GSMFOILS

GSM Foils financials

Vasai (Maharashtra)-based manufacturer of aluminium blister foils and pharma strip foils used in pharmaceutical packaging, with plants in Maharashtra and Gujarat.

Market cap: ₹128 Cr
Sector: Capital Goods
Calls analysed: 4

Latest concall · Q4 FY26 · call held 22 Apr 2026

GSMFOILS Q4 FY26

Revenue ₹81.689 cr +79%EBITDA ₹9.43 cr +63%EBITDA Margin 11.5% PAT ₹6.279 cr +84%

What went well

Q4 FY26 Revenue grew robustly by 79.1% YoY to ₹81.69 crores.
FY26 Revenue saw strong growth of 92.9% YoY, reaching ₹258.15 crores.
FY26 EBITDA increased significantly by 95.9% YoY to ₹29.78 crores.

What to watch

Q4 FY26 EBITDA margin moderated by 120 bps to 11.5% from 12.7% in Q4 FY25.
Near-term cost pressure persists due to high commodity prices (aluminium, petrochemicals) and global supply chain disruptions.

Read the full call →

What GSM Foils Ltd does

GSM Foils manufactures blister foils and aluminium strip pharma foils that protect tablets and capsules from moisture, oxygen, light and germs. It sources raw aluminium and related inputs from established vendors and converts them through coating, lamination, printing and slitting into finished packaging foils (20-40 micron range) supplied to pharmaceutical companies. The company runs manufacturing units in Vasai (Maharashtra) and a newer facility in Ahmedabad (Gujarat), serving a base of 100+ pharma clients across 14+ Indian states.

Segments

Blister Foils
Aluminium Strip Pharma Foils

Manufacturing plants: 2 (Vasai, Maharashtra & Ahmedabad, Gujarat)
Production capacity: 15,000+ MT/annum
Manufacturing area: ~25,000 sq. ft. (Vasai 7,973 sq. ft. + Ahmedabad ~17,000 sq. ft.)
Client base: 100+ pharmaceutical clients
Geographic presence: 14+ states in India
Employees: 50+

Founded 2019Headquarters Vasai, MaharashtraEmployees 50 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 10 tracked 3 delivered 2 missed 5 open

FY26 Revenue delivered said Q1 FY26 Promised: ₹240 to ₹260 crores Q4 FY26: Achieved ₹258.15 crores for FY26.
Ahmedabad Plant Utilization missed said Q2 FY26 Promised: 50% by March Q4 FY26: Achieved 25% to 30% utilization by FY26 end.
Mumbai Expansion Plan Finalization delayed said Q3 FY26 Promised: Finalized within a month or two Q4 FY26: Still under plan, with a potential announcement in a quarter or two.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 86.3%, net profit up 99.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	31	36	46	52	58 +86%	66 +84%	82 +79%	97 +86%
Expenses	28	32	40	46	52	58	72	85
EBITDA	3	4	6	6	7 +107%	8 +95%	9 +63%	12 +98%
Margin	10%	11%	13%	11%	11%	12%	12%	12%
Other income	0	0	0	0	0	0	0	0
Interest	0	0	1	0	1	1	1	1
Depreciation	0	0	0	0	0	0	0	0
Profit before tax	3	4	5	5	6 +94%	7 +89%	8 +69%	10 +89%
Tax rate	28%	28%	31%	29%	23%	25%	26%	25%
Net profit	2	3	3	4	4 +107%	5 +96%	6 +84%	8 +99%
EPS	1.50	1.93	2.43	2.72	3.12	3.78	4.46	5.41

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 −63.4% 1Y

1Y: ₹235 on 10 Sept 2025 → ₹86.1. High ₹282.45 (21 Jul 2026), low ₹83.85 (19 Aug 2026).

How the price took the results

close before → close after

Q4 FY26: −8.8%; 22 Apr
Q3 FY26: +3.5%; 2 Feb
Q2 FY26: +4.2%; 6 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 92.9% a year over 1 year, FY25 to FY26. Operating margin held at 11.5%.

Year ending	FY25	FY26
Revenue	₹134 Cr	₹258 Cr
Operating profit	₹15 Cr	₹30 Cr
Operating margin	11.4%	11.5%
Interest	₹1 Cr	₹3 Cr
Depreciation	₹0 Cr	₹0 Cr
Net profit	₹10 Cr	₹20 Cr
Net margin	7.2%	7.7%
ROCE	46.0%	35.0%

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 ending	FY23	FY24	FY25	FY26
Equity capital	₹0 Cr	₹9 Cr	₹14 Cr	₹14 Cr
Reserves	₹1 Cr	₹2 Cr	₹48 Cr	₹60 Cr
Borrowings	₹14 Cr	₹5 Cr	₹15 Cr	₹44 Cr
Other liabilities	₹7 Cr	₹4 Cr	₹18 Cr	₹46 Cr
Total liabilities	₹22 Cr	₹20 Cr	₹95 Cr	₹165 Cr
Fixed assets	₹1 Cr	₹1 Cr	₹2 Cr	₹5 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹6 Cr	₹10 Cr
Other assets	₹21 Cr	₹19 Cr	₹87 Cr	₹150 Cr
Total assets	₹22 Cr	₹20 Cr	₹95 Cr	₹165 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, promoters trimmed −18.76 pp while the public added +16.30 pp. The shareholder count grew 135% to 1,719.

Promoters: 54.4%
DIIs: 2.5%
Public: 43.2%

Since Jun 2025

Promoters −18.76 pp
Public +16.30 pp
DIIs +2.46 pp

How it drifted, 8 quarters

Over this window promoters fell from 73.1% to 54.4% — −18.8 pp.

Sep '24Jun '25Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Gunjan newly disclosed 1.80% held
Imran Khan newly disclosed 1.60% held
Sandeep Singh +1.38 pp 2.69% held
Siddharth Abhaikumar Nahar newly disclosed 1.20% held
Vijaya Sharma newly disclosed 1.13% held
Smart Horizon Opportunity Fund AIF +0.56 pp 2.38% held

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of GSM Foils Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Sagar Girish Bhanushali	31.73%	unchanged
Mohansingh Laxmansingh Parmar	22.64%	−12.17 pp
Sandeep Singh	2.69%	+1.38 pp
Smart Horizon Opportunity Fund AIF	2.38%	+0.56 pp
Gunjan	1.80%	newly disclosed
Imran Khan	1.60%	newly disclosed
Siddharth Abhaikumar Nahar	1.20%	newly disclosed
Vijaya Sharma	1.13%	newly disclosed
Sanjay Metal Corporation	0.00%	unchanged
Meera Mohansingh Parmar	0.00%	unchanged
Sonibai Laxmansingh Parmar	0.00%	unchanged
Meenakshi G Bhanushali	0.00%	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

Attractive

To justify its price of ₹86, this stock must grow earnings at -13% every year for 7 years. Our analysis caps realistic growth at ~105%. At that growth it is worth ₹17146 — upside of 19814%.

Growth the price implies: -12.7% a year; for 7 years, fading to 4%
It has actually compounded at: 104.3% a year; net profit, FY25–FY26 · EPS 104.6%
The gap: -1.2 pp; 19814% downside if it only repeats history

Price today ₹86.1 Value at the reference growth ₹17,145.67

Change the assumptions yourself →

All earnings calls (4)

Read the Q4 FY26 call →

Learn to analyse GSM Foils Ltd

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