Gopal Snacks Limited (NSE:GOPAL), has reported a period of steady operational progress and decisive recovery in its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. The company’s performance in Q3 FY2026 highlights a successful transition toward stability following the disruptive fire incident at its Rajkot facility in late 2024.
Q3 FY2026 Performance Overview
- For the third quarter of FY2026, GSL achieved Revenue from Operations of ₹400.8 crore, representing a 6.7% sequential growth (QoQ) compared to Q2 FY2026 and a 1.8% increase year-on-year (YoY) from Q3 FY2025. This growth was underpinned by a significant improvement in profitability margins.
- Gross Profit stood at ₹110.6 crore with a margin of 27.6%, up from 21.4% in the same quarter last year.
- The company’s EBITDA surged to ₹30.4 crore, yielding a margin of 7.6%, nearly doubling the 3.9% margin recorded in Q3 FY2025.
- Net profit for the quarter (PAT) reached ₹15.5 crore, a substantial jump from the ₹5.3 crore reported in the prior year’s third quarter. Management attributed these gains to cost optimization, production leverage, and the successful ramp-up of the newly commissioned Modasa facility.
9M FY2026 Performance Overview
While Q3 showed sequential strength, the nine-month (9M) performance reflects the impact of earlier operational hurdles. For 9M FY2026, Revenue from Operations was ₹1,098.6 crore, a 4.5% decline compared to ₹1,150.5 crore in 9M FY2025.
EBITDA for the period was ₹69.7 crore, down 32.4% YoY, with margins contracting from 9.0% to 6.3%. PAT for 9M FY2026 stood at ₹43.7 crore, compared to ₹58.5 crore in the previous year. These 9M figures highlight the lingering effects of the fire-related disruptions, which the company is now effectively mitigating through increased capacity and geographic diversification.
Data Analysis and Margin Trends
- Profitability Rebound: Despite a 4.5% decline in revenue for the 9M period, the company saw a significant surge in quarterly profitability. Q3 FY26 Gross Profit reached ₹110.6 crore, yielding a margin of 27.6%, up from 21.4% in the previous year.
- Operational Efficiency: EBITDA margins for Q3 FY26 improved to 7.6%, nearly doubling the 3.9% margin from Q3 FY25, driven by cost optimization and production leverage from the Modasa facility.
- Exceptional Items: The 9M FY26 PAT includes an exceptional profit of ₹21.8 crore related to insurance ad-hoc payments for the fire incident at the Rajkot facility.
Geographic Expansion
While Core States (Gujarat) revenue grew by 2.2% YoY in Q3, the “Other States” segment experienced robust growth of 28.7% YoY, indicating successful penetration into new regions like Delhi, Karnataka, and West Bengal.
Manufacturing Capacity
The company is effectively restoring capacity lost in the Rajkot fire through the Modasa Plant, which provides an additional 63,085 MTPA of installed capacity for Gathiya and Namkeen.
Strategic Relevance and Future Outlook
The operationalization of the Modasa facility, with its 63,085 MT capacity, is the cornerstone of GSL’s strategic recovery. This plant enables centralized fulfillment for various products including Namkeen, Gathiya, and Wafers, lowering logistics costs and improving dealer order frequency.
Additionally, GSL is modernizing its supply chain with a Distribution Management System (DMS) to provide real-time tracking and visibility for its 881 distributors. As GSL enters the final quarter of FY2026, its strengthened manufacturing base and growing distribution footprint position it for long-term value creation.