Gopal Snacks Q1 FY27 Results (NSE: GOPAL)
Signal: Steady quarter
The read
The operating trajectory is constructive but not yet fully proven: revenue reached ₹4,223.16 million, +31.1% YoY and +3.1% QoQ, while gross margin expanded 91bps YoY to 26.9% and employee-plus-other expenses grew 20.0%, slower than revenue; however, Q1FY27 PAT of ₹128.47 million is not comparable with Q4FY26's ₹299.47 million because Q4 included a ₹174.93 million exceptional gain.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹422.32 Cr | +31.1% | +3.1% |
| EBIT | ₹21.54 Cr | N/A | |
| Net profit | ₹12.85 Cr | +409.2% | |
| EPS | ₹1.03 | +415.0% | |
| EBIT margin | 7.6% |
P&L walk
Revenue increased to ₹4,223.16 million, +31.1% YoY and +3.1% QoQ, while EBITDA was ₹321.4 million and PAT was ₹128.47 million; the sharp YoY PAT growth reflects the low June 2025 base, whereas the QoQ decline reflects the absence of Q4FY26's ₹174.93 million exceptional gain.
Key positives
- Revenue was ₹4,223.16 million, up 31.1% YoY and 3.1% QoQ, indicating continued top-line momentum.
- Gross margin expanded 91bps YoY to 26.9% as raw material, stock-in-trade and inventory costs declined to 73.1% of revenue from 74.0%.
- Employee benefits and other expenses of ₹821.10 million grew 20.0% YoY, 11.1pp slower than revenue growth of 31.1%, supporting EBITDA margin of 7.6%.
- EPS of ₹1.03 tracked PAT growth of 409.2% YoY, with no material dilution signal in the PAT-to-EPS cross-check.
Key concerns
- Finance cost increased 43.1% YoY to ₹29.01 million and 58.6% QoQ, outpacing sequential revenue growth of 3.1%.
- Q4FY26 PAT of ₹299.47 million benefited from a ₹174.93 million exceptional gain, making the 57.1% QoQ PAT decline an important normalization signal.
- Gross margin improved only 91bps YoY to 26.9%, below the threshold for a decisive input-cost tailwind; the filing does not identify the reason for the change.
Research and educational content only. Not investment advice.