Financial Performance Highlights

Quarterly Performance (Q4FY26 vs Q4FY25 vs Q3FY26)

  • Total Income: ₹1,087 crore (5% YoY growth, 9% QoQ growth)
  • EBITDA: ₹135 crore (-5% YoY, 40% QoQ growth)
  • EBITDA Margin: 12.4% (-131 bps YoY, +275 bps QoQ)
  • PBT: ₹70 crore (-12% YoY, 168% QoQ growth)
  • PAT: ₹36 crore (-32% YoY, 146% QoQ growth)

Annual Performance (FY26 vs FY25)

  • Total Income: ₹4,065 crore (4% YoY growth)
  • EBITDA: ₹434 crore (2% YoY growth)
  • EBITDA Margin: 10.7% (-15 bps YoY)
  • PBT: ₹172 crore (-21% YoY)
  • PAT: ₹100 crore (-37% YoY)

Business Segment Performance

  • India Business: Grew 2% YoY in Q4FY26 despite tariff challenges, while Indian apparel exports industry declined by 10%
  • Africa Business: Experienced 17% YoY growth in Q4FY26 due to AGOA renewal and better US tariff treatment compared to other countries

Margin Impact Analysis

  • Q4FY26 EBITDA margin impacted by 131 bps mainly due to US tariff rebates
  • Productivity gains and better cost management helped absorb tariff impact
  • FY26 EBITDA margin decline of 15 bps attributed to US tariff impacts

Management Commentary

Mr. Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director, stated that disruption due to penal US tariffs and volatile geopolitical events impacted costs and margins during the year. Exceptional teamwork, strong customer relationships, and relentless execution helped deliver superior business performance despite adversities. The company maintained revenue growth and largely preserved EBITDA margins. Leadership expressed confidence in addressing near-term external shocks and positioned to leverage long-term macroeconomic trends favoring sourcing from India and other low-cost regions.

Company Background

Gokaldas Exports Limited, established in 1979, is one of India's largest manufacturers and exporters of apparel. The company exports to more than 50 countries, operates 30+ production units with annual capacity of 87 million garments, and employs 54,000+ people. The company positions itself as a one-stop solution for world's most recognized apparel brands with emphasis on innovation and sustainability.