NSE: GOKEX · BSE: 532630
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India apparel export business, Africa apparel export business. Labour-intensive garment exporter exposed to US tariff policy and trade-preference regimes such as AGOA
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,790 | 2,222 | 2,379 | 3,864 | 3,988 |
| EBITDA (ex other income) | 205 | 277 | 254 | 371 | 356 |
| margin % | 11.5 | 12.5 | 10.7 | 9.6 | 8.9 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 23.08 | 28.60 | 21.55 | 22.36 | 13.71 |
| ROE % · ROCE % | 16.5 · 19.2 | 19.5 · 23.1 | 10.1 · 11.3 | 7.6 · 11.5 | 4.6 · 9.4 |
| Debt / equity (x) | 0.09 | 0.04 | 0.48 | 0.31 | 0.45 |
| Cash from operations | 157 | 371 | (177) | 57 | 52 |
| Capex | (80) | (135) | (689) | (191) | (228) |
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 | 929 | 988 | 1,015 | 956 | 984 | 979 | 1,069 | 1,154 |
| Profit before tax | 36 | 67 | 79 | 57 | 19 | 26 | 70 | 63 |
| Net profit | 28 | 50 | 53 | 41 | 8 | 15 | 36 | 44 |
| EPS (₹) | 3.94 | 7.04 | 7.40 | 5.73 | 1.10 | 2.00 | 4.91 | 6.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. ◆ | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.0 | 16.2 | 30 of 37 | 19% |
| P/B | 2.2 | 1.5 | 23 of 35 | 35% |
| ROCE | 6.0 | 8.4 | 26 of 44 | 42% |
| ROE | 4.6 | 5.8 | 21 of 35 | 41% |
| Debt / Equity | 0.5 | 0.3 | 27 of 35 | 24% |
| EBITDA margin | 12.1 | 10.4 | 14 of 35 | 62% |
| Revenue growth | 20.7 | 7.9 | 13 of 37 | 67% |
| Profit growth | 6.8 | 6.8 | 19 of 37 | 50% |
| Market cap | 4744 | 146 | 4 of 44 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate for securities dematerialization for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · 23rd AGM voting results: All resolutions passed with high majority | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Gokaldas Exports 23rd AGM proceedings and MD speech | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Gokaldas Exports schedules investor meet on Sep 24, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Gokaldas Exports to meet Motilal Oswal analysts on Sept 21, 2026 | board shareholder meetings | low | — | — |
| 13 Sept 2026 · Gokaldas Exports to meet institutional investors on Sept 17-18, 2026 | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Newspaper publication of AGM Notice by Gokaldas Exports | compliance | minimal | — | — |
| 6 Sept 2026 · Gokaldas Exports FY26 Annual Report: revenue up 4%, PAT down 37% | results | high | — | — |
| 5 Sept 2026 · Gokaldas Exports BRSR filing for FY2025-26 with ESG targets | compliance | low | — | — |
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.