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Go Fashion Q2 FY27 results: net profit down 58.9% to ₹8.97 crore, revenue down 2.9%
Go Fashion (India) Limited reported standalone revenue of ₹217.59 crore in Q2 FY27, down 2.9% from a year earlier, with EBITDA at ₹52.62 crore and a net profit of ₹8.97 crore. EBITDA margin fell to 24.2% from 29.7%, and basic EPS declined to ₹1.70 from ₹4.04. The board approved the unaudited results on 30 October 2026, and the shares were down 3.9% on the reaction day.
Key points
- Standalone revenue was ₹217.59 crore in Q2 FY27, down 2.9% from ₹224.17 crore in Q2 FY26 and down 2.4% from ₹222.84 crore in Q1 FY27.
- EBITDA was ₹52.62 crore, down 21.1% year on year and down 13.7% sequentially, while EBITDA margin eased to 24.2% from 29.7% and 27.3%.
- Net profit was ₹8.97 crore, down 58.9% from ₹21.80 crore a year earlier and down 45.6% from ₹16.49 crore in Q1 FY27; basic EPS was ₹1.70.
- In H1 FY27, revenue was ₹440.43 crore against ₹447.0 crore in H1 FY26, while profit after tax was ₹25.46 crore against ₹44.06 crore.
- The company carried no borrowings at 30 September 2026 and reported cash and cash equivalents of ₹8.83 crore, down from ₹13.09 crore at 31 March 2026.
How did Go Fashion perform in Q2 FY27?
Go Fashion reported standalone revenue of ₹217.59 crore for Q2 FY27, down 2.9% from ₹224.17 crore in Q2 FY26 and down 2.4% from ₹222.84 crore in Q1 FY27. Total income was ₹224.02 crore, against ₹231.47 crore a year earlier and ₹231.24 crore in the previous quarter. There was no exceptional item in the reported quarterly figures.
EBITDA was ₹52.62 crore, down 21.1% from ₹66.65 crore in Q2 FY26 and down 13.7% from ₹60.94 crore in Q1 FY27. EBITDA margin fell to 24.2% from 29.7% a year earlier and from 27.3% in the previous quarter. Profit before tax was ₹12.13 crore against ₹29 crore a year earlier and ₹22.03 crore in Q1 FY27.
After tax of ₹3.17 crore, the company reported a net profit of ₹8.97 crore, down 58.9% from ₹21.80 crore in Q2 FY26 and down 45.6% from ₹16.49 crore in Q1 FY27. Basic EPS was ₹1.70, against ₹4.04 a year earlier and ₹3.14 in the previous quarter. The investor presentation also showed EBITDA before exceptional items of ₹56 crore and an EBITDA margin of 25.8% on that basis, with an exceptional expense of ₹3.4 crore for the quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 217.59 | 222.84 | 224.17 | −2.9% | −2.4% |
| Other income | 6.43 | 8.41 | 7.29 | −11.8% | −23.5% |
| Total expenses | 211.89 | 209.21 | 202.46 | +4.7% | +1.3% |
| EBITDA | 52.62 | 60.94 | 66.65 | −21.1% | −13.7% |
| EBITDA margin | 24.2% | 27.3% | 29.7% | −5.5 pp | −3.1 pp |
| Profit before tax | 12.13 | 22.03 | 29 | −58.2% | −44.9% |
| Tax | 3.17 | 5.54 | 7.20 | −56.0% | −42.8% |
| Net profit | 8.97 | 16.49 | 21.80 | −58.9% | −45.6% |
| EPS (₹) | 1.70 | 3.14 | 4.04 | −57.9% | −45.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Go Fashion's costs and profit?
Total expenses rose 4.7% to ₹211.89 crore from ₹202.46 crore in Q2 FY26, while other income fell 11.8% to ₹6.43 crore from ₹7.29 crore. Employee cost was ₹46.20 crore, up 1.1% from ₹45.68 crore, finance costs were ₹12.26 crore against ₹12.15 crore, and depreciation was ₹34.65 crore against ₹32.79 crore.
Other expenses rose 19.4% to ₹33.41 crore from ₹27.99 crore in the year-ago quarter, while cost of materials fell 24.6% to ₹49.11 crore from ₹65.13 crore. Against Q1 FY27, total expenses were higher by ₹2.68 crore, with cost of materials higher by ₹8.98 crore and employee cost higher by ₹1.48 crore; other expenses were lower by ₹1.04 crore.
Tax expense fell 56.0% to ₹3.17 crore from ₹7.20 crore in Q2 FY26 and 42.8% from ₹5.54 crore in Q1 FY27. The company said gross-margin decline was on account of higher raw material prices, with fabric costs rising due to the geopolitical situation, and that it intended to pass on the inflation through calibrated pricing actions.
Management said the ₹3.4 crore exceptional expense in the quarter was a write-off of capital expenditure on account of store closures undertaken to optimise the store network, and that it was a one-off item arising from the network consolidation strategy. It also said dispatches to LFS partners typically taken in September ahead of the festive season moved into October, which affected revenue.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 49.11 | 65.13 | −16.02 | −24.6% |
| Employee cost | 46.20 | 45.68 | +0.52 | +1.1% |
| Finance costs | 12.26 | 12.15 | +0.11 | +0.9% |
| Depreciation | 34.65 | 32.79 | +1.86 | +5.7% |
| Other expenses | 33.41 | 27.99 | +5.42 | +19.4% |
| Total expenses | 211.89 | 202.46 | +9.43 | +4.7% |
| Other income | 6.43 | 7.29 | −0.86 | −11.8% |
| Tax | 3.17 | 7.20 | −4.03 | −56.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, revenue was ₹440.43 crore against ₹447.0 crore in H1 FY26, down 1.5%. Total income was ₹455.27 crore compared with ₹459.51 crore, a decline of 0.9%.
Profit before tax fell 41.8% to ₹34.17 crore from ₹58.69 crore, and profit after tax fell 42.2% to ₹25.46 crore from ₹44.06 crore. Basic EPS was ₹4.84 against ₹8.16 in H1 FY26. The investor presentation showed EBITDA before exceptional items of ₹123.4 crore, with an exceptional expense of ₹9.9 crore for the half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 440.43 | 447 | −1.5% |
| Profit before tax | 34.17 | 58.69 | −41.8% |
| Net profit | 25.46 | 44.06 | −42.2% |
| EPS (₹) | 4.84 | 8.16 | −40.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹1,331.58 crore at 30 September 2026, up from ₹1,295.64 crore at 31 March 2026, and total equity was ₹715.72 crore against ₹690.29 crore. Inventories fell to ₹226.41 crore from ₹268.66 crore, while trade receivables rose to ₹125.77 crore from ₹105.68 crore and trade payables rose to ₹28.88 crore from ₹24.77 crore.
The company reported no borrowings at either balance sheet date. Cash and cash equivalents were ₹8.83 crore at 30 September 2026, down from ₹13.09 crore at 31 March 2026. The investor presentation put cash and cash equivalents at ₹211 crore including mutual funds and fixed deposits.
Operating cash flow in H1 FY27 was ₹125.5 crore, against ₹95.11 crore in H1 FY26. Investing cash flow was an outflow of ₹61.35 crore compared with ₹23.93 crore a year earlier, and financing cash flow was an outflow of ₹72.97 crore against ₹67.92 crore. Capital expenditure was ₹32.99 crore in H1 FY27 against ₹19.61 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,332 | 1,296 |
| Total equity | 715.72 | 690.29 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 8.83 | 13.09 |
| Inventories | 226.41 | 268.66 |
| Trade receivables | 125.77 | 105.68 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 125.50 | 95.11 |
| Cash from investing | −61.35 | −23.93 |
| Cash from financing | −72.97 | −67.92 |
| Capital expenditure | 32.99 | 19.61 |
Source: Company's results filing (XBRL).
How has Go Fashion done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹224.17 crore in Q2 FY26 and was ₹217.59 crore in Q2 FY27, the highest since Q1 FY26 and Q1 FY27 at ₹222.83 crore and ₹222.84 crore. After falling to ₹194.89 crore in Q3 FY26, revenue has recovered from that level and eased slightly in the latest quarter.
Profit after tax peaked at ₹24.32 crore in Q3 FY25 and fell to a low of ₹7.17 crore in Q3 FY26. It was ₹16.49 crore in Q1 FY27 and ₹8.97 crore in Q2 FY27. EBITDA margin moved from a high of 32.5% in Q3 FY25 to a low of 24.2% in Q2 FY27, having been 27.3% in the previous quarter.
What else did the company announce?
The company filed with BSE on 23 October 2026 to inform the exchanges that its board would meet on 30 October 2026 to consider and approve the unaudited financial results for the quarter and year to date ended 30 September 2026.
On 30 October 2026, the board considered and approved the unaudited financial results for the quarter ended 30 September 2026, along with the limited review report issued by the statutory auditors, Price Waterhouse Chartered Accountants LLP. The same-day filing also included the Q2 FY27 investor presentation. The filings around the result did not disclose a dividend, a fund raise or any appointment.
What did Go Fashion's management say?
Management said positive same-store sales growth remained the company’s key target for FY27 even though Q2 EBO same-store sales growth was broadly flat, and it did not quantify the festive-season outcome. It said stores above 750 square feet posted 2%-3%+ same-store sales growth, while the small-store cohort remained negative.
Management expected an estimated 100-200 bps gross-margin impact in Q3 FY27 and said calibrated pricing actions were expected to stabilise gross margin over the next two quarters. It said 8%-10% fabric and yarn inflation was pressuring gross margin and still needed pricing pass-through, and that the festive timing shift moved September demand and LFS dispatches into October.
The company said the first half added 24 stores and closed 89, leaving the network at 737 EBOs across 196 cities, with retail space of approximately 4.4 lakh square feet. Dailywear expanded to 21 stores from 15 in Q1, with a target of 25-30 dailywear stores by end-FY27. Management also expected 15-20 store closures in Q3 FY27 based on current real-estate visibility and saw potential to nearly double retail square footage over the next five years.
CEO Gautam Saraogi said: “If you ask me, the store is the real reason for our slowness. And I think the larger store is what is going to fix it.” He also said: “The transformation will take time to fully manifest into a financial number, but the early signals are very encouraging.”
How did Go Fashion shares react?
From the price when the filing appeared, the stock was down 1.2% after 5 minutes, 3.4% after 15 minutes and 3.5% after 30 minutes. The prior close was ₹255.05 and the price when the filing appeared was ₹251.30.
Past results-day moves were mixed: the stock was up 6.8% on 30 July 2026 and 9.5% on 26 January 2026, and down 5.9% on 30 April 2026, 10.2% on 1 August 2025 and 3.9% on 25 January 2025.
| After the filing | Stock | Speciality Retail median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −3.4% | |
| 30 minutes | −3.5% | |
| Reaction day | −3.9% | −0.2% |
| Next day | −5.7% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +6.8% |
| 30 April 2026 | −5.9% |
| 26 January 2026 | +9.5% |
| 7 November 2025 | −3.0% |
| 1 August 2025 | −10.2% |
| 25 January 2025 | −3.9% |
| 25 October 2024 | −2.0% |
| 24 July 2024 | +3.5% |
Source: MarketPing price-reaction measurement.
How did other Speciality Retail companies do?
Ten other Speciality Retail companies were compared for the quarter as of 4 November 2026. Their median revenue growth was 18.8%, and nine of them grew faster than Go Fashion, while one grew slower than the company.
Of the eight peers for which profit was compared, six reported higher profit.
| Go Fashion revenue growth (YoY) | −2.9% |
|---|---|
| Median of 10 other Speciality Retail companies | +18.8% |
| Companies with slower revenue growth than Go Fashion | 1 of 10 |
| Companies with faster revenue growth than Go Fashion | 9 of 10 |
| Companies whose net profit rose | 6 of 8 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Go Fashion's revenue in Q2 FY27?
Revenue from operations was ₹217.59 crore, down 2.9% from ₹224.17 crore in Q2 FY26 (standalone).
Did Go Fashion make a profit in Q2 FY27?
Yes. Net profit was ₹8.97 crore, against a net profit of ₹21.80 crore in Q2 FY26.
What was Go Fashion's EPS in Q2 FY27?
Basic earnings per share were ₹1.70, against ₹4.04 in Q2 FY26.
How did Go Fashion shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.9% from the previous close; the median Speciality Retail stock moved −0.2%.
When did Go Fashion announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Financial Results For The Quarter And Year To Date Ended September 30Th, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 30 October 2026) · PDF
- Results For Quarter Ended September 2026 (BSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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