Gopal Snacks Limited | Globe Capital Market LTD.
Gopal Snacks Limited
Price Band
₹381 – 401
IPO Issue Period
Mar 6, 2024 to Mar 11, 2024
Issue Size
₹650.00 Cr
Face value
₹1 per share
Fresh issue
Offer for sale
650 Cr.
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
March 14, 2024

Intensive Fiscal Services Private Limited
Axis Capital Limited
Jm Financial Limited

Founded in 1999, Gopal Snacks Limited is an FMCG company that deals in ethnic and Western snacks, and other products in India and internationally.

The company offers a variety of snack products including ethnic snacks like namkeen and gathiya, as well as western snacks such as wafers, extruded snacks, and snack pellets. They also provide fast-moving consumer goods such as papad, spices, gram flour or besan, noodles, rusk, and soan papdi.

As of November 2023, the company had 276 SKUs along with 84 products from different categories, catering to various tastes and preferences.

As of September 2023, the company has sold its products to over 523 locations across 10 states and two Union Territories.

As of September 30, 2023, the sales and marketing team comprised 741 employees, complemented the extensive distribution network of three depots and 617 distributors. As of September 2023, the company has a fleet of 263 logistics vehicles to support its extensive distribution network.

The company has six manufacturing units out of which three are primary manufacturing units and three are ancilliary manufacturing units. The primary manufacturing units are in Nagpur, Maharashtra; Rajkot, Gujarat; and Modasa, Gujarat. The two ancillary units are situated in Rajkot, Gujrat and one unit is located in Madosa, Gujrat.

As of September 30, 2023, the six facilities had a total annual installed capacity of 404,728.76 MT. The three primary facilities, including the Rajkot facility that produces papad, had a capacity of 303,668.76 MT, while the three ancillary facilities had a capacity of 101,060.00 MT (excluding papad capacity).

As of September 30, 2023, 69 distributors in Gujarat have been associated with the company for more than ten years, representing 24.73% of the total distributors in Gujarat.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 1,398.54 1,356.48 1,129.84
Profit After Tax 112.37 41.54 21.12
EPS 9.02 3.33 1.70
OPM (%) 14.07% 7.01% 5.35%
PATM (%) 8.06% 3.07% 1.87%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Gopal  Snacks Limited *4996 401 14.43 44.96 1,398.54 112.37
Bikaji Foods International Ltd. 12,920 516 11.82 69.03 623.9 45.99
Mrs. Bectors Food Specialities Ltd. 6,382 1,085 9.96 47.48 428.86 34.59
Prataap Snacks Ltd. 2,575 1,079 3.6 41.3 406.24 10.8


*Market cap @upper band 

  • Its position in the Indian snack food market as an ethnic savouries brand with a significant presence in Gujarat coupled with our focus on quality and various offerings have helped us create a brand recognition;
  • Diversified product portfolio capable of capturing growing Indian snacks market;
  • Its position as a manufacturer of gathiya in India coupled with the growing popularity of gathiya as a snack, present opportunities for us to expand in the gathiya segment;
  • Strategically located manufacturing facilities;
  • Vertically integrated advanced business operations resulting in quality products and cost and operational efficiencies;
  • Distribution network;
  • Experienced Promoter and management team; and
  • Track record of profitable financial performance.

The Company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

The company is one of the largest and prominent FMCG Company mainly in namkeen and other ready to eat packaged foods. Based on FY24 annualized earnings, the issue appears full priced. Hence, investor may subscribe for the medium to long term rewards.

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