | Remarks |
|---|---|---|
| Business Stage | High | Pre-revenue; operations yet to begin |
| Track Record | None | No historical financial performance |
| Sector Exposure | Moderate | Regulated defense sector with dependency on contracts |
| Execution Risk | High | Timely CapEx deployment is critical |
Fundamentals
| Particular | Value | Particular | Value |
|---|---|---|---|
| Share Price | ₹325 | Lot Size | 100 Shares |
| 52 Week High | ₹365 | 52 Week Low | ₹230 |
| Market Cap | ₹1,596 Cr | Face Value | ₹10 |
| P/E Ratio | 878.38 | P/B Ratio | 8.86 |
| Book Value | ₹36.68 | ROE (%) | 1.08 |
| Debt to Equity | 0 | Total Shares | 4,91,10,000 |
| Depository | NSDL & CDSL | ISIN | INE0S7401019 |
| PAN Number | AAKCG6927D | CIN | U24103UP2023PLC188289 |
| RTA | Nivis Corpserve LLP |
Promoters & Managements
| Name | Designation |
|---|---|
| Shri Mahesh Chandra Garg | Director |
| Shri Ramesh Chandra Garg | Director |
| Mr. Arun Kumar | CFO |
Income Statement – FY 2024
(All figures in ₹ Crore)
| Particulars | FY 2024 |
|---|---|
| Revenue | 3.00 |
| Cost of Material Consumed | 0.00 |
| Gross Margin (%) | 100.00 |
| Change in Inventory | 0.00 |
| Employee Benefit Expenses | 0.00 |
| Other Expenses | 0.43 |
| EBITDA | 2.57 |
| Operating Profit Margin (%) | 85.67 |
| Other Income | 0.00 |
| Finance Cost | 0.00 |
| Depreciation & Amortization | 0.00 |
| EBIT | 2.57 |
| EBIT Margin (%) | 85.67 |
| Profit Before Tax (PBT) | 2.60 |
| PBT Margin (%) | 86.67 |
| Tax | 0.76 |
| Profit After Tax (PAT) | 1.84 |
| Net Profit Margin (%) | 61.33 |
| Earnings Per Share (EPS) | ₹0.37 |
Balance Sheet (₹ in Crores)
Assets
| Particulars | FY 2024 |
|---|---|
| Fixed Assets | 16.60 |
| CWIP | 3.60 |
| Investments | 0.00 |
| Trade Receivables | 0.00 |
| Inventory | 0.00 |
| Other Assets | 150.80 |
| Total Assets | 171.00 |
Liabilities
| Particulars | FY 2024 |
|---|---|
| Share Capital | 49.11 |
| Face Value (₹) | 10 |
| Reserves | 121.03 |
| Borrowings | 0.00 |
| Trade Payables | 0.00 |
| Other Liabilities | 0.86 |
| Total Liabilities | 171.00 |
Cash Flow Statement – FY 2024
(All figures in ₹ Crore)
| Particulars | FY 2024 |
|---|---|
| Profit Before Tax (PBT) | 2.60 |
| Operating Profit Before WC Changes | 0.43 |
| Change in Receivables | -46.35 |
| Change in Inventories | 0.00 |
| Change in Payables | 0.12 |
| Other Changes | -0.80 |
| Working Capital Change | -47.03 |
| Cash Generated From Operations | -46.60 |
| Tax | -0.24 |
| Cash Flow From Operations | -46.84 |
| Purchase of PPE | -20.30 |
| Sale of PPE | 0.00 |
| Cash Flow From Investment | -17.27 |
| Borrowings | 0.00 |
| Dividend | 0.00 |
| Equity Raised | 176.51 |
| Other Financing Activities | -8.21 |
| Cash Flow From Financing | 168.30 |
| Net Cash Generated | 104.19 |
| Cash at the Beginning | 0.00 |
| Cash at the End | 104.19 |
Share Holding Pattern
| Shareholder | Shareholding (%) |
|---|---|
| Goodluck India Limited | 81.47% |
| Others | 18.53% |
