Gokaldas Exports (GOKEX) Q3 25/26 earnings summary

Executive summary

• Q3 FY2024/FY2026 total income was INR 998 crore, flat year-over-year, with India operations growing 8% YoY despite U.S. tariff headwinds, while Africa was impacted by AGOA expiry and supply chain issues.

• EBITDA for Q3 was INR 96 crore, down 18% YoY, mainly due to sharing U.S. tariff burden with customers, but margins improved sequentially.

• For 9MFY26, total income grew 3% YoY to INR 2,978 crore, with Indian business up 13% YoY, outperforming the industry.

• Board approved unaudited financial results for the quarter and nine months ended December 31, 2025, with review by the Audit Committee and statutory auditors.

• Financials prepared in accordance with Ind-AS and relevant Indian regulations.

Financial highlights

• Q3 revenue was INR 998 crore (flat YoY), with India up 8% YoY and Africa down due to AGOA and supply chain disruptions.

• Q3 EBITDA was INR 96 crore, down 18% YoY; adjusted EBITDA margin at 13.1%, reported margin at 9.7%.

• 9MFY26 revenue was INR 2,978 crore, up 3% YoY; EBITDA INR 299 crore, up 6% YoY; EBITDA margin at 10.0%.

• Consolidated net profit for nine months: INR 6,417.01 lakhs, up from INR 3,334.29 lakhs YoY.

• Net debt as of Dec 31, 2025, was INR 395 crore, up INR 237 crore YTD, mainly due to capex and investment in BTPL.

Outlook and guidance

• Strong order book visibility for both India and Africa businesses in upcoming quarters.

• Africa margins expected to recover to 7-8% in H1 FY2027 and 10% in H2 as order book and utilization improve.

• India-EU and India-UK FTAs expected to provide significant long-term market access and duty advantages.

• Long-term EBITDA margin guidance: 12-13% for India, 10-11% for Africa, assuming FTAs and tariff normalization.

• Impact of new Indian Labour Codes recognized as a one-time increase in employee benefit provisions; further impact to be evaluated upon notification of final rules.