Gopal Snacks Limited (NSE:GOPAL), a prominent player in the Indian ethnic snacks market, has demonstrated significant resilience and strategic growth in its third quarter and nine-month performance for the fiscal year 2026. Despite facing operational challenges, the company has successfully ramped up its manufacturing capabilities and expanded its market footprint.
Market Presence and Capitalization
While the specific market capitalization fluctuates with daily trading, the company’s focus remains on its “Core Market” (Gujarat) and “Focus Markets” (Maharashtra, Rajasthan, Madhya Pradesh, etc.), where it has seen a 2.6% YoY revenue growth in the nine-month period.
Management Commentary
Mr. Bipin Hadvani, Chairman and Managing Director, noted that Q3 FY26 was marked by “steady progress and continued operational stability”. He emphasized that the operationalization of the Modasa plant and the implementation of the Distribution Management System (DMS) are pivotal for enhancing supply chain efficiency and long-term value creation.
Other Key Milestones
- Distribution Expansion: The network grew to 881 distributors.
- SSD Model: Implementation of a sub-stockist (SSD) model with 93 micro-distributors to deepen penetration in untapped regional markets.
- Marketing Boost: Secured a partnership as the Official Snacks Partner for the Filmfare Awards 2025, significantly enhancing brand visibility.
Segment-Wise Performance
The company maintains a diversified product portfolio across multiple snack categories. The revenue contribution (as of December 2025) is as follows:
- Gathiya: Remains the leading segment, contributing 27% of total revenue. It saw a 9.1% QoQ revenue growth in Q3 FY26.
- Namkeen: Contributes 23% to the revenue mix.
- Snack Pellets: Account for 17% of revenue , showing strong demand with a 20.8% QoQ growth.
- Wafers: Represent 10% of the portfolio.
- Others: The remaining revenue is driven by Extruded Snacks (2%), Papad, Spices & Besan (10%), and other products like noodles and bakery items.
Major Updates
Third-Party Partnerships
- To ensure a seamless supply and mitigate potential disruptions, Gopal Snacks has entered into long-term third-party manufacturing arrangements in locations such as Hiryur, Kashipur, and Manendragarh.
Infrastructure Recovery
- A key milestone mentioned is the commencement of operations at the Nagadka facility, which has an initial capacity of 64,995 MTPA and serves as a substitute for the fire-affected Rajkot plant.
Strategic Financial Focus
Looking ahead, the company said it remains focused on capacity ramp-up, cost discipline and market expansion, positioning itself for a stronger close to FY26 and sustainable long-term growth. While 9M FY26 figures showed some year-on-year declines in certain segments, the sequential (QoQ) growth in revenue (6.7%) and EBITDA margins (up to 7.6%) in Q3 FY26 signal a recovery trend that management intends to maintain into Q4 FY2026.