Analysts/Institutional Investor Meet/Con. Call Updates

GEL/SEC/2026-27/31 August 19, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers The Exchange Plaza 25th Floor, Dalal Street, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code - 532630 Scrip Code: GOKEX Dear Sir / Madam, Sub: Transcript of Q1 FY'27 earnings conference call Pursuant to Regulation 30 and Regulation 46(2) (oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Q1 FY'27 earnings conference call held on August 12, 2026. The Transcript is also available on the Company’s website at www.gokaldasexports.com. Please take this into your records. Thanking you, Yours truly, For Gokaldas Exports Limited Gourish Hegde Company Secretary & Compliance Officer Encl: as above “Gokaldas Exports Limited Q1 FY '27 Earnings Conference Call” August 12, 2026 MANAGEMENT: MR. SIVA GANAPATHI – VICE CHAIRMAN AND MANAGING DIRECTOR – GOKALDAS EXPORTS LIMITED MR. SATHYAMURTHY – CHIEF FINANCIAL OFFICER – GOKALDAS EXPORTS LIMITED MODERATOR: MS. KASTURI SHARMA – E&Y Page 1 of 18 Gokaldas Exports Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Gokaldas Exports Limited Q1 FY '27 Earnings Conference Call hosted by EY. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing star and then zero on your touchtone phone. I now hand the conference over to Ms. Kasturi Sharma from EY. Thank you, and over to you, ma'am. Kasturi Sharma: Thank you so much, Farah. Good day to all of you, and thank you for joining us today. Before we proceed, let me quickly remind you that the discussions on the call today may contain some forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance or achievements to differ significantly from what is expressed or implied by these forward-looking statements. Also note that the results and earnings collateral have been e-mailed to everybody and the same is also available on the company's website. In case you haven't received these, you can write to us, and we will be happy to send them over to you again. To take us through the proceedings for the day and answer your questions, we have the management of Gokaldas Exports Limited, represented by Mr. Sivaramakrishnan Ganapathi, the Vice Chairman and Managing Director; and Mr. Sathyamurthy, the Chief Financial Officer. We will begin the call with a brief overview of the quarter and followed by the Q&A session. Now with that, I'll hand over the call to Mr. Siva. Over to you, sir. Siva Ganapathi: Thank you. Good morning, everyone. Thank you for joining us for our earnings call for the first quarter of FY '27. The quarter was a strong one, and importantly, the strength was broad based. Growth came from across our geographies, across customer base rather than from any single customer or market. Our India business grew 16% year-on-year, supported in part by the transition to the lower tariff regime under Section 122, following the wind down of earlier IEEPA reciprocal tariff. The significance of the growth is best understood in the context Indian apparel exports as a whole declined 12% year-on-year during the same period. Our Africa business delivered exceptional 45% year-on-year growth, supported by the renewal of AGOA. This performance, while partly drawing from a weak Q1 of the previous year is an outcome of the sustained investment we have made in the region over several years. Consequently, consolidated income for the quarter grew 21% year-on-year. Consolidated EBITDA rose 17% year-on-year, with India operations up 14%. Spending a moment on the cost environment, our margin performance was hard earned. Wages rose across both India and Kenya, reflecting inflation in respective local markets. Higher oil prices increased cost of shipping fabric and trims simultaneously drove up fuel and logistics Page 2 of 18 Gokaldas Exports Limited August 12, 2026 costs. Container availability constraints and shipping delays continued to disrupt flow of materials with consequent effects on production planning and throughput. Against these pressures, we optimized overhead and grew on operating leverage to limit the financial impact. We also continue to invest in automation, which is delivering measurable gains in productivity alongside greater consistency in product quality. We continue to look for ways to optimize our working capital with challenges like long shipping lead times notwithstanding. BTPL merger process is on track and is expected to conclude in the third quarter of this year. The business is seeing a consistent improvement in operating metrics. The unit has secured nominations from multiple brands for fabric sourcing, has started exporting fabrics as well and it's operating at a capacity of about 50 lakh meters a month. This is expected to grow by another 30% in the near future. Increasing capacity utilization, the investment in product mix and rising average realization will help in margin growth of BTPL. On the customer front, we recorded growth across all major accounts. We onboarded 1 new customer during the quarter with operations expected to commence in Q2. Turning to the demand environment. end consumer demand in both U.S. and U.K. recorded a strong growth through the first 6 months of CY '26, although the pace of growth in the U.S. has softened in June. Apparel imports into EU and U.K. by contrast declined steadily for the first 5 months of FY '26. We see this as reflecting a shift in mix towards lower value apparel together with continued inventory destocking by retailers rather than a genuine contraction in underlying retail demand. To the extent that this reading holds, it should provide a measure of insulation against any near- term softness at the retail end. In the U.S., May mark the first month of positive import growth since the beginning of CY 26, an early but encouraging indicator. On the trade policy, 2 developments are material to our outlook. First is the U.S. tariff announced under Section 301, places India on an equal footing with competing sourcing destinations while preserving an advantage over China and Vietnam, both of which are subject to a tariff of 12.5% Second, the implementation of India U.K. free trade agreement will bring India to parity with Bangladesh and Vietnam in the U.K. market, while providing a duty advantage over China. These developments do not create demand in themselves. What they do is remove a structural disadvantage from our customers sourcing decision. We, therefore, expect them to strengthen customer confidence and to support higher order placement across our key markets. We are equally attentive to the risks. The renewed engagement between United States and Iran has resulted in shipping reroutes and elevated freight costs, introducing uncertainty to global supply chain. In addition, inflationary pressure in the U.S. market warrants close monitoring as it may, in time, affect retail demand. We do not presume to forecast how these developments will unfold. Our approach is captured in the observation that plans are worthless, but planning is everything. We are not positioning the business around a single macroeconomic outcome. We are ensuring that Page 3 of 18 Gokaldas Exports Limited August 12, 2026 whatever direction the situation takes, we retain the capacity, the cost structure and the customer relations to respond decisively and effectively. In closing, we have a strong order book visibility across our customer base. We continue to diversify our customer portfolio and remain confident in our ability to convert improving market conditions into performance through [Showing first 8,000 characters — download PDF for full document]