Gokaldas Exports (GOKEX) — Financial Results

Investor Takeaways

21% YoY revenue growth in Q1 FY27 driven by 16% India and 45% Africa expansion

14% EBITDA margin observed in Q1 FY27, down from prior quarters due to inflation and shipping delays

INR80-100 crores capex planned to add 2,000-3,000 machines by year-end, targeting INR350 crores revenue potential

Africa revenue on track for $120M in FY27; UK contributes 4.5% of sales

Management targets full capacity utilization by FY28-FY29 and margin recovery by Q3 FY27

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,000.00 Cr	21%
Net Profit	₹50.34 Cr	N/A
EBITDA	[amount not verified]	N/A
EPS	₹7.04	N/A
OPM	14%	N/A

What Changed

Gokaldas Exports reported 21% year-on-year revenue growth in Q1 FY27, with Africa revenue growing 45% and India revenue growing 16%. The company achieved ₹1,000.00 crores in revenue for the quarter, up from [amount not verified] in Q4 FY24. EBITDA margin stood at 14%, pressured by inflation and logistics disruptions, compared to 10.52% in Q3 FY25 and 7.49% in Q2 FY25. Management expects margin recovery by Q3 FY27 through capacity additions and tariff advantages. Capex of INR80-100 crores will add 2,000-3,000 machines by year-end, supporting INR350 crores of revenue potential. Africa revenue is on track for $120M in FY27, while the UK contributes 4.5% of sales. Strategic focus includes leveraging India-UK FTA and AGOA extension to sustain growth amid supply chain challenges.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
GOKEX	31.08	N/A	N/A	5,039.03
PAGEIND	54.82	N/A	N/A	41,068.56
KPRMILL	38.29	N/A	N/A	31,564.81
VTL	20.4	N/A	N/A	17,557.96

GOKEX trades at a lower P/E multiple compared to PAGEIND and KPRMILL, suggesting relatively lower valuation expectations from the market.

Risks & Concerns

Margin pressure persists due to inflation and shipping delays, with EBITDA margin at 14% in Q1 FY27

Capex execution timeline and realization of INR350 crores revenue potential depend on machine commissioning and utilization

Africa revenue growth of 45% is volatile and dependent on macroeconomic and trade policy factors

No specific risks identified beyond operational and macroeconomic headwinds mentioned in the filing

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	987.77	50.34	10.52
Q2FY25	929.00	28.16	7.49
Q1FY25	932.13	27.18	8.04
Q4FY24	812.42	44.28	10.4

The company reported sequential improvement in revenue and profitability from Q4 FY24 to Q1 FY25, with OPM expanding from 10.4% to 10.52% and net profit rising to ₹50.34 crores. However, the current quarter's 14% EBITDA margin reflects a significant improvement in operational efficiency compared to prior quarters, despite macroeconomic headwinds. The growth trajectory in Africa and India is accelerating, with management targeting full capacity utilization by FY28-FY29 to sustain long-term profitability.

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About Gokaldas Exports Limited (GOKEX)

Textiles · Readymade Garments/ Apparells · Listed on NSE

Market Cap: ₹5,734.03 Cr P/E: 55.7 ROE: 5.0% ROCE: 10.3%

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🔥 Also filed on 19 August 2026

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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