Intimation for Investor Presentation for Q4 and FY 2026.
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Shri Gang Industries reported FY26 net revenue of Rs 366 Cr, up 13% YoY, but EBITDA fell 25% to Rs 36 Cr with margins contracting to 10% from 15% in FY25. PAT declined 37% to Rs 19 Cr. The company operates contract manufacturing for Diageo (USL), which contributed Rs 236 Cr or 64% of revenue in FY26. Own brands Golden Cascade and Bulldozer showed strong growth with UPML volumes up 36% YoY to 141,000 cases. The company has a strategic plan to expand bottling capacity from 5.6 Mn to 10 Mn cases and received a LOI from Tilaknagar Industries for 2 lakh cases per month. Net worth turned positive at Rs 52 Cr and debt metrics improved significantly (Net Debt/EBITDA at 1.4x vs 14.5x in FY22).
The stock faces pressure from margin contraction despite revenue growth, driven by higher employee costs and likely input costs. The strong Diageo partnership provides revenue stability, while new customer wins and expansion plans signal growth potential. Improved balance sheet strength is a positive.