Rajkot, Gujarat FMCG maker of ethnic Indian snacks; India's largest manufacturer of gathiya and snack pellets
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 422 | +31.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.0 | +2.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 13.0 | +333.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.47 | −8.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -6.70 | −5.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 12.05 | −2.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 10 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue | ₹1,800 crores | Q3 FY25 | Promise deadline passed in FY26. Final verdict stands. | Achieved* |
| Q2 FY26 EBITDA Margin | 10% to 11% | Q3 FY25 | Promise deadline passed in Q2 FY26. Final verdict stands. | Missed |
| FY27 Capacity Utilization | 43% to 45% | Q4 FY26 | Nagpur plant utilization remains below 30%, putting the overall target at risk. | At Risk |
7 of Gopal Snacks Limited's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹345.45 on 24 Oct 2025 → ₹243.9. High ₹361.85 (7 Nov 2025), low ₹240.35 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
3 of 10 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue | ₹1,800 crores | Q3 FY25 | Promise deadline passed in FY26. Final verdict stands. | Achieved* |
| Q2 FY26 EBITDA Margin | 10% to 11% | Q3 FY25 | Promise deadline passed in Q2 FY26. Final verdict stands. | Missed |
| FY27 Capacity Utilization | 43% to 45% | Q4 FY26 | Nagpur plant utilization remains below 30%, putting the overall target at risk. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Gopal Snacks Limited Q1 FY27
Gopal Snacks Limited reported a strong Q1 FY27, achieving its highest-ever quarterly revenue of ₹422.3 crores, driven by robust YoY growth of 31.1%. Profitability saw significant improvement, with EBITDA more than doubling and margins expanding to 7.4%. The recommencement of the Rajkot facility and continued distribution expansion are key drivers, though challenges like inflation and underutilized capacity at Nagpur persist.
Read the full callGopal Snacks Q4 FY26
Gopal Snacks reported a strong Q4 FY26 with 29% YoY revenue growth, driven by operational stabilization and distribution expansion. Full-year revenue grew 2.7% to ₹1,508.2 crores. Margins saw significant improvement in Q4, with EBITDA at 7.7% and PAT at 7.3%. The company is confident in achieving 8-9% EBITDA margin in FY27, supported by new plant commissioning and continued distribution growth, despite anticipated increases in raw material costs and finance expenses.
Read the full callGopal Snacks Q3 FY26
Gopal Snacks reported a strong Q3 FY26, reversing previous declines with a 6.7% sequential revenue growth, primarily driven by core categories and the operationalization of its Modasa facility. Margin expansion was noted due to improved operational efficiencies and reduced trade discounts. The company outlined ambitious growth plans for FY27, focusing on distribution expansion, targeted marketing campaigns, and product mix optimization to achieve higher revenue and EBITDA margins.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +333% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 403 | 394 | 317 | 322 | 376 | 401 | 410 | 422 |
| Expenses | 356 | 378 | 315 | 307 | 352 | 370 | 378 | 391 |
| Operating profit | 47 | 16 | 2 | 15 | 24 | 30 | 32 | 31 |
| Operating margin | 12.0% | 3.9% | 0.6% | 4.7% | 6.0% | 8.0% | 8.0% | 7.0% |
| Other income | 1 | 1 | -45 | 1 | 22 | 0 | 21 | 1 |
| Interest | 1 | 0 | 1 | 2 | 2 | 1 | 2 | 3 |
| Depreciation | 8 | 9 | 8 | 8 | 9 | 10 | 11 | 11 |
| Profit before tax | 39 | 8 | -52 | 6 | 35 | 19 | 40 | 19 |
| Tax rate | 26.0% | 29.0% | −24.0% | 54.0% | 27.0% | 19.0% | 25.0% | 31.0% |
| Net profit | 29 | 5 | -40 | 3 | 26 | 15 | 30 | 13 |
| EPS (₹ per share) | 2.32 | 0.43 | -3.17 | 0.20 | 2.06 | 1.24 | 2.40 | 1.03 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 1,403 | 1,468 | 1,509 |
| Expenses | 1,234 | 1,362 | 1,407 |
| Operating profit | 169 | 106 | 101 |
| Other income | 3 | -41 | 44 |
| Interest | 6 | 4 | 7 |
| Depreciation | 35 | 33 | 38 |
| Profit before tax | 132 | 28 | 100 |
| Net profit | 99 | 18 | 74 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 177 | 278 | 378 | 392 | 421 | 466 |
| Borrowings | 166 | 108 | 67 | 67 | 65 | 154 |
| Other liabilities | 56 | 63 | 81 | 65 | 66 | 82 |
| Total liabilities | 400 | 461 | 539 | 537 | 565 | 715 |
| Fixed assets | 213 | 238 | 229 | 228 | 246 | 305 |
| Capital work in progress | 47 | 10 | 13 | 46 | 62 | 79 |
| Investments | 2 | 2 | 0 | 0 | 0 | 0 |
| Other assets | 138 | 211 | 297 | 263 | 256 | 331 |
| Total assets | 400 | 461 | 539 | 537 | 565 | 715 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 22 | 59 | 122 | 69 | 68 | 46 |
| Cash from investing | -76 | -74 | -50 | -5 | -82 | -126 |
| Cash from financing | 58 | 12 | -69 | -44 | -10 | 80 |
| Net cash flow | 4 | -4 | 3 | 21 | -24 | 0 |
| Free cash flow | -53 | -14 | 96 | 39 | -15 | -100 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 2 | 4 | 3 | 8 | 6 | 14 |
| Inventory days | — | 30 | 53 | 75 | 51 | 64 |
| Days payable | — | 2 | 3 | 8 | 6 | 11 |
| Cash conversion cycle | 2 | 31 | 52 | 75 | 51 | 66 |
| Working capital days | 3 | 4 | 21 | 37 | 34 | 30 |
| Return on capital employed | 16.0% | 22.0% | 44.0% | 32.0% | 16.0% | 12.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 3.0% | 66.0% | 17.0% |
To justify its price of ₹244, this stock must grow earnings at 37% every year for 7 years. Our analysis caps realistic growth at ~-43%. At that growth it is worth ₹4 — downside of 98%.
Ownership
Promoters hold 81.45% as of Sept 2026; institutions cut 0.36 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Gopal Snacks Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 54.99% | unchanged | |
| 12.14% | unchanged | |
| 11.82% | unchanged | |
| 2.50% | unchanged | |
| AIF | 1.48% | unchanged |
| Mutual fund | 1.47% | 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.
Your own record
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