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1. At a Glance
Revenue of ₹422.3 crore, up 31.1% year-on-year and 3.1% sequentially — the fifth straight quarter of sequential growth, and the largest single quarter this company has ever posted. Operating Profit came in at ₹31.46 crore against ₹15.20 crore a year ago. PAT was ₹12.85 crore versus ₹2.52 crore. EPS of ₹1.03 against ₹0.20.
The number underneath all of those numbers is a building. The Rajkot Main plant, which burned in December 2024, recommenced production during the quarter at 1,05,233 MTPA, and the Gondal facility — stood up in a hurry in January 2025 as a fire escape route — was folded into it and discontinued. A company that spent eighteen months manufacturing snacks in whatever buildings it could find has gone back to manufacturing them in the building it wanted.
Management quantified the cost of the move itself: five to six working days lost to gas shortage plus the plant shift, which it put at ₹12–13 crore of top-line in the core state alone. From May, management stated there was “0% disturbance in terms of operations.”
The distributor count crossed a thousand — 1,007, up from 953 at March-end. Raw material inflation ran at roughly 5% in the quarter, of which about 4.2% was passed on and 0.8% absorbed, per management. Crisil reaffirmed its Crisil A/Stable and Crisil A1 ratings in October 2025.
There is also a GST show-cause notice from CGST Rajkot dated June 2026 alleging HSN misclassification for FY2022-23, carrying a liability of ₹16.56 crore. Section 12 gets to that one, along with the other two.
2. Introduction
The company began in 1999 as a partnership called Gopal Gruh Udyog, in Rajkot, Gujarat, making gathiya. Gathiya is a besan-based fried savoury that Gujarat eats with the seriousness other states reserve for religion, and Gopal is, per the company’s disclosures, India’s largest manufacturer of it. The partnership became a private limited company in 2009, and the whole thing listed on the BSE and NSE in March 2024 via a ₹650 crore IPO that was entirely an offer for sale — meaning not a rupee of it reached the company’s own bank account. Twenty-five years of building a snack empire, and the listing party was catered by the selling shareholders.
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, covering plant and machinery, 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 besan in it. Third-party manufacturing started immediately. Gondal was commissioned in January 2025 at 64,995 MTPA. 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 operationalised in October 2025 at 63,085 MT. Another ₹19.99 crore of insurance recovery was disclosed in November 2025, alongside 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 rather than accrued — the claim receivable, per the notes, is not carried in the books at all.
Then in May 2026 the Rajkot Main plant restarted and Gondal was switched off. The company now runs three primary facilities — Rajkot, Modasa, Nagpur — plus three ancillary units, and a 40,000 MT cold storage that exists mostly so potatoes can be stored in the months when potatoes are cheap.
FY26 closed with revenue of ₹1,508.23 crore and net profit of ₹73.65 crore, against ₹1,468.02 crore and ₹19.00 crore in FY25. The 17th AGM is set for 18 September 2026, at which shareholders will vote on reappointing Bipinbhai Hadvani as Chairman and Managing Director for five years from 1 October 2026.
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3. Business Model: WTF Do They Even Do?
They fry things in Gujarat and drive them to shops. That is the model, and every layer of sophistication bolted onto it exists to make that sentence happen more times per week.
The portfolio runs to 101 products across 345 SKUs. Gathiya is the anchor at 28.6% of Q1 FY27 revenue, then namkeen at 15.9%, snack pellets 23.0%, wafers 11.4%, extruded snacks 2.5%, other products 5.6%, and papad-spices-besan 9.0%. That last category is the tell: this is a company that also manufactures its own besan and its own raw snack pellets, because when your main input is gram flour, buying gram flour from someone else is just paying a stranger to grind chana for you.
The other products list is where the empire stops pretending to be a category. Noodles, rusk, wafer biscuit, wafer roll, jeera biscuit — and washing bar. Somewhere in Rajkot, a soap comes off a line owned by a snacks company, and management discusses it in 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%, above ₹10 comes to 21.9%. At that price point the lever isn’t pricing, it’s grammage — how much actually goes in the packet — and management said grammage was adjusted twice in Q1 alone. They described the ₹5 pack as offering “liberty to play with grammage,” which is the most honest sentence any FMCG company will say out loud this year.
Geography is concentrated by design and by accident. Core states are 63.8% of revenue, focus states 27.1%, other states 4.8%, exports 0.3%. Crisil’s rationale puts roughly 70% of revenue in Gujarat. Management explained why expansion is harder than it looks: Maharashtra’s Sabudana Chivda does ₹80–90 lakh a month there but isn’t manufactured in Gujarat, while Gujarat’s plain sabudana sells around 25,000 cartons in Gujarat and refuses to sell anywhere else. In Uttar Pradesh — up 41% YoY
