1. Opening Hook

Snack companies usually discuss flavors, packaging, and distribution. Gopal Snacks started the quarter talking about… a factory fire and supply chaos. Not exactly the usual masala.

Yet despite the Rajkot fire disruption, the company quietly crossed ₹400 crore quarterly revenue and claims the supply chain is now 95% back to normal. The new Modasa plant is online, distributors are being added aggressively, and management is suddenly dreaming of a ₹1,800–1,900 crore FY27 revenue target.

Oh, and they’re also trying to make Gathiya a national hero snack, not just a Gujarati specialty.

Ambitious? Absolutely. Realistic? That’s where things get interesting.

Stick around — the story gets spicier than a packet of masala fryums.

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2. At a Glance

• Revenue ₹400.8 Cr – Sequential growth of 6.7%; apparently supply chains can rise from the ashes.
• Gross Margin 27.6% – Up 120 bps; fewer discounts and fewer low-margin products did the trick.
• EBITDA Margin 7.6% – Slowly recovering but still far from the old double-digit glory days.
• PAT ₹15.5 Cr – Includes ₹10 lakh from scrap sales; even burnt factories generate revenue.
• 9M Revenue ₹1,098 Cr – Management eyeing ₹1,500 Cr for FY26 if Q4 behaves.
• Stock narrative – Investors heard “Modasa plant operational” and immediately smelled growth.

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3. Management’s Key Commentary

“Our revenue for Q3 FY26 was ₹400.8 crores with strong performance in snack pellets and gathiya.”
(Translation: The Gujarati staples saved the quarter while everything else behaved politely.)

“The Modasa facility with capacity of 63,085 metric tons is now integral to our manufacturing base.”
(Translation: After the Rajkot fire drama, we really needed a new kitchen. 😅)

“Supply chain disruptions caused revenue loss of around 8%–10% earlier.”
(Translation: Yes, the fire hurt more than we initially admitted.)

“Our fill rates are currently at around 93%.”
(Translation: Distributors finally stopped shouting at us.)

“We plan to add one new distributor every working day this year.”
(Translation: Someone in the sales team just received the world’s most stressful KPI. 😏)

“Gathiya will grow aided by TV advertising and marketing campaigns.”
(Translation: Gujarat’s favorite snack is about to go on a national PR tour.)

“We expect FY27 revenue to reach ₹1,800–₹1,900 crore.”
(Translation: Growth target roughly ₹350 crore… hope distributors cooperate.)

“Our EBITDA margin should move toward double digits in the exit run rate.”
(Translation: Not there yet, but please keep believing.)

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4. Numbers Decoded

Source table

Metric	Q3 FY26	Commentary
Revenue	₹400.8 Cr	Sequential growth after supply chain recovery
Gross Margin	27.6%	+120 bps QoQ due to reduced trade discounts
EBITDA	₹30.4 Cr	Margin at 7.6%, still rebuilding
PAT	₹15.5 Cr	Includes minor exceptional scrap income
9M Revenue	₹1,098.6 Cr	Company expects ~₹1,500 Cr FY26
EBITDA Margin (9M)	6.3%	Fire disruption still dragging profitability

Interpretation:
Margins improved mainly because trade discounts were reduced and low-margin SKUs were cut, not because raw material prices collapsed. Operational recovery — not pricing power — drove the improvement.

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5. Analyst Questions

Q: How much did Modasa plant