GOKALDAS EXPORTS LTD.

Makes and exports readymade garments, manufacturing apparel for international buyers with operations split between an India business and an Africa-focused business. The India business grew 2% in FY26 against an industry backdrop where Indian apparel exports declined 10%, while the Africa business surged 17% year-on-year on the back of AGOA-related benefits. Total income for FY26 was Rs 4,065 crores, up 4% year-on-year, with Q4 FY26 income at Rs 1,087 crores (up 5% YoY). The business is labour-intensive — employee costs are 33.3% of revenue and raw materials are 49.6% of revenue — making wages and fabric the main cost lines. US tariff headwinds shaved 131 bps off Q4 FY26 EBITDA margin and 15 bps off the full-year margin, with FY26 net profit falling 37% to Rs 100 crores. The company also holds a 19% stake in BRFL Textiles Private Limited, with a scheme to amalgamate BRFL into itself pending NCLT and regulatory approvals; it backs BRFL with corporate guarantees of up to Rs 400 crores and holds Rs 22,500 lakhs of optionally convertible debentures of BRFL.