Goodluck Defence Unlisted Share Price 2026: Artillery Shell Business, Orders, Financials and What the Merger Means for Holders
Goodluck Defence and Aerospace Limited is a young company with an old parent. It was incorporated on 31 August 2023 as the defence arm of Goodluck India Limited, the listed steel tubes and forgings maker. Its plant at Sikandrabad in Uttar Pradesh began commercial production of 155 mm artillery shell bodies on 8 October 2025. Within a year it had won a ₹255 crore domestic order, shipped its first export batch and raised ₹276 crore from outside investors at ₹375 per share. On 12 October 2026, the parent's board then approved, in principle, merging the company into Goodluck India. That decision changes how anyone should read the Goodluck Defence unlisted share price. This article looks at what the plant makes, how much it has earned so far, what the We Grow Wealth quote implies and how the proposed merger affects holders of the unlisted shares.
Key Takeaways
- Indicative quote: The Goodluck Defence unlisted share price at We Grow Wealth is ₹417 as on 29 October 2026, for a lot of 100 shares.
- Young plant, fast ramp-up: Defence revenue was roughly ₹46 crore in FY26, the first year of production, and about ₹80 crore to ₹84 crore in Q1 FY27 alone.
- Capacity to more than double: Installed capacity of 1.5 lakh shells a year is planned to reach 4 lakh shells, at a capex of about ₹400 crore.
- Recent equity round: In September 2026 the company allotted 73.6 lakh shares at ₹375, cutting the parent's holding to 69.08 percent.
- Merger approved in principle: Goodluck India plans to absorb the company, but the share-swap ratio had not been announced as of 29 October 2026.
What is the Goodluck Defence unlisted share price today?
Goodluck Defence and Aerospace is an unlisted public company, so its shares are bought and sold through privately agreed deals. The figures below come from the We Grow Wealth quote and from the company's public disclosures.
| Parameter | Detail |
|---|---|
| Legal name | Goodluck Defence and Aerospace Limited |
| CIN | U24103UP2023PLC188289 |
| Indicative price | ₹417 per share |
| Price basis | We Grow Wealth quote as on 29 October 2026 |
| Lot size | 100 shares |
| Minimum investment | ₹41,700 (100 shares at ₹417) |
| Face value | ₹10 |
| ISIN | INE0S7401019 |
| Paid-up capital | About ₹49.1 crore (about 4.91 crore shares) |
| Parent | Goodluck India Limited, 69.08 percent after the September 2026 issue |
Indicative price as on 29 October 2026, based on the We Grow Wealth quote. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI. Buyer and seller settle the final figure when each trade is confirmed.
The current quote and lot size are updated on our Goodluck Defence unlisted share price page.
How the quote compares with the last issue price
The September 2026 allotment was priced at ₹375 per share, including a premium of ₹365. The We Grow Wealth quote of ₹417 sits about 11 percent above that level.
What does Goodluck Defence and Aerospace actually make?
The company makes empty artillery shell bodies, mainly in the 155 mm heavy calibre. They are supplied in a "ready-to-fill" condition, which means the company delivers the finished metal body rather than a complete round.
The Sikandrabad plant
According to the parent's stock exchange filing, commercial production started on 8 October 2025 at Plot Nos. 80, 81 and 82, Sherpur Road, in the Sikandrabad area of Uttar Pradesh. Installed capacity is 1.5 lakh shells a year. The parent, founded in 1986, already runs steel tube and forging plants in Uttar Pradesh and Gujarat.
Quality approvals
The company has received certification from the Directorate General of Quality Assurance for 155 mm M107 ready-to-fill shells. That approval allows it to take part in domestic defence procurement. The plant also completed validation for international standards before its first export shipment.
Which orders support the Goodluck Defence share price?
The order book is the main reason the Goodluck Defence share price has drawn interest. It is still small in absolute terms, but it has grown quickly.
Domestic orders
On 19 June 2026, Goodluck India disclosed a ₹255 crore order for 155 mm long-range ready-to-fill empty shells, to be executed within 10 months. Management later said the order covers about 50,000 shells. A second order of about ₹52 crore, for around 20,000 M107 shells over three months, was described on the August 2026 earnings call.
Exports
In March 2026, the company began its first overseas dispatch of 155 mm shells against an export order of USD 6 million.
The Munitions India tender
In October 2026, the parent reported that the company had been found the sole eligible and technically qualified bidder to supply 155 mm HE M1A4 ready-to-fill shells to Munitions India Limited. A formal order and trials must still follow. Management does not expect revenue from it before the second half of FY27.
How have the numbers developed so far?
Production began only in October 2025, so the history is short.
| Measure (₹ crore) | FY26 | Q1 FY27 | FY27 guidance |
|---|---|---|---|
| Defence revenue | About 46 | About 80 to 84 | 300 to 350 |
| EBITDA | About 29 | About 38 percent margin | 30 to 35 percent margin |
| Profit after tax | 9.05 | Not disclosed | Not given |
FY26 profit is as reported from the company's filed accounts. Quarterly and guidance figures are from Goodluck India's earnings call of August 2026. Published reports differ slightly on FY26 revenue.
Why early margins look so high
EBITDA margins above 60 percent in FY26 reflect a small base and an early product mix. Management has said such margins will not last. It guides to a steady 30 to 35 percent for the defence business.
Funding the growth
The parent has approved a corporate guarantee of up to ₹275 crore in favour of HDFC Bank for the subsidiary's project loan. Equity has come from the ₹276 crore preferential issue completed on 27 September 2026. A further raise of about ₹285 crore at the same ₹375 price was approved by the board on 6 August 2026, subject to approvals.
Is the Goodluck Defence unlisted share price high against its earnings?
Market value at our quote
On about 4.91 crore shares, ₹417 implies a market value of roughly ₹2,048 crore. If the proposed ₹285 crore raise completes, management expects about 5.66 crore shares. At the same price, that would mean roughly ₹2,360 crore, although new cash would also sit on the balance sheet.
Against guided revenue
FY26 profit of ₹9.05 crore gives a price-to-earnings multiple of more than 200 times, which says little about a plant still ramping up. Against the FY27 revenue guidance of ₹300 crore to ₹350 crore, the market value is about 5.9 to 6.8 times sales. Applying the guided 30 to 35 percent margin would give EBITDA of roughly ₹90 crore to ₹122 crore. That figure is our arithmetic, not company guidance.
What the quote is pricing in
At ₹417, the Goodluck Defence unlisted share price pays for capacity not yet built and orders not yet won.
How does the planned merger affect Goodluck Defence shareholders?
In August 2026, Goodluck India's management spoke of a separate listing for the subsidiary at a pre-money valuation of ₹1,850 crore. Some shareholders of the parent objected to that route. On 12 October 2026, the board instead approved in principle the amalgamation of Goodluck Defence and Aerospace into Goodluck India, alongside Goodluck Green Energy.
What holders would receive
If the merger goes ahead, outside holders of Goodluck Defence shares would receive shares of Goodluck India, which trade on BSE and NSE. The value they get depends entirely on the swap ratio. That ratio will rest on an independent valuation and a fairness opinion, and it had not been announced as of 29 October 2026.
The steps still ahead
The board must approve a final scheme. The stock exchanges must then review it, shareholders and creditors must vote, and the National Company Law Tribunal must sanction it. Schemes of this kind usually take many months. Our earlier news report on the Goodluck India defence merger plan covers the announcement itself.
Why the swap ratio is the key number
A ratio that values Goodluck Defence well above ₹417 would favour today's unlisted buyers. A ratio below that level would leave them with listed shares worth less than they paid. Until it is published, the Goodluck Defence unlisted share price is partly a bet on that ratio.
What are the main risks in Goodluck Defence and Aerospace shares?
Customer and product concentration
Revenue depends on a single product family and a small number of buyers, mostly government-linked. Delays in trials, inspections or payment from any one buyer can move results sharply.
Expansion delays
On the August 2026 call, management said the expansion was running six to nine months late because of financial closure and approvals. It also said achievable output would be about 3.5 lakh shells, below the 4 lakh installed figure.
Merger outcome
The scheme could be changed, delayed or dropped. A swap ratio below the price paid would crystallise a loss for unlisted holders.
Margin normalisation
Management itself expects margins to fall from early levels towards 30 to 35 percent. Steel prices and export freight costs can also squeeze them.
Liquidity and tax
Unlisted shares can take time to sell. Gains on shares held for more than 24 months are taxed at 12.5 percent without indexation and without the ₹1.25 lakh exemption. Shorter holdings are taxed at your slab rate.
Signals worth tracking over the next two quarters
Three disclosures will shape the Goodluck Defence unlisted share price more than any trade.
- The swap ratio. It will fix how many Goodluck India shares each Goodluck Defence share becomes, and it sets a reference value for the unlisted market.
- The Munitions India contract. A firm order and successful trials would show whether the company can win large repeat business from the government supply chain.
- Expansion milestones. Financial closure on the project loan, machine installation and trial runs on the new lines will show whether the September 2027 target holds.
Between these events, the parent's quarterly defence revenue is the simplest check on progress.
Who these shares may suit
The share may interest an investor who wants exposure to Indian ammunition supply and accepts that the outcome now runs through a merger rather than a stand-alone listing. Such an investor should be comfortable holding until the scheme is decided, and with the chance that the swap ratio disappoints.
It suits less well anyone who wants a share with a long earnings record, or who may need the money back at short notice. Buyers who proceed can request a quote from We Grow Wealth; once payment is made, the shares are credited to their demat account by off-market transfer. Our guide on how to buy pre-IPO shares in India explains the paperwork and checks.
Frequently Asked Questions
What is the Goodluck Defence unlisted share price today?
The indicative We Grow Wealth quote is ₹417 per share as on 29 October 2026, for a lot of 100 shares. Unlisted prices are agreed privately, so confirm the quote before making payment.
What does Goodluck Defence and Aerospace Limited do?
It makes 155 mm ready-to-fill artillery shell bodies at its plant in Sikandrabad, Uttar Pradesh. It is a subsidiary of the listed Goodluck India Limited and began commercial production in October 2025.
Will Goodluck Defence shares be listed?
Goodluck India's board approved in principle on 12 October 2026 a merger of the company into the listed parent. If the scheme is completed, holders would receive Goodluck India shares instead of a separate listing.
What is the Goodluck Defence merger swap ratio?
No swap ratio had been announced as of 29 October 2026. It will be set after an independent valuation and must then be approved by the exchanges, shareholders and the NCLT.
How much revenue does Goodluck Defence earn?
Defence revenue was roughly ₹46 crore in FY26, its first year of production, and about ₹80 crore to ₹84 crore in Q1 FY27. Management has guided to ₹300 crore to ₹350 crore for FY27.
How are gains on Goodluck Defence shares taxed?
Gains on shares held for more than 24 months are taxed at 12.5 percent without indexation and without the ₹1.25 lakh exemption. Shorter holdings are taxed at your income slab rate.
Disclaimer: This content is for information and education only and is not investment advice or a recommendation to buy, sell or hold any security. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI; investors do not get exchange or SEBI investor-protection or dispute-resolution mechanisms. Prices shown are indicative, are negotiated privately, may differ across platforms and are not guaranteed. Unlisted shares can be hard to sell and you may lose part or all of your investment. An expected IPO may be delayed or may not happen; if the company lists, pre-IPO shares are locked in for 6 months from the date of IPO allotment. Tax treatment is as per law on the date of publication and may change. We Grow Wealth earns a margin on the difference between its buy and sell prices. Please consult a qualified adviser before investing.