Gokaldas Exports posts 9% sequential rise in Q4 revenue

Gokaldas Exports reported a net profit of Rs 36 crore for the quarter ended March 31, 2026 (Q4 FY26), up 146% sequentially from Rs 15 crore in the previous quarter, reflecting an improvement in operating performance amid a challenging trade environment.

On a year-on-year basis, however, profit was lower than Rs 53 crore reported in Q4 FY25.

The company also reported a 9% quarter-on-quarter rise in consolidated total income to Rs 1,087 crore, compared with Rs 998 crore in the preceding quarter, aided by a recovery in its Africa business and steady performance in India despite tariff-related disruptions. The year-on-year total income growth stood at 5%, over Rs 1,035 crore recorded in Q4 of FY25.

The apparel export sector has spent much of the past year adjusting to shifts in US trade policy. In April 2025, US President Donald Trump announced reciprocal tariffs on trading partners as part of a broader effort to reshape trade relationships, creating uncertainty across global supply chains and export markets.

“Disruption due to penal US tariffs and volatile geopolitical events impacted our costs and margin during the year. Exceptional teamwork, strong customer relationships and relentless execution in the face of adversities helped us deliver a superior business performance,” said Sivaramakrishnan Ganapathi, vice chairman and managing director of Gokaldas Exports.

Operating performance also strengthened during the quarter, with EBITDA rising 40% sequentially to Rs 135 crore from Rs 96 crore in Q3 FY26. On a year-on-year basis, EBITDA declined 5% from Rs 142 crore, while margins stood at 12.4% compared with 13.7% a year earlier. Sequentially, margins expanded by 275 basis points, supported by productivity gains and tighter cost management initiatives.
For the full year FY26, total income rose 4% to Rs 4,065 crore, while EBITDA increased 2% to Rs 434 crore. EBITDA margin for FY26 stood at 10.7%, marginally lower than 10.8% in the previous year.The company said India operations grew 2% year-on-year during the quarter despite tariff-related challenges, even as apparel exports from India declined by 10%. Africa operations grew 17% year-on-year following the renewal of AGOA and comparatively more favourable tariff treatment for the region.