Gokaldas Exports Ltd

Gokaldas Exports Ltd

₹ 694 -1.44%
27 May - close price
About

Gokaldas Exports Limited is engaged in the business of design, manufacture, and sale of a wide range of garments for men, women, and children and caters to the needs of several leading international fashion brands and retailers [1]

Key Points

Business Overview[1]
Gokaldas Exports Limited (GEX) is a premier apparel manufacturer in India, operational since 1979. It specializes in designing, manufacturing, and exporting apparel products to 50+ countries. The company serves some of the world's most prestigious fashion brands with a workforce of over 54,000 employees, 75% of whom are women​

  • Market Cap 5,077 Cr.
  • Current Price 694
  • High / Low 995 / 531
  • Stock P/E 24.9
  • Book Value 322
  • Dividend Yield 0.00 %
  • ROCE 11.7 %
  • ROE 9.05 %
  • Face Value 5.00

Pros

Cons

  • Promoter holding is low: 9.15%
  • Company has a low return on equity of 10.1% over last 3 years.
  • Promoters have pledged 96.3% of their holding.
  • Earnings include an other income of Rs.122 Cr.
  • Dividend payout has been low at 1.25% of profits over last 3 years
  • Debtor days have increased from 43.7 to 56.0 days.
  • Working capital days have increased from 53.0 days to 86.4 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
523 514 497 545 583 564 632 625 655 638 688 672 695
453 454 447 479 504 512 573 560 586 576 621 616 600
Operating Profit 70 61 50 65 79 52 59 65 69 62 66 56 96
OPM % 13% 12% 10% 12% 14% 9% 9% 10% 10% 10% 10% 8% 14%
9 11 12 12 9 17 25 26 33 32 30 31 30
Interest 7 5 5 5 8 6 4 5 5 9 8 9 10
Depreciation 19 18 19 20 21 18 19 20 20 24 26 29 20
Profit before tax 53 48 38 53 59 45 60 65 76 61 62 49 96
Tax % 7% 25% 18% 26% 1% 19% 13% 24% 30% 21% 14% 19% 34%
49 36 31 39 58 36 53 49 53 48 53 39 63
EPS in Rs 8.13 5.87 5.11 6.44 9.23 5.13 7.37 6.91 7.39 6.56 7.25 5.39 8.66
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,070 1,123 915 1,031 1,173 1,368 1,209 1,789 2,221 2,139 2,477 2,693
1,049 1,085 946 1,054 1,112 1,281 1,109 1,585 1,952 1,884 2,232 2,412
Operating Profit 21 37 -31 -23 62 87 101 204 269 255 244 281
OPM % 2% 3% -3% -2% 5% 6% 8% 11% 12% 12% 10% 10%
90 74 39 47 15 36 12 11 37 45 100 122
Interest 47 39 36 37 33 37 34 40 25 24 20 37
Depreciation 30 20 17 16 19 54 52 58 71 79 78 99
Profit before tax 34 51 -46 -30 25 32 26 117 210 197 246 267
Tax % -0% -19% 1% 3% -3% -0% 0% -0% 15% 17% 22% 24%
34 61 -46 -31 26 32 26 117 178 164 191 204
EPS in Rs 9.93 17.44 -13.23 -8.83 5.99 7.56 6.12 19.79 29.45 25.90 26.77 27.84
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% -0% 3% -0% 4% -0%
Compounded Sales Growth
10 Years: 9%
5 Years: 17%
3 Years: 7%
TTM: 9%
Compounded Profit Growth
10 Years: 30%
5 Years: 53%
3 Years: 8%
TTM: 21%
Stock Price CAGR
10 Years: 25%
5 Years: 39%
3 Years: 21%
1 Year: -27%
Return on Equity
10 Years: 10%
5 Years: 12%
3 Years: 10%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 17 17 17 17 21 21 21 29 30 32 36 37
Reserves 139 195 148 113 218 207 270 680 863 1,310 2,109 2,325
311 343 474 472 381 440 476 191 141 254 192 479
177 168 154 192 202 271 237 325 309 359 426 672
Total Liabilities 645 725 794 794 823 939 1,005 1,226 1,343 1,955 2,763 3,513
125 92 94 95 107 171 235 282 261 254 268 385
CWIP 2 2 1 0 1 1 -0 -0 -0 -0 4 49
Investments 32 29 29 20 20 55 57 174 365 504 842 936
485 602 671 679 694 712 713 770 717 1,197 1,649 2,143
Total Assets 645 725 794 794 823 939 1,005 1,226 1,343 1,955 2,763 3,513

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
69 84 12 25 51 98 118 121 368 130 78 39
-17 -83 26 -14 -0 -39 -32 -57 -283 -448 -462 -206
-37 4 -54 -40 -57 -44 -85 -42 -85 318 493 149
Net Cash Flow 16 6 -16 -28 -6 15 0 22 1 1 108 -18
Free Cash Flow 73 121 0 13 29 90 84 68 335 79 15 -66
CFO/OP 333% 231% -40% -114% 77% 112% 115% 66% 151% 67% 47% 33%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 26 26 84 77 50 38 54 19 22 36 39 56
Inventory Days 139 119 128 118 180 152 156 178 91 133 140 158
Days Payable 67 64 55 67 60 60 52 48 26 51 52 67
Cash Conversion Cycle 98 81 158 128 171 130 158 148 87 118 127 147
Working Capital Days -25 -54 -64 -66 -21 -44 -30 52 26 24 49 86
ROCE % 8% 9% -2% 1% 10% 7% 8% 18% 22% 15% 12% 12%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Annual Garment Production Capacity
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Total Workforce
Number
Number of Manufacturing Facilities
Number
Production Volume
Million Pieces
Average Realization per Piece
INR
Capacity Utilization
%

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
11.06% 11.05% 11.05% 10.58% 9.42% 9.39% 9.38% 9.38% 9.17% 9.16% 9.15% 9.15%
16.20% 16.96% 20.46% 21.21% 26.55% 27.02% 26.54% 25.79% 24.88% 22.93% 23.71% 19.85%
32.31% 32.68% 31.55% 30.03% 31.79% 33.77% 37.01% 36.82% 37.17% 38.94% 39.03% 37.58%
40.44% 39.31% 36.93% 38.18% 32.26% 29.82% 27.08% 27.99% 28.78% 28.97% 28.10% 33.42%
No. of Shareholders 49,68062,45276,07067,06053,28748,57047,87355,50761,37664,55362,32885,609

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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