Gokaldas Exports Limited (GEL) has released the transcript of its Q4 FY'26 earnings conference call, held on May 25, 2026. During the call, management discussed the significant disruptions faced in FY'26 due to reciprocal tariffs imposed by the U.S. and geopolitical events impacting raw material costs. Despite these headwinds, GEL's India operations grew by 2% in Q4 FY'26, while the Africa business expanded by 17% year-on-year, benefiting from the AGOA extension. For the full fiscal year FY'26, GEL reported a total income of ₹4,065 crores, a 4% growth over the previous year. The company incurred a net discount of over ₹90 crores to offset tariff burdens. The withdrawal of penal tariffs in February 2026 and the subsequent U.S. Supreme Court ruling have improved the revenue and margin outlook for FY'27. GEL has also committed capital expenditure of approximately ₹170 crores for new capacities and upgrades. Management expressed optimism for FY'27, anticipating improved EBITDA margins in both India and Africa businesses. The company has signed two new premium customers for its India operations and two for its Africa operations, expected to yield revenue from FY'27. The merger of BTPL is expected to conclude in Q3 FY'27, with the entity projected to turn in operating profits in the second half of FY'27. Discussions also covered working capital management, with an intention to reduce it by ₹75-100 crores in FY'27. The company is selectively adding new premium customers and is confident in its ability to sustain growth momentum, supported by existing customer relationships and increased capacities. The outlook for FY'27 is positive, with expectations of significant growth, particularly in the Africa business, which is projected to achieve revenues between $115 million to $120 million.
