Gokaldas Exports Ltd

Financial Performance

• Q1 FY27 was strong with broad-based growth across geographies and customers.
• BTPL merger on track; expected to conclude in Q3 FY27.
• BTPL capacity ~50 lakh meters/month; ~30% growth expected.
• One new customer onboarded; operations to commence in Q2.
• Order book visibility across customers remains strong.
• US/UK demand grew; EU/UK imports declined; mix shifting to lower-value apparel.
• Overhead optimization and automation boosted productivity; working capital focus amid shipping delays.

Operations & Geography

• India volume growth at 3.4% this quarter; emphasis on high-value outerwear.
• Spring '27 orders expected in Q3 FY27; revenue traction similar to Q1.
• Africa EBITDA expected to reach double-digit by Q4 or early next Q1.
• UK revenue share currently 4%–4.5% of total revenue.
• UK FTA driving inquiries; Europe customers expanding.
• Q2 booked; Q3/Q4 orders being booked; momentum intact.
• India tariff parity with peers; competitive positioning improving.

Capex & Projects

• Jharkhand and Karnataka capex ~INR100 crores; INR70-75 crores this year.
• Each facility ~INR175 crores revenue in steady state.
• Total for both units ~INR350 crores annual revenue in steady state.
• FY28–FY29 ramp-up; first revenue from these facilities in FY28 H2.
• Bhopal Phase 2 adds 3,000 machines; revenue potential ~INR525-600 crores.
• Bhopal Phase 2 ramping in H2 FY27 and beyond.
• Africa second shift ramp in H2; utilization improving.

Outlook & Guidance

• Management targets ~15%+ growth; expects to do better than that.
• Africa EBITDA to double-digit by Q4 FY27 or early FY28.
• EBITDA margins expected to be higher than current base post-merger.
• Capex plan to add 2,000–3,000 machines this year; larger capex in FY28.
• Policy developments (UK FTA, tariff changes) to support orders; RoSCTL ~3.5% now.
• Logistics and macro headwinds persist; planning to respond with efficiencies.

Q&A Highlights

• India volume growth questioned; management cites high-value outerwear mix; Spring '27 orders drive growth.
• Q2 booked; Q3/Q4 orders in progress; revenue outlook similar to Q1 for Q2.
• Africa AGOA extension likely; double-digit EBITDA targeted by Q4 FY27 or early FY28.
• BTPL merger in Q3; post-merger mid-to-high single-digit EBITDA margin.
• Capex in Jharkhand & Karnataka: ~INR100 crores total; ~INR70-75 crores this year; revenue ~INR350 crores.

Meeting Details

• Date: August 20, 2026; Time not specified.
• Type: one-to-one; Mode: virtual.
• Organiser: Zaaba Capital; Purpose: investor/analyst meeting with senior management.
• Key participants: Senior Management of the company.

Meeting Details

• Date: August 12, 2026; Conference call for Q1 FY’27 results.
• Type/Mode: audio conference call.
• Organizer: Gokaldas Exports Limited.
• Purpose: discuss Q1 FY’27 results.
• Recording: audio recording available on the company website.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Presentation availability

• Investor presentation for Q1 FY27 results is available on the company's website.
• Direct download link: https://gokaldasexports.com/uploads/2026/08/Investor-Presentation-1QFY27-Gokaldas-Exports.pdf

Financial highlights

• Consolidated total income for Q1FY27: ₹1,180 crore, up 21% YoY.
• EBITDA: ₹139 crore, up 17% YoY; EBITDA margin 11.8%.
• PBT ₹63 crore; PAT ₹44 crore.
• India total income grew 16% YoY; Africa grew 45% YoY.
• EBITDA margin 11.8%, down 35 bps YoY.
• Commentary cited better order execution in India and higher Africa volume.
• Company says it has come out of penal tariff and now parity with global peers.

ESOP grant under GEL 2022 plan

• NRC approved grant of 350,000 stock options under GEL Employee Stock Option Plan 2022.
• Options vest on 10 August 2029.
• Exercise price set at Rs 716.54 per share.
• Approval granted at meeting held on August 11, 2026.

Financial results and major actions

• Un-audited standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Reports enclosed for both results.
• Audit Committee reviewed consolidated results prior to Board approval.
• Investment in BRFL Textiles Private Limited via OCD; Rs 22,500 lakhs; Rs 31,500 lakhs guarantees.
• Acquired BTPL equity and CCPS for Rs 7,199.06 lakhs; 19% BTPL stake.
• Converted CCPS to 9,62,24,645 BTPL equity shares under Amendment Agreement (June 30, 2025).
• As of June 30, 2026, Company holds 19% equity in BTPL.
• Scheme of amalgamation of BRFL Textiles Private Limited with the Company approved by shareholders on July 31, 2026.
• NCLT approved order to convene equity shareholders meeting; approvals pending.
• No financial impact recorded due to amalgamation scheme in the current results.
• Job work charges reclassified to Other expenses; prior quarter/year figures regrouped.
• Independent auditor's reviews conducted; MSKA & Associates LLP issued reports for consolidated and standalone results.
• No material auditor remarks or emphasis of matter reported.

Meeting Details

• Date and time: August 12, 2026 at 11:30 IST.
• Event: Q1 FY27 Earnings Conference Call.
• Mode: Virtual dial-in; pre-registration via DiamondPass.
• Organizer: Gokaldas Exports Limited.

Participants

• Executive Vice-Chairman & Managing Director; Chief Financial Officer.

Purpose

• Discuss Q1 FY27 results and investor interaction.

Purpose

• Scheme of amalgamation of BRFL Textiles Private Limited with Gokaldas Exports Limited and shareholders.

Resolutions

• Approve amalgamation scheme; deemed passed subject to requisite votes.

Voting Outcome

• Outcome pending; results to be declared by scrutinizer per timelines.

Shareholder/Creditor Impact

• No financial terms or share exchange ratio disclosed in notes.

Next Steps

• Scrutinizer to declare results within prescribed timelines.