GOKEX
Micro CapGokaldas Exports Limited
Consumer
Gokaldas Exports Limited is an Indian apparel manufacturer with operations in India and Africa, primarily serving global export markets. The company navigated significant tariff disruptions and raw material cost pressures in FY26, demonstrating resilience and strategic customer relationships.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -32% YoY · margin compression · Rev +5% YoY · +9% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,069 Cr | +5.3% | +9.2% |
| EBITDA | ₹117 Cr | -4.9% | +51.9% |
| Operating margin | 11.0% | -100 bps | +300 bps |
| PAT | ₹36 Cr | -32.1% | +140.0% |
| PAT margin | 3.4% | -185 bps | +184 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Gokaldas Exports delivered 4% FY26 revenue growth to INR4,065 crores, sustaining EBITDA margins despite severe US reciprocal tariffs and AGOA uncertainties. India operations grew 10% YoY, while Africa saw a Q4 rebound with 17% YoY growth, signaling improved FY27 outlook post-tariff normalization.
The company demonstrated strong resilience in FY26, absorbing substantial tariff burdens and maintaining customer relationships. With tariff normalization and AGOA renewal, the FY27 outlook for revenue and margins has improved. However, input cost inflation and potential new US tariffs post-July 2026 remain key monitoring points for sustained profitability.
Tariff Normalization
Withdrawal of penal 25% tariff in February and subsequent U.S. Supreme Court ruling led to 10% tariff until July 24, 2026, restoring competitiveness for India.
New Customer Acquisition
Signed two new premium customers in FY26 for India operations (one American, one European) and two for Africa operations (one American, one European), yielding revenue from FY27.
Retailer Diversification from China
Most U.S. retailers and many EU retailers continue to diversify away from China-based suppliers, helping growth of other regions like India.
AGOA Renewal/Extension
AGOA got restored till December 2026, supporting Africa business growth momentum in FY27. Management expects further extensions.
FY26 Capex Investment
Company spent about INR170 crores towards new capacity creation during FY26, which will pay out in the years ahead.
Karnataka Facility Ramp-up
Half of the Kolar Gold Fields facility in Karnataka is yet to ramp up and will reach full capacity utilization in Q1 and Q2 FY27.
Madhya Pradesh Unit Commissioning
Second unit in Madhya Pradesh is getting commissioned, expanding lines, and will reach full capacity utilization by Q3 FY27 (1,000 machines).
Africa Capacity & Utilization
Capacity expansion in Africa happened last year, targeting $115-120 million revenue in FY27. Started 2-shift operations in one factory (20-25% capacity).
US Tariff Normalization
Withdrawal of penal 25% tariff in February and subsequent U.S. Supreme Court ruling against tariffs led to a 10% tariff until July 24, 2026, restoring competitiveness.
AGOA Restoration
AGOA got restored till December 2026, providing comfort and supporting Africa business growth momentum in FY27.
Strong US & UK Retail Sales
U.S. and U.K. retail sales witnessed strong growth of 8% and 6% respectively for CY '25. U.S. sales continue to remain strong in early 2026.
Diversification from China
Most U.S. retailers and many EU retailers continue to diversify away from China-based suppliers, which helps growth of other regions like India.
Reciprocal Tariffs
FY '26 began with reciprocal tariffs, remaining at a staggering 50% for a significant part of the year, impacting India and Africa operations.
Geopolitical Conflicts
War in the Middle East imposed upward pressure on cost of raw materials. War in Ukraine continued to keep pressure on EU markets.
Increased Raw Material Costs
U.S./Iran war impacted textile value chain with increased cost of raw materials like fuel, packaging, polyester, and trims. Cotton prices also rose.
Inflationary Pressures
Shipping costs have increased. Inflation across economies on account of higher fuel prices could impact consumer spending.
Potential Section 301 Tariff Re-imposition
Even if tariff is re-imposed under Section 301 post-July 24, 2026, there is a strong likelihood it will be similar to most competing nations from Asia (20%-odd range).
AGOA Renewal Uncertainty
AGOA got restored till December 2026. The belief is it may get further extended by 1-2 years, but long-term certainty beyond 2026 is not guaranteed.
Input Cost Pass-through Challenges
Endeavor to push back price increases to customers in H2 FY27 may only partially succeed due to customer resistance and competitive pricing from Southeast Asian/Chinese players.
Working Capital Management
Net debt increased by INR395 crores, primarily driven by capex, BTPL investments, and increased working capital on account of volume increase.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
FY26 results are annual, making YoY comparisons essential for overall performance. Q4 results, particularly for Africa and standalone India, show sequential recovery and momentum post-tariff changes, making QoQ relevant for understanding recent trends and future outlook.
Total Income Growth
Company delivered a total income of INR4,065 crores, a 4% growth over the previous year (FY26).
India Operations Revenue Growth
India business operations grew by 2% in Q4 FY26 and 10% Y-o-Y in FY26, despite U.S. tariff-related uncertainties.
Africa Business Revenue Growth
Africa business expanded by 17% Y-o-Y in Q4 FY26, supported by AGOA extension. For FY26, Africa business declined by 19% due to AGOA uncertainties up to Q3.
EBITDA Margin
EBITDA margin was sustained at previous year's level in FY26, absorbing a severe financial setback in terms of tariff burden share. Q4 standalone EBITDA margin was 16% (adjusted for statutory reversals).
Worst is Behind Us
Management believes the worst is behind the company regarding tariff disruptions, with competitiveness of main production centers restored.
Strong FY27 Revenue Growth
Management reckons FY27 revenue growth will be "much more than 10% to 12%" due to improved conditions in Africa and stable standalone business.
FY27 Margin Improvement
EBITDA margin should improve by "a couple of percentage points" Y-o-Y in FY27, assuming no new significant disruptions.
BTPL Merger & Profitability
Merger of BTPL expected to conclude in Q3 FY27. BTPL is expected to turn in operating profits in H2 FY27, aiming for 6-7% EBITDA margin in H2.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Section 301 Tariff Outcome | 10% tariff until July 24, 2026. | Any re-imposition of tariffs post-July 24, 2026, and its magnitude relative to competing nations. |
| AGOA Renewal/Extension | Restored until December 2026. | Further extension of AGOA beyond December 2026 or progress on country-by-country FTAs, especially with Kenya. |
| BTPL Operational Profitability | Q4 FY26 EBITDA loss of 4-5%. | Achievement of EBITDA breakeven in H1 FY27 and 6-7% EBITDA margin in H2 FY27 post-merger. |
| Working Capital Reduction | Increased by INR200 crores in FY26. | Reduction of working capital by INR75-100 crores in Gokaldas and Atraco operations during FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -2.4% / mo
Technical chart
GOKEXdaily · 3Y-22.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 45.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 28% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 36.7%.
- Growth contributes 17/25 to the score.
Main drags
- Promoter pledge is 96.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 18th percentile within Consumer. Main check: promoter alignment is weak at 23/100.
Mixed Trust Lite: 9 years of positive FCF. Key concern: Promoters have pledged 96.3% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 18th pctile, median 67 · Micro: 11th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸9 years of positive FCF.
- ▸7/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoters have pledged 96.3% of holding.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 9.2%.
- ▸ROCE trend is -3.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.60
- P/B
- 2.30
- EV/EBITDA
- 11.93
- Market Cap
- 4969.00Cr
Profitability
- ROE
- 4.72%
- ROCE
- 8.39%
- ROA
- 2.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 3.75×
- Altman Z
- 3.41
- Book Value
- 295.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 52.00 Cr
- EPS TTM
- 13.67
Shareholding
- Promoter Hold
- 9.15%
- Promoter Pledge
- 96.30%
- Momentum 52W
- 33%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.