Gopal Snacks Q1 FY27 Earnings Call — Analysis (NSE: GOPAL)
Gopal Snacks reports highest-ever quarterly revenue of ₹422 Cr, up 31% YoY, and reaffirms FY27 revenue growth guidance of minimum 20% with full-year EBITDA margin of 8-9%.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Revenue from Operations ₹422.3 Cr ( +31.1% YoY ) .
Results
Q1FY27 revenue ₹422.3 Cr, +31.1% YoY and +3.1% QoQ; EBITDA ₹31.5 Cr, more than doubling YoY with margin improving to 7.4% from 4.7% in Q1FY26.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹422.3 Cr | +31.1% | yoy · Q1FY27 |
| Revenue from Operations (QoQ) | ₹422.3 Cr | +3.1% | qoq · Q1FY27 |
| Gross Profit | ₹114 Cr | none · Q1FY27 | |
| Gross Margin | 27% | none · Q1FY27 · healthy | |
| EBITDA | ₹31.5 Cr | +>100% | yoy · Q1FY27 · Q1FY26 EBITDA implied ~₹15 Cr at 4.7% margin |
| EBITDA Margin | 7.4% | +270bps | yoy · Q1FY27 · 4.7% in Q1FY26 |
| Profit Before Tax | ₹18.6 Cr | yoy · Q1FY27 · ₹5.3 Cr in Q1FY26 | |
| Profit After Tax | ₹12.8 Cr | none · Q1FY27 · Previous quarter had exceptional insurance gain; not directly comparable sequentially | |
| Trade Discounts | 2.5% of sales | -100bps | yoy · Q1FY27 · down from ~3.5% |
Guidance
FY27 revenue guidance maintained at minimum 20% growth (implying ~₹1,800-1,900 Cr) with full-year average EBITDA margin of 8-9% and exit run-rate close to double-digit.
Key themes
Operational recovery and distribution-led growth acceleration
Operational commentary
- Rajkot main manufacturing facility recommenced operations; production consolidated from Gondal to Rajkot, expected to improve manufacturing efficiency through lower logistics, power, and operating costs.
- Distributor base expanded to over 1,000 distributors; fifth consecutive quarter of sequential revenue growth.
- Distribution Management System (DMS) now covers ~4.24 lakh retail touchpoints nationally; 12-15% of business still off-DMS. Total brand reach estimated at 5.25-5.5 lakh outlets, targeting 6 lakh by FY27-end.
- Double-service (biweekly outlet coverage) initiative restarted in Jan-Feb'26 after supply-chain pause, now at 38% of outlets in core markets.
- Seven new product introductions (NPIs) planned in H2, of which 5 are non-palm-oil based with healthier margins, synergistic with existing categories.
- Two price hikes / grammage reductions executed in Q1; currently at par or lower grammage vs competition while maintaining revenue momentum.
- Third-party manufacturing at Kashipur (Western UP, ~₹2 Cr/month) and Manendragarh (Chhattisgarh) supporting footprint without capex.
- Core market Gathiya remains hero category; wafers grew 15% YoY in core markets; UP growth 41% YoY driven by Champakali and Papdi Gathiya.
- Alternate channels: E-commerce ₹2.79 Cr in Q1FY27 (up from ₹2 Cr in Q4FY26); Modern Trade flat at ₹1.85 Cr.
Analyst Q&A
Q. Are you holding the ₹330-350 Cr revenue delta guidance for FY27 and what is the monthly run-rate trajectory?
Current run-rate is ₹150 Cr+ per month; April was lower due to Gondal-to-Rajkot shift; strongly stand by earlier guidance of minimum 20% growth for FY27.
Q. What is the max sustainable EBITDA margin target and ramp-up timeline?
Sustainable EBITDA margin target 11-11.5%; FY27 average 8-9% with exit near double-digit; FY28 average 10-11% with exit near 11%; mid-FY28-29 to achieve sustainable level.
Q. What caused the marginal distributor count drop in Maharashtra and what is the overall potential there?
Acknowledged distributors moved from 205 to 198; will investigate details but not a big number to worry about. Maharashtra focus is Marathwada belt between Vidarbha and Khandesh; Mumbai and Pune remain tough markets.
Research and educational content only. Not investment advice.