Gopal Snacks Limited has released the transcript of its Q4 and FY26 Earnings Conference Call held on May 13, 2026, hosted by Emkay Global Financial Services Limited. The call featured Chief Business Officer Mr. Naveen Gupta and Chief Financial Officer Mr. Rigan Raithatha, who discussed the company's operational and financial performance for the quarter and full year ended March 31, 2026.

Financial Performance

For Q4 FY26, the company reported revenue from operations of Rs. 409.6 crores, reflecting 29% year-on-year growth and 2.2% quarter-on-quarter growth. Gross profit for the quarter stood at Rs. 113 crores, translating to a gross margin of 27.7%, representing 76.9% growth on a year-on-year basis. EBITDA for the quarter was Rs. 31.5 crores with a margin of 7.7%, while profit before tax before exceptional items was Rs. 22.4 crores. Profit after tax (PAT) came in at Rs. 29.9 crores, yielding a PAT margin of 7.3%. Advertisement spend during the quarter was approximately 2.2% of revenue.

For the full year FY26, revenue from operations was Rs. 1,508.2 crores, reflecting 2.7% growth over the previous year. EBITDA for the full year was Rs. 101.3 crores with a margin of 6.7%. Profit before tax before exceptional items was Rs. 60.1 crores, while PAT stood at Rs. 73.7 crores with a margin of 4.9%.

Operational Highlights

The successful ramp-up and stabilization of the Modasa facility, alongside the Nagpur plant, played a critical role in improving production efficiency and ensuring consistent product availability. The recently commissioned Rajkot manufacturing facility has an installed capacity of 1,05,000 metric tons and will manufacture Gathiya, Namkeen, and Snack Pellets. Consequently, the company plans to discontinue operations at its Gondal facility to improve operational efficiency and supply chain logistics for the Saurashtra and Kutch regions. The Modasa facility will continue to produce all kinds of Namkeen as well as Wafers, while the Nagpur facility will handle Gathiya, Namkeen, Snack Pellets, and Wafers.

During the quarter, the industry witnessed challenges related to gas supply restrictions. The company addressed this proactively by adopting alternate sources, including the use of bio-coal at its Modasa and Nagpur facilities, ensuring uninterrupted operations. On the distribution front, the network expanded to over 953 distributors, up from 884 at the end of Q3, with 69 new distributors added in Q4. The company is nationally present at approximately 5 lakh outlets. Additionally, 90% of dealers are fully integrated with the company's Distribution Management System (DMS), enabling real-time tracking of secondary sales.

During the quarter, the company received Rs. 17.5 crores as additional insurance proceeds, taking total receipts for the financial year to approximately Rs. 37.4 crores. The management indicated that the balance claim is expected to be in the range of Rs. 35 to Rs. 40 crores, higher than the previously written-off amount due to asset restatement costs, and is expected to be received by approximately Q2.

Raw Material Basket

Management provided a breakdown of the company's purchase basket composition during the earnings call:

Management noted that raw material price increases in palm oil and packaging have had an impact of around 4%–5% on costs, the majority of which has been negated through grammage reduction, price increases, and internal Bill of Materials (BOM) corrections. The company has also stocked sufficient chana inventory to meet requirements until approximately the end of November.

FY27 Outlook and Growth Guidance

Looking ahead to FY27, Gopal Snacks aims to generate a revenue delta of approximately Rs. 330 to Rs. 350 crores. The company has guided an EBITDA margin of 8% to 9% for FY27, with management expressing confidence that the exit run rate would be near double digits. Capital expenditure for FY27 is expected to be in the range of Rs. 40 to Rs. 45 crores, primarily covering the corporate office building at Rajkot and maintenance capex. Finance costs are expected to be approximately Rs. 10 crores for FY27, slightly higher than the current year's Rs. 7 crores, primarily due to increased inventory levels. Capacity utilization is expected to be approximately 43% to 45% with the incremental sales target.

Product-wise growth targets shared by management are as follows:

Geographically, the company targets a delta of Rs. 170 to Rs. 180 crores from its core market (Gujarat) and Rs. 125 to Rs. 130 crores from focus states, with the remaining Rs. 35 crores from other states, quick commerce, railway, and modern trade channels. In Uttar Pradesh, the current monthly run rate stands at Rs. 6.5 crores, with an exit target of Rs. 8.5 to Rs. 9 crores. Advertisement spend for FY27 is projected at 2.2% to 2.3% of revenue.

On new product initiatives, the company recently introduced cupcakes and a Rs. 10 price point drink in Gujarat, with plans to roll out to other geographies based on market response. New products contributed a revenue delta of approximately Rs. 38 crores during the financial year, with approximately Rs. 50 crores of that delta coming from the core state. The company is also exploring a third-party export tie-up with a 100% Export Oriented Unit (EOU) company with a consumer base across 66 countries.

Gopal Snacks Limited has notified the stock exchanges of a scheduled analyst and institutional investor meet, to be held on May 19 & 20, 2026, pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation, dated May 14, 2026, was signed by CS Mayur Gangani, Head – Legal & Compliance cum Company Secretary (Membership No. F9980).

Meeting Details

The meetings will be conducted in physical format, comprising 1x1 and group interactions between company representatives and analysts or institutional investors. The company has noted that no Unpublished Price Sensitive Information will be shared during the meetings, and the schedule may be subject to change due to exigencies on the part of the analysts, investors, or the company.

Participant List

The company has disclosed a list of 10 institutional investors and analysts scheduled to participate in the meetings, as detailed below:

The participant list includes a diverse set of asset managers and investment advisors, reflecting broad institutional interest in the company. The disclosure was made in accordance with applicable regulatory requirements governing listed entities on Indian stock exchanges.