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Gokaldas Exports Limited (GOKEX)

₹674.40 -1.58% last close, 23 Oct

📊 NSE: GOKEX 🏢 Textiles - Products 📢 Latest filing: 28 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Gokaldas Exports' revenue was ₹1,154 Cr (+20.7% year on year, +7.9% on the previous quarter), and net profit ₹44.3 Cr (+6.8% year on year); the operating margin was 9.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,154	+20.7%	+7.9%
Operating profit	₹112	+15.6%	-3.8%
Net profit	₹44.3	+6.8%	+23.1%
EPS (₹)	6.05	+5.6%	+23.2%
Operating margin	9.8%	—	—

Full quarterly financials → Results calendar →

GOKEX delivery percentage

NSE end-of-day data for Fri, 23 Oct 2026

On Fri, 23 Oct 2026, 46.05% of the GOKEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.87%. That is close to its usual level.

46.05%Delivery, 23 Oct

48.87%Own 20-session average

0.8×Volume vs its average

₹674.40NSE close · -1.58%

Delivery in the last 5 sessions: 42.8% · 35.3% · 46.2% · 37.9% · 46.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Gokaldas Exports 23rd AGM: FY26 Revenue at ₹3,988 Cr, absorbs ₹97 Cr tariff hit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 06:43 PM

Gokaldas Exports concluded its 23rd AGM on September 28, 2026, transacting standard ordinary business including financial statement adoption and director reappointment. In his address, the MD reported FY26 consolidated operational revenue of ₹3,988 crore and EBITDA of ₹434 crore (10.7% margin), impacted by ₹97 crore of net tariff discounts to US customers. The company deployed ₹170 crore in new capacity and ₹58 crore in modernisations during FY26, representing about 9.7% of net worth. Following AGOA renewal, Africa operations recovered with 45% YoY growth in Q1 FY27, while fabric subsidiary BTPL is expected to turn profitable in H2 FY27.

Delivered FY26 consolidated operational revenue of ₹3,988 crore and PAT of ₹100 crore.
Extended ₹97 crore of net tariff-related discounts to US customers during FY26.
Invested ₹170 crore toward new capacity creation and ₹58 crore in facility upgrades in FY26 (~5.4% of TTM revenue).
Africa business grew 45% YoY in Q1 FY27 after AGOA benefits were restored.
BTPL unit capacity utilisation approaching 50 lakh metres/month towards 70 lakh metres/month capacity.

💡 Track subsequent quarterly filings to verify operational turnaround at BTPL in H2 FY27 and monitor US/Europe order demand momentum.

Gokaldas Exports Schedules Investor Meeting with Motilal Oswal on Sept 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 10:22 PM

Gokaldas Exports Limited has scheduled a one-to-one virtual meeting with Motilal Oswal Financial Services Ltd on September 21, 2026. The interaction will involve senior management and is being conducted under Regulation 30 of SEBI LODR. No price-sensitive information or specific financial disclosures were announced in this filing. The company recorded TTM revenue of ₹4,186 Cr with an operating margin of 8.9%.

Meeting scheduled with Motilal Oswal Financial Services Ltd on September 21, 2026
Format specified as a one-to-one virtual meeting located out of Bengaluru
Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015

💡 Monitor any subsequent investor presentation or disclosure transcripts released following the meeting for operational updates on integration and margins.

Gokaldas Exports Schedules Investor Meetings with PL Capital and Nepean Capital

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Sep 2026, 10:54 AM

Gokaldas Exports has announced upcoming physical one-on-one meetings with institutional investors in Bengaluru. The senior management is scheduled to meet PL Capital on September 17, 2026, followed by a meeting with Nepean Capital on September 18, 2026. This announcement is a routine statutory disclosure submitted under SEBI Regulation 30. No operational changes or material corporate updates were disclosed in the filing.

Meeting with PL Capital scheduled for September 17, 2026
Meeting with Nepean Capital scheduled for September 18, 2026
Both meetings are physical, one-to-one interactions taking place in Bengaluru

💡 Track subsequent post-meet disclosures or investor presentations filed on exchanges to see if any new business guidance or operational updates are shared.

Gokaldas Exports Submits FY26 BRSR: Exports Form 82.4% of Turnover Across 33 Plants

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 07:38 PM

Gokaldas Exports has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report highlights that exports contribute 82.4% of total turnover, serving over 50 international destinations across global apparel brands. The company operates 28 national and 5 international manufacturing plants with a total workforce comprising 7,525 employees and 44,255 workers (80% female workers). This is a routine statutory disclosure containing no immediate change to guidance or operational structure.

Exports contributed 82.4% of total company turnover in FY 2025-26
Company operates 33 manufacturing plants (28 national and 5 international)
Total workforce includes 44,255 workers, of which 80% (35,475) are female
90% of fabric and trims purchase is sourced from customer-nominated suppliers

💡 Track the upcoming Q2 FY27 earnings performance and commentary on order book momentum in core export markets like the US and Europe.

Gokaldas Exports Schedules 23rd AGM for September 28, 2026; E-Voting Cut-Off September 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 07:28 PM

Gokaldas Exports Limited has issued the notice for its 23rd Annual General Meeting (AGM) scheduled on September 28, 2026, at 4:30 PM IST via video conferencing. The cut-off date to determine e-voting eligibility is September 21, 2026, with remote e-voting running from September 24 to September 27, 2026. Key agenda items include adopting the audited FY26 financial statements and the re-appointment of Non-Executive Chairman Mr. Mathew Cyriac, who retires by rotation.

23rd AGM scheduled for September 28, 2026 at 4:30 PM IST via VC/OAVM
Cut-off date for remote e-voting eligibility set for September 21, 2026
Remote e-voting window open from September 24, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
Register of members closed from September 22, 2026 to September 28, 2026
Ordinary business includes re-appointment of Chairman Mathew Cyriac, holding 64,55,957 beneficial shares

💡 Eligible shareholders on the record date (September 21, 2026) can participate in remote e-voting between September 24 and September 27, 2026, or attend the virtual meeting.

Gokaldas Exports Schedules Investor Meetings on September 2, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 11:56 AM

Gokaldas Exports Limited has informed the exchanges about a schedule of meetings with institutional investors and research analysts on September 2, 2026. The meetings will involve senior management interacting virtually in one-on-one formats with firms including Niveshaay, Carnelian Asset Management, and RTL Investments. This is a routine disclosure pursuant to Regulation 30 of SEBI LODR Regulations, 2015.

Investor meetings scheduled for September 2, 2026
Participating entities include Niveshaay, Carnelian Asset Management, and RTL Investments
Meeting format is one-on-one and virtual from Bengaluru

💡 Check if an updated investor presentation or management transcript/audio recording is uploaded following the meet on September 2, 2026.

Gokaldas Exports Q1 FY27 Call: 21% Revenue Growth, ₹275 Cr Revenue Potential from Ramp-ups

🟢 POSITIVE ⭐ 5/10

EARNINGS 📅 19 Aug 2026, 07:07 PM

Gokaldas Exports released its Q1 FY27 earnings call transcript, highlighting consolidated revenue growth of 21% YoY and EBITDA growth of 17% YoY. The India business grew 16% YoY (outperforming the broader Indian apparel export industry decline of 12%), while Africa surged 45% YoY aided by AGOA renewal. Ongoing capacity ramp-ups across Bhopal Phase 2, Karnataka, and Ranchi are expected to add ~₹275 crore in annual revenue potential (representing ~6.6% of TTM revenue of ₹4,186 crore). Additionally, the BTPL fabric processing merger is targeted for completion in Q3 FY27 with capacity expected to expand by 30% from 50 lakh meters/month.

Consolidated revenue increased 21% YoY in Q1 FY27, with consolidated EBITDA rising 17% YoY.
Africa business delivered 45% YoY growth following AGOA renewal, while India operations grew 16% YoY.
Near-term capacity ramp-ups in Bhopal, Karnataka, and Ranchi carry an incremental revenue potential of ~₹275 crore.
BTPL merger is slated to conclude in Q3 FY27; unit currently operates at 50 lakh meters/month with 30% expansion planned.
Management noted fiber mix is ~65% cotton and up to 30% man-made fibers (polyester, nylon, spandex).

💡 Track the completion and integration of the BTPL merger in Q3 FY27 and monitor operating margins amid elevated freight and shipping disruptions.

Gokaldas Exports Schedules One-on-One Investor Meeting with Zaaba Capital for August 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 10:47 PM

Gokaldas Exports Limited has notified stock exchanges regarding a scheduled one-on-one virtual meeting with institutional investor Zaaba Capital. The meeting with senior management is slated for August 20, 2026, hosted virtually from Bengaluru. This filing is a routine compliance update pursuant to Regulation 30 of the SEBI LODR Regulations.

One-on-one virtual meeting scheduled with Zaaba Capital on August 20, 2026
Meeting to be conducted virtually with senior management from Bengaluru
Intimation submitted in compliance with Regulation 30 of SEBI LODR Regulations, 2015

💡 Monitor any subsequent investor presentation or disclosure filings submitted to the exchanges post-meeting for updates on export order demand and operating margins.

Gokaldas Exports Releases Q1 FY'27 Earnings Conference Call Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 04:54 PM

Gokaldas Exports has published the audio recording of its Q1 FY'27 results conference call held on August 12, 2026. This filing is a standard regulatory requirement following the release of quarterly financial results. Investors can access the recording to hear management's detailed commentary on the company's TTM revenue of ₹3,988 Cr and its current operating margin of 8.9%. The call likely covers the progress of the Atraco integration and the status of the Madhya Pradesh capacity expansion.

Audio recording of the Q1 FY'27 results conference call made available on August 12, 2026
Company reported TTM revenue of ₹3,988 Cr with an operating profit margin of 8.9%
Latest quarterly revenue (Mar 2026) stood at ₹1,069 Cr with a PAT of ₹36 Cr
Management previously noted a ₹39 Cr impact from US Tariffs in H1 FY26, a key topic for investor calls

💡 Investors should listen to the recording for management's guidance on the AGOA rollover uncertainty and the timeline for the ₹110 Cr capacity expansion in Madhya Pradesh.

Gokaldas Exports Releases Q1 FY27 Investor Presentation; TTM Revenue at Rs 3,988 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Aug 2026, 09:01 AM

Gokaldas Exports (GOKEX) has released its investor presentation for Q1 FY27, following its earnings call on August 07, 2026. The company currently operates with a TTM revenue of Rs 3,988 Cr and a market capitalization of Rs 5,752 Cr. Recent performance shows a recovery trend with Mar 2026 revenue reaching Rs 1,069 Cr, though operating margins (8.9%) remain under pressure compared to FY24 levels (10.68%). The presentation is expected to detail the integration of the Atraco acquisition and progress on the Madhya Pradesh capacity expansion.

Investor presentation for Q1 FY27 made available on August 12, 2026
TTM revenue stands at Rs 3,988 Cr with a TTM PAT of Rs 100 Cr
Operating profit margins (OPM) recorded at 8.92% for FY26
Acquired entities previously contributed 34% to FY25 revenue
H1 FY26 capex of Rs 110 Cr was dedicated to capacity increases

💡 Investors should review the presentation specifically for updates on the 19% expected growth rate and management's strategy to mitigate the Rs 39 Cr impact from US tariffs.

21% YoY Revenue Growth in Q1 FY27; EBITDA at ₹139 Cr as Africa Business Surges

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 10:04 PM

Gokaldas Exports reported a strong Q1 FY27 with total income rising 21% YoY to ₹1,180 Cr, significantly outperforming the 12% decline in overall Indian apparel exports. The growth was bolstered by a 45% YoY surge in the Africa business following AGOA renewal and a 16% YoY rise in the India business. While EBITDA grew 17% YoY to ₹139 Cr, margins contracted slightly by 35 bps to 11.8% as wage hikes offset productivity gains. PAT for the quarter stood at ₹44 Cr, up 7% YoY and 23% sequentially.

Total Income reached ₹1,180 Cr in Q1 FY27, a 21% YoY increase from ₹977 Cr.
Africa business registered 45% YoY growth following higher volumes post AGOA renewal.
India business grew 16% YoY, outperforming the 12% YoY decline in national apparel exports.
EBITDA margins compressed by 35 bps YoY to 11.8% due to increased wage and factor costs.
PAT increased to ₹44 Cr, representing a 23% growth over the preceding quarter (Q4 FY26).

💡 Watch for the company's ability to maintain margin stability in the face of rising labor costs and the execution of its expansion strategy in the UK and European markets.

Gokaldas Exports grants 3.5 lakh stock options at Rs 716.54 exercise price

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 09:55 PM

Gokaldas Exports has approved the grant of 3,50,000 stock options to eligible employees under its GEL Employee Stock Option Plan 2022. The exercise price is set at Rs 716.54, representing a ~9.2% discount to the current market price of Rs 789.0. These options are scheduled to vest on August 10, 2029, implying a three-year retention period for the recipients. The total potential dilution from this specific grant is approximately 0.48% of the current equity base.

Grant of 3,50,000 stock options approved by the Nomination and Remuneration Committee.
Exercise price fixed at Rs 716.54 per share.
Vesting date for the granted options is set for August 10, 2029.
Potential equity dilution is approximately 0.48% based on the current market capitalization of Rs 5,752 Cr.

💡 Investors should monitor the 'Employee Benefit Expenses' in future P&L statements for non-cash ESOP costs and track the total remaining pool under the 2022 ESOP scheme.

3.5 Lakh ESOPs Granted by Gokaldas Exports at Exercise Price of Rs 716.54

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 09:47 PM

Gokaldas Exports has approved the grant of 3,50,000 stock options to eligible employees under its 2022 ESOP plan. The exercise price is set at Rs 716.54, representing a ~9.2% discount to the current market price of Rs 789.0. These options are scheduled to vest on August 10, 2029, implying a three-year retention period for the recipients. The total grant represents a potential equity dilution of approximately 0.48% of the current share capital upon exercise.

Grant of 3,50,000 stock options to eligible employees under the GEL Employee Stock Option Plan 2022
Exercise price fixed at Rs 716.54 per share
Vesting date set for August 10, 2029, following a 3-year period
Potential equity dilution of ~0.48% based on the current estimated share count

💡 Investors should monitor the impact on employee benefit expenses in future P&L statements and track the eventual dilution in 2029.

Gokaldas Exports Q1 FY27 Revenue Grows 20.7% YoY to ₹1,153.5 Cr; Net Profit at ₹44.3 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 09:16 PM

Gokaldas Exports reported a strong 20.7% YoY increase in consolidated revenue to ₹1,153.51 Cr for Q1 FY27, up from ₹955.79 Cr. However, net profit growth was more subdued at 6.8% YoY, reaching ₹44.30 Cr, primarily due to a 35.7% surge in finance costs to ₹30.51 Cr. The company is advancing its merger with BRFL Textiles, having received shareholder approval on July 31, 2026. Total expenses rose 21.4% YoY, slightly outpacing revenue growth and indicating continued margin pressure.

Consolidated revenue from operations rose 20.7% YoY to ₹1,153.51 Cr.
Net profit increased to ₹44.30 Cr from ₹41.47 Cr in the year-ago quarter.
Finance costs jumped 35.7% YoY to ₹30.51 Cr, impacting bottom-line growth.
Cost of materials consumed increased by 20.1% YoY to ₹600.70 Cr.
Shareholders approved the merger with BRFL Textiles Private Limited on July 31, 2026.

💡 Investors should monitor the final NCLT approval for the BRFL Textiles merger and the subsequent impact on the consolidated balance sheet. Key focus areas include the management's ability to pass on rising material costs and the trajectory of finance costs in upcoming quarters.

Gokaldas Exports to Announce Q1 FY27 Results on August 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 08:15 PM

Gokaldas Exports has scheduled its Q1 FY27 financial results announcement for August 11, 2026, with a subsequent earnings call on August 12, 2026. The company, which reported an annual turnover exceeding ₹4,000 crore in FY26, will provide updates on its operations across 30+ production units. Investors will be looking for progress on the integration of Atraco and Matrix acquisitions, which contributed 34% to FY25 revenue, and the management's outlook on achieving the projected 19% growth rate.

Q1 FY27 financial results to be announced on August 11, 2026.
Earnings conference call scheduled for August 12, 2026, at 11:30 AM IST.
Company reported an annual turnover of ₹4,000+ crores for FY26.
Current manufacturing capacity stands at 92 million garments annually across 30+ units.
Total workforce exceeds 54,000 employees following recent strategic acquisitions.

💡 Monitor the Q1 FY27 results on August 11 for updates on EBITDA margins, which saw a 97 bps compression in FY25, and the status of US tariff impacts which previously totaled ₹39 crore.

View All GOKEX Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 62.4% to INR 3,864.24 Cr in FY25. Acquired entities contributed ~34% of group revenue, while like-for-like pre-acquisition revenue grew 19%. In Q2 FY26, India operations grew 14% YoY, while Africa operations declined 23% YoY.

Geographic Revenue Split

The US retail clothing market is a primary driver, showing strong volume growth in H1 FY25. Africa operations (Kenya/Atraco) contributed significantly but faced a 23% volume decline in Q2 FY26 due to AGOA rollover uncertainty.

Profitability Margins

FY25 PAT margin was 4.0%, a drop of 139 bps from 5.4% in FY24. H1 FY26 PAT was INR 8 Cr, down 71% YoY from INR 28 Cr, primarily due to US tariff impacts of INR 39 Cr and higher finance costs.

EBITDA Margin

FY25 EBITDA margin was 10.8%, down 97 bps YoY. H1 FY26 adjusted EBITDA margin (excluding US tariff impact) was 12.2%, compared to 12.1% in H1 FY25.

Capital Expenditure

INR 110 Cr was spent in H1 FY26, with an additional INR 40 Cr planned for H2 FY26. The company raised INR 600 Cr via QIP in April 2024 to fund strategic initiatives and acquisitions.

Credit Rating & Borrowing

CRISIL Ratings maintains a strong liquidity profile with over INR 465 Cr in liquid assets as of June 2025. Bank limit utilization was ~23% of the INR 416 Cr limit.

⚙️ Operational Drivers

Raw Materials

Apparel fabrics and accessories (imported raw materials) represent a significant portion of costs, though specific percentage splits are not disclosed.

Import Sources

Raw materials are imported globally; specific countries are not disclosed, but currency exposure includes USD and EUR.

Capacity Expansion

Current expansion focused on the Madhya Pradesh unit and newly acquired entities. H1 FY26 capex of INR 110 Cr was dedicated to capacity increases to maintain business momentum.

Raw Material Costs

Raw material costs are susceptible to currency volatility. FY25 margins were weighed down by a sharp appreciation of the Kenyan Shilling against the USD.

Manufacturing Efficiency

ROCE stood at 12% in H1 FY26, down from 14% in FY25. Efficiency is driven by 'execution excellence' and operational productivity in the India entity.

Logistics & Distribution

Airfreight costs in FY25 included INR 8.6 Cr in Atraco and INR 11.7 Cr in GEX, impacting EBITDA margins.

📈 Strategic Growth

Expected Growth Rate

19%

Growth Strategy

Growth will be achieved through the integration of acquired entities (Atraco) to gain operating leverage, expansion in UK and European markets in anticipation of Free Trade Agreements (FTA), and continued capacity expansion in India.

Products & Services

Apparel manufacturing services for global retailers, including shirts, trousers, and seasonal clothing for the US and EU markets.

Brand Portfolio

Gokaldas Exports (GEX), Atraco (acquired entity).

Market Expansion

Targeting growth in the UK and Europe, with active discussions ongoing with new customers in anticipation of an FTA.

Market Share & Ranking

Positioned as a leader in the global apparel manufacturing industry from India.

🌍 External Factors

Industry Trends

The industry is evolving with shifts toward regional trade agreements (FTAs). GEX is positioning itself to benefit from the India-UK FTA while navigating a fragmented market with low entry barriers.

Competitive Landscape

Highly fragmented market with competition from large integrated players and innumerable smaller entities in the textile export business.

Competitive Moat

Moat is built on execution excellence, a strong order book, and scale. Sustainability depends on successful integration of acquisitions and maintaining cost leadership despite wage inflation.

Macro Economic Sensitivity

Highly sensitive to US retail clothing sales volumes and global economic trends affecting consumer discretionary spend.

Consumer Behavior

Demand is driven by seasonal retail cycles in the US and Europe; delayed order placements were noted due to macro uncertainties.

Geopolitical Risks

Trade barriers such as US tariffs (50% rate mentioned as nearly impossible for business) and legislative changes like the AGOA rollover impact international market access.