Gokaldas Exports reported consolidated total income of ₹4,065 crore for FY26, a 4% increase over the previous year, while profit after tax fell 37% to ₹100 crore, weighed down by an estimated ₹97 crore impact from US tariffs.

Financial Performance Overview

Revenue from operations grew 3.2% to ₹3,987.64 crore in FY26 from ₹3,864.24 crore in FY25. Other income rose to ₹77.32 crore from ₹52.94 crore. Reported EBITDA was ₹433.68 crore at a margin of 10.7%, broadly steady against 10.8% in the prior year — a contraction of 15 basis points. Adjusted for the estimated ₹97 crore US tariff impact and certain one-time costs, EBITDA stood at ₹530 crore at an adjusted margin of 13.0%, an improvement of 166 basis points over the prior year's adjusted margin of 11.4%.

Profit before tax fell 21.3% to ₹171.62 crore from ₹218.07 crore, and profit after tax declined 36.8% to ₹100.13 crore from ₹158.54 crore. Basic EPS for FY26 was ₹13.71 against ₹22.36 in FY25.

Segment Performance

The India business was the principal growth driver, expanding approximately 10% year-on-year even as overall Indian apparel exports declined 1.4%. India accounted for ₹3,373 crore of total income. The Africa business, operating from Kenya and Ethiopia, declined 19% over the year due to uncertainty surrounding the renewal of the African Growth and Opportunity Act (AGOA). Following AGOA's renewal, the Africa business returned to growth in Q4FY26, reporting approximately 17% growth in the fourth quarter. Africa accounted for ₹692 crore of total income. The India operations recorded an EBITDA margin of 12.4%, while Africa operations recorded 2.3%, reflecting operating de-leverage during the AGOA-related disruption.

Capital Expenditure and Balance Sheet

The company deployed ₹228 crore in capital expenditure during FY26 — ₹58 crore towards modernisation and upgrades and ₹170 crore towards new capacity and new projects — compared with ₹191 crore in FY25. A further ₹122 crore was invested in BRFL Textiles Private Limited (BTPL) through a combination of debentures and equity.

Net worth increased 3.8% to ₹2,160.4 crore as on March 31, 2026, from ₹2,080.7 crore a year earlier. Net debt rose to ₹552.6 crore from ₹158.2 crore, driven by capital expenditure, additional BTPL investment, and higher working capital. Total borrowings stood at ₹977.6 crore against ₹643.3 crore. Finance costs increased 22.9% to ₹95.2 crore from ₹77.4 crore. Interest cover was 2.80x against 3.82x in FY25.

Working Capital and Key Ratios

Inventories increased 28.2% to ₹874.5 crore. Trade receivables rose 40.2% to ₹601.1 crore, and trade payables increased 46.4% to ₹348.8 crore. Net working capital lengthened to 75 days from 60 days in FY25.

Operational Highlights

Gokaldas Exports operates more than 30 manufacturing facilities with an annual production capacity of around 92 million pieces and a workforce of over 54,000, approximately 75% of whom are women. The company shipped 57 million pieces in FY26 against 68 million in FY25. The share of products priced above ₹450 rose to 80% of sales from 73% in FY25. Outerwear's share of product category sales increased to 29% from 22%, and sportswear rose to 15% from 13%.

On sustainability, the company raised its renewable energy mix to 85% of the overall energy mix and reduced GHG emission intensity per garment by 73%. Process water recycled increased to 477 million litres from 257 million litres. The company has committed to net zero by 2045 and carbon neutrality and water positivity by 2030.

BTPL Investment and Corporate Developments

During FY26, the company acquired a 19% equity interest in BRFL Textiles Private Limited through a combination of optionally convertible debentures of ₹22,500 lakhs and equity shares for a consideration of ₹7,199.06 lakhs. The Board approved a scheme of amalgamation of BTPL with the company on August 9, 2025, subject to regulatory and NCLT approvals. Full consolidation is expected around Q3FY27.

The company shifted its registered office from Karnataka to Mumbai, Maharashtra, with effect from February 16, 2026. No dividend has been recommended for FY26. The statutory auditors, MSKA & Associates LLP, issued an unmodified opinion on both standalone and consolidated financial statements for the year ended March 31, 2026. The 23rd Annual General Meeting is scheduled for September 28, 2026.

Five-Year Financial Summary

Gokaldas Exports Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the stock exchanges on September 5, 2026. The disclosure covers the company’s consolidated performance across environmental, social, and governance parameters.

The report highlights a significant increase in total energy consumption, which rose from 503 TJ in FY25 to 758 TJ in FY26. Renewable sources accounted for 609 TJ of this total, up from 396 TJ in the previous year.

Environmental Metrics

Water withdrawal increased to 607,259 kilolitres in FY26, compared to 468,556 kilolitres in FY25. Groundwater usage stood at 268,552 kilolitres, while third-party water consumption reached 338,707 kilolitres. Total water consumption was recorded at 341,202 kilolitres.

Greenhouse gas emissions data reveals a rise in Scope 1 emissions to 4,089 metric tonnes of CO2 equivalent from 2,209 metric tonnes in FY25. Scope 2 emissions decreased slightly to 13,950 metric tonnes from 14,231 metric tonnes. Biogenic Scope 1 emissions totaled 58,127 metric tonnes.

Workforce Data

The company employed 7,525 permanent and non-permanent employees, alongside 44,255 workers as of the end of FY26. Female representation among employees was 29%, while women constituted 80% of the total worker force.

What the Numbers Show

Renewable energy constituted approximately 80% of Gokaldas Exports’ total energy consumption in FY26, reflecting a heavy reliance on biomass and solar power amidst overall rising energy demand.