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Gopal Snacks Q2 FY27 results: net profit up 78.5% to ₹45.86 crore, revenue up 22.9%
Gopal Snacks Limited reported standalone Q2 FY27 revenue of ₹461.54 crore, up 22.9% from Q2 FY26, with EBITDA of ₹41.60 crore and a 9.0% margin. Profit before tax was ₹61.22 crore and net profit was ₹45.86 crore, including a ₹35.32 crore exceptional gain; basic EPS was ₹3.68. The Board approved a first interim dividend of ₹0.50 per share for FY27.
Key points
- Standalone Q2 FY27 revenue was ₹461.54 crore, up 22.9% year on year and 9.3% from Q1 FY27.
- EBITDA rose to ₹41.60 crore from ₹24.15 crore in Q2 FY26, while the margin increased to 9.0% from 6.4%.
- Net profit was ₹45.86 crore, up 78.5% from ₹25.69 crore in Q2 FY26 and 256.9% from ₹12.85 crore in Q1 FY27.
- H1 FY27 revenue was ₹883.86 crore, up 26.7%, and net profit was ₹58.70 crore, up 108.0% from H1 FY26.
- The Board declared a first interim dividend of ₹0.50 per share for FY27, payable by 30 November 2026.
How did Gopal Snacks perform in Q2 FY27?
Gopal Snacks’ standalone revenue for the July–September 2026 quarter was ₹461.54 crore, against ₹375.66 crore in Q2 FY26 and ₹422.32 crore in Q1 FY27. The sequential increase was 9.3%. EBITDA was ₹41.60 crore, up 72.3% year on year from ₹24.15 crore and 32.2% from ₹31.46 crore in the previous quarter. The EBITDA margin rose to 9.0% from 6.4% and 7.4%, respectively.
Profit before tax was ₹61.22 crore, compared with ₹34.96 crore in Q2 FY26 and ₹18.64 crore in Q1 FY27. After tax of ₹15.37 crore, Gopal Snacks reported a net profit of ₹45.86 crore, up 78.5% from ₹25.69 crore a year earlier and 256.9% from ₹12.85 crore in the preceding quarter. Basic EPS was ₹3.68, against ₹2.06 in Q2 FY26 and ₹1.03 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 461.54 | 422.32 | 375.66 | +22.9% | +9.3% |
| Other income | 0.11 | 0.68 | 0.24 | −54.2% | −83.8% |
| Total expenses | 435.74 | 404.36 | 362.47 | +20.2% | +7.8% |
| EBITDA | 41.60 | 31.46 | 24.15 | +72.3% | +32.2% |
| EBITDA margin | 9.0% | 7.4% | 6.4% | +2.6 pp | +1.6 pp |
| Profit before tax | 61.22 | 18.64 | 34.96 | +75.1% | +228.4% |
| Tax | 15.37 | 5.79 | 9.27 | +65.8% | +165.5% |
| Net profit | 45.86 | 12.85 | 25.69 | +78.5% | +256.9% |
| EPS (₹) | 3.68 | 1.03 | 2.06 | +78.6% | +257.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Gopal Snacks' costs and profit?
Total expenses increased by ₹73.27 crore, or 20.2%, from Q2 FY26 to ₹435.74 crore. Cost of materials was higher by ₹44.43 crore at ₹304.61 crore, employee costs rose by ₹1.72 crore to ₹31.88 crore, finance costs increased by ₹1.59 crore to ₹3.53 crore, and depreciation rose by ₹3.26 crore to ₹12.28 crore. Other expenses increased by ₹6.68 crore to ₹51.55 crore. Other income was lower by ₹13 crore at ₹0.11 crore.
The exceptional item was a gain of ₹35.32 crore in Q2 FY27, compared with a gain of ₹21.53 crore in Q2 FY26; there was no exceptional item in Q1 FY27. Tax expense rose by ₹6.10 crore from the year-ago quarter to ₹15.37 crore. Management said restored manufacturing and distribution lifted growth and profitability, while pricing and grammage discipline sustained gross-margin improvement; it also cited lower operating, transportation and power costs from consolidating production from Gondal to Rajkot.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 304.61 | 260.18 | +44.43 | +17.1% |
| Employee cost | 31.88 | 30.16 | +1.72 | +5.7% |
| Finance costs | 3.53 | 1.94 | +1.59 | +82.0% |
| Depreciation | 12.28 | 9.02 | +3.26 | +36.1% |
| Other expenses | 51.55 | 44.87 | +6.68 | +14.9% |
| Total expenses | 435.74 | 362.47 | +73.27 | +20.2% |
| Other income | 0.11 | 0.24 | −0.13 | −54.2% |
| Tax | 15.37 | 9.27 | +6.10 | +65.8% |
| Exceptional items | +35.32 (gain) | +21.53 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Gopal Snacks reported standalone revenue of ₹883.86 crore, against ₹697.83 crore in H1 FY26, an increase of ₹186.03 crore or 26.7%. Total income rose by ₹186.25 crore to ₹884.64 crore. Profit before tax increased by ₹39.40 crore to ₹79.86 crore, while net profit rose by ₹30.48 crore to ₹58.70 crore from ₹28.22 crore.
Basic EPS for H1 FY27 was ₹4.71, compared with ₹2.26 in H1 FY26. The results included an exceptional gain of ₹35.32 crore in the first half, against ₹21.53 crore in the year-ago period. Management said the Rajkot Main facility recommenced operations in Q1 FY27, while a besan manufacturing unit was commissioned at Nagpur in September.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 883.86 | 697.83 | +26.7% |
| Profit before tax | 79.86 | 40.46 | +97.4% |
| Net profit | 58.70 | 28.22 | +108.0% |
| EPS (₹) | 4.71 | 2.26 | +108.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹766.26 crore, against ₹714.71 crore at 31 March 2026, while total equity was ₹537.59 crore against ₹478.80 crore. Borrowings declined to ₹145.35 crore from ₹153.85 crore, and cash was ₹0.10 crore against ₹0.24 crore. Inventories increased to ₹208.83 crore from ₹193.16 crore, trade receivables fell to ₹46.52 crore from ₹55.95 crore, and trade payables declined to ₹20.18 crore from ₹33.74 crore.
H1 FY27 operating cash flow was ₹42.90 crore, compared with ₹57.34 crore in H1 FY26. Investing cash flow was negative ₹27.41 crore against negative ₹51.77 crore, while financing cash flow was negative ₹15.63 crore against negative ₹5.33 crore. Capital expenditure was ₹28.38 crore, compared with ₹51.75 crore a year earlier. Management noted that higher chana and laminate inventories had weakened H1 cash conversion.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 766.26 | 714.71 |
| Total equity | 537.59 | 478.80 |
| Borrowings | 145.35 | 153.85 |
| Cash and equivalents | 0.10 | 0.24 |
| Inventories | 208.83 | 193.16 |
| Trade receivables | 46.52 | 55.95 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 42.90 | 57.34 |
| Cash from investing | −27.41 | −51.77 |
| Cash from financing | −15.63 | −5.33 |
| Capital expenditure | 28.38 | 51.75 |
Source: Company's results filing (XBRL).
How has Gopal Snacks done over the last 8 quarters?
Revenue increased in each of the last four quarters on a year-on-year basis, reaching ₹461.54 crore in Q2 FY27 from ₹375.66 crore in Q2 FY26. Profit also rose year on year in each of the last two quarters, reaching ₹45.86 crore from ₹25.69 crore. The EBITDA margin increased to 9.0% in Q2 FY27 from 7.4% in Q1 FY27. Across the longer series, the lowest quarterly revenue was ₹317.48 crore in Q4 FY25, while the lowest profit was a net loss of ₹39.51 crore in that quarter.
What else did the company announce?
The Board approved the unaudited standalone financial results and the auditors’ limited review report for the quarter and half year ended 30 September 2026. It declared a first interim dividend of ₹0.50 per share, equivalent to 50%, on equity shares of face value of ₹1.00 each for FY27, payable on or before 30 November 2026. The record date was fixed at 6 November 2026, and the trading window was to open from 5 November 2026.
Harsh Sureshkumar Shah resigned as a non-executive non-independent director with effect from the close of business hours on 1 November 2026. In his resignation letter, he said increased personal and professional responsibilities required a greater commitment of his time and stated that there were no other material reasons. The same-day investor presentation reported Q2 FY27 revenue growth of 23% and an EBITDA margin of 9.0%.
What did Gopal Snacks' management say?
Management said the distributor network reached 1,057 by September. It also said Gujarat’s monthly revenue run rate remained below the ₹100 crore ambition because the company was prioritising margins over volume, while CFO Vikrant Rai Tatta said guidance remained unchanged. Chief Business Officer Naveen Gupta said the company aspired to deliver ₹100 crore per month without pruning margins, and also reiterated the minimum 20% annual growth ambition.
How did Gopal Snacks shares react?
Gopal Snacks’ shares fell 1.5% within five minutes of the after-market filing and were down 2.1% after 30 minutes. From the previous close of ₹253.34, the stock closed 0.9% lower on the reaction day and was down 2.7% by the next day’s close. The Packaged Foods industry’s median move was 0.6% on the reaction day and 3.4% by the next day’s close, leaving Gopal Snacks behind the industry by 1.5 percentage points and 6.1 percentage points, respectively.
Earlier reaction-day moves were mixed. The stock fell 0.7% on 7 August 2026 and 7.8% on 12 May 2026, rose 5.8% on 27 January 2026, fell 4.8% on 10 November 2025, rose 4.2% on 6 August 2025 and 9.8% on 23 May 2025, fell 3.4% on 11 February 2025, and slipped 0.1% on 14 October 2024. No five-session or one-month reaction was available.
| After the filing | Stock | Packaged Foods median |
|---|---|---|
| 5 minutes | −1.5% | |
| 15 minutes | −1.9% | |
| 30 minutes | −2.1% | |
| Reaction day | −0.9% | +0.6% |
| Next day | −2.7% | +3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −0.7% |
| 12 May 2026 | −7.8% |
| 27 January 2026 | +5.8% |
| 10 November 2025 | −4.8% |
| 6 August 2025 | +4.2% |
| 23 May 2025 | +9.8% |
| 11 February 2025 | −3.4% |
| 14 October 2024 | −0.1% |
Source: MarketPing price-reaction measurement.
How did other Packaged Foods companies do?
Nine other Packaged Foods companies had filed results for the quarter by 4 November 2026, with a median revenue growth of -5.0%. Of the companies whose profit was compared, five reported higher profit. Eight peers grew more slowly than Gopal Snacks, while one grew faster than Gopal Snacks.
| Gopal Snacks revenue growth (YoY) | +22.9% |
|---|---|
| Median of 9 other Packaged Foods companies | −5.0% |
| Companies with slower revenue growth than Gopal Snacks | 8 of 9 |
| Companies with faster revenue growth than Gopal Snacks | 1 of 9 |
| Companies whose net profit rose | 5 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Gopal Snacks' revenue in Q2 FY27?
Revenue from operations was ₹461.54 crore, up 22.9% from ₹375.66 crore in Q2 FY26 (standalone).
Did Gopal Snacks make a profit in Q2 FY27?
Yes. Net profit was ₹45.86 crore, against a net profit of ₹25.69 crore in Q2 FY26.
What was Gopal Snacks' EPS in Q2 FY27?
Basic earnings per share were ₹3.68, against ₹2.06 in Q2 FY26.
How did Gopal Snacks shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.9% from the previous close; the median Packaged Foods stock moved +0.6%.
When did Gopal Snacks announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Standalone Financial Results For The Quarter And Half Year Ended On September 30, 2026. (BSE, 23 October 2026) · PDF
- Intimation For Record Date Of 1St Interim Dividend FY2026-27 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting - Q2 UFR FY27 (BSE, 2 November 2026) · PDF
- Financial Results For The Quarter And Half Year Ended On 30.09.2026 (BSE, 2 November 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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