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Gokaldas Exports Q3FY26 (Consolidated) results

1 Feb 2026, 10:21AM

Gokaldas Exports’ (GKEL’s) consolidated revenue slightly declined by 0.9% y-o-y to Rs. 979 crore, missing our expectation of Rs. 1,087 crore.
Gross margin rose by 66 bps y-o-y to 54.2%, while EBITDA margin declined by 195 bps y-o-y to 8%, lower than our expectation of 8.9%, impacted mainly due to US tariff rebates.
EBITDA declined by 20.3% y-o-y to Rs. 78 crore. This coupled with higher interest and depreciation expenses led to 66.1% y-o-y decline in the adjusted PAT to Rs. 17 crore, against our expectation of Rs. 40 crore.
View: We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (Consolidated) Rs. crore

Particulars	Q3FY26	Q3FY25	Y-o-Y (%)	Q2FY26	Q-o-Q (%)
Total revenue	978.7	987.8	-0.9	984.4	-0.6
EBITDA	78.2	98.1	-20.3	53.6	45.8
Adjusted PAT	17.1	50.3	-66.1	8.1	111.2
Extraordinary item	2.4	0.0	-	0.0	-
Reported PAT	14.6	50.3	-70.9	8.1	81.0
Adj. EPS (Rs)	2.4	7.0	-66.1	1.1	111.2
			bps		bps
GPM (%)	54.2	53.6	66	47.8	637
EBITDA Margin (%)	8.0	9.9	-195	5.4	254
NPM (%)	1.5	5.1	-360	0.8	67
Tax rate (%)	42.0	25.2	-	56.8	-

Actual vs estimates Rs. crore

Particulars	Q3FY26	Q3FY26E	% var
Total revenue	978.7	1,086.5	-9.9
Operating Profit	78.2	96.3	-18.9
Adjusted PAT before MI	17.1	39.9	-57.2
			bps
GPM (%)	54.2	52.3	197
EBITDA margin (%)	8.0	8.9	-88