May 3, 2022

ICICI Direct is bullish on Gokaldas Exports has recommended buy rating on the stock with a target price of Rs 570 in its research report dated May 02, 2022. Broker Research Trade ICICI Direct's research report on Gokaldas Exports Gokaldas Exports (GEL) is one of India’s leading apparel exporters with an annual capacity of 36 million+ pieces. Gokaldas focuses on manufacturing complex garmenting products that insulate it from other price based competition. Impressive clientele of leading international brands with ‘GAP’ and ‘H&M’ being major contributor to revenues. US contributes ~80% of sales • Under the leadership of the new MD (post exit of Blackstone in FY18), Gokaldas has scripted a successful turnaround of its business operations. Outlook We like GEL as a structural long term story to play the apparel export space. We maintain BUY recommendation on the stock. We value GEL at Rs 570 i.e. 19x FY24E EPS.