Gopal Snacks Q2: revenue +23% YoY, but PAT surge rides ₹35 Cr insurance gain, not ops

Gopal Snacks' standalone Q2 FY27 (quarter ended September 30, 2026) revenue rose 22.9% YoY to ₹461.54 Cr (₹375.66 Cr) and 9.3% QoQ (₹422.32 Cr), extending a run of double-digit top-line growth and pushing the quarterly run-rate to roughly ₹153.8 Cr/month — above the "₹150+ Cr/month" pace management flagged on the Q1 concall. Reported PAT of ₹45.86 Cr is up 78.5% YoY and 256.9% QoQ, but that headline is almost entirely a ₹35.32 Cr exceptional gain — the final tranche of the Rajkot fire insurance claim. Stripping it out, adjusted PAT is ~₹10.54 Cr versus an adjusted ~₹4.16 Cr a year ago (the year-ago quarter carried its own ₹21.53 Cr exceptional gain from the same claim, per this filing's restated comparative) — real growth, but off a thin base, and down roughly 18% from Q1's clean ₹12.85 Cr (Q1 had no exceptional item). The operating story is more encouraging than the adjusted-PAT dip suggests. EBITDA margin (profit before exceptional items/tax adjusted for finance cost and depreciation, over revenue) expanded to 9.01% from 7.45% in Q1 and a restated 6.43% a year ago — within management's 8-9% FY27 guided band and trending toward the guided "double-digit exit." The squeeze shows up below the EBITDA line: depreciation rose 15.8% QoQ to ₹12.28 Cr and finance cost rose 21.5% QoQ to ₹3.53 Cr, both tied to the new besan manufacturing unit commissioned at the Nagpur facility on September 10, 2026 — capex that lifts near-term fixed costs ahead of the margin benefit from in-house besan supply. Adjusted net margin was ~2.3% this quarter versus 3.0% in Q1. Against management's FY27 guidance of ₹1,800-1,900 Cr revenue (20%+ growth) and 8-9% EBITDA margin with a double-digit exit, set out on the Q1 concall, this quarter is broadly on track: H1 revenue of ₹883.86 Cr annualizes to ~₹1,768 Cr, just under the low end of the band, leaving H2 (which includes the festive season) to deliver ₹916-1,016 Cr to close the gap — a seasonally reasonable ask — while the margin trajectory is running ahead of plan. No consensus estimate specific to this quarter turned up in a web search; brokers cite a broader ~15-20% FY27 PAT growth expectation, against which H1's adjusted PAT (ex-exceptional both years) of ~₹23.4 Cr versus ~₹6.5 Cr a year ago (+262% YoY) runs well ahead, though the comparison is directional given no quarter-level consensus print exists to grade against. Alongside results, the board declared a First Interim Dividend of ₹0.50/share (record date November 6, 2026) and the company separately confirmed receipt of the final ₹36.39 Cr insurance payout on October 1, 2026, which funds the exceptional gain booked this quarter. A ₹4.11 Cr GST show-cause notice for FY23 (received September 21, 2026) and the September 19, 2026 re-appointment of Bipinbhai Hadvani as CMD for five years are both on record but had no P&L impact this quarter. No separate management press release accompanied this filing beyond the standard board-outcome note, which attributes the ₹353.17 million exceptional gain entirely to final confirmation of the fire-insurance claim. The quarter sets up Q3 as the test of whether the EBITDA margin gain holds without exceptional support, and whether adjusted PAT margin recovers above Q1's 3.0% once the Nagpur unit's depreciation and finance-cost drag is absorbed into a fuller festive-season revenue base.