GSM Foils Ltd(GSMFOILS)

NSE: GSMFOILS

₹ 63.6-4.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 90 crUpdated: 24 Oct 2026

About

GSM Foils Ltd makes aluminium foil packaging, mainly blister foils, for pharmaceutical companies. It runs plants at Vasai in Maharashtra and Ahmedabad in Gujarat. It is adding aluminium ROPP caps and an export-focused unit. Revenue was Rs 258.15 Cr in FY26.^[1][2][3][4]

Products

Blister foils made up 65% of the product mix in Q2 FY26.^[2]
As of Q2 FY26, trading in Lamitube and Alu Alu products made up about 4-5% of revenue. Plans to manufacture Lamitubes were put off.^[2]
Commercial production of aluminium ROPP caps (Unit 3) began in June 2026 under an MOU with AAPL Solutions Pvt Ltd. Management puts peak potential at about ₹50 cr of annual revenue.^[4]
Laminate products that combine aluminium with plastic were being explored for pharma and food customers, as stated in Q3 FY26.^[3]

Plants and capacity

The Ahmedabad plant is leased and covers 17,000 sq ft. Its annual capacity is more than 10,000 MT, and it began operating around January 2026.^[3]
Ahmedabad plant capex was Rs. 4.5-5 crores, as stated in Q2 FY26.^[2]
Vasai plant utilisation: 85%+ in Q1 FY27, vs 85-87% in Q3 FY26 and 70-72% in Q2 FY26.^[4][3][2]
Ahmedabad plant utilisation: 35% in Q1 FY27, vs 25-30% in Q4 FY26 and 20-30% in Q3 FY26.^[4][5][3]
Monthly run rate in Q1 FY27 was about ₹35 cr: Vasai about ₹28-29 cr and Ahmedabad ₹6-7 cr.^[4]

Raw materials

Anti-dumping duties have been in place for about 1.5 years. As a result, all bare aluminium foil is bought in India, from 12-15 rolling mills (Q1 FY27).^[4]
Prices change monthly in line with Hindalco's rate revisions, and the company holds 35-45 days of inventory (Q3 FY26).^[3]

Customers and markets

The company focuses on mid-tier pharma clients on 30-60 day payment terms. It avoids large companies whose payment terms run 90-150 days (Q3 FY26).^[3]
In Q3 FY26, 85-90% of growth came from existing clients and about 10-15% from new clients.^[3]
As of Q3 FY26 there were no direct exports. The company was exploring Yemen, Vietnam, Europe and the US through merchant exporters.^[3]
The Ahmedabad plant serves the Gujarat pharma cluster, which adds to the existing Maharashtra base.^[2]

Expansion

Unit 4 will be export-only. It uses a plant acquired at Sarigam/Vapi whose machinery is being moved to Vasai, with production targeted by end of August 2026. Target markets include the Gulf, Nigeria and South Africa.^[4]
Management plans to raise ₹40-50 cr of additional debt for Unit 3 and Unit 4 working capital (Q1 FY27).^[4]
The Ahmedabad plant is targeted to reach 80%+ utilisation by March 2027.^[4]
Forward integration into printing and conversion units for pharma is planned for around end of FY27.^[5]
A move from NSE Emerge to the NSE main board is targeted within 1.5-2 years, as stated in Q3 FY26.^[3]

Recent developments

A rights issue of about Rs. 23 crores raised equity from Rs. 3,124 lacs to Rs. 6,235 lacs. The funds went into working capital (Q2 FY26).^[2]
The aluminium Quality Control Order 2026 and compulsory BIS certification for pharmaceutical aluminium foil are now being applied in the industry (Q1 FY27).^[4]
June 2026 receivables were about ₹77 cr, back within 75-80 days after a rise in March-April 2026.^[4]

Market Cap

₹90 Cr

High / Low

₹294 / 59

Stock P/E

5.0

Price / Book

1.3

Book Value

₹53

EPS

₹14.1

No. of Shares

1.41 Cr

ROCE

35.4%

ROE

37.5%

OPM

11.5%

Debt / Equity

0.60

Sales

₹258 Cr

Net Profit

₹20 Cr

Promoter holding

54.4%

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