NSE: GOKULAGRO · BSE: 539725
GOKUL AGRO RESOURCES LTD
Refines and markets edible oils, with operations spread across plants including a new Mangalore refinery and a Krishnapatnam facility. FY26 consolidated revenue was Rs 24,076.98 crore and net profit Rs 369.38 crore, with volume of 19.2 lakh MT sold in FY26, up about 13% YoY. A biodiesel facility was commissioned and export partnerships were expanded, with the Singapore-based step-down subsidiary Riya International PTE Ltd supporting overseas trade. Q1 FY27 consolidated revenue reached Rs 5,281.95 crore, up 7.3% YoY, with net profit Rs 122.97 crore. The business runs on very thin margins — FY26 EBITDA margin was 2.97% — driven by raw material costs that absorb 76.3% of revenue. A Rs 430 crore capex plan was approved in FY26 to expand capacity across all plants, alongside a Rs 12.50 crore solar power project at Krishnapatnam for captive use. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible oils, Biodiesel, Exports. Asset-heavy, thin-margin edible oil processing and trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,391 | 10,740 | 13,854 | 19,551 | 24,077 |
| EBITDA (ex other income) | 225 | 282 | 295 | 528 | 676 |
| margin % | 2.2 | 2.6 | 2.1 | 2.7 | 2.8 |
| Owners' profit | 0 | 0 | 0 | 246 | 370 |
| EPS, as reported (₹) | 9.02 | 9.18 | 9.20 | 16.64 | 12.52 |
| ROE % · ROCE % | 26.1 · 36.6 | 20.4 · 28.2 | 17.3 · 26.4 | 23.7 · 35.5 | 26.0 · 36.6 |
| Debt / equity (x) | 0.65 | 0.72 | 0.75 | 0.51 | 0.40 |
| Cash from operations | 40 | 20 | 355 | 467 | 325 |
| Capex | (0) | (209) | (318) | (238) | (106) |
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 | 4,812 | 4,988 | 5,462 | 4,924 | 6,638 | 6,314 | 6,200 | 5,282 |
| Profit before tax | 97 | 91 | 70 | 90 | 139 | 109 | 148 | 158 |
| Net profit | 71 | 73 | 49 | 72 | 101 | 78 | 119 | 123 |
| EPS (₹) | 4.84 | 4.91 | 3.30 | 4.85 | 6.86 | 2.63 | 4.03 | 4.16 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MARICO LIMITED | 1,00,055 | 52.8 | 22.26 | 39.5 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 40,393 | 20.5 | 3.08 | 24.6 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED | 21,415 | 18.5 | 2.05 | 8.2 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD ◆ | 6,128 | 11.8 | 4.31 | 9.1 | 26.0 | 26.9 | 23.5 | 4.1 |
| CIAN Agro Ind & Infra Ltd | 2,551 | 7.9 | 1.15 | 7.2 | 10.0 | 7.7 | 53.1 | 32.3 |
| SUNDROP BRANDS LIMITED | 2,394 | 85.8 | 1.62 | 38.2 | 1.4 | 1.7 | — | 6.1 |
| Shri Venkatesh Refineries Limi | 1,659 | 33.5 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 472 | 10.5 | 1.23 | 8.6 | 8.2 | 11.4 | — | 4.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.8 | 17.6 | 10 of 28 | 67% |
| P/B | 4.3 | 1.2 | 23 of 25 | 8% |
| ROCE | 26.9 | 7.4 | 3 of 30 | 93% |
| ROE | 26.0 | 8.2 | 3 of 25 | 92% |
| Debt / Equity | 0.4 | 0.2 | 15 of 25 | 42% |
| EBITDA margin | 4.1 | 4.4 | 15 of 26 | 44% |
| Revenue growth | 7.3 | 5.0 | 11 of 25 | 58% |
| Profit growth | 71.3 | 27.1 | 8 of 23 | 68% |
| Market cap | 6128 | 104 | 4 of 31 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 profit after tax rises 40%; H1 FY27 rises 54% | compliance | minimal | — | — |
| 28 Oct 2026 · 847,800 ESOPs granted; Q2 revenue rises 41.6% and H1 profit rises 53.5% | results | high | — | — |
| 28 Oct 2026 · September 2026 Q2 revenue up 41.6%, first-half profit up 53.5% | results | high | — | — |
| 28 Oct 2026 · Q2 revenue up 42%, H1 profit up 54%; 14 MWp solar and employee options approved | results | high | — | — |
| 26 Oct 2026 · Gokul Agro schedules Q2FY27 and H1FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting on Oct 28 to approve Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · Routine dematerialisation certificate filed with BSE and NSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Update on Broker Conference Participation | investor communications | low | — | — |
| 22 Sept 2026 · Gokul Agro to meet investors at Bharat Connect Conference | board shareholder meetings | 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.