Gopal Snacks Q2 FY27 Results (NSE: GOPAL)
Signal: Margin expansion
The read
The operating trajectory strengthened despite revenue growth moderating to 22.9% YoY from 31.1% in Q1FY27: EBITDA growth accelerated to 72.3% and margin expanded to 9.0% from 7.4% QoQ, but reported PAT is not a clean operating measure because the ₹35.3 crore exceptional insurance gain exceeded the ₹25.9 crore PBT before exceptional items.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹461.5 Cr | 22.9% | 9.3% |
| Net profit | ₹45.9 Cr | 78.5% | |
| EBIT margin | 9.0% |
P&L walk
Standalone revenue increased 22.9% YoY and 9.3% QoQ to ₹461.5 crore, while EBITDA grew 72.3% YoY to ₹41.6 crore and margin expanded 260bps to 9.0%; PAT growth to ₹45.9 crore was boosted by a ₹35.3 crore exceptional insurance gain.
Key positives
- Revenue reached a record ₹461.5 crore, up 22.9% YoY and 9.3% QoQ, with distribution expanding to 1,057 distributors from 858 in Q2FY26.
- EBITDA rose 72.3% YoY to ₹41.6 crore and EBITDA margin expanded 260bps YoY to 9.0%, while H1FY27 EBITDA margin reached 8.3% versus 5.6% in H1FY26.
- Category momentum was broad-based, with wafers up 40.0%, Gathiya up 25.6% and Pellets & Extruded Snacks up 23.0% YoY.
- The Nagpur Besan unit commissioned in September has 19,642 MT annual capacity and is expected to reduce recurring transportation costs through backward integration.
Key concerns
- PAT of ₹45.9 crore included a ₹35.3 crore exceptional insurance gain; PBT before exceptional items was ₹25.9 crore, so reported profit growth overstates recurring earnings momentum.
- Revenue growth moderated to 22.9% YoY in Q2FY27 from 31.1% in Q1FY27, making sustained distribution-led acceleration important to the growth thesis.
Research and educational content only. Not investment advice.