Gokaldas Exports margin slips as costs fall slower than revenue
Net profit fell 6.95% QoQ, while lower tax provided support and other income contributed 44.93% of pre-tax profit.
Filed 05 Nov 2026, 21:19 IST · after market close · Gokaldas Exports Ltd (GOKEX)
Key takeaways
- Consolidated operating margin fell 0.33 percentage points QoQ to 9.42% as expenses declined 3.17%, slower than the 3.53% fall in revenue.
- Net profit declined 6.95% QoQ to Rs 41.22 cr even as the tax rate dropped 12.78 percentage points to 16.72%.
- Gokaldas Exports' 9.42% operating margin was 2.14 percentage points below the 11.56% median for 262 reported Consumer Discretionary peers.
Price around the results
Revenue and profit weakened sequentially
Consolidated revenue declined 3.53% QoQ, while operating profit fell 6.82%, indicating weaker operating leverage in the quarter. Profit before tax dropped 21.22% as depreciation rose 5.02%, partly offsetting a 3.44% decline in interest expense.
Cost pressure narrowed the operating margin
Expenses declined 3.17%, less than the 3.53% fall in revenue, so operating margin narrowed by 0.33 percentage points to 9.42%. The lower tax rate cushioned the earnings decline, but other income accounted for 44.93% of pre-tax profit, making reported profit more reliant on non-operating income.
Margin remained below the sector comparison
The company's operating margin was 2.14 percentage points below the 11.56% median among 262 Consumer Discretionary peers that had reported the quarter. With only Q1FY27 available as the preceding quarter in the trend, the reported direction is one of sequential margin decline rather than a confirmed multi-quarter pattern.
Results were filed after market close
Gokaldas Exports filed its consolidated results at 21:19 IST on 5 November 2026, after market close. The stock's post-results move therefore cannot yet be assessed in this update.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,113 cr | ₹1,154 cr | -3.53% |
| Other income | ₹22 cr | ₹27 cr | -16.58% |
| Expenses | ₹1,008 cr | ₹1,041 cr | -3.17% |
| Operating profit | ₹105 cr | ₹113 cr | -6.82% |
| Operating margin (%) | 9.42% | 9.75% | — |
| Interest | ₹29 cr | ₹31 cr | -3.44% |
| Depreciation | ₹48 cr | ₹46 cr | +5.02% |
| Profit before tax | ₹50 cr | ₹63 cr | -21.22% |
| Tax | ₹8 cr | ₹19 cr | -55.34% |
| Net profit | ₹41 cr | ₹44 cr | -6.95% |
| EPS (₹) | ₹5.63 | ₹6.05 | -6.94% |
Operating margin of 9.42% compares with a Consumer Discretionary sector median of 11.56% across 262 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 9.42% after the 0.33 percentage-point QoQ decline.
- Whether expenses continue to grow more slowly than revenue, reversing the quarter's 3.17% expense decline against a 3.53% revenue decline.
- Whether other income's contribution falls from 44.93% of pre-tax profit and the tax rate moves up from 16.72%.