Apparel exporter Gokaldas Exports reported a net profit of Rs. 36 crore (US $ 4.3 million) for the quarter ended 31st March 2026 (Q4 FY ’26), up 146% sequentially from Rs. 15 crore (US $ 1.8 million) in the previous quarter, reflecting an improvement in operating performance amid a challenging trade environment shaped by tariff-related disruptions.
On a year-on-year basis, however, profit was lower than Rs. 53 crore (US $ 6.4 million) reported in Q4 FY ’25.
The company, with an annual production of more than 90 million garments, reported a 9% quarter-on-quarter rise in consolidated total income to Rs. 1,087 crore (US $ 130.9 million), compared with Rs. 998 crore (US $ 120.2 million) in the preceding quarter, aided by a recovery in its Africa business and steady performance in India despite tariff-related disruptions.
The year-on-year total income growth stood at 5%, compared with Rs. 1,035 crore (US $ 124.7 million) recorded in Q4 FY ’25. The apparel export sector has spent much of the past year adjusting to shifts in US trade policy.
Operating performance also strengthened during the quarter, with EBITDA rising 40% sequentially to Rs. 135 crore (US $ 16.3 million) from Rs. 96 crore (US $ 11.6 million) in Q3 FY ’26.
On a year-on-year basis, EBITDA declined 5% from Rs. 142 crore (US $ 17.1 million), while margins stood at 12.4% compared with 13.7% a year earlier. Sequentially, margins expanded by 275 basis points, supported by productivity gains and tighter cost management initiatives.
For the full year FY ’26, total income rose 4% to Rs. 4,065 crore (US $ 489.8 million), while EBITDA increased 2% to Rs. 434 crore (US $ 52.3 million). EBITDA margin for FY ’26 stood at 10.7%, marginally lower than 10.8% in the previous year.
Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports, noted that disruptions due to penal US tariffs and volatile geopolitical events impacted the company’s costs and margins during the year.
The apparel manufacturer said that its India operations grew 2% year-on-year during the quarter despite tariff-related challenges, even as apparel exports from India declined by 10%, while Africa operations grew 17% year-on-year following the renewal of AGOA and comparatively more favourable tariff treatment for the region.
Bharat Tex Special Report 2026 
