Gokaldas Exports Limited (GOKEX) AI Stock Analysis

• Market Cap: ₹44.65B
• Dividend Yield: N/A
• Average Volume (3M): 30.57K
• Price to Earnings (P/E): 93.0
• Beta (1Y): 1.71
• Revenue Growth: 22.27%
• EPS Growth: 7.09%
• Country: IN
• Employees: 33,550
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 2.00
• Shares Outstanding: 73,239,876
• 10 Day Avg. Volume: 25,091
• 30 Day Avg. Volume: 30,565
• PEG Ratio: 10.30
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 1.67
• P/FCF Ratio: -45.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹930.00
• Price Target Upside: 29.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 20.22
• Revenue Forecast (FY): ₹39.62B

• Rating: 65 Neutral
• Price Target: ₹655.00 ▼(-8.87% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is driven by strong technical momentum and solid top-line/operating improvement, partly offset by negative free cash flow and a stretched valuation (high P/E).

Positive Factors

Balance Sheet Health

Material deleveraging and an equity ratio near 59% materially reduce refinancing and solvency risk. A stronger capital structure improves financial flexibility to absorb demand shocks, fund strategic investments, and negotiate supplier/credit terms—supporting multi‑quarter resilience.

Revenue and Operating Leverage

Very strong top-line expansion combined with rising EBIT margin demonstrates scalable production and better cost absorption. Sustained revenue growth with operating leverage supports longer-term competitiveness with global buyers and enhances ability to invest in product development and capacity.

Operating Cash Generation

Return to positive operating cash flow signals core business is generating cash, reducing reliance on external financing for working capital. Over several quarters this trend can fund incremental growth, improve liquidity management, and underpin operational stability despite ongoing investments.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow from heavy capex drains internal resources and may require external funding or equity dilution. Over months this can constrain dividend policy, limit discretionary investments, and increase refinancing needs if capex does not begin to produce incremental cash returns.

Margin Pressure

Erosion in gross and net margins despite revenue growth suggests rising COGS or weaker pricing power. If structural, margin squeeze reduces cash conversion and buffers against cyclical demand, forcing the company to focus on cost control or higher-value products to sustain long-term profitability.

EPS Decline

A substantial decline in EPS points to weaker earnings quality or dilution pressures. Over several quarters, falling EPS can constrain reinvestment choices, hurt return on equity metrics, and reduce strategic flexibility unless operational improvements translate into sustained net income recovery.

Gokaldas Exports Limited Business Overview & Revenue Model

Company Description

Gokaldas Exports Limited engages in the design, manufacture, and sale of various garments and related products in India and internationally. The company's products include outerwear, activewear, and fashionwear, such as shorts, trousers, and jackets for men, women, and children. It serves international fashion brands and retailers. The company also exports its products to approximately 50 countries. Gokaldas Exports Limited was founded in 1979 and is based in Bengaluru, India.

How the Company Makes Money

Gokaldas Exports generates revenue primarily through the export of finished garments to international markets, leveraging its strong relationships with major global retailers and brands. The company's revenue model is centered around contract manufacturing, where it produces apparel based on specific orders from clients, allowing for flexibility and responsiveness to market demands. Key revenue streams include sales from bulk orders, custom designs, and long-term partnerships with prominent brands in the fashion industry. Additionally, Gokaldas Exports benefits from its ability to streamline production processes and reduce costs, enhancing its competitiveness in pricing. The company also focuses on sustainability and ethical manufacturing practices, which appeal to a growing segment of environmentally conscious consumers and brands, further driving its revenue growth.

Gokaldas Exports Limited Financial Statement Overview

Summary

Strong revenue growth and improved EBIT margin indicate better operating efficiency, supported by a healthier balance sheet with lower leverage. Offsetting factors include weaker gross/net margins and negative free cash flow due to heavy capital spending.

Income Statement

Gokaldas Exports Limited has shown significant revenue growth from 2024 to 2025 with a 78.6% increase. The gross profit margin improved to 14.2% in 2025, compared to 47.8% in 2024. However, net profit margin slightly decreased to 4.0% from 6.0% the previous year. The EBIT margin increased to 18.8%, indicating improved operational efficiency. Despite strong revenue growth, the decline in gross profit margin signals increased cost of goods sold.

Balance Sheet

The company's debt-to-equity ratio improved from 0.62 in 2024 to 0.41 in 2025, reflecting a stronger equity position. Return on equity showed improvement, rising to 7.6% from 10.1% in 2024, highlighting better profitability relative to equity. The equity ratio increased to 58.9%, indicating a solid capital structure. While the debt levels have decreased, the need for further reduction remains to mitigate financial risk.

Cash Flow

Operating cash flow has turned positive in 2025, improving from the negative figure in 2024. However, free cash flow remains negative at -1.34 billion, indicating ongoing high capital expenditures. The free cash flow to net income ratio improved but remains negative, suggesting the company needs to manage its capital investments more effectively.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	38.88B	36.71B	21.93B	22.22B	17.90B	11.64B
Gross Profit	19.94B	19.10B	1.56B	10.33B	7.25B	5.15B
EBITDA	4.48B	4.24B	2.74B	3.02B	2.16B	1.08B
Net Income	1.73B	1.59B	1.31B	1.73B	1.17B	264.92M
Balance Sheet
Total Assets	0.00	35.37B	27.41B	13.42B	12.11B	9.90B
Cash, Cash Equivalents and Short-Term Investments	4.85B	4.85B	2.83B	3.69B	1.67B	520.71M
Total Debt	0.00	8.45B	8.05B	1.54B	1.93B	4.79B
Total Liabilities	-20.81B	14.56B	14.50B	4.56B	5.03B	7.00B
Stockholders Equity	20.81B	20.81B	12.91B	8.86B	7.08B	2.90B
Cash Flow
Free Cash Flow	0.00	-1.34B	-8.66B	2.33B	373.87M	824.87M
Operating Cash Flow	0.00	571.96M	-1.77B	3.69B	1.17B	1.19B
Investing Cash Flow	0.00	-4.21B	-5.37B	-2.91B	-522.92M	-322.22M
Financing Cash Flow	0.00	4.73B	7.53B	-754.32M	-430.17M	-862.32M

Gokaldas Exports Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 718.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GOKEX, the sentiment is Negative. The current price of 718.75 is below the 20-day moving average (MA) of 735.82, above the 50-day MA of 690.23, and below the 200-day MA of 807.45, indicating a bearish trend. The MACD of -22.87 indicates Positive momentum. The RSI at 37.42 is Neutral, neither overbought nor oversold. The STOCH value of 5.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GOKEX.

Gokaldas Exports Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARVIND	69 Neutral	₹90.08B	21.31	―	1.18%	8.84%	41.74%
SPAL	67 Neutral	₹17.12B	16.32	―	0.28%	34.25%	28.44%
KKCL	66 Neutral	₹28.78B	22.08	―	0.41%	28.67%	-20.77%
GOKEX	65 Neutral	₹44.65B	92.98	―	―	22.27%	7.09%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ARVINDFASN	56 Neutral	₹57.20B	65.33	―	0.31%	10.72%	-115.52%
ALOKINDS	40 Underperform	₹67.03B	-9.11	―	―	-20.02%	25.52%

Gokaldas Exports Limited Corporate Events

Gokaldas Exports Posts Q3 FY26 Investor Presentation Online

Gokaldas Exports Limited, a leading Indian apparel manufacturer and exporter serving international brands, has notified stock exchanges that it has published its investor presentation for the third quarter of FY26 results on its corporate website. The presentation, linked in the disclosure and released following an earlier intimation of an investor conference call, is intended to provide shareholders and market participants with detailed information on the company’s Q3 FY26 performance and outlook, enhancing transparency and facilitating informed decision-making by investors.

Gokaldas Exports Posts Stable Revenue but Lower Profit in Q3 FY2025-26

Gokaldas Exports Limited reported its unaudited consolidated financial results for the quarter and nine months ended December 31, 2025, showing quarterly revenue from operations of Rs 97,865.14 lakh and total income of Rs 99,816.23 lakh, broadly stable year-on-year. However, profit before tax for the quarter fell sharply to Rs 2,613.62 lakh from Rs 6,732.20 lakh a year earlier, with net profit declining to Rs 1,461.31 lakh from Rs 5,034.02 lakh, reflecting margin pressure from higher finance costs, depreciation, and cost movements, even as employee expenses and material costs remained elevated. For the nine-month period, revenue grew modestly to Rs 2,91,879.11 lakh from Rs 2,84,890.41 lakh, but profit before tax slid to Rs 10,166.58 lakh from Rs 13,902.38 lakh, and net profit to Rs 6,417.01 lakh from Rs 10,568.09 lakh, resulting in lower earnings per share and a weaker comprehensive income profile influenced by adverse movements in hedging and foreign currency translation; the board has approved these results, signaling a period of operational resilience in topline amid compression in profitability that stakeholders will watch closely for signs of recovery in margins and earnings quality.

Gokaldas Exports Posts Steady Revenue but Softer Profits in Q3 FY26

Gokaldas Exports Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, showing revenue from operations of about Rs 97,865 lakh for the quarter and Rs 2,91,879 lakh for the nine-month period, broadly stable compared with the previous year. Quarterly profit before tax stood at Rs 2,614 lakh and net profit at Rs 1,461 lakh, significantly lower than the year-ago quarter, while nine‑month net profit came in at Rs 6,417 lakh versus Rs 10,568 lakh a year earlier, reflecting margin pressures despite steady topline. Earnings per share for the nine months declined to Rs 8.80 basic from Rs 14.94, and total comprehensive income was weighed down by adverse movements in foreign exchange and hedging instruments, indicating that volatility in currency and financial markets continues to impact the exporter’s profitability even as its operating scale remains intact.

Gokaldas Exports Holds Q3FY26 Revenue Steady Despite US Tariff Impact, Margins Compress

Gokaldas Exports reported consolidated total income of ₹998 crore for the third quarter of FY26, broadly flat year-on-year, as its India operations grew 8% despite the first full quarter of US tariff impact, while uncertainties around AGOA and supply-chain delays weighed on its Africa business. EBITDA for the quarter stood at ₹96 crore with a 9.7% margin, lower than a year earlier due mainly to reduced US tariff rebates, though productivity gains, a strong order book and tighter cost management helped soften the blow; management flagged sequential improvement in Africa and a stronger order pipeline linked to a potential AGOA renewal, suggesting improved growth prospects ahead despite pressure on profitability metrics and lower PAT versus the previous year.

Gokaldas Exports Sets Q3 FY26 Results Date and Investor Earnings Call

Gokaldas Exports Limited will announce its financial results for the third quarter of FY26 on 31 January 2026 and will hold an earnings conference call with investors and analysts on 2 February 2026 at 11:00 IST, to be led by Executive Vice-Chairman and Managing Director Siva Ganapathi and Chief Financial Officer Sathyamurthy A. The scheduled disclosure and interaction underscore the company’s intent to maintain transparent communication with the market at a time of expanded scale and global reach, providing shareholders and other stakeholders with an opportunity to assess recent performance and the operational trajectory of one of India’s largest apparel exporters.