GOPAL SNACKS LIMITED

Manufactures and sells packaged savoury snacks across categories including Gathiya, Namkeen, Wafers and Fryums, distributed through a distributor-led general trade network. FY26 revenue stood at Rs 1,508.2 crores (up 2.7% YOY) and Q4 FY26 alone at Rs 409.6 crores (up 29% YOY), with the year's growth shaped by recovery from a December 2024 fire at the Rajkot plant. The Rajkot manufacturing facility has been fully commissioned at 1,05,000 MT installed capacity; the Modasa plant runs at 63,085 MT capacity, and the Gondal facility is being discontinued. Distribution expanded to 953 distributors with 125 micro-distributors added in the quarter. The four named categories form the bulk of sales — Gathiya is the largest at a Rs 410 crores base, Namkeen at Rs 350 crores, Fryums at Rs 250 crores and Wafers at Rs 155 crores — with Wafers targeted at the steepest FY27 growth; new products (cupcakes, Rs 10 drinks) scaled from Rs 25 crores to Rs 63 crores in FY26. Capacity utilisation sits at around 43-45%, leaving headroom for volume-led growth, while the cost base is dominated by raw materials at 68.7% of revenue, followed by other opex at 12.3% and employee cost at 8.0%. Insurance proceeds of Rs 37.4 crores were received in FY26 against the Rajkot fire, with an additional Rs 35-40 crores expected in Q2 FY27.