Gokaldas Exports LimitedTextilesGOKEX
Q1 FY27 concall · earnings callGokaldas Exports Limited
The quarter demonstrated broad-based growth with consolidated revenue up 21% year-on-year, driven by favorable tariff changes and strong order visibility, despite significant cost pressures.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Income Growth | 21% | YoY | |
| Consolidated EBITDA Growth | 17% | YoY | |
| India Business Growth | 16% | YoY | |
| Africa Business Growth | 45% | YoY | |
| RoSCTL Rate | 3.5-odd percent | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹987.77 Cr+79.1% YoY+6.3% QoQ | ₹50.34 Cr+65.5% YoY+78.8% QoQ | ₹7.04+40.2% YoY+78.7% QoQ |
| Q2 FY25 | ₹929.00 Cr+85.7% YoY-0.3% QoQ | ₹28.16 Cr+18.8% YoY+3.6% QoQ | ₹3.94+0.8% YoY+0.5% QoQ |
| Q1 FY25 | ₹932.13 Cr+81.1% YoY+14.7% QoQ | ₹27.18 Cr-16.5% YoY-38.6% QoQ | ₹3.92-27% YoY-45.8% QoQ |
| Q4 FY24 | ₹812.42 Cr+55.3% YoY+47.3% QoQ | ₹44.28 Cr-6.2% YoY+45.6% QoQ | ₹7.23-7.2% YoY+44% QoQ |
| Q3 FY24 | ₹551.57 Cr+6.3% YoY+10.3% QoQ | ₹30.42 Cr-25% YoY+28.3% QoQ | ₹5.02-25.1% YoY+28.4% QoQ |
TL;DR
- Consolidated income grew 21% YoY and EBITDA rose 17% YoY.
- India business grew 16% YoY against a 12% industry decline; Africa grew 45% YoY.
- Margins were pressured by higher wages, oil prices, and logistics costs, but were partly offset by operational leverage and automation.
- The BTPL merger is on track for Q3, with the unit targeting mid-to-high single-digit EBITDA post-merger.
- Strong order book visibility exists for Q2 and H2, with growth expected to be better than the guided 15%+.
Said on the call
“We continue to demonstrate something we consider more valuable than anything. The ability to grow despite headwinds.”
From the Q&A
| Topic | What management said |
|---|---|
| Volume vs. Realization Growth in India | Management clarified that low Q1 volume growth of 3.4% is due to the season's high-value, time-intensive outerwear products, not a business weakness, and overall revenue growth is strong. |
| Order Book and Growth Guidance | Guidance of mid-teens growth is seen as straightforward, with potential to do better; strong order visibility for Spring '27 (executed in Q3) indicates good revenue traction. |
| Africa EBITDA Recovery | Double-digit EBITDA for Africa is anticipated in Q4 FY27 or early Q1 FY28, supported by expected AGOA renewal and strong customer bookings despite tariff uncertainty. |
| Logistics and Cost Pressures | Shipping delays and container constraints are at their worst now but expected to ease in the next 2 quarters; wage hikes (e.g., 35% in Haryana) and raw material costs are being managed through pricing, efficiency, and low-cost region expansion. |
| Margin Outlook and Incentives | EBITDA margins are expected to be higher than current levels, factoring in potential halving of RoSCTL incentives, BTPL's positive contribution, rupee depreciation benefits, and operational efficiencies. |
| Capacity Expansion Plans | Plans to add 2,000-3,000 machines by end of CY26 for FY29 revenue; ~INR100 crore capex for two new facilities (Jharkhand & Karnataka) to add ~INR350 crore revenue; existing Bhopal Phase 2 and other units ramping up. |
Guidance
- Growth is expected to be better than the earlier guided 15%+ for the year.
- Africa revenue visibility is currently $112-$115 million, pushing for the $120 million target.
- BTPL merger expected in Q3 FY27, with the unit targeting mid-to-high single-digit EBITDA margin post-merger and PBT positive by Q4.
- Effective Tax Rate (ETR) expected to be between 20% and 22% for the year.
- Two new facilities (Jharkhand & Karnataka) with INR100 crore investment to add INR350 crore revenue in steady state (FY29).
Source
Summary written from the transcript filed by Gokaldas Exports Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:05 IST.
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