Gokaldas Exports (GOKEX) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income rose 13% YoY to ₹1,135 Cr; EBITDA increased 52% to ₹127 Cr, supported by product mix and productivity, with growth also benefiting from a tariff-impacted prior-year base.

• H1 FY27 total income increased 17% to ₹2,315 Cr and EBITDA rose 32% to ₹266 Cr despite higher input, wage and logistics costs.

• India grew 10% YoY and Africa 32% in Q2; management expects H2 margin improvement and stronger growth from FY28.

Financial highlights

• Q2 revenue from operations was ₹1,113 Cr, up 13% YoY; EBITDA margin was 11.2%, up 287 bps, and PBT rose 164% to ₹49 Cr.

• Q2 PAT was ₹41 Cr, up 410% YoY; sequentially, revenue declined 4%, EBITDA declined 9% and PAT declined 7%.

• H1 revenue from operations rose 17% to ₹2,266 Cr; EBITDA margin improved to 11.5%, up 129 bps, PBT rose 49% to ₹112 Cr and PAT rose 73% to ₹86 Cr.

• Consolidated Q2 net profit was ₹4,122.40 lakh versus ₹808.36 lakh YoY; Q2 PBT was ₹4,949.90 lakh versus ₹1,872.31 lakh.

• Net debt was ₹429 Cr at September 2026, down ₹124 Cr from March; total borrowings declined to ₹782 Cr from ₹978 Cr.

Outlook and guidance

• Management expects strong revenue growth from Q3, India double-digit volume growth from FY28, and stronger PAT growth from FY28 through revenue growth, margin gains, operating leverage, FX benefits and improved pricing.

• Atraco is expected to reach a 10% EBITDA margin in six months, with improvement from Q3 as seasonality eases and the order book remains robust.

• BTPL revenue guidance is ₹220–225 Cr in Q3 with EBITDA breakeven, and ₹250 Cr in Q4 while working toward PBT breakeven.

• At optimal utilization, FY28 EBITDA margin expectations are 13% for India, 10% for Africa and 10% for BTPL.

• FY27 planned capex is ₹150 Cr, subject to market conditions; spending may rise to ₹175 Cr, with annual capex above ₹200 Cr possible in subsequent years.