GOPAL

Gopal Snacks share price & financials

Price
₹265.55
Market cap
₹3.4k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 10 Aug 2026

Gopal Snacks Limited Q1 FY27

Revenue from Operations ₹422.3 cr +31%EBITDA ₹31.5 cr +109%EBITDA Margin 7.4% PAT ₹12.8 cr +151%

What went well

  • Highest-ever quarterly revenue from operations of ₹422.3 crores, reflecting 31.1% YoY growth and 3.1% sequential growth.
  • EBITDA more than doubled YoY to ₹31.5 crores, with EBITDA margin improving to 7.4% from 4.7% in Q1 FY26.
  • Profit before tax increased significantly to ₹18.6 crores from ₹5.3 crores in the corresponding quarter last year, a 250.9% YoY growth.

What to watch

  • A 0.8% hit to P&L in Q1 FY27 due to raw material inflation not yet fully passed on to consumers.
  • A 'small hiccup' and 5-6 working days disturbance in April due to Gondal facility shift, resulting in INR 12-13 crores top line loss in the core state.
Read the full call →

What Gopal Snacks Limited does

Gopal Snacks manufactures and markets a wide range of Indian ethnic snacks - gathiya, namkeen, wafers, snack pellets, extruded snacks, papad, besan and spices - sold under the Gopal brand. The company runs a vertically integrated model, sourcing raw materials and manufacturing in-house before distributing through its own distributor and dealer network. Its reach spans core markets in Gujarat and Saurashtra-Kutch, focus states such as Chhattisgarh, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh, and a wider footprint of other states including Delhi, Bihar, Goa, Karnataka, Odisha, Telangana and West Bengal.

Segments

  • Gathiya
  • Namkeen
  • Wafers
  • Pellets and Extruded Snacks
  • Papad, Spice and Besan
  • Other Snacks Products
Manufacturing facilities
6 facilities (3 primary + 3 ancillary), all in Gujarat
Installed manufacturing capacity
375,591 MT/year
Market position
Largest manufacturer of gathiya in India
Market position
Largest manufacturer of snack pellets in India
Market position
4th-largest manufacturer of papad in India; 2nd-largest organised ethnic namkeen maker in Gujarat
Distributor network
953 distributors
Founded 1999Headquarters Rajkot, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 3 delivered 7 missed 11 open
  • FY26 Revenue delivered, diluted said Q3 FY25 Promised: ₹1,800 crores Q1 FY27: Promise deadline passed in FY26. Final verdict stands.
  • Q2 FY26 EBITDA Margin missed said Q3 FY25 Promised: 10% to 11% Q1 FY27: Promise deadline passed in Q2 FY26. Final verdict stands.
  • FY27 Capacity Utilization at risk said Q4 FY26 Promised: 43% to 45% Q1 FY27: Nagpur plant utilization remains below 30%, putting the overall target at risk.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 31.1%, net profit up 333.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue403 394 317 322 376 −7%401 +2%410 +29%422 +31%
EBITDA47 16 2 15 24 −49%30 +88%32 +1500%31 +107%
Net profit29 5 -40 3 26 −10%15 +200%30 +175%13 +333%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −33.2% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 13 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹385.05 on 10 Sept 2025 → ₹257.35. High ₹386.65 (16 Sept 2025), low ₹251.15 (27 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.5%
10 Aug
Q4 FY26
−5.7%
13 May
Q3 FY26
+3.3%
28 Jan
Q2 FY26
−5.2%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 6.7%.

Year endingFY24FY25FY26
Revenue₹1.4k Cr₹1.5k Cr₹1.5k Cr
Operating profit₹169 Cr₹106 Cr₹101 Cr
Operating margin12.0%7.2%6.7%
Interest₹6 Cr₹4 Cr₹7 Cr
Depreciation₹35 Cr₹33 Cr₹38 Cr
Net profit₹99 Cr₹18 Cr₹74 Cr
Net margin7.1%1.2%4.9%
Cash from operations₹69 Cr₹68 Cr₹46 Cr
Free cash flow₹39 Cr₹-15 Cr₹-80 Cr
ROCE32.0%16.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹135 Cr₹177 Cr₹278 Cr₹378 Cr₹421 Cr₹466 Cr
Borrowings₹141 Cr₹166 Cr₹108 Cr₹67 Cr₹65 Cr₹154 Cr
Other liabilities₹65 Cr₹56 Cr₹63 Cr₹81 Cr₹66 Cr₹82 Cr
Total liabilities₹342 Cr₹400 Cr₹461 Cr₹539 Cr₹565 Cr₹715 Cr
Fixed assets₹175 Cr₹213 Cr₹238 Cr₹229 Cr₹246 Cr₹305 Cr
Capital work in progress₹43 Cr₹47 Cr₹10 Cr₹13 Cr₹62 Cr₹79 Cr
Investments₹1 Cr₹2 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹123 Cr₹138 Cr₹211 Cr₹297 Cr₹256 Cr₹331 Cr
Total assets₹342 Cr₹400 Cr₹461 Cr₹539 Cr₹565 Cr₹715 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.09 pp while DIIs trimmed −1.43 pp. The shareholder count shrank 11% to 65,905.

Promoters
81.5%
FIIs
0.8%
DIIs
5.7%
Public
12.1%

Since Jun 2025

  • Public +2.09 pp
  • DIIs −1.43 pp
  • FIIs −0.67 pp

How it drifted, 10 quarters

Over this window the public went from 8.6% to 12.1% — +3.5 pp.

Mar '24Mar '25Jun '26

Ownership split by quarter, oldest first. Mar '24: Promoters 81.5%, FIIs 3.2%, DIIs 6.7%, Public 8.6%.Jun '24: Promoters 81.5%, FIIs 2.2%, DIIs 6.8%, Public 9.5%.Sep '24: Promoters 81.5%, FIIs 2.3%, DIIs 5.6%, Public 10.6%.Dec '24: Promoters 81.5%, FIIs 1.6%, DIIs 6.5%, Public 10.4%.Mar '25: Promoters 81.5%, FIIs 1.6%, DIIs 7.0%, Public 9.9%.Jun '25: Promoters 81.5%, FIIs 1.4%, DIIs 7.1%, Public 10.0%.Sep '25: Promoters 81.5%, FIIs 0.9%, DIIs 6.7%, Public 10.9%.Dec '25: Promoters 81.5%, FIIs 0.8%, DIIs 6.3%, Public 11.4%.Mar '26: Promoters 81.5%, FIIs 0.7%, DIIs 6.3%, Public 11.6%.Jun '26: Promoters 81.5%, FIIs 0.8%, DIIs 5.7%, Public 12.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Gopal Snacks Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bipinbhai Vithalbhai Hadvani 54.99%unchanged
Dakshaben Bipinbhai Hadvani 12.14%unchanged
Gopal Agriproducts Private Limited 11.82%unchanged
Raj Bipinbhai Hadvani 2.50%unchanged
Axis Growth Avenues AIF-I AIF1.48%unchanged
360 One Special Opportunities Fund - Series 9 Mutual fund1.47%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹257, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~-43%. At that growth it is worth ₹4 — downside of 98%.

Growth the price implies
38.2% a year
for 7 years, fading to 4%
It has actually compounded at
-42.3% a year
net profit, FY24–FY26 · EPS -42.6%
The gap
0.8 pp
-98% downside if it only repeats history
Price today ₹257.35 Value at the reference growth ₹4.02

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Gopal Snacks Limited

Guides on how to read this kind of business and the numbers that matter.