Gokaldas Exports financials: balance sheet, profit and loss, cash flow

NSE: GOKEXBSE: 532630Textiles & ApparelsSmall Cap

Gokaldas Exports Limited · Face value ₹5 · Listed Apr 2005

₹648.55₹15.90 (2.51%)BSE ₹649.10

Share price at the NSE close on 28 Oct 2026. Previous close ₹632.65.

28 Oct: open ₹630.10, high ₹654.80, low ₹621.25

52-week range of traded prices to 28 Oct 2026

₹531.00Low, 27 Jan 2026₹954.90High, 20 Nov 2025

Market cap: ₹4,752 Cr783rd largest listed
P/E: 46.16
P/B: 2.20
Dividend yield: Nonein the last 12 months
ROE: 4.9%
ROCE: 6.3%
Debt to equity: 0.45
Volume, NSE: 1,70,276

Gokaldas Exports' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Gokaldas Exports annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 16.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹1,365 Cr, differs from its quarters added, ₹1,382 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,988
Materials and goods−1,925
Employee costs−1,329
Other expenses−378
Operating profit356
Depreciation−167
Other income+77
One-off items0.0
Finance costs−95
Profit before tax172
Tax−71
Net profit100

What the company owns

Plant, investments and other assets₹2,454 Cr
Inventory₹875 Cr
Receivables₹601 Cr
Current investments₹289 Cr
Cash and bank₹136 Cr

What pays for it: net worth and liabilities

Net worth₹2,160 Cr
Borrowings₹978 Cr
Other liabilities₹867 Cr
Owed to suppliers₹349 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Gokaldas Exports quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 22 May	Jun 2026Twelve monthsFiled 11 Aug
Revenue from operations	930	1,032	1,175	1,365	1,211	1,790	2,222	2,379	3,864	3,988	4,185
	936	1,056	1,113	1,298	1,109	1,585	1,951	2,125	3,493	3,631	3,815
Materials and goods bought	482	536	523	692	605	888	1,177	1,135	1,930	1,925	2,031
Employee costs	–	–	–	467	372	539	619	778	1,227	1,329	1,384
Other expenses	–	–	–	139	133	158	155	212	336	378	400
Operating profit before depreciation	−5	−23	62	67	101	205	271	254	371	356	371
Operating margin	−0.6%	−2.3%	5.3%	4.9%	8.4%	11.5%	12.2%	10.7%	9.6%	8.9%	8.9%
Materials, % of revenue	–	–	–	50.7%	50.0%	49.6%	53.0%	47.7%	50.0%	48.3%	48.5%
Employee costs, % of revenue	–	–	–	34.2%	30.7%	30.1%	27.9%	32.7%	31.7%	33.3%	33.1%
Other expenses, % of revenue	–	–	–	10.2%	11.0%	8.8%	7.0%	8.9%	8.7%	9.5%	9.6%
Depreciation and amortisation	18	16	19	55	53	59	72	89	128	167	173
Operating profit after depreciation	−23	−40	43	12	49	147	199	165	243	189	197
Other income	15	47	22	35	12	11	25	30	53	77	84
Finance costs	36	37	33	37	34	40	26	36	77	95	103
Profit before one-off items and tax	−44	−30	31	10	27	117	198	159	218	172	178
One-off items	0	0	−6	20	0	0	6	0	0	0	0
Profit before tax	−44	−30	25	30	27	117	204	159	218	172	178
	5	1	−1	0	0	0	31	28	60	71	75
Current tax	–	–	–	1	7	12	47	44	52	83	88
Deferred tax	–	–	–	−1	−7	−12	−15	−16	8	−11	−14
Net profit	−49	−31	26	30	26	117	173	131	159	100	103
Other comprehensive income	–	–	–	−36	32	7	−22	11	9	−103	−76
Total comprehensive income	–	–	–	−6	58	124	151	142	167	−2	27
Net margin	−5.3%	−3.0%	2.2%	2.2%	2.2%	6.5%	7.8%	5.5%	4.1%	2.5%	2.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018 and Mar 2019 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 22 May
	227	290	708	886	1,291	2,081	2,160
Share capital	21	21	29	30	32	36	37
Reserves	205	269	679	856	1,260	2,045	2,124
	391	339	63	35	620	643	978
Repayable after a year	0	19	2	10	281	307	374
Repayable within a year	391	320	61	26	339	336	603
	664	590	391	346	1,013	976	1,509
Trade payables	114	112	118	84	184	238	349
Other financial liabilities	118	118	162	180	409	277	419
Other liabilities	10	9	13	12	26	58	61
Provisions	30	28	37	44	56	60	43
Tax owed	0	3	0	0	–	7	34
	34	110	112	110	436	481	685
Other financial liabilities	29	86	103	87	140	–	234
Other liabilities	0	0	0	0	–	153	20
Provisions	5	5	7	13	15	20	56
Total assets	925	990	1,211	1,342	2,741	3,537	4,354
	362	430	382	462	1,355	1,694	2,092
Plant in use, after depreciation	170	235	285	279	549	815	955
Plant being built	1	0	11	108	128	17	116
Intangible assets	2	2	3	1	1	0	0
Goodwill	0	0	0	0	586	584	584
Intangible assets being developed	0	0	0	0	–	–	1
Investments	0	0	0	0	3	178	301
Loans given	35	29	0	0	0	0	0
Other financial assets	139	147	42	28	37	45	49
Deferred tax	1	13	24	35	42	37	74
Other assets	14	3	18	12	8	18	13
	563	560	829	880	1,387	1,843	2,262
Inventories	289	259	434	293	604	682	875
Trade receivables	144	180	92	136	353	429	601
Cash and cash equivalents	12	15	13	15	54	165	135
Other bank balances	0	0	0	9	73	1	1
Current investments	36	37	154	344	156	319	289
Other financial assets	7	15	15	1	11	40	120
Other assets	76	54	121	82	136	207	241
Net debt	343	287	−104	−333	336	158	553

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 22 May
	120	157	371	−177	57	52
	123	144	409	−136	142	37
	1	−75	111	−398	−309	−272
Receivables	−47	88	−46	−215	−65	−161
Inventories	30	−174	141	−311	−78	−193
Payables	0	28	−34	95	38	105
Other working capital	18	−17	50	32	−204	−23
Tax paid	−3	13	−38	−41	46	57
Capital spending	36	80	135	689	191	228
Free cash flow	84	77	235	−866	−134	−177
	48	107	−293	−537	421	−286
Plant and property sold	2	2	9	0	3	6
Interest received	10	9	0	0	5	4
	3,453	4,857	−75	753	473	203
Borrowings raised	1,683	2,114	415	1,328	1,553	2,344
Borrowings repaid	1,711	2,391	−443	−744	1,528	2,019
Interest paid	29	25	−10	0	60	66
Lease payments	0	33	−42	0	89	110
Dividends paid	0	0	0	6	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	293	0	248	597	0
Net change in cash	3,621	5,121	2	39	951	−32

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Gokaldas Exports dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 22 May
Earnings per share	–	−₹8.87	₹6.08	₹7.10	₹6.18	₹23.08	₹28.60	₹21.55	₹22.36	₹13.71
Diluted earnings per share	–	−₹8.87	₹5.92	₹6.67	₹5.83	₹22.14	₹27.20	₹20.51	₹21.45	₹13.11
Dividend per share	–	–	–	–	–	–	₹1.00	–	–	–
Book value per share	–	–	–	₹52.92	₹67.62	₹120.08	₹146.30	₹203.74	₹291.14	₹294.95
Dividend payout	–	–	–	–	–	–	3.5%	–	–	–
Shareholder yield	–	–	–	–	0.0%	−12.3%	0.0%	−5.4%	−10.4%	0.0%
Market cap at the year end (₹ crore)	246	303	401	139	335	2,384	2,157	4,474	5,763	4,249

Earnings per share is left blank for the year to Mar 2017: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Gokaldas Exports PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 22 May
Revenue growth	−18.6%	10.9%	13.8%	–	−11.3%	47.9%	24.1%	7.1%	62.4%	3.2%
Operating profit growth	–	–	–	–	51.1%	102.5%	31.8%	−6.2%	46.0%	−3.9%
Net profit growth	–	–	–	18.8%	−12.8%	342.0%	47.7%	−24.3%	21.0%	−36.8%
Earnings per share growth	–	–	–	16.8%	−13.0%	273.5%	23.9%	−24.7%	3.8%	−38.7%
	–	–	–	13.4%	10.3%	23.5%	21.7%	12.0%	9.4%	4.7%
	–	–	–	–	−3.2 pts	13.2 pts	−1.8 pts	−9.7 pts	−2.6 pts	−4.7 pts
From the net margin	–	–	–	–	−0.2 pts	20.4 pts	4.5 pts	−6.3 pts	−3.1 pts	−3.6 pts
From asset turnover	–	–	–	–	−1.9 pts	8.8 pts	2.0 pts	−5.1 pts	0.5 pts	−1.0 pts
From borrowing	–	–	–	–	−1.0 pts	−16.0 pts	−8.2 pts	1.8 pts	−0.1 pts	0.0 pts
Return on capital employed	–	–	–	2.0%	7.8%	19.0%	21.6%	8.6%	8.9%	6.0%
Cash conversion	–	–	–	–	454.8%	134.1%	214.2%	−135.2%	36.1%	51.5%
Interest cover	–	–	1.3	0.3	1.4	3.6	7.7	4.5	3.1	2.0
Debt to equity	–	–	–	1.73	1.17	0.09	0.04	0.48	0.31	0.45
Receivable days	–	–	–	38	54	19	22	54	41	55
Inventory days	–	–	–	153	156	178	91	194	129	166
Payable days	–	–	–	60	67	48	26	59	45	66
Cash conversion cycle, days	–	–	–	131	143	149	87	189	124	155
Working capital days	–	–	–	65	72	68	31	66	68	85
Asset turnover	–	–	–	1.48	1.26	1.63	1.74	1.17	1.23	1.01
Assets per rupee of net worth	–	–	–	4.08	3.71	2.21	1.60	1.88	1.86	1.86
Sales per rupee of plant	–	–	–	8.02	5.14	6.28	7.98	4.33	4.74	4.17
Capital spending to depreciation	–	–	–	–	0.69	1.35	1.89	7.76	1.49	1.37
Plant being built, % of plant in use	–	–	–	0.5%	0.0%	3.9%	38.7%	23.3%	2.1%	12.2%

Interest cover is left blank for the years to Mar 2017 and Mar 2018: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 14.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	26.9%	21.5%
Profit growth, yearly rate	5.0%	30.5%	−16.7%
Return on equity, average	–	14.3%	8.7%
Return on capital employed, average	–	12.8%	7.9%
Operating margin, average	6.9%	10.6%	9.7%
Net margin, average	2.5%	5.3%	4.0%
Asset turnover, average	–	1.35	1.14
Cash conversion cycle, days, average	–	141	156
Interest cover, average	–	4.2	3.2
Debt to equity, average	–	0.27	0.41

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	459	−68	52
Cash from investing	−589	−403	−286
Cash from financing	6,211	1,430	203
Capital spending	1,323	1,108	228
Dividends paid	6	6	0
Shares bought back	0	0	0
Shares issued for cash	1,137	844	0
Borrowings raised	7,755	5,226	2,344
Borrowings repaid	7,125	4,291	2,019

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	8	6	2	4	4
Altman Z-scorePublished threshold 1.81	–	2.02	2.06	5.97	6.43	3.76	4.85	3.17
Beneish M-scorePublished threshold −1.78	–	–	−2.57	−2.84	−2.38	−0.51	−2.04	−2.20
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−14.85	−13.38	7.48	41.41	−10.17	8.48
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	2.05	0.83	0.54	−0.18
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	36.61	−96.61	23.20	152.49	−40.81	36.98
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	2.17	20.49	−64.97	109.59	−57.07	28.53
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−1.12	3.76	−2.38	2.70	2.58	2.88
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	0.10	1.65	0.36	0.04	0.38
Effective tax ratePublished threshold 17.16 per cent	−2.00	0.00	0.47	−0.04	15.37	17.62	27.30	41.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−11.52	−3.45	−8.32	6.15	8.63

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Sep 2025	ICRA Limited	Non Fund Based-Others	[ICRA]A1Review, Other		411.20
19 Sep 2025	ICRA Limited	Fund Based-Term Loan	[ICRA]A+Review, Other	Stable	20
19 Sep 2025	ICRA Limited	Fund Based-Others	[ICRA]A1Review, Other		416
5 Sep 2025	CRISIL Ratings Limited	Bank Facilities	Crisil A1Review, Other		380
5 Sep 2025	CRISIL Ratings Limited	Bank Facilities	Crisil A+Review, Other	Stable	416

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.