Gopal Snacks Limited (GOPAL)
₹250.40 -0.91% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gopal Snacks' revenue was ₹422 Cr (+31.2% year on year, +3.0% on the previous quarter), and net profit ₹12.8 Cr (+328.2% year on year); the operating margin was 7.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹422 | +31.2% | +3.0% |
| Operating profit | ₹31.5 | +109.7% | -1.7% |
| Net profit | ₹12.8 | +328.2% | -57.2% |
| EPS (₹) | 1.03 | +415.0% | -57.1% |
| Operating margin | 7.4% | — | — |
GOPAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.41% of the GOPAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.34%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 47.7% · 64.2% · 53.5% · 56.0% · 60.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gopal Snacks Limited has submitted the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that all share certificates received for dematerialisation were processed and confirmed within prescribed timelines. This is a recurring regulatory compliance filing with no operational or financial impact on the company.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30th, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- Certificate dated October 03, 2026 and filed with exchanges on October 08, 2026
Gopal Snacks has received approval from its insurer for ₹363.98 million (~₹36.40 crore) as a full and final settlement for the fire incident at its Rajkot plant on December 11, 2024. With this, the aggregate claim received reaches ₹774.27 million (~₹77.43 crore), which includes interim payouts, scrap sales, and the final approval. The total claim recovery represents approximately 16.2% of the company's net worth (₹478 crore) and ~4.8% of TTM revenue (₹1,609 crore). This closure helps offset the asset reinstatement costs after 59% of capacity was affected by the incident.
- Approved final insurance claim: ₹363.98 million (~₹36.40 crore)
- Total aggregate fire claim received to date: ₹774.27 million (~₹77.43 crore)
- Incident relates to the manufacturing unit at GIDC Metoda, Rajkot, dated December 11, 2024
- Total recovery amounts to ~16.2% of net worth and ~4.8% of TTM revenue
Gopal Snacks Limited received a Show Cause Notice (SCN) under Section 73 of the CGST Act from the Assistant Commissioner of State Tax, Unit 27, Modasa, Gujarat. The notice demands a total of ₹4,11,02,747, comprising ₹2.26 crore in tax, ₹1.62 crore in interest, and ₹0.23 crore in penalty relating to FY 2022-23 Input Tax Credit reconciliations. The total demand represents approximately 4.9% of the company's TTM net profit of ₹84 crore. Management stated there is no material impact on operations and that it intends to provide documentary submissions to contest the demand.
- Total tax demand raised under Section 73 is ₹4,11,02,747
- Tax component is ₹2,25,98,806, interest is ₹1,61,83,882, and penalty is ₹23,20,059
- Notice received on 21st September 2026 for FY 2022-23 regarding the Modasa, Gujarat facility
- Demand pertains to availment of Input Tax Credits and reversals
Shareholders of Gopal Snacks Limited approved the re-appointment of founder Bipinbhai Vithalbhai Hadvani as Chairman and Managing Director at the 17th AGM held on September 18, 2026. The new tenure is for a term of 5 years, effective from October 1, 2026, to September 30, 2031, following the conclusion of his previous term on September 30, 2026. Hadvani has led the company's expansion across 13 states with over 1,000 distributors, establishing its core market position in the ethnic savoury segment. The move provides leadership continuity for the company, which generated Rs 1,609 crore in TTM revenue.
- Shareholders approved the re-appointment of CMD Bipinbhai Vithalbhai Hadvani at the 17th AGM on September 18, 2026
- New tenure spans 5 consecutive years, from October 01, 2026, to September 30, 2031
- Current term was scheduled to conclude on September 30, 2026
- CMD oversees a distribution footprint across 13 states, 1,000+ distributors, and 5+ lakh retailers
CRISIL Ratings has revised its outlook on Gopal Snacks Limited's long-term bank facilities of ₹150.31 crore to 'Negative' from 'Stable', while reaffirming the rating at 'CRISIL A'. The short-term rating for ₹0.31 crore bank facilities has been reaffirmed at 'CRISIL A1'. The rated facilities correspond to approximately 98% of the company's total outstanding debt of ₹154 crore. The negative outlook indicates potential downside pressure on debt servicing metrics or operating performance.
- Total bank loan facilities rated: ₹150.31 crore
- Long-term bank facilities rating reaffirmed at CRISIL A, but outlook revised to Negative from Stable
- Short-term facility rating reaffirmed at CRISIL A1 for ₹0.31 crore
- Cash credit facilities rated include ₹100 crore with HDFC Bank and ₹50 crore with ICICI Bank
- Rating letter validity is effective until March 31, 2027
Gopal Snacks Limited reported the voting results and scrutinizer report for its 17th Annual General Meeting held on September 18, 2026. All proposed ordinary and special resolutions were approved by shareholders with requisite majorities. Notably, the special resolution for the re-appointment of Mr. Bipinbhai Vithalbhai Hadvani as Chairman and Managing Director received 99.54% votes in favor. Total votes polled represented 87.66% of the company's outstanding share capital.
- All resolutions passed at the 17th AGM held on September 18, 2026
- Special resolution to re-appoint CMD Bipinbhai Hadvani passed with 99.54% votes in favor
- Total voter turnout was 87.66% across 10,92,83,550 valid polled shares out of 12,46,66,819 total shares
- Adoption of FY26 audited financial statements passed with 99.9986% approval
Gopal Snacks Limited concluded its 17th Annual General Meeting on September 18, 2026, conducted via video conferencing with 54 shareholders present. Key ordinary business included the adoption of FY26 financial statements, confirmation of a ₹1.00 per share interim dividend, and the re-appointment of retiring director Harsh Sureshkumar Shah. Special business included the re-appointment of Bipinbhai Vithalbhai Hadvani as Chairman and Managing Director. Scrutinizer voting results will be published separately.
- 17th AGM conducted on September 18, 2026, commencing at 03:00 PM and concluding at 04:30 PM IST
- Total of 54 members attended (3 promoter/promoter group and 51 public shareholders)
- Confirmation of ₹1.00 per equity share (face value ₹1.00) interim dividend for FY26
- Special resolution put forward for the re-appointment of Bipinbhai Vithalbhai Hadvani as Chairman and Managing Director
Gopal Snacks Limited announced that company representatives will participate in an analyst and institutional investor interaction at the Anand Rathi Annual Conference. The event is scheduled for Monday, September 21, 2026, in Mumbai. Meetings will take place in physical format via one-on-one and/or group interactions. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during these discussions.
- Participation scheduled for Monday, September 21, 2026
- Event: Anand Rathi Annual Conference held in Mumbai
- Format: Physical meeting consisting of One-on-One and/or Group interactions
- No unpublished price sensitive information will be disclosed
Gopal Snacks Limited has commissioned a new backward-integrated Besan manufacturing unit at its Nagpur facility with an installed capacity of 19,642 MT per annum. The new unit eliminates the need to transport Besan from Rajkot to Nagpur, lowering logistics costs and streamlining raw material movement. With existing company-wide capacity at 308,479 MT across 6 facilities, this project bolsters in-house input security. Management also noted that operations at the Rajkot Main Plant have been restored following prior fire disruptions.
- Commissioned a new Besan manufacturing unit with 19,642 MT per annum capacity at Nagpur.
- Reduces inter-plant raw material transit from Rajkot to Nagpur, driving recurring freight savings.
- Serves as internal backward integration for categories including Gathiya, Namkeen, and Wafers.
- Capex cited as largely one-time in nature (exact capex value not disclosed).
Gopal Snacks Limited has announced a scheduled virtual meeting with analysts and institutional investors on Wednesday, September 16, 2026. The participating entities include Elara Capital, Trigen Wealth, GreenEdge WS, and Stylus Holding Group. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Virtual investor meeting scheduled for September 16, 2026
- Interaction planned with 4 institutional entities: Elara Capital, Trigen Wealth, GreenEdge WS, and Stylus Holding Group
- No Unpublished Price Sensitive Information (UPSI) to be shared
Gopal Snacks Limited has informed the stock exchanges that its management will participate in a one-on-one virtual meeting with Kiara Capital on September 2, 2026. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be discussed during the interaction. This is a routine regulatory intimation under Regulation 30 of SEBI (LODR) Regulations, 2015.
- One-on-one virtual investor meeting scheduled for September 2, 2026
- Interaction scheduled with Kiara Capital
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Gopal Snacks Limited has scheduled virtual one-on-one meetings with institutional investors on Monday, August 24, 2026. The participating institutions include Axis AIF, Chrys Capital, and DSP Mutual Fund. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Virtual one-on-one investor meetings scheduled for August 24, 2026
- Participating institutional investors: Axis AIF, Chrys Capital, and DSP Mutual Fund
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared
- Filing made pursuant to Regulation 30 of SEBI LODR Regulations, 2015
Gopal Snacks Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY2025-26 pursuant to SEBI Listing Regulations. The report confirms that manufacturing food products accounted for 90.22% of entity turnover, while trading contributed 7.90%. The company operated across 4 plants and 1 office, serving 13 domestic states and 9 export destinations, though exports accounted for just 0.11% of total turnover. Sourcing from MSMEs increased to 34% of total inputs (up from 30% in FY25), with 100% of consumer complaints (139 received) resolved during the year.
- Manufacturing of potato chips, namkeen, and snacks generated 90.22% of total turnover, with trading contributing 7.90%
- Exports represented 0.11% of entity turnover across 9 international destination markets
- Total workforce comprised 1,455 permanent employees and 4,115 workers (3,761 permanent)
- MSME and small producer procurement rose to 34% of total input value from 30% in FY25
- Zero product recalls and all 139 consumer complaints received during FY26 were fully resolved
Gopal Snacks Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for September 18, 2026, via video conferencing. Key ordinary agenda items include the confirmation of three interim dividends paid during FY26 aggregating to Rs 1.00 per share. Shareholders will also vote on a special resolution to re-appoint founder Mr. Bipinbhai Vithalbhai Hadvani as Chairman and Managing Director for a 5-year term starting October 1, 2026, at an annual remuneration of Rs 2.25 crore with a 10% annual increment. The cut-off date to determine e-voting eligibility is September 11, 2026.
- 17th AGM scheduled for Friday, September 18, 2026, via Video Conferencing.
- Proposed 5-year re-appointment of CMD Bipinbhai Hadvani from October 1, 2026, at Rs 2.25 cr annual salary with a 10% annual increment.
- Confirmation of aggregate FY26 interim dividends of Rs 1.00 per equity share (face value Rs 1.00).
- E-voting cut-off date set as September 11, 2026, with remote e-voting active from September 15 to September 17, 2026.
Gopal Snacks delivered a strong Q1 FY27, reporting its highest-ever quarterly revenue of ₹422.3 crore, a 31.1% YoY increase. This growth was driven by the recommencement of the Rajkot main facility and improved supply chain efficiencies. EBITDA margins expanded significantly to 7.4% from 4.7% YoY, despite raw material inflation, aided by grammage reductions and better product mix. Management has maintained a 20% revenue growth guidance for FY27, supported by a current monthly run rate exceeding ₹150 crore.
- Reported highest-ever quarterly revenue of ₹422.3 crore, up 31.1% YoY and 3.1% sequentially.
- EBITDA more than doubled YoY to ₹31.5 crore, with margins improving to 7.4% from 4.7%.
- Management maintained FY27 revenue growth guidance of minimum 20% over FY26.
- Distribution network expanded to over 1,000 distributors with a focus on 'double coverage' in Gujarat.
- Current monthly revenue run rate is established at ₹150 crore plus.
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.
Credit & Counterparty Risk
Liquidity remains healthy with no major repayment obligations and sufficient cushion in working capital limits.
