GSM Foils Limited (GSMFOILS)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GSM Foils' revenue was ₹96.9 Cr (+86.3% year on year, +18.6% on the previous quarter), and net profit ₹7.6 Cr (+99.0% year on year); the operating margin was 11.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹96.9 | +86.3% | +18.6% |
| Operating profit | ₹11.5 | +97.8% | +22.1% |
| Net profit | ₹7.6 | +99.0% | +21.3% |
| EPS (₹) | 5.41 | +98.9% | +21.3% |
| Operating margin | 11.9% | — | — |
GSMFOILS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the GSMFOILS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.12%. That is higher than usual for this stock. Turnover was only ₹25 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at its upper price band (circuit) on 16 Oct, one of 12 band closes in about the last 20 sessions. 15 bulk or block deals were reported in GSMFOILS in the last 60 days: ₹4 Cr bought and ₹5 Cr sold.
Delivery in the last 5 sessions: 65.0% · 49.1% · 73.2% · 100.0% · 100.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 13 Oct | Sell | Hi Growth Corporate Services Pvt Ltd | ₹0.55 Cr | ₹61.46 | 90,000 | Bulk |
| 13 Oct | Buy | Hi Growth Corporate Services Pvt Ltd | ₹0.53 Cr | ₹60.78 | 87,500 | Bulk |
| 9 Oct | Sell | Hi Growth Corporate Services Pvt Ltd | ₹0.47 Cr | ₹62.13 | 75,500 | Bulk |
| 9 Oct | Buy | Hi Growth Corporate Services Pvt Ltd | ₹0.45 Cr | ₹61.18 | 73,000 | Bulk |
| 8 Oct | Buy | Hi Growth Corporate Services Pvt Ltd | ₹0.45 Cr | ₹63.75 | 71,000 | 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
GSM Foils Limited reported monthly net sales of ₹13.29 crore for September 2026. Cumulative net sales for the first half of the financial year (April to September 2026) reached ₹145.07 crore. The monthly run rate of ₹13.29 crore in September represents a sharp sequential deceleration compared to the average monthly run-rate of approximately ₹26.36 crore during the preceding five months. Investors should evaluate these preliminary top-line disclosures against the upcoming formal half-yearly financial results.
- Net sales for September 2026 reported at ₹13,28,86,785 (approx. ₹13.29 crore)
- Cumulative net sales for April-September 2026 stood at ₹1,45,06,50,971 (approx. ₹145.07 crore)
- Implied April-August 2026 sales averaged ~₹26.36 crore per month versus ₹13.29 crore in September 2026
GSM Foils Limited announced the appointment of Ms. Riya Dinanath Devulkar (ACS No. A43198) as Company Secretary and Compliance Officer, effective September 11, 2026. The decision was approved during a brief Board of Directors meeting held between 04:15 P.M. and 04:40 P.M. on the same date. Ms. Devulkar is an Associate Member of ICSI with experience across statutory compliances, secretarial audits, and MCA filings. This appointment fills a statutory Key Managerial Personnel (KMP) role and involves no direct commercial impact on operations.
- Appointment effective from September 11, 2026
- Appointee is an Associate Member of ICSI holding membership number ACS A43198
- Board meeting commenced at 04:15 P.M. and concluded at 04:40 P.M. on September 11, 2026
GSM Foils Limited announced the appointment of Ms. Riya Dinanath Devulkar (ACS No. A43198) as Company Secretary and Compliance Officer, effective September 11, 2026. The appointment was approved during a brief Board meeting held on September 11, 2026, from 04:15 P.M. to 04:40 P.M. As an Associate Member of ICSI, she brings experience in corporate governance, statutory compliances, and MCA filings. This is a routine Key Managerial Personnel appointment required under corporate governance norms and has no direct financial impact.
- Appointment of Ms. Riya Dinanath Devulkar as Company Secretary and Compliance Officer effective September 11, 2026
- Candidate holds ICSI membership number ACS No. A43198
- Board meeting commenced at 04:15 P.M. and concluded at 04:40 P.M. on September 11, 2026
GSM Foils reported net sales of Rs 10.71 Cr (Rs 10,70,81,053) for the month of August 2026, marking a sharp decline of 43.56% YoY compared to Rs 18.97 Cr in August 2025. Despite the monthly drop, cumulative net sales for the five-month period from April to August 2026 stood at Rs 131.78 Cr (Rs 1,31,77,64,186). The monthly slowdown reflects potential volatility in demand or volume off-take in its aluminium foil packaging business.
- Net sales for August 2026 fell 43.56% YoY to Rs 10,70,81,053
- August 2025 net sales were Rs 18,96,91,912
- Cumulative April-August 2026 net sales reached Rs 1,31,77,64,186
GSM Foils Limited has announced the resignation of Mr. Pratik M. Makwana from the position of Company Secretary and Compliance Officer. The resignation is effective from July 30, 2026, following internal communications initiated on July 27, 2026. As a company with a net worth of Rs 74 Cr and a debt of Rs 44 Cr, maintaining key managerial personnel is essential for regulatory compliance. No successor has been named in this specific filing.
- Resignation of Company Secretary effective July 30, 2026
- Initial resignation communication dated July 27, 2026
- Company operates with a net worth of Rs 74 Cr
- Debt-to-Equity ratio stands at 0.59 based on Rs 44 Cr debt
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 111.1% YoY, reaching INR 110.14 Cr in H1 FY26 compared to INR 52.17 Cr in H1 FY25, driven by increased demand in the pharmaceutical sector.
Geographic Revenue Split
The company serves the domestic Indian market and exports to destinations including Bangladesh; however, the specific percentage split per region is not disclosed.
Profitability Margins
Gross Profit Margin was 14.63% in H1 FY26, down from 19.02% in H1 FY25. Net Profit Margin significantly improved to 7.47% in H1 FY26 from 3.35% in H1 FY25 due to better operational scaling.
EBITDA Margin
EBITDA Margin improved to 11.32% in H1 FY26 from 6.61% in H1 FY25, representing a YoY increase of 471 basis points as the company optimized its conversion processes.
Capital Expenditure
Planned CAPEX of INR 4 Cr to 5 Cr for a new plant to replicate existing capacity within one year; historical gross block was approximately INR 2 Cr.
Credit Rating & Borrowing
The company utilizes facilities from Bank of India with a strategy to repay all debts in under two years; finance costs for H1 FY26 were INR 1.29 Cr.
Operational Drivers
Raw Materials
Bare aluminium foil and granules are the primary raw materials, with bare foil being the critical input for coating and lamination processes.
Import Sources
Foil stock is imported from China, which is currently subject to potential Anti-Dumping Duties.
Key Suppliers
Key suppliers include Tier-1 aluminium players such as Hindalco, PG Foil, and MMP Foil.
Capacity Expansion
Current operations are based in Vasai; planned expansion includes a new facility with similar capacity within 12 months and backward integration into rolling mills.
Raw Material Costs
Cost of materials consumed was INR 100.70 Cr in H1 FY26, accounting for 91.4% of total revenue, up from 89.5% in H1 FY25.
Manufacturing Efficiency
Efficiency is driven by using fully depreciated machinery (4-5 years old) and focusing on Stage 2 (coating/lamination) and Stage 3 (printing) processes.
Strategic Growth
Expected Growth Rate
22%
Growth Strategy
Growth will be achieved through backward integration into rolling mills to control raw material costs, entering underpenetrated domestic regions, and expanding the export share in the pharmaceutical packaging market.
Products & Services
Blister Foils and Aluminium Pharma Foils (Strip Foils) used for packaging capsules and tablets.
Brand Portfolio
GSM Foils.
New Products/Services
Development of barrier-grade primary packaging specifically for the biosimilars market, which requires high-quality printed aluminum foils.
Market Expansion
Strategic roadmap includes entering new Indian regions and increasing export volumes to Bangladesh and other international markets.
Market Share & Ranking
Management claims to be the only listed player specifically focused on Stage 2 and Stage 3 of the aluminium foil packaging value chain.
External Factors
Industry Trends
The industry is shifting from bottle packaging to unit-dose formats like blisters and strips for better compliance, with the Indian biosimilars market expected to reach USD 12 billion by 2025.
Competitive Landscape
Competes with large Tier-1 players like Hindalco (who also supply them) and cheaper imports from Chinese manufacturers.
Competitive Moat
Competitive advantage lies in a specialized focus on Stage 2/3 processing with low CAPEX requirements (INR 4-5 Cr) compared to the high-CAPEX Tier-1 rolling mill sector.
Macro Economic Sensitivity
Highly sensitive to the 6-8% annual growth rate of aluminium consumption in India and the overall growth of the pharmaceutical sector.
Consumer Behavior
Increasing consumer and regulatory demand for hygiene, precise dosing, and longer shelf life in pharmaceutical products.
Geopolitical Risks
Trade barriers, specifically Anti-Dumping Duties on imports from China, impact raw material procurement costs.
Regulatory & Governance
Industry Regulations
Operations must comply with stringent regulatory standards for both food and pharmaceutical grade packaging materials.
Taxation Policy Impact
The company faced a tax expense of INR 2.89 Cr in H1 FY26, representing an effective tax rate of approximately 26%.
Risk Analysis
Key Uncertainties
Fluctuations in raw material prices (aluminium and granules) and uncertainties in global demand for pharmaceutical exports.
Geographic Concentration Risk
Manufacturing is concentrated at a single location in Vasai, Palghar, Maharashtra.
Third Party Dependencies
Significant dependency on Tier-1 aluminium suppliers for the procurement of bare foil stock.
Technology Obsolescence Risk
Risk of technological lag is addressed through planned backward integration and investment in newer coating/printing technology.
Credit & Counterparty Risk
Trade receivables stood at INR 10.01 Cr as of September 30, 2025, reflecting the credit terms provided to pharmaceutical clients.
