Investor Presentation
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Shri Gang Industries, a UP-based alco-bev company with an exclusive contract manufacturing tie-up with Diageo (United Spirits), submitted its Q3 & 9M FY26 investor presentation. Q3 FY26 was strong: net revenue rose 28% YoY to Rs 114 Cr, EBITDA jumped 40% to Rs 21 Cr with margin expanding 300 bps to 19%, and PAT grew 35% to Rs 14 Cr. However, the 9M FY26 picture is weaker — net revenue rose just 8% to Rs 286 Cr, while EBITDA fell 31% to Rs 31 Cr and PAT dropped 45% to Rs 17 Cr as gross margin contracted 300 bps and employee/other expenses rose sharply. The company is evaluating bottling capacity expansion from 5.6 Mn to 10 Mn cases and looking to acquire brands in the UPML/IMFL space, with a long-term revenue CAGR of 59% (FY22-FY25) and net worth turning positive in FY25.
Q3's sharp margin recovery (gross margin up 700 bps YoY) signals improving operating leverage, but the 9M FY26 EBITDA decline of 31% and margin compression of 600 bps suggest near-term cost pressures remain. Long-term growth optionality from capacity expansion and brand acquisitions is positive, though execution risk and margin sustainability will be key watchpoints for investors.