AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Gokaldas Exports schedules group virtual meeting with institutional investors on September 24, 2026 in Bengaluru.
Source: Bse
Gokaldas Exports Limited (GOKEX)
Micro CapTextiles stocks · Micro cap · NSE
Gokaldas Exports Limited is an Indian apparel manufacturer with operations in India and Africa, primarily serving global export markets. The company navigated significant tariff disruptions and raw material cost pressures in FY26, demonstrating resilience and strategic customer relationships.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result11 Aug, 09:22 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Textiles P/E 42.1 (n=11)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -11.0% / mo · MACD +
Stock trend: 42
Sector RS: —
Textiles FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
GOKEXD candles · FIT view+0.6%Latest close ₹713.60 on 2026-10-19
Bar
-1.4%
RSI
52
MACD hist
7.95
52W pos
43%
2026-10-19O ₹723.90H ₹742.95L ₹708.30C ₹713.60Vol 3.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GOKEXNifty 500
- GOKEX
- -15.6%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -10.0 pp
Chart stats
19 Oct 2026- From 52W high
- -25.3%
- 52W range position
- 43%
- ATR (14)
- 3.7%
- Volume vs 20D
- 1.30x
- Avg traded value
- ₹21.4 Cr
- 20D price channel
- ₹647.1 - ₹743
₹954.9
₹531 - ₹954.9
₹26.4
Latest completed session
20-session average
34.8% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +17.9% · PAT +43.8% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-12.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +18% YoY · PAT +44% YoY · margin expansion · +8% QoQ · operating leverage
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹752 Cr | +17.9% | +8.2% |
| EBITDA | ₹92 Cr | +48.4% | -4.2% |
| Operating margin | 12.0% | +200 bps | -200 bps |
| PAT | ₹69 Cr | +43.8% | +9.5% |
| PAT margin | 9.2% | +166 bps | +12 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 51.00
- P/B
- 2.43
- EV/EBITDA
- 11.98
- Market Cap
- 5245.00Cr
Profitability
- ROE
- 3.09%
- ROCE
- 7.65%
- ROA
- 2.37%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- -25.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 3.60×
- Altman Z
- 3.54
- Book Value
- 295.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 52.00 Cr
- EPS TTM
- 14.05
Shareholding
- Promoter Hold
- 9.15%
- Promoter Pledge
- 96.30%
- Momentum 52W
- 44%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,988+3.2% vs prev
Net Profit
₹ CrLatest: 100-37.1% vs prev
Return on Equity
%Latest: 270+3572.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.4% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 25% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 1 Base / Transition
1M return
-1.9%
3M return
-15.6%
6M return
-4.8%
1Y return
-17.8%
RS 1D
+1
RS 20D
-14
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is within 3.1% of the 30-week proxy.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 99.67+0.68%
RS vs Nifty 500100
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth13/25
Quality0/20
Balance Sheet2/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 13/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Promoter pledge is 96.3%.
- Fair-value margin of safety is negative at -12.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
51.0
PB
2.4
EV/EBITDA
12.0
ROE
3.1%
ROCE
7.7%
FCF Yield
—
Debt/Equity
0.6
MoS
-12.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-12.9%
Previous: -12.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹305.38
-133.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹632.25
-12.9% MoS
PEG
2.43
Comparable companies
Peers
Business-comparable peers in Textiles — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ALOKINDS
Micro
Alok Industries Limited
Textiles
match 64
25
—
—
—
OVERVALUED
RAYMONDLSL
Micro
Raymond Lifestyle Limited
Textiles
match 62
31
23.4
1.1%
-27393%
OVERVALUED
ICIL
Micro
Indo Count Industries Limited
Textiles
match 59
22
57.9
5.5%
-1598%
OVERVALUED
TRIDENT
Large
Trident Limited
Textiles
match 48
35
28.3
7.9%
-187%
WATCHLIST
SANATHAN
Small
Sanathan Textiles Limited
Textiles
match 48
19
73.5
3.8%
-91%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-02T20:26:02.668Z
Management commentary snapshot
Gokaldas Exports delivered 4% FY26 revenue growth to INR4,065 crores, sustaining EBITDA margins despite severe US reciprocal tariffs and AGOA uncertainties. India operations grew 10% YoY, while Africa saw a Q4 rebound with 17% YoY growth, signaling improved FY27 outlook post-tariff normalization.
The company demonstrated strong resilience in FY26, absorbing substantial tariff burdens and maintaining customer relationships. With tariff normalization and AGOA renewal, the FY27 outlook for revenue and margins has improved. However, input cost inflation and potential new US tariffs post-July 2026 remain key monitoring points for sustained profitability.
Growth engines
Tariff Normalization
Withdrawal of penal 25% tariff in February and subsequent U.S. Supreme Court ruling led to 10% tariff until July 24, 2026, restoring competitiveness for India.
New Customer Acquisition
Signed two new premium customers in FY26 for India operations (one American, one European) and two for Africa operations (one American, one European), yielding revenue from FY27.
Retailer Diversification from China
Most U.S. retailers and many EU retailers continue to diversify away from China-based suppliers, helping growth of other regions like India.
AGOA Renewal/Extension
AGOA got restored till December 2026, supporting Africa business growth momentum in FY27. Management expects further extensions.
Capacity and execution
FY26 Capex Investment
Company spent about INR170 crores towards new capacity creation during FY26, which will pay out in the years ahead.
Karnataka Facility Ramp-up
Half of the Kolar Gold Fields facility in Karnataka is yet to ramp up and will reach full capacity utilization in Q1 and Q2 FY27.
Madhya Pradesh Unit Commissioning
Second unit in Madhya Pradesh is getting commissioned, expanding lines, and will reach full capacity utilization by Q3 FY27 (1,000 machines).
Africa Capacity & Utilization
Capacity expansion in Africa happened last year, targeting $115-120 million revenue in FY27. Started 2-shift operations in one factory (20-25% capacity).
Tailwinds
US Tariff Normalization
Withdrawal of penal 25% tariff in February and subsequent U.S. Supreme Court ruling against tariffs led to a 10% tariff until July 24, 2026, restoring competitiveness.
AGOA Restoration
AGOA got restored till December 2026, providing comfort and supporting Africa business growth momentum in FY27.
Strong US & UK Retail Sales
U.S. and U.K. retail sales witnessed strong growth of 8% and 6% respectively for CY '25. U.S. sales continue to remain strong in early 2026.
Diversification from China
Most U.S. retailers and many EU retailers continue to diversify away from China-based suppliers, which helps growth of other regions like India.
Headwinds
Reciprocal Tariffs
FY '26 began with reciprocal tariffs, remaining at a staggering 50% for a significant part of the year, impacting India and Africa operations.
Geopolitical Conflicts
War in the Middle East imposed upward pressure on cost of raw materials. War in Ukraine continued to keep pressure on EU markets.
Increased Raw Material Costs
U.S./Iran war impacted textile value chain with increased cost of raw materials like fuel, packaging, polyester, and trims. Cotton prices also rose.
Inflationary Pressures
Shipping costs have increased. Inflation across economies on account of higher fuel prices could impact consumer spending.
Risk radar
Potential Section 301 Tariff Re-imposition
Even if tariff is re-imposed under Section 301 post-July 24, 2026, there is a strong likelihood it will be similar to most competing nations from Asia (20%-odd range).
AGOA Renewal Uncertainty
AGOA got restored till December 2026. The belief is it may get further extended by 1-2 years, but long-term certainty beyond 2026 is not guaranteed.
Input Cost Pass-through Challenges
Endeavor to push back price increases to customers in H2 FY27 may only partially succeed due to customer resistance and competitive pricing from Southeast Asian/Chinese players.
Working Capital Management
Net debt increased by INR395 crores, primarily driven by capex, BTPL investments, and increased working capital on account of volume increase.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY26 results are annual, making YoY comparisons essential for overall performance. Q4 results, particularly for Africa and standalone India, show sequential recovery and momentum post-tariff changes, making QoQ relevant for understanding recent trends and future outlook.
Sector KPIs management disclosed
Total Income Growth
Company delivered a total income of INR4,065 crores, a 4% growth over the previous year (FY26).
India Operations Revenue Growth
India business operations grew by 2% in Q4 FY26 and 10% Y-o-Y in FY26, despite U.S. tariff-related uncertainties.
Africa Business Revenue Growth
Africa business expanded by 17% Y-o-Y in Q4 FY26, supported by AGOA extension. For FY26, Africa business declined by 19% due to AGOA uncertainties up to Q3.
EBITDA Margin
EBITDA margin was sustained at previous year's level in FY26, absorbing a severe financial setback in terms of tariff burden share. Q4 standalone EBITDA margin was 16% (adjusted for statutory reversals).
Management forward view
Worst is Behind Us
Management believes the worst is behind the company regarding tariff disruptions, with competitiveness of main production centers restored.
Strong FY27 Revenue Growth
Management reckons FY27 revenue growth will be "much more than 10% to 12%" due to improved conditions in Africa and stable standalone business.
FY27 Margin Improvement
EBITDA margin should improve by "a couple of percentage points" Y-o-Y in FY27, assuming no new significant disruptions.
BTPL Merger & Profitability
Merger of BTPL expected to conclude in Q3 FY27. BTPL is expected to turn in operating profits in H2 FY27, aiming for 6-7% EBITDA margin in H2.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Section 301 Tariff Outcome | 10% tariff until July 24, 2026. | Any re-imposition of tariffs post-July 24, 2026, and its magnitude relative to competing nations. |
| AGOA Renewal/Extension | Restored until December 2026. | Further extension of AGOA beyond December 2026 or progress on country-by-country FTAs, especially with Kenya. |
| BTPL Operational Profitability | Q4 FY26 EBITDA loss of 4-5%. | Achievement of EBITDA breakeven in H1 FY27 and 6-7% EBITDA margin in H2 FY27 post-merger. |
| Working Capital Reduction | Increased by INR200 crores in FY26. | Reduction of working capital by INR75-100 crores in Gokaldas and Atraco operations during FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 8th percentile within Textiles. Main check: promoter alignment is weak at 23/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
43 docs text-extracted · 30 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Textiles: 8th pctile, median 70 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
43 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
23
weak · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoters have pledged 96.3% of holding.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 9.2%.
- ▸ROE is low at 4.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gokaldas Exports Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Schedule of meeting with Institutional Investors/Research Analysts to be held on September 21, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Sep - Schedule of meeting with Institutional Investors/Research Analysts to be held on September 17, 2026 and September 18, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Sep
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Gokaldas Exports schedules one-on-one virtual meeting with Zaaba Capital on August 20, 2026.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug - Intimation of allotment of equity shares under ESOP Scheme of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.