Som Distilleries & Breweries Limited has informed the Exchange about Transcript
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Som Distilleries held its Q4 FY25 earnings call, reporting a weak quarter due to a steep Karnataka excise duty hike (40-50%) that pulled down beer volumes by 10%. Despite this, FY25 came in strong: total income rose 13% YoY to ₹1,447 crore, EBITDA grew 16% to ₹181 crore (margin 12.49% vs 12.07%), and net profit jumped 21% to ₹105 crore. The Hunter brand grew 15% and net debt declined by ₹13 crore to ₹151 crore. Management flagged a ₹600 crore greenfield brewery in Farrukhabad, UP (100% subsidiary, 10 lakh cases/month capacity) being built in two phases, to be funded via internal accruals and term debt with no equity dilution. For FY26, they guided for 18% volume growth and ~20% revenue growth, with margins expected to hold at current levels. The Karnataka duty issue was reversed in late May 2025, which should aid recovery.
Shareholders have positive FY26 growth visibility (~20% revenue, stable margins) and the Karnataka overhang is now lifted, supporting near-term recovery. However, the large ₹350 crore FY26 capex spend and rising debt load warrant close monitoring of cash flows and return ratios.