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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹66.33 Cr
verification pending
Revenue YoY
84%
reported change
EBITDA
₹7.88 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GSM Foils delivered a strong Q3 FY26 with revenue of ₹66.33 crore (+84% YoY), EBITDA of ₹7.88 crore (+95% YoY), and PAT of ₹5.33 crore (+96% YoY). EBITDA margin expanded 65 bps to 11.89%, driven by operating leverage and cost efficiencies. The new Ahmedabad plant (17,000 sq ft, 10,000 MT capacity) is operational and targeting 50% utilization by March 2026, contributing ₹10-12 crore monthly revenue. Management expects to reach 100% utilization at Vasai within months and 100% at Ahmedabad within a year. Risks include aluminum price volatility impacting margins and working capital intensity from inventory buildup. The company is exploring laminates for margin accretion and potential Mumbai expansion, but no firm commitments yet.
Colored figures show movement against the previous available record.
Guidance to track
- Targeting 50% capacity utilization at the new Ahmedabad plant by end of FY26, translating to ₹10-12 crore monthly revenue.
- Existing Vasai plant expected to reach 100% capacity utilization within a month or two.
- Management aims to achieve 100% capacity utilization at Ahmedabad plant within one year (by FY27).
- Exploring two or three alternatives for expansion in Mumbai; finalization expected within a month or two.
Risks flagged
- Sharp decline in aluminum prices could compress margins despite inventory management strategies.
- Negative cash flow from operations due to high inventory and debtor days; management comfortable but could strain liquidity if growth accelerates.
- Avoiding large pharma companies due to extended payment cycles (90-150 days) and low margins; limits addressable market.
- No direct exports currently; indirect exports via merchant exporters not yielding positive results yet.
Key quotes
- We are quite optimistic to reach that level by end of this year that is March 26.
- My vision is to reach 100% within one year itself.
- We are actually in a learning stage. We are looking at laminates.
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