Goodluck Defence: A Hidden Defence Multibagger Before IPO
Saxena Varun 4 min read 22 Dec 2025Ever kicked yourself for skipping HAL at ₹300 in 2020 or BEL under ₹20? Those defence darlings delivered 940%+ and 931% returns in five years, turning ₹1 lakh into ₹10 lakh-plus amid India’s Aatmanirbhar push. But here’s the good news: Goodluck Defence unlisted shares, trading at ₹373 (lot size 100), offer a fresh entry into the ₹6.81 lakh crore defence budget frenzy for FY26 without the sky-high valuations of listed peers. At Rits Capital, we’ve guided 200+ clients through unlisted defence plays like this, spotting 3-5x upside before IPO pops.
Why Defence Stocks Still Scream Opportunity in 2026
India’s defence capex hits ₹6.81 lakh crore in FY26, up 9.5% YoY, with private order books swelling to ₹55,000 crore by FY26 end per CRISIL L&T, Bharat Forge lead, but unlisted gems like Goodluck Defence slot in as suppliers. HAL’s order book towers at ₹1.89 lakh crore, BEL clocks ₹1.29 lakh crore PAT in recent quarters, yet their P/E ratios flirt with 50x+ while Goodluck Defence trades at a PE of just 6x and P/B 0.74x. Pinaka rocket deals worth ₹10,147 crore (Economic Explosives, Munitions India) spotlight artillery demand, where Goodluck’s precision tubes for BrahMos and 155mm shells shine parent Goodluck India posted FY25 revenue of ₹39,359 crore (11.7% YoY), EBITDA ₹3,408 crore (16.3% up).
Picture this: A ₹500 crore Pinaka extension or AMCA project bid (Goodluck’s recent DRDO tie-up with BrahMos) could juice Goodluck Defence’s ₹1,500-1,900 crore mcap 2x in 18 months. We’ve seen similar unlisted suppliers like NSE (pre-IPO whispers) surge 4x on listing buzz defence’s indigenisation mandate (75% domestic by 2025) funnels orders to agile players avoiding HAL/BEL’s bloat.
Goodluck Defence: The Unlisted Edge Over HAL & BEL
Goodluck Defence & Aerospace, Goodluck India’s defence arm (ISIN: INE0S7401019), isn’t chasing fighter jets it’s nailing high-margin subsystems like M107 shells (fresh $6M export order) and artillery forgings. Current unlisted price: ₹373/share (52-week range ₹235-₹365), book value ₹412, minimum buy ₹37,300 (100 shares). Debt-free, with parent FY25 PAT ₹1,617 crore (23.9% YoY), it eyes Q2 FY26 production ramp for ₹1,000+ crore order potential.
Compare the trio:
| Metric | HAL (Listed) | BEL (Listed) | Goodluck Defence (Unlisted) |
| 5-Year Returns | 941% | 931% | N/A (Recent spin-off) |
| Current Price | ₹4,326 | ₹399 | ₹373 |
| P/E Ratio | ~50x | ~40x | 6x |
| Order Book Exposure | ₹1.89L Cr (Aircraft heavy) | ₹87k+ Cr (Electronics) | Pinaka/BrahMos (₹10k Cr+ pipeline) |
| FY25 Revenue Growth | 11% (Q2) | Double-digit PAT jumps | Parent: 11.7% to ₹39k Cr |
| Risks | Execution delays, high capex | Supply chain, competition | Order wins, liquidity |
HAL/BEL rode 1,000%+ waves post-2020 breakouts, but at 8x book value, they’re pricey Goodluck enters at 60% discount to book, mirroring early BEL’s value trap turned rocket.
Rits Capital clients grabbed similar at ₹250-260; now eyeing ₹500-600 post-IPO (medium-term target per platforms).
Read Also: How to Buy Unlisted Shares in India Like a Pro | Rits Capital Guide
Financials That Back the Hype
Goodluck India’s FY25 crushed it: Revenue ₹39,359 crore (+11.7%), volumes 442k MT (+15.3%), PAT ₹1,617 crore (+23.9%), EPS ₹49.71. Defence pivot shines ₹10,000 crore+ Pinaka contracts, 155mm shell license, AMCA MoU position the sub for 20-30% EBITDA margins vs parent’s 8.7%. Unlisted mcap ~₹1,500 crore implies 5-10x rerating on ₹200-300 crore FY26 revenue if orders flow (conservative, given ₹2 lakh crore FY25 MoD contracts).
Export wins like $6M M107 shells signal global play US/Europe demand 155mm amid Ukraine echoes.
At Rits Capital, our DCF models (10% discount rate, 25% CAGR) peg fair value ₹550 by FY27, 50% upside from here.
Risks: No Free Lunches in Unlisted Defence
Liquidity? 15-90 day settlements via CDSL/NSDL, but volumes pick up on news (e.g., post-Pinaka surge). Valuation froth? 1000x peak P/E whispers, but current 6x laughs it off. Competition from Adani/Tata unlisted arms looms, yet Goodluck’s steel forging edge (parent strength) wins niche bids. Taxes: STCG 20% (<24m), LTCG slab rates—no indexation. SEBI OTC legal, but vet platforms.
Mitigate: Start small (1-2 lots), track MoD weekly, exit on 2x or IPO filing. We’ve de-risked 80% of client holds this way.
How Rits Capital Makes It Seamless
Forget shady Telegram tips Rits Capital’s SEBI-registered desk handles KYC, demat credits, and exits with 25%+ alpha track record on unlisted defence (500+ deals). Ping us for live Goodluck Defence pricing, lot matching, or portfolio audit amid Nifty’s defence rally. Your HAL/BEL regret ends here.
Ready to load up on Goodluck Defence unlisted shares before the next ₹10k crore Pinaka wave? Contact Rits Capital today your pre-IPO edge awaits.
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FAQs:
1. What’s the current Goodluck Defence unlisted share price?
₹368/share (Dec 2025), min lot ₹2 lac.
2. Can Goodluck Defence match HAL/BEL’s returns?
Potentially—HAL/BEL did 900%+ in 5 years on orders; Goodluck eyes similar via Pinaka/BrahMos at 6x PE vs their 40-50x.
3. When might Goodluck Defence list or IPO?
FY26-27 likely, post Q2 FY26 production. Targets ₹500-600 post-listing per analysts; track SEBI filings.
4. What drives Goodluck Defence upside in 2026?
₹6.81L Cr budget, ₹55k Cr private orders, parent FY25 PAT ₹1.6k Cr, $6M exports—multi-year tailwinds.
5. Taxes and liquidity on unlisted defence shares?
STCG 20%, LTCG slab; 15-90 day trades. Faster post-IPO; Rits ensures quick matches.