Gopal Snacks Q1 FY27: Revenue Up 31% to ₹422.3 Cr, 1,007 Distributors, and a Rajkot Plant Back From the Ashes

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1. At a Glance

Gopal Snacks makes gathiya, namkeen, wafers and snack pellets, and sells them mostly through small shops in Gujarat. Revenue for the quarter was ₹422.3 crore, up 31.1% on the same quarter a year earlier and 3.1% on the previous one. That is the fifth straight quarter of sequential growth and the largest quarter the company has posted. Operating profit was ₹31.46 crore against ₹15.20 crore a year ago. Profit after tax was ₹12.85 crore against ₹2.52 crore, and earnings per share ₹1.03 against ₹0.20.

The number underneath all of those numbers is a building. The Rajkot Main plant, which burned in December 2024, restarted production during the quarter at 1,05,233 tonnes of annual capacity. The Gondal facility, stood up in a hurry in January 2025 as an escape route, was folded into it and discontinued. A company that spent eighteen months making snacks in whatever buildings it could find is back in the one it wanted.

Management put a figure on the move itself: five to six working days lost to a gas shortage and the plant shift. It said that cost ₹12-13 crore of revenue in the core states alone. From May, management stated there was “0% disturbance in terms of operations”.

The distributor count crossed a thousand, reaching 1,007 from 953 at the end of March. Management says raw material inflation ran at roughly 5% in the quarter, with about 4.2% passed on and 0.8% absorbed. Crisil, a credit-rating agency, reaffirmed its Crisil A/Stable and Crisil A1 ratings in October 2025.

There is also a show-cause notice from CGST Rajkot dated June 2026, alleging wrong product classification for tax purposes for FY2022-23. The notice carries a liability of ₹16.56 crore.

2. Introduction

The company began in 1999 as a partnership called Gopal Gruh Udyog, in Rajkot, Gujarat, making gathiya. Gathiya is a fried savoury made from gram flour, which Gujarat eats with the seriousness other states reserve for religion. Per the company’s own disclosures, Gopal is India’s largest manufacturer of it. The partnership became a private limited company in 2009. The whole thing listed on the BSE and NSE in March 2024 through a ₹650 crore IPO that was entirely an offer for sale. That means the money went to shareholders selling their stakes, not to the company. Twenty-five years of building a snack empire, and the listing party was catered by the sellers.

Nine months after listing, on 11 December 2024, a fire tore through the Rajkot plant. The company reported a loss of ₹47.19 crore under exceptional items in the March 2025 quarter. That covered plant and machinery, the factory building, stock and fire-related expenses. There were no human casualties. Everything Gopal Snacks has done since has been organised around that Tuesday.

What followed reads like a logistics thriller with gram flour in it. Manufacturing by outside factories started immediately. Gondal was commissioned in January 2025 at 64,995 tonnes of annual capacity. By February 2025 the company said roughly 80% of affected supplies had been restored. An interim insurance payment of ₹19.99 crore landed in August 2025. Modasa was made operational in October 2025 at 63,085 tonnes. Another ₹19.99 crore of insurance recovery was disclosed in November 2025. Alongside it came a ₹0.25 per share interim dividend and a board authorisation for acquisitions of up to ₹200 crore. Across FY2025-26 the company received ₹37.46 crore from the insurer in total, booked as it arrived. The notes state the claim receivable is not carried in the books at all.

In May 2026 the Rajkot Main plant restarted and Gondal was switched off. The company now runs three primary facilities, at Rajkot, Modasa and Nagpur, plus three ancillary units. It also runs a 40,000 tonne cold store, which exists mostly so potatoes can be held in the months when potatoes cost less.

FY26 closed with revenue of ₹1,508.23 crore and net profit of ₹73.65 crore. The year before brought ₹1,468.02 crore and ₹19.00 crore. The 17th annual general meeting is set for 18 September 2026. Shareholders will vote on reappointing Bipinbhai Hadvani as Chairman and Managing Director for five years from 1 October 2026.

3. Business Model: WTF Do They Even Do?

They fry things in Gujarat and drive them to shops. Every layer of sophistication bolted onto the company exists to make that sentence happen more times per week.

The portfolio runs to 101 products across 345 individual pack sizes and variants. Gathiya is the anchor at 28.6% of revenue in the three months to June 2026. Snack pellets, the dried shapes that puff up when fried, follow at 23.0%. Namkeen is 15.9%, wafers 11.4%, extruded snacks 2.5%, other products 5.6%, and papad, spices and gram flour together 9.0%. That last category is the tell. This is a company that also makes its own gram flour and its own raw pellets. When the main input is gram flour, buying it in means paying a stranger to grind chana.

The other products list is where the empire stops pretending to be a category. Noodles, rusk, wafer biscuit, jeera biscuit, and washing bar. Somewhere in Rajkot, a soap comes off a line owned by a snacks company, and management discusses it on an earnings call in the same tone as gathiya.

The economics are built on a five-rupee note. ₹5 packs are 62.1% of revenue, ₹10 packs 12.0%, and packs above ₹10 come to 21.9%. At that price the lever is not price but grammage, meaning how much actually goes in the packet. Management said grammage was adjusted twice in the June quarter alone. It described the ₹5 pack as offering “liberty to play with grammage”.

Geography is concentrated. Core states are 63.8% of revenue, focus states 27.1%, other states 4.8% and exports 0.3%. Crisil, a credit-rating agency, puts roughly