NSE: GOPAL · BSE: 544140
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gathiya, Namkeen, Fryums, Wafers, New products. Asset-heavy FMCG packaged snacks manufacturer with a distributor-led general trade model.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,402 | 1,468 | 1,508 |
| EBITDA (ex other income) | 168 | 58 | 141 |
| margin % | 12.0 | 4.0 | 9.3 |
| Owners' profit | 100 | 19 | 74 |
| EPS, as reported (₹) | 7.99 | 1.52 | 5.91 |
| ROE % · ROCE % | 25.5 · 32.8 | 4.7 · 7.3 | 15.4 · 20.8 |
| Debt / equity (x) | 0.17 | 0.16 | 0.32 |
| Cash from operations | 68 | 68 | 46 |
| Capex | (31) | (84) | (153) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 403 | 394 | 317 | 322 | 376 | 401 | 410 | 422 |
| Profit before tax | 39 | 8 | (52) | 6 | 35 | 19 | 40 | 19 |
| Net profit | 29 | 5 | (40) | 3 | 26 | 15 | 30 | 13 |
| EPS (₹) | 2.32 | 0.43 | (3.17) | 0.20 | 2.06 | 1.24 | 2.40 | 1.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,27,636 | 59.7 | 44.14 | 41.4 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,09,850 | 42.2 | 21.39 | 29.4 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 15,003 | 79.7 | 2.58 | 38.0 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,647 | 45.0 | 6.82 | 25.8 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,182 | 6.3 | 0.85 | 2.3 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,689 | 19.3 | 4.48 | 20.0 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED ◆ | 3,031 | 36.1 | 6.33 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,626 | 28.6 | 4.59 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.1 | 29.2 | 23 of 38 | 41% |
| P/B | 6.3 | 2.7 | 27 of 34 | 21% |
| ROCE | 19.4 | 7.4 | 7 of 40 | 85% |
| ROE | 15.4 | 7.7 | 9 of 34 | 76% |
| Debt / Equity | 0.3 | 0.1 | 25 of 33 | 25% |
| EBITDA margin | 7.6 | 9.9 | 21 of 33 | 38% |
| Revenue growth | 31.1 | 14.1 | 10 of 36 | 74% |
| Profit growth | 409.0 | 14.1 | 5 of 33 | 88% |
| Market cap | 3031 | 100 | 7 of 43 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Gopal Snacks to hold Q2 FY27 results call on 3 November 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to review Q3 results and consider interim dividend | results | low | — | — |
| 23 Oct 2026 · Board to review September results and consider interim dividend | results | low | — | — |
| 8 Oct 2026 · Quarterly RTA compliance certificate for dematerialisation of shares | compliance | minimal | — | — |
| 1 Oct 2026 · Fire insurance claim approved, total Rs 774 million received | capex operations | high | — | — |
| 29 Sept 2026 · Trading window closed for Q2 and H1 FY26-27 results | compliance | minimal | — | — |
| 21 Sept 2026 · GST Show Cause Notice of Rs 4.11 Crore for Modasa Facility FY 2022-23 | regulatory legal | medium | — | — |
| 19 Sept 2026 · Founder Bipinbhai Hadvani re-appointed as Chairman and MD for 5 years | management changes | high | — | — |
| 19 Sept 2026 · CRISIL reaffirms Gopal Snacks rating; outlook revised to Negative | credit debt | high | — | — |
| 19 Sept 2026 · AGM 2026: All 4 resolutions passed, including CMD re-appointment | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.