Gopal Snacks Ltd (GOPAL)
🎯 Key Takeaways
- Gopal Snacks Ltd is in a phase of controlled expansion, transitioning from volume-driven growth to scalable profitability, with management targeting sustainable double-digit EBITDA margins post-Rajkot ramp-up. The company is leveraging distribution expansion and operational efficiency to drive margin improvement while maintaining pricing discipline amid raw material inflation.
- Revenue grew 3.1% QoQ to ₹422 in Q1FY27.
- ⚠️ Raw material inflation remains a concern at 4.2%, with only partial pass-on via pricing, which could pressure margins if sustained.
- Market Cap
- ₹3,177
- P/E Ratio
- 37.9
- P/B Ratio
- 6.64
- ROE
- 17.5%
- ROCE
- 19.0%
- Debt/Equity
- 0.32
- Div Yield
- 0.39%
- Promoter
- 81.5%
📖 The Story
Gopal Snacks Ltd is in a phase of controlled expansion, transitioning from volume-driven growth to scalable profitability, with management targeting sustainable double-digit EBITDA margins post-Rajkot ramp-up. The company is leveraging distribution expansion and operational efficiency to drive margin improvement while maintaining pricing discipline amid raw material inflation.
📰 What's Happening
In Q1 FY27, revenue grew 31.1% YoY to INR 422.3 crores, driven by strong demand in core categories and expanded distribution, adding over 1,000 distributors and achieving 38% double servicing coverage. Management highlighted wafer growth of 15% YoY and reduction in trade discounts to 2.5% despite 4.2% raw material inflation. The company is on track to reach 6 lakh outlets by year-end and has raised FY27 revenue guidance to INR 1,800-1,900 crores, with volume growth of 75-80% and price hikes contributing 20%. EBITDA margin guidance remains at 8-9% for FY27, with a target of 11-11.5% post-Rajkot ramp-up.
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 |
Revenue growth has accelerated sequentially and YoY, supported by volume expansion and broader market penetration, while profitability trends show improvement in operational efficiency. Gross margin held at 27%, with EBITDA rising to INR 31.5 crores, though OPM declined slightly to 4.9% in Jun 2026 due to higher promotional spend or mix shift. Net profit dipped to INR 13 crores in Jun 2026 from INR 30 crores in Mar 2026, but EPS remained stable at INR 1.03, indicating consistent capital structure. The company is prioritizing scalable growth over margin peak, with management emphasizing sustainable profitability by FY28.
🔮 Management Outlook & What's Next
Management expects revenue growth of 75-80% in FY27, driven by volume and modest pricing, with EBITDA margin guidance of 8-9% for the fiscal year and a target of 11-11.5% post-Rajkot ramp-up. Marketing spend is held at 1% of revenue, and the company is focused on expanding distribution to 6 lakh outlets by year-end. No new financial targets were disclosed beyond FY27 guidance, but the trajectory is clearly volume-led with margin improvement expected through scale and operational efficiencies.
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 strong equity base of INR 12 crores and growing reserves, with borrowings remaining low at INR 154 crores as of Mar 2026, indicating minimal leverage. Total assets have increased from INR 537 crores to INR 715 crores over two years, suggesting capital investment in capacity expansion, likely tied to the Rajkot facility ramp-up. The capital structure remains conservative, with no signs of aggressive debt-funded growth, supporting financial stability during expansion.
💰 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 |
Promoter holding remains stable at 81.45-81.47%, indicating confidence in long-term prospects. Institutional ownership (FII and DII) has declined slightly over the past four quarters, with FII decreasing from 0.94% to 0.71% and DII from 6.71% to 5.68%, while the number of public shareholders has increased, suggesting retail interest is growing. The rise in shareholder count to 65,905 in Q1FY27 may reflect broader retail participation, though institutional interest appears to be waning slightly.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.39 L Cr | 29.3 | 29.8% | — | 0.00 |
| ITC | 3.32 L Cr | 16.7 | 36.0% | — | 0.03 |
| NESTLEIND | 2.58 L Cr | 67.6 | 99.2% | — | 0.00 |
| VBL | 1.45 L Cr | 43.0 | 21.5% | — | 0.10 |
| BRITANNIA | 1.16 L Cr | 44.7 | 54.1% | — | 0.27 |
| LENSKART | 1.14 L Cr | 171.2 | 11.9% | — | 0.03 |
| MARICO | 1.05 L Cr | 55.3 | 54.2% | — | 0.08 |
| TATACONSUM | 95,699 | 58.5 | 10.2% | — | 0.10 |
| GODREJCP | 89,022 | 46.5 | 17.8% | — | 0.33 |
| DABUR | 67,419 | 34.2 | 21.3% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Raw material inflation remains a concern at 4.2%, with only partial pass-on via pricing, which could pressure margins if sustained. 2. The Rajkot ramp-up is critical to achieving target margins but involves execution and capital allocation risks. 3. Despite volume growth, OPM declined to 4.9% in Jun 2026, indicating potential margin sensitivity to mix or promotional activity. 4. Export contribution remains negligible at 0.11%, limiting diversification benefits.
📋 Recent Filings
- 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 announced the commissioning of a new Besan manufacturing unit at its Nagpur facility with 19,642 MT annual capacity, aimed at backward in…
- 🔴 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…
- 🔴 Announcement2026-08-28Gopal Snacks Ltd announced an analyst and institutional investor meeting scheduled for September 2, 2026, conducted virtually with Kiara Capital. The …
- Announcement2026-08-19Gopal Snacks Limited announced an upcoming virtual investor and analyst meeting scheduled for August 24, 2026, to discuss its business outlook and str…
🧠 Analyst's Read
Gopal Snacks is executing a disciplined expansion strategy with improving operational scale, but margin trajectory hinges on successful Rajkot ramp-up and sustained pricing discipline. Investors should monitor execution of the distributor expansion plan and margin trends in upcoming quarters, particularly how pricing and input cost dynamics evolve.
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 2026-09-30.
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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