Gokul Agro’s 3.86% operating margin trails FMCG peers sharply
The consolidated quarter left the company 12.29 percentage points below the peer median, with interest and depreciation further reducing operating profit before tax.
Filed 29 Jul 2026, 17:26 IST · after market close · Gokul Agro Resources Ltd (GOKULAGRO)
Key takeaways
- Gokul Agro Resources reported a consolidated operating margin of 3.86%, 12.29 percentage points below the FMCG peer median.
- Interest of Rs 44.20 cr and depreciation of Rs 14.48 cr reduced operating profit of Rs 203.95 cr to pre-tax profit of Rs 157.99 cr.
- The company ranked second from the bottom among 15 FMCG peers that had reported, and filed its results after market close.
Price around the results
A thin operating margin leaves little cushion
Gokul Agro generated consolidated revenue of Rs 5,281.95 cr but retained only Rs 203.95 cr as operating profit, a 3.86% margin. After interest and depreciation, pre-tax profit was Rs 157.99 cr and net profit was Rs 122.64 cr, with EPS at Rs 4.16.
Interest was a meaningful drag below operating profit
Other income of Rs 12.73 cr was small relative to pre-tax profit, so the quarter's earnings were not primarily supported by non-operating income. The reported tax rate was 22.38%.
Gokul Agro sits near the bottom of its FMCG peer group
Among 15 FMCG companies that had reported the same quarter, the median operating margin was 16.15%. Gokul Agro's 3.86% margin was 12.29 percentage points below that median, ranking it second from the bottom. The results were filed at 17:26 IST after market close, so the stock's post-results response was not yet available.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹5,282 cr |
| Other income | ₹13 cr |
| Expenses | ₹5,078 cr |
| Operating profit | ₹204 cr |
| Operating margin (%) | 3.86% |
| Interest | ₹44 cr |
| Depreciation | ₹14 cr |
| Profit before tax | ₹158 cr |
| Tax | ₹35 cr |
| Net profit | ₹123 cr |
| EPS (₹) | ₹4.16 |
Operating margin of 3.86% compares with a Fast Moving Consumer Goods sector median of 16.15% across 15 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves above the reported 3.86%.
- Whether interest stays below the Rs 44.20 cr reported this quarter.
- Whether the company moves up from second-last among the 15 reported FMCG peers.