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GOPAL - Gopal Snacks

📊 NSE: GOPAL 🏢 Food - Processing - Indian 📅 Last Updated: 12/13/2025 22:32

📢 Recent Corporate Announcements

Gopal Snacks Maintains Operations Amid Gas Restrictions Using Bio Coal

🟢 POSITIVE ⭐ 6/10

OTHER 📅 12 Mar 2026, 11:42 AM

Gopal Snacks Limited has confirmed that its manufacturing operations remain unaffected by the Government of India's recent restrictions on commercial gas usage. The company is utilizing Bio coal at its key facilities in Modasa and Nagpur, ensuring a smooth supply chain and no interruption in meeting customer demand. This strategic shift to alternative fuel sources is designed to reduce dependency on single energy sources and improve cost-effectiveness. With 6 manufacturing units and a network of over 850 distributors, the company remains resilient against macro-level energy supply challenges.

Modasa and Nagpur manufacturing facilities are running normally using Bio coal despite national gas restrictions.
Strategic use of alternative fuel sources has mitigated risks associated with Middle East tensions and gas supply shortages.
Company maintains a robust distribution network of 850+ distributors and nearly 300 owned logistics vehicles.
Vertical integration and in-house cold storage support the company's agility in production and quality control.

💡 Investors should note the company's proactive risk management and fuel diversification, which protects margins from volatile gas prices. This operational resilience provides a competitive advantage over peers who may be more dependent on commercial gas supplies.

Gopal Snacks receives ₹174.72 million interim insurance claim for Rajkot fire incident

🟢 POSITIVE ⭐ 6/10

OTHER 📅 11 Mar 2026, 10:50 AM

Gopal Snacks Limited has received an interim insurance payment of ₹174.72 million related to a fire incident at its Rajkot production facility that occurred on December 11, 2024. This brings the total insurance proceeds received in the current financial year to ₹374.64 million. The company is currently in the process of restating the fire-affected assets at the Metoda, Rajkot unit. Further insurance disbursements are expected as the asset restatement process nears completion.

Received interim insurance payment of ₹174.72 million for the Metoda, Rajkot facility fire
Total insurance claim proceeds for the current financial year stand at ₹374.64 million
The fire incident occurred on December 11, 2024, at Plot No. G2322-23-24, GIDC Metoda
Asset restatement is ongoing, with further claim disbursements expected upon completion

💡 This is a positive development as it provides liquidity and offsets the capital loss from the fire incident. Investors should monitor the timeline for the full restoration of production capacity at the affected unit.

Gopal Snacks to Host Institutional Investor Meet and Plant Visit on March 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 07:21 PM

Gopal Snacks Limited has announced a group physical interaction and plant visit for institutional investors and brokers scheduled for March 12, 2026. The visit will take place at the company's manufacturing facility located in Modasa, Gujarat. A total of 7 institutions, including BNP Paribas (India), 360 ONE Capital, and Equirus, are confirmed to participate. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during the event.

Scheduled a physical plant visit for 7 institutional investors and brokers on March 12, 2026.
The venue for the group interaction is the company's facility in Modasa, Gujarat.
Participating institutions include BNP Paribas, 360 ONE Capital, Equirus, and Sameeksha Capital.
The company confirmed that the interaction will not involve the disclosure of any UPSI.

💡 Investors should monitor for any subsequent analyst notes or research reports that may provide insights into the company's operational efficiency and manufacturing capabilities following the plant visit.

Gopal Snacks Reschedules Investor Meet with Sameeksha India Equity Fund to March 17

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Mar 2026, 06:47 PM

Gopal Snacks Limited has informed the exchanges about the rescheduling of its one-on-one virtual meeting with Sameeksha India Equity Fund. Originally scheduled for March 9, 2026, the meeting will now take place on Tuesday, March 17, 2026. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction. This announcement is a follow-up to their previous disclosure made on March 3, 2026.

Meeting with Sameeksha India Equity Fund rescheduled from March 9 to March 17, 2026
The interaction will be conducted as a one-on-one virtual meeting
Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared
Compliance filing made under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 No immediate action is required as this is a routine administrative update regarding investor relations. Investors should look for any subsequent corporate presentations or meeting summaries if released by the company.

Gopal Snacks to Meet Sameeksha India Equity Fund on March 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Mar 2026, 12:50 PM

Gopal Snacks Limited has scheduled a one-on-one virtual meeting with Sameeksha India Equity Fund on March 9, 2026. This interaction is part of the company's routine engagement with institutional investors to discuss business updates. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this meeting. Such disclosures are mandatory under SEBI Listing Obligations and Disclosure Requirements.

One-on-one virtual meeting scheduled for March 9, 2026
Interaction specifically with Sameeksha India Equity Fund
Company confirms no unpublished price sensitive information will be shared
Disclosure compliant with Regulation 30 of SEBI LODR Regulations

💡 This is a routine corporate announcement with no immediate impact on stock fundamentals. Investors should monitor for any subsequent investor presentations or transcripts that may provide qualitative insights into the company's growth strategy.

Gopal Snacks to Host Plant Visit and Meeting with Ashika Stock Services on March 5-6

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 03:36 PM

Gopal Snacks Limited has scheduled a one-on-one interaction with Ashika Stock Services Ltd. on March 5th and 6th, 2026. The engagement will consist of a physical meeting and a plant visit, allowing the analyst to observe the company's manufacturing operations. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions. This is a standard regulatory disclosure under SEBI (LODR) Regulations, 2015.

One-on-one meeting and plant visit scheduled for March 5th and 6th, 2026.
Interaction is specifically with Ashika Stock Services Ltd.
The company confirmed that no unpublished price sensitive information (UPSI) will be disclosed.
Disclosure made in compliance with Regulation 30 of SEBI Listing Obligations.

💡 No immediate action is required as this is a routine investor relations activity. Investors may look for future research reports from Ashika Stock Services for potential insights into the company's operational efficiency.

Gopal Snacks Schedules Plant Visit and Investor Meeting with ITI Capital & Antique Limited

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Feb 2026, 11:07 AM

Gopal Snacks Limited has announced a scheduled interaction with institutional investors on February 27, 2026. The meeting will involve representatives from ITI Capital and Antique Limited and will include a one-on-one physical meeting along with a plant visit. This disclosure is made in compliance with SEBI Listing Obligations and Disclosure Requirements. The company has explicitly stated that no unpublished price-sensitive information will be shared during this interaction.

Meeting and plant visit scheduled for February 27, 2026
Participating institutions include ITI Capital and Antique Limited
Interaction format is a one-on-one physical meeting and site visit
Company confirms no unpublished price-sensitive information (UPSI) will be disclosed
Disclosure submitted under Regulation 30 of SEBI LODR Regulations, 2015

💡 Investors should monitor for any subsequent research reports from ITI Capital or Antique Limited that may provide insights into the company's operational efficiency. No immediate portfolio action is required based on this routine regulatory filing.

Gopal Snacks to Host One-on-One Plant Visit for Dalton Investments on Feb 27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 10:25 AM

Gopal Snacks Limited has announced a one-on-one meeting and plant visit with Dalton Investments scheduled for February 27, 2026. This physical interaction is part of the company's routine engagement with institutional investors to showcase its manufacturing facilities. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. Such visits are typical for institutional due diligence and operational understanding.

One-on-one meeting and plant visit scheduled with Dalton Investments on February 27, 2026.
The interaction will be a physical meeting held at the company's facility.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared during the visit.

💡 This is a routine regulatory disclosure; investors should monitor if this leads to increased institutional stake or research coverage from Dalton Investments.

Gopal Snacks Receives Favorable GST Order; ₹17.45 Lakh Tax Demand Dropped

🟢 POSITIVE ⭐ 3/10

REGULATORY 📅 12 Feb 2026, 06:24 PM

Gopal Snacks Limited has received a favorable order (DRC-07) from the CGST office in Nagpur regarding a previous tax dispute. The authorities have dropped a proposed GST demand of ₹17.45 lakhs that was initially raised in April 2025. The dispute pertained to alleged excess input tax credit claims for the period between April 2020 and March 2023. Consequently, the company is not liable to pay any tax, interest, or penalty related to this specific matter, resulting in no financial impact.

CGST Nagpur dropped a total tax demand of ₹17,45,716 against Gopal Snacks.
The demand included IGST of ₹8.36 lakh, CGST of ₹4.54 lakh, and SGST of ₹4.54 lakh.
The matter related to alleged excess input tax credit (ITC) from April 2020 to March 2023.
The company is now cleared of any tax, interest, or penalty obligations for this specific case.

💡 This is a minor positive update as it resolves a pending tax litigation without any financial outflow. Investors should view this as routine regulatory clearance and continue to monitor the company's core operational performance.

Gopal Snacks Allots 26,075 Shares and Grants 75,730 New ESOP Options

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 04:57 PM

Gopal Snacks Limited has announced the allotment of 26,075 equity shares to employees following the exercise of vested options under its 2023 ESOP scheme. This has marginally increased the company's paid-up share capital to ₹12.46 crore. Furthermore, the company has granted 75,730 new stock options at a nominal exercise price of ₹1 per share. These new options follow a five-year vesting schedule, ranging from 10% in the first year to 30% in the fifth year, aimed at employee retention.

Allotment of 26,075 equity shares of face value ₹1 each to eligible employees.
Grant of 75,730 new stock options under the Gopal ESOP-2023 scheme.
Exercise price for the new options is set at a nominal ₹1 per share.
Total paid-up share capital increased to 12,46,48,419 equity shares.
New options feature a 5-year vesting schedule and a 7-year exercise period from vesting.

💡 No action is required as this is a routine administrative update with negligible equity dilution. Investors should monitor ESOP grants as a standard part of long-term employee incentive structures.

Gopal Snacks Allots 26,075 Shares and Grants 75,730 New ESOP Options

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 04:53 PM

Gopal Snacks Limited has announced the allotment of 26,075 equity shares to employees following the exercise of vested options under its 2023 ESOP scheme. Concurrently, the company has granted 75,730 new stock options at a nominal exercise price of ₹1 per share, which will vest over a five-year period. The total paid-up share capital has increased marginally to ₹12.46 crore. These measures are standard corporate practices aimed at employee retention and alignment with shareholder interests.

Allotment of 26,075 equity shares of face value ₹1 each to eligible employees.
Grant of 75,730 new stock options under the Gopal ESOP-2023 scheme at an exercise price of ₹1.
Total paid-up share capital increased from 12,46,22,344 to 12,46,48,419 equity shares.
New options feature a 5-year vesting schedule with 10% vesting in the first year and 30% in the fifth year.
Exercise period for the new options is set at 7 years from the respective vesting dates.

💡 No action is required as the equity dilution from this allotment is negligible (approximately 0.02%). Investors should monitor ESOP grants as a part of long-term management compensation and retention strategy.

Gopal Snacks to Hold One-on-One Virtual Meeting with EverFlow Partners on Feb 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 02:47 PM

Gopal Snacks Limited has scheduled a one-on-one virtual meeting with institutional investor EverFlow Partners on February 11, 2026. This interaction is part of the company's routine investor relations engagement as per SEBI Listing Obligations and Disclosure Requirements. The company has officially stated that no unpublished price sensitive information (UPSI) will be shared during this session. Such meetings are standard for listed entities to maintain transparency with the investment community.

One-on-one virtual meeting scheduled with EverFlow Partners.
Interaction date confirmed for Wednesday, February 11, 2026.
Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirms no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine disclosure. Investors should monitor for any subsequent investor presentations or transcripts that may be released following the meeting.

Gopal Snacks Schedules One-on-One Meeting with IIFL AMC on February 6

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 01:53 PM

Gopal Snacks Limited has informed the exchanges about a scheduled one-on-one physical meeting with IIFL AMC. The meeting is slated for Friday, February 6, 2026, as part of the company's regular institutional investor engagement. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015.

One-on-one physical meeting scheduled with IIFL AMC.
Interaction date set for February 6, 2026.
Compliance with Regulation 30 of SEBI Listing Obligations.
No unpublished price sensitive information (UPSI) to be shared during the meet.

💡 No immediate action is required as this is a routine investor relations activity. Investors may look for any subsequent investor presentations or transcripts released by the company for further insights.

Gopal Snacks Q3 Revenue Up 6.7% QoQ to ₹400.8 Cr; Modasa Plant Drives Supply Chain Recovery

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 08:56 PM

Gopal Snacks reported a sequential revenue growth of 6.7% to ₹400.8 crores in Q3 FY26, signaling a recovery from previous supply chain disruptions caused by a fire incident. The operationalization of the Modasa facility, with 63,085 MT capacity, has restored fill rates to over 95% and allowed the company to reduce trade discounts, boosting gross margins to 27.6%. EBITDA stood at ₹30.4 crores with a 7.6% margin, while PAT reached ₹15.5 crores. Management highlighted strong traction in Gathiya and Snack Pellets segments, alongside successful expansion into other states which grew 28.7% YoY.

Revenue grew 6.7% QoQ to ₹400.8 crores, with December sales 7% higher than November levels.
Gross margins improved by 120 bps QoQ to 27.6%, aided by a 1% reduction in trade discounts and product mix optimization.
The Modasa facility added 63,085 MT capacity, resolving approximately 95% of supply chain issues post-Rajkot fire.
Revenue from 'Other States' grew 28.7% YoY, supported by 93 micro-distributors under the SSD model.
New high-margin products like wafer biscuits and popcorn are now contributing approximately ₹1.5 crores to monthly revenue.

💡 Investors should monitor the sustainability of margin improvements as the company scales the Modasa plant and reduces dependency on imported oil. The recovery in the core Gujarat market and expansion into new geographies suggest a positive turnaround following recent operational setbacks.

Gopal Snacks Q3 FY26: Revenue Grows 6.7% QoQ to ₹400.8 Cr as Modasa Plant Ramps Up

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 08:02 PM

Gopal Snacks reported a sequential revenue growth of 6.7% to ₹400.8 crores in Q3 FY26, signaling a recovery from previous supply chain disruptions. Gross margins improved to 27.6% from 26.4% in the prior quarter, driven by reduced trade discounts and a shift toward higher-margin products like wafer biscuits and popcorn. The commissioning of the Modasa facility with 63,085 MT capacity has restored fill rates to 93%, effectively addressing the impact of the earlier Rajkot fire incident. Management expects to break historical seasonal trends in Q4 FY26 due to stabilized operations and expansion into new states.

Revenue for Q3 FY26 stood at ₹400.8 crores, with Snack Pellets and Gathiya segments growing 20.8% and 10.6% QoQ respectively.
Gross margin expanded by 120 bps to 27.6% due to lower trade discounts and a 0.5% benefit from reduced dealer margins post-GST.
The Modasa facility is now fully operational, contributing to a 7% increase in December sales compared to November.
Expansion into other states grew 28.7% YoY, supported by 93 micro-distributors under the SSD model.
New high-margin products like wafer biscuits and popcorn are contributing approximately ₹1.2 crores to monthly revenue.

💡 Investors should focus on the company's ability to sustain the 27%+ gross margin and monitor the sales ramp-up in non-Gujarat markets. The successful operationalization of the Modasa plant provides a strong foundation for volume growth in FY27.

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💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the Wafers segment grew 6.6% in revenue and 12.8% in volume YoY, while the Gathiya segment grew 8.0% in revenue and 6.0% in volume YoY. Overall FY25 revenue reached INR 1,468.02 Cr, a 4.74% increase from INR 1,402.50 Cr in FY24.

Geographic Revenue Split

Focus markets (Gujarat, Rajasthan, Maharashtra, Madhya Pradesh) saw a 2.9% revenue increase and 0.4% volume growth in H1 FY26. Other states (UP, West Bengal, Andhra Pradesh) grew significantly with revenue up 31.8% and volume up 18.6% YoY.

Profitability Margins

Net Profit After Tax (PAT) for FY25 was INR 19.00 Cr, reflecting a sharp 80.92% decrease from INR 99.57 Cr in FY24. PAT margin declined from 7.10% to 1.26% YoY due to the Rajkot facility fire. However, Q2 FY26 gross margins expanded to 26.4% due to easing input costs.

EBITDA Margin

EBITDA margin for H1 FY26 stood at 5.6% (INR 39.4 Cr), down from 11.6% (INR 87.7 Cr) in H1 FY25, a 55.1% YoY decline. Sequentially, Q2 FY26 EBITDA margin improved to 6.4% from 4.7% in Q1 FY26 due to improved operational efficiency.

Capital Expenditure

The company is investing in the Modasa plant, which started trial production in Q2 FY26, and reinstatement work at the Rajkot-1 facility following a fire that impacted 59% of manufacturing capacity. Specific INR Cr for total planned capex is not disclosed.

Credit Rating & Borrowing

CRISIL Ratings maintains a healthy financial risk profile with a gearing of 0.17 times and an interest coverage ratio of 31.30 times as of March 31, 2025. The company has no major debt as of September 30, 2024.

⚙️ Operational Drivers

Raw Materials

Raw materials include inputs for Gathiya, Wafers, and Namkeen; specific names like palm oil or gram flour are not explicitly listed, but 'raw material price inflation' and 'duty impact' are cited as primary cost drivers.

Import Sources

Sourced primarily from domestic markets near headquarters in Rajkot, Gujarat; specific international import sources are not disclosed.

Capacity Expansion

Current total installed capacity is 308,479 MT across 6 facilities. Expansion includes the new Modasa plant (trial production started) and a new third-party manufacturing arrangement in Manendragarh, Chhattisgarh, announced in December 2025.

Raw Material Costs

Raw material price inflation and duty impacts negatively affected H1 FY26 margins. Gross profit for H1 FY26 was INR 182.9 Cr (26.2% margin), down 16.7% YoY from INR 219.4 Cr (29.0% margin).

Manufacturing Efficiency

Manufacturing efficiency is being enhanced through technology integration and vertical integration. Q2 FY26 saw a sequential EBITDA margin improvement to 6.4% from 4.7% in Q1 FY26.

Logistics & Distribution

Distribution is supported by nearly 300 owned logistics vehicles and a network of distributors. Logistics and transportation department employs 274 personnel.

📈 Strategic Growth

Expected Growth Rate

12.50%

Growth Strategy

Growth will be achieved by operationalizing the Modasa plant (full benefits in Q4 FY26), expanding into under-penetrated regions like UP and West Bengal, and utilizing third-party manufacturing in Chhattisgarh. The company is also shifting its daily revenue run rate from INR 4 Cr to INR 4.5 Cr.

Products & Services

Ready-to-eat packaged snacks including Gathiya, Wafers, Pellets, and various Namkeen products sold in 366 SKUs.

Brand Portfolio

Gopal

New Products/Services

Introduction of innovative flavors and expansion of the 'Other Product' segments which supported a 16.6% Q-o-Q revenue growth in Q2 FY26.

Market Expansion

Expansion beyond Saurashtra/Kutch into Maharashtra (MMR), Madhya Pradesh, Uttar Pradesh, and West Bengal. Export markets include Canada, UAE, UK, and USA.

Market Share & Ranking

Market leader in the Gathiya segment, which accounts for approximately 27% of its total revenue.

Strategic Alliances

Entered a third-party manufacturing arrangement for a new facility in Manendragarh, Chhattisgarh, in December 2025 to enhance regional supply.

🌍 External Factors

Industry Trends

The industry is shifting toward online sales channels and direct-to-consumer (D2C) approaches. Packaged snack demand is growing, and Gopal is positioning itself by expanding its manufacturing base and distribution reach.

Competitive Landscape

Faces competition from both organized and unorganized players in the snacking sector; competitive intensity is a recognized risk factor.

Competitive Moat

Moat is built on market leadership in Gathiya (27% revenue share) and a fully integrated manufacturing model. This is sustainable due to brand loyalty in the value-for-money segment and a large owned logistics fleet.

Macro Economic Sensitivity

Sensitive to e-commerce trends (market projected to grow at 18.7% CAGR through 2028) and quick commerce expansion (expected to reach INR 86,000 Cr by FY29).

Consumer Behavior

Evolving consumer preferences toward packaged foods and digital purchasing are driving the adoption of e-commerce and modern retail platforms.

Geopolitical Risks

Global demand and supply conditions affect the selling prices of raw materials and input availability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to changes in central and state government regulations, including food safety standards and tax laws.

Environmental Compliance

Committed to sustainability through renewable energy adoption and resource efficiency; specific compliance costs are not disclosed.

Taxation Policy Impact

FY25 current tax was INR 11.76 Cr. The company reported a total tax expense of INR 8.04 Cr for FY25 after accounting for deferred tax credits.

Legal Contingencies

No instances of fraud were reported by internal auditors. No specific pending court case values in INR are disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the prolonged impact of the Rajkot facility fire on production capacity (59% affected) and potential volatility in raw material prices due to duty changes.

Geographic Concentration Risk

High concentration in Gujarat, particularly the Saurashtra region, though the company is actively diversifying into other Indian states.

Third Party Dependencies

Increased dependency on third-party manufacturers (e.g., Chhattisgarh arrangement) to mitigate production losses from the Rajkot fire.

Technology Obsolescence Risk

Mitigated by investments in technology integration, automation (162 employees in Automation & Maintenance), and advanced Distribution Management Systems.