Gopal Snacks Ltd(GOPAL)

NSE: GOPALBSE: 544140

₹ 243.3+0.14%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,033 crNext results: 2 Nov 2026Website: www.gopalnamkeen.comUpdated: 24 Oct 2026

About

Gopal Snacks Ltd is a Gujarat-based packaged snacks manufacturer selling Gathiya, Namkeen, Wafers, Fryums and adjacent food products across India. The company reported FY26 revenue of ₹1,508.2 Cr and delivered its highest-ever quarterly revenue of ₹422.3 Cr in Q1 FY27. Its FY25 annual report calls it India's largest gathiya manufacturer, with a 31% share of the organised segment, and India's largest snack pellet maker.^[1][2]

Products and brands

Makes ready-to-eat snacks including ethnic namkeen, gathiya, wafers and snack pellets, plus extruder products, noodles, spices and flour (FY25 annual report).^[2]
The FY25 range included 34 namkeen, 8 gathiya, 13 snack pellet, 10 wafer and 6 extruded snack products.^[2]
Called the 2nd-largest maker of organised ethnic namkeen in Gujarat and the 4th-largest papad maker in India (FY25 annual report).^[2]
The youth brand Cristos sells wafers in flavours such as Mexican Chilli, Korean Barbecue and African Mint; Korean BBQ Wafers launched in June 2024 and Gopal Soya Sticks in July 2024.^[2]
₹5 price-point SKUs made up 61.5% of revenue in Q2 FY26.^[3]
Revenue from non-palm-oil products (Kaju Biscuits, wafer biscuits, popcorn, noodles, rusks, wafer rolls) grew from ₹25 Cr to ₹63 Cr in FY26; cupcakes and a ₹10 drink launched in Gujarat in Q4 FY26.^[4]
7 new products are planned for H2 FY27, 5 of them not based on palm oil.^[5]
The company aims to cut the revenue share of palm-oil-dependent products by 25 percentage points over 3-5 years (stated Q2 FY26).^[3]

Manufacturing network

The Rajkot main plant (1,05,233 MTPA) restarted in Q1 FY27 after the December 2024 fire. The Gondal facility was closed and its production moved to Rajkot.^[5]
The Modasa plant (63,085 MTPA) has been fully operational since 1 December 2025, making the full product range for Gujarat, Rajasthan, West MP and parts of Maharashtra.^[6]
The Nagpur plant had 95,821 MTPA of capacity as of FY25 and makes gathiya, namkeen, papad, snack pellets and extruded snacks.^[2]
Both Modasa and Nagpur use bio-coal as an alternative energy source amid gas supply restrictions (Q4 FY26).^[4]
Long-term third-party manufacturing agreements at Hiriyur, Karnataka (4,400 MTPA) and Kashipur, Uttarakhand (5,900 MTPA) add capacity without new capex.^[3]
The Modasa site has 40,000 MT of in-house cold storage, which the FY25 annual report calls the largest in the Indian snacks industry.^[2]
Besan and spices are made in-house, and potatoes for wafers are bought directly from farmers near Modasa (FY25).^[2]

Capacity utilisation

Rajkot main plant utilisation was 24.8% in Q1 FY27, during its ramp-up after restarting.^[5]
Modasa plant utilisation was 43.4% in Q1 FY27, up from 39.1% in December 2025.^[5]
Overall capacity utilisation is guided at 43-45% for FY27, against 36% in FY25 and 35% in FY24.^[4][2][7]

Key operating numbers

Gathiya volume was 7,204 MT in Q1 FY27, up 18.1% YoY.^[5]
Wafers revenue grew 36.0% YoY in Q1 FY27, after 41% growth in FY25.^[5][2]
Gross margin was 26.9% in Q1 FY27, against 27.0% for FY26 and 27.7% in Q4 FY26.^[5]
FY27 revenue growth is expected to be about 75-80% from volume and 20-25% from price.^[5]
Raw material costs rose about 5% in Q1 FY27; 4.2% was passed on through price rises and grammage cuts, and 0.8% was absorbed.^[5]
Trade discount fell to 2.5% in Q1 FY27 from about 3.5% a year earlier.^[5]
Advertising and promotion spend was 1% of revenue in Q1 FY27, against a FY27 budget of 2.2%.^[5]
The company sold an average of 8.22 million packets a day (FY25 annual report).^[2]

Distribution and customers

The distributor count reached 1,007 in Q1 FY27, up from 858 in Q4 FY25 and 953 in Q4 FY26.^[5]
Retail reach was about 5.25-5.5 lakh outlets in Q1 FY27; the target is 6 lakh by the end of FY27.^[5]
Focus-state distributors grew from 440 in Q1 FY26 to 567 in Q1 FY27; focus-state revenue was ₹114.2 Cr in Q1 FY27, up 36.6% YoY.^[5]
Uttar Pradesh grew 41% YoY in Q1 FY27. All UP revenue comes from two SKUs, Champakali Gathiya and Papdi Gathiya.^[5]
Sold on Amazon, Flipkart and Jumbotail, on the quick-commerce apps Zepto, Blinkit and Instamart, and in Reliance Retail and D-Mart (FY25).^[2]
Monthly e-commerce revenue grew from ₹37 lakhs to ₹1.92 Cr, and modern trade from ₹23 lakhs to ₹1.32 Cr, over the six quarters to Q2 FY26.^[3]
In FY25 the company sold in 13 states and 2 Union Territories, ran a fleet of 290+ vehicles and had a 510-member sales team.^[2]
Exports were 0.24% of turnover in FY25, across 9 countries; a tie-up with a 100% export-oriented company covering 66 countries is being explored (Q4 FY26).^[2][4]

Expansion and capex

FY27 capex is guided at ₹40-45 Cr, mostly maintenance plus a Rajkot corporate office, with no major greenfield capacity planned.^[4]
The company targets a Gujarat monthly revenue run rate of ₹100+ Cr from Q1 FY27 and a UP exit run rate of ₹8.5-9 Cr a month by the end of FY27.^[5]
₹16.05 Cr was invested in solar and windmill energy-conservation equipment (FY24).^[7]

Recent developments

The Rajkot main plant restarted in Q1 FY27 (quarter ended June 2026), restoring the full manufacturing network after the December 2024 fire.^[5]
An interim insurance payment of ₹19.99 Cr for the Rajkot fire was received in Q2 FY26; the remaining ₹30-40 Cr is expected in Q2 FY27.^[3][5]

Market Cap

₹3,033 Cr

High / Low

₹369 / 240

Stock P/E

36.1

Price / Book

6.3

Book Value

₹38

EPS

₹5.9

No. of Shares

12.46 Cr

ROCE

12.0%

ROE

16.7%

OPM

4.4%

Debt / Equity

0.32

Sales

₹1,508 Cr

Net Profit

₹74 Cr

Promoter holding

81.5%

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