Goyal Salt Limited (GOYALSALT)
Latest quarterly results (H2 FY26)
GOYALSALT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the GOYALSALT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 98.74%. That is close to its usual level. Turnover was only ₹92 lakh, so a handful of trades can move this figure. It traded 6.1 times its average daily volume. 2 bulk or block deals were reported in GOYALSALT in the last 60 days: ₹0.94 Cr bought and ₹0.94 Cr sold.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 99.3% · 100.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Sell | L7 Hitech Private Limited | ₹0.94 Cr | ₹105.00 | 90,000 | Bulk |
| 14 Oct | Buy | Mahalaxmi Brokrage India Private Limited | ₹0.94 Cr | ₹105.00 | 90,000 | Bulk |
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
Goyal Salt Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that the regulation is not applicable since 100% of the company's shares are already held in dematerialized form. Furthermore, zero requests for rematerialisation were received during the quarter. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Entire shareholding of the company confirmed to be 100% in demat form
- Zero rematerialisation requests received during the three-month period
- Issued by Bigshare Services Private Limited on October 13, 2026
Goyal Salt Limited has subscribed to 5,10,000 equity shares of its subsidiary, Goyal Foods Industries Private Limited, at a face value of ₹10 per share under a rights issue offer. The total investment consideration stands at ₹51,00,000 in cash. Following this subscription, Goyal Salt's shareholding in the subsidiary increases from 25,50,000 shares to 30,60,000 shares. The funds will be deployed by the subsidiary toward capital expenditure and working capital requirements for salt production and refining.
- Subscribed to 5,10,000 equity shares of face value ₹10 each at par
- Total cash consideration paid is ₹51,00,000 (₹51 Lakh)
- Shareholding increases from 25,50,000 equity shares to 30,60,000 equity shares
- Proceeds to be utilized by the subsidiary for capex and working capital needs
- Subsidiary was recently incorporated on 29th June, 2026 in the salt production and refining space
Goyal Salt Limited has subscribed to 5,10,000 equity shares of its subsidiary, Goyal Foods Industries Private Limited, at a face value of ₹10 per share under a rights issue offer. The total investment consideration stands at ₹51,00,000 in cash. Following this subscription, Goyal Salt's shareholding in the subsidiary increases from 25,50,000 shares to 30,60,000 shares. The funds will be deployed by the subsidiary toward capital expenditure and working capital requirements for salt production and refining.
- Subscribed to 5,10,000 equity shares of face value ₹10 each at par
- Total cash consideration paid is ₹51,00,000 (₹51 Lakh)
- Shareholding increases from 25,50,000 equity shares to 30,60,000 equity shares
- Proceeds to be utilized by the subsidiary for capex and working capital needs
- Subsidiary was recently incorporated on 29th June, 2026 in the salt production and refining space
Goyal Salt Limited has subscribed to 7,65,000 equity shares of its subsidiary, Goyal Foods Industries Private Limited, for an aggregate cash consideration of ₹76.50 lakh (₹0.765 crore). The transaction was executed at par at ₹10 per share under a rights issue offer. Following this, the company's shareholding in the subsidiary increases from 17,85,000 shares to 25,50,000 shares. Goyal Foods Industries was incorporated recently on June 29, 2026, and the funds will be used for capital expenditure and working capital requirements.
- Subscribed to 7,65,000 equity shares at ₹10 per share at par.
- Total investment consideration stands at ₹76,50,000 in cash.
- Shareholding in subsidiary expands from 17,85,000 shares to 25,50,000 shares.
- Subsidiary target Goyal Foods Industries was incorporated recently on June 29, 2026.
- Investment represents ~1.14% of Goyal Salt's reported net worth of ₹67 crore.
Goyal Salt Limited has subscribed to 5,10,000 equity shares of its subsidiary, Goyal Foods Industries Private Limited, at face value of ₹10 per share for an aggregate consideration of ₹51 lakh. Prior to the rights issue, Goyal Salt held a 51% stake (12,75,000 shares), and this acquisition increases its shareholding to 17,85,000 shares. The subsidiary, incorporated on June 29, 2026, will utilize the proceeds toward capital expenditure and working capital requirements. Relative to Goyal Salt's net worth of ₹67 crore, the investment is modest at approximately 0.76%.
- Subscribed to 5,10,000 equity shares at ₹10 per share for ₹51 lakh (₹51,00,000)
- Total shares held in Goyal Foods Industries increases from 12,75,000 to 17,85,000 equity shares
- Goyal Foods Industries was recently incorporated on June 29, 2026, with an authorized capital of ₹6 crore
- Proceeds will be utilized by the subsidiary for capital expenditure and working capital needs
Goyal Salt Limited's Board has approved an investment of up to ₹3.00 crore in the equity shares of its subsidiary, Goyal Foods Industries Private Limited. As an immediate step, the company approved subscribing to 7,65,000 equity shares at ₹10 each, totaling ₹0.765 crore, via a rights issue. Prior to this, Goyal Salt held 51% (5,10,000 shares) in the subsidiary, which will now increase to 12,75,000 shares. The funds will be utilized by the newly incorporated subsidiary (incorporated June 29, 2026) for capital expenditure and working capital in salt refining.
- Board approved total investment limit of up to ₹3.00 crore in subsidiary Goyal Foods Industries Pvt Ltd.
- Immediate subscription of 7,65,000 shares at ₹10 per share for a cash consideration of ₹76.50 lakh.
- Total shareholding in the subsidiary increases from 5,10,000 shares (51%) to 12,75,000 shares.
- Subsidiary was newly incorporated on June 29, 2026, with an authorized capital of ₹6.00 crore.
Goyal Salt Limited has issued the notice for its 16th Annual General Meeting (AGM) scheduled for September 25, 2026, via Video Conferencing. Key agenda items include the adoption of FY2026 audited financial statements and the reappointment of Managing Director Mr. Pramesh Goyal for a five-year term from October 1, 2026, to September 30, 2031, with an annual salary of up to Rs. 18,00,000 plus performance incentives. The company also seeks shareholder approval for the reappointment of Whole-Time Directors Mr. Rajesh Goyal and Mr. Lokesh Goyal at a remuneration of Rs. 1,50,000 per month each.
- 16th Annual General Meeting scheduled for September 25, 2026, at 11:00 AM IST via Video Conferencing.
- Proposed reappointment of Mr. Pramesh Goyal as MD for a 5-year tenure (01.10.2026 to 30.09.2031) with annual pay up to Rs. 18,00,000 and up to 2% profit commission.
- Proposed reappointment of Whole-Time Directors Mr. Rajesh Goyal and Mr. Lokesh Goyal at Rs. 1,50,000 per month each.
- Ratification of Mr. Pramesh Goyal's tenure and remuneration for the interim period from May 22, 2026, to September 30, 2026.
Goyal Salt Limited's board has approved the reappointment of key promoter directors—Pramesh Goyal (Managing Director), Rajesh Goyal (Chairman & Whole Time Director), and Lokesh Goyal (Whole Time Director)—for a 5-year tenure effective October 1, 2026, to September 30, 2031, subject to shareholder approval. The board also recommended approving a loan to its subsidiary, Goyal Foods Industries Private Limited, under Section 185 of the Companies Act, 2013. The 16th Annual General Meeting (AGM) will be held on September 25, 2026, with the e-voting cut-off set for September 18, 2026.
- Reappointment of Pramesh Goyal as MD for a 5-year term from Oct 1, 2026, to Sep 30, 2031
- Reappointment of Rajesh Goyal (Chairman & WTD) and Lokesh Goyal (WTD) for 5 years each
- Approval of loan to subsidiary Goyal Foods Industries Pvt Ltd under Section 185
- 16th AGM scheduled on September 25, 2026, with e-voting cut-off date on September 18, 2026
Goyal Salt Limited held its Board Meeting on September 01, 2026, approving the reappointment of Mr. Pramesh Goyal (MD), Mr. Rajesh Goyal (Chairman & WTD), and Mr. Lokesh Goyal (WTD) for a 5-year term from October 01, 2026, to September 30, 2031, subject to shareholder approval. The Board also approved granting a loan to subsidiary Goyal Foods Industries Private Limited under Section 185. The 16th Annual General Meeting (AGM) is scheduled for September 25, 2026, with a record/cut-off date of September 18, 2026.
- Reappointment of MD Pramesh Goyal and Whole Time Directors Rajesh Goyal and Lokesh Goyal for a 5-year tenure (Oct 1, 2026 – Sep 30, 2031)
- Approval to extend a loan to subsidiary company Goyal Foods Industries Private Limited under Section 185
- 16th Annual General Meeting scheduled on Friday, September 25, 2026, via Video Conferencing
- Cut-off date for e-voting fixed as Friday, September 18, 2026; e-voting window runs September 22–24, 2026
Goyal Salt Limited is investing Rs 45.90 Lakhs to acquire a 51% controlling stake in its newly incorporated subsidiary, Goyal Foods Industries Private Limited. The subsidiary was formed on June 29, 2026, and will focus on salt production and refining. The investment is being made through a rights issue at a face value of Rs 10 per share. Given Goyal Salt's net worth of Rs 67 Cr, this transaction represents a minor capital allocation of approximately 0.68%.
- Subscription of 4,59,000 equity shares at a face value of Rs 10 per share
- Total cash consideration of Rs 45,90,000 for a 51% controlling stake
- Target entity Goyal Foods Industries was recently incorporated on June 29, 2026
- Acquisition expected to be completed within 2 days from the date of share allotment
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of salt refining, which saw revenue grow 41.1% YoY to INR 88.31 Cr in H1 FY26 compared to INR 62.58 Cr in H1 FY25.
Geographic Revenue Split
Not specifically disclosed, though operations are concentrated in Rajasthan and Gujarat.
Profitability Margins
Net Profit Margin improved to 7.22% in H1 FY26 from 6.27% in H1 FY25. Profit Before Tax (PBT) grew 65.2% YoY to INR 8.53 Cr.
EBITDA Margin
Operating profit before working capital changes stood at INR 10.19 Cr for H1 FY26, representing a core profitability margin of approximately 11.5%.
Capital Expenditure
The company invested INR 6.79 Cr in fixed assets during H1 FY26, following a significant capital outlay of INR 27.44 Cr in FY25 for the Gandhidham facility.
Credit Rating & Borrowing
Crisil Ratings assigned a 'Stable' outlook with a moderate networth of INR 42.2 Cr (as of March 2024). Finance costs for H1 FY26 were INR 1.34 Cr on total borrowings of INR 46.85 Cr.
Operational Drivers
Raw Materials
Raw Salt is the primary raw material, accounting for the bulk of the 90% total expense-to-revenue ratio.
Import Sources
Sourced domestically from the salt-producing regions of Gandhidham and Kutch in Gujarat.
Key Suppliers
Not disclosed in available documents, though the company maintains established relationships with regional salt producers.
Capacity Expansion
The new manufacturing facility at Gandhidham became fully operational on November 07, 2025, which is expected to significantly increase production volumes.
Raw Material Costs
Total expenses grew 39% YoY to INR 79.78 Cr in H1 FY26, largely driven by raw material procurement to support a 41% revenue increase.
Manufacturing Efficiency
Not specifically disclosed, but the commencement of the Gandhidham unit indicates a shift toward higher-scale automated refining.
Strategic Growth
Expected Growth Rate
41%
Growth Strategy
Growth is driven by the full operationalization of the Gandhidham facility as of November 2025, which allows for higher volumes of triple-refined salt and industrial salt to meet growing demand in the chemical and consumer sectors.
Products & Services
Triple Refined Free Flow Iodised Salt and Industrial Salt.
Brand Portfolio
Goyal Salt.
Market Expansion
Expansion into the Gandhidham region to leverage Gujarat's salt production ecosystem for national distribution.
External Factors
Industry Trends
The industry is seeing a 5-7% growth trend in iodized salt due to health awareness and a shift toward branded products, while industrial salt demand is rising from the chlor-alkali sector.
Competitive Landscape
Fragmented market with competition from large national brands and numerous unorganized regional players.
Competitive Moat
The moat is built on the promoters' extensive experience since 2010 and the strategic location of refining units near raw material sources, which is sustainable due to high logistics costs for competitors located further away.
Macro Economic Sensitivity
Sensitive to industrial GDP growth, which dictates demand for industrial salt, and inflation in logistics/fuel costs.
Consumer Behavior
Increasing consumer preference for triple-refined and branded iodized salt over traditional crystal salt.
Geopolitical Risks
Low, as the business is focused on domestic essential commodities.
Regulatory & Governance
Industry Regulations
Operations must comply with FSSAI standards for edible salt iodization and pollution control board norms for refinery discharge.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 24.2%, with a current tax provision of INR 2.06 Cr.
Risk Analysis
Key Uncertainties
Working capital intensity is the primary risk; combined inventory and receivables (INR 95.88 Cr) now exceed half-year revenue (INR 88.31 Cr).
Geographic Concentration Risk
High concentration in Rajasthan and Gujarat, making the company vulnerable to regional economic or climatic disruptions.
Third Party Dependencies
High dependency on raw salt suppliers in the Kutch region for consistent refinery input.
Technology Obsolescence Risk
Low risk as salt refining technology is mature and stable.
Credit & Counterparty Risk
Trade receivables increased from INR 15.15 Cr to INR 51.60 Cr in six months, indicating a potential stretch in credit terms to drive sales growth.
