Gopal Snacks Ltd (GOPAL)
🎯 Key Takeaways
- Gopal Snacks Ltd is in a mature growth phase with stable profitability but limited near-term upside, currently facing external credit risk pressures. The company maintains strong returns on capital and low leverage, yet its 1-year return has lagged significantly, reflecting market skepticism about near-term catalysts amid sector headwinds and a negative credit rating outlook.
- Revenue grew 3.1% QoQ to ₹422 in Q1FY27.
- ⚠️ 1) The negative CRISIL rating outlook introduces refinancing and covenant risks despite current investment-grade status. 2) Net profit volatility desp
- Market Cap
- ₹3,127
- P/E Ratio
- 37.3
- P/B Ratio
- 6.53
- ROE
- 17.5%
- ROCE
- 19.0%
- Debt/Equity
- 0.32
- Div Yield
- 0.40%
- Promoter
- 81.5%
📖 The Story
Gopal Snacks Ltd is in a mature growth phase with stable profitability but limited near-term upside, currently facing external credit risk pressures. The company maintains strong returns on capital and low leverage, yet its 1-year return has lagged significantly, reflecting market skepticism about near-term catalysts amid sector headwinds and a negative credit rating outlook.
📰 What's Happening
Management has focused on governance continuity and operational resilience, with shareholders approving all AGM resolutions including the reappointment of CMD Bipinbhai Hadvani for a five-year term ending 2031. The company also resolved a prior production incident by receiving final insurance proceeds of ₹363.98 million, completing a total claim recovery of ₹774.27 million. These events underscore procedural stability and risk mitigation rather than strategic transformation.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 376 | 401 | 410 | 422 |
| Operating Profit | 15 | 20 | 20 | 21 |
| OPM % | 4.0% | 5.0% | 5.0% | 4.9% |
| Net Profit | 26 | 15 | 30 | 13 |
| EPS | ₹2.06 | ₹1.24 | ₹2.40 | ₹1.03 |
Quarterly revenue has shown modest sequential growth from ₹376 crore to ₹422 crore over four quarters, while operating margins have remained stable around 4.9-5.0%. Profitability has fluctuated, with net profit peaking at ₹30 crore in Q3 2026 before declining to ₹13 crore in Q1 2027, despite rising revenue, suggesting margin pressure from cost increases or pricing pressures. EPS trends mirror this volatility, declining from ₹2.40 to ₹1.03 over the same period, indicating earnings dilution or share structure changes despite stable margins.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue, margins, or capex in the reviewed filings. However, the negative CRISIL outlook highlights concerns about liquidity and debt servicing, with management emphasizing the need to avail facilities within 180 days to maintain rating validity. This implies constrained investment capacity and a focus on operational cash flow generation rather than expansion.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 |
| Reserves | 392 | 431 | 466 | 421 |
| Borrowings | 66 | 6 | 154 | 65 |
| Total Liabilities | 537 | 518 | 715 | 565 |
| Fixed Assets | 228 | 216 | 303 | 243 |
| Investments | 0 | 1 | 0 | 0 |
| Total Assets | 537 | 518 | 715 | 565 |
The balance sheet reflects a conservative capital structure with equity of ₹12 crore and reserves growing from ₹392 crore to ₹466 crore over two years, while borrowings remain low at ₹154 crore. Despite asset growth from ₹537 crore to ₹715 crore, the company relies heavily on internal cash flows, with minimal net financing activity. This suggests a deleveraging trend and a strategic emphasis on funding growth through retained earnings rather than external debt.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +68 |
| Investing | -82 |
| Financing | -10 |
| Net Cash Flow | -24 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 81.5% | 81.5% | 81.5% | 81.5% |
| FII | 0.9% | 0.8% | 0.7% | 0.8% |
| DII | 6.7% | 6.3% | 6.3% | 5.7% |
| Public | 7.2% | 7.6% | 7.8% | 8.0% |
| # Shareholders | 71,533 | 68,696 | 66,823 | 65,905 |
Institutional investor interest has declined slightly, with FII holdings decreasing from 0.94% to 0.71% and DII from 6.71% to 5.68% over four quarters, while promoter ownership remains stable near 81.45%. The number of public shareholders has also reduced from 71,533 to 65,905, indicating possible retail exit or consolidation. No significant activist activity or foreign institutional accumulation is evident, suggesting limited external confidence in near-term catalysts.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.42 L Cr | 29.6 | 29.8% | — | 0.00 |
| ITC | 3.30 L Cr | 16.6 | 36.0% | — | 0.03 |
| NESTLEIND | 2.53 L Cr | 66.4 | 99.2% | — | 0.00 |
| VBL | 1.46 L Cr | 43.1 | 21.5% | — | 0.10 |
| LENSKART | 1.19 L Cr | 179.3 | 11.9% | — | 0.03 |
| BRITANNIA | 1.16 L Cr | 44.5 | 54.1% | — | 0.27 |
| MARICO | 1.02 L Cr | 53.9 | 54.2% | — | 0.08 |
| TATACONSUM | 94,313 | 57.7 | 10.2% | — | 0.10 |
| GODREJCP | 87,380 | 45.6 | 17.8% | — | 0.33 |
| DABUR | 67,588 | 34.3 | 21.3% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) The negative CRISIL rating outlook introduces refinancing and covenant risks despite current investment-grade status. 2) Net profit volatility despite revenue growth raises concerns about margin sustainability. 3) Declining EPS and shrinking public shareholder base may limit liquidity and investor interest. 4) Heavy reliance on internal cash flows and low capex guidance constrain growth flexibility in a capital-intensive FMCG environment.
📋 Recent Filings
- 🔴 Announcement2026-10-01Gopal Snacks Ltd announced that its insurer approved a final fire insurance claim of ₹363.98 million, adding to a total ₹774.27 million received inclu…
- Announcement2026-09-29Gopal Snacks Ltd has closed its trading window effective October 1, 2026, through 48 hours after announcing quarterly results for the September 2026 q…
- 🟡 voting results2026-09-19Gopal Snacks Ltd shareholders approved all four AGM resolutions with overwhelming support, including a special resolution reappointing the CMD with 99…
- 🟡 Board Meeting2026-09-19At the 17th AGM on September 18, 2026, shareholders reappointed Bipinbhai Hadvani as Chairman and Managing Director for a five-year term ending Septem…
- 🔴 Announcement2026-09-19Gopal Snacks Ltd received a CRISIL credit rating update on its bank facilities, reaffirming short-term ratings and revising the long-term outlook to n…
- 🟡 Board Meeting2026-09-18Gopal Snacks held its 17th AGM on September 18, 2026 via video conference, approving audited financial statements for FY2025-26, declaring a ₹1.00 int…
- 🔴 Announcement2026-09-15Gopal Snacks Ltd announced an analyst and institutional investor meet scheduled for September 21, 2026, in Mumbai, providing a platform for direct eng…
- 🔴 Announcement2026-09-10Gopal Snacks Ltd announced a virtual investor meeting on September 16, 2026, with Elara Capital, Trigen Wealth, GreenEdge WS, and Stylus Holding, prov…
- 🔴 Announcement2026-09-10Gopal Snacks announced the commissioning of a new Besan manufacturing unit at its Nagpur facility with 19,642 MT annual capacity, aimed at backward in…
- 🔴 Announcement2026-08-28Gopal Snacks Ltd announced an analyst and institutional investor meeting scheduled for September 2, 2026, conducted virtually with Kiara Capital. The …
🧠 Analyst's Read
Gopal Snacks operates as a stable, cash-generative business with strong returns and low leverage, but lacks near-term growth drivers amid sector headwinds and a deteriorating credit outlook. Investors should monitor liquidity buffers, debt covenant compliance, and any shift in capex strategy to assess potential inflection points.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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