NSE: GOCOLORS · BSE: 543401
GO FASHION INDIA LTD
Speciality retailer of women's bottom-wear — leggings, trousers, palazzos, joggers, jeggings and athleisure — sold mainly through company-owned exclusive brand outlets (EBOs) and large format stores (LFS), with a new 'Daily Wear' sub-brand and a first international store opened in the Middle East during FY26. Around 70% of FY26 revenue came from non-leggings value-added bottom-wear, the result of a deliberate portfolio shift away from core leggings. Operates a network of roughly 800 physical stores; the current strategy is closing small stores in overlapping catchments and replacing them with larger EBOs that can display the wider SKU range. FY26 revenue was ₹838 cr with a 63.2% gross margin. The cost shape is dominated by employee costs (21.2% of revenue) and materials (28.5%), with depreciation at 16.1% and capex at just 4.7% of revenue. FY26 same-store sales growth was around -3.5%, with management targeting positive SSSG by FY27 end as around 50 small stores close in Q1 FY27 and the larger-format stores drive recovery. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Exclusive Brand Outlets (EBOs), Large Format Stores (LFS), Daily Wear concept, International. Asset-light speciality retail (capex only 4.7% of revenue) focused on women's bottom-wear
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 401 | 665 | 763 | 848 | 838 |
| EBITDA (ex other income) | 119 | 212 | 242 | 268 | 237 |
| margin % | 29.7 | 31.9 | 31.8 | 31.6 | 28.3 |
| Owners' profit | 36 | 83 | 83 | 93 | 59 |
| EPS, as reported (₹) | 6.74 | 15.33 | 15.32 | 17.31 | 10.97 |
| ROE % · ROCE % | 8.1 · 11.5 | 15.9 · 17.1 | 13.7 · 14.9 | 13.4 · 15.1 | 8.6 · 11.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 33 | 104 | 219 | 199 | 165 |
| Capex | (20) | (35) | (43) | (40) | (39) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 209 | 215 | 205 | 223 | 224 | 195 | 196 | 223 |
| Profit before tax | 28 | 32 | 25 | 30 | 29 | 10 | 10 | 22 |
| Net profit | 21 | 24 | 20 | 22 | 22 | 7 | 8 | 16 |
| EPS (₹) | 3.83 | 4.50 | 3.68 | 4.12 | 4.04 | 1.33 | 1.48 | 3.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.3 | 26.3 | 10 of 19 | 50% |
| P/B | 2.0 | 3.9 | 5 of 14 | 69% |
| ROCE | 7.0 | 10.0 | 13 of 20 | 37% |
| ROE | 8.6 | 11.7 | 9 of 14 | 39% |
| Debt / Equity | 0.0 | 0.1 | 1 of 14 | 92% |
| EBITDA margin | 31.1 | 15.7 | 3 of 14 | 85% |
| Revenue growth | 0.0 | 16.6 | 14 of 16 | 13% |
| Profit growth | (25.9) | 20.6 | 12 of 13 | 8% |
| Market cap | 1383 | 735 | 9 of 20 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Go Fashion schedules Q2 and H1 FY27 investor call on October 30 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly results | results | low | — | — |
| 9 Oct 2026 · Reg 74(5) Certificate for Q2 FY27 - No Securities Dematerialised | compliance | minimal | — | — |
| 7 Oct 2026 · Board approves withdrawal of reclassification for 6 promoter group entities | ownership changes | medium | — | — |
| 7 Oct 2026 · Six Promoter Group entities withdraw reclassification to Public category | ownership changes | medium | — | — |
| 23 Sept 2026 · Go Fashion closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Go Fashion schedules analyst and investor meetings on Sep 28 in Mumbai | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Go Fashion AGM 2026: All resolutions passed with over 99% approval | compliance | minimal | — | — |
| 8 Sept 2026 · Go Fashion 16th AGM held on Sept 8, 2026; all resolutions passed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Intimation of 16th AGM and FY26 annual report access for shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.