Gokaldas Exports Q2 FY27 Results (NSE: GOKEX)
Signal: Growth decelerated
The read
The key inflection is a consolidated gross-margin rebound to approximately 53.8%, up 596bps YoY and the second quarter after the Q2FY26 trough, but sequential revenue fell 3.5%, employee cost grew 16.0% YoY, and subsidiaries reduced consolidated PAT to ₹4122.40 lakh versus standalone PAT of ₹5166.03 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,112.8 Cr | +13.0% | -3.5% |
| Net profit | ₹41.22 Cr | +409.9% | |
| EPS | ₹5.63 | +411.8% |
P&L walk
Revenue increased 13.0% YoY but declined 3.5% QoQ; gross margin expanded to 53.8% from 47.8% YoY, while employee cost rose 16.0% YoY and finance cost rose 32.3%, leaving PAT at ₹4122.40 lakh versus ₹808.36 lakh a year ago but below ₹4429.82 lakh sequentially.
Segments
There are no reportable operating segments, but the standalone-versus-consolidated gap is material: standalone PAT was ₹5166.03 lakh, 25.3% above consolidated PAT of ₹4122.40 lakh, indicating subsidiaries dragged group earnings by ₹1043.63 lakh.
Key positives
- Consolidated revenue increased 13.0% YoY to ₹111279.54 lakh despite a 3.5% QoQ decline, while H1 revenue grew 16.8% YoY to ₹226630.91 lakh.
- Gross margin expanded approximately 596bps YoY to 53.8%; raw-material cost remained broadly stable at 47.3% of revenue versus 47.1% a year ago, although the filing does not disclose the cause.
- PAT recovered to ₹4122.40 lakh from ₹808.36 lakh YoY, and basic EPS rose 411.8% to ₹5.63.
- H1 operating cash flow was ₹32510.82 lakh against H1 PAT of ₹8552.22 lakh, providing strong cash conversion before working-capital and financing effects.
Key concerns
- Revenue declined 3.5% QoQ to ₹111279.54 lakh, while employee cost rose 16.0% YoY and increased to 34.0% of revenue.
- Standalone PAT of ₹5166.03 lakh exceeded consolidated PAT of ₹4122.40 lakh by ₹1043.63 lakh, showing that subsidiaries diluted group earnings.
- Consolidated finance cost increased 32.3% YoY to ₹2946.09 lakh, while cash and cash equivalents fell to ₹3187.36 lakh from ₹13500.99 lakh at March 31, 2026.
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