Gokaldas Exports (GEXP IN) – Q2FY27 Result Update – Multiple levers for earnings recovery – BUY
Published on 06 Nov 2026
GEXP reported a healthy set of numbers, with revenue growing 13.0% YoY to INR11,128mn, broadly in line with estimates driven by steady growth in India and a recovery in Africa. EBITDA grew 62.2% YoY to INR1,048mn, with margins expanding to 9.4% on gross margin improvement and better performance in Africa. Volumes grew 9% YoY to 14.2mn pieces, while realizations increased by 4% to INR726/pc. Going ahead, management remains focused on driving volume growth, improving capacity utilization, capitalizing on FTA opportunities and realizing BTPL integration synergies. BTPL merger is also expected to lower the effective tax rate through utilization of accumulated losses. Accordingly, we have revised our FY27/28/29 EPS estimates upward by 13%/10%/2%. We expect GEXP’s revenue/EBITDA/PAT to grow 18.5%/32.5%/61.7% over FY26-29E, with EBITDA margins reaching 12.5%, led by volume growth of 16.1%. Maintain ‘BUY’ with a TP of INR 1,000, valuing the company at 20x Sep’28E PE.
