Gokul Refoils Q1 FY27 Results (NSE: GOKUL)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth decelerated

The read

The key inflection is consolidated EBITDA margin recovering to 2% from approximately 1.82% on the prior-year base, with EBITDA growth of 19.2% outpacing revenue growth of 9.7%; however, PAT growth of 57.5% is less durable because other income contributed 43.6% of PBT, while standalone revenue contracted 86.8%.

P&L walk

Consolidated revenue rose 9.7% YoY to ₹101674.83 lakh, EBITDA increased 19.2% to ₹2006 lakh and EBITDA margin improved to 2%, while finance costs rose 5.5%; PAT growth of 57.5% was helped materially by other income equal to 43.6% of PBT.

Segments

The group reports a single operating segment covering edible and non-edible oils and agro-based commodities; the consolidated revenue of ₹101674.83 lakh versus standalone revenue of ₹2163.67 lakh shows that subsidiaries drive virtually all group scale.

Key positives

• Consolidated EBITDA increased 19.2% YoY to ₹2006 lakh against revenue growth of 9.7%, and EBITDA margin expanded to 2% from approximately 1.82%.
• Employee benefits expense rose 7.2% YoY and depreciation rose 2.7%, both below the 9.7% revenue growth rate, supporting the 18bps EBITDA-margin expansion.
• Consolidated EPS rose 56.4% YoY to ₹0.61, broadly tracking 57.5% PAT growth and providing no material dilution warning.

Key concerns

• Raw material cost increased to 90.76% of consolidated revenue from 90.27% YoY, while the filing does not disclose a pricing, volume or mix offset.
• Standalone revenue fell 86.8% YoY to ₹2163.67 lakh, underscoring the group's dependence on subsidiaries for operating scale.
• Finance costs rose 28.0% QoQ to ₹929.37 lakh, limiting conversion of operating profit into pre-tax profit.

Earnings quality: includes non-operating other income

View original filing

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