Gopal Snacks: Business Overview & Financial Analysis

Gopal Snacks is an Indian packaged snacks manufacturer with a portfolio spanning gathiya, namkeen, wafers, snack pellets, extruded snacks, papad, spices and besan-based products. Based in Rajkot, the company operates an integrated manufacturing and distribution network and primarily serves value-conscious consumers. Gathiya remains its largest product category, while wafers, namkeen and pellets are becoming important growth contributors.

Gopal Snacks Business Scale and Product Portfolio (Q1 FY27)

As of 30 June 2026, Gopal Snacks operated six manufacturing facilities, including three ancillary units, with total installed capacity of 407,428 MT. Its portfolio comprised 101 products and 345 SKUs distributed across a growing multi-state network.

• Manufacturing facilities: 6, including 3 ancillary units.
• Total installed capacity: 407,428 MT.
• In-house cold storage: 40,000 MT.
• Product portfolio: 101 products and 345 SKUs.
• Distributors: 1,007 as of Q1 FY27.
• Owned logistics fleet: 300 vehicles.
• Distribution footprint: 13 states and 2 Union Territories.
• Additional micro-distributors: 135 under the SS/SSD distribution model.

The combination of in-house manufacturing, logistics and distribution gives the company greater control over product availability and supply-chain costs. The distributor base increased from 852 in Q4 FY25 to 1,007 by Q1 FY27.

Gopal Snacks Product Revenue Mix (Q1 FY27)

Gathiya and namkeen remain the company's two largest product categories and together accounted for more than half of core product revenue in Q1 FY27. Wafers and snack pellets provide the next major growth platforms.

• Gathiya: Around 29% of Q1 FY27 revenue contribution.
• Namkeen: Around 23%.
• Snack Pellets: Around 16%.
• Wafers: Around 11%.
• Besan: Around 6%.
• Other products: Around 6%.
• Extruded Snacks: Around 2%.
• Papad: Around 2%.
• Spices: Around 1%.

The remaining contribution came from by-products, scrap, raw-material sales and subsidies. The product mix remains anchored in traditional snacks but is gradually broadening through wafers, pellets and other packaged-food categories.

Gopal Snacks Product Category Performance (Q1 FY27)

All major snack categories recorded year-on-year revenue growth during Q1 FY27. Wafers delivered the fastest growth among the larger categories, while gathiya remained the biggest contributor by absolute revenue.

• Gathiya revenue: Rs 120.8 crore, up 28.9% YoY and 9.6% QoQ.
• Namkeen revenue: Rs 97.3 crore, up 22.7% YoY and 10.1% QoQ.
• Pellets and Extruded Snacks: Rs 77.3 crore, up 27.5% YoY and 4.2% QoQ.
• Wafers: Rs 48.1 crore, up 36% YoY and 21.7% QoQ.
• Papad, Spice and Besan: Rs 37.9 crore, up 29.9% YoY but down 22% QoQ.
• Other snack products: Rs 23.7 crore, up 134.6% YoY and 5.3% QoQ.

The broad-based growth across gathiya, namkeen, wafers and pellets shows that the recovery is not dependent on a single product category. Wafers are particularly important for diversification beyond the company's historically strong gathiya franchise.

Gopal Snacks Manufacturing Facilities and Utilisation (Q1 FY27)

Manufacturing capacity expanded materially following the restoration of the Rajkot facility and commissioning of newer capacity. Utilisation, however, varies significantly across facilities, leaving room for operating leverage as volumes increase.

• Rajkot primary facility: 105,233 MTPA capacity with 24.8% utilisation.
• Modasa primary facility: 83,431 MTPA with 43.4% utilisation.
• Nagpur primary facility: 72,788 MTPA with 27.7% utilisation.
• Rajkot ancillary facility 1: 28,830 MTPA with 24.9% utilisation.
• Rajkot ancillary facility 2: 53,782 MTPA with 70.8% utilisation.
• Modasa ancillary facility: 37,820 MTPA with 30.7% utilisation.

The relatively low utilisation at several facilities means future profitability will partly depend on generating sufficient volumes to absorb fixed manufacturing costs. Rajkot ancillary facility 2 currently has the highest utilisation among the disclosed plants.

Gopal Snacks Recovery from Rajkot Fire Incident

A fire at the key Rajkot manufacturing facility in December 2024 materially affected production, supply availability and financial performance. The company used temporary manufacturing arrangements and additional facilities before restoring the Rajkot main plant in May 2026.

• Fire incident: Occurred at the Rajkot facility in December 2024.
• Temporary capacity: Gondal was used to restore production while Nagpur and other facilities increased output.
• Modasa facility: Commercial production commenced during FY26.
• Rajkot restart: Main facility resumed manufacturing in May 2026.
• Restored Rajkot capacity: 105,233 MTPA.
• Gondal consolidation: Production was subsequently shifted from Gondal to Rajkot.
• Expected benefit: Lower power, fuel, logistics and other operating costs through manufacturing consolidation.

The return of the Rajkot plant removes a major supply-side constraint that affected FY25 and FY26. CRISIL nevertheless noted that sustained capacity utilisation and operating-margin recovery remain important monitorables.

Gopal Snacks Distribution and Geographic Expansion (Q1 FY27)

Distribution expansion is a central growth driver for Gopal Snacks. The company is strengthening both its established Gujarat market and focus markets such as Rajasthan, Madhya Pradesh, Maharashtra and Uttar Pradesh.

• Distributor base: Increased to 1,007 in Q1 FY27 from 953 in Q4 FY26.
• Gujarat distributors: 311.
• Maharashtra distributors: 198.
• Uttar Pradesh distributors: 161.
• Madhya Pradesh distributors: 90.
• Rajasthan distributors: 62.
• Chhattisgarh distributors: 56.
• Jharkhand distributors: 48.
• Distribution technology: The Distribution Management System provides shipment tracking, scheme updates, distributor ROI information and product-sales visibility.

Despite this expansion, CRISIL estimated that around 70% of revenue still came from Gujarat, indicating meaningful geographic concentration. Increasing sales from focus and other states is therefore important for reducing dependence on the core market.

Gopal Snacks Q1 FY27 Financial Performance

Q1 FY27 recorded a strong recovery in both revenue and operating profitability. Revenue reached Rs 422.3 crore, while EBITDA more than doubled year-on-year as product availability and manufacturing operations normalised.

• Revenue from operations: Rs 422.3 crore, up 31.1% YoY and 3.1% QoQ.
• Gross profit: Rs 113.6 crore, up 35.7% YoY.
• Gross margin: 26.9% compared with 26.0% in Q1 FY26.
• EBITDA: Rs 31.5 crore, up 106.9% YoY.
• EBITDA margin: 7.4% compared with 4.7% in Q1 FY26 and 7.7% in Q4 FY26.
• PBT before exceptional items: Rs 18.6 crore compared with Rs 5.3 crore in Q1 FY26.
• PBT margin: 4.4%.
• PAT: Rs 12.8 crore compared with Rs 2.5 crore in Q1 FY26.
• PAT margin: 3.0%.

The recovery was supported by higher sales volumes, improved capacity availability and better operating efficiency. However, EBITDA margin remained below the level needed for a full return to historical profitability, making further utilisation improvement and input-cost management important.

Gopal Snacks FY26 Financial and Credit Profile

FY26 remained affected by the Rajkot disruption and input-cost pressure. Revenue was broadly stable, while profitability recovered partly through exceptional income and improved operations towards the end of the year.

• FY26 operating income: Rs 1,508.62 crore compared with Rs 1,468.40 crore in FY25.
• FY26 reported PAT: Rs 73.65 crore compared with Rs 18.55 crore.
• FY26 PAT margin: 4.88%.
• FY26 operating margin: 6.74%, the lowest level in the previous four years according to CRISIL.
• Adjusted gearing: 0.32x as of 31 March 2026.
• Net worth: Rs 475.69 crore.
• Interest coverage: 14.65x.
• Net cash accrual/total debt: 0.72x.

The financial risk profile remained supported by low gearing and strong debt-protection metrics, although borrowings increased during FY26 as the company invested in capacity and rebuilt operations.

Gopal Snacks Working Capital and Liquidity (FY26)

Working-capital management remained relatively efficient despite higher inventory requirements. Most raw materials are sourced locally, while the company generally offers short credit periods to customers.

• Gross current asset days: Around 75 days as of March 2026.
• Inventory: Around 50 days compared with 42 days in March 2025.
• Customer credit period: Generally 10-15 days.
• Payables: Around 11 days.
• Average bank-limit utilisation: 54.92% for the 12 months ended May 2026.
• Current ratio: 1.54x as of March 2026.
• Expected medium-term cash accrual: More than Rs 110 crore against annual term-debt obligations of around Rs 3.35-7.10 crore.

Liquidity was assessed as strong by CRISIL. Maintaining this position while supporting distribution growth and capacity utilisation will remain important, particularly if raw-material inventories rise further.

Gopal Snacks Raw Material and Margin Sensitivity

Raw-material volatility is one of the main operating risks for the snacks business. Major inputs include pulses, flour, chana, palmolein oil, spices, seasonings and packaging materials, making profitability sensitive to agricultural and edible-oil prices.

• FY26 operating margin: 6.74%.
• Q1 FY27 operating margin: Around 7.5% according to CRISIL's methodology.
• Key raw materials: Pulses, flour, chana, palmolein oil, spices, seasonings and packaging materials.
• Margin driver: Input-price increases may require changes in product pricing, grammage or operating efficiencies.
• Capacity utilisation: Lower utilisation of installed manufacturing capacity has also affected margins.
• Competition: The company competes with organised and regional snack brands across its core markets.

The ability to protect margins without disrupting consumer demand is particularly relevant because Gopal operates strongly in value-for-money price points, where sharp price increases may be harder to implement.

Gopal Snacks Credit Rating and Key Risks (September 2026)

CRISIL reaffirmed the company's ratings in September 2026 but revised the long-term outlook to Negative from Stable. The revision reflected subdued medium-term business-risk expectations, weaker margins and higher debt following the fire-related operational disruption and capacity investments.

• Long-term rating: CRISIL A/Negative.
• Previous outlook: Stable.
• Short-term rating: CRISIL A1, reaffirmed.
• Rated bank facilities: Rs 150.31 crore.
• Key concern: Sustaining the Q1 FY27 recovery in revenue and operating margins.
• Geographic concentration: Around 70% of revenue remained linked to Gujarat.
• Raw-material risk: Profitability remains sensitive to food-commodity and packaging costs.
• Balance-sheet monitorable: Maintaining comfortable leverage while supporting growth and capacity utilisation.

The Negative outlook does not indicate a rating downgrade has already occurred. It highlights that sustained revenue growth, stronger operating margins and prudent leverage are required for the credit profile to improve.

Gopal Snacks Management Commentary and Operating Priorities (Q1 FY27)

Management's Q1 FY27 commentary focused on rebuilding manufacturing efficiency after the Rajkot restart, expanding distribution and strengthening brand visibility. The company is also continuing investment in technology and product development.

• Manufacturing: Improve efficiency following the recommencement of the Rajkot main facility.
• Production consolidation: Use the Rajkot shift to lower logistics, power, fuel and operating costs.
• Distribution: Continue increasing market penetration across core, focus and newer states.
• Supply chain: Use the Distribution Management System to improve inventory planning and order fulfilment.
• Brand building: Continue OTT, outdoor, vehicle, point-of-sale and other consumer-engagement campaigns.
• Product portfolio: Maintain focus on gathiya while expanding faster-growing wafers, pellets and other snack categories.
• Technology: Continue investing in supply-chain visibility and distribution responsiveness.
• Operating priority: Combine higher productivity with sustainable and profitable growth.

For investors, the most important indicators are capacity utilisation at Rajkot, Modasa and Nagpur, distributor additions, sales growth outside Gujarat, raw-material costs, EBITDA margin recovery and whether Q1 FY27's stronger operating performance can be sustained.

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Sources & References

This company fact sheet has been prepared using Gopal Snacks' latest annual, quarterly and credit-rating disclosures together with financial information available on Finology Ticker.

• Gopal Snacks Annual Report FY 2025-26
• Gopal Snacks Q1 FY27 Investor Presentation
• CRISIL Ratings – Gopal Snacks Rating Rationale, 18 September 2026
• Gopal Snacks Official Stock Exchange Filings
• Finology Ticker - Gopal Snacks Company Page

Disclaimer
The information presented above on Gopal Snacks has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Gopal Snacks page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.