Gokaldas Exports Limited — Credit Ratings, 07-07-2025: Credit Rating

ICRA has upgraded the long-term rating of Gokaldas Exports Limited to [ICRA]A+ (Stable) from [ICRA]A (Stable) while reaffirming the short-term rating at [ICRA]A1. This upgrade reflects GEL’s strong operational performance, with revenues rising sharply to Rs. 3,875.8 Cr in FY2025 supported by organic growth and recent acquisitions. The company’s financial profile improved notably, with net debt/OPBDITA improving to 1x and comfortable coverage metrics (interest coverage at 4.8x). While margins were slightly impacted by one-time costs and currency fluctuations, operational synergies from acquisitions and healthy cash reserves (~Rs. 485 Cr) support liquidity. The improved rating enhances GEL’s borrowing flexibility and investor confidence, supporting its medium-term growth prospects amid competitive and market concentration challenges.