GOODLUCK INDIA Q2 CONCALL: RETAINS ₹300 CR FY27 DEFENCE REVENUE TARGET, SEES ₹1,000 CR+ DEFENCE REVENUE POTENTIAL BY FY29; GUIDES 15–20% GROWTH

• FY27 Growth Guidance: Management expects 15–20% YoY revenue and volume growth, supported by engineering, exports and defence. • EBITDA Margin Guidance: Maintains 10–12% consolidated EBITDA margin target for FY27; standalone margins expected at 9–10%. • Defence Revenue Guidance: Reiterates approximately ₹300 Cr revenue target for FY27, with execution expected to accelerate in H2. • Defence Expansion: Plans to increase artillery shell capacity from 1.5 lakh to 4 lakh shells annually over approximately 12–18 months. • Defence Revenue Potential: Expanded capacity expected to generate ₹1,000 Cr+ annual revenue at peak utilisation, potentially around FY29. • Defence Margins: Management expects 30–35% EBITDA margins from the defence business. • Defence Order Book: Approximately ₹350 Cr of orders disclosed; additional orders and enquiries under discussion. • Munitions India Opportunity: Sole technically qualified bidder for specialised 155mm artillery shells; final order award remains pending. • Engineering Capacity Expansion: Plans to increase non-defence capacity from 5 lakh to 6 lakh tonnes within 12–18 months through debottlenecking. • Capacity Utilisation: Non-defence operations running at approximately 98–99% utilisation. • Hydraulic Tubes: Current utilisation at 65–70%; expected to reach 75–80% during H2 FY27. • Aerospace Expansion: ₹80 Cr planned investment, targeting approximately ₹180 Cr business potential over 4–5 years. • Corporate Restructuring: Proposed merger of Goodluck Defence and Goodluck Green Energy with Goodluck India; expected process duration of 12–16 months, subject to approvals. • Exports: H1 FY27 export revenue grew approximately 38% YoY, with exports contributing around 28% of total volumes. • Q2 Total Income: UP approximately 38% YoY to ₹1,370 Cr. • Q2 EBITDA: Approximately ₹127 Cr, with EBITDA margin at 9.3%. • Q2 Net Profit: UP approximately 19% YoY to ₹50.6 Cr. • H1 Financials: Revenue at approximately ₹2,660 Cr, EBITDA at ₹267 Cr and PAT at ₹120 Cr. • Debt Guidance: Management aims to maintain debt around or below 2.5x EBITDA while funding expansion. • Key Risks: Defence approvals and validation delays, higher freight and fuel costs, and geopolitical uncertainty. Overall Outlook: POSITIVE — Strong engineering demand, export growth, defence capacity expansion and higher-value products support long-term growth, while defence execution timelines remain a key monitorable.

GOODLUCK INDIA LIMITED

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