Gokaldas Exports (GOKEX) Q1 25/26 earnings summary

Executive summary

• Achieved 53% year-over-year PAT growth to ₹41 crore, with operating margin up 3.36 percentage points and EBITDA margin at 12.1%, driven by productivity gains and cost management.

• Total income grew 4% year-over-year; organic growth (excluding acquisitions) was 20% versus 9% industry export growth.

• Strategic investment in BTPL enhances vertical integration, supporting faster and more cost-efficient deliveries.

• U.S. market remains resilient, but new reciprocal tariffs on India pose short-term volume and margin risks.

• Board approved shifting the registered office from Karnataka to Maharashtra, pending shareholder approval.

Financial highlights

• Q1FY26 total income: ₹977 crore (4% YoY growth); revenue from operations: ₹956 crore (3% YoY growth).

• PAT increased 53% year-over-year to ₹41 crore; consolidated net profit for Q1 FY26 was ₹4,147.34 lakhs.

• EBITDA margin improved to 12.1% from 8.8% year-over-year.

• Acquired entities contributed ₹282 crore in revenue with 11% EBITDA margin.

• Customer discounts and tariff-related claims reduced revenue by ₹15 crore in the quarter.

Outlook and guidance

• Q2 expected to be seasonally lean but with order book secured; margin pressure to persist due to tariff-related customer discounts.

• Tariff impact likely to extend into H2 FY26, with 2–2.5% of revenue at risk.

• Management expects normalization and margin recovery from FY27 as tariff disruptions subside.

• Capacity expansions in India and Africa to add ₹500 crore annual revenue by Q3 FY27.

• Cautious capex approach in the near term, with ₹150 crore planned for FY26.