GSM FoilsShare price, financial results, shareholding and management
- Market cap
- ₹83 cr
- Stock P/E
- 4.2peers 9.4
- Book value
- ₹52.8
- Price to book
- 1.11
- EV / operating profit
- 4.2
- Market cap to sales
- 0.32
- ROCE · FY26
- 35.4%
- ROE · FY26
- 37.5%
- ROE, 3-year average
- 48.6%
- Operating margin · FY26
- 11.5%peers 6.0%
- Sales growth, 3 years
- +92.9%
- Profit growth, 3 years
- +105.6%
- Debt to equity
- 0.60peers 0.73
- Borrowings
- ₹44.4 cr
- Interest cover
- 9.9×
- Cash from business / op. profit
- -124%
- Debtor days
- 133
- Pledged
- 0.00%
- Promoter holding
- 54.38%
- Change in promoter holding
- -12.16 pts
- Shareholders
- 1,719
- 52-week high / low
- ₹294 / ₹58
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
GSM Foils share price chart
Close on 6 Nov 2026 · -1.18% on the day · Vol 72,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.1%
- 3 months
- -53.5%
- 6 months
- -71.4%
- 1 year
- -73.6%
- Since IPO
- +83.1%
- Traded a day, 20 days
- ₹0.67 cr
- Taken for delivery
- 61%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +93% | +106% |
| 3 years, a year | - | - |
About GSM Foils: business, products and customers
GSM Foils makes printed and coated aluminium foil that seals tablet and capsule packs for medicine makers, and has started making aluminium caps for bottles. Its shares trade on NSE Emerge.
GSM Foils, based in Vasai near Mumbai, takes bare aluminium foil bought from rolling mills and coats, laminates, prints and slits it into blister foil and strip foil, the backing on tablet and capsule packs. Its customers are medicine makers and other packers, mostly in Maharashtra, Gujarat and Dadra and Nagar Haveli. It began as an LLP in 2019, became a public company in 2023 and listed in May 2024.
The price of the foil it uses is reset each month from Hindalco's letter on the weighted average aluminium rate, and the company passes that change on to customers. So sales rise and fall with the metal price as well as with the tonnes sold, and the margin is a thin conversion spread: a rising metal price helps through stock bought earlier, a falling one hurts. There are no long contracts; customers commit verbally each month to an amount, and each gets a credit limit that the company raises slowly.
Read more about the business
Credit is the heart of the model. The company gives customers long payment terms and holds a month or more of stock, so cash from operations has been negative every year while profit grew, and the gap is funded with short term bank loans and the rights issue of September 2025. The Chief Financial Officer said on the April 2026 call that entering the trade is easy, and that working capital is what sets the company apart.
What is new: a second foil plant in Ahmedabad, whose trial run began in December 2025; a third unit in Mumbai making aluminium ROPP caps for syrup and drink bottles under an agreement with AAPL Solutions, producing since June 2026; and a fourth unit in Vasai on leased machines, meant for export through merchant exporters. The documents name no competitors.
From the offer document (prospectus, 2024), the letter of offer for the rights issue (August 2025), the investor presentation of July 2026, the earnings call transcripts of February, April and July 2026 and the announcement of 23 July 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 93% a year last year.
- It earns a high return on the money it uses: ROCE 35% in FY26.
To watch
- The Ahmedabad plant reaching more than 80% of capacity by March 2027, after the March 2026 aim was missed (Earnings call, July 2026, p.4; Earnings call, April 2026, p.5).
- Start of production at the export unit in Vasai, expected from the end of August 2026 (Announcement, 23 July 2026).
- The ₹40 to 50 cr of new bank loans the company said it was arranging (Earnings call, July 2026, p.10 and p.22).
- Updates on the health of Managing Director Mohansingh Parmar, after the incident the company reported to the exchange on 31 July 2026, and the FY26 annual general meeting, for which the company sought more time on 22 September 2026.
- Customers take longer to pay than before: 133 days in FY26, against 94 in FY24.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
GSM Foils revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
GSM Foils half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 110.14 | 148.02 |
| Expenses | 97.67 | 130.70 |
| Operating profit | 12.46 | 17.32 |
| OPM | 11.3% | 11.7% |
| Interest | 1.29 | 1.71 |
| Depreciation | 0.20 | 0.27 |
| Profit before tax | 11.12 | 15.57 |
| Net profit | 8.23 | 11.61 |
GSM Foils profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 27 | 133.80 | 258.15 |
| Expenses | 25 | 118.59 | 228.37 |
| Operating profit | 2 | 15.21 | 29.78 |
| OPM | 7.0% | 11.4% | 11.5% |
| Other income | 0 | 0.02 | 0.37 |
| Interest | 0 | 1.31 | 3 |
| Depreciation | 0 | 0.28 | 0.46 |
| Profit before tax | 2 | 13.63 | 26.69 |
| Tax rate | 50.0% | 29.2% | 25.7% |
| Net profit | 1 | 9.65 | 19.84 |
| EPS ₹ | 1.33 | 7.53 | 14.08 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
GSM Foils profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 7.0% | 11.4% | 11.5% |
| Tax rate | 50.0% | 29.2% | 25.7% |
| ROCE | · | 46.6% | 35.4% |
| ROE | · | 59.8% | 37.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
GSM Foils debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
GSM Foils balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 0.02 | 12.81 | 14.09 |
| Reserves | 1 | 18.43 | 60.37 |
| Net worth | 1.02 | 31.24 | 74.46 |
| Borrowings | 14 | 17.82 | 44.39 |
| Other liabilities | 6.98 | 12.34 | 46.18 |
| Total liabilities | 22 | 61.40 | 165.03 |
| Fixed assets | 1 | 2.12 | 5.09 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 2.99 | 9.83 |
| Other assets | 21 | 56.29 | 150.11 |
| Receivables | · | 33.77 | 94.31 |
| Inventory | · | 18.86 | 47.04 |
| Cash | · | 0.24 | 0.50 |
| Trade payables | · | 7.36 | 36.67 |
GSM Foils cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -2 | -17.69 | -36.79 |
| Cash from investing | 0 | -4.55 | -9.91 |
| Cash from financing | 3 | 22.09 | 46.96 |
| Net cash flow | 1 | -0.15 | 0.26 |
| Capital spending | · | 1.57 | 3.44 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 94 | 92 | 133 |
| Inventory days | 188 | 62 | 78 |
| Days payable | 92 | 24 | 61 |
| Cash conversion cycle | 190 | 130 | 151 |
| Working capital days | 1 | 70 | 83 |
GSM Foils peers and competitors
Listed SME companies in the same industryBy sales, GSM Foils is number 33 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sati Poly Plast | 17 | 4.8 | 273 | 3.5 | 2.7% | 0.62 |
| Susan Electricals India | 577 | 32.0 | 269 | 18 | 12.0% | 1.72 |
| P S Raj Steels | 74 | 8.3 | 266 | 9 | 4.9% | 0.01 |
| Kaka Industries | 309 | 16.3 | 263 | 19 | 13.0% | 1.25 |
| M P K Steels (I) | 85 | 14.2 | 259 | 6 | 4.1% | 0.33 |
| GSM Foils | 83 | 4.2 | 258 | 19.8 | 11.5% | 0.60 |
| Super Iron Foundry | 85 | 5.0 | 256 | 17 | 13.0% | 0.64 |
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Visaman Global Sales | 43 | 7.0 | 249 | 6.1 | 5.8% | 1.00 |
| Classic Electrodes (India) | 93 | 7.4 | 243 | 12.6 | 9.3% | 0.20 |
| Median of the 10 others | 80 | 9.4 | 258 | 7.5 | 6.0% | 0.73 |
GSM Foils shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
GSM Foils shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.14% | 73.14% | 73.14% | 73.14% | 66.49% | 66.54% | 66.54% | 54.38% |
| Indian institutions (DIIs) | - | - | - | - | 0.79% | 1.16% | 1.82% | 2.46% |
| HNIs (over ₹2 lakh each) | 4.50% | 5.71% | 6.23% | 6.53% | 7.37% | 6.89% | 7.81% | 15.92% |
| Small holders (up to ₹2 lakh) | 16.55% | 17.04% | 16.76% | 17.61% | 20.51% | 20.87% | 19.47% | 21.97% |
| Companies and others | 5.81% | 4.11% | 3.87% | 2.72% | 4.84% | 4.54% | 4.36% | 5.27% |
| Number of shareholders | 450 | 531 | 521 | 730 | 1,150 | 1,375 | 1,360 | 1,719 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
GSM Foils study: the business from its own documents
Read from 11 of the company's own documentsGSM Foils so far
From the company's own record
- 31 May 2024Listed on NSE Emerge at ₹32
- 30 June 2026Promoters at 54.38%
- 21 July 2026Highest close since listing, ₹282.45
GSM Foils key facts from the filings
Each figure with the document it comes from
- Revenue growth
- ₹258.2 cr
- Revenue in FY26, almost double ₹133.8 cr in FY25; profit after tax rose to ₹19.8 cr from ₹9.7 cr.Investor presentation, July 2026, p.28
- Gross margin
- 19.0% → 14.6%
- The share of sales left after materials fell from FY24 to FY25, FY26 and the June 2026 quarter, while volumes grew.Investor presentation, July 2026, p.28
- Money owed by customers
- ₹94.3 cr
- Trade receivables at March 2026, up from ₹33.8 cr a year earlier; the company said on the July 2026 call this was down to about ₹77 cr by June.Investor presentation, July 2026, p.29; Earnings call, July 2026, p.12
- Cash from operations
- −₹36.8 cr
- Cash used by operations in FY26, after ₹17.7 cr used in FY25, as stock and customer dues grew faster than profit.Investor presentation, July 2026, p.30
- Top ten customers
- 43.8%
- Share of FY25 revenue from the ten largest customers, close to the 45.9% of FY24 and 43.5% of FY23, with no long term contracts.Letter of offer, August 2025, p.26
Show 5 more facts
- Home region
- 66.6%
- Share of FY25 revenue from customers in Maharashtra; Gujarat gave 14.8% and Dadra and Nagar Haveli 13.1%.Letter of offer, August 2025, p.27
- Ahmedabad plant
- 35%
- Capacity in use at the Ahmedabad plant in July 2026, bringing about ₹6 to 7 cr of sales a month against a potential of about ₹30 to 35 cr.Earnings call, July 2026, p.4
- ROPP caps unit
- June 2026
- Commercial production of aluminium bottle caps began; the company puts the unit's potential at about ₹50 cr of sales a year at peak.Investor presentation, July 2026, p.14
- Export unit
- ₹5 cr a month
- Sales the fourth unit, on machines leased from AAPL Solutions, would bring at its current capacity, and ₹15 cr a month at peak; production was expected from the end of August 2026.Announcement, 23 July 2026
- Promoter sale
- 12.17 points
- Fall in Mohansingh Parmar's holding in the June 2026 quarter; the company said it was a personal need and that the promoters had locked their shares for a year and a half.Shareholding pattern, June 2026; Earnings call, July 2026, p.12
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the July 2026 call, Chief Financial Officer Sagar Bhanushali said revenue for FY27 would cross ₹450 cr at the lower end, with ₹450 to 500 cr the aim, and that the company aims for ₹750 to 800 cr in FY28 with all four units running. The company says it aims to run the Ahmedabad plant above 80% of capacity by March 2027, expects ₹30 to 35 cr from caps in FY27, and was in talks with banks for ₹40 to 50 cr of new loans. Earlier aims for the Ahmedabad and Vasai plants were not met on time.
| What management said | When | What happened |
|---|---|---|
| Ahmedabad plant at about 50% use, ₹10 to 12 cr of sales a month, by March 2026 | Feb 2026 call | About ₹5 to 5.5 cr in March 2026, and ₹6 to 7 cr a month in July 2026 |
| Vasai plant at 100% of capacity within FY26 | Feb 2026 call | Described as above 85% in July 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
GSM Foils earns a thin margin turning bare aluminium foil into printed pack foil for medicine makers, and it wins work largely by giving customers long credit.
Its weak spots are falling margins, cash that stays locked in customer dues and stock, and new plants that have filled more slowly than the company said.
WatchCan it set its own prices?The metal price is set each month by a supplier's letter and passed on, so the company earns only a conversion spread, and that spread has narrowed every year.
WatchHow strong is it against rivals?Management says anyone can enter the trade; what it offers is stock on hand, quick supply and credit that smaller converters cannot afford.
AverageWho are its customers?More than a hundred medicine makers and packers, with no single one allowed to grow too large, but the ten largest still bring in over two fifths of sales and most sales come from one state.
WatchDoes it need a lot of money?Plants cost little, but growth eats cash because customers pay slowly and the company keeps a lot of stock, so it leans on bank loans.
AverageCan it keep finding new work?Demand for pack foil is steady and the new Ahmedabad plant has plenty of room, but filling it has taken longer than the company said.
AverageDo good and bad years swing a lot?Sales and profit have only risen so far, but moves in the aluminium price can lift or cut a quarter through the stock held, and a customer in trouble can hold up payment.
Who runs GSM Foils?
Promoters, directors and officers; tap a name for the background
MLMohansingh Laxmansingh ParmarPromoter and Managing Director · holds 22.64%
Completed primary education under the Maharashtra State Board and the first year of junior college at P.D. Lions College of Commerce and Economics. With the company since it was formed in 2019, after 16 years running a sole proprietorship in the scrap business; handles raw material purchase, marketing in new areas, funds and working capital. Managing Director for five years from December 2023.
Offer document, p.151 and p.153SGSagar Girish BhanushaliPromoter, Chairman, Whole Time Director and Chief Financial Officer · holds 31.73%
Holds a Bachelor's degree in Commerce from the University of Mumbai (2015) and is a Chartered Accountant. With the company since it was formed and has worked only here; leads business strategy, operations and administration. Chairman and Whole Time Director for five years from December 2023, and named Chief Financial Officer in the July 2026 presentation.
Offer document, p.151 and p.153; Investor presentation, July 2026, p.16MVMahesh Virchand MehtaIndependent Director
Holds a Bachelor's degree in Commerce from the University of Mumbai (1984) and worked 22 years at Cosmos Co-operative Bank, retiring as an Assistant Manager. On the board since December 2023.
Offer document, p.152 and p.153VVVijay Venilal PandyaIndependent Director
Completed secondary education under the Maharashtra board in 1975 and worked 38 years at Cosmos Co-operative Bank, retiring as an Assistant Manager. On the board since December 2023.
Offer document, p.152 and p.153SDSwati Dhaval MiraniIndependent Director
Holds Bachelor's and Master's degrees in Commerce and a diploma in Computer Science from Saurashtra University, and worked two years as an accountant at K. B. Globex. On the board since February 2024.
Offer document, p.152 and p.153GSM Foils latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters 66.54% to 54.38%; Smart Horizon Opportunity Fund up to 2.38%.
GSM Foils announcements
129 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the Quarter and half year ended September 30, 2026PDF ↗
- Monthly Business UpdatesFor the month of September 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesIntimation of approval of extension of time for holding Annual General Meeting (AGM) of the Company for the Financial Year ended 31st March 2026 pursuant to RegPDF ↗
- AppointmentOf Ms Riya Dinanath Devulkar as Company Secretary & Compliance Officer of the company w.e.f. September 11, 2026PDF ↗
- Outcome of Board MeetingHeld on September 11, 2026PDF ↗
- Monthly Business UpdatesFor the month of August 2026PDF ↗
- UpdatesRegarding update on health of Mr. Mohansingh Parmar, Managing Director of the Company'PDF ↗
- Monthly Business UpdatesFor the month of July 2026PDF ↗
- Updates'Clarification on Price Movement in the Equity Shares of GSM Foils Limited'PDF ↗
- Price movementSignificant movement in price has been observed in GSM Foils Limited. The Exchange, in order to ensure that investors have latest relevant information about thePDF ↗
- Updates'regarding update on Unfortunate firing incident on Mr. Mohansingh Parmar, Managing Director'PDF ↗
GSM Foils annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
GSM Foils share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Rights issueRIGHTS 1:10 @ PREMIUM RS 170/-ex-date 28 Aug 2025
Checks we ran on GSM Foils' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,40,92,749 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about GSM Foils
What does GSM Foils do?
GSM Foils makes printed and coated aluminium foil that seals tablet and capsule packs for medicine makers, and has started making aluminium caps for bottles. Its shares trade on NSE Emerge.
What is the share price of GSM Foils?
₹58.6 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of GSM Foils?
₹83 cr at the close on 6 Nov 2026, on 1,40,92,749 shares.
What is the P/E of GSM Foils?
4.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are GSM Foils' revenue and profit?
Revenue ₹258 cr and profit after tax ₹20 cr in FY26.
Who are the promoters of GSM Foils?
Mohansingh Laxmansingh Parmar, Sagar Girish Bhanushali; promoters held 54.38% at 30 June 2026.
What was the IPO price of GSM Foils?
₹32 a share; it listed on 31 May 2024.
What is GSM Foils' website?
www.gsmfoils.com
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Built from 4 investor presentations, 3 earnings call transcripts, 2 annual reports, 1 offer document, 1 result filing, 129 exchange announcements, 8 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.