Gokaldas Exports
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Gokaldas Exports (GOKEX) investor relations material

Gokaldas Exports Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary2 Feb, 2026

Executive summary

  • Q3 FY2024/FY2026 total income was INR 998 crore, flat year-over-year, with India operations growing 8% YoY despite U.S. tariff headwinds, while Africa was impacted by AGOA expiry and supply chain issues.

  • EBITDA for Q3 was INR 96 crore, down 18% YoY, mainly due to sharing U.S. tariff burden with customers, but margins improved sequentially.

  • For 9MFY26, total income grew 3% YoY to INR 2,978 crore, with Indian business up 13% YoY, outperforming the industry.

  • Board approved unaudited financial results for the quarter and nine months ended December 31, 2025, with review by the Audit Committee and statutory auditors.

  • Financials prepared in accordance with Ind-AS and relevant Indian regulations.

Financial highlights

  • Q3 revenue was INR 998 crore (flat YoY), with India up 8% YoY and Africa down due to AGOA and supply chain disruptions.

  • Q3 EBITDA was INR 96 crore, down 18% YoY; adjusted EBITDA margin at 13.1%, reported margin at 9.7%.

  • 9MFY26 revenue was INR 2,978 crore, up 3% YoY; EBITDA INR 299 crore, up 6% YoY; EBITDA margin at 10.0%.

  • Consolidated net profit for nine months: INR 6,417.01 lakhs, up from INR 3,334.29 lakhs YoY.

  • Net debt as of Dec 31, 2025, was INR 395 crore, up INR 237 crore YTD, mainly due to capex and investment in BTPL.

Outlook and guidance

  • Strong order book visibility for both India and Africa businesses in upcoming quarters.

  • Africa margins expected to recover to 7-8% in H1 FY2027 and 10% in H2 as order book and utilization improve.

  • India-EU and India-UK FTAs expected to provide significant long-term market access and duty advantages.

  • Long-term EBITDA margin guidance: 12-13% for India, 10-11% for Africa, assuming FTAs and tariff normalization.

  • Impact of new Indian Labour Codes recognized as a one-time increase in employee benefit provisions; further impact to be evaluated upon notification of final rules.

What drives Africa's projected 10% EBITDA margin?
Specific tools to mitigate U.S. tariff burden
How will India-EU FTA impact capacity deployment?
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Next Gokaldas Exports earnings date

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Q4 25/2622 May, 2026
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Q4 25/2622 May, 2026

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