---
title: "Goyal Salt Ltd (GOYALSALT) — Share Price, Financials & Analysis"
symbol: "GOYALSALT"
company: "Goyal Salt Ltd"
canonical: "https://tapetide.com/stocks/GOYALSALT"
isin: "INE0QFE01017"
nse_symbol: "GOYALSALT"
sector: "Food Products"
industry: "Food Products"
market_cap_cr: 183.66
generated_at: "2026-09-13T19:39:45.314Z"
---

# Goyal Salt Ltd (GOYALSALT)

Canonical page: https://tapetide.com/stocks/GOYALSALT

## Company

- **NSE Symbol:** GOYALSALT
- **ISIN:** INE0QFE01017
- **Sector:** Food Products
- **Industry:** Food Products
- **Macro Sector:** Fast Moving Consumer Goods
- **Stock Type:** EQUITY
- **Listed Since:** 2023-10-11
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** goyalsaltltd.com

## About

Incorporated in 2010, Goyal Salt Ltd is a manufacturer and dealer in all varieties of Sodium Chloride[1]

## Latest Price

- **Price:** ₹102.6
- **Change:** 0 (0%)
- **Open:** ₹102.1
- **Day High:** ₹102.6
- **Day Low:** ₹102.1
- **Previous Close:** ₹102.6
- **Volume:** 0
- **As Of:** 2026-09-11T10:01:44+00:00

## Key Fundamentals

Observed at 2026-09-11T04:44:22.038265Z.

- **Market Cap:** ₹183.66 Cr
- **Classification:** SME
- **P/E (reported):** 16.2
- **EPS (reported):** ₹5.28
- **Book Value:** ₹37.35
- **Price to Book:** 2.75
- **Dividend Yield:** 0%
- **ROE:** 16.98%
- **ROCE:** 22.71%
- **Debt to Equity:** 0.66
- **Revenue (yearly):** ₹199.8 Cr
- **Net Income:** ₹11.4 Cr
- **EBITDA:** ₹24.4 Cr
- **52-Week High:** ₹200
- **52-Week Low:** ₹97
- **RSI (14):** 39.55

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 50.24 | 9% |
| growth | 93.57 | 9% |
| momentum | 32.26 | 12% |
| ownership | 70.8 | 24% |
| quality | 67.26 | 22% |
| valuation | 36.62 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 76.7% CAGR over last 5 years
- Company's working capital requirements have reduced from 47.5 days to 33.7 days

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -117.4% | -142.13% | -145.92% |
| ebitda margin growth | -13.33% | 9.99% | 170.95% |
| net income growth | -13.64% | 48% | 77% |
| revenue growth | 45.41% | 19% | 27% |
| roce | -10.48% | -24.15% | 25.99% |
| roe | -28.86% | 21.07% | 216.2% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 64 | 53 | 47 | 71 | 68 | 62 | 88 | 111 |
| Expenses | 60 | 50 | 43 | 68 | 62 | 56 | 76 | 99 |
| Operating Profit | 4 | 3 | 4 | 3 | 7 | 5 | 12 | 12 |
| OPM % | 6 | 5 | 9 | 4.8 | 10 | 9 | 14 | 11 |
| Other Income | 0 | 0 | 0 | 6 | 7 | 1 | 0 | 0 |
| Interest | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 |
| Profit before tax | 3 | 2 | 3 | 9 | 12 | 5 | 9 | 7 |
| Tax % | 25 | 31 | 26 | 20 | 23 | 24 | 25 | 26 |
| Net Profit | 2 | 1 | 2 | 7 | 9 | 4 | 6 | 5 |
| EPS in Rs | 11.98 | 1.06 | 1.85 | 3.93 | 5.21 | 2.19 | 3.56 | 2.78 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 71 | 60 | 66 | 117 | 118 | 130 | 199 |
| Expenses | 69 | 57 | 63 | 110 | 110 | 118 | 175 |
| Operating Profit | 3 | 3 | 3 | 7 | 7 | 12 | 24 |
| OPM % | 3.9 | 4.7 | 4.5 | 6 | 6 | 9 | 12 |
| Other Income | 0 | 0 | 0 | 0 | 6 | 7 | 0 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 6 |
| Profit before tax | 0 | 1 | 1 | 5 | 12 | 17 | 15 |
| Tax % | 26 | 27 | 43 | 27 | 22 | 23 | 26 |
| Net Profit | 0 | 1 | 1 | 4 | 9 | 13 | 11 |
| EPS in Rs | 1.25 | 3.41 | 3.16 | 3.27 | 5.28 | 7.4 | 6.34 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2 | 2 | 2 | 11 | 18 | 18 | 18 |
| Reserves | 9 | 9 | 10 | 5 | 24 | 38 | 49 |
| Borrowings | 7 | 13 | 11 | 9 | 6 | 21 | 44 |
| Other Liabilities | 1 | 3 | 5 | 4 | 3 | 4 | 9 |
| Total Liabilities | 20 | 27 | 27 | 29 | 51 | 81 | 121 |
| Fixed Assets | 5 | 5 | 6 | 6 | 10 | 12 | 48 |
| CWIP | 0 | 0 | 0 | 0 | 4 | 29 | 7 |
| Investments | 0 | 0 | 0 | 0 | 8 | 6 | 6 |
| Other Assets | 15 | 22 | 22 | 23 | 29 | 34 | 61 |
| Total Assets | 20 | 27 | 27 | 29 | 51 | 81 | 121 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | -4 | 5 | -2 | 5 | 12 | -2 |
| Cash from Investing Activity | — | -1 | -1 | -2 | -17 | -27 | -18 |
| Cash from Financing Activity | — | 5 | -3 | 4 | 12 | 15 | 20 |
| Net Cash Flow | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | — | -6 | 3 | -3 | -5 | -16 | -21 |
| CFO/OP | — | -156 | 162 | -23 | 103 | 137 | 7 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 43 | 84 | 79 | 48 | 58 | 43 | 49 |
| Inventory Days | 33 | 55 | 49 | 20 | 21 | 58 | 91 |
| Days Payable | 7 | 31 | 41 | 12 | 9 | 11 | 26 |
| Cash Conversion Cycle | 69 | 108 | 87 | 57 | 70 | 89 | 114 |
| Working Capital Days | 43 | 38 | 38 | 27 | 55 | 54 | 34 |
| ROCE % | — | 9 | 9 | 25 | 18 | 17 | 20 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 72.61% | 72.61% | 72.61% | 72.61% | 72.61% |
| FIIs | 1.02% | 0% | 0% | 0% | 0.46% |
| DIIs | 0% | 0% | 0% | 0% | 2.37% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 19.51% | 20.13% | 20.46% | 18.96% | 17.51% |
| Others | 6.86% | 7.25% | 6.92% | 8.43% | 7.04% |
| No. of Shareholders | 675 | 1123 | 1359 | 1300 | 1216 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 6 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 104.64 | Sell |
| EMA (10) | 104.16 | Sell |
| SMA (20) | 105.78 | Sell |
| EMA (20) | 106.17 | Sell |
| SMA (50) | 112.27 | Sell |
| EMA (50) | 110.32 | Sell |
| SMA (100) | 114.34 | Sell |
| EMA (100) | 116.31 | Sell |
| SMA (200) | 132.6 | Sell |
| EMA (200) | 128.49 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 39.55 | Neutral |
| MACD (12,26,9) | -2.61 | Sell |
| Stochastic (14,3,3) | 22.17 | Neutral |
| ADX (14) | 32.66 | Buy |
| Williams %R (14) | -74 | Neutral |
| ATR (14) | 2.71 | Neutral |
| ROC (12) | -5.66 | Sell |
| Stoch RSI (14) | 38.29 | Neutral |
| UO (7,14,28) | 53.76 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 June 2026 - Rajesh Goyal HUF has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 8 June 2026 - Rajesh Goyal HUF has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026132021_Rajesh.pdf) |
| 7 March 2026 - Goyal Salt to incorporate wholly-owned Goyal Exim Private Limited with Rs.10 lakh paid-up capital (100% ownership). | [Incorporation 7 March 2026 - Goyal Salt to incorporate wholly-owned Goyal Exim Private Limited with Rs.10 lakh paid-up capital (100% ownership).](https://nsearchives.nseindia.com/corporate/GOYAL_07032026171732_Intimation_Goyal.pdf) |
| 7 March 2026 - Board approved incorporation of Goyal Exim Private Limited as 100% subsidiary; Rs10 lakh paid-up capital, Mar 7, 2026. | [Outcome of Board Meeting 7 March 2026 - Board approved incorporation of Goyal Exim Private Limited as 100% subsidiary; Rs10 lakh paid-up capital, Mar 7, 2026.](https://nsearchives.nseindia.com/corporate/GOYAL_07032026170037_Intimation_Goyal.pdf) |
| 6 May 2026 - Kunj Bihari Goyal HUF has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) … | [Disclosure under SEBI Takeover Regulations 6 May 2026 - Kunj Bihari Goyal HUF has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) …](https://nsearchives.nseindia.com/corporate/team_bbodade_30042026160119_GOYALSALT1.pdf) |
| 5 Aug - Board approved subscribing to 4,59,000 shares of subsidiary Goyal Foods Industries for Rs45.90 lakh, taking 51% post-allotment. | [Acquisition 5 Aug - Board approved subscribing to 4,59,000 shares of subsidiary Goyal Foods Industries for Rs45.90 lakh, taking 51% post-allotment.](https://nsearchives.nseindia.com/corporate/GOYAL_05082026190242_Intimation_Goyal.pdf) |
| 4 May 2026 - Rajesh Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Rajesh Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026132216_41.pdf) |
| 4 May 2026 - Radhika Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Radhika Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026132131_Radhika.pdf) |
| 4 May 2026 - Lokesh Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Lokesh Goyal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.](https://nsearchives.nseindia.com/corporate/team_bbodade_30042026191223_GOYALSALT1.pdf) |
| 30 Jun - Goyal Salt incorporated subsidiary Goyal Foods Industries Private Limited on June 29, 2026, holding 51% stake. | [Acquisition 30 Jun - Goyal Salt incorporated subsidiary Goyal Foods Industries Private Limited on June 29, 2026, holding 51% stake.](https://nsearchives.nseindia.com/corporate/GOYAL_30062026140912_Intimation_Goyal.pdf) |
| 30 Jun - Goyal Salt incorporated subsidiary Goyal Foods Industries Private Limited on June 29, 2026, holding 51% stake. | [General Updates 30 Jun - Goyal Salt incorporated subsidiary Goyal Foods Industries Private Limited on June 29, 2026, holding 51% stake.](https://nsearchives.nseindia.com/corporate/GOYAL_30062026141411_Intimation_Goyal.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31162_GOYALSALT_2025_2026_A_4955492_02092026200742.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27992_GOYALSALT_2024_2025_A_5727185_31082025124223.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24472_GOYALSALT_2023_2024_1307202415518.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:39:45.314Z.