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Swing Capital

Go Fashion (India) Ltd

NSE: GOCOLORS BSE: 543401Textile

Incorporated in 2010, Go Fashion Limited (GFIL) is one of the largest women's bottom-wear brands in India. The company is engaged in the development, design, sourcing, marketing, and retailing of a range of women's bottom-wear products under the brand, 'Go Colors'. The company offers one of the widest portfolios of bottom-wear products among women's apparel retailers in terms of colors and styles. As of May 31, 2021, Go Colors sold bottom-wear in over 50 styles in more than 120 colors.[1]

₹258
52W: ₹237 — ₹944
PE 23.5 · Book ₹128 · +102% vs book
Market Cap₹1,391 Cr
Stock P/E23.5Price to Earnings
ROCE10.6%Return on Capital
ROE8.53%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Promoter holding has increased by 1.42% over last quarter.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 12.3% over last 3 years.

Shareholding Pattern

Promoters54.2%
FIIs4.41%
DIIs28.43%
Public12.97%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.78%52.78%52.78%52.78%52.78%52.78%52.78%54.2%▲1.4
FIIs12.69%11.79%▼0.911.97%▲0.211.7%▼0.39.68%▼2.08.6%▼1.17.51%▼1.14.41%▼3.1
DIIs31.44%32.82%▲1.432.86%▲0.033.26%▲0.434.57%▲1.335%▲0.432.83%▼2.228.43%▼4.4
Public3.08%2.62%▼0.52.39%▼0.22.25%▼0.12.97%▲0.73.61%▲0.66.89%▲3.312.97%▲6.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales202.13181.74220.09208.53214.73204.81222.83224.17194.89196.12
Expenses134.61127.84147.95144.93144.94142.39154.12157.52142.79146.48
Operating Profit67.5253.972.1463.669.7962.4268.7166.6552.149.64
OPM %33.4%29.66%32.78%30.5%32.5%30.48%30.84%29.73%26.73%25.31%
Net Profit23.413.0528.6520.6324.3219.8922.2621.87.177.95
EPS ₹4.332.425.33.824.53.684.124.041.331.47

AI Insights

Revenue Trend

Mar 2026 revenue at ₹838Cr, down 1.2% YoY. OPM at 28%.

Debt Position

Borrowings at ₹532Cr. Debt-to-equity ratio: 0.83x. Moderate leverage.

Capex Cycle

CWIP at ₹8Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 28.43% (-3.56pp change). FIIs: 4.41% (-6.61pp change). Promoters hold 54.2%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 11% (Mar 2026). Working capital days: 117.

Valuation

PE 23.5x with 10.6% ROCE. Price is 102% above book value of ₹128. Dividend yield: 0%.

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