Goyal Salt is a family-built salt manufacturer that has spent four decades turning a commodity into a branded staple, most recently by betting Rs. 80 crore on what it calls India’s largest salt refinery. Founded in 1985 by a first-generation entrepreneur who set up Northern India’s first iodised salt plant, the company has passed through two generations and now operates from both Rajasthan and Gujarat, combining its own salt pans with large-scale refining. Its recurring approach is to own the raw material, control the refining, and then push deeper into retail packs and wider geographies - a playbook it repeats with each new plant. # Business segments A single integrated salt business - raw salt from owned pans is refined into edible and industrial grades, then sold through wholesale, government, and a growing retail network - with every move aimed at capturing more of the value chain. ## 1. Salt manufacturing and refining: from brine to branded packet **The company makes salt for dinner tables, factories, and government schemes - all from the same integrated setup, with a deliberate shift toward higher-margin consumer packs.** - **Owns its raw material source** - roughly 40% of raw salt comes from the company’s own 350-400 acres of salt pans, and another 25% from the promoter family’s salt works, which means it is less exposed to open-market raw-salt price swings than competitors who buy everything. - **Two refining hubs, one new giant** - the original Nawa City plant in Rajasthan (near Sambhar Lake) can produce 700 tonnes a day, while the Gandhidham plant in Gujarat, fully operational since September 2025, adds 1,500 tonnes a day, taking total daily capacity to 2,200 tonnes and total annual capacity to 660,000 tonnes. - **A product for every buyer** - the range spans Triple Refined Free Flow Iodised Salt for households, Double Fortified Salt (iron plus iodine, certified by WHO) for nutrition programmes, industrial salt for chemicals, textiles, and power plants, and premium offerings like Pink Salt and Black Salt for health-conscious urban consumers. - **Retail is the growth lever** - historically a B2B and wholesale business, the company has launched six branded retail products in packs as small as 10 grams, hired Bollywood actress Karisma Kapoor as brand ambassador, and reached 5,000 retail outlets across 11 states, with the Gujarat refinery dedicated largely to consumer packs. - **Government contracts provide a base** - it has supplied tens of thousands of tonnes to state governments including Jharkhand, Uttar Pradesh, and Madhya Pradesh, with single orders exceeding 50,000 tonnes, giving it a steady volume floor alongside its branded push. # Group structure and partners **A promoter-led listed company with a tight board and two newly incorporated subsidiaries that signal an intent to separate export and food operations.** - The company is listed on the NSE SME Emerge platform and had no subsidiaries for most of its history, operating as a single entity under a six-member board chaired by Mr. Rajesh Goyal. - In March 2026 it incorporated Goyal Exim Private Limited as a wholly owned subsidiary for export and import of salt, and in June 2026 it incorporated Goyal Foods Industries Private Limited as a subsidiary for salt production and refining - neither had commenced operations as of their incorporation dates.