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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
₹81.689 Cr
verification pending
Revenue YoY
79.1%
reported change
EBITDA
₹9.43 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 Q4 FY26 with revenue of ₹81.7 crore (+79.1% YoY) and PAT of ₹6.3 crore (+80.6% YoY), driven by robust demand in pharmaceutical packaging and ramp-up of the Ahmedabad plant. EBITDA margin contracted 120 bps to 11.5% due to raw material cost pressures from rising aluminium and chemical prices amid geopolitical disruptions. Management guided for FY27 revenue of ₹400-450 crore as Ahmedabad plant reaches optimal utilization, targeting monthly run-rate of ₹60 crore. Key risk: working capital strain from extended customer credit cycles, which management acknowledged but expects to normalize. Overall, strong volume growth and capacity expansion support bullish outlook, but margin compression and commodity volatility warrant caution.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year revenue between ₹400-450 crore, implying ~60-70% growth over FY26 revenue of ~₹260 crore.
- The new 10,000 MTPA plant currently at 25-30% utilization is expected to reach optimal levels by end of next financial year.
- Management aims to sustain current EBITDA margin level despite raw material cost pressures, though no specific target given.
- Company is exploring forward integration into printing and conversion, which could add 8-10% incremental margin.
Risks flagged
- Rising aluminium and chemical prices due to geopolitical tensions are compressing margins; pass-through may be delayed.
- Receivables jumped to ₹94 crore due to customer payment delays; if not normalized, could pressure cash flows.
- Analyst noted low entry barriers; management acknowledged that competitors may undercut on price, though sustainability is questioned.
- Company recently availed ₹15 crore debt facility; further debt may be needed if growth continues, increasing leverage.
Key quotes
- The only competitive edge that we have is that volume that we are doing. So we are more cost effective compared to our competitors.
- There is no entry barrier in this thing to get entry in this thing is really easy but to fix it is really tough.
- The only risk is if you're not able to manage your working capital well that's the only risk. There's no other risk in this business.
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